Document:

Marshall & Ilsley Corporation 2005 Executive Deferred Compensation Plan

 Exhibit (10)(o) 
 MARSHALL & ILSLEY CORPORATION 
 2005 EXECUTIVE DEFERRED COMPENSATION PLAN 
 as amended December 18, 2008 
 ARTICLE I 
 Establishment of Plan and Purpose 
 1.01. Establishment of Plan. Marshall & Ilsley Corporation has established the 2005 Marshall & Ilsley Executive Deferred Compensation Plan, effective as of December 16, 2004 (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 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 (including the sub-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 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) Beneficiaries. Those persons designated by a Participant to receive benefits hereunder or, failing such a designation, the spouse or, if none,
the Estate of a Participant. 

 (e) Change of Control. Change of Control shall have the same meaning as in the Marshall &
Ilsley Corporation 2006 Equity Incentive Plan. 
 (f) Code. The Internal Revenue Code of 1986, as amended. 
 (g) Committee. The Compensation and Human Resources Committee of the Board of Directors of the Company. 
 (h) Common Stock. The authorized and issued or unissued $1.00 par value common stock of the Company. 
 (i) Companies. Prior to the Separation Transaction, Marshall & Ilsley Corporation and any subsidiary thereof. After the Separation
Transaction, the publicly-traded corporation with the name Marshall & Ilsley Corporation, and all entities that are Affiliates thereof. 
 (j) Company. Prior to the Separation Transaction, Marshall & Ilsley Corporation, a Wisconsin corporation, or a successor thereof. After the Separation Transaction, the “Company” means the publicly-traded
corporation with the name Marshall & Ilsley Corporation. 
 (k) Company Contributions. The amount contributed or credited by
the Company to the account of the Participant pursuant to Section 4.05 hereof. 
 (l) 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. 
 (m) Deferral Election. The election by a Participant, from time to time, to defer Compensation or Restricted Shares in accordance with the provisions of this Plan. Forms of Deferral Elections, which can be changed from time to time
at the discretion of the Administrator, are attached hereto as Exhibit B. 
 (n) Distribution Election. The election by a Participant,
from time to time, to choose the method of distribution of his deferrals, and any deemed investment increases or decreases attributable thereto. The methods of distribution contained in the forms of Distribution Election can be changed from time to
time at the discretion of the Administrator. The forms of Distribution Election for deferrals made in 2005 are attached hereto as Exhibit D. 
 (o) Disability. A Participant shall be considered to be suffering from a Disability if the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, either (i) receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s
employer or (ii) unable to engage in any substantial gainful activity. 
  

 2 

 (p) Employee. An employee of any one or more of the Companies. 
 (q) Employment. Employment with any one or more of the Companies. 
 (r) Fair Market Value. The closing sale price of the Common Stock on the New York Stock Exchange as reported in the Midwest Edition of the Wall Street Journal for the applicable date; provided
that, if no sales of Common Stock were made on said exchange on that date, “Fair Market Value” shall mean the closing sale price of the Common Stock as reported for the next succeeding day on which sales of Common 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. 
 (s) Investment Election. The form filed by the Participant from time to time, substantially in the form of Exhibit A hereto, which designates the
Participant’s investment choices. 
 (t) Metavante. After the Separation Transaction, the publicly-traded parent of the group of
companies that includes the Company’s former subsidiary, Metavante Corporation. 
 (u) 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. 
 (v) Plan. The Marshall & Ilsley Corporation 2005 Executive Deferred Compensation Plan, as stated herein and as amended from time to time. 
 (w) Plan Year. The period beginning on January 1, 2005 and ending on December 31, 2005, and each 12-month period ending on each
subsequent December 31. 
 (x) Restricted Shares. An award of stock under a plan of the Company, which may contain
transferability or forfeiture provisions (including a requirement of future services), all as set forth in an award agreement. 
 (y)
Restricted Stock Units. Units held in a Participant’s Account B which are received upon surrender of Restricted Shares or directly as a grant from the Company, and which have transferability or forfeiture provisions (which may include a
requirement of future services). Each Restricted Unit represents one share of Common Stock. 
 (z) 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. 
  

 3 

 (aa) Separation Transaction. The transaction whereby Metavante and the Company become separate
publicly-traded companies. 
 (bb) 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. 
 (cc) Termination of
Employment. For all purposes of this Plan, the determination of whether a Participant’s employment has terminated will be made in accordance with Treas. Reg. §1.409A-1(h)(1)(ii) promulgated under Section 409A of the Code.

 (dd) Unforeseeable Emergency. A severe financial hardship to a Participant resulting from an illness or accident of the
Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B) of the Code) of the
Participant, loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster), 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 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,”
“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, 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) surrendering Restricted Shares for Restricted Stock Units, on the applicable form provided by the Administrator, or (c) receiving an award of Restricted Stock
Units, in accordance with the procedures established by this Plan and the Administrator. 
  

