Document:

Disney Key Employees Retirement Savings Plan

 Exhibit 10.1 
 Disney Key Employees Retirement Savings Plan 
 Effective as of
January 1, 2012                                  

 Contents 
  

 

					
		
	 Article 1. Introduction
	  	 	1	  
	 1.1 Background and History
	  	 	1	  
	 1.2 Purpose of the Plan
	  	 	1	  
	 1.3 Status of the Plan
	  	 	1	  
		
	 Article 2. Definitions and Construction
	  	 	3	  
	 2.1 Definitions
	  	 	3	  
	 2.2 Gender and Number
	  	 	8	  
	 2.3 Headings
	  	 	8	  
	 2.4 Requirement to Be in “Written Form”
	  	 	8	  
	 2.5 Severability
	  	 	9	  
	 2.6 Applicable Law
	  	 	9	  
		
	 Article 3. Participation and Vesting
	  	 	10	  
	 3.1 Participation
	  	 	10	  
	 3.2 Duration
	  	 	10	  
	 3.3 Transfers
	  	 	10	  
	 3.4 Vesting
	  	 	10	  
		
	 Article 4. Participant Accounts
	  	 	12	  
	 4.1 Participant Accounts
	  	 	12	  
	 4.2 Determination of Credits to Participant Accounts
	  	 	12	  
	 4.3 Hypothetical Investment of Accounts
	  	 	13	  
		
	 Article 5. Distribution of Participant Accounts
	  	 	14	  
	 5.1 General
	  	 	14	  
	 5.2 Time of Payment
	  	 	14	  
	 5.3 Amount and Form of Payment
	  	 	14	  
		
	 Article 6. Rehires and Other Special Situations
	  	 	16	  
	 6.1 Effect and Applicability
	  	 	16	  
	 6.2 Code Section 409A Aggregation Rules
	  	 	16	  
	 6.3 Effect of Rehire or Return to Work After Separation from Service
	  	 	16	  
	 6.4 Additional Contribution Credits Following a Change in Control
	  	 	17	  
	 6.5 Permissible Delays or Accelerations
	  	 	17	  
		
	 Article 7. Death Benefit
	  	 	18	  
	 7.1 Amount of Death Benefit
	  	 	18	  
	 7.2 Time and Form of Payment for Death Benefit
	  	 	18	  

  
 i 

					
	 Article 8. Financing and Administration
	  	 	19	  
	 8.1 Financing
	  	 	19	  
	 8.2 Plan Administrative Committee
	  	 	19	  
	 8.3 Duties of Committee
	  	 	19	  
	 8.4 Meetings
	  	 	20	  
	 8.5 Actions by the Committee
	  	 	20	  
	 8.6 Compensation and Bonding
	  	 	20	  
	 8.7 Establishment of Rules and Interpretation of Plan
	  	 	20	  
	 8.8 Limitation of Liability
	  	 	21	  
	 8.9 Indemnification
	  	 	21	  
	 8.10 Claims Procedures
	  	 	21	  
	 8.11 Limitation on Actions
	  	 	23	  
	 8.12 Class Action Forum
	  	 	24	  
	 8.13 Records
	  	 	25	  
		
	 Article 9. Amendment and Termination
	  	 	26	  
	 9.1 Amendments
	  	 	26	  
	 9.2 Termination of Plan
	  	 	26	  
	 9.3 Successors
	  	 	26	  
	 9.4 Prohibition on Changes Due to Code Section 409A
	  	 	27	  
	 9.5 Additional Participating Employers
	  	 	27	  
		
	 Article 10. Miscellaneous Provisions
	  	 	28	  
	 10.1 Good-Faith Valuation Binding
	  	 	28	  
	 10.2 Taxation
	  	 	28	  
	 10.3 Withholding
	  	 	28	  
	 10.4 Offset for Obligations to the Company or an Affiliate
	  	 	28	  
	 10.5 No Enlargement of Employment Rights
	  	 	28	  
	 10.6 Non-Alienation
	  	 	29	  
	 10.7 No Examination or Accounting
	  	 	29	  
	 10.8 Incompetency
	  	 	29	  
	 10.9 Notice of Address
	  	 	29	  
	 10.10 Data
	  	 	30	  
	 10.11 Service of Legal Process
	  	 	30	  
	 10.12 Qualified Military Service
	  	 	30	  
	 10.13 Counterparts
	  	 	30	  

  
 ii 

 Section 1.1 
  

 Article 1. Introduction 
 1.1 Background and History 
 Effective January 1, 2012, The Walt Disney Company
(“Company”) is establishing the Disney Key Employees Retirement Savings Plan (“Plan”) to provide retirement income to certain employees and to equalize the benefits of certain employees participating in the Disney Retirement
Savings Plan (the “Qualified Plan”). 
 1.2 Purpose of the Plan 
 The Company desires to provide certain designated key management and highly compensated employees with enhanced retirement benefits over and above those provided under the applicable portion(s) of the
Qualified Plan due to the application of the limits under Code sections 415 and 401(a)(17). The purpose of the Plan document is to set forth the terms and conditions pursuant to which these benefits are accrued and to describe the nature and
extent of the employees’ rights to these accrued benefits. 
 1.3 Status of the Plan 

 

	(a)	Nonqualified Plan. The Plan is not qualified within the meaning of Code section 401(a). The Plan is intended to provide an unfunded and unsecured promise to
pay money in the future and thus not to involve, pursuant to Treasury Regulations section 1.83-3(e), the transfer of “property” for purposes of Code section 83. Likewise, benefits credited under this Plan are not intended to confer an
economic benefit upon the Participant nor is the right to the receipt of future benefits under the Plan intended to result in any Participant, Beneficiary or alternate payee being in constructive receipt of any amount so as to result in any benefit
due under the Plan being includible in the gross income of any Participant, Beneficiary or alternate payee in advance of the date on which payment of any benefit due under the Plan is actually made. For tax purposes and purposes of Title I of ERISA,
the Plan is intended to be an unfunded, nonqualified deferred compensation plan covering certain designated employees who are within a select group of key management or highly compensated employees. 

 

	(b)	Compliance with Code Section 409A. This Plan is intended to comply with Code section 409A and related regulatory guidance. Therefore, the Plan shall be
administered and interpreted in a manner consistent with that purpose. The Committee shall have full authority to take any and all actions as it deems necessary or appropriate to carry out this intent and purpose of the Plan.

  

	(c)	 Additional or Special Arrangements. Except as provided in the following sentence, the Committee, the Company, or any other Employer may, in its
sole discretion, provide by a separate written agreement that the benefits payable to any individual who is also an Eligible Employee under the Plan shall be determined in accordance with the terms of the Plan, as the same may be modified in respect
of that Eligible Employee under such agreement. No such agreement shall provide benefits 

  
 1 

 Section 1.3 
  

	 	
for an individual unless the individual is, as of the date the agreement is executed, an “Eligible Employee” as this term is defined in the Qualified Plan on that date. Any such
agreement may provide such Eligible Employee with additional years of service, credit for service with affiliated companies, a different vesting schedule, an individualized formula for the determination of amounts credited to such Eligible
Employee’s Account, or such other modification (which may constitute an enhancement or limitation) of the benefits provided hereby as the Committee, Company, or other Employer shall specify. Further, any separate agreement may provide for
benefits which may be partially or wholly in addition to or in lieu of any benefits provided hereunder, and which may be greater than, less than or equal to any benefits provided hereunder and any such benefits may or may not be calculated or
otherwise determined by reference to the benefits provided by the Plan or by reference to, or by incorporation by reference of, any of the terms or provisions of the Plan. However, deferrals of compensation under this Plan and such other separate
written agreement, if any, shall be aggregated with respect to the Eligible Employee to the extent required under Code section 409A and related regulations for purposes of assuring compliance with those rules. 

 

	(d)	No Guarantees of Intended Tax Treatment. The Plan shall be administered and interpreted so as to satisfy the requirements for the intended tax treatment under
the Code described in this Plan section. However, the treatment of benefits earned under and benefits received from this Plan, for purposes of the Code and other applicable tax laws (such as state income and employment tax laws), shall be determined
under the Code and other applicable tax laws and no guarantee or commitment is made to any Participant, Beneficiary or alternate payee with respect to the treatment of accruals under or benefits payable from the Plan for purposes of the Code and
other applicable tax laws. 

  
 2 

 Section 2.1 
  

 Article 2. Definitions and Construction 
 2.1 Definitions 
 Whenever used in the Plan, the following terms shall have the respective
meanings set forth below, unless otherwise expressly provided; and when the defined meaning is intended, the term is capitalized. 
  

	(a)	“Account” means a record-keeping account maintained for a Participant under the Plan to track Employer contribution amounts credited to the Participant
under Plan section 4.2 and adjustments for hypothetical investment gains and losses pursuant to Plan section 4.3. A Participant’s Account may be divided into subaccounts, as determined by the Committee. 

 

	(b)	“Account Value” means the value of a Participant’s Account as of a given Valuation Date. A Participant’s Account Value as of a Valuation Date
shall be determined by: 

  

	 	(1)	Crediting the Participant’s Account with any Employer contribution credited to the Participant under Plan section 4.2 since the immediately preceding Valuation
Date; 

  

	 	(2)	Increasing or reducing the Participant’s Account by hypothetical investment gains and losses, determined pursuant to Plan section 4.3, since the immediately
preceding Valuation Date; and 

  

	 	(3)	Reducing the Participant’s Account by any payments made under the Plan on behalf of the Participant since the immediately preceding Valuation Date.

  

	(c)	“Affiliate” generally means any corporation or other entity that is required to be aggregated with the Company under Code sections 414(b) or (c).

  

	(d)	“Beneficiary” means any person, persons, or entity named by a Participant by written designation filed with the Committee to receive benefits payable
in the event of the Participant’s death, provided that if the Participant has a Spouse and he designates someone other than his Spouse as the Beneficiary, the Participant must file a spousal consent with the Committee. Any Beneficiary
designation or spousal consent shall be made in the form and manner prescribed by the Committee. If any Participant fails to designate a Beneficiary, or if the Beneficiary designated by a deceased Participant dies before the Participant, the
Participant’s Beneficiary shall be: 

  

	 	(1)	The Participant’s surviving Spouse, if any, and if not; 

  

	 	(2)	The Participant’s surviving Domestic Partner, if any, and if not; 

  
 3 

 Section 2.1 
  

	 	(3)	The Participant’s surviving natural and legally-adopted children, if any, and if not; 

 

	 	(4)	The Participant’s surviving parents, if any, and if not; 

  

	 	(5)	The Participant’s surviving siblings, if any, and if not; 

  

	 	(6)	The Participant’s estate. 

