Document:

Employment agreement

 EXHIBIT 10.9 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) dated as of
January 2, 2007, by and between National Retail Properties, Inc., with its principal place of business at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801 (the “Company”), and Christopher P. Tessitore, residing at the
address set forth on the signature page hereof (“Executive”). 
 WHEREAS, the Company desires to continue to employ Executive, and
Executive desires to continue to be employed by the Company; and 
 WHEREAS, the Company and Executive desire to enter into an Employment
Agreement, which sets forth the terms and conditions of Executive’s continuing employment by the Company. 
 Accordingly, the parties
hereto agree as follows: 
 1. Term. The Company hereby employs Executive, and Executive hereby accepts such employment, for a term (as
the same may be extended, the “Term”) commencing as of the date hereof and continuing for a two-year period, unless terminated earlier in accordance with the provisions of Section 4. On the second anniversary of the date hereof, the
Term shall automatically be extended for successive two-year periods in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party of non-renewal in writing, in accordance with
Section 8, 180 days prior to the expiration of the initial two-year period or any subsequent renewal period. 
 2. Duties. During
the Term, Executive shall be employed by the Company as Executive Vice President and General Counsel of the Company, and, as such, Executive shall faithfully perform for the Company the duties of said office and shall perform such other duties of an
executive, managerial or administrative nature as shall be specified and designated from time to time by the Board of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company, which duties shall not be
materially inconsistent with the duties performed by executives holding similar offices with real estate investment trusts. Executive shall devote substantially all of his business time and effort to the performance of his duties hereunder, except
that Executive may devote reasonable time and attention to civic, charitable, business or social activities so long as such activities do not interfere with Executive’s employment duties. Executive shall comply with the policies, standards, and
regulations established from time to time by the Company. 
 3. Compensation. 
 3.1 Salary. For purposes of this Agreement, a “Contract Year” shall mean each calendar year during the Term. During the first Contract
Year of the Term, the Company shall pay Executive a base salary at the rate of $170,000 per annum, in accordance with the customary payroll practices of the Company applicable to senior executives, but not less frequently than monthly. The
Compensation Committee of the Board shall review Executive’s base salary each Contract Year during the Term and may increase such amount as it may deem advisable (such salary, as the same may be increased, the “Annual Salary”).

 3.2 Bonus and Incentive Compensation. Executive will be entitled to participate in the Company’s Annual Bonus Program (the
“Bonus Plan”) as follows: 
 (a) Annual Bonus Compensation. Executive shall be eligible to receive a bonus each Contract Year
(“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to
time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year. 

 (b) Equity Incentive Awards. Executive shall be eligible to participate each Contract Year in the
Company’s equity incentive plans pursuant to the Company’s 2000 Performance Incentive Plan or such other plans or programs as the Compensation Committee shall determine. 
 3.3 Benefits - In General. Except with respect to benefits of a type otherwise provided for under Section 3.4, Executive shall be permitted
during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe benefit programs and similar benefits that may be available to other senior executives of the Company
generally, on the same terms as such other executives, in each case to the extent that Executive is eligible under the terms of such plans or programs. 
 3.4 Specific Benefits. Without limiting the generality of Section 3.3, the Company shall make available to Executive the fringe benefits set forth on Attachment “A” to this Agreement. Executive
shall be entitled to 20 days of paid time off (“PTO”) per Contract Year. Unless otherwise required by law, no more than 10 days of unused PTO may be carried forward (on a “first-in, first-out” basis) to the immediately following
year (but not thereafter). 
 3.5 Expenses. The Company shall pay or reimburse Executive for all ordinary and reasonable out-of-pocket
expenses incurred by Executive during the Term in the performance of Executive’s services under this Agreement; provided that such expenses are incurred and accounted for by Executive in accordance with the policies and procedures established
from time to time by the Company. 
 4. Termination of Employment. 
 4.1 Termination upon Death or Disability. If Executive dies during the Term, the obligations of the Company to or with respect to Executive shall
terminate in their entirety except as otherwise provided under this Section 4.1. If Executive becomes eligible for disability benefits under the Company’s long-term disability plans and arrangements (or, if none, if Executive by virtue of
ill health or other disability is unable to perform substantially and continuously the duties assigned to him for at least 120 consecutive or non-consecutive days out of any consecutive 12-month period), the Company shall have the right, to the
extent permitted by law, to terminate the employment of Executive upon notice in writing to Executive; provided that the Company will have no right to terminate Executive’s employment if, in the reasonable opinion of a qualified physician
acceptable to the Company, it is substantially certain that Executive will be able to resume Executive’s duties on a regular full-time basis within 30 days of the date Executive receives notice of such termination. Upon death or other
termination of employment by virtue of disability in accordance with this Section 4.1, Executive (or Executive’s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation or benefit
hereunder on and after the effective date of the termination of employment other than (i) Annual Salary and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for
expenses incurred prior to the date of termination); (ii) a cash payment equal to the prorated portion of the Annual Bonus at the “target” level for the Contract Year or partial Contract Year in which 

  

