Document:

PVTB 03.31.2015 10-Q Ex 10.1

Exhibit 10.1

PRIVATEBANCORP, INC.
STOCK OPTION CERTIFICATE

1.Option Award.  PrivateBancorp, Inc., a Delaware corporation (the “Company”), hereby awards to [________] (“Optionee”) a non-qualified stock option (“Option”) to purchase the number of shares of Common Stock, without par value, of the Company set forth below, at the option price per share set forth below (which is the closing price of the Company’s Common Stock on the date hereof and which shall for all purposes constitute the “Fair Market Value”).

2.Summary.  The grant date, option price per share, aggregate number of shares subject to the Option and vesting dates are set forth below, subject in all respects to the terms and conditions of this Stock Option Certificate, the Stock Option Agreement delivered herewith (“Agreement”) and the PrivateBancorp, Inc. Amended and Restated 2011 Incentive Compensation Plan (the “Plan”). 
 
Subject to earlier termination as provided in the Stock Option Agreement or the Plan, this Option shall expire 10 years from the Grant Date.  Except as may be otherwise provided in the Stock Option Agreement or Plan, this Option shall vest and be exercisable as to all or a portion of the number of shares set forth above as follows:

	
		
	Grant Date   

	February ____, ____

	Option Price   

	$[________], per share

	Number of Shares   

	[__________] shares of PrivateBancorp, Inc. common stock, no par value

	Vesting Date   
	The option vests 100% on March 1, [insert year that is 3 years from grant year] and may be exercised on or after that date, but prior to expiration.

3.Acceptance and Agreement by Optionee.  Optionee hereby accepts the Option described above, and agrees to be bound by the terms, conditions and restrictions of such Option as set forth in this Stock Option Certificate, the Agreement and the Plan.  Optionee acknowledges having read and understood such documents and understands that vesting of the Option 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.

By:                  
Name:   Larry D. Richman
Title:    President and Chief Executive Officer
	OPTIONEE

                  
[__________]

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PRIVATEBANCORP, INC.
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT (this “Agreement”) is made as of the date set forth in the Stock Option Certificate (as defined in Section 1) by and between PrivateBancorp, Inc., a Delaware corporation (the “Company”), and the Optionee identified on the Stock Option Certificate (“Optionee”).  Except as otherwise indicated or defined herein, all words with initial capitals shall have the same meaning as ascribed to them in the Plan.  Optionee acknowledges receipt of a copy of the Plan.
WHEREAS, the Company desires to grant to Optionee an option (“Option”) to buy shares of the Company’s Common Stock, pursuant to the PrivateBancorp, Inc. Amended and Restated 2011 Incentive Compensation Plan (the “Plan”) and this Agreement;
NOW, THEREFORE, the parties hereto agree as follows:
1.Grant and Designation of Option.  Subject to Optionee’s execution and delivery of the related Stock Option Certificate attached hereto or otherwise delivered or made available to Optionee in electronic form (the “Stock Option Certificate”) and any documents described therein, and subject to the Plan (the terms and provisions of which are incorporated herein and expressly made a part hereof), including, but not limited to, adjustments required pursuant thereto, the Company hereby grants to Optionee the Option to purchase the aggregate number of shares of Common Stock set forth on the Stock Option Certificate at the price per share (“Option Price”) set forth on such Stock Option Certificate.  The Option granted hereunder shall not be treated as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.  This Agreement and the Option is subject to all good faith determinations of the Committee and of the Company pursuant to the Plan.
2.Term of Option; Vesting.  Subject to earlier termination, acceleration or cancellation of the Option as provided herein, the term of the Option shall be for a period 10 years from the date hereof.  Subject to the provisions of this Agreement, the Option shall be vested and exercisable at such times and as to such number of shares as determined on the schedule set forth on the Stock Option Certificate.  If a Change of Control occurs during the period of Optionee’s employment with the Company and its Subsidiaries, the Option shall vest to the extent provided in Section 13 of the Plan, and Optionee shall be entitled to exercise the Option to the extent vested (it being understood that vesting will accelerate and the Option shall become immediately exercisable except to the extent Optionee receives a Replacement Award; in the event Optionee receives a Replacement Award and, within two years after the Change of Control, Optionee’s employment is terminated by the Company (other than a Termination for Cause), or by Optionee with Good Reason, then, upon such termination, the Replacement Award shall become fully vested and exercisable).
3.Method of Exercise.
(a)Subject to the terms and conditions of this Agreement, the Option may be exercised by giving notice to the Company (the “Exercise Notice”) by such electronic or telephonic procedure as the Company has established or may establish from time to time (including procedures provided by a third party engaged by the Company to provide administrative services related to the Option), or, if no such procedures are then in effect, in writing to its offices at 120 South LaSalle Street, Chicago, Illinois 60603 (or such other offices of the Company which are hereinafter designated by the Company) to the attention of the Secretary of the Company.  The Exercise Notice (i) shall state (A) the election to exercise the Option and (B) the total number of full shares in respect to which it is being exercised, and (ii) shall be signed by the person or persons exercising the Option.  
(b)Optionee shall pay the total amount due resulting from such exercise in any of the following forms:  (i) by certified or cashier’s check for the full amount of the purchase price of such shares; (ii) through a simultaneous exercise of Optionee’s Option and sale of the shares of Common Stock hereby acquired pursuant to a brokerage arrangement approved in advance by the Committee to assure its conformity with the terms and conditions of the Plan; (iii) by a “net exercise” arrangement pursuant to which the Company will reduce the 