  

	(e)	“Benefit Valuation Date” means the Valuation Date as of which the Account Value is determined for purposes of the first payment made as a result of a
given Payment Event and, unless otherwise explicitly provided, such date shall be: 

  

	 	(1)	With respect to a Participant whose Payment Event is a Separation from Service: 

 

	 	(A)	If the Participant is not a Specified Employee on the date of his Separation from Service, the first day of the fourth calendar month following the calendar month in
which the Participant’s Separation from Service occurs or, if that is not a business day, the first business day thereafter; or 

  

	 	(B)	If the Participant is a Specified Employee on the date of his Separation from Service, the first day of the calendar month following the calendar month containing the
date that is six months after the date of the Participant’s Separation from Service or, if that is not a business day, the first business day thereafter; and 

 

	 	(2)	With respect to a Participant whose Payment Event is a Change in Control, the first business day following the date of the Change in Control; and

  

	 	(3)	With respect to a Beneficiary, the first day of the fourth calendar month following the calendar month in which the Participant’s death occurs or, if that is not a
business day, the first business day thereafter. 

  

	(f)	“Board” means the Board of Directors of the Company. 

  

	(g)	“Change in Control” means an event described under paragraphs (1), (2), (3), (4) or (5) as follows: 

 

	 	(1)	 The acquisition within any 12-month period by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended) (a “Person”) of beneficial ownership (within the meaning of Rule 13d—3 promulgated under the Securities Exchange Act of 1934, as amended) of thirty percent (30%) or more of the total
voting power of the then outstanding stock of the Company entitled to vote generally in the 

  
 4 

 Section 2.1 
  

	 	
election of directors, but excluding the following transactions (the “Excluded Acquisitions”): 

 

	 	(A)	Any acquisition directly from the Company (other than an acquisition by virtue of the exercise of a conversion privilege of a security that was not acquired directly
from the Company), 

  

	 	(B)	Any acquisition by the Company, and 

  

	 	(C)	Any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company; 

 

	 	(2)	Any time during a period of 12 months or less, individuals who at the beginning of such period constitute the Board (and any new directors whose election by the Board
or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
was so approved) ceasing for any reason to constitute a majority thereof; 

  

	 	(3)	An acquisition (other than an Excluded Acquisition) by any Person of fifty percent (50%) or more of the voting power or value of the Company’s stock;

  

	 	(4)	The consummation of a merger, consolidation, reorganization or similar corporate transaction, whether or not the Company is the surviving company in such transaction,
other than a merger, consolidation, or reorganization that would result in the Persons who are beneficial owners of the Company’s stock outstanding immediately prior thereto continuing to beneficially own, directly or indirectly, in
substantially the same proportions, at least fifty percent (50%) of the combined voting power or value of the Company’s stock (or the stock of the surviving entity) outstanding immediately after such merger, consolidation or
reorganization; or 

  

	 	(5)	The sale or other disposition during any 12-month period of all or substantially all of the assets of the Company, provided that such sale is of assets having a total
gross fair market value equal to or greater than 40% of the total gross fair market value of the assets of the Company immediately prior to such sale or disposition. 

The foregoing definition of “Change in Control” is intended to comply with the requirements of Code section 409A and the
guidance issued thereunder and shall be interpreted and applied by the Committee in a manner consistent with this intent. 
  

	(h)	“Code” means the Internal Revenue Code of 1986, as amended and any succeeding federal tax provisions. 

  
 5 

 Section 2.1 
  

	(i)	“Committee” means the Investment and Administrative Committee of The Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees Deferred
Compensation and Retirement Plan. 

  

	(j)	“Company” means The Walt Disney Company. 

  

	(k)	“Death Benefit” means the benefit described in Article 7. 

 

	(l)	“Domestic Partner” means the individual determined by the Company in its sole discretion to be the Participant’s same-sex domestic partner in
accordance with the Company’s procedures for identifying domestic partners. 

  

	(m)	“Eligible Employee” means a salaried Employee of an Employer who is an “Eligible Employee” and a “Participant,” as those terms are
defined in the Qualified Plan, and who is designated by the Company or an Employer as an executive-level Employee under the customary employee classification procedures of the Company or Employer. 

 

	(n)	“Employee” means any individual who is employed as a common-law employee of the Company or an Affiliate, including officers, but excluding independent
contractors and leased employees (or any individuals designated as independent contractors or leased employees under the customary worker classification procedures of the Company or an Affiliate) and directors who are not officers or otherwise
employees. 

  

	(o)	“Employer” means the Company and all Affiliates that have been designated as Employers with respect to the Plan in accordance with the terms of Plan
section 9.5. 

  

	(p)	“Employer Contributions” means the contributions made to the Qualified Plan on behalf of an Eligible Employee. 

 

	(q)	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

 

	(r)	“Investment Funds” means hypothetical investment funds that mirror the “Investment Funds” available, from time to time, for investment of
contributions and accounts under the Qualified Plan. 

  

	(s)	“Military Leave” means leave subject to reemployment rights under the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended
from time to time. 

  

	(t)	“Participant” means any person who has been admitted to, and has not been removed from, participation in the Plan pursuant to the provisions of Article
3. 

  

	(u)	 “Payment Date” means the date on which any vested Account is payable to the Participant under Plan section 5.2 or, if the
Participant has died before his vested 

  
 6 

 Section 2.1 
  

	 	
Account has been paid in full, the date on which any Death Benefit is payable to the Participant’s Beneficiary under Plan section 7.2. Notwithstanding any other Plan provision to the
contrary and solely for purposes of determining compliance with Code section 409A and related Treasury Regulations, a payment shall be deemed made on the Payment Date if the benefit actually commences by the end of the calendar year in which
the Payment Date occurs or, if later, by the 15th day of
the third month following the Payment Date. 

  

	(v)	“Payment Event” means the applicable event triggering a payment of vested benefits under the Plan. The applicable event shall be one of the following:

  

	 	(1)	With respect to a Participant, the earlier of: 

  

	 	(A)	The Participant’s Separation from Service, or 

  

	 	(B)	A Change in Control; 

  

	 	(2)	With respect to a Beneficiary, the Participant’s death. 

  

	(w)	“Plan” means the Disney Key Employees Retirement Savings Plan, as contained herein and as amended from time to time. 

 

	(x)	“Qualified Plan” means the Disney Retirement Savings Plan, as in effect from time to time. The Qualified Plan constitutes a qualified employer plan as
defined under Treasury Regulations section 1.409A-1(a)(2). 

  

	(y)	“Separation from Service” means, as provided in the following paragraphs of this subsection, an Employee’s termination from employment with the
Company and all Affiliates, whether by retirement, resignation from or discharge by the Company or an Affiliate (but not by a transfer among the Company and Affiliates or death). 

 

	 	(1)	A Separation from Service shall be deemed to have occurred on a certain date if an Employee and the Company and Affiliates reasonably anticipate, based on the facts and
circumstances, that either: 

  

	 	(A)	The Employee will not provide any additional services for the Company or any Affiliate after that date; or 

 

	 	(B)	The level of bona fide services performed by the Employee after that date will permanently decrease to no more than 40 percent of the average level of bona fide
services performed by the Employee over the immediately preceding 36 months. 

  

	 	(2)	 If an Employee is absent from employment due to Military Leave, sick leave, or any other bona fide leave of absence authorized by the Company or an
Affiliate and there is a reasonable expectation that the Employee will return to 

  
 7 

 Section 2.2 
  

	 	
perform services for the Company or an Affiliate, then a Separation from Service shall not occur until the later of: 

 

	 	(A)	The first date immediately following the date that is six months after the first date that an Employee was absent from employment; and 

 

	 	(B)	To the extent the Employee retains a right to reemployment with the Company or any Affiliate under an applicable statute or by contract, the date the Employee no longer
retains a right to reemployment. 

 If a Participant fails to return to work upon the expiration of any Military
Leave, sick leave, or other bona fide leave of absence where such leave is for less than six months, the Separation from Service shall occur as of the date of the expiration of such leave. 

 

	(z)	“Specified Employee” means any person determined to be a specified employee under Code section 409A and Treasury Regulations
section 1.409A-1(i). 

  

	(aa)	“Spouse” means a “spouse” as defined by the Defense of Marriage Act (Pub. Law No. 104-199) and shall also include a former spouse of a
Participant to the extent required by a domestic relations order, within the meaning of Code section 414(p)(1)(B) and permitted under Treasury Regulations section 1.409A-3(j)(4)(ii). 

 

	(bb)	“Treasury Regulations” means the regulations promulgated by the United States Department of the Treasury under the Code. 

 

	(cc)	“Valuation Date” means each business day on which the New York Stock Exchange is open. 

2.2 Gender and Number 
 Except as
otherwise indicated by the context, any masculine or feminine terminology shall also include the opposite gender, and the definition of any term in the singular or plural shall also include the opposite number. 

2.3 Headings 
 The headings of this Plan
are inserted for convenience of reference only, and they are not to be used in the construction of the Plan. 
 2.4 Requirement to Be in
“Written Form” 
 Various notices provided by the Company, the Committee, or any duly authorized agent of either of them and
various elections made by Participants, Beneficiaries or other payees are required to be in written form. Notwithstanding anything to the contrary in this Plan, any notices and elections related to, or that may constitute part of, the Plan may be
conveyed through an electronic system or any other system approved by the Committee unless otherwise provided under applicable law or regulatory guidance. 

  
 8 

 Section 2.5 
  

 2.5 Severability 
 If a provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included in the Plan. 
 2.6 Applicable Law 

To the extent not preempted by ERISA or other federal law, the Plan and all rights hereunder shall be governed, construed, and administered in accordance
with the laws of the state of California. 

