Document:

Marshall & Ilsley Corporation 2010 Equity Incentive Plan

 Exhibit 4.12 
 MARSHALL & ILSLEY CORPORATION 
 2010 EQUITY INCENTIVE PLAN

 1. Objectives. The Marshall & Ilsley Corporation 2010 Equity Incentive Plan is designed to attract and
retain certain selected officers, key employees, non-employee directors and consultants whose skills and talents are important to the Company’s operations, and reward them for making major contributions to the success of the Company. These
objectives are accomplished by making awards under the Plan, thereby providing Participants with a proprietary interest in the growth and performance of the Company. 
 2. Definitions. 
 (a) “Award” shall mean an
Option, share of Restricted Stock, Restricted Stock Unit or SAR (stock appreciation right) awarded to a Participant pursuant to such terms, conditions and limitations as the Committee may establish in order to fulfill the objectives of the Plan.

 (b) “Award Agreement” shall mean the agreement that sets forth the terms, conditions and limitations
applicable to an Award. 
 (c) “Board” shall mean the Board of Directors of Marshall & Ilsley
Corporation. 
 (d) “Cause” shall mean the discharge of an employee on account of fraud or embezzlement
against the Company or serious and willful acts of misconduct which are detrimental to the business of the Company. 
 (e) “Change in Control” shall mean any of the following: 

(i) The acquisition 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 (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty-three percent (33%) or more of either
(A) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions of common stock shall not constitute a Change in Control: (A) any acquisition directly from the
Company (excluding an acquisition by virtue of the exercise of a conversion privilege or by one person or a group of persons acting in concert), (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a reorganization, merger, statutory share exchange or consolidation which would not be a
Change in Control under paragraph (iii) of this Section 2(e); or 
 (ii) Individuals who, as of the
date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened “election contest” or other actual or threatened “solicitation” (as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) of proxies or consents by or on behalf of a person other than the Incumbent Board; or 

  
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 (iii) Consummation of a reorganization, merger, statutory share exchange or
consolidation, unless, following such reorganization, merger, statutory share exchange or consolidation, (A) more than two-thirds (2/3) of, respectively, the then outstanding shares of common stock of the corporation resulting from such
reorganization, merger, statutory share exchange or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned,
directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such
reorganization, merger, statutory share exchange or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, statutory share exchange or consolidation, (B) no person (excluding
the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such reorganization, merger, statutory share exchange or consolidation and any person beneficially owning, immediately prior to such
reorganization, merger, statutory share exchange or consolidation, directly or indirectly, thirty-three percent (33%) or more of the Outstanding Company Common Stock or Outstanding Voting Securities, as the case may be) beneficially owns,
directly or indirectly, thirty-three percent (33%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, statutory share exchange or consolidation or the combined
voting power of the then outstanding voting securities of such corporation, entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of the corporation resulting from such
reorganization, merger, statutory share exchange or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger or consolidation; or 

(iv) Consummation of (A) a complete liquidation or dissolution of the Company or (B) the sale or other
disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (1) more than two-thirds (2/3) of, respectively, the then outstanding shares
of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially
the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no person (excluding the Company and any
employee benefit plan (or related trust) of the Company or such corporation and any person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, thirty-three percent (33%) or more of the Outstanding
Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, thirty-three percent (33%) or more of, respectively, the then outstanding shares of common stock of such corporation
or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of such corporation were
members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company. 

(f) “Common Stock” or “stock” shall mean the authorized and issued or unissued $1.00 par value common
stock of the Company. 

  
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 (g) “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time. 
 (h) “Committee” shall mean the Compensation and Human Resources Committee
of the Board, unless the Board designates a different qualifying Committee. Except as otherwise determined by the Board, the Committee shall be so constituted as to permit grants to be exempt from Section 16(b) of the Securities Exchange Act of
1934, as amended, by virtue of Rule 16b-3 thereunder, as such rule is currently in effect or as hereafter modified or amended, and to permit the Plan to comply with the requirements of Section 162(m)(4)(C)(i) of the Code and any regulations
promulgated thereunder, or any other statutory rule or regulatory requirements. 
 (i) “Company” shall
mean Marshall & Ilsley Corporation, its direct and indirect subsidiaries, and partnerships and other business ventures in which Marshall & Ilsley Corporation or its direct or indirect subsidiaries have a significant equity
interest, as determined in the sole discretion of the Committee. For purposes of defining whether a Participant is receiving stock of a “service recipient” under Section 409A of the Code and the guidance thereunder, this definition of
“Company” shall be deemed to include the broadest definition of entities permissible under such guidance. 
 (j) “Early Retirement” shall mean termination of employment or service after age 55 with at least ten years of employment or service with the Company. 

(j) “Fair Market Value” shall mean the closing sale price of Common Stock on the New York Stock Exchange as
reported in the Midwest Edition of the Wall Street Journal on the indicated date. If no sales of Common Stock were made on said exchange on that date, “Fair Market Value” shall mean the closing sale price of Common Stock as reported for
the most recent preceding day on which sales of Common Stock were made on said exchange, or, failing any such sales, such other market price as the Board or the Committee may determine in conformity with pertinent law and regulations of the Treasury
Department. 
 (k) “Incentive Stock Option” shall mean an option to purchase shares of Common Stock
which complies with the provisions of Section 422 of the Code. 
 (l) “Nonstatutory Stock Option”
shall mean an option to purchase shares of Common Stock which does not comply with the provisions of Section 422 of the Code or which is designated as such pursuant to Paragraph 7 of the Plan. 

(m) “Option” shall mean (1) with respect to an employee, an Incentive Stock Option or Nonstatutory Stock
Option granted to a Participant by the Committee pursuant to Section 7 hereof and (2) with respect to any non-employee, a Non-Statutory Stock Option granted to a Participant by the Committee pursuant to Section 7 hereof. 

(n) “Participant” shall mean a current, prospective or former employee, non-employee director, consultant or
other person who provides (or provided) services to the Company to whom an Award has been made under the Plan. 

(o) “Plan” shall mean the Marshall & Ilsley Corporation 2010 Equity Incentive Plan. 

(p) “Restricted Stock” shall mean shares of Common Stock granted to a Participant by the Committee pursuant to
Section 7 hereof, which are subject to restrictions set forth in an Award Agreement. 
 (q) “Restricted
Stock Unit” shall mean a right to receive one share of Common Stock granted to a Participant pursuant to Section 7, hereof, subject to the restrictions set forth in the Award Agreement. 

(r) “SAR” shall mean a stock appreciation right with respect to one share of Common Stock granted to a
Participant pursuant to Section 7 hereof, subject to the restrictions set forth in the Award Agreement. 

(s) “Retirement” shall mean the termination of a Participant’s employment on or after age 65. 

  
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 3. Eligibility. Current and prospective employees, non-employee directors,
consultants or other persons who provide services to the Company eligible for an Award under the Plan are those who hold, or will hold, positions of responsibility and whose performance, in the judgment of the Committee or the management of the
Company (if such responsibility is delegated pursuant to Section 6 hereof), can have a significant effect on the success of the Company. 
 4. Common Stock Available for Awards. 
 (a) Number
of Shares. Subject to adjustment as provided in Section 15 hereof, the number of shares that may be issued under the Plan for Awards during the term of the Plan is 14,000,000 shares of Common Stock, which may be treasury shares or
authorized but unissued shares of Common Stock, or a combination of the two. For purposes of determining the maximum number of shares of Common Stock available for issuance under the Plan, (1) any shares of Common Stock subject to any Award
under this Plan which terminates by expiration, forfeiture, cancellation or otherwise without the issuance of shares shall be available for grant under the Plan; (2) upon the exercise of an SAR or Option granted under the Plan, the full number
of shares represented by the SAR or Option exercised (including any shares withheld to satisfy taxes and any shares used to exercise an Award, whether directly or by attestation) shall be treated as shares of Common Stock issued under the Plan,
notwithstanding that a lesser amount of shares or cash representing shares of Common Stock may have been actually issued or paid upon such exercise; (3) shares of Common Stock withheld to satisfy taxes on any Award, to the extent not already
treated as issued pursuant to subparagraph (2), above, shall be treated as issued hereunder; and (4) shares of Common Stock that are repurchased by the Company with Option proceeds shall not be added to the aggregate plan limit described above.

 (b) Incentive Stock Options. Subject to adjustment as provided in Section 15 hereof, up to
14,000,000 shares of Common Stock may be granted in the form of Incentive Stock Options. 
 (c) Limits.
Subject to adjustment as provided in Section 15 hereof, no individual shall be eligible to receive Awards aggregating more than 2,500,000 shares of Common Stock reserved under the Plan during the term of the Plan and the Company will not issue
more than 7,000,000 shares of Restricted Stock or Restricted Stock Units during the term of the Plan. For purposes of determining the maximum number of these types of Awards available for grant under the Plan, any shares of Restricted Stock which
are forfeited to the Company, or any Restricted Stock Units which are forfeited to the Company, shall be treated, following such forfeiture, as Awards that have not been granted under the Plan. 