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number of shares of Common Stock issued upon exercise of the Option by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; or (iv) by a combination of the methods described in (i), (ii) and (iii) above.  To the extent applicable, Optionee shall also pay the amount, in cash, of any federal, state and local income, Social Security and Medicare taxes required to be withheld as a result of the exercise, unless Optionee elects to have the Company withhold from the shares purchased, shares having a Fair Market Value equal to such required tax withholding amount.  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.  Upon receipt of the foregoing, the Company shall issue the shares of Common Stock as to which the Option has been duly exercised (as such amount is decreased to reflect any applicable net exercise or share withholding).
(c)In the discretion of the Committee, any shares issued upon exercise of the Option 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 Optionee’s shares will be issued to Optionee, to the extent not prohibited by applicable law, the Company’s certificate of incorporation and by-laws, or the rules of any stock exchange.  
4.Restrictions.  
(a)    This Option may not be exercised if the issuance of such shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable federal or state securities or other law or regulation.  As a condition to the exercise of this Option, the Company may require Optionee 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 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 Option or the making of any payment pursuant to this Agreement shall violate, or shall have violated, any Regulatory Restrictions, Optionee shall be deemed to have waived Optionee’s right to such payment and, to the extent necessary to comply with 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.  Without limiting the generality of the foregoing, all rights hereunder as well as the value received by Optionee upon vesting, exercise or otherwise may be subject to recovery or “clawback” by the Company (or otherwise) under  the Plan or any of the Company's clawback policies applicable to Optionee from time to time as well as Regulatory Restrictions or applicable state or federal laws, including, but not limited to the recoupment or clawback provisions under the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  The applicability and ultimate impact of any of these clawback provisions will vary depending on the facts and circumstances and Optionee hereby acknowledges that such provisions may apply to the Award.
5.Effect of Termination of Employment.  
(a)    The Option, to the extent not theretofore exercised, shall terminate on Optionee’s Termination Date, except that:
(i)Disability:  In the event a Termination or Resignation occurs due to Optionee’s long-term disability (as defined in Section 8(e) below), the vesting period as set forth in the Stock Option Certificate shall be considered fulfilled and the Option covered by this Award shall vest in full and become exercisable on the date of Optionee’s long-term disability so that Optionee may, during the three-year period following such Termination Date, exercise the Option; provided, however, that in no event may the Option be exercised after the expiration of its term as set forth in Section 2 above.