  
 9 

 Section 3.1 
  

 Article 3. Participation and Vesting 
 3.1 Participation 
 Each Eligible Employee for whom Employer contributions under the
Qualified Plan, for any calendar year, are limited by Code section 415 and/or Code section 401(a)(17) shall be a Participant in the Plan. Notwithstanding the foregoing, but subject to the following sentence, each Employee who becomes an Eligible
Employee pursuant to an agreement approved by the Committee shall become a Participant as of the date, if any, specified in such agreement or otherwise specified by the Committee. No such agreement shall provide for participation by an individual
unless the individual is, as of the date the agreement is executed, an “Eligible Employee” as this term is defined in the Qualified Plan on that date. 
 3.2 Duration 
 An individual who becomes a Participant under the Plan shall remain a
Participant for as long as he remains an Employee or is entitled to receive any payments hereunder. 
 3.3 Transfers 

 

	(a)	Transfers to Eligible Employee Status. An Employee who transfers employment such that he becomes an Eligible Employee and satisfies the requirements of Plan
section 3.1 shall be a Participant in the Plan as of the date he satisfies such requirements. 

  

	(b)	Transfers from Eligible Employee Status. To the extent a Participant transfers employment to an Affiliate and is no longer an Eligible Employee:

  

	 	(1)	The Participant may become vested in his Account pursuant to Plan section 3.4, even though he is no longer an Eligible Employee. 

 

	 	(2)	The Participant shall, if he is or becomes vested in his Account, remain a Participant in the Plan and be eligible to make investment election changes under Plan
section 4.3 until the date his vested Account is distributed from the Plan. 

  

	 	(3)	To the extent the Participant has no vested interest in his Account under the Plan but remains employed by an Affiliate, the Participant shall remain a Participant in
the Plan and be eligible to make investment election changes under Plan section 4.3 until the date he ceases to be employed by the Company and all Affiliates at a time when he has no vested interest in his Account under the Plan. If he remains
employed by an Affiliate until his Account under the Plan vests, his status as a Participant shall be determined under paragraph (2). 

 3.4 Vesting 
  

	(a)	 Vested Benefit. A Participant who is vested under the Qualified Plan shall be 100 percent vested in his Account and shall be entitled to a
benefit from the Plan. Except as provided otherwise in subsection (b), if a Participant has a Separation from 

  
 10 

 Section 3.4 
  

	 	
Service prior to becoming vested under the Qualified Plan, his Account under the Plan shall be immediately forfeited. 

 

	(b)	Vesting on Change in Control. If a Change in Control occurs, each Participant shall become 100 percent vested in his Account (if he is not already 100 percent
vested) upon the Change in Control. 

  
 11 

 Section 4.1 
  

 Article 4. Participant Accounts 
 4.1 Participant Accounts 
 For record-keeping purposes only, the Committee shall maintain,
or cause to be maintained, records showing the balance of the Account (including any subaccounts) maintained for a Participant from time to time under the Plan. Periodically, each Participant shall be furnished with a statement setting forth the
Participant’s Account Value under the Plan as of a specified Valuation Date. 
 4.2 Determination of Credits to Participant Accounts

  

	(a)	Employer Contribution Credit Amount. For each calendar year, an Eligible Employee’s Account shall be credited with an Employer contribution equal to the
excess (if any) of the gross contribution amount described in paragraph (1) over the actual Qualified Plan contribution amount described in paragraph (2): 

 

	 	(1)	The gross contribution amount equals the aggregate amount of Employer Contributions that would have been allocated to the Eligible Employee’s Qualified Plan
account for the calendar year if those contributions were determined: 

  

	 	(A)	Without regard to the limits imposed by Code section 415; 

  

	 	(B)	As if the annual compensation cap imposed by Code section 401(a)(17) for the calendar year were $1,000,000; and 

 

	 	(C)	By taking into account any equity in lieu of bonus received by the Participant during the calendar year as if it were contribution-eligible compensation under the
Qualified Plan. 

  

	 	(2)	The gross contribution amount described in paragraph (1) shall be reduced by the total Employer Contributions actually allocated to the Eligible Employee’s
Qualified Plan account for such calendar year. 

  

	(b)	Timing of Credit to Account. The annual Employer contribution credit described in subsection (a) shall be determined and credited to the Eligible
Employee’s Account: 

  

	 	(1)	If the Eligible Employee does not die or have a Separation from Service during the calendar year, as of the date Employer Contributions are actually credited to his
Qualified Plan account for the fourth quarter of the calendar year; or 

  

	 	(2)	If the Eligible Employee dies or has a Separation from Service during the calendar year, as of the date Employer Contributions are actually credited to the Eligible
Employee’s Qualified Plan account for the calendar quarter during which the Participant’s death or Separation from Service occurs, as applicable. 

  
 12 

 Section 4.3 
  

 4.3 Hypothetical Investment of Accounts 

 

	(a)	Hypothetical Investment Options Available. A Participant’s Account shall be adjusted for hypothetical investment gains and losses as if the
Participant’s Account had been invested in the Investment Funds, in accordance with his investment elections under subsection (b). 

  

	(b)	Election of Investment Options. 

  

	 	(1)	Initial Election for Future Contribution Credits. A Participant shall elect, in such form and at such time in advance as may be prescribed by the Committee, the
percentages (in multiples of 1%) in which Employer contributions credited to his Account shall be deemed to be invested among any or all of the Investment Funds at the time such contribution amounts are credited. If the Participant makes no
election, the Participant shall be deemed to have elected the default investment fund under the Qualified Plan. 

  

	 	(2)	Change in Election for Future Contribution Credits. A Participant may elect, in such form and at such time in advance as may be prescribed by the Committee, to
change the percentages in which future Employer contribution credits to his Plan Account shall be deemed to be invested among any or all of the Investment Funds at the time such contribution amounts are credited. However, any rules, limitations, or
restrictions on investment election changes that apply under the Qualified Plan shall also apply to changes in investment elections under the Plan. 

  

	 	(3)	Transfer Among Investment Options. A Participant may elect, in such form and at such time in advance as may be prescribed by the Committee, to transfer amounts
in his Plan Account between or among any of the Investment Funds. However, any rules, limitations, or restrictions applicable to transfers into or out of investment options under the Qualified Plan shall also apply to transfers into or out of
Investment Funds under the Plan. 

  
 13 

 Section 5.1 
  

 Article 5. Distribution of Participant Accounts 

5.1 General 
 A Participant’s
Account, if vested pursuant to Plan section 3.4, shall be payable, for reasons other than the Participant’s death, at the time and in the form determined in this Article 5. A Participant shall not receive payment of his Account if he does not
become vested under Plan section 3.4. 
 5.2 Time of Payment 

 

	(a)	Default Time of Payment. Except as otherwise provided under the terms of the Plan, the Participant shall be entitled to a payment of his vested Account in the
form provided in Plan section 5.3 as of the Payment Date for the applicable Payment Event, as determined below: 

  

	 	(1)	If the Payment Event is the Participant’s Separation from Service, then the Payment Date is the first business day following the Benefit Valuation Date; or

  

	 	(2)	If the Payment Event is a Change in Control, then the Payment Date shall occur, as determined by the Committee in its sole discretion, within 90 days following the date
on which the Change in Control occurs, provided that the Participant shall not be permitted to designate the taxable year of the payment. 

  

	(b)	Earlier Payments. An earlier payment may be made, as determined by the Committee in its sole discretion, only to the extent that a permissible Code section 409A
and related Treasury Regulations exception (e.g., the payment of employment taxes) may be applied. 

  

	(c)	Continued Payments. Once a Participant’s Payment Date has occurred, the payment of his Account shall not be delayed or accelerated, except as provided for
in accordance with Plan section 6.5 or in Article 7. 

 5.3 Amount and Form of Payment 

 

	(a)	Applicable Form of Payment and Payment Amount. 

  

	 	(1)	 If a Participant’s Account is payable due to a Separation from Service under Plan section 5.2(a)(1), the Participant’s Account shall be
paid to him in ten annual installments, beginning on the applicable Payment Date (described in Plan section 5.2(a)(1)) and continuing to be paid on each subsequent anniversary of the applicable Payment Date (or, if the anniversary is not a business
day, the first business day thereafter) until ten installments have been paid. The amount of the first installment shall be determined by dividing the Participant’s Account Value as of the Benefit Valuation Date by ten and the amount of each
subsequent installment shall be determined by dividing the Participant’s Account Value as of the Valuation Date immediately preceding the date on which the installment is to be paid by the then remaining number of

  
 14 

 Section 5.3 
  

	 	
installments. Each installment shall be deducted from the Investment Funds in which the Participant’s Account is deemed to be invested on the installment payment date, ratably or in such
other manner as may be prescribed by administrative procedures established by the Committee. This installment option is treated as an entitlement to a single payment for purposes of Treasury Regulations section 1.409A-2(b)(2)(iii).

  

	 	(2)	If a Participant’s Account is payable due to a Change in Control under Plan section 5.2(a)(2), the Participant’s Account Value as of the Benefit
Valuation Date shall be paid to the Participant on the applicable Payment Date (described in Plan section 5.2(a)(2)) in the form of a single lump sum payment. 

 

	(b)	Benefit Payments. All benefit payments hereunder shall be made in cash. No adjustments shall be made to the amount of any lump sum or installment after the
applicable Valuation Date. 

  

	(c)	Death of Participant After Separation from Service or Change in Control. If the death of a Participant (including a Specified Employee) occurs before the Payment
Date for any payment under this Article 5, payment shall be made to the Participant’s Beneficiary in accordance with Article 7. 

  
 15 

 Section 6.1 
  

 Article 6. Rehires and Other Special Situations 

6.1 Effect and Applicability 
 This
Article provides additional information and rules covering special situations under which a Participant’s vested Account may become payable. In the event of a conflict between a provision of this Article and any other Plan provision, the
provision of this Article shall govern with respect to the Participants or circumstances specified in this Article and the other Plan provisions shall continue to govern with respect to other Participants and circumstances. 