(d) Securities Law Filings. The Company shall take whatever actions are necessary to file required documents with
the U.S. Securities and Exchange Commission and any other appropriate governmental authorities and stock exchanges to make shares of Common Stock available for issuance pursuant to Awards. 

5. Administration. The Plan shall be administered by the Committee, which shall have full and exclusive power to interpret the
Plan, to determine which persons are Plan Participants, to grant waivers of Award restrictions, and to adopt such rules, regulations and guidelines for carrying out the Plan as it may deem necessary or proper, all of which powers shall be executed
in the best interests of the Company and in keeping with the objectives of the Plan. All determinations made by the Committee regarding the Plan or an Award shall be binding and conclusive as regards the Company, the Participants, and any other
interested persons. Notwithstanding the foregoing, the Committee may not waive Award restrictions except in the case of death, disability, Retirement or Early Retirement, a Change in Control or, only while the Company is participating in the
Treasury’s Capital Purchase Program under the Troubled Asset Relief Program (“TARP”), acceleration of vesting of Awards in 

  
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circumstances where the Participant will lose the benefit of all or a portion of the Awards because the Participant will become either a Senior Executive Officer or one of the next 20 most
highly-compensated employees of the Company, both as defined under the rules governing recipients of TARP funds. 
 6.
Delegation of Authority. Except to the extent prohibited by applicable law or the applicable rules of a stock exchange on which the Common Stock is listed, the Committee may delegate to the chief executive officer and to other senior officers
of the Company its duties under the Plan pursuant to such conditions or limitations as the Committee may establish. Any such delegation may be revoked by the Committee at any time. 

7. Awards. The Committee shall determine the type or types of Award(s) to be made to each Participant and shall set forth in the
related Award Agreement the terms, conditions and limitations applicable to each Award including any vesting requirements, provided, however, that such vesting requirements shall be consistent with Section 8 hereof. In all events,
upon the occurrence of a Change in Control, all Awards will become fully vested and immediately exercisable. The type of Awards available under the Plan are those listed in this Section 7. 

(a) Stock Option. An Option is the grant of a right to purchase a specified number of shares of Common Stock the
purchase price of which shall be not less than 100% of Fair Market Value on the date of grant. In addition, (i) the Committee may not reduce the purchase price for Common Stock pursuant to an Option, or cancel underwater Options in exchange for
cash, other Awards, or Options with a lower purchase price than the original Options after the date of grant without the consent of the Company’s shareholders, except in accordance with adjustments pursuant to Section 15 hereof and
(ii) the Committee may not grant any reload Options. Further, an Option may not be exercisable for a period in excess of ten years. An Option may be designated by the Committee in the Award Agreement as a Nonstatutory Stock Option for all
Participants or an Incentive Stock Option for Participants who are employees. An Incentive Stock Option, in addition to being subject to applicable terms, conditions and limitations established by the Committee, complies with Section 422 of the
Code which, among other limitations, provides that the aggregate Fair Market Value (determined at the time the option is granted) of Common Stock for which Incentive Stock Options are exercisable for the first time by a Participant during any
calendar year shall not exceed $100,000; that Incentive Stock Options shall be priced at not less than 100% of the Fair Market Value on the date of the grant (110% in the case of a Participant who is a 10% shareholder of the Company within the
meaning of Section 422 of the Code); and that Incentive Stock Options shall be exercisable for a period of not more than ten years (five years in the case of a Participant who is a 10% shareholder of the Company). The other restrictions and
conditions of the Option will be established by the Committee and set forth in the Award Agreement. 
 (b)
Restricted Stock or Restricted Stock Unit Award. Restricted Stock or a Restricted Stock Unit is an Award of stock, or in the case of a Restricted Stock Unit, a bookkeeping entry granting a Participant the right to a share of Common Stock in
the future, for some or no monetary consideration, as the Committee may specify, and which may contain transferability or forfeiture provisions including a requirement of future services and such other restrictions and conditions as may be
established by the Committee and set forth in the Award Agreement. Notwithstanding anything in this Plan or an Award Agreement to the contrary, the Committee, in its sole discretion and at any time, may require repayment or forfeiture to the Company
by a Participant of dividends previously paid or accrued on unvested Restricted Stock or Restricted Stock Units. In such a case, the Company is entitled to reduce any amounts owing to an applicable Participant by the Company by any amounts owed to
the Company for repayment of dividends by such Participant. 
 (c) SARs. An SAR is a grant of the
right to receive, upon exercise, the difference between the Fair Market Value of a share of Common Stock on the date of exercise, and the “Grant Value” of each SAR. The Grant Value shall be not less than 100% of Fair Market Value of a
share of Common Stock on the date of 

  
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grant, as set forth in the Award Agreement. The Committee may not reduce the Grant Value, or cancel underwater SARs in exchange for cash, other Awards, or SARs with a lower Grant Value than the
original SARs after the date of grant without the consent of the Company’s shareholders, except in accordance with adjustments pursuant to Section 15 hereof. The difference between the Fair Market Value on the date of exercise and the
Grant Value, multiplied by the number of SARs exercised (the “Spread”), shall be paid in shares of Common Stock which have a Fair Market Value equal to the Spread, provided, however, that any fractional share shall be paid in
cash. Notwithstanding the foregoing, the Company, as determined in the sole discretion of the Committee, shall be entitled to elect to settle its obligation arising out of the exercise of an SAR by the payment of cash equal to the Spread, or by the
issuance of a combination of shares of Common Stock and cash, in the proportions determined by the Committee, which have a Fair Market Value equal to the Spread. The other restrictions and conditions of the SARs will be established by the Committee
and set forth in the Award Agreement, provided that the period for which an SAR may be exercisable shall not exceed ten years. 

8. Vesting Requirements for Awards. The Committee shall comply with the following vesting guidelines in connection with making
Awards representing 80% or more of the shares of Common Stock available for award under the Plan: (a) Options and SARs shall vest on a ratable basis over a period of at least three years; (b) time-vested Restricted Stock and Restricted
Stock Units shall vest pursuant to a vesting schedule determined by the Committee, but in no event will any shares of Restricted Stock or Restricted Stock Units vest more quickly than ratably over a period of at least three years; and
(c) performance-vested Restricted Stock and Restricted Stock Units shall vest pursuant to a vesting schedule determined by the Committee, but in no event will any shares of Restricted Stock or Restricted Stock Units vest until the first
anniversary of their respective dates of issuance. Notwithstanding the foregoing, the vesting requirements for Awards set forth in this Section 8 shall not apply to shares of Restricted Stock or Restricted Stock Units granted to a Participant
as stock base salary in order to comply with limitations on compensation applicable to recipients of TARP funds. 
 9.
Deferred Payment of Awards. The Committee may permit selected Participants to elect to defer payments of some or all types of Awards in accordance with procedures established by the Committee which are intended to permit such deferrals to
comply with applicable requirements of the Code, including Section 409A of the Code. Dividends or dividend equivalent rights may only be extended to and made part of any Award of Restricted Stock or Restricted Stock Units, subject to such
terms, conditions and restrictions as the Committee may establish, provided, however, that notwithstanding anything contained in the Plan to the contrary, dividend or dividend equivalents may accrue, but will not be paid in connection
with any performance-based Awards until such time, if any, as they shall vest. The Committee may also establish rules and procedures for the crediting of dividend equivalents for deferred payments of Restricted Stock or Restricted Stock Units,
including repayment or forfeiture to the Company by a Participant of dividends previously paid or accrued on unvested Restricted Stock or Restricted Stock Units as set forth in Section 7(b) hereof. 