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Executive’s employment hereunder terminates; (iii) elimination of any exclusively time-based vesting conditions on any restricted stock, stock
option or other equity awards in the Company he had been granted which he then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such
time-based vesting conditions) will continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); (iv) in the event of Executive’s death, (A) a cash payment
equal to two months of Executive’s Annual Salary payable no later than 10 days after such termination, and (B) continuation to Executive’s spouse and dependents of fully paid health insurance benefits under the Company’s health
plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) during the one year following the date of termination; and (v) Executive (or, in the case of his death, his estate and
beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 
 4.2 Termination by the Company for Cause; Termination by Executive without Good Reason. 
 (a) For
purposes of this Agreement, “Cause” shall mean Executive’s: 
  

	 	(i)	conviction of (or pleading nolo contendere to), or an indictment or information is filed against Executive and is not discharged or otherwise resolved within 12 months thereafter,
and said indictment or information charged Executive with a felony, any crime of moral turpitude, or any crime which is likely to result in material injury to the Company; 

  

	 	(ii)	the continued failure by Executive substantially to perform his duties or to carry out the lawful directives of the Board of Directors; 

  

	 	(iii)	material breach of a fiduciary duty relating to Executive’s employment with the Company, or otherwise engaging in gross misconduct or willful or gross neglect (in connection
with the performance of his duties) which is materially injurious to the Company; or 

  

	 	(iv)	material breach of any of Section 6 or any other provisions of this Agreement 

 provided, that the Company shall not be permitted to terminate Executive for Cause except on written notice given to Executive at any time following the occurrence of any of the events described in clause (i), (ii),
(iii) or (iv) above. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause under clause (ii) or (iv) above unless the Company provided written notice to Executive setting forth in
reasonable detail the reasons for the Company’s intention to terminate for Cause, Executive has been provided the opportunity, together with counsel, not later than 14 days following such notice to be heard before the Board and Executive failed
within 30 days (or, if later, five business days after such hearing) to cure the event or deficiency set forth in the written notice. 
 (b)
The Company may terminate Executive’s employment hereunder for Cause, and Executive may terminate his employment at any time upon 60 days prior written notice to the Company. If the Company terminates Executive for Cause, or Executive
terminates his employment and the termination by Executive is not covered by Section 4.3, (i) Executive shall receive Annual 

  

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Salary and other benefits (but, in all events, and without increasing Executive’s rights under any other provision hereof, excluding any Annual Bonus
not yet paid) earned and accrued under this Agreement prior to the termination of employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment), and (ii) Executive shall have no further rights
to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. 
 4.3
Termination by the Company without Cause; Termination by Executive for Good Reason. 
 (a) For purposes of this Agreement, “Good
Reason” shall mean, unless otherwise consented to by Executive: 
  

	 	(i)	a material reduction in Executive’s position, authority, duties or responsibilities; 

  

	 	(ii)	a reduction in Annual Salary of Executive; 

  

	 	(iii)	the relocation of Executive’s office to more than 50 miles from the Company’s principal place of business in Orlando, Florida; 

  

	 	(iv)	the Company’s material breach of this Agreement; or 

  

	 	(v)	the Company’s failure to obtain an agreement from any successor to the business of the Company by which the successor assumes and agrees to perform this Agreement.

 Notwithstanding the foregoing, Good Reason under clause (i), (ii), (iii) or (iv) above shall not be deemed to exist unless notice
of termination on account thereof (specifying a termination date no later than 15 days from the date of such notice) is given by Executive to the Company no later than 30 days after the time at which Executive first becomes or should have become
aware of the event or condition purportedly giving rise to Good Reason; and, in such event, the Company shall have 30 days from the date notice of such a termination is given to cure such event or condition and, if the Company does so, such event or
condition shall not constitute Good Reason hereunder. 
 (b) The Company may terminate Executive’s employment at any time for any reason
or no reason upon 30 days’ prior written notice to Executive and Executive may terminate Executive’s employment with the Company for Good Reason. If the Company terminates Executive’s employment and the termination is not covered by
Sections 4.1, 4.2 or 4.4 or Executive terminates his employment for Good Reason: 
  

	 	(i)	Executive shall (subject, in the case of the following clauses (C), (D), (E) and (H), to Executive’s delivery of a general release reasonably acceptable to the Company
which shall have become irrevocable) be entitled to: 

  

	 	(A)	any accrued but unpaid Annual Salary and PTO due to Executive as of the termination of employment; 

  

	 	(B)	reimbursement under this Agreement for expenses incurred but unpaid prior to the termination of employment; 

  

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	 	(C)	a cash payment equal to 200% of Executive’s Annual Salary, payable in equal installments over a 12–month period in accordance with the Company’s usual and customary
payroll practices, commencing on the first payday following Executive’s termination; provided, however, that, in the event of such a termination upon or after a Change of Control, such payment shall be paid to Executive in a single sum no later
than 10 days following delivery of the release referenced above and the release having become irrevocable; and provided, further, that no payments shall be made less than six months after termination to the extent required to comply with
Section 409A of the Code (in which case any payments deferred under this provision shall be paid upon the six-month anniversary of termination); 

  

	 	(D)	a cash payment equal to 200% of Executive’s average Annual Bonus for the three Contract Years immediately preceding the date of termination, payable in equal installments over
a 12-month period in accordance with the Company’s usual and customary payroll practices, commencing on the first payday following Executive’s termination; provided, however, that, in the event of such a termination upon or after a Change
of Control, such payment shall be paid to Executive in a single sum no later than 10 days following delivery of the release referenced above and the release’s having become irrevocable; and provided, further, that no payments shall be made less
than six months after termination to the extent required to comply with Section 409A of the Code (in which case any payments deferred under this provision shall be paid upon the six-month anniversary of termination); 