6.2 Code Section 409A Aggregation Rules 
 Except as provided in the following sentence, the Company has the authority to provide to any individual or individuals selected by the Company or Committee benefits under the Plan or under a separate
agreement, method, program or other arrangement that constitutes an account balance plan. No such agreement entered into shall provide benefits for an individual unless the individual is, as of the date the agreement is executed, an “Eligible
Employee” as this term is defined in the Qualified Plan on that date. To the extent any Participant is entitled to a deferral of compensation under any such account balance plan, then, only to the extent required by Code section 409A and
related Treasury Regulations, the separate account balance plan shall be aggregated with the Plan. 
 6.3 Effect of Rehire or Return to Work
After Separation from Service 
  

	(a)	Resumption of Eligible Employee Status. If a Participant becomes eligible for payment of benefits on account of a Separation from Service and:

  

	 	(1)	Is subsequently rehired as or transfers to a position as an Eligible Employee; 

 

	 	(2)	Returns to work as an Eligible Employee following the leave of absence that resulted in the Separation from Service; or 

 

	 	(3)	Increases his level of bona fide services as an Eligible Employee following the Separation from Service, such that he may have a subsequent Separation from Service,

 the provisions of this Plan section 6.3 shall apply. 

 

	(b)	Payments Relating to Prior Separation. If a Participant described in subsection (a) resumes Eligible Employee status before he receives all payments due
under the Plan as a result of his Separation from Service, the payments related to such Separation from Service shall continue to be made as if the applicable event described in subsection (a) had not occurred. 

 

	(c)	Eligibility for Additional Contributions During Year of Separation. If the applicable event described in subsection (a) occurs during the same calendar year
as the Participant’s Separation from Service: 

  
 16 

 Section 6.4 
  

	 	(1)	his Employer contribution (if any) with respect to his employment as an Eligible Employee during the calendar year and prior to the Separation from Service shall be
determined and credited under Plan section 4.2 as if the applicable event described in subsection (a) had not occurred, and 

  

	 	(2)	his Employer contribution (if any) with respect to his employment as an Eligible Employee during the calendar year and after the Separation from Service shall equal the
total Employer contribution that would have been credited to the Participant under Plan section 4.2 for the calendar year if the Separation from Service were disregarded, reduced by the Employer contribution described in paragraph (1).

  

	(d)	Separate Accounting for Additional Employer Contributions. If a Participant described in subsection (a) has additional Employer contributions credited to
his Account for his employment as an Eligible Employee following his Separation from Service, the Committee shall, if necessary, establish a separate subaccount within the Participant’s Account for such additional Employer contributions (and
related hypothetical investment gains and losses). This separate subaccount shall be paid to the Participant or his Beneficiary upon a subsequent Payment Event in accordance with Article 5 or Article 7, as applicable, disregarding any subaccount
maintained for amounts credited to the Participant for his employment as an Eligible Employee prior to his Separation from Service. 

 6.4 Additional Contribution Credits Following a Change in Control 
 If a Participant has a
Payment Event due to a Change in Control and additional Employer contributions are subsequently credited to his Account, the Participant’s Account attributable to such additional Employer contributions (and related hypothetical investment gains
and losses) shall be paid to the Participant upon a subsequent Payment Event in accordance with Article 5 or Article 7, as applicable. 
 6.5
Permissible Delays or Accelerations 
 If the Company or Committee determines that a delay or an acceleration of any payment to the
Participant under the Plan is permitted or required by Code section 409A and related Treasury Regulations (e.g., a delay to comply with Code section 162(m) or an acceleration to pay employment taxes), the Company or the Committee
may either delay or accelerate the payment in accordance with the terms of Code section 409A and related Treasury Regulations in its sole discretion as it deems advisable. 

  
 17 

 Section 7.1 
  

 Article 7. Death Benefit 
 7.1 Amount of Death Benefit 
 In the event of a Participant’s death before he receives
payment of his entire vested Account under Article 5, the Participant’s Beneficiary shall be entitled to a Death Benefit. The Death Benefit shall equal the Participant’s Account Value as of the Benefit Valuation Date. 

7.2 Time and Form of Payment for Death Benefit 
  

	(a)	Time of Payment of Death Benefit. The Beneficiary’s Payment Date for the Death Benefit payable pursuant to Plan section 7.1 shall be the first business
day following the Benefit Valuation Date. 

  

	(b)	Form of Payment of Death Benefit. The Death Benefit payable pursuant to Plan section 7.1 shall be paid to the Beneficiary in the form of a single lump sum
payment in cash. No adjustments shall be made to the amount of any lump sum after the Benefit Valuation Date. 

  

	(c)	Earlier Payments. An earlier payment may be made, as determined by the Committee in its sole discretion, only to the extent that a permissible Code section 409A
and related Treasury Regulations exception may be applied. 

  
 18 

 Section 8.1 
  

 Article 8. Financing and Administration 
 8.1 Financing 
  

	(a)	General Creditors. The Plan constitutes a mere promise of the Employer to make payments in accordance with the terms of the Plan. This Plan does not give any
Participant or Beneficiary any interest, lien, or claim in or against any specific assets of the Company or any Affiliate. The Participant and/or Beneficiary shall have only the rights of general, unsecured creditors of the Employer with respect to
their rights under the Plan. 

  

	(b)	Allocation Among Employers. The obligation to pay benefits hereunder shall be the obligation of the Employers whose Employees are Participants entitled to
benefits hereunder. The Company and each Employer shall provide the benefits described in the Plan and allocable to such entity from its general assets. Notwithstanding the foregoing, the Company, in its sole discretion, shall have the authority to
allocate the total liability to pay benefits under the Plan among the Employers in such manner and amounts as it deems appropriate. 

  

	(c)	Alternative Funding. The Company may, but shall not be required to, establish a grantor trust as a funding source for its obligations under the Plan. If such a
trust is so established, it shall be the intention of the Company that the trust shall constitute an unfunded arrangement for purposes of the Plan, such that the Plan shall continue to be an unfunded plan maintained for the purpose of providing
deferred compensation to a select group of management or highly compensated employees under ERISA. With respect to any Participant, the assets of the trust so established shall remain subject to the claims of the creditors of that Participant’s
Employer in the event of the Employer’s bankruptcy or insolvency. However, to the extent that funds placed in a trust and allocable to the benefits payable under the Plan are sufficient, the trust assets may be used to pay benefits under the
Plan. If such trust assets are not sufficient to pay all benefits due under the Plan, then the appropriate Employer shall have the obligation, and the Participant or Beneficiary who is due such benefits shall look to such Employer to provide such
benefits. 

 8.2 Plan Administrative Committee 
 The general administration of the Plan and the responsibility for carrying out the provisions of the Plan resides with the Committee. The members of the Committee shall be determined under the provisions
of the Qualified Plan. 
 8.3 Duties of Committee 
 The members of the Committee shall elect a chairman from their number and a secretary who may be but need not be one of the members of the Committee; may appoint from their number such subcommittees with
such powers as they shall determine; and may authorize one or more of their number or any agent to execute or deliver any instrument or make any payment on their behalf. In addition, the Committee may retain counsel, employ agents, and

  
 19 

 Section 8.4 
  

 
provide for such clerical, accounting, actuarial and consulting services as it may require in carrying out the terms of the Plan; and may allocate among its members or delegate all or such
portion of the duties under the Plan, as it, in its sole discretion, shall decide. 
 8.4 Meetings 

The Committee shall hold meetings upon such notice, at such place or places, and at such time or times as it may from time to time determine. 

8.5 Actions by the Committee 
 Any act
which the Plan authorizes or requires the Committee to do may be done, if done at a meeting, by a majority of a quorum of members. A quorum is 50% of all members of the Committee then in office. The action of that majority expressed from time to
time by a vote at a meeting shall constitute the action of the Committee and shall have the same effect for all purposes as if assented to by all members of the Committee at the time in office. Alternatively, any action required or permitted to be
taken by the Committee may be done by unanimous written consent in lieu of a meeting. 
 8.6 Compensation and Bonding 

No member of the Committee shall receive any compensation from the Plan for his services as such. Except as may otherwise be required by law, no bond or
other security need be required of any member in that capacity in any jurisdiction. 
 8.7 Establishment of Rules and Interpretation of Plan

 The Committee shall have full discretionary power and authority as may be necessary to carry out the provisions of the Plan, including,
without limiting the generality of the foregoing, the discretionary power to: 
  

	(a)	Promulgate and enforce rules and regulations as it deems necessary or appropriate for the administration of the Plan; 

 

	(b)	Construe and interpret the Plan and decide all matters arising thereunder, including the right to remedy possible ambiguities, inconsistencies, and omissions and
correct defects; 

  

	(c)	Make factual determinations and decide all questions relating to individuals’ eligibility for participation or for benefits under the Plan, vesting, forfeitures,
the amount, manner and timing of payment of benefits, and the status of persons as Participants, Employees, Eligible Employees, Spouses, Beneficiaries and alternate payees; and 

 

	(d)	Require any person to furnish such documentation, information, or other matter as the Committee may require for the proper administration of the Plan and as a
prerequisite to any payment or distribution by the Plan. 

 All decisions of the Committee relating to matters within its
jurisdiction shall be final, conclusive, and binding. If, pursuant to Plan section 8.3, the Committee delegates all or any 

  
 20 

 Section 8.8 
  

 
portion of its duties under the Plan, the individual, entity, or group of persons to which duties have been delegated shall have the same discretionary power and authority as the Committee unless
the delegation specifically provides otherwise. 
 8.8 Limitation of Liability 
 Except as and to the extent otherwise provided by applicable law, no liability whatever shall attach to or be incurred by the members of the Committee or by the shareholders, directors, officers, or
employees of the Company or an Affiliate under or by reason of any of the terms and conditions contained in the Plan or in any of the contracts procured pursuant thereto or implied therefrom. 
 8.9 Indemnification 
 To the maximum extent permitted by the Company’s by-laws, as
amended from time to time, the Company shall indemnify each member of the Committee, and each director, officer, and employee or agent of the Company or an Affiliate against any expenses and liabilities that such person may incur as a result of any
act or failure to act, made in good faith, by such person in relation to the Plan. 
 8.10 Claims Procedures 

 

	(a)	Every claim for benefits under the Plan by a person (hereinafter referred to as “Claimant”) or by a Claimant’s authorized representative shall be filed
by submitting to the person (“claim administrator”) designated by the Committee, a written application on a form designated by the Committee. The claim administrator shall process such application and approve or disapprove it. Claims for
benefits under the Plan shall be governed by subsections (b) through (f). Subsection (g) and Plan sections 8.11 and 8.12 shall apply to all claims under the Plan, including, but not limited to claims for benefits (both based on the
terms of the Plan and those based on an alleged violation of the law), claims for breach of fiduciary duty, and other claims that some aspect of the Plan’s operation, administration or design or some aspect of the Plan’s investments, is
unlawful or violates the terms of the Plan. 