 4 

 3.03. Termination of Participation. An individual’s right to (a) defer Compensation or
(b) surrender Restricted Shares for Restricted Stock Units hereunder shall cease as of the earlier of (i) a Participant’s Termination of Employment or (ii) failure of the Administrator to designate him or her as an Employee
eligible to participate herein. 
 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 or percentage
of the Participant’s salary or other Compensation for such Plan Year which he elects to defer hereunder, which election shall become irrevocable on December 31st of the immediately preceding 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. 
 4.02. Amount and Manner of Deferral of Compensation for Participants Who Commence
Participation in the Plan after the Beginning of a Plan Year. If an Employee becomes eligible to participate in the Plan after the beginning of a Plan Year because he is newly hired by the Companies, or because he receives a promotion which
results in him becoming eligible to participate in the Plan, the Employee must make his or her initial Deferral Election and Distribution Election no later than 30 days after the Employee first becomes eligible to participate in the Plan. Such
Deferral Election may apply only to compensation paid for services to be performed after the election. In the case of an incentive or bonus payment, only that portion of the incentive or bonus payment that relates to services performed after the
date of the election may be deferred. Notwithstanding the foregoing, if an Employee initially becomes a Participant solely because of company contributions credited to the SERP Account, as defined below in Section 4.05 hereof, the Distribution
Election for the initial year such amounts are credited can be made no later than the first 30 days after such year. If no such Distribution Election is made, the default rules shall apply. 
 4.03. Amount and Manner of Deferral of Restricted Shares. A Participant may elect to defer an award of Restricted Shares by returning an Election
to Convert Restricted Shares Into Restricted Units, substantially in the form of Exhibit C hereto, to the Company, no later than the date specified by the Company, containing the information requested. Such Election shall 

  

 5 

 
become irrevocable as regards awards of Restricted Shares in a Plan Year on December 31st of the immediately preceding Plan Year, or, if a later deferral election is allowed pursuant to Section 409A of the Code, upon the Company’s receipt of the election. Any
Election which elects to defer all future grants of Restricted Shares shall become irrevocable as to awards of Restricted Shares in a Plan Year on December 31st of the immediately preceding Plan Year. 
 4.04. Cessation of Deferral Election. 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. 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’s election deferral is cancelled
for a Plan Year due to an Unforeseeable Emergency, the Participant may not resume deferrals of Compensation hereunder (if otherwise eligible therefore) until the 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 the Participant’s Account A, including division into
sub-accounts consistent with the Distribution Election made for the Plan Year to which the Company contribution relates. 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 Internal Revenue Code of 1986, as amended, and the applicable Plan or the Committee requires that such excess amounts be deferred, such amounts shall be credited to the
relevant sub-account of Participant’s Account A or Account B, as provided below in Section 5.01, consistent with the Distribution Election for such Plan Year. 
 ARTICLE V 
 Accounts and Sub-Accounts 
 5.01. Establishment of Accounts; Sub-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, which shall each be divided into four sub-accounts 

  

 6 

 
reflecting the four distribution options available for cash and Common Stock distributions as set forth in the Distribution Election. If the Company
increases the number of distribution options available, the number of sub-accounts shall likewise be increased. All amounts deferred pursuant to Sections 4.01, 4.02 and 4.05 shall be credited to the relevant sub-accounts of Account A, which shall be
denominated in cash. All amounts deferred pursuant to Section 4.03 shall be credited to the relevant sub-accounts of Account B, which shall be denominated in shares of Common Stock. 
 5.02. Nature of Accounts; Sub-Accounts. The Accounts and sub-accounts hereunder, and assets, if any, acquired by the Company 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. The 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 or Restricted Stock Units hereunder) are limited
to those of general unsecured creditors of the Company and that the establishment of the Plan, acquisition of assets to measure Participant’s benefits hereunder or deferral of all or any portion of a Participants’ Compensation, or
Restricted Stock Units hereunder does not prevent any property of the Company from being subject to the right of all the Company’s creditors. The Company shall contribute all contributions hereunder to a trust created by the Company 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, or any successor thereto. 
 5.03. Maintenance of Account A. 
 a. Accounts shall be reconciled on a quarterly basis. The Company
shall increase the relevant sub-account of Account A of each Participant by (i) the amount, if any, of his Compensation deferred during any calendar quarter based on the Distribution Election for such Plan Year, (ii) the amount, if
any, contributed by the Company pursuant to Section 4.05 hereof during such Plan Year and (iii) any income or gains resulting as if the sub-account, computed in accordance with subsection b, below, were invested pursuant to the
timely-filed Investment Election in effect for such quarter and decrease each Participant’s sub-account by (iv) any withdrawals or distributions from the relevant sub-account of Account A during any calendar quarter and (v) any
losses resulting as if the sub-account, computed in accordance with subsection b, below, were invested pursuant to the timely-filed Investment Election in effect for such calendar quarter. 
 b. For purposes of computing the investment return on any sub-account of Account A for any quarter, the principal balance as of the first day of the
relevant quarter shall equal the balance as of the end of the preceding quarter, increased by 50% of the Participant’s and the Company’s contributions, if any, made to the relevant sub-account of Account A during the quarter pursuant to
Sections 4.01, 4.02 and 4.05 hereof, and decreased by any distributions made to the Participant or his Beneficiaries from the relevant sub-account during the quarter. 
  