10. Stock Option Exercise. The price at which shares of Common Stock may be purchased under a Stock Option shall be paid in full
at the time of the exercise in cash, either by personal check, other credit to a Participant’s bank account, wire transfer or through a broker-assisted exercise program, or by means of tendering Common Stock, either directly or by attestation,
valued at Fair Market Value on the date of exercise, or any combination thereof. 
 11. Tax Withholding. The Company
shall have the right to deduct applicable taxes from any Award payment and withhold, at the time of delivery or vesting of shares under the Plan, an appropriate number of shares for payment of taxes required by law or to take such other action as
may be necessary in the opinion of the Company 

  
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to satisfy all obligations for withholding of such taxes, but in no event in excess of the minimum withholding required by law. The Company may defer making delivery with respect to Common Stock
obtained pursuant to an Award hereunder until arrangements satisfactory to it have been made with respect to any such withholding obligation. If Common Stock is used to satisfy tax withholding, such stock shall be valued based on the Fair Market
Value when the Nonstatutory Stock Option or SAR is exercised or the Restricted Stock vests. In the case of Restricted Stock Units, such stock will be valued when the Restricted Stock Units are paid to a Participant, in the case of income tax
withholding, or when the Restricted Stock Units vest, in the case of employment tax withholding, unless applicable law requires a different time for withholding. Shares of Common Stock used to satisfy tax withholding obligations shall be treated as
issued for purposes of determining the number of shares remaining for grant of Awards pursuant to Section 4 hereof. 
 12.
Amendment or Discontinuance of the Plan. The Board may, at any time, amend or terminate the Plan; provided, however, that 
 (a) no amendment or termination may, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), adversely affect the
rights of any Participant or beneficiary under any Award granted under the Plan prior to the date such amendment is adopted by the Board, except (1) to the extent necessary for Participants to avoid becoming subject to penalties and/or interest
under Section 409A of the Code or (2) for adjustments permitted under Section 15 hereof; and 

(b) the Board may not, without further approval of the shareholders (i) adopt any amendment to the Plan for which
shareholder approval is required under tax, securities or any other applicable law or the listing standards of the New York Stock Exchange (or if the Common Stock is not then listed on the New York Stock Exchange, the listing standards of such other
exchange or inter-dealer quotation system on which the Common Stock is listed), (ii) increase the number of shares that may be issued under the Plan for Awards, except in accordance with adjustments pursuant to Section 15 hereof,
(iii) reduce the exercise price of an Option or the Grant Value of an SAR, except in accordance with the adjustments pursuant to Section 15 hereof, (iv) change the types of Awards available under the Plan or materially expand the
class of persons eligible to receive awards or otherwise participate in the Plan or (v) materially increase the benefits accruing to Participants under the Plan. 
 13. Termination of Employment or Service. If the employment of a Participant terminates, other than pursuant to paragraphs (a) through (c) of this Section 13, all unexercised,
deferred and unpaid Awards shall terminate 90 days after such termination of employment or service, unless the Award Agreement provides otherwise, and during such 90-day period shall be exercisable only to the extent provided in the Award Agreement.
For purposes of determining whether there has been a termination of employment or service in connection with an Award which is subject to Section 409A of the Code (including, for example, Restricted Stock Units which are held in the
Company’s deferred compensation plans), a termination of employment or service shall have the same meaning as a “separation from service” under Treas. Reg. §1.409A-1(h). Notwithstanding the foregoing, (i) if a
Participant’s employment is terminated for Cause, to the extent the Award is not effectively exercised or has not vested prior to such termination, it shall lapse or be forfeited to the Company immediately upon termination and (ii) a
non-employee director’s Option shall terminate upon the earlier of the tenth anniversary of the date of grant or the third anniversary of the termination of the Participant’s service as a director. In all events, an Award will not be
exercisable after the end of its term as set forth in the Award Agreement. 
 (a) Retirement. When a
Participant’s employment terminates as a result of Retirement or Early Retirement, the Committee (in the form of an Award Agreement or otherwise) may permit Awards to 

  
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continue in effect beyond the date of Retirement or Early Retirement, and the exercisability and vesting of any Award may be accelerated, subject to any terms or conditions the Committee shall
impose, including, in the case of Early Retirement, a requirement that the Participant enter into a confidentiality, non-competition and non-solicitation agreement with the Company. 

(b) Death or Disability of a Participant. 

(i) In the event of a Participant’s death, the Participant’s estate or beneficiaries shall have a period
specified in the Award Agreement within which to receive or exercise any outstanding Award held by the Participant under such terms, and to the extent, as may be specified in the applicable Award Agreement. Rights to any such outstanding Awards
shall pass by will or the laws of descent and distribution in the following order: (A) to beneficiaries so designated by the Participant; if none, then (B) to a legal representative of the Participant; if none, then (C) to the persons
entitled thereto as determined by applicable law or, absent applicable law, a court of competent jurisdiction. 

(ii) In the event a Participant is deemed by the Company to be disabled within the meaning of the Award Agreement, or,
absent a definition therein, the Company’s long-term disability income plan, the Award shall be exercisable for the period, and to the extent, specified in the Award Agreement. Awards and rights to any such Awards may be paid to or exercised by
the Participant, if legally competent, or a legally designated guardian or representative if the Participant is legally incompetent by virtue of such disability. 

(iii) After the death or disability of a Participant, the Committee may in its sole discretion at any time
(A) terminate restrictions in Award Agreements; (B) accelerate any or all installments and rights; and (C) instruct the Company to pay the total of any accelerated payments in a lump sum to the Participant, the Participant’s
estate, beneficiaries or representative, notwithstanding that, in the absence of such termination of restrictions or acceleration of payments, any or all of the payments due under the Awards might ultimately have become payable to other
beneficiaries; provided, however, that any such actions shall be consistent with the requirements of Section 409A of the Code and any guidance promulgated thereunder. 

(iv) In the event of uncertainty as to interpretation of or controversies concerning this paragraph (b) of
Section 13, the Committee’s determinations shall be binding and conclusive on all interested parties. 

(d) No Employment or Service Rights. The Plan shall not confer upon any Participant any right with respect to
continuation of employment by the Company or service as a director, nor shall it interfere in any way with the right of the Company to terminate any Participant’s employment or service at any time. 

14. Nonassignability. Except as provided in subsection (b) of Section 13 and this Section 14, no Award or any other
benefit under the Plan shall be assignable or transferable, or payable to or exercisable by anyone other than the Participant to whom it was granted. Notwithstanding the foregoing, the Committee (in the form of an Award Agreement or otherwise) may
permit Options, other than Incentive Stock Options, or SARs to be transferred to members of the Participant’s immediate family, to trusts for the benefit of the Participant and/or such immediate family members, and to partnerships or other
entities in which the Participant and/or such immediate family members own all the equity interests. For purposes of the preceding sentence, “immediate family” shall mean a Participant’s spouse, issue and spouses of the
Participant’s issue. 
 15. Adjustments. In the event of any corporate event or transaction, such as a merger,
consolidation, share exchange, recapitalization, reorganization, separation, stock dividend, stock split, split-up, spin-off or other 

  
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distribution of stock or property of the Company, combination of shares, exchange of shares, dividend in kind, or other like change in capital structure or distribution (other than normal cash
dividends) to shareholders of the Company, the Committee, in order to prevent dilution or enlargement of Participants’ rights under the Plan, shall substitute or adjust, in an equitable manner (including adjustments to avoid fractional shares),
(a) the number of Common Shares (i) reserved under the Plan, (ii) available for Incentive Stock Options, Restricted Stock or Restricted Stock Units, (iii) for which Awards may be granted to an individual Participant, and
(iv) covered by outstanding Awards denominated in stock, (b) the stock prices related to outstanding Awards; and (c) the appropriate Fair Market Value and other price determinations for such Awards. In the event of a corporate merger,
consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee shall be authorized to issue or assume Awards, whether or not in a transaction to which Section 424(a) of the Code applies, by means of
substitution of new Awards for previously issued awards or an assumption of previously issued awards. All adjustments under this Section 15 shall be made in a manner such that they will not result in a penalty under Section 409A of the
Code. Any adjustment, waiver, conversion or other action taken by the Committee under this Section 15 shall be conclusive and binding on all Participants, the Company and their successors, assigns and beneficiaries. 

16. Notice. Any notice to the Company required by any of the provisions of the Plan shall be addressed to the director of human
resources or to the chief executive officer of the Company in writing, and shall become effective when it is received by the office of either of them. Any notice to a Participant shall be addressed to the Participant at his or her last known address
as it appears on the Company’s records. 
 17. Unfunded Plan. The Plan shall be unfunded. Although bookkeeping
accounts may be established with respect to Participants who are entitled to Common Stock under the Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any Common Stock, nor shall
the Plan be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any Common Stock to be granted under the Plan. Any liability of the Company to any Participant with respect to a
grant of Common Stock or rights thereto under the Plan shall be based solely upon any contractual obligations that may be created by the Plan and any Award Agreement; no such obligation of the Company shall be deemed to be secured by any pledge or
other encumbrance on any property of the Company. Neither the Company nor the Board nor the Committee shall be required to give any security or bond for the performance of any obligation that may be created by the Plan. 

18. Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the
State of Wisconsin, without giving effect to its conflicts of law provisions. 
 19. Effective and Termination Dates. The
effective date of the Plan is April 27, 2010. The Plan shall terminate on April 26, 2020, subject to earlier termination by the Board pursuant to Section 12, after which no Awards may be made under the Plan, but any such termination
shall not affect Awards then outstanding or the authority of the Committee to continue to administer the Plan. 
 20. Other
Benefit and Compensation Programs. Payments and other benefits received by a Participant pursuant to an Award shall not be deemed a part of such Participant’s regular, recurring compensation for purposes of the termination or severance
plans of the Company and shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract or similar arrangement, unless the Committee expressly determines otherwise. 

  
 9Marshall & Ilsley Corp Amended and Restated Executive Deferred Compensation Plan

 Exhibit 4.1 
 MARSHALL & ILSLEY CORPORATION 
 AMENDED AND RESTATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 as amended as of April 26, 2011 
 ARTICLE I 

Establishment of Plan and Purpose 
 1.01. Establishment of Plan. Marshall & Ilsley Corporation has established the Marshall & Ilsley Executive Deferred Compensation Plan, effective as of January 1, 1997
(the “Plan”). 
 1.02. Purpose of Plan. The Plan shall permit a select group of senior management and
highly compensated employees to enhance the security of themselves and their beneficiaries following the termination of their employment with the Companies (as defined herein) by deferring until that time a portion of the compensation which may
otherwise be payable to them at an earlier date (including the deferral of stock option gains and receipt of restricted stock). By allowing key management employees to participate in the Plan, the Company expects the Plan to benefit it in attracting
and retaining the most capable individuals to fill its executive positions in the Companies. 
 The parties intend that the
arrangements described herein be unfunded for purposes of Title I in the Employee Retirement Income Security Act as amended from time to time. 
 ARTICLE II 
 Definitions and Construction 

As used herein, the following words shall have the following meanings: 

2.01. Definitions. 
 (a) Accounts. The accounts maintained for each Participant pursuant to Article V, below. 
 (b) Administrator. The person or persons selected pursuant to Article VIII below to control and manage the operation and administration of the Plan. 

(c) Affiliate. Any corporation or other entity which directly or indirectly controls, is controlled by, or under common control
with, the referenced entity. Control means the ability of the Company or any direct or indirect subsidiary of the Company to elect a majority of the Board of Directors of the corporation or other entity, or if there is no Board of Directors, a
majority of the body which governs the entity. 

 (d) Bank of Montreal. Bank of Montreal, a Schedule I Bank under the Bank Act
(Canada). 
 (e) Beneficiaries. Those persons designated by a Participant to receive benefits hereunder. 

(f) BMO Financial Corp. A wholly-owned subsidiary of Bank of Montreal and successor to Marshall & Ilsley Corporation
after the Merger. 
 (g) Change in Control. Change in Control shall have the same meaning as in the Marshall &
Ilsley Corporation 2010 Equity Incentive Plan. 
 (h) Committee. Prior to the Merger, the Compensation and Human
Resources Committee of the Board of Directors of the Company, or such other Committee as may be designated by the Board of Directors of the Company from time to time. After the Merger, the “Committee” means the Human Resources Committee of
the Board of Directors of Bank of Montreal, or such other Committee as may be designated by the Board of Directors of Bank of Montreal from time to time. 
 (i) Common Shares. The authorized and issued or unissued $1.00 par value common stock of Marshall & Ilsley Corporation, which after the Merger shall refer to the common share, without
nominal or par value, of Bank of Montreal. 
 (j) Companies. Prior to the Separation Transaction, Marshall &
Ilsley Corporation and any subsidiary thereof. After the Separation Transaction and prior to the Merger, the publicly-traded corporation with the name Marshall & Ilsley Corporation, and all entities that are Affiliates thereof. After the
Merger, BMO Financial Corp. and all entities that are Affiliates thereof. 
 (k) Company. Prior to the Separation
Transaction, Marshall & Ilsley Corporation, a Wisconsin corporation, or a successor thereof. After the Separation Transaction and prior to the Merger, the publicly-traded corporation with the name Marshall & Ilsley Corporation.
After the Merger, BMO Financial Corp. or any successor thereto. 
 (l) Company Contributions. The amount contributed or
credited by the Company to the account of the Participant pursuant to Section 4.05 hereof. 
 (m) Compensation. The
total of the Participant’s base salary, commissions, bonuses, and incentive pay which shall include amounts deferred by the Participant under this Plan or any other employee benefit plan of the Company. In all cases, Compensation shall include
only compensation paid while an employee is a Participant in the Plan. Compensation shall not include any severance or salary continuation payments. 
 (n) Disability. Disability as defined in the Company’s Long-Term Disability Income Plan. 
 (o) Employee. An employee of any one or more of the Companies. 

  
 2 

 (p) Employment. Employment with any one or more of the Companies. 

(q) Fair Market Value. The closing sale price of the Common Shares and/or the Fidelity Stock, as the context requires, on the New
York Stock Exchange as reported in the Midwest Edition of the Wall Street Journal or, with respect to the Common Shares after the Merger, on the Toronto Stock Exchange, for the applicable date; provided that, if no sales of Common
Shares or Fidelity Stock were made on said exchange on that date, “Fair Market Value” shall mean the closing sale price of the Common Shares or Fidelity Stock, as applicable, as reported for the next succeeding day on which sales of Common
Shares or Fidelity Stock are made on said exchange, or, failing any such sales, such other market price as the Committee may determine in conformity with pertinent law and regulations of the Treasury Department. 

(r) Fidelity. Fidelity National Information Services, Inc., the successor by merger to Metavante. 

(s) Fidelity Stock. The class of common stock of Fidelity traded on the New York Stock Exchange, which is the class of common
stock received in exchange for Metavante Stock in the merger of these entities. 
 (t) Investment Election. The election
by the Participant, from time to time, which designates the Participant’s investment choices. 
 (u) Merger. The
transaction provided for in the Merger Agreement whereby Marshall & Ilsley Corporation will merge with and into a wholly-owned subsidiary of Bank of Montreal as described in the Merger Agreement. 

(v) Merger Agreement. The Agreement and Plan of Merger by and between Bank of Montreal and Marshall & Ilsley Corporation
dated as of December 17, 2010. 
 (w) Metavante. After the Separation Transaction, the publicly-traded parent of the
group of companies that included the Company’s former subsidiary, Metavante Corporation. 
 (x) Metavante Stock. The
class of common stock of Metavante that was traded on the New York Stock Exchange. 
 (y) Net Shares. Net Shares means
the difference between the number of Common Shares subject to a stock option for which an election has been made pursuant to Section 4.02 hereof, and the number of Common Shares delivered, directly or by attestation, to satisfy the stock option
exercise price. The value of the Common Shares for purposes of determining the number of Net Shares shall be Fair Market Value. 

(z) Participants. Such senior management and highly compensated Employees whom the Administrator has identified as eligible to
defer Compensation hereunder and who elect to participate by deferring Compensation. 

  
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 (aa) Plan. The Marshall & Ilsley Corporation Executive Deferred Compensation
Plan, as stated herein and as amended from time to time. 
 (bb) Plan Year. The period beginning on January 1, 1997
and ending on December 31, 1997, and each 12-month period ending on each subsequent December 31. 
 (cc) Restricted
Shares. An award of stock under an Executive Stock Option and Restricted Stock Plan of the Company, or any similar plan, which may contain transferability or forfeiture provisions (including a requirement of future services), all as set forth in
an award agreement. 
 (dd) Restricted Stock Units. Units held in a Participant’s Account B which are received upon
surrender of Restricted Shares and have the same transferability or forfeiture provisions (including the requirement of future services) as the Restricted Shares surrendered in exchange therefor. Each Restricted Stock Unit represents one notional
Common Share, or one share of notional Fidelity Stock if the Restricted Stock Unit was previously a Restricted Stock Unit for notional Metavante Stock received as a result of the Separation Transaction, which became a Restricted Stock Unit for
notional Fidelity Stock after the merger of Metavante with Fidelity. 
 (ee) Retirement. As to each Participant, the
termination of his employment on or after attaining age 55, other than by reason of death or Disability, with at least 10 years of Service. 
 (ff) Separation Transaction. The transaction whereby Metavante and the Company become separate publicly-traded companies. 
 (gg) Service. As to each Participant, the period during which he has been employed by one or more of the Companies, including such period of time that he was employed by a predecessor in interest
to one of the Companies. 
 (hh) Trust. The Company’s Amended and Restated Deferred Compensation Trust II.