  

	(b)	If a Claimant is denied any benefits under the Plan either in total or in an amount less than the full benefit to which he claims to be entitled, the claim
administrator shall advise the Claimant of the denial within 90 days after receipt of the claim by the claim administrator. The claim administrator shall furnish the Claimant with a written notice setting forth: 

 

	 	(1)	The computation of the Claimant’s benefit, if any; 

  

	 	(2)	The specific reason or reasons for the denial; 

  

	 	(3)	The specific Plan sections on which the denial is based; 

  

	 	(4)	A description of any additional material or information necessary for the Claimant to perfect his claim, if possible, and an explanation of why such material or
information is needed; and 

  
 21 

 Section 8.10 
  

	 	(5)	A description of the Plan’s claim review procedures, the time limits under such procedures and a statement of the Claimant’s right to bring a civil action
under ERISA section 502(a) following a denial of benefits on appeal. 

 If unforeseeable or special administrative
problems or circumstances require an extension of time for processing the claim, the claim administrator shall furnish a written notice to the Claimant prior to close of the 90-day period explaining why an extension of time is needed and the
approximate date by which the claim administrator expects to have processed the claim. In no event shall the claim administrator render a final decision on the validity of a claim later than 180 days after the claim administrator initially receives
the claim. 
  

	(c)	Within 60 days of receipt of the information described in subsection (b), the Claimant or his duly authorized representative may file written appeal of the
determination with the Committee. As part of his appeal, the Claimant may submit written comments, documents, records and other information relating to the claim. 

 

	(d)	As long as the Claimant’s appeal is pending (including the 60-day period described in subsection (c)) the Claimant or his duly authorized representative shall
be provided, upon request and free of charge, access to and copies of all documents, records and other information relevant to the claim and may review pertinent Plan documents and may submit issues and comments in writing to the Committee.

  

	(e)	The Committee shall notify the Claimant in writing of the appeals decision (whether or not adverse) in written or electronic form within a reasonable period of time,
but not later than 60 days after the Committee’s receipt of the appeal. Notwithstanding, if the Committee determines that special circumstances (for example, the need to hold a hearing) require an extension of time, the Committee shall
notify the Claimant of the reason or reasons for the extension and of the date by which it expects to make its decision. This extended period shall not exceed 60 days from the end of the initial 60-day period. The Committee’s decision on appeal
shall take into account all comments, documents, records and other information submitted by the Claimant and relevant to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

  

	(f)	If the Committee decides to deny benefits on appeal, the Committee shall provide the Claimant in writing with: 

 

	 	(1)	The specific reason or reasons for the denial; 

  

	 	(2)	The specific Plan provisions on which the denial is made; 

  

	 	(3)	A statement that the Claimant is entitled to receive, upon request and free of charge, access to and copies of all documents, records and other information relevant to
the claim; and 

  
 22 

 Section 8.11 
  

	 	(4)	A statement regarding the Claimant’s right to bring a civil action under ERISA section 502(a) following a denial of benefits on appeal.

  

	(g)	Any person eligible to receive benefits under the Plan shall furnish to the claim administrator or the Committee any information or evidence requested by the claim
administrator or the Committee and reasonably required for the proper administration of the Plan. Failure on the part of any person to comply with any such request within a reasonable period of time shall be sufficient grounds for delay in the
payment of any benefits that may be due under the Plan until such information or evidence is received by the claim administrator or the Committee. If any person claiming benefits under the Plan makes a false statement that is material to the claim
for benefits, the claim administrator or the Committee may offset against future payments any amount paid to such person to which he was not entitled under the provisions of the Plan. 

8.11 Limitation on Actions 
  

	(a)	Notwithstanding any Plan provision to the contrary, none of the following claims or action may be filed in any court unless and until the requirements of
subsection (b) are fully met. 

  

	 	(1)	A claim or action to recover benefits allegedly due under the provisions of the Plan or by reason of any law; 

 

	 	(2)	A claim or action to enforce rights under the Plan; 

  

	 	(3)	A claim or action to clarify rights to future benefits under the Plan; 

  

	 	(4)	Any other claim or action that 

  

	 	(A)	Relates to the Plan, and 

  

	 	(B)	Seeks a remedy, ruling, or judgment of any kind against the Plan or the Committee. 

 

	(b)	The requirements of this subsection are not met: 

  

	 	(1)	Until the Claimant (as defined in Plan section 8.10(a)) has exhausted the administrative review procedure set forth in Plan section 8.10; and

  

	 	(2)	Unless such claim or action is filed in a court with jurisdiction over such claim or action no later than 36 months after: 

 

	 	(A)	In the case of a claim or action to recover benefits, the date the first benefit payment was actually made or was allegedly due whichever is earlier;

  

	 	(B)	 In the case of a claim or action to enforce a right, the date the Committee or its delegate first denied the Claimant’s request to exercise such
right, 

  
 23 

 Section 8.12 
  

	 	
regardless of whether such denial occurred during administrative review pursuant to Plan section 8.10; 

 

	 	(C)	In the case of a claim or action to clarify rights to future benefits, the date the Committee first repudiated its alleged obligation to provide such future benefits,
regardless of whether such repudiation occurred during administrative review pursuant to Plan section 8.10; or 

  

	 	(D)	In the case of any other claim or action described in subsection (a)(4), above, the earliest date on which the claimant knew or should have known of the material
facts on which such claim or action is based; 

 provided that if a request for administrative review pursuant to
Plan section 8.10 is pending before the claims administrator designated by the Committee to review such claims when the 36-month period described in this paragraph (2) expires, the deadline for filing such claim or action in a court with
proper jurisdiction shall be extended to the date that is 60 calendar days after the final denial of the claim on administrative review. 
  

	 	(3)	The period described in paragraph (2), above, is hereafter referred to as the “Applicable Limitations Period.” The Applicable Limitations Period replaces
and supersedes any limitations period that might otherwise be deemed applicable under state or federal law in the absence of this Plan section 8.11. Except as provided in the following two sentences, a claim or action filed after the expiration
of the Applicable Limitations Period shall be deemed time-barred. The Committee shall have the discretion to extend the Applicable Limitations Period upon a showing of exceptional circumstances that, in the opinion of the Committee, provide good
cause for extension. The exercise of this discretion is committed solely to the Committee and is not subject to review. 

 8.12
Class Action Forum 
  

	(a)	To the fullest extent permitted by law, any putative class action lawsuit brought in whole or in part under ERISA section 502 (or any successor provision) and
relating to the Plan, the lawfulness of any Plan provision, the administration of the Plan, the management, investment or handling of Plan assets, or the performance or non-performance of Plan fiduciaries or administrators shall be filed in one of
the following jurisdictions: 

  

	 	(1)	The jurisdiction in which the Plan is principally administered, or 

  

	 	(2)	The jurisdiction in which the largest number of putative class members reside (or if that jurisdiction cannot be determined, the jurisdiction in which the largest
number of class members is reasonably believed to reside). 

  
 24 

 Section 8.13 
  

	(b)	If any putative class action within the scope of subsection (a) is filed in a jurisdiction other than one of those described in subsection (a), or if any
non-class action filed in such a jurisdiction is subsequently amended or altered to include class action allegations, then the Plan, all parties to such action that are related to the Plan (such as a Plan fiduciary, administrator, or party in
interest), and all alleged Participants and Beneficiaries shall take all necessary steps to have the action removed to, transferred to, or re-filed in a jurisdiction described in subsection (a). Such steps may include, but are not limited to:

  

	 	(1)	A joint motion to transfer the action, or 

  

	 	(2)	A joint motion to dismiss the action without prejudice to its re-filing in a jurisdiction described in subsection (a), with any applicable time limits or statutes
of limitations applied as if the suit or class action allegation had originally been filed or asserted in a jurisdiction described in subsection (a) at the same time it was filed or asserted in a jurisdiction not described therein.

  

	(c)	The provisions of this Plan section 8.12 shall be waived if no party invokes them within 120 days of the filing of a putative class action or assertion of class
action allegations. 

  

	(d)	Nothing in this Plan section 8.12 shall relieve any putative class member of any obligation existing under the Plan or by law to exhaust all administrative
remedies before initiating litigation. 

 8.13 Records 
 The records of an Employer or Affiliate with respect to length of employment, employment history, compensation, absences, and all other relevant matters may be conclusively relied on by the Committee.

  
 25 

 Section 9.1 
  

 Article 9. Amendment and Termination 
 9.1 Amendments 
 The Company must necessarily and does hereby reserve the right to amend,
modify, or terminate the Plan at any time by action of its Board. The Committee in its sole discretion shall have the power to amend the Plan to: 
  

	(a)	Comply with laws and regulations, or as otherwise may be desirable when prompted by a change in law or regulation; and 

 

	(b)	Make any other change that may be necessary or desirable provided any amendment adopted pursuant to this Plan section 9.1 shall not increase the Company’s
annual expense by more than five (5) million dollars. 

 Any material amendment shall be in writing and executed by a duly
authorized officer of the Company or a member of the Committee. An amendment to the Plan may modify its terms in any respect whatsoever, and may include, without limitation, a permanent or temporary freezing of the Plan such that the Plan shall
remain in effect with respect to existing accrued benefits without permitting any new benefit accruals. All Participants and Beneficiaries shall be bound by any amendment. 
 9.2 Termination of Plan 
 The Company, through action of the Board, reserves the right to
discontinue and terminate the Plan at any time, for any reason. Any action to terminate the Plan shall be taken by the Board in the form of a written Plan amendment executed by a duly authorized officer of the Company. If the Plan is terminated,
such discontinuance or termination shall not have the effect of decreasing the amount credited to the Participant’s Account on the later of: 
  

	(a)	The date the resolution to terminate and discontinue the Plan is adopted; or 

 

	(b)	The date the termination and discontinuance is effective. 