 7 

 5.04. Maintenance of Account B. 
 a. Accounts shall be reconciled on a quarterly basis. The Company shall increase the relevant sub-account of Account B of each Participant by
(i) the amount, if any, of the Restricted Stock Units deferred by the Participant (hereafter referred to as “Credited Shares”), and (iii) to the extent Credited Shares are held on the record date for any dividend, a number of
additional Credited Shares resulting from the reinvestment of dividends on a common investment date, which will typically be any of the first five business days after the payment of the dividend, determined in the sole discretion of an independent
brokerage agent. Dividends shall be assigned to the sub-account which contains the shares of Common Stock generating the applicable dividends. The Company shall decrease each Participant’s sub-account of Account B by (iv) any
withdrawals or distributions from the such sub-account of Account B during any calendar quarter and (v) any Restricted Stock Units which fail to vest or become transferable because the Participant forfeits the Restricted Stock Units.
Consistent with the treatment of Restricted Stock, 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 Stock other than a cash dividend, such as a stock split, stock dividend or similar
transaction, the relevant sub-account of the Participant’s Account B shall be credited with a number of additional shares or other consideration as determined by the Committee in its sole discretion. Account B will be denominated in whole and
fractional shares. In clarification of the foregoing, upon the occurrence of the Separation Transaction, a Participant’s Account B will hold both Common Stock and common stock of Metavante (hereafter, “Metavante Stock”) determined as
if the Participant were a shareholder of the Company for the number of shares in his Account B (including Restricted Stock Units) immediately prior to the Separation Transaction. 
 c. In the event of a Change of Control, the relevant sub-account of a Participant’s Account B shall be credited with the same amount and type of
consideration which a shareholder of the Company would have received holding the same number of shares of Common Stock as are held in the relevant sub-account of a 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 of Control, the relevant sub-accounts of a Participant’s Account B will be 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. 
 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 “fixed rate investment option”) adjusted annually to equal the average yield for the month
of September of the previous year and (ii) the total return of the Standard & Poor’s 500 Index for the applicable quarter. All investment elections must be in increments of 10%. If a Participant does not file an Investment
Election, the Account shall be deemed to be invested in the fixed rate investment option. The Participant may change his investment preferences as of January 1 or July 1 in any Plan Year by delivering to the Company a new Investment
Election at least 15 days prior to such effective date. 
  

 8 

 b. A Participant’s Account A shall reflect only the performance of such investment indices and the
Participant shall have no property right or security interest in the actual investment performance of any assets invested by the Company to provide for the payment of benefits under this Plan. 
 5.06 Investment Elections for Account B after the Separation Transaction. 
 a. After the Separation Transaction, the sub-accounts of Account B of a Participant will be credited with both Common Stock and Metavante Stock. The
Participant may constructively sell any or all vested shares of Metavante Stock (but not Restricted Stock Units of Metavante Stock) as of January 1 or July 1 of any Plan Year by delivering to the Company a new Investment Election at least
15 days prior to such effective date setting forth the number of shares to be sold. The indicated shares will be deemed sold on the first date, immediately following January 1 or July 1, when Employees could purchase Common Stock (a
“window period”). The deemed proceeds from such sale of shares of Metavante Stock will be reinvested in Common Stock on such date, which shares of Common Stock will then be credited to the same sub-account of Account B where the sold
shares of Metavante Stock originated. The proceeds from the deemed sale of Metavante Stock and the proceeds available for the deemed purchase of shares of Common Stock will be reduced by the transaction costs that are incurred if shares of Metavante
Stock are actually sold and shares of Common Stock actually purchased by the Marshall & Ilsley Corporation Amended And Restated Deferred Compensation Trust III. A Participant cannot make a deemed sale of Restricted Stock Units of Metavante
Stock until the shares vest in accordance with the terms of the applicable award. If a Participant would be required to buy or sell shares of Metavante Stock in a window period if the Participant held the stock directly, and if the Participant
elects a deemed sale of shares of Metavante Stock, such deemed sale of Metavante Stock and purchase of Common Stock will occur on the first date, immediately following January 1 or July 1, when both the Company and Metavante have window
periods. 
 b. A Participant’s Account B shall reflect only the performance of Common Stock and Metavante Stock, if any is held in such
Account B, and the Participant shall have no property right or security interest in actual shares of Common Stock or Metavante Stock held by the Company to provide for the payment of benefits under this Plan. 
 5.07. Change of Accounts. Once amounts have been allocated to the relevant sub-accounts of Account A or Account B, these amounts must remain
in the referenced sub-accounts of Accounts A or B until such amounts are distributed to the Participant pursuant to Article VII hereof. Upon a Change of 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. 
  