 

	 	(E)	any payment due under Section 5 hereof; 

  

	 	(F)	vesting of any restricted stock, stock options or other equity awards in the Company Executive had been granted which Executive then continues to hold, to the extent then unvested;

  

	 	(G)	for a period of one year after termination, such health benefits under the Company’s health plans and programs applicable to senior executives of the Company generally (if and
as in effect from time to time) as Executive would have received under this Agreement (and at such costs to Executive as would have applied in the absence of such termination); provided, however, that the Company shall in no event be required to
provide any benefits otherwise required by this clause (G) after such time as Executive becomes entitled to receive benefits of the same type from another employer or recipient of Executive’s services (such entitlement being determined
without regard to any individual waivers or other similar arrangements); and 

  

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	 	(H)	in the event of such a termination upon or after a Change of Control, a prorated Annual Bonus at the “target” level for the Contract Year or partial Contract Year in which
Executive’s employment hereunder terminates; 

 provided that the amounts referred to in clauses (A), (B), (E) and
(H) shall be paid to Executive in a single sum no later than 10 days following delivery of the release referenced above, except to the extent that a six-month delay is necessary to avoid tax under Section 409A of the Code; and 

 

	 	(ii)	Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.

 4.4 Natural Termination. In the event that Executive’s employment by the Company pursuant to this Agreement
terminates at the scheduled expiration of the Term because of a non-renewal of the Term as a result of a decision by the Company not to renew as contemplated by and in accordance with the last sentence of Section 1 (and not theretofore under
Section 4.1, 4.2 or 4.3), 
  

	 	(i)	Executive shall (subject, in the case of the following clauses (C), (D) and (F), to Executive’s delivery of a general release reasonably acceptable to the Company which
shall have become irrevocable) be entitled to: 

  

	 	(A)	any accrued but unpaid Annual Salary and PTO due to Executive as of the termination of employment; 

  

	 	(B)	reimbursement under this Agreement for expenses incurred but unpaid prior to the termination of employment; 

  

	 	(C)	a cash payment equal to 200% of Executive’s Annual Salary in the case of expiration of the initial Term, or 100% of Executive’s Annual Salary in the case of expiration of
a renewal of the Term, payable in equal installments over a 12–month period in accordance with the Company’s usual and customary payroll practices, commencing on the first payday following termination of this Agreement; provided, however,
that no payments shall be made less than six months after termination to the extent required to comply with Section 409A of the Code (in which case any payments deferred under this provision shall be paid upon the six-month anniversary of
termination); 

  

	 	(D)	any payment due under Section 5 hereof; 

  

	 	(E)	 for a period of one year after termination, such health benefits under the Company’s health plans and programs 

  

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applicable to senior executives of the Company generally (if and as in effect from time to time) as Executive would have received under this Agreement (and
at such costs to Executive as would have applied in the absence of such termination upon expiration); provided, however, that the Company shall in no event be required to provide any benefits otherwise required by this clause (E) after such
time as Executive becomes entitled to receive benefits of the same type from another employer or recipient of Executive’s services (such entitlement being determined without regard to any individual waivers or other similar arrangements);

  

	 	(F)	a prorated Annual Bonus at the “target” level for the Contract Year or partial Contract Year in which Executive’s employment hereunder terminates; and

  

	 	(G)	only in the case of expiration of the initial Term, elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or other equity awards in the
Company Executive had been granted which Executive then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such time-based vesting
conditions) will continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); 

 provided that the amounts referred to in clauses (A), (B), (D) and (F) shall be paid to Executive in a single sum no later than 10 days following delivery of the release referenced above, except to the
extent that a six-month delay is necessary to avoid tax under Section 409A of the Code; and 
  

	 	(ii)	Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.

 5. Certain Additional Payments by the Company. 
 (a) Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment or
distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under
this Section 5) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of
all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, and
taking into account any withholding obligation on the part of the Company, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 
  

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 (b) Subject to the provisions of Section 5(c), all determinations required to be made under this
Section 5, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be used in arriving at such determination, shall be made by the Company’s regular independent accounting
firm (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and Executive within 15 business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as is
requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 5, shall be paid by the Company to Executive, net of any of the
Company’s federal or state withholding obligations with respect to such Payment, within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and
Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the
Company should have been made (each, an “Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 5(c) and Executive thereafter is required
to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive. 
 (c) Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the
Company of a Gross-Up Payment (or an additional Gross-Up Payment). Such notification shall be given as soon as practicable but no later than 10 business days after Executive is informed in writing of such claim and shall apprise the Company of the
nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall: 
  

	 	(i)	give the Company any information reasonably requested by the Company relating to such claim, 

  

	 	(ii)	take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Company, 

  

	 	(iii)	cooperate with the Company in good faith in order to effectively contest such claim, and 

  

	 	(iv)	 permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with 

  

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respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation of the foregoing provisions of this
Section 5(c), the Company shall control all proceedings taken in connection with such contest (to the extent applicable to the Excise Tax and the Gross-Up Payment) and, at its sole option, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive
agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive
to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes
for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a
Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 