 (ii) Unforeseeable Emergency. An Unforeseeable Emergency is a severe financial hardship to a Participant resulting
from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in Section 152(a) of the Internal Revenue Code of 1986, as amended) of the Participant or loss of the Participant’s property due to casualty
or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 
 2.02. Construction. The laws of the State of Wisconsin, as amended from time to time, without giving effect to their conflict of laws provisions, shall govern the construction and application of
this Agreement, unless the Employee Retirement Income Security Act (“ERISA”) supersedes Wisconsin law. Words used in the masculine gender shall include the feminine and words used in the singular shall include the plural, as appropriate.
The words “hereof,” “herein,” 

  
 4 

 
“hereunder” and other similar compounds of the word “here” shall refer to the entire Agreement, not to a particular section. All references to statutory sections shall include
the section so identified as amended from time to time or any other statute of similar import. If any provisions of the Internal Revenue Code of 1986, as amended (the “Code”), ERISA or other statutes or regulations render any provisions of
this Plan unenforceable, such provision shall be of no force and effect only to the minimum extent required by such law. 

ARTICLE III 

Eligibility 

3.01. Conditions of Eligibility. The Administrator shall, from time to time, specify the senior management and highly compensated
Employees eligible to participate herein. Eligibility to participate in the Plan for one Plan Year does not guarantee eligibility for a subsequent Plan Year. 
 3.02. Commencement of Participation. An individual identified as eligible to participate in the Plan for that Plan Year shall commence participation, by either (a) electing a deferral of
Compensation, (b) electing a deferral of Net Shares, or (c) surrendering Restricted Shares for Restricted Stock Units, on the applicable form provided by the Administrator, in accordance with the procedures established by this Plan and the
Administrator. 
 3.03. Termination of Participation. An individual’s right to (a) defer Compensation,
(b) defer Net Shares (including exercise of the associated option) or (c) surrender Restricted Shares for Restricted Stock Units hereunder ended as of December 31, 2004. 

ARTICLE IV 

Deferrals and Company Contributions 
 4.01. Amount and Manner of Deferral of Compensation. A Participant must sign and return the Deferral Election, substantially in the form of Exhibit B hereto, to the Company, no later than the date
specified by the Company, indicating the amount of the Participant’s salary or other Compensation for such Plan Year which he elects to defer hereunder, which election shall become irrevocable immediately upon commencement of such Plan Year. A
Participant may defer (i) any portion not to exceed eighty percent (80%) of his base salary or (ii) up to 100% of his incentive or (iii) both, provided, however, that (a) the Participant may not defer less than
$5,000 in a Plan Year and (b) the Participant’s deferral election for a Plan Year shall relate to Compensation earned by him during such Plan Year whether or not paid during that Plan Year. 

If a Participant elects to defer a portion of his salary, the Company shall reduce the Participant’s regular salary by an equal
amount in each pay period during the Plan Year of deferral. If a Participant elects to defer all or a portion of his incentive, the Company shall reduce each such Compensation payment by the percentage or dollar amount elected by the Participant.

  
 5 

 4.02. Amount and Manner of Deferral of Net Shares. A Participant must sign and return
an Election to Defer Stock Option Gains, substantially in the form of Exhibit C hereto, to the Company, no later than the date specified by the Company, containing the information requested, which election shall become irrevocable immediately upon
return to the Company. 
 4.03. Amount and Manner of Deferral of Restricted Stock Units. A Participant must return a
Restricted Stock Unit Agreement, substantially in the form of Exhibit D hereto, to the Company, no later than the date specified by the Company, containing the information requested, which agreement shall become irrevocable immediately upon return
to the Company. 
 4.04. Cessation of Deferral. In the event of an Unforeseeable Emergency, a Participant may request in
writing that deferrals of Compensation elected by that Participant hereunder cease for the then current Plan Year. Such Unforeseeable Emergency must inflict hardship upon the Participant and must arise from causes beyond the Participant’s
control. The Administrator shall, in its reasonable judgment, determine whether such an Unforeseeable Emergency exists. Circumstances that will constitute an Unforeseeable Emergency shall depend on the facts of each case, consistent with the
provisions of Treasury Regulation Section 1.457-2(h)(4) and (5). If the Administrator determines that such an Unforeseeable Emergency exists, the deferrals of Compensation for such Plan Year shall cease as to the Participant. If the
Administrator determines that no such emergency exists, the deferrals shall continue as originally elected. If a Participant, consistent with this paragraph, ceases deferrals in a Plan Year, the Participant may not resume deferrals of Compensation
hereunder (if otherwise eligible therefore) until the second Plan Year following the Plan Year in which such cessation occurred. 
 4.05. Other Contributions. In the event that deferrals made by a Participant pursuant to this Plan cause a reduction in the contributions by the Company for the benefit of that Participant to any
other qualified or nonqualified retirement plan maintained by the Company, and such reduction is not contributed or credited to any other nonqualified retirement plan, the Company shall credit to the Participant’s account under this Plan an
amount equal to such net reductions in benefits. If, as a result of limitations contained in Sections 401(a)(17) and/or 415 of the Code, or as a result of amounts deferred under the Plan, the contributions made to the profit sharing component of the
retirement program of the Company on behalf of a person eligible to participate in the Plan are reduced, the Company shall credit an amount equal to such reduction to an account established for such person (the “SERP Account”). The SERP
Account shall be a separate bookkeeping account and shall vest once the person has five years of vesting service as determined under the profit sharing component of the retirement program of the Company, taking into account service prior to the date
hereof. Aside from the vesting requirement, the SERP Account shall be treated for all purposes of the Plan in the same manner as other Accounts. In addition, to the extent any amounts owing to a Participant under any incentive compensation plan are
in excess of amounts which would be deductible by the Company under Section 162(m) of the Code, and the Committee requires that such excess amounts be deferred, such amounts shall be credited to the Participant’s Account A, as provided
below in Section 5.01. 

  
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 ARTICLE V 
 Accounts 
 5.01. Establishment of Accounts. Only for the purpose of
measuring payments due Participants hereunder, the Company shall maintain on behalf of each Participant two Accounts: Account A and Account B. All amounts deferred pursuant to Sections 4.01 and 4.05 shall be credited to Account A, which shall be
denominated in cash. All amounts deferred pursuant to Sections 4.02 and 4.03 shall be credited to Account B, which shall be denominated in notional Common Shares or shares of notional Fidelity Stock. 

5.02. Nature of Accounts. The Accounts hereunder and assets, if any, acquired by the Company or Trust to measure a
Participant’s benefits hereunder, shall not constitute or be treated for any reason as a trust for, property of or a security interest for the benefit of, a Participant, his Beneficiaries or any other person. Each Participant and the Company
acknowledge that the Plan constitutes a promise by the Company to pay benefits to the Participants or their Beneficiaries, that Participants’ rights hereunder (by electing to defer Compensation, Net Shares or Restricted Stock Units hereunder)
are limited to those of general unsecured creditors of the Company or the employing Affiliate, and that the establishment of the Plan, acquisition of assets to measure a Participant’s benefits hereunder or deferral of all or any portion of a
Participant’s Compensation, Net Shares or Restricted Stock Units hereunder does not prevent any property of the Company, an Affiliate which employs the Participant or the Trust from being subject to the right of all the Company’s creditors
(or if the Participant is not an employee of the Company, the creditors of the employing Affiliate). The Company shall contribute all deferrals or contributions hereunder, whether by a Participant or the Company, to the Trust, which will conform in
all material respects to the terms of the Internal Revenue Service’s model trust, as described in Revenue Procedure 92-64. 

5.03. Maintenance of Account A. 
 a. Accounts shall be reconciled on a monthly or more frequent basis, at the Company’s election. The Company shall increase the Account A of each Participant by (i) the amount, if any, of
his Compensation deferred during any relevant period, (ii) the amount, if any, contributed by the Company pursuant to Section 4.05 hereof during the relevant period, and (iii) any income or gains resulting as if the Account A,
computed in accordance with subsection b, below, were invested pursuant to the timely-filed Investment Election in effect for such time period and decrease each Participant’s Account A by (iv) any withdrawals by, or
distributions to, a Participant from the Account A during any relevant period and (v) any losses resulting as if the Account A, computed in accordance with subsection b, below, were invested pursuant to the timely-filed Investment Election in
effect for such relevant period. 
 b. For purposes of computing the investment return on the Account A for any relevant period,
the principal balance as of any day in any relevant period shall equal the balance as of the end of the preceding day. 