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(ii)Death:  In the event a Termination occurs due to Optionee’s death, the vesting period as set forth in the Stock Option Certificate shall be considered fulfilled and the Option covered by this Award shall vest in full and become exercisable on the date of Optionee’s death so that Optionee’s representative or beneficiary may exercise the Option at any time during the three-year period following Optionee’s Death; provided, however, that in no event may the Option be exercised after the expiration of its term as set forth in Section 2 above.
(iii)Change of Control:  In the event of a Termination (other than Termination for Cause) or Resignation occurs within two years after a Change of Control, Optionee may during the three-year period following such Termination Date exercise the Option to the extent such Option was exercisable on Optionee’s Termination Date (including by reason of acceleration of vesting under Section 2 hereof).  
(iv)Retirement:  In the event a Termination or Resignation occurs under circumstances that constitute Optionee’s Retirement, then:
(1)to the extent vested and exercisable on Optionee’s Termination Date, this Option may be exercised by Optionee during the three-year period following such Termination Date; and
(2)upon Optionee’s Retirement, Optionee shall become vested in a pro rata portion of the Option (rounded to the nearest whole number), calculated as follows:
(A / B * C) - D
where, A equals the total number of completed months of service during the Option vesting period prior to Optionee’s Retirement; B equals the total number of full months during the Option vesting period set forth on the Stock Option Certificate; C equals the aggregate number of shares of Common Stock set forth on the Stock Option Certificate; and D equals the number of shares subject to the Option that have previously vested; which pro rata portion may be exercised by Optionee during the three-year period following such Termination Date, and such portion of the Option that has not become vested and exercisable shall be immediately forfeited and canceled.  Notwithstanding the foregoing, as of the date Optionee shall cease to be Retired from the Industry, Optionee shall forfeit any unexercised portion of the Option then outstanding.
(v)Other Resignation or Termination (other than for Cause):  In the event a Termination Date occurs due to Optionee’s Resignation or Termination (other than in circumstances described above or Termination for Cause), Optionee may during the 90-day period following such Resignation or Termination exercise the Option to the extent such Option was vested and exercisable on Optionee’s Termination Date, and such portion of the Option that had not so previously become vested and exercisable shall be immediately forfeited and canceled.
(b)    In the event of Optionee’s death during the three-year period described in Section 5(a)(i), (iii) and (iv) or the 90-day period described in Section 5(a)(v), Optionee’s representative or beneficiary may, during the unexpired portion of such period, as the case may be, following the date of  Optionee’s death, exercise the Option to the extent it was vested and exercisable at the time of Optionee’s death.
(c)    Notwithstanding the foregoing provisions of this Section 5 to the contrary, in no event shall any Option be exercised after the expiration of the term of the Option set forth in Section 2.
6.    Effect of Termination for Cause.
(a)    In the event of a Termination for Cause, all unexercised Options, whether vested or not vested, shall immediately terminate and all shares of Common Stock purchased hereunder within the one-year period immediately preceding such Termination for Cause (the “Option Stock”), whether held by Optionee or one or 