 (d) If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 5(c), Executive becomes entitled to receive any
refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section 5(c)) promptly pay (in no more than five business days) to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 5(c), a determination is made that Executive shall not be entitled to any refund with
respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
 6.
Non-Competition, Non-Solicitation, and Confidentiality; Certain Other Covenants. 
 6.1 Disclosure of Confidential Information.
Executive acknowledges that the Company will provide Executive with confidential and proprietary information regarding the business in which the Company or any of its current or future subsidiaries or affiliates (collectively, other than the
Company, the “Company Affiliates”) are involved, and the Company and the Company Affiliates will provide Executive with trade secrets, as defined in Section 688.002(4) of the Florida Statutes, of the Company and the Company Affiliates
(hereinafter all such confidential information and trade secrets referred to as the “Confidential Information”). For purposes of this Agreement, “Confidential Information” includes, but is not limited to: 
 (a) Information related to the business of the Company and the Company Affiliates, including but not limited to marketing strategies and plans, sales
procedures, operating policies and procedures, pricing and pricing strategies, business and strategic plans, financial statements and projections, accounting and tax positions and procedures, and other business and financial information of the
Company and the Company Affiliates; 
  

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 (b) Information regarding the customers of the Company and the Company Affiliates which Executive
acquired as a result of his employment with the Company, including but not limited to, customer contracts, customer lists, work performed for customers, customer contacts, customer requirements and needs, data used by the Company and the Company
Affiliates to formulate customer proposals, customer financial information and other information regarding the customer’s business; 
 (c) Information regarding the vendors of the Company and the Company Affiliates which Executive acquired as a result of his employment with the Company, including but not limited to, product and service information and other information
regarding the business activities of such vendors; 
 (d) Training materials developed by and utilized by the Company and the Company
Affiliates; 
 (e) Any other information which Executive acquired as a result of his employment with the Company and which Executive has a
reasonable basis to believe the Company or the Company Affiliates, as the case may be, would not want disclosed to a business competitor or to the general public; and 
 (f) Information which: 
  

	 	(i)	is proprietary to, about or created by the Company or the Company Affiliates; 

  

	 	(ii)	gives the Company or any of the Company Affiliates some competitive advantage, the opportunity of obtaining such advantage or the disclosure of which could be detrimental to the
interests of the Company or the Company Affiliates; 

  

	 	(iii)	is not typically disclosed to non-executives by the Company or otherwise is treated as confidential by the Company or the Company Affiliates; or 

  

	 	(iv)	is designated as Confidential Information by the Company or from all the relevant circumstances should reasonably be assumed by Executive to be confidential to the Company or any
Company Affiliates; 

 provided, however, that Confidential Information shall not include information which (x) at the time of receipt or
thereafter becomes publicly known through no wrongful act of Executive, (y) is obtainable in the public domain, or (z) if Executive gives prior notice to the Company of any disclosure of information described in the following provisions of
this clause (z), can be and is demonstrated by Executive as not having been developed by use of or reference to other Confidential Information and as not having been acquired or developed by Executive in connection with Executive’s employment
or affiliation with the Company. 
  

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 6.2 Covenant Not to Compete. While employed by the Company and, in the event of a termination of
Executive’s employment (other than in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the first time on
or after the Change of Control that the Term is up for renewal), for a period of one year thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive,
Executive shall not, directly or indirectly, for compensation or otherwise, engage in or have any interest in any sole proprietorship, partnership, corporation, company, association, business or any other person or entity (whether as an employee,
officer, corporation, business or any creditor, consultant or otherwise) that, directly or indirectly, competes with the Company’s “Business” (as defined below) in any and all states in which the Company or any Company Affiliate
conducts such business while Executive is employed by the Company or any Company Affiliate; provided, however, Executive may continue to hold securities of the Company or any Company Affiliate or continue to hold or acquire, solely as an investment,
shares of capital stock or other equity securities of any company if (x) he currently holds an interest in such stock or other securities, and before the date hereof has disclosed to the Board in detail (I) the applicable company (or
companies) and (II) the specific stock or other equity securities of the entity he owns, or (y) the stock or other securities are traded on any national securities exchange or are regularly quoted in the over-the-counter market, so long as
Executive does not control, acquire a controlling interest in, or become a member of a group which exercises direct or indirect control of more than 5% of any class of capital stock of such corporation. For purposes of this Agreement, the
Company’s “Business” is defined so as to consist of the development, acquisition, ownership, management, and sale of a diversified portfolio of high-quality, freestanding net-lease properties leased to retail, restaurant,
convenience-store and similar businesses, and such other businesses conducted by the Company after the date hereof, and from time to time during the Term, that shall become material and substantial with respect to the Company’s then-overall
business. 
 6.3 Non-Solicitation of Clients. While employed by the Company and, in the event of a termination of Executive’s
employment (other than in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the first time on or after the
Change of Control that the Term is up for renewal), for a period of one year thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive
shall not, directly or indirectly, for himself or as principal, agent, independent contractor, consultant, director, officer, member, or employee of any other person, firm, corporation, partnership, company, association, business or other entity,
solicit, attempt to contract with, or enter into a contractual or business relationship of any kind pertaining to any aspect of the Company’s Business, or any other business conducted by the Company or any Company Affiliate at the time of
termination of employment or at any time in the prior 12-month period, with any person or entity with which the Company or any Company Affiliate has any contractual or business relationship, or engaged in negotiations toward such a contract, in the
previous 12 months, if such solicitation, attempt to contract with, or entering into a contractual or business relationship would have a material adverse effect on the Company’s operations, financial condition, prospects or relationship with
such person or entity. 
 6.4 Non-Solicitation of Employees. While employed by the Company and, in the event of a termination of
Executive’s employment (other than in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a 