  
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 5.04. Maintenance of Account B. 

a. Accounts shall be reconciled on a monthly or more frequent basis. The Company shall increase the Account B of each Participant
by (i) the amount, if any, of the notional Net Shares deemed deferred upon the exercise of a nonstatutory stock option by the Participant, (ii) the amount, if any, of the notional Restricted Stock Units deferred by the Participant,
(iii) any notional Common Shares deemed purchased pursuant to Sections 5.05(b) or 5.06(b) (notional Net Shares, notional Restricted Stock Units and deemed purchased Common Shares being hereafter referred to as “Credited Shares”), and
(iv) to the extent Credited Shares or shares of Fidelity Stock are deemed held on the record date for any dividend, a number of additional notional Credited Shares or shares of notional Fidelity Stock resulting from the reinvestment of
dividends on a common investment date, which will be the date the dividend is paid in the case of dividends on Common Shares and any of the first five business days after the payment of the dividend, determined in the sole discretion of an
independent brokerage agent, in the case of shares of Fidelity Stock. The Company shall decrease each Participant’s Account B by (i) any withdrawals or distributions from the Account B during the relevant period and
(ii) any Restricted Stock Units which fail to vest because the Participant forfeits the Restricted Stock Units and (iii) any shares of Fidelity Stock deemed sold pursuant to Section 5.06(b) or (c). Consistent with the treatment of
Restricted Shares, any dividends credited as regards Restricted Stock Units shall not be forfeited, even if the Participant later forfeits the Restricted Stock Units. 
 b. In the event of any distribution with respect to Common Shares or shares of Fidelity Stock other than a cash dividend, such as a stock split, stock dividend or similar transaction, each
Participant’s Account B shall be deemed credited with a number of additional notional Common Shares or shares of notional Fidelity Stock or other consideration as determined by the Committee in its sole discretion. Account B will be deemed
denominated in whole and fractional Common Shares or shares of Fidelity Stock. In clarification of the foregoing, upon the occurrence of the Separation Transaction, a Participant’s Account B deemed to hold both Common Shares and Metavante Stock
determined as if the Participant were a shareholder of the Company for the number of notional Common Shares in his Account B (including Restricted Stock Units) immediately prior to the Separation Transaction. Upon the occurrence of the merger of
Metavante with and into Fidelity, the relevant sub-account of a Participant’s Account B was deemed credited with the appropriate number of shares of Fidelity Stock that the Participant would have received if he had held the Metavante Stock
directly. 
 c. In the event of a Change in Control (such as the Merger) or a change in control of any other corporation whose
stock is held in Account B, a Participant’s Account B shall be deemed credited with the same amount and type of consideration which a shareholder of the Company or such other corporation would have received holding the same number of Common
Shares or other corporation’s stock as are deemed to be held in the Participant’s Account B at the time of the payment of the consideration. If there is a shareholder election as to the type of consideration received in a Change in
Control, a Participant’s Account B will be deemed credited with consideration assuming that the Participant elected the maximum amount of stock which is available to electing shareholders, adjusted for any proration required because of
over-subscription. 

  
 8 

 5.05. Investment Elections for Account A. 

a. A Participant may file an Investment Election setting forth his investment preferences used to value his Account A. The initial
investment options available to Participants are (i) the Moody’s A Long-Term Corporate Bond Rate (the “Moody’s Option”) adjusted annually to equal the average yield for the month of September of the previous year and
(ii) the total return of the Vanguard Institutional Index Fund (VINIX) for the applicable period (the “VINIX Option”). All investment elections must be in increments of 10%. If a Participant does not file an Investment Election, the
Participant will be deemed to have elected the Moody’s Option. 
 b. Starting with the Investment Election effective for
the last business day of November, 2009 and continuing for all future Investment Elections, a Participant may elect to invest deferrals to be deemed invested in Common Shares or transfer all or part of his amounts in Account A into Account B deemed
to be invested in Common Shares. Amounts invested in, or transferred from Account A to, Account B may never be transferred to Account A, unless cash is received in a Change in Control, in which event it will automatically be transferred to
Account A. Subject to compliance with Section 5.05(c) hereof, the dollar amounts invested in Account B will be deemed invested in Common Shares on the last business day of the applicable month such election or transfer is made and will then
be credited to Account B. Any transaction costs incurred by the Trust will reduce the proceeds available to be deemed invested in Common Shares. 
 c. The Participant may change his investment preferences monthly, no later than 3 PM Central Time on the last business day of an applicable month. Notwithstanding the foregoing, if the Participant
is subject to the Company’s insider trading policy, an Investment Election under Section 5.05(b) can only be made when the trading window is open, and will become irrevocable as to investments in notional Common Shares when the trading
window closes, even if it is prior to the due date for the election. 
 d. A Participant’s Account A shall reflect only
the performance of the Moody’s Option or the VINIX Option, as applicable, and the Participant shall have no property right or security interest in the actual assets held by the Trust to provide for the payment of benefits under this Plan. If a
Participant does not file an Investment Election, the Participant will be deemed to have elected the Moody’s Option. 

5.06 Investment Elections for Account B after the Separation Transaction and the Merger of Metavante and Fidelity. 

a. After the Separation Transaction, Account B of a Participant was deemed credited with both Common Shares and Metavante Stock. After
the merger of Metavante with and into Fidelity, Account B of a Participant that previously held Metavante Stock was deemed credited with Fidelity Stock in accordance with Section 5.04(c). 

b. The Participant may constructively sell any or all vested shares of Fidelity Stock by delivering to the Company a new Investment
Election, no later than 3 PM Central Time on 

  
 9 

 
the last business day of such month, setting forth the number of shares of Fidelity Stock to be sold. The number of Common Shares deemed purchased will equal the number of Common Shares
that could have been purchased with the proceeds recognized from the sale of such Fidelity Stock on or after the last business day of the applicable month by the Trust, which notional Common Shares will then be deemed credited to Account B. Any
transaction costs incurred by the Trust will reduce the proceeds available to be deemed invested in Common Shares. Notwithstanding the foregoing, if the Participant is subject to the Company’s insider trading policy, an Investment Election
under Section 5.06(b) can only be made when the trading window is open, and will become irrevocable as to investments in notional Common Shares when the trading window closes, even if it is prior to the due date for the election. 

c. A Participant may constructively sell any or all of Restricted Stock Units of Fidelity Stock by delivering to the Company a new
Investment Election, no later than 3 PM Central Time on the last business day of such month, setting forth the number of shares underlying the Restricted Stock Units to be sold. The number of Common Shares deemed purchased will equal the number of
Common Shares that could have been purchased with the proceeds recognized from the sale of such Fidelity Stock on or after the last business day of such month by the Trust, which notional Common Shares will then be deemed credited to Account B. Any
transaction costs incurred by the Trust will reduce the proceeds available to be deemed invested in Common Shares. Any restrictions governing the Restricted Stock Units of Fidelity Stock sold will govern the notional Common Shares deemed purchased
with the proceeds of the deemed sale of such Fidelity Stock. Notwithstanding the foregoing, if the Participant is subject to the Company’s insider trading policy, an Investment Election under Section 5.06(c) can only be made when the trading
window is open, and will become irrevocable as to investments in notional Common Shares when the trading window closes, even if it is prior to the due date for the election. 
 d. A Participant’s Account B shall reflect only the performance of Common Shares and Fidelity Stock, if any, which is held in such Account B, and the Participant shall have no property right or
security interest in any actual Common Shares or shares of Fidelity Stock, which, with respect to Fidelity Stock only, may be held by the Trust to provide for the payment of benefits under this Plan. 

5.07. Change of Accounts. Once amounts have been allocated to Account B, these amounts must remain in Account B until such
amounts are distributed to the Participant pursuant to Article VII hereof. Notwithstanding the foregoing, if cash is received in connection with a Change in Control or other change in control, such cash will be automatically credited to Account A.
Upon a Change in Control, the Company, the Administrator, or any successor thereto, may not change the investment choices available to Participants hereunder without the consent of a majority of the holders of Account balances under the Plan.

 ARTICLE VI 
 Vesting 
 Subject to the rights of the Company’s creditors as set forth in
Section 5.02 above, the Account of a Participant, including all earnings accrued thereto, shall at all times be fully vested. Notwithstanding the foregoing, Restricted Stock Units will not become vested until all forfeiture provisions
(including any requirement of future services) have been met. If such forfeiture provisions are not met, the Restricted Stock Units shall be forfeited and shall be subtracted from the applicable Account. 

  
 10 

 ARTICLE VII 
 Distributions 
 7.01. For Reasons Other Than Death. In the event that the
value of a Participant’s Accounts exceeds USD $25,000 in total as of the quarter-end preceding his termination of employment, the Company shall pay an amount equal to the balance of a Participant’s Accounts to him in accordance with his
choice on the form of Payment Election, substantially in the form attached hereto as Exhibit E. A Participant may make a separate Payment Election for Account A and Account B. Distributions from Account A shall be in cash and distributions from
Account B shall be in (a) Fidelity Stock to the extent the amounts in Account B are denominated in shares of Fidelity Stock and (b) on and after July 6, 2011, cash, net of applicable taxes, to the extent the amounts in the
relevant sub-accounts of Account B are denominated in notional Common Shares; provided, however, that the Participant may elect to have such cash, net of applicable taxes, distributed to a brokerage account in accordance with the terms and
provisions of the election documentation provided to such Participant by the Company, which shall include an agreement by the Company to cause any applicable fees and commissions to be waived to the extent such cash distribution is used to purchase
Common Shares in accordance with the terms and provisions of such election documentation. 
 If a Participant’s employment
terminates on or after age 55, other than because of death or Disability, and he has completed at least ten years of Service, he may elect to have his Account balance distributed in accordance with one or more of the following methods, in accordance
with the provisions and limitations contained in the Form of Payment Election, as amended from time to time. 
  