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more transferees, shall be subject to purchase by the Company pursuant to the terms and conditions set forth in this Section 6.
(b)    The purchase price for shares of Common Stock purchased by the Company pursuant to this Section 6 will be equal to the Option Price paid therefor by Optionee.
(c)    The Company may elect to purchase all (but not less than all) of the Option Stock by delivery of written notice (the “Purchase Notice”) to Optionee (and any permitted transferee of the Option Stock) within 60 days after the Termination Date.  The Purchase Notice shall set forth the number of shares of Option Stock to be acquired from each holder and the aggregate consideration to be paid for such shares.
(d)    The closing of any purchase transaction pursuant to this Section 6 shall take place on the date designated in the Purchase Notice, which date shall not be more than 30 and not less than 10 days after delivery of the Purchase Notice.  The Company shall be entitled to receive customary representations and warranties with respect to the seller’s title to the shares of Option Stock to be purchased hereunder.
6.Compliance with Certain Laws and Regulations.  If the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to the Option 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 the Option or the acquisition of shares thereunder, Optionee 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.
7.Definitions.  For the purposes of this Agreement:
(a)    “Good Reason” means the occurrence, other than in connection with a discharge, of any of the following without Optionee’s consent:  (A) a reduction in Optionee’s base 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) Optionee being required to be based at an office or location which is more than 50 miles from Optionee’s then-current office.  Optionee 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)    “Resignation” means Optionee’s relinquishment of employment with the Company and all Subsidiaries.
(c)    “Retired from the Industry” means that Optionee has retired from the Company and all Subsidiaries under circumstances that constitute Retirement, and Optionee (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 Optionee’s Retirement, Optionee has not performed any such services.
(d)    “Retirement” means any Resignation or Termination of Optionee’s employment with the Company or any Subsidiary for any reason other than death, long-term disability (as defined in Section 8(e) below) or Termination for Cause on or after the date Optionee reaches any combination of age and/or years of service with the Company or any Subsidiary equal to or greater than 65; provided, however, that Optionee must have reached a minimum age of 55 and completed at least five years of service with the Company or any Subsidiary.  For purposes of determining the years of service with the Company or any Subsidiary under this Section 8(d):

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(i)    A year of service shall mean, for the first year of service, 12 consecutive calendar months beginning on Optionee’s date of hire with the Company or any Subsidiary, and for each additional year thereafter, 12 consecutive calendar months beginning on and including the anniversary of Optionee’s date of hire; and 
(ii)    years of service, if any, with a Subsidiary acquired by the Company shall begin to be earned as of the date such Subsidiary was acquired by the Company.
(e)    “Termination” means a termination of the employment of Optionee (i) by the Company and all of its Subsidiaries for any reason, other than a Termination for Cause, including, but not limited to, long-term disability (as determined by the Committee in accordance with the Code after receipt of medical advice, or as entitles Optionee to benefits under a long-term disability benefit plan of the Company or a Subsidiary in which Optionee participates) or (ii) due to Optionee’s death.
(f)    “Termination Date” means the date on which a Resignation, Termination or Termination for Cause occurs.
(g)    “Termination for Cause” means a termination of the employment of Optionee by the Company or any Subsidiary for any of the following reasons.
(i)    In the case where there is an employment, change of control or similar agreement in effect between Optionee 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 Optionee 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 Optionee’s employment due to:
(1)    The commission by Optionee, as reasonably determined by the Committee, of any theft, embezzlement or felony against the Company or any Subsidiaries;
(2)    The commission of an unlawful or criminal act by Optionee resulting in material injury to the business or property of the Company or Subsidiaries or of an act generally considered to involve moral turpitude, all as reasonably determined by the Committee;
(3)    The commission of an intentional act by Optionee in the performance of Optionee’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 Subsidiaries, all as reasonably determined by the Committee; or
(4)    The habitual drunkenness or drug addiction of Optionee, as reasonably determined by the Committee.
9.    Beneficiary.  Optionee may name, from time to time, any beneficiary or beneficiaries who may exercise vested Options pursuant to Sections 5(a)(ii) or 5(b) hereof in case of Optionee’s death before the exercise of vested Options and to whom the shares of Common Stock issuable upon exercise of the Options covered by this Award shall be paid in case of Optionee’s death before receipt of the underlying Common Stock upon exercise.  Each designation shall be on a form prescribed for such purpose by the Committee and shall be effective only as set forth therein.

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10.    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 Optionee at the address set forth on the records of the Company, to the Company at the address set forth or established pursuant to Section 3, 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 Stock Option 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 Stock Option 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 Stock Option Certificate and all documents to be delivered in connection with this Agreement may be executed and delivered by Optionee 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 Optionee’s manual signature.
(e)    Successors and Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by Optionee, 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 Optionee may not assign any of Optionee’s rights or obligations under this Agreement except to the extent and in the manner expressly permitted hereby.
(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.  In no event shall the granting of this Option or Optionee’s acceptance hereof give or be deemed to give Optionee any right to continued employment by the Company or any Subsidiary of the Company or to the receipt of any future Option or other awards under the Plan.
(i)    Rights as a Stockholder.  Optionee will have no voting, dividend or other rights as a stockholder of the Company with respect to any shares of Common Stock underlying the Option until and unless Optionee exercises the Option pursuant to the terms hereof and ownership of such Common Stock has been transferred to Optionee.