 Vested Accounts and any Death Benefits shall be distributed as soon as practicable if such distribution is permitted because the Plan’s termination and liquidation meets the requirements of Treasury
Regulations section 1.409A-3(j)(4) and, if such requirements are not met, at the earliest time otherwise permitted under the terms of the Plan in accordance with Code section 409A and related Treasury Regulations. Such termination shall be
binding on all Participants and all other persons. 
 9.3 Successors 
 In case of the merger, consolidation, liquidation, dissolution or reorganization of an Employer, or the sale by an Employer of all or substantially all of its assets, provision may be made by written
agreement between the Company and any successor corporation acquiring or receiving a substantial part of the Employer’s assets, whereby the Plan shall be continued by the successor. If the Plan is to be continued by the successor, then
effective as of the date of the reorganization or transfer, the successor corporation shall be substituted for 

  
 26 

 Section 9.4 
  

 
the Employer under the Plan. To the extent applicable, such written agreement may also specify no later than the closing date of an asset purchase transaction, whether Employees covered by the
transaction shall incur a Separation from Service. The substitution of a successor corporation for an Employer shall not in any way be considered a termination of the Plan. 
 9.4 Prohibition on Changes Due to Code Section 409A 
 Notwithstanding the foregoing,
neither the Board nor the Committee may amend or terminate the Plan in any manner that the Board or the Committee determines in its sole discretion and in accordance with the advice of counsel, violates the applicable provisions of Code
section 409A and related Treasury Regulations, including, but not limited to, the applicable time and form of payment requirements, the applicable prohibitions on accelerations, and the plan termination and liquidation provisions. 

9.5 Additional Participating Employers 
  

	(a)	Adoption. With the consent of the Company, any Affiliate may adopt the Plan for its Eligible Employees and thereby become an Employer under the Plan. An
Affiliate adopting the Plan shall compile and submit all information required by the Committee with reference to its Eligible Employees. An entity will be considered to have adopted the Plan with the consent of the Company if it takes significant
action that is consistent with the adoption of the Plan, the Board or Committee is aware of the action, and neither objects to the action. 

  

	(b)	Crediting of Prior Service. If an Affiliate adopts the Plan in accordance with subsection (a), or if any persons become Employees of an Employer as the
result of merger or consolidation or as the result of acquisition of all or part of the assets or business of another company, the Company shall determine to what extent, if any, previous service with the Affiliate or acquired business shall be
recognized under the Plan. 

  

	(c)	Withdrawal by Affiliate. Any Employer may withdraw its participation in the Plan on appropriate action by it. In addition, an Employer will automatically cease
to participate in the Plan from and after the date it ceases to be an Affiliate. In either event, the benefits under the Plan will be earned with respect that Employer’s participation in the Plan shall be determined by the Committee. Benefits
payable to Employees employed by the withdrawing Employer shall be payable to such Employees when due under the Plan, but such Employees shall not be considered Eligible Employees from and after the date of withdrawal by their Employer.

  
 27 

 Section 10.1 
  

 Article 10. Miscellaneous Provisions 
 10.1 Good-Faith Valuation Binding 
 In determining the Participant’s vested Account
Value, the Committee shall exercise its best judgment, and all such determinations of value (in the absence of bad faith) shall be binding upon all Participants and their Beneficiaries. 
 10.2 Taxation 
 It is the intention of the Company that the benefits payable hereunder shall
not be deductible by the Employers nor taxable for federal income tax purposes to Participants or Beneficiaries until such benefits are paid by the Employers to such Participants or Beneficiaries. Without limiting the foregoing, it is intended that
the Plan meet the requirements of Code section 409A and related Treasury Regulations and the Committee shall use its reasonable best efforts to interpret and administer the Plan in accordance with such requirements. When benefits are paid
hereunder, it is the intention of the Company that they shall be deductible by the Employers under Code section 162. 
 10.3 Withholding

 All distributions shall be net of any applicable federal, state, or local income or employment taxes or any other amounts required to be
withheld by law. In addition, the Company or any Affiliate may withhold from a Participant’s currently payable salary, bonus, or other compensation any applicable federal, state, or local income or employment taxes that may be due upon accruing
benefits under the Plan. 
 10.4 Offset for Obligations to the Company or an Affiliate 

Notwithstanding anything in the Plan to the contrary, if a Participant or Beneficiary has any outstanding obligation to the Company or any Affiliate
(whether or not such obligation is related to the Plan), the Committee may cause the amount payable to such Participant or Beneficiary to be reduced and offset by, and to be applied to satisfy, the amount of such obligation; provided, the offset is
not in excess of $5,000 for any tax year (determined based on the tax year of the Company and Affiliates) and the offset occurs at the same time as the outstanding obligation to the Company or any Affiliate is due. 

10.5 No Enlargement of Employment Rights 

This Plan is strictly a voluntary undertaking on the part of the Company and the Employers and shall not be deemed to constitute a contract between the
Employers and any Employee or Participant, Beneficiary, or alternate payee, or to be consideration for, or an inducement to, or a condition of, the employment of any Employee. Nothing contained in this Plan or any modification of the same or act
done in pursuance hereof shall be construed as giving any person any legal or equitable right against the Employer, unless specifically provided herein, or as giving any person a right to be retained in the employ of the Employer. All Participants
shall remain subject to assignment, reassignment, promotion, transfer, layoff, reduction, suspension, and discharge to the same extent as if this Plan had never been established. 

  
 28 

 Section 10.6 
  

 10.6 Non-Alienation 

 

	(a)	Except as otherwise permitted by the Plan, no benefit payable at any time under the Plan shall be subject to the debts or liabilities of a Participant or his
Beneficiary. Any attempt to alienate, sell, transfer, assign, pledge, or otherwise encumber any such benefit, whether presently or thereafter payable, shall be void. Except as provided in this Plan section, no benefit under the Plan shall be subject
in any manner to attachment, garnishment, or encumbrance of any kind. 

  

	(b)	Payment may be made from a Participant’s vested Account to an alternate payee, pursuant to a domestic relations order. 

 

	 	(1)	The Committee shall establish reasonable written procedures for reviewing court orders made, pursuant to state domestic relations law (including a community property
law), relating to child support, alimony payments, or marital property rights of a Spouse, child, or other dependent of a Participant and for notifying Participants and alternate payees of the receipt of such orders and of the Plan’s procedures
for determining if the orders are approved domestic relations orders and for administering distributions under domestic relations orders. 

  

	 	(2)	Except as may otherwise be required by applicable law, such domestic relations orders may not require a retroactive transfer of all or part of a Participant’s
Account. 

 10.7 No Examination or Accounting 
 Neither this Plan nor any action taken thereunder shall be construed as giving any person the right to an accounting or to examine the books or affairs of the Company or any Affiliate. 

10.8 Incompetency 
 Every person
receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the date on which the Committee receives a written notice, in a form and manner acceptable to the Committee, that such person is
incompetent or a minor, for whom a guardian or other person legally vested with the care of his person or estate has been appointed; provided, however, that if the Committee shall find that any person to whom a benefit is payable under the Plan is
unable to care for his affairs because of incompetency, or is a minor, any payment due (unless a prior claim therefore shall have been made by a duly appointed legal representative) may be paid instead to the guardian of such person or to the person
having custody of such person, without further liability on the part of an Employer for the amount of such payment to the person on whose account such payment is made. 
 10.9 Notice of Address 
 Each person entitled to benefits from the Plan must file with the
Committee or its agent, in writing, his post office address and each change of post office address. Any communication, statement, or notice addressed to such a person at his latest reported post office address will

  
 29 

 Section 10.10 
  

 
be binding upon him for all purposes of the Plan, and neither the Committee nor the Company shall be obliged to search for or ascertain his whereabouts. 

10.10 Data 
 All persons entitled to
benefits from the Plan must furnish to the Committee such documents, evidence, or information, including information concerning marital status, as the Committee considers necessary or desirable for the purpose of administering the Plan. 

10.11 Service of Legal Process 
 The
General Counsel of the Company is hereby designated agent of the Plan for the purpose of receiving service of summons, subpoena, or other legal process. 
 10.12 Qualified Military Service 
 Notwithstanding any provision of this Plan to the
contrary and to the fullest extent permitted under Treasury Regulations section 1.409A-2(a)(15), the election requirements under this Plan shall be deemed satisfied to the extent that an election is provided to the Participant to satisfy the
requirements of the Uniformed Service Employment and Reemployment Rights Act of 1994, as amended. 
 10.13 Counterparts 

This Plan may be executed in any number of counterparts, each of which shall be deemed to be an original. All the counterparts shall constitute but one
and the same instrument and may be sufficiently evidenced by any one counterpart. 
 In Witness Whereof, the undersigned, duly authorized
by the Board, has caused this instrument to be executed on August 4, 2011, but effective as of January 1, 2012. 
  

			
	By:	 	 /s/ Barbara Kellams

		 	     Barbara A. Kellams
		 	     Vice-President – Counsel
		 	     The Walt Disney Company

  
 30Form of Restricted Stock Award Agreement

 Exhibit 10.2 
 PRIVATEBANCORP, INC. 
 RESTRICTED STOCK AWARD AGREEMENT

 THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”) is entered into as of the date set forth in the
Restricted Stock Award Certificate (as defined in Section 1) by and between PrivateBancorp, Inc., a Delaware corporation (the “Company”), and the Grantee identified on the Restricted Stock Award Certificate
(“Grantee”). Except as otherwise indicated or defined herein, all words with initial capitals shall have the same meaning as ascribed to them in the PrivateBancorp, Inc. 2011 Incentive Compensation Plan (the
“Plan”). Grantee acknowledges receipt of a copy of the Plan. 
 WHEREAS, the Company desires to grant to
Grantee a certain number of shares of Common Stock, subject to the restrictions, and on the terms and conditions, set forth in the Plan and this Agreement; 
 NOW, THEREFORE, the Company and Grantee agree as follows: 
 1. Grant of Award;
Form of Award. 
 (a) Subject to Grantee’s execution and delivery of the related Restricted Stock Award
Certificate attached hereto or otherwise delivered or made available to Grantee in electronic form (the “Restricted Stock Award Certificate”) and any documents described therein, and subject to the terms and conditions of the Plan
(the terms and provisions of which are incorporated herein and expressly made a part hereof), the Company hereby grants to Grantee the aggregate number of shares of Common Stock of the Company set forth on the Restricted Stock Award Certificate,
subject to the restrictions and on the terms and conditions set forth herein, in the Restricted Stock Award Certificate and in the Plan (the “Award”), and subject to any adjustment as provided in the Plan. As soon as practicable
after Grantee has executed the Restricted Stock Award Certificate and any other documents referenced therein, and delivered the same to the Company, the Company shall cause to be issued in Grantee’s name a stock certificate representing the
total number of shares of Common Stock covered by this Award in accordance with Section 4, below. In the discretion of the Committee, the Award to Grantee hereunder may be non-certificated and, accordingly, issuances and transfers shall be
reflected on the stock ledger books and records of the Company and no certificate of shares of Common Stock in respect of Grantee’s shares will be issued to Grantee, to the extent not prohibited by applicable law, the Company’s certificate
of incorporation and by-laws, or the rules of any stock exchange. This Agreement and the Award is subject to all good faith determinations of the Committee and of the Company pursuant to the Plan. 