  

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termination due to non-renewal of the Term by the Company at the first time on or after the Change of Control that the Term is up for renewal), for a period
of one year thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall not directly or indirectly, for himself or as principal,
agent, independent contractor, consultant, director, officer, member, or employee of any other person, firm, corporation, partnership, company, association or other entity, either (i) hire, attempt to employ, contact with respect to hiring,
solicit with respect to hiring or enter into any contractual arrangement with any employee or former employee of the Company or any Company Affiliate, or (ii) induce or otherwise advise or encourage any employee of the Company or any Company
Affiliate to leave his or her employment; unless, in each such case, such employee or former employee has not been employed by the Company or a Company Affiliate for a period in excess of six months at the time of such solicitation, attempt to
employ, contact, employment or inducement. 
 6.5 Confidentiality. While employed by the Company and after Executive’s employment
terminates, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall keep secret and retain in strictest confidence, shall not disclose to any
third-party, and shall not use for his benefit or the benefit of others, except in connection with the business affairs of the Company, any Company Affiliate, or any of their officers or directors (collectively, the “Benefited Persons”),
all confidential and proprietary information and trade secrets relating to the business of the Company or any of the other Benefited Persons (but not if expressly excluded from being Confidential Information under the proviso of
Section 6.1(f)), including, without limitation, the Confidential Information, unless such disclosure is required by a valid subpoena or other legal mandate or otherwise by rule of law or other valid order of a court or government body or
agency. In the event disclosure so is required, Executive shall provide the Company with written notice of same at least five business days prior to the date on which Executive is required to make the disclosure. Notwithstanding the foregoing, the
express terms of this Section 6.5 shall not apply in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the
first time on or after the Change of Control that the Term is up for renewal. 
 6.6 Tangible Items. All files, records, documents,
manuals, books, forms, reports, memoranda, studies, data, calculations, recordings, or correspondence, whether visually perceptible, machine-readable or otherwise, in whatever form they may exist, and all copies, abstracts and summaries of the
foregoing, and all physical items related to the business of the Company, whether of a public nature or not, and whether prepared by Executive or not, are and shall remain the exclusive property of the Company , and shall not be removed from its
premises, except as required in the course of Executive’s employment by the Company, without the prior written consent of the Company. Such items, including any copies or other reproductions thereof, shall be promptly returned by Executive to
the Company at any time upon the written request of the Company. Notwithstanding the foregoing, the express terms of this Section 6.6 shall not apply in the event of a Change of Control and subsequent termination by the Company without Cause or
by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the first time on or after the Change of Control that the Term is up for renewal. 
 6.7 Remedies. 
 (a) The Company and
Executive acknowledge and agree that a breach by Executive of any of the covenants contained in this Section 6 will cause immediate and irreparable harm and damage to the Company and any other Benefited Person, and that monetary damages will be
inadequate to compensate the Company, and any other Benefited Person, as the case may be, for such 

  

 12 

 
breach. Accordingly, Executive acknowledges that the Company and any other Benefited Person affected shall, in addition to any other remedies available to it
at law or in equity, be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of said covenants by Executive or any of his affiliates, associates, partners or agents, either directly or
indirectly, without the necessity of proving the inadequacy of legal remedies or irreparable harm. 
 (b) Except with regard to
Section 6.7(a), all disputes between the parties or any claims concerning the performance, breach, construction or interpretation of this Agreement, or in any manner arising out of this Agreement, shall be submitted to binding arbitration in
accordance with the Commercial Arbitration Rules, as amended from time to time, of the American Arbitration Association (the “AAA”), which arbitration shall be carried out in the manner set forth below: 
  

	 	(i)	Within 15 days after written notice by one party to the other party of its demand for arbitration, which demand shall set forth the name and address of its designated arbitrator,
the other party shall appoint its designated arbitrator and so notify the demanding party. Within 15 days thereafter, the two arbitrators so appointed shall appoint the third arbitrator. If the two appointed arbitrators cannot agree on the third
arbitrator, then the AAA shall appoint an independent arbitrator as the third arbitrator. The dispute shall be heard by the arbitrators within 90 days after appointment of the third arbitrator. The decision of any two or all three of the arbitrators
shall be binding upon the parties without any right of appeal. The decision of the arbitrators shall be final and binding upon the Company, its successors and assigns, and upon Executive, his heirs, personal representatives, and legal
representatives. 

  

	 	(ii)	The arbitration proceedings shall take place in Orlando, Florida, and the judgment and determination of such proceedings shall be binding on all parties. Judgment upon any award
rendered by the arbitrators may be entered into any court having competent jurisdiction without any right of appeal. 