	 	(a)	In a lump sum on or before February 15 of the year after the Participant’s employment terminates. 

 

	 	(b)	In monthly installments, starting on January 1st of the year after the Participant’s employment terminates, over 5 years using the declining balance
method, computed annually. 

  

	 	(c)	In monthly installments, starting on January 1st of the year after the Participant’s employment terminates, over 10 years using the declining balance
method, computed annually. 

  

	 	(d)	In monthly installments, starting on January 1st of the year after the Participant’s employment terminates, over 15 years using the declining balance
method, computed annually. 

  

	 	(e)	In monthly installments, starting on January 1st of the sixth year after the Participant’s employment terminates, over 5 years using the
declining balance method, computed annually. 

  
 11 

	 	(f)	In monthly installments, starting on January 1st of the sixth year after the Participant’s employment terminates, over 10 years using the
declining balance method, computed annually. 

 Notwithstanding the foregoing provisions of this
Section 7.01, if the Participant’s employment terminates (i) prior to age 55, (ii) on or after age 55 because of death or Disability, or (iii) on or after age 55 with less than ten years of Service, and he has elected
pay-out pursuant to one of the monthly installment options above, his Account balance will be paid in monthly installments, starting on January 1st of the year after his employment terminates, over 5 years, regardless of his election. In
addition, notwithstanding the foregoing, the cash amount with respect to Common Shares, whether distributed in the form of cash or cash distributed to a brokerage account (in either case, net of applicable taxes) pursuant to Section 7.01
hereof, or, if applicable, share of Fidelity Stock, from Account B will be paid out on an annual basis starting on February 15 in the year after the Participant’s employment terminates. Finally, a Participant’s election to have
his Account paid out using more than one method will be respected, except that any monthly installment election will be limited to the five-year period set forth in the first sentence of this paragraph. 

A Participant may change his Form of Payment Election at any time, however the change will only be effective if filed at least one year
prior to his termination of Employment, except in the case of the initial election under the Plan. Notwithstanding any other provision of this Section 7.01 and any election previously made by the Participant, in the event that the value of the
Accounts of the Participant is less than USD $25,000 as of the quarter-end preceding the termination of Employment, any distribution to a Participant shall be in the form of a lump sum on or before February 15 of the year after the
Participant’s employment terminates, and shall include the cash amount with respect to the Common Shares, whether distributed in the form of cash or distributed to a brokerage account pursuant to Section 7.01 hereof. If a Participant does
not timely file a Form of Payment Election, he will be deemed to have elected payment in a lump sum. If a Participant files only one Form of Payment Election, it will be deemed to cover both Account A and Account B, unless the Participant otherwise
designates. 
 7.02. Upon Death. 
 a. Upon a Participant’s death, any balance remaining in his Accounts shall be paid by the Company in accordance with his Form(s) of Payment Election except that such payments shall be made to the
Beneficiary or Beneficiaries specified by the Participant or, if none, to his surviving spouse or, if none, to his estate or its successors or assigns. Each Participant may designate a Beneficiary or Beneficiaries to receive the unpaid balance of a
Participant’s Accounts upon his death and may revoke or modify such designation at any time and from time to time by submitting to the Administrator a Beneficiary Designation substantially in the form attached hereto as Exhibit D. 

b. If a Participant’s death occurs prior to the payment of any amounts to him hereunder, other than payments for Unforeseeable
Emergencies, the Participant’s Beneficiaries shall receive payments in accordance with Section 7.01 hereof. 

  
 12 

 c. If a Participant designates multiple Beneficiaries as either primary or contingent
Beneficiaries, and one of the Beneficiaries has predeceased the Participant, the deceased Beneficiary’s share shall go to the Beneficiary’s estate or its successors or assigns. For example, if a Participant designates his spouse as the
sole primary beneficiary and his three children as equal contingent beneficiaries, and if the spouse and one child predecease the Participant, the two children would each get one-third of the distributions from the Accounts and the predeceased
child’s one-third share would go to his estate or its successors or assigns. The spouse’s estate would be entitled to nothing. 
 d. If a Beneficiary survives a Participant but dies prior to receipt of the entire amount in the Accounts due him, the Company shall make payments to the estate of the Beneficiary or its successors or
assigns in accordance with the Form of Payment Election. For example, if the Participant’s spouse is his primary Beneficiary and his three children are his contingent Beneficiaries, and if the spouse survives the Participant such that she is
receiving distributions pursuant to the terms of this Plan, but dies prior to the receipt of all distributions to which she is entitled, any remaining distributions shall be paid to the spouse’s estate or its successors or assigns and not to
the contingent beneficiaries. 
 7.03. Unforeseeable Emergencies. In the event of an Unforeseeable Emergency either
before or after the commencement of payments hereunder, a Participant or Beneficiary may request in writing that all or any portion of the benefits due him under Account A hereunder be paid prior to the normal time for payment of such amount. The
Administrator shall, in its reasonable judgment, determine whether the applicant could not address the emergency through reimbursement or compensation by insurance or otherwise, by liquidation of other assets (provided such liquidation, in itself,
would not create a financial hardship) or by ceasing deferrals hereunder. Only if the Administrator determines that such an Unforeseeable Emergency exists, the Company shall pay to the Participant or Beneficiary, as the case may be, an amount equal
to the lesser of (a) the amount requested or (b) the amount reasonably necessary to alleviate the hardship. The Administrator shall use its reasonable discretion to determine when the payments shall be made and shall immediately reduce the
balance in the recipient’s Account A by the amount of such payment. 
 7.04. Upon a Change in Control. The
Administrator may allow Participants to make a separate distribution election for Account A and/or Account B in the event of a Change in Control under certain circumstances, provided, that, the period over which distributions may be
made shall in no event be longer than that applicable to the Participant under Section 7.01. A Participant may change his payment election at any time, however the change will only be effective if filed at least one year prior to the Change in
Control, except in the case of a Change in Control which occurs prior to December 31, 2004, in which event any election filed by December 31, 2003 will be effective. Notwithstanding any other provision of this Section 7.04 and any
election previously made by the Participant, in the event that the value of the Accounts of the Participant is less than USD $25,000 as of the quarter-end preceding the Change in Control, any distribution to a Participant shall be in the form of a
lump sum on or before February 15 of the year after the Change in Control, and shall include the cash amount with respect to the Common Shares, whether distributed in the form of cash or cash distributed to a brokerage account (in either case,
net of applicable taxes) pursuant to Section 7.01 hereof. If a Participant does not 

  
 13 

 
timely file a separate payment election in the event of a Change in Control, he will be deemed to have elected the same distribution schedule as the timely filed Form of Payment Election for
Account A. If no such election has been timely filed, then he will be deemed to have elected payment in a lump sum. 
 ARTICLE
VIII 
 Administration of the Plan 
 8.01. Appointment of Separate Administrator. The Committee may, in its sole discretion, in writing, appoint a separate Administrator. Any person including, but not limited to, an employee or
executive of Bank of Montreal or the Company or any of their respective subsidiaries, or a committee comprised of directors, employees and/or executives of a direct or indirect parent of the Company, shall be eligible to serve as Administrator. Two
or more persons may form a committee to serve as Administrator. Persons serving as Administrator may resign by written notice to the Committee and the Committee may appoint or remove such persons. An Administrator consisting of more than one person
shall act by a majority of its members at the time in office. An Administrator consisting of more than one person may authorize any one or more of its members to execute any document or documents on behalf of the Administrator, in which event the
Administrator shall notify the Committee of the member or members so designated. The Committee shall accept and rely upon any document executed by such member or members as written revocation of such designation. No person serving as Administrator
shall vote or decide upon any matter relating solely to himself or solely to any of his rights or benefits pursuant to the Plan. 
 8.02. Powers and Duties. The Administrator shall administer the Plan in accordance with its terms. The Administrator shall have full and complete authority and control with respect to Plan
operations and administration unless the Administrator allocates and delegates such authority or control pursuant to the procedures stated in subsection b. or c. below. Any decisions of the Administrator or its delegate shall be final and binding
upon all persons dealing with the Plan or claiming any benefit under the Plan. The Administrator shall have all powers which are necessary to manage and control Plan operations and administration including, but not limited to, the following:

  

	 	a.	To employ such accountants, counsel or other persons as it deems necessary or desirable in connection with Plan administration. The Company shall bear the costs of such
services and other administrative expenses. 