(b) To the extent expressly provided in the Restricted Stock Award Certificate, this Award may constitute an award of Restricted Share
Units under the Plan, in which case the special provisions applicable to Restricted Share Units set forth in Section 10 below shall apply. 

  
 -1-

 2. Restrictions. 

(a) The shares of Common Stock covered by this Award shall be subject to the restrictions set forth in Section 9(a) of the Plan,
which include, but are not limited to, prohibitions on the sale, transfer, assignment, pledge or encumbrance of said shares, prior to the applicable vesting date set forth on the Restricted Stock Award Certificate (the period ending on any such
vesting date(s) is hereinafter referred to as the “Restricted Period”). Sale, transfer and other disposition of the shares following termination of the Restricted Period may be limited by the absence of an established trading market
for such shares and/or the provisions of applicable securities laws. The restrictions imposed hereunder shall not lapse upon expiration of the Restricted Period if such lapse would constitute a violation of any applicable federal or state securities
or other law or regulation and shall only lapse upon the termination of such violation. As a condition to the receipt of the shares of Common Stock covered by this Award, the Company may require Grantee to make any representation and warranty to the
Company as may be required by any applicable law or regulation. 
 (b) Notwithstanding anything to the contrary set forth in
this Agreement or in the Plan, each provision of this Agreement and all amounts which may be payable hereunder or under the Plan shall be subject to any restrictions or limitations required by any of the Emergency Economic Stabilization Act of 2008,
the American Recovery and Reinvestment Act of 2009 and the TARP Capital Purchase Program or any subsequent or similar legislation, and any regulations or interpretations that have been or may from time to time be promulgated thereunder, including,
but not limited to the Interim Final Rule issued by the U.S. Treasury Department on June 15, 2009 (all such legislation, regulations and interpretations, and any amendments or modifications thereof, collectively (“TARP”), as
may be in effect on the date hereof and as may be amended, replaced or supplemented at any time and from time to time hereafter; provided, nothing herein shall limit or otherwise diminish any waiver previously entered into by Grantee pursuant to the
Company’s participation in the TARP Capital Purchase Program, which waiver shall remain in full force and effect. The terms set forth in this Agreement are further subject to any applicable conditions, limitations or restrictions that may be
imposed by any governmental or regulatory authority, including but not limited to the FDIC or other federal or state regulator (any such provisions, “Regulatory Restrictions”). If any vesting of the Award or the making of any
payment pursuant to this Agreement shall violate, or shall have violated, TARP or any Regulatory Restrictions, Grantee shall be deemed to have waived Grantee’s right to such payment and, to the extent necessary to comply with TARP or such
Regulatory Restrictions, shall promptly repay any such amount to the Company upon request, and this Agreement shall be deemed to be amended to effectuate such waiver such that no obligation on the part of the Company to pay or provide the waived
amount shall occur. 
 3. Rights as a Shareholder. Grantee shall have the right to vote the shares of Common Stock
covered by this Award and to receive dividends thereon unless and until such shares are forfeited pursuant to Section 5 hereof. 
 4. Custody and Delivery of Shares. Each certificate representing the shares of Common Stock covered by this Award that may be issued in the name of Grantee shall bear appropriate legends regarding
this Agreement and such other restrictions on transferability, which are substantially similar to the legend set forth as follows: 
 “The shares represented by this certificate are deemed to be restricted stock and until the applicable date on which the restrictions lapse (which is the first, second or third anniversary, as
applicable, of the date the Award was made) are subject to the terms and conditions, including certain restrictions on transfer, applicable to restricted stock awarded pursuant to the PrivateBancorp, Inc. 2011 Incentive Compensation Plan and the
Restricted Stock Award Agreement covering these shares, copies of which are available from the Company.” 

  
 -2-

 The Company shall hold any certificate for shares of Common Stock covered by this Award
until the restrictions shall lapse and shares represented hereby have vested pursuant to the Restricted Stock Award Certificate and Section 5 of this Agreement, and if so certificated shall thereupon, subject to the satisfaction of any
applicable federal, state, local or other tax withholding obligations and applicable securities laws, deliver the certificate for the vested shares to Grantee. 
 5. Vesting; Effect of Termination of Employment. Except to the extent provided in paragraphs (a) through (e) below, the restrictions applicable to shares of Common Stock covered by this
Award shall lapse and the shares shall become vested in accordance with the Restricted Stock Award Certificate. 
 (a) Disability. In the event Grantee becomes disabled during the period of Grantee’s employment with the Company and its Subsidiaries, the Award shall continue to vest during the first 180
days of Grantee’s approved disability leave pursuant to a Company disability policy. If Grantee remains on an approved disability leave for more than 180 days, the Restricted Period and all restrictions imposed on the shares of Common Stock
covered by this Award shall lapse and be of no further force or effect, and the shares of Common Stock covered by this Award shall vest in full, on the 181st day of approved disability leave. 
 (b) Death. In the event Grantee dies during the period of Grantee’s employment with the Company and its Subsidiaries, the Restricted Period and all restrictions imposed on the shares of Common
Stock covered by this Award shall fully and immediately lapse and be of no further force or effect, and the shares of Common Stock covered by this Award shall vest in full, on the date of Grantee’s death. 

(c) Change of Control. If a Change of Control occurs during the period of Grantee’s employment with the Company and its
Subsidiaries, the Award shall vest to the extent provided in Section 13 of the Plan (it being understood that vesting will accelerate except to the extent Grantee receives a Replacement Award; in the event Grantee receives a Replacement Award
and, within two years after the Change of Control, Grantee’s employment is terminated by the Company (other than a Termination for Cause), or by Grantee with Good Reason, then, upon such termination, the Replacement Award shall become fully
vested and exercisable). 
 (d) Retirement. In the event of a termination of Grantee’s employment with the Company
and its Subsidiaries under circumstances that constitute Grantee’s Retirement (as defined in Section 11), Grantee shall become vested in a pro rata portion of the Award (rounded to the nearest whole number), calculated as follows:

 (A / B * C) - D 

  
 -3-

 where, A equals the total number of completed months of service during the Award vesting period prior to
Grantee’s Retirement; B equals the total number of full months during the Award vesting period set forth on the Restricted Stock Award Certificate; C equals the aggregate number of shares of Common Stock set forth on the Restricted Stock Award
Certificate; and D equals the number of shares subject to the Award that have previously vested; and such portion of the Award that has not become vested and exercisable shall be immediately forfeited and canceled. Notwithstanding the foregoing, as
of the date Grantee shall cease to be Retired from the Industry (as defined in Section 11), any further vesting shall terminate as of such date, and Grantee shall forfeit any shares of Common Stock covered by this Award that are not yet vested
and shall have no further rights to said shares or any amounts attributable thereto. 
 (e) Other Termination of
Employment. In the event of termination of Grantee’s employment with the Company and its Subsidiaries prior to the end of the Restricted Period for any other reason, Grantee will forfeit any shares of Common Stock covered by this Award that
are not yet vested, and shall have no further rights to said shares or any amounts attributable thereto. 
 6. Adjustment
Upon Changes in Capitalization. Any additional shares of Common Stock or other securities or property issued with respect to the Common Stock covered by this Award, as a result of any declaration of stock dividends, through recapitalization
resulting in stock splits, combinations or exchanges of shares or otherwise, shall be subject to the restrictions and terms and conditions set forth herein. 
 7. Payment of Taxes. 
 (a) Grantee or Grantee’s legal
representative shall be required to pay to the Company the amount of any federal, state, local or other taxes which the Company determines it is required to withhold and pay over to governmental tax authorities with respect to shares of Common Stock
covered by this Award on the date on which the Company’s tax liability arises with respect to such shares (the “Tax Date”). Grantee may satisfy such obligation by any of the following means: (i) cash payment to the
Company, (ii) delivery to the Company of Previously-Acquired Shares of Common Stock having an aggregate Fair Market Value determined as of the Tax Date that equals the amount required, (iii) authorizing the Company to withhold whole shares
of Common Stock which would otherwise be delivered having an aggregate Fair Market Value determined as of the Tax Date that equals the amount required, or (iv) any combination of (i), (ii), and (iii). The value of any shares withheld may not be
in excess of the amount of taxes required to be withheld by the Company determined by applying the applicable minimum statutory withholding tax rates. 
 (b) The Company shall pay all original issue or transfer taxes with respect to the issuance or delivery of shares of Common Stock pursuant hereto and all other fees and expenses incurred by the Company in
connection therewith. 
 8. Beneficiary. Grantee may name, from time to time, any beneficiary or beneficiaries to whom
the shares of Common Stock covered in this Award shall be paid in case of his death before receipt of such shares. Each designation shall be on a form prescribed for such purpose by the Committee and shall be effective only as set forth therein.

  
 -4-

 9. Compliance with Certain Laws and Regulations. If the Committee shall determine, in
its discretion, that the listing, registration or qualification of the shares of Common Stock covered in this Award upon any securities exchange or under any law or regulation, or that the consent or approval of any governmental regulatory body is
necessary or desirable in connection with the granting of shares of Common Stock hereunder, Grantee shall supply the Committee or Company, as the case may be, with such certificates, representations and information as the Committee or Company, as
the case may be, may request and shall otherwise cooperate with the Company in obtaining any such listing, registration, qualification, consent or approval. 
 10. Special Provisions Applicable to Restricted Share Units. In the event the Restricted Stock Award Certificate expressly provides that the Award is an award of Restricted Share Units, then the
provisions of the Plan applicable to Restricted Share Units shall apply to this Award and foregoing provisions of this Agreement shall be interpreted and applied within the context of a Restricted Share Unit Award, which interpretation and
application shall, among other things, reflect the following: 
 (a) The Award hereunder shall be an award of Restricted Share
Units (“Units”). When payable, each Unit will be converted to and paid in shares of Common Stock. 
 (b)
Provided Grantee has become vested in accordance with Section 5 above, the Units will become payable on the earlier of: (i) date set forth on the Restricted Stock Award Certificate, (ii) the termination of the Restricted Period in
accordance with Section 5 as a result of Grantee’s disability, death, long-term disability or Retirement, as applicable, or (iii) the termination of the Restricted Period upon a Change of Control, provided such Change of Control is a
change in ownership or change in effective control that qualifies as a payment event under Code Section 409A and any applicable final regulations and other published guidance relating thereto (collectively “Section 409A”).