  

	 	(iii)	Each party shall pay its or his own expenses of arbitration, and the expenses of the arbitrators and the arbitration proceeding shall be shared equally. However, if in the opinion
of a majority of the arbitrators, any claim or defense was unreasonable, the arbitrators may assess, as part of their award, all or any part of the arbitration expenses of the other party (including reasonable attorneys’ fees) and of the
arbitrators and the arbitration proceeding. 

 6.8 Change of Control. For the purposes of this Agreement, “Change
of Control” shall be a change of control under the applicable definition contained in Section 2.4 of the Company’s 2000 Performance Incentive Plan, or successor thereto of comparable import; provided, however, that in no event shall a
Change of Control for purposes of this Agreement be deemed to have arisen merely by virtue of a “person” or “group” (which terms shall have the meaning they have when used in Section 13(d) of the Securities Exchange Act of
1934, as amended) having become a direct or indirect owner of Company securities (such that a Change of Control would, without regard to this proviso, otherwise have been deemed to have occurred), if Executive is or is a member of such person or
group. 
  

 13 

 7. Severability. As the provisions of this Agreement are independent of and severable from each
other, the Company and Executive agree that if, in any action before any court or agency legally empowered to enforce this Agreement, any term, restriction, covenant, or promise hereof is found to be unreasonable or otherwise unenforceable, then
such decision shall not effect the validity of the other provisions of this Agreement, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable. 
 8. Notice. For purposes of this Agreement, notices, demands and all other communications provided for in the Agreement shall be in writing and
shall be deemed to have been duly given when received if delivered in person, the next business day if delivered by overnight commercial courier (e.g., Federal Express), or the third business day if mailed by United States certified mail, return
receipt requested, postage prepaid, to the following addresses: 
 (a) If to the Company, to: 
 National Retail Properties, Inc. 
 450 South
Orange Avenue, 9th Floor 
 Orlando, Florida 32801 
 Attn: Chairman of the Compensation Committee of the Board of Directors 
 with a copy to: 
 National Retail Properties, Inc. 
 450 South
Orange Avenue, 9th Floor 
 Orlando, Florida 32801 
 Attention: President 
 and 
 Pillsbury Winthrop Shaw Pittman LLP 
 2300 N Street, N.W. 
 Washington, DC 20037 
 Attn: Jeffrey B.
Grill, Esq. 
 (b) If to Executive, to: 
 Christopher P. Tessitore 
 at the address set forth on the signature page hereof 
 Either party may change its address for notices in accordance with this Section 8 by providing written notice of such change to the other party. 
 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. 
 10. Benefits; Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs,
personal representatives, legal representatives, successors and permitted assigns. Executive shall not assign this Agreement. However, the Company is expressly authorized to assign this Agreement to a Company Affiliate upon written notice to 

  

 14 

 
Executive, provided that (i) the assignee assumes all of the obligations of the Company under this Agreement, (ii) Executive’s role when
viewed from the perspective of Company Affiliates in the aggregate is comparable to such role immediately before the assignment, and (iii) the Company, for so long as an affiliate of the assignee, remains secondarily liable for the financial
obligations hereunder. 
 11. Attorney’s Fees. The Company agrees to reimburse Executive for his reasonable legal fees incurred
in reviewing this Agreement. In the event of any legal proceeding relating to this Agreement or any term or provision thereof, the losing party shall be responsible to pay or reimburse the prevailing party for all reasonable attorneys’ fees
incurred by the prevailing party in connection with such proceeding, except that, in the event of an arbitration, the provisions of Section 6.7(b)(iii) shall apply. 
 12. Entire Agreement Amendment. This Agreement, including its incorporated Attachment “A,” constitutes the entire agreement between the parties, and all prior understandings, agreements or
undertakings between the parties concerning Executive’s employment or the other subject matters of this Agreement (including without limitation the Existing Employment Agreement) are superseded in their entirety by this Agreement. 

13. Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only
by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any
waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or
privilege. 
 14. No Duty to Mitigate. Executive shall not be required to mitigate damages or the amount of any payment provided for
under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in the event Executive does mitigate (except as otherwise provided in clause (i)(G) of the second sentence of Section 4.3(b) or
clause (i)(E) of Section 4.4). 
 15. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed
an original, but which together shall be one and the same instrument. 
 16. Tax Advice. Executive confirms and represents to the
Company that he has had the opportunity to obtain the advice of legal counsel, financial and tax advisers, and such other professionals as he deems necessary for entering into this Agreement, and he has not relied upon the advice of the Company or
the Company’s officers, directors, or employees. 
 17. Interpretation. As both parties having had the opportunity to consult
with legal counsel, no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such provision. 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. 
  

			
	NATIONAL RETAIL PROPERTIES, INC.
		