 9 

 ARTICLE VI 
 Vesting 
 Subject to the rights of the Company’s creditors as set forth in Section 5.01 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 for 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. 
 ARTICLE VII 
 Distributions 
 7.01. Distributions After Termination of Employment. Except as otherwise expressly provided herein, all distributions of the Accounts shall be made in accordance with the Distribution Elections which relate to
deferrals made for each Plan Year. A Participant may make separate Deferral Elections for the sub-accounts of Account A and Account B. Distributions from the sub-accounts of Account A shall be in cash and distributions from the sub-accounts of
Account B shall be in Common Stock. 
 Distribution Elections are irrevocable, and may not be modified, unless allowed under .
Section 409A of the Code, any guidance promulgated thereunder, or any successor thereto. If a Participant does not timely file a Form of Distribution Election, he will be deemed to have elected payment in a lump sum option set forth in the Form
of Distribution Election. If a Participant files only one Distribution Election for any Plan Year, it will be deemed to cover both Account A and Account B, unless the Participant otherwise designates. 
 Notwithstanding anything in this Plan or a Distribution Election contained to the contrary, no distribution hereunder shall be made earlier than the
first day after the six-month anniversary of a Participant’s Termination of Employment (or the next regularly-scheduled payroll date thereafter), other than in the case of Termination of Employment because of death or Disability. If the
deductibility of such amounts by the Company would be limited by Section 162(m) of the Code (excluding for this purpose any amount governed by Section 162(m)(5) of the Code), such distribution shall occur on the later of (a) the first
business day of the calendar year after the calendar year in which the Participant’s employment terminated (or the next regularly-scheduled payroll date thereafter), or (b) the first day after the six-month anniversary of a
Participant’s Termination of Employment (or the next regularly-scheduled payroll date thereafter). If a Distribution Election would otherwise provide for an earlier distribution date for all or any portion of the Account balances, such amounts
that would otherwise have been distributed at an earlier date shall be distributed in a lump sum on the first date on which distributions are allowable under this paragraph. 
 Notwithstanding anything in this Plan or a Distribution Election contained to the contrary, if Restricted Stock Units in a Participant’s Account C
are not vested or transferable 

  

 10 

 
when a Termination of Employment occurs, and if they otherwise could vest or become transferable thereafter if the applicable restrictions are met, such
Restricted Stock Units shall not be distributed to the Participant until the vesting or transferability restrictions are satisfied, and then shall be distributed over the remaining period of the Distribution Election, or if there is no remaining
period, in a lump sum within thirty days after they vest or become transferable. 
 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 Distribution Elections
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. Each Participant may designate a Beneficiary or Beneficiaries to receive the
unpaid balance of his 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 E or on such
other beneficiary designation form as may be provided to the Participant by the Company from time to time. 
 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. 
 c. If a Participant designates multiple Beneficiaries as either primary or contingent Beneficiaries, and one of the contingent Beneficiaries has
predeceased the Participant, the deceased Beneficiary’s share shall go to the Beneficiary’s Estate. 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. 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 in accordance with the Distribution Elections. 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 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 the Accounts be paid prior to the normal time for
payment of such amount. The Administrator shall, in its reasonable judgment, determine whether there is an Unforeseeable Emergency, and is so, shall distribute amounts which do not exceed the amounts reasonably necessary to satisfy the emergency
need, plus amounts necessary to pay income taxes reasonably anticipated as a result of the distribution. In determining the amounts, the Administrator shall take into account the extent to which such 

  

 11 

 
hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets (to the
extent the liquidation of such assets would not itself cause severe financial hardship), and by cancellation of the Participant’s Deferral Election as provided for in Section 4.04 hereof. 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 Accounts by the amount of such payment. 
 7.04. Upon a Change of Control. Notwithstanding anything contained herein or in the Distribution Elections, a Participant’s Accounts shall be distributed in a lump sum after the termination of the
Participant’s employment, but only if such Termination of Employment occurs when, or within a year after, a Change of Control takes place. Such distributions shall be made on the first day after the six-month anniversary of a Participant’s
Termination of Employment (or the next regularly-scheduled payroll date thereafter), unless the Termination of Employment is due to death or Disability, in which event the distribution shall be made no later than forty-five days after Termination of
Employment. Notwithstanding the foregoing, if the deductibility of such amounts by the Company would be limited by Section 162(m) of the Code (excluding for this purpose any amount governed by Section 162(m)(5) of the Code), such
distribution shall occur on the later of (a) the first business day of the calendar year after the calendar year in which the Participant’s employment terminated (or the next regularly-scheduled payroll date thereafter), or (b) the
first day after the six-month anniversary of a Participant’s Termination of Employment (or the next regularly-scheduled payroll date thereafter). 
 ARTICLE VIII 
 Administration of the Plan 
 8.01. Appointment of Separate Administrator. The Committee shall, in writing, appoint a separate Administrator. Any person including, but not
limited to, an Employee, 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 set forth 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. 