 (c) Grantee will not have any voting rights with respect to the Units, but will be entitled to receive dividends paid with
respect to a corresponding number of shares of Common Stock as contemplated by Section 3 above. 
 (d) It is intended that
the Units and exercise of authority or discretion hereunder shall comply with Code Section 409A so as not to subject Grantee to the payment of any interest or additional tax imposed under Section 409A. In furtherance of this intent, to the
extent that any United States Department of the Treasury regulations, guidance, interpretations or changes to Section 409A would result in Grantee becoming subject to interest and additional tax under Section 409A of the Code, the Company
and Grantee agree to amend this Award Agreement to bring the Units into compliance with Section 409A. 
 11. Certain
Definitions. 
 (a) “Good Reason” means the occurrence, other than in connection with a discharge,
of any of the following without Grantee’s consent: (A) a reduction in Grantee’s base 

  
 -5-

 
salary, target annual bonus opportunity (other than a proportionate reduction applicable to all executives of the Company, unless such reduction occurs during the two-year period commencing on
the occurrence of a Change of Control), or (B) Grantee being required to be based at an office or location which is more than 50 miles from Grantee’s then-current office. Grantee must provide written notice to the Company of the existence
of Good Reason no later than 90 days after its initial existence, and the Company shall have a period of 30 days following its receipt of such written notice during which it may remedy in all material respects the Good Reason condition identified in
such written notice. 
 (b) “Retired from the Industry” means that Grantee has retired from the Company and all
Subsidiaries under circumstances that constitute Retirement, and Grantee (i) does not thereafter perform services as an employee, officer, director or consultant for, or in any other capacity assist, any bank, thrift, bank or thrift holding
company, asset management company, trust company, investment advisor, or any other financial services company (other than the Company or a Subsidiary), whether existing or in formation, that provides or plans to provide banking or other financial
services, including but not limited to, those relating to loans, deposits, treasury management, custodial or trust services, or investment or wealth management services, and (ii) certifies to the Company, at such times and in such manner as the
Committee may require, that since Grantee’s retirement, Grantee has not performed any such services. 
 (c)
“Retirement” means termination of Grantee’s employment for any reason other than death, long-term disability or Termination for Cause on or after age 62 and completion of at least 10 years of service with the Company or any
Subsidiary (including for this purpose continuous years of service, if any, with a Subsidiary as of the date such Subsidiary was acquired by the Company). 
 (d) “Termination for Cause” means a termination of the employment of Grantee by the Company or any Subsidiary for any of the following reasons: 

(i) In the case where there is an employment, change-on-control or similar agreement in effect between Grantee and the
Company or any Subsidiary that defines “cause” (or similar words), the termination of an employment arrangement that is or would be deemed to be for “cause” (or similar words) as defined in such agreement. 

(ii) In the case where there is no employment, change-of-control or similar agreement in effect between Grantee and the
Company or any Subsidiary, or where there is such an agreement but the agreement does not define “cause” (or similar words), the termination of Grantee’s employment due to: 

(1) The commission by Grantee, as reasonably determined by the Committee, of any theft, embezzlement or felony against
the Company or any Subsidiary; 
 (2) The commission of an unlawful or criminal act by Grantee resulting in
material injury to the business or property of the Company or any Subsidiary or of an act generally considered to involve moral turpitude, all as reasonably determined by the Committee; 

  
 -6-

 (3) The commission of an intentional act by Grantee in the performance of
Grantee’s duties as an employee of the Company or any Subsidiary amounting to gross negligence or misconduct or resulting in material injury to the business or property of the Company or any Subsidiary, all as reasonably determined by the
Committee; or 
 (4) The habitual drunkenness or drug addiction of Grantee, as reasonably determined by the
Committee. 
 12. Miscellaneous. 
 (a) Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, delivered by overnight courier, or mailed by first class mail, to Grantee at the
address set forth on the records of the Company, to the Company at its offices at 120 South LaSalle Street, Chicago, Illinois 60603, or such other address or to the attention of such other person as the recipient party shall have specified by prior
written notice to the sending party. Any notice under this Agreement will be deemed to have been given when received. 
 (b)
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 (c) Complete
Agreement. This Agreement, the Restricted Stock Award Certificate and those documents expressly referred to herein embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements
or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 

(d) Counterparts; Electronic Signature. This Agreement, the Restricted Stock Award Certificate and those documents expressly
referred to herein and therein may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. This Agreement, the Restricted Stock Award Certificate and all
documents to be delivered in connection with this Agreement may be executed and delivered by Grantee by electronic signature, including without limitation “click-through” acceptance, pursuant to procedures the Company may establish from
time to time, and such execution and delivery shall have the same force and effect as Grantee’s manual signature. 
 (e)
Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Grantee, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees),
and is intended to bind all successors and assigns of the respective parties, except that Grantee may not assign any of Grantee’s rights or obligations under this Agreement except to the extent and in the manner expressly permitted hereby.

  
 -7-

 (f) Remedies. Each of the parties to this Agreement will be entitled to enforce its
rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an
adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or
prevent any violations of the provisions of this Agreement. 
 (g) Waiver or Modification. Any waiver or modification of
any of the provisions of this Agreement shall not be valid unless made in writing and signed by the parties hereto. Waiver by either party of any breach of this Agreement shall not operate as a waiver of any subsequent breach. 

(h) No Employment Contract. This Agreement shall not be construed as an employment contract and does not give Grantee any right to
continued employment by the Company or any affiliate of the Company or to the receipt of any future Restricted Stock or other awards under the Plan. 

  
 -8-

 BENEFICIARY DESIGNATION FORM FOR RESTRICTED STOCK 

Restricted Stock Award Agreement(s) (the “Restricted Stock Award(s)”) dated (fill in Restricted Stock Award Dates):

  

					
	  
	  		  	  

			
	  
	  		  	  

			
	  
	  		  	  

 You may designate a primary beneficiary and a secondary beneficiary to whom rights under your Restricted
Stock Award Agreements will pass in the event of your death. You may name more than one person as a primary or secondary beneficiary. For example, you may wish to name your spouse as primary beneficiary and your children as secondary beneficiaries.
Your secondary beneficiary(ies) will have no rights with respect to your Restricted Stock Award(s) if any of your primary beneficiaries survive you. All primary beneficiaries will have equal rights with respect to your Restricted Stock Award(s)
unless you indicate otherwise. The same rule applies for secondary beneficiaries. 
 Designate Your Beneficiary(ies):

  

			
	Primary Beneficiary(ies) (give name, address and relationship to you):	 	  

	  

	  

	  

  

			
	Secondary Beneficiary(ies) (give name, address and relationship to you):	 	  

	  

	  

	  

 I certify that my designation of beneficiary set forth above is my free act and deed and acknowledge that
when effective it will revoke any prior designation I may have made with regard to the Restricted Stock Award(s) set forth above. 
  

			
	  

	Printed Name:	 	  

			
	Date:	 	  

 This Beneficiary Designation Form for Restricted Stock shall be effective on the day it is received
by the Chief Human Resources Officer (or her designee) of the Company at 120 S. LaSalle Street, Chicago, Illinois 60603. 
 This
Form shall be (i) delivered to the Chief Human Resources Officer (or hers designee) by personal delivery, facsimile, United States mail or by express courier service, and (ii) deemed to be received upon personal delivery, upon confirmation
of receipt of facsimile transmission or upon receipt by the Chief Human Resources Officer (or her designee) if by United States mail or express courier service; provided, however, that if this Form is not received during regular business hours, it
shall be deemed to be received on the next succeeding business day of the Company. 

  
 -9-

 
			
	RECEIVED AND ACKNOWLEDGED:
	
	PRIVATEBANCORP, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	Chief Human Resources Officer or a Duly Authorized Designee

  
 -10-

 PRIVATEBANCORP, INC. 

RESTRICTED STOCK AWARD CERTIFICATE 
 1. Award. PrivateBancorp, Inc., a Delaware corporation (the “Company”), hereby grants to
[                    ] (“Grantee”) the aggregate number of shares of common stock of the Company, no par value, set forth below
(“Award”). 
 2. Summary. The award date, number of shares included in the Award and
vesting dates are set forth below, subject in all respects to the terms and conditions of this Restricted Stock Award Certificate, the Restricted Stock Award Agreement delivered herewith (“Agreement”) and the PrivateBancorp, Inc.
2011 Incentive Compensation Plan (the “Plan”). [The Award is also subject to the condition that Grantee executes and delivers a Restrictive Covenant Agreement in form and substance approved by the Company.]1 

 

			
	Award Date	  	[            ], 2011
		
	Number of Shares	  	[            ] shares of PrivateBancorp, Inc. common stock, no par value
		
	Vesting Dates (1/3 each vesting date)	  	 First anniversary of award date

Second anniversary of award date
 Third
anniversary of award date

 3. Acceptance and Agreement by Grantee. Grantee hereby accepts the Award described above, and
agrees to be bound by the terms, conditions and restrictions of such Award as set forth in this Restricted Stock Award Certificate, the Agreement and the Plan. Grantee acknowledges having read and understood such documents and understands that
vesting of the Award is conditioned upon continued employment with the Company or its Subsidiaries, except as otherwise expressly set forth in the Agreement or the Plan. 

 

							
	PRIVATEBANCORP, INC.	 		 	GRANTEE
				
	 By:
	 	  
	 		 	  

	 Name:
	 	 Joan Schellhorn
	 		 	[                    ]
	Title:	 	Chief Human Resources Officer	 		 	

  

	1 	 Include to the extent Grantee has not previously executed a Restrictive Covenant Agreement.

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