	By:	 	 /s/ Craig Macnab

	Name:	 	Craig Macnab
	Title:	 	Chief Executive Officer

  

	
	 /s/ Christopher P. Tessitore

	Christopher P. Tessitore

  

 16 

 ATTACHMENT “A” 
 Additional Fringe Benefits 
  

	•	 	 $500/month car allowance 

  

	•	 	 Long-term disability coverage providing benefits equal to two-thirds of Annual Salary 

  

	•	 	 Life insurance benefits with a face amount equal to Annual Salary (provided that, if at any time the Company cannot obtain such insurance at rates which are
reasonable for the provision by the Company of such a benefit, the Company may then self-insure such benefits) 

  

 17Fifth Third Bancorp Non-qualified Deferred Compensation Plan

 Exhibit 10.9 
 THE FIFTH THIRD BANCORP 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
 (as amended and restated effective as of November 1, 2007) 
  

 THE FIFTH THIRD BANCORP 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
 (as amended and restated effective
as of November 1, 2007) 
  
 ARTICLE I - INTRODUCTION AND SECTION 409A COMPLIANCE 
  

	1.1	Amendment and Restatement. Fifth Third Bancorp most recently amended and restated The Fifth Third Bancorp Nonqualified Deferred Compensation Plan in its entirety effective
January 1, 2007, by an amendment executed on December 4, 2006. Fifth Third Bancorp hereby again amends and restates the Plan effective November 1, 2007. 

  

	1.2	Transition Rules under Section 409A. 

  

	 	(a)	2005 Payment Elections. In accordance with Paragraph 10.3, the Committee allowed new payment elections under Article X in 2005 which, for purposes of Article X, were treated
as a Participant’s timely initial election under Paragraph 10.2(a) and not as a change in election under Paragraph 10.2(c). Any such election shall be administered by the Committee in its sole and absolute discretion and in compliance with
Internal Revenue Service Notice 2005-1 and any other applicable legal authority. 

  

	 	(b)	2007 and 2008 Payment Elections. In its discretion, the Committee may allow a Participant who remains actively employed by an Employer to complete a new payment election
under Paragraph 10.1 by a date in 2007 or 2008 determined by the Committee. The Committee may allow such an election on a case-by-case basis in its discretion without being required to extend the opportunity to all Participants. Any such election
shall be treated as an initial election under Paragraph 10.2(a) and not a change under Paragraph 10.2(c). Any such election shall be administered by the Committee in compliance with Internal Revenue Service Notice 2006-79 (for elections in 2007) and
Notice 2007-86 (for elections in 2008) and any other applicable legal authority. 

  

	 	(c)	2007 Performance Based Restricted Stock Deferral. In accordance with Paragraph 4.4, the Committee shall administer deferral elections with respect to certain Performance
Based Restricted Stock in 2007. Any such election shall be administered by the Committee in its sole and absolute discretion and in compliance with Internal Revenue Service Notice 2006-79 and any other applicable legal authority.

 ARTICLE II - DEFINITIONS 
  

	2.1	“Account” shall mean the account established by an Employer as a book reserve to reflect the amounts credited to a Participant under this Plan. A Participant’s
Account under the Plan may include one or more of the following subaccounts: 

	 	(a)	Deferred Compensation Account. 

  

	 	(b)	Matching Account. 

  

	 	(c)	Predecessor Plan Account. 

  

	 	(d)	Profit Sharing Account. 

  

	2.2	“Beneficiary” shall mean the person or persons entitled to receive the distributions, if any, payable under the Plan upon or after a Participant’s death, to
such person or persons as such Participant’s Beneficiary. Each Participant may designate a Beneficiary by filing the proper form with the Committee. A Participant may designate one or more contingent Beneficiaries to receive any distributions
after the death of a prior Beneficiary. A designation shall be effective upon said filing, provided that it is so filed during such Participant’s lifetime, and may be changed from time to time by the Participant. 

  

	2.3	“Claims Review Committee” shall mean the committee established by the Committee for purposes of administering the claims and claim review procedures under the Plan.

  

	2.4	“Code” shall mean the Internal Revenue Code of 1986, as amended at the particular time applicable. A reference to a section of the Code shall include said section
and any comparable section or sections of any future legislation that amends, supplements or supersedes said section. 

  

	2.5	“Committee” shall mean The Fifth Third Bank Pension, Profit Sharing and Medical Plan Committee which is responsible for the administration of this Plan in
accordance with the provisions of the Plan as set forth in this document. A reference to the Committee includes its delegate. 

  

	2.6	“Compensation” shall mean the total base earnings plus variable compensation (but excluding performance-based, additional cash compensation incentives) paid by an
Employer to a Participant or which would otherwise be paid but for a deferral election hereunder. 

  

	2.7	“Deferred Compensation Account” shall mean the account established by an Employer as a book reserve to reflect the amounts deferred by a Participant under
Paragraphs 4.1 and 4.2, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI. 

  

	2.8	“Effective Date” shall mean November 1, 2007. 

  

	2.9	“Employer” shall mean Fifth Third Bank, an Ohio Banking Corporation, and any other subsidiary of Fifth Third Bancorp or any successor or assignee of any of them.

  

	2.10	“Executive” shall mean an employee of an Employer who is employed on a full-time basis and who is a Bank President, Bank Executive Vice President, Bank Senior Vice
President or Bank Vice President. 

  

 - 2 - 

	2.11	“Grandfathered Participant” shall mean a Participant (other than an individual who is a Participant under Paragraph 2.16(b)) whose service with all Employers
terminated prior to September 1, 1999. 

  

	2.12	“Key Employee” shall mean an employee of an Employer who is employed by an Employer on a full-time basis and who is in Pay Band A, B, C or D, as determined by Fifth
Third Bancorp. 

  

	2.13	“Master Profit Sharing Plan” shall mean The Fifth Third Bancorp Master Profit Sharing Plan, as amended from time to time. 