  

 12 

	 	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. 

  

	 	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 

  

 13 

 
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 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; 

  

 14 

	 	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).

 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 may at any time terminate, suspend, alter or
amend this Plan so long as such actions do not contravene the requirements of Section 409A of the Code. 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 Accounts 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 the sub-accounts of 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 of Control, unless a majority of the holders of Account balances agree to the contrary, the Company or the Administrator may not alter (a) the 

  

 15 

 
choice of investments in the Investment Election as in effect immediately before the Change of Control and (b) the payment options contained in the
Distribution Elections as in effect immediately before the Change of Control. Notwithstanding the foregoing, the Board of Directors of the Company may make any amendment necessary in order to avoid penalties under Section 409A of the Code, even
if such amendments are detrimental to Participants. 
 9.04. Notice. Any and all notices, designations or reports provided for herein
shall be in writing and delivered personally or by certified mail, return receipt requested, 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 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 established in connection with the Plan. 
 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 established
pursuant to the Plan. 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. 
 9.09. Amendments to
Conform Plan with Section 409A Guidance. Subsequent to the initial approval of this Plan by the Committee and Board of Directors of the Company, the Department of the Treasury issued guidance under Section 409A of the Code (the
“Guidance”). The Guidance provides that the following previous deferrals are subject to the rules contained in Section 409A of the Code: (a) deferrals of 2004 incentives (given the Company’s discretion as to 

  

 16 

 
the amount of the incentives) and (b) Restricted Stock Units contained in the Company’s Amended and Restated Executive Deferred Compensation Plan
as of January 15, 2004 (the “Original Plan”), that are not vested as of December 31, 2004. The Company’s intention in adopting the Plan was that all deferred compensation subject to Section 409A would be contained in
this Plan, and all deferred compensation not subject to Section 409A would be in the Original Plan. Thus, notwithstanding anything contained to the contrary in the Original Plan, this Plan or any Participants elections in connection with the
Original Plan or this Plan, (i) deferrals of 2004 incentives and (ii) Restricted Stock Units contained in the Original Plan which are not vested as of December 31, 2004 will be reflected in Accounts A and B, respectively, of this
Plan, and the Distribution Election(s) that govern such deferral(s) will be those made for those respective Accounts for 2005 deferrals, unless the Company specifically allows the individual to make a different Distribution Election in accordance
with the Guidance. In addition, to the extent the Guidance, or any future guidance, would provide that deferrals prior to January 1, 2005 are subject to Section 409A of the Code, such deferrals shall be reflected in this Plan, and not the
Original Plan. The applicability of Distribution Elections and other matters to deferrals prior to January 1, 2005 which are reflected in this Plan shall be determined by the Administrator, in its sole discretion, so as to comply with the
requirements of Section 409A of the Code. 
 9.10. Compliance with Section 409A of the Code. This Plan shall be interpreted
and administered in compliance with the requirements of Section 409A of the Code and any guidance promulgated thereunder, including the final regulations. 
  

 17Marshall & Ilsley Corporation Amended and Restated 1994 Long-Term

 Exhibit (10)(r) 
 MARSHALL & ILSLEY CORPORATION 
 AMENDED AND RESTATED 
 1994 LONG-TERM INCENTIVE PLAN FOR EXECUTIVES 
 as of December 18, 2008 
  

	1.	PURPOSE OF THE PLAN. 

 The purpose of the Plan is to
promote the best interests of Marshall & Ilsley Corporation and enhance shareholder value by attracting and retaining key executive personnel and providing such employees with an incentive to put forth maximum effort for the continued
success and growth of the Company. 
  

	2.	DEFINITIONS. 

 (a) “Account” shall mean the
account established and administered for the benefit of a Participant under the Plan if the Participant is awarded Units. 
 (b)
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” shall mean the Committee referenced
in Paragraph 3 of the Plan. 
 (d) “Company” shall mean Marshall & Ilsley Corporation, a Wisconsin corporation.

 (e) “Disability” shall mean long-term disability as defined in the Company’s long-term disability plan, as the same may be
amended from time to time. 
 (f) “Early Retirement” shall mean termination of employment with the Company, or a Subsidiary, but
only if the following requirements are met: (i) the Participant is age 55 or older and the sum of his age plus years of service with the Company or a Subsidiary equals or exceeds 65, (ii) the Participant executes an agreement regarding
confidentiality, non-competition, non-solicitation and/or non-disparagement in the form presented to him by the Company, and (iii) the Participant executes a release of employment-related claims after termination of employment in the form
presented to him by the Company, and does not revoke said release during the applicable rescission period. 
 (g) “Employees” shall
mean those individuals who are executive officers or senior managers of the Company or its Subsidiaries. 
 (h) “Market Price”
shall mean the closing sale price of a Share on the New York Stock Exchange as reported in the Midwest Edition of the Wall Street Journal, or such other market price as the Committee may determine in conformity with pertinent law and regulations of
the Treasury Department. 
 (i) “1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (j) “Participant” shall mean an Employee designated by the Committee to be a participant in the Plan. 