-7-PVTB 03.31.2015 10-Q Ex 10.2

Exhibit 10.2

PRIVATEBANCORP, INC.
RSU AWARD CERTIFICATE

1.Award.  PrivateBancorp, Inc., a Delaware corporation (the “Company”), hereby grants to _________ (“Grantee”) the aggregate number of Restricted Stock Units of the Company,  set forth below (“Award”).  The Award is specifically designated as an award of Restricted Stock Units and is governed by the terms set forth in the Restricted Stock Unit Award Agreement delivered herewith (the “Agreement”).

2.Summary.  The award date, number of shares included in the Award, vesting dates and the settlement date are set forth below, subject in all respects to the terms and conditions of this RSU Award Certificate, the Agreement and the PrivateBancorp, Inc. Amended and Restated 2011 Incentive Compensation Plan (the “Plan”).  

	
		
	Award Date   
	February ___, ___

	Number of Shares   
	____ Restricted Stock Units of PrivateBancorp, Inc.

	Vesting   
	_____  on March 1, [insert 1 year after vesting]
_____  on March 1, [insert 2 years after vesting]
_____  on March 1, [insert 3 years after vesting]

	Settlement   
	Notwithstanding any earlier vesting of the Restricted Stock Units, the shares of the Company’s common stock, no par value, underlying vested Restricted Stock Units shall be settled and deliverable to Grantee, in whole or in part and subject to the impact, if any, of any applicable clawback, as set forth in Section 10 of the Agreement.  

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 RSU 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.

By:                  
Name:   Larry D. Richman
Title:    President and Chief Executive Officer
	GRANTEE

                  
[NAME]

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PRIVATEBANCORP, INC.
RESTRICTED STOCK UNIT AWARD AGREEMENT
THIS RESTRICTED STOCK UNIT (“RSU”) AWARD AGREEMENT (“Agreement”) is entered into as of the date set forth in the RSU Award Certificate (as defined in Section 1) by and between PrivateBancorp, Inc., a Delaware corporation (the “Company”), and the Grantee identified on the RSU 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. Amended and Restated 2011 Incentive Compensation Plan (the “Plan”).  Grantee acknowledges receipt of a copy of the Plan.
WHEREAS, the Company desires to grant to Grantee  the right to receive in the future 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.
Subject to Grantee’s execution and delivery of the related RSU Award Certificate attached hereto or otherwise delivered or made available to Grantee in electronic form (the “RSU 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 right to receive in the future the aggregate number of shares of Common Stock of the Company set forth on the RSU Award Certificate, subject to the restrictions and on the terms and conditions set forth herein, in the RSU Award Certificate and in the Plan (the “Award”), and subject to any adjustment as provided in the Plan. The Award hereunder shall be deemed an award of Restricted Stock Units (“Units”).  Each Unit will be converted into one share of Common Stock and settled as set forth in Section 10 of this Agreement.  In the discretion of the Committee, upon the issuance of the shares underlying the Award as set forth in this Agreement, such shares 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.
2.Restrictions.  
(a)The Units covered by the Award and any shares of Common Stock issuable thereunder 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 Units and shares, prior to the applicable vesting date or Settlement Date as set forth on the RSU Award Certificate and Section 10 of this Agreement (the period ending on any such vesting or Settlement Date(s) is hereinafter referred to as the “Restricted Period”).  After settlement of the Units and related delivery of the shares of Common Stock issuable thereunder to Grantee, the sale, transfer and other disposition of such 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 applicable conditions, limitations or restrictions that may be imposed by any governmental or regulatory 