  

	 	b.	To designate in writing persons other than the Administrator to perform any of its powers and duties hereunder. 

 

	 	c.	The discretionary authority to construe and interpret the Plan, including the power to construe disputed provisions. 

 

	 	d.	To resolve all questions arising in the administration, interpretation and application of the Plan including, but not limited to, questions as to the eligibility or the
right of any person to a benefit. 

  
 14 

	 	e.	To adopt such rules, regulations, forms and procedures from time to time as it deems advisable and appropriate in the proper administration of the Plan.

  

	 	f.	To prescribe procedures to be followed by any person in applying for distributions pursuant to the Plan and to designate the forms or documents, evidence and such other
information as the Administrator may reasonably deem necessary, desirable or convenient to support an application for such distribution. 

 8.03. Records and Notices. The Administrator shall maintain all books of accounts, records and other data as may be necessary for proper plan administration. 

8.04. Compensation and Expenses. The expenses incurred by the Administrator in the proper administration of the Plan shall be paid
by the Company. An Administrator who is an Employee shall not receive any additional fee or compensation for services rendered as an Administrator. 
 8.05. Limitation of Authority. The Administrator shall not add to, subtract from or modify any of the terms of the Plan, change or add to any benefits prescribed by the Plan, or waive or fail to
apply any Plan requirement for benefit eligibility. 
 8.06 Claims Procedures. A Participant shall be entitled to make a
request for any benefits to which the Participant believes he or she may be entitled. Any such request must be made in writing, and it should be made to the Company. 
 A request for benefits will be considered a claim, and it will be subject to a full and fair review. If a Participant’s claim is wholly or partially denied, the Company shall furnish the Participant
or the Participant’s beneficiary (the “Claimant”) or the Claimant’s authorized representative with a written or electronic notice of the denial within a reasonable period of time (generally, 90 days after the Company
receives the claim or 180 days, if the Company determines that special circumstances require an extension of time for processing the claim and furnishes written notice of the extension to the Claimant or the Claimant’s authorized representative
before the initial 90-day period ends), which sets forth, in an understandable manner, the following information: 
  

	 	a.	The specific reason(s) for the denial of the claim; 

	 	b.	Reference to the specific provisions of the Plan on which the denial is based; 

 

	 	c.	A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why that material or information is
necessary; and 

  

	 	d.	 A description of the review procedures and the time limits applicable to those procedures, including a statement of the Claimant’s right to

  
 15 

	 	
bring a civil action under ERISA Section 502(a) following a denial on review. 

 The Company’s written extension notice must indicate the special circumstances requiring an extension of time for processing the claim and the date by which the Company expects to render its decision
on the claim. 
 The Claimant or the Claimant’s authorized representative may appeal the Company’s decision denying
the claim within 60 days after the Claimant or the Claimant’s authorized representative receives the notice denying the claim. The Claimant or the Claimant’s authorized representative may submit to the Company written comments, documents,
records and other information relating to the claim. The Claimant or the Claimant’s authorized representative shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant to the claim. The Company’s review of the claim and of its denial of the claim shall take into account all comments, documents, records and other information submitted by the Claimant or the Claimant’s authorized representative
relating to the claim, without regard to whether these materials were submitted or considered during the initial decision on the claim. 
 The Company’s decision on the appeal of a denied claim shall be made within a reasonable period of time (generally 60 days after the Company receives the claim or 120 days if the Company
determines that special circumstances require an extension of time for processing the claim and furnishes written notice of the extension to the Claimant or the Claimant’s authorized representative before the initial 60-day period ends
indicating the special circumstances requiring extension of time and the date by which the Company expects to render its decision on the claim). The Company will furnish the Claimant or the Claimant’s authorized representative with written
or electronic notice of its decision on appeal. In the case of a decision on appeal upholding the Company’s initial denial of the claim, the Company’s notice of its decision on appeal shall set forth, in an understandable manner,
the following information: 
  

	 	a.	The specific reason(s) for the decision on appeal; 

  

	 	b.	Reference to the specific provisions in the Plan on which the decision on appeal is based; 

 

	 	c.	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant to the claim for benefits; and 

  

	 	d.	A statement describing any voluntary appeal procedures (including voluntary arbitration or any other form of dispute resolution) offered and the Claimant’s right
to obtain information sufficient to make an informed judgment about whether to submit a benefit dispute to the voluntary level of appeal, and a statement of the Claimant’s right to bring an action under ERISA Section 502(a).

  
 16 

 8.07 Communication with the Trust. Notwithstanding anything to the contrary herein,
neither the Committee nor the Administrator may communicate under any circumstances, either orally or in writing, with the trustee of the Trust, or an agent thereof. Only the Company, or an agent thereof, may communicate, orally or in writing, with
the trustee of the Trust in accordance with the terms herein and the terms of the Trust, as either may be amended from time to time. 
 ARTICLE IX 
 General Provisions 

9.01. Assignment and Rights of Participant. No Participant or Beneficiary may sell, assign, transfer encumber or otherwise dispose
of the right to receive payments hereunder. A Participant’s rights to benefit payments under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by
creditors of a Participant or a Beneficiary. No Participant or any other person shall have any interest in any fund or in any specific asset or assets of the Company by reason of any amounts credited to any Account hereunder, nor any right to
exercise any of the rights or privileges of a stockholder with respect to any securities hypothetically credited to a Participant’s Account B under the Plan, nor any right to receive any distributions under the Plan except as and to the extent
expressly provided in the Plan. 
 9.02. Employment Not Guaranteed by Plan. The establishment of this Plan and the
designation of an Employee as a Participant, shall not give any Participant the right to continued Employment or limit the right of the Company to dismiss or impose penalties upon the Participant or modify the terms of Employment of any Participant.

 9.03. Termination and Amendment. The Board of Directors of the Company prior to the Merger, and the Board of Directors
of Bank of Montreal following the Merger, may at any time terminate, suspend, alter or amend this Plan and no Participant or any other person shall have any right, title, interest or claim against the Company, its directors, officers or employees
for any amounts, except that (i) the Participant shall be fully vested in his Account hereunder as of the date on which the Plan is terminated or suspended, except as to any unvested Restricted Stock Units, (ii) no amendment shall
eliminate the crediting of an investment return on an Account A prior to the complete distribution thereof or provide for a distribution method which accelerates the timing of distributions hereunder without the consent of a Participant and
(iii) subsequent to a Change in Control, unless a majority of the holders of Account balances agree to the contrary, the Company or the Administrator may not alter (a) the choice of investments in the Investment Election as in effect
immediately before the Change in Control and the frequency with which such elections may be made, and (b) the payout options contained in the Form of Payment Election as in effect immediately before the Change in Control. 

9.04. Notice. Any and all notices, designations or reports provided for herein shall be in writing and delivered personally, by
certified mail, return receipt requested, or by electronic means. Physical delivery shall be addressed, in the case of the Company, to the Corporate Secretary at 770 North Water Street, Milwaukee, Wisconsin 53202 and, in the case of a Participant or
Beneficiary, to his home address as shown on the records of the Company. The 

  
 17 

 
addresses referenced herein may be changed by a notice delivered in accordance with the requirement of this Section 9.04. 

9.05. Limitation on Liability. In no event shall the Company, Administrator or any employee, officer or director of the Company
incur any liability for any act or failure to act unless such act or failure to act constitutes a lack of good faith, willful misconduct or gross negligence with respect to the Plan or the Trust. 

9.06. Indemnification. The Company shall indemnify the Administrator and any employee, officer or director of the Company against
all liabilities arising by reason of any act or failure to act unless such act or failure to act is due to such person’s own gross negligence or willful misconduct or lack of good faith in the performance of his duties to the Plan or the Trust.
Such indemnification shall include, but not be limited to, expenses reasonably incurred in the defense of any claim, including reasonable attorney and legal fees, and amounts paid in any settlement or compromise; provided, however, that
indemnification shall not occur to the extent that it is not permitted by applicable law. Indemnification shall not be deemed the exclusive remedy of any person entitled to indemnification pursuant to this section. The indemnification provided
hereunder shall continue as to a person who has ceased acting as a director, officer, member, agent or employee of the Administrator or as an officer, director or employee of the Company and such person’s rights shall inure to the benefit of
his heirs and representatives. 
 9.07. Headings. All articles and section headings in this Plan are intended merely for
convenience and shall in no way be deemed to modify or supplement the actual terms and provisions stated thereunder. 
 9.08.
Severability. Any provision of this Plan prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. The illegal or invalid provisions shall be fully severable and this
Plan shall be construed and enforced as if the illegal or invalid provisions had never been inserted in this Plan. 

  
 18

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