 (k) “Plan” shall mean the Amended and Restated 1994 Long-Term Incentive Plan for Executives of
the Company. 
 (l) “Share” or “Shares” shall mean the $ 1.00 par value common stock of the Company. 
 (m) “Subsidiary” shall mean any corporation, partnership, limited liability company or other business entity which, directly or indirectly
through one or more intermediaries, is controlled by the Company. The term “control” means the power, directly or indirectly, to vote 50% or more of the securities which have ordinary voting power in the election of directors (or
individuals filling any analogous positions). 
 (n) “Triggering Event” shall mean the first to occur 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 Triggering Event: (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 Triggering
Event under paragraph (iii) of this Section 2(m); 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 
 (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 

  

 2 

 
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. 
  

 3 

 (o) “Unit” shall mean a bookkeeping entry used by the Company to record and account for the
grant of an award under the Plan denominated in Shares, and the associated dividend equivalents, until such time as the award is paid, cancelled, forfeited or terminated, as the case may be. 
  

	3.	ADMINISTRATION OF THE PLAN. 

 (a) The Plan shall be
administered by the Compensation and Human Resources Committee of the Board of Directors of the Company. The Committee shall consist of not less than three members of the Board of Directors of the Company and shall be so constituted as to permit the
Plan to comply with Rule 16b-3 under the 1934 Act, as such rule is currently in effect or as hereafter modified or amended, Section 162(m) of the Code, or any successor rule or other statutory or regulatory requirements. 
 (b) The Committee shall have sole authority in its discretion, but always subject to the express provisions of the Plan, to determine the Employees who
will be Participants; the number of Units which will be credited to each Account in the case of Employees who are awarded Units; the dollar amounts to be earned by certain Employees of a Subsidiary or division of the Company upon the attainment of
performance goals tied to the performance of the employing Subsidiary or division of the Company; the performance criteria for earning the Units credited to each Account, or dollar amounts in the case of Employees of a Subsidiary or division of the
Company; and the period of time to which the performance criteria will be applied. The Committee shall have sole authority in its discretion to interpret the plan; to prescribe, amend and rescind rules and regulations pertaining to the Plan; to
determine the terms and provisions of the respective awards to Participants; and to make all other determinations and interpretations deemed necessary or advisable for the administration of the Plan. The Committee’s determination of the
foregoing matter shall be conclusive and binding on the Company, all Employees, all Participants and all other persons. 
  

	4.	ELIGIBILITY. 

 Only Employees shall be eligible to be
Participants under the Plan. In determining which Employees will be Participants and the amount of the award hereunder, the Committee may take into account the nature of the services rendered by the respective Employees, their present and potential
contributions to the success of the Company, its Subsidiaries or divisions, and other such factors as the Committee in its discretion shall deem relevant. In all events, any awards made to the Chairman of the Board, Chief Executive Officer, Chief
Operating Officer or Chief Financial Officer of the Company will be denominated in terms of Units. An Employee who has been granted an award under the Plan may be granted additional awards under the Plan if the Committee shall so determine. The
Company shall effect the granting of awards hereunder in such manner as the Committee determines. No award may be granted under the Plan to a member of the Committee. In addition, any payment made to an Employee of a Subsidiary or division that is
tied to the performance of that Subsidiary or division and, at the time of the grant was denominated in cash, shall not exceed a maximum of $1,000,000 for each award period. 
  

 4 

	5.	ESTABLISHMENT OF ACCOUNTS. 

 The Company shall establish on
its books of account a separate Account for each Participant awarded Units, which shall be used for the purpose of determining the compensation to which such Participant from time to time may be entitled hereunder. There shall be recorded in such
Participant’s Account the number of Units from time to time credited to the Participant by the Committee or pursuant to Paragraph 8 hereof. In no event will more than 4,000,000 Units, subject to adjustment under Paragraph 10 hereof, be granted
under the Plan (including Units credited in lieu of dividends under Paragraph 8 hereof). No more that 800,000 Units will be granted to any one individual (again including Units credited in lieu of dividends and subject to adjustment under Paragraph
10) during the term of the Plan. Accounts shall be maintained solely for accounting purposes, and no assets of the Company shall be segregated or subject to any trust for any Participant’s benefit by reason of the establishment of the
Participant’s Account. In addition, no Participant shall acquire any rights as a shareholder of the Company, including the right to vote with respect to any matter before the shareholders of the Company or to receive dividends payable on the
common stock, or, except as is specifically provided otherwise herein, any other rights, by reason of the establishment of the Participant’s Account. 
  