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authority, including but not limited to the FDIC or other federal or state regulator (any such provisions, “Regulatory Restrictions”).  If any vesting or settlement of the Award or the making of any payment pursuant to this Agreement shall violate, or shall have violated, any Regulatory Restrictions, Grantee shall be deemed to have waived Grantee’s right to such payment and, to the extent necessary to comply with 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.  Without limiting the generality of the foregoing, all rights hereunder as well as the value received by Grantee upon vesting, settlement or otherwise may be subject to recovery or “clawback” by the Company (or otherwise) under the Plan or any of the Company's clawback policies that may be applicable to Grantee from time to time, as well as Regulatory Restrictions or applicable state or federal laws, including, but not limited to the recoupment or clawback provisions under the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  The applicability and ultimate impact of any of these clawback provisions will vary depending on the facts and circumstances and Grantee hereby acknowledges that such provisions may apply to the Award.     
3.Rights as a Shareholder.  Grantee will not have any voting rights with respect to the Units.  Unless the Units are forfeited pursuant to Section 5 hereof, Grantee will be entitled to dividend equivalent amounts at the same rate per share as are paid on the Company’s Common Stock between the Award Date (as defined in the RSU Award Certificate) and settlement of the Units.  The number of shares of Common Stock that such dividends will be paid upon will be based on the actual number of Units that vest and settle, without regard to any underlying shares that may be withheld to pay applicable taxes.    The payment of all dividend equivalent amounts (without interest) shall occur on or about the Company’s last regularly scheduled payroll date in the quarter in which settlement of the Units occurs.
4.Issuance and Delivery of Shares.  Delivery to Grantee or his or her beneficiary of the shares of Common Stock underlying the Units shall occur upon settlement as provided in Section 10 below.  In the discretion of the Committee, upon the issuance of the shares underlying the Award as set forth in this Agreement, such shares 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 bylaws, or the rules of any stock exchange.      
5.Vesting; Effect of Termination of Employment.  Except to the extent provided in paragraphs (a) through (e) below, the restrictions applicable to Units covered by this Award shall lapse and the shares under the Units shall become vested on the respective dates set forth in the RSU Award Certificate.  Notwithstanding such vesting, the shares shall be settled and delivered to Grantee as set forth in Section 10 hereof.
(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 Units covered by this Award shall lapse and be of no further force or effect, and the Units 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 Units covered by this Award shall fully and immediately lapse and be of no further force or effect, and the Units 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, then, in accordance with the provisions set forth in Section 13 of the Plan relating to “Restricted Units,” the vesting of the Award will accelerate except to the extent Grantee receives a Replacement Award.  In the event Grantee receives a Replacement Award and, in connection with or within two years after the Change of Control, Grantee’s employment is involuntarily terminated by the Company 

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(other than a Termination for Cause), then, upon such termination, the Replacement Award shall become fully vested.  Notwithstanding such vesting, the shares shall be settled and delivered to Grantee as set forth in Section 10 hereof.  For purposes of this Section 5(c), Grantee’s employment is deemed to be involuntarily terminated if Grantee resigns from the Company and its Subsidiaries for Good Reason within two years after the Change of Control.
(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 continue to vest in the Award after such Retirement pursuant to the original vesting terms as set forth in the Award Certificate notwithstanding the fact that Grantee is no longer employed by the Company or its Subsidiaries; provided, however, that if Grantee shall cease to be Retired from the Industry, Grantee shall forfeit any portion of the Award that remained unvested at the time he or she ceased to be Retired from the Industry and the forfeited portion of the Award shall be canceled.  
(e)    Involuntary Termination Without Cause.  In the event of an involuntary termination by the Company or any of its Subsidiaries of Grantee’s employment with the Company and its Subsidiaries prior to the end of the Restricted Period (other than a Termination for Cause), Grantee shall continue to vest in the Award after such termination pursuant to the original vesting terms as set forth in the Award Certificate notwithstanding the fact that Grantee would no longer be employed by the Company or its Subsidiaries.
(f)    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 (including, without limitation, Grantee’s resignation or Termination for Cause), Grantee will forfeit any Units covered by this Award that are not yet vested, and shall have no further rights to said Units or any amounts attributable thereto.
6.Adjustment Upon Changes in Capitalization.  Any additional Units or other property issued with respect to the Units 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 Units covered by this Award and/or the underlying shares of Common Stock on the date (or dates) on which the Company’s tax liability arises with respect to such Units and/or shares (the “Tax Date”).  Grantee may satisfy such obligation by any of the following means:  (i) cash payment to the Company, (ii) authorizing the Company to withhold whole shares of Common Stock which would otherwise be deliverable having an aggregate Fair Market Value determined as of the Tax Date that equals the amount required, or (iii) any combination of (i) and (ii).  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.   Notwithstanding the foregoing, in the event Grantee is subject to tax withholding (other than income tax withholding) on a date prior to the settlement date determined in accordance with Section 10 of this Agreement, clauses (ii) and (iii) above shall not be available as a means of satisfying such tax withholding obligations.
(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 issuable under the Units 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.