	6.	PERFORMANCE CRITERIA. 

 The Committee shall establish
performance criteria that will govern whether and to what extent Participants will receive a pay-out of their Accounts, or, in the case of certain Employees of a Subsidiary or a division of the Company, the dollar amount, if any, to be paid to such
Participant. The criteria among which the Committee may choose in establishing performance criteria are one or more of earnings per share, net income, revenues, return on average assets, return on average equity, total shareholder return or cost
control of the Company, a division and/or one or more of its Subsidiaries or their divisions. The length of the performance period, the performance objectives to be achieved during the performance period (including defining the above terms, and if
deemed appropriate, the exclusion of extraordinary items or any other adjustments considered proper), and the measure of whether and to what degree such objectives have been attained shall be conclusively determined by the Committee. No payment of
awards under this Plan shall be made until the Committee certifies that the performance criteria to which such awards were subject have been met. Even though the performance criteria have been met, the Committee expressly reserves the right to
reduce or eliminate entirely any award if it determines it is in the best interests of the Company to do so. 
  

	7.	PAYMENT OF AWARDS. 

 Awards earned under the Plan will be
paid in cash within 2-1/2 months of the end of the applicable award period, but in no event will (a) the cash payment to a Participant for any award period exceed 300% of the value of the Units at the end of the award period (including Units
credited in lieu of dividends and subject to adjustment under Paragraph 10) and (b) any payment be made prior to Committee approval as set forth in Paragraph 6, above. If all or any portion of a Participant’s award is not deductible by the
Company for federal income tax purposes because of limitations contained in Section 162(m) of the Code, the nondeductible portion shall be automatically deferred to the Company’s Executive Deferred Compensation Plan. Notwithstanding the
prior sentence to the contrary, that portion of a Participant’s award which is 

  

 5 

 
not deductible under Section 162(m)(5) of the Code will not be deferred to the Company’s Executive Deferred Compensation Plan. Further, and
notwithstanding any provision of this Plan to the contrary, if a payment hereunder were to be subject to Section 409A of the Code and were to be connected with the “separation from service” of a “specified employee” (within
the meaning of the regulations promulgated under Section 409A of the Code), no payment to that employee would be made prior to the first day after the six-month anniversary of the Participant’s separation from service, or, if earlier, the
date of death of the employee. The Participant shall receive interest on the delayed payment at a taxable money market rate as determined by the Committee in its sole discretion, or, if such money is held in a Rabbi Trust, the Participant shall
receive interest equal to the amount earned on the funds while they were held by the Rabbi Trust. 
  

	8.	DIVIDENDS AND DIVIDEND EQUIVALENTS. 

 At such time as
dividends are paid on Shares, an Account of a Participant shall be credited with that number of additional Units equal to the product of (a) the number of Units then in the Account times (b) the amount of the dividend per Share
divided by (c) the Market Price of a Share on the date a dividend is paid. 
  

	9.	TERMINATION OF EMPLOYMENT. 

 (a) Any Participant whose
employment with the Company, a Subsidiary or division is terminated due to retirement on or after such Participant’s normal retirement date (as defined in the M&I Retirement Program or any successor thereto), Early Retirement or Disability,
shall continue as a Participant in the Plan as to awards previously made (and any dividends or dividend equivalents earned in connection therewith), but shall not be entitled to any new awards after the date of retirement, Early Retirement or
Disability. 
 (b) Any Participant whose employment with the Company, a Subsidiary or
division is terminated due to death, or any Participant who dies after retirement, as defined in subparagraph (a), above, Early Retirement or Disability, but while he still is a Participant in the Plan, shall continue as a Participant in the Plan as
to awards previously made (and any dividends or dividend equivalents earned in connection therewith) until the close of the calendar year in which the Participant dies, unless the Committee decides to provide otherwise at the time an award is made.
In such cases, the Committee will determine if and to what extent the performance criteria it established have been met as of the close of the calendar year. Based on this determination, a Participant’s beneficiary, as determined pursuant to
Paragraph 12, hereof, shall receive a prorated award within 2- 1/2 months after the end of the calendar year based on a fraction,
the numerator of which is the number of days from the beginning of the award period to the date of death and the denominator of which is the total number of days in the award period. 
 (c) If a Participant’s employment is terminated for any reason other than those specified in subparagraphs (a) and (b), above, his
participation in the Plan shall immediately cease and he shall not be entitled to any award under the Plan, unless the Committee, in its sole discretion, determines otherwise. 
  