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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 issuable under the Units 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 Units 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.Settlement of Restricted Stock Units.  
(a)      Notwithstanding the vesting of the Units in accordance with Section 5 above (including vesting resulting from Disability, death, Change of Control, Retirement, or involuntary termination without cause), the settlement (but not the vesting) of the Units shall be deferred automatically after the vesting date(s) until, and settlement shall be made in whole or in part and subject to the impact, if any, of any applicable clawback, the earlier of:
(i)March 1, [insert year that is three years after final scheduled vesting date], 
(ii)The date of the Grantee’s death or Disability within the meaning of Treasury Regulations Section 1.409A-3(i)(4), 
(iii)The date Grantee undergoes a Separation from Service (as defined below) on account of an involuntary termination subsequent to a Change of Control as described under Section 5(c); and
(iv)The date of consummation of a Change of Control that also constitutes a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5).
(b)    The first of (a) (i), (ii), (iii), and (iv) to occur shall be the “Settlement Date”.
(c)    In the case of a distribution under Section 10(a), on the second payroll date following the Settlement Date but within the taxable year of such Settlement Date (however, in cases where such Settlement Date is after December 15th distribution will occur on the first payroll date of the subsequent calendar year), the Company shall deliver to the Grantee (or the Grantee’s estate in the event of Grantee’s death) a certificate or certificates representing the number of shares of Common Stock equal to the number of vested Restricted Stock Units.  In the case of a distribution occurring as a result of Section 10(a)(iii),  in the event the Grantee is considered a “specified employee” (within the meaning of Code Section 409A and the regulations thereunder) at the time of his separation from service, such payment (including dividend equivalents) will take place on the first payroll date that follows the date that is six months after the Grantee’s separation from service if such delay is required in order to comply with Section 409A of the Code and the regulations thereunder.   
(d)    For purposes of this Agreement, a “Separation from Service” will be deemed to occur on the date as of which the Grantee has undergone a “termination of employment” (as that term is specifically defined in Treas. Reg. §1.409A-1(h)(ii) applying the rules set forth therein) with the Company.  
(e)    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.

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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 salary or 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)     “Retirement” means termination of Grantee’s employment for any reason other than death, long-term disability or Termination for Cause on or after the date Grantee reaches any combination of age and/or years of service with the Company or any Subsidiary equal to or greater than 65; provided, however, that Grantee must have reached a minimum age of 55 and completed at least five years of service with the Company or any Subsidiary.  For purposes of determining the years of service with the Company or any Subsidiary under this Section 11(b):
(i)    A year of service shall mean, for the first year of service, 12 consecutive calendar months beginning on Grantee’s date of hire with the Company or any Subsidiary, and for each additional year thereafter, 12 consecutive calendar months beginning on and including the anniversary of Grantee’s date of hire; and
(ii)    Years of service, if any, with a Subsidiary acquired by the Company shall begin to be earned as of the date such Subsidiary was acquired by the Company. 
(c)    “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. 
(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-of-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;

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(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;
(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 RSU 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 RSU 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 RSU 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.
(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.

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(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 Units  or other awards under the Plan.

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