 6 

 (d) Notwithstanding anything contained in this Plan to the contrary, if (i) a Participant’s
employment is terminated as a result of, or in anticipation of, a Triggering Event, or (ii) a Participant’s employment is not terminated, but a Triggering Event occurs, a Participant shall receive an amount equal to the amount he would be
entitled to receive at the close of the performance period based on the extent to which the performance criteria set by the Committee have been met as of the date of the Triggering Event, unless the Committee decides to provide otherwise at the time
an award is made. Payment of the amount to which the Participant is entitled hereunder shall be made within 30 days after the occurrence of the Triggering Event. Further, if a payment hereunder were to be subject to Section 409A of the
Code and were to be connected with the “separation from service” of a “specified employee” (within the meaning of the regulations promulgated under Section 409A of the Code), no payment to that employee would be made prior
to the date that is one day after the six-month anniversary of the Participant’s the separation from service, or, if earlier, the date of death of the employee. The Participant shall receive interest on the delayed payment at a taxable money
market rate as determined by the Committee in its sole discretion, or, if such money is held in a Rabbi Trust, the Participant shall receive interest equal to the amount earned on the funds while they were held by the Rabbi Trust. 
 (e) The Plan does not confer upon any Participant any right with respect to continuation of employment by the Company, a Subsidiary or division, nor
shall it interfere in any way with the right of the Company, any Subsidiary or a division to terminate any Participant’s employment at any time. 
  

	10.	ADJUSTMENT PROVISIONS. 

 If the Company shall effect a
subdivision or consolidation of Shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction in the number of Shares outstanding, or shall effect a spin-off, split-off, or other distribution of assets to
shareholders, without receiving consideration therefor in money, services or property, the number of Units in each Account and the number of Shares available for payment of awards hereunder shall be appropriately adjusted by the Committee.

  

	11.	NONASSIGNABILITY. 

 No Accounts or any payment under the
Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment, pledge, or encumbrance. Any attempt to alienate, sell, transfer, assign, pledge or otherwise
encumber any Account or any payment under the Plan shall be void and of no legal effect. 
  

	12.	BENEFICIARY DESIGNATION. 

 If a Participant dies prior to
the distribution to him of all amounts payable to him under the Plan, the amounts otherwise distributable to the Participant if living, shall be distributed to his designated beneficiary or beneficiaries. All beneficiary designations shall be made
in the form prescribed by the Committee from time to time and shall be delivered to the Secretary of the Company. If there is no effective beneficiary designation on file at the time of the Participant’s death, distribution of amounts otherwise
payable to the deceased Participant under 

  

 7 

 
the Plan shall be made to his Estate. If the beneficiary designated by the Participant shall survive the Participant but die before receiving all
distributions hereunder, all amounts otherwise payable to the deceased beneficiary shall be paid to such deceased beneficiary’s Estate unless the Participant’s beneficiary designation provides otherwise. The Company shall have no
responsibility with respect to the validity of any beneficiary designation made by a Participant and shall be fully protected if it acts thereon in good faith. 
  

	13.	TAXES. 

 The Company shall be entitled to pay or withhold
the amount of any tax which it believes is required as a result of the payment of any amounts under the Plan, and the Company may defer making payments hereunder until arrangements satisfactory to it have been made with respect to any such
withholding obligations. The Company shall have the right to rely on a written opinion of legal counsel, which may be independent legal counsel or legal counsel regularly employed by the Company, if any question should arise as to the payment or
withholding of taxes. 
  

	14.	EFFECTIVENESS OF THE PLAN. 

 The Plan became effective upon
approval by the Company’s Executive Compensation Committee and Board of Directors on March 30, 1994, subject to ratification of the Plan by the vote of the holders of a majority of the Shares present or represented and entitled to vote at
an annual or special meeting of the Company duly called and held which vote was received on August 23, 1994. An initial set of amendments hereto were approved by the Board of Directors on February 12, 1998, subject to approval at the
April 28, 1998 Annual Meeting of shareholders, which approval was obtained. An additional set of amendments hereto were approved by the Board of Directors on February 20, 2003, subject to approval at the April 22, 2003 Annual Meeting
of shareholders, which approval was obtained. The Plan was subsequently amended and restated on December 15, 2005. The Plan was most recently amended and restated, effective February 21, 2008, which amendment and restatement was approved
by the Committee on January 23, 2008 and by the Board of Directors on February 21, 2008, subject to approval by the Company’s shareholders at their annual meeting on April 22, 2008. If shareholder approval is not obtained, no
further grants of awards may be made under the Plan. All amendments hereto that were made to comply with the requirements of Section 409A of the Code and the guidance issued pursuant thereto shall be deemed effective as of January 1, 2005,
the effective date of Section 409A of the Code. 
  

	15.	TERMINATION AND AMENDMENT. 

 The Plan may be terminated,
modified or amended by the Company’s Board of Directors, provided, however, that any modification or amendment which would, under applicable law or other regulatory provisions require shareholder approval and any amendment to increase
the number of Units available for grant under the Plan or to an individual Participant shall be subject to shareholder approval and provided, further, that no termination, modification or amendment of the Plan may, without the consent of a
Participant, adversely affect the rights of such Participant in any outstanding award, other than a termination because the requisite shareholder approval is not obtained. In such event, any awards made subject to the consent of the shareholders
shall be void and of no further effect. 
  

 8 

	16.	GOVERNING LAW. 

 The Plan shall be construed, administered
and governed in all respects under and by the applicable laws of the State of Wisconsin, without regard to its conflicts of law provisions. 
  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]