  

	2.14	“Matching Account” shall mean the account established by an Employer as a book reserve to reflect the amounts credited by an Employer as matching contributions
under Article V, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI. 

  

	2.15	“Open Enrollment Period” shall mean such period no more than thirty (30) days in length prescribed by the Committee, closing no later than the last day of the
Plan Year immediately preceding the Plan Year for which elections to defer Compensation under Article IV are permitted. 

  

	2.16	“Participant” shall mean any of the following: 

  

	 	(a)	any Executive or Key Employee who satisfies the eligibility requirements of Article III and who receives an allocation to his Account under Article IV, Article V, or Article VI, as
well as any former Executive or Key Employee who has an Account under the Plan; or 

  

	 	(b)	any person who has a Predecessor Plan Account attributable to his employment covered by a Predecessor Plan. 

  

	2.17	“Performance Based Restricted Stock” shall mean common stock without par value of Fifth Third Bancorp, granted under the 2004 Fifth Third Bancorp Incentive
Compensation Plan, or any successor plan, subject to the satisfaction of specified performance goals, provided the grant is not includible in the income of the recipient in the year of grant for federal income tax purposes (and the recipient does
not make an election under section 83(b) of the Code to include the grant in income in the year of the grant). 

  

	2.18	“Plan” shall mean The Fifth Third Bancorp Nonqualified Deferred Compensation Plan as described in this instrument, and as may be amended, thereafter.

  

	2.19	“Plan Year” shall mean the calendar year. 

  

	2.20	“Predecessor Plan” shall mean any other nonqualified deferred compensation plan designated by the Committee. Each such Predecessor Plan was completely amended and
restated into this Plan effective January 1, 2005. 

  

 - 3 - 

	2.21	“Predecessor Plan Account” shall mean an account established by the Employer as a book reserve to reflect amounts credited hereunder with respect to a Predecessor
Plan, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI. Previously, the Plan maintained a Predecessor Plan Diversified Account separate from a Predecessor Plan Stock Account to
reflect differing investment rights. The Predecessor Plan Account is the successor to each of these prior subaccounts now that the investment rights no longer differ. 

  

	2.22	“Profit Sharing Account” shall mean the account established by an Employer as a book reserve to reflect the amounts credited by an Employer as profit sharing
contributions under Article VI, as adjusted by earnings (and losses) under Article VIII and as reduced by distributions under Article X and Article XI. 

  

	2.23	“Qualified Executive” shall mean an employee of an Employer (a) who is an Executive, (b) who was an Executive for the 2007 Plan Year, and (c) who had
a Compensation deferral election in effect under the Plan for the 2007 Plan Year and thereafter. An individual meeting this criteria shall no longer be considered a Qualified Executive if, at any time and for any reason (including termination of
employment and voluntary decision to cease deferring), he no longer has a Compensation deferral election in effect. 

 ARTICLE III - ELIGIBILITY AND PARTICIPATION 
  

	3.1	For Plan Years Before 2008. Eligibility and participation shall be determined in accordance with this Paragraph 3.1 for Plan Years beginning before January 1, 2008. Each
individual who is an Executive on the first day of an Open Enrollment Period: 

  

	 	(a)	may elect to defer Compensation for services performed during the ensuing Plan Year to which the Open Enrollment Period relates, in accordance with Article IV; and

  

	 	(b)	shall be eligible for matching allocations under Article V and profit sharing allocations under Article VI for the Plan Year in which such Open Enrollment Period falls.

 An individual who is not an Executive on the first day of an Open Enrollment Period but who later becomes an Executive shall
not be eligible to elect to defer Compensation until the first day of the next Open Enrollment Period with respect to which he is still an Executive (for the Plan Year to which such next Open Enrollment Period relates); and he shall not be eligible
for matching or profit sharing allocations until the Plan Year containing the next Open Enrollment Period as of the first day of which he is an Executive. 
  

	3.2	For Plan Years 2008 and Later. Eligibility and participation shall be determined in accordance with this Paragraph 3.2 for Plan Years beginning on or after January 1,
2008. Each individual who, on the first day of an Open Enrollment Period relating to the 2008 Plan Year or a later Plan Year, is either a Key Employee or a Qualified Executive: 

  

 - 4 - 

	 	(a)	may elect to defer Compensation for services performed during the ensuing Plan Year to which the Open Enrollment Period relates, in accordance with Article IV; and

  

	 	(b)	shall be eligible for matching allocations under Article V and profit sharing allocations under Article VI for the Plan Year in which such Open Enrollment Period falls.

 An individual who is not a Key Employee or a Qualified Executive on the first day of an Open Enrollment Period but who later
becomes a Key Employee shall not be eligible to defer Compensation until the first day of the next Open Enrollment Period with respect to which he is still a Key Employee (for the Plan Year to which such next Open Enrollment Period relates); and he
shall not be eligible for matching or profit sharing allocations until the Plan Year containing the next Open Enrollment Period as of the first day of which he is a Key Employee. 
 A Qualified Executive’s eligibility for matching allocations under Article V and profit sharing allocations under Article VI may be limited to the
amount his allocations under the Master Profit Sharing Plan are reduced by reason of his Compensation deferrals under this Plan. 
  

	3.3	Eligibility for Deferral of Performance Based Restricted Stock. If the Committee allows a Key Employee to make a deferral election during an Open Enrollment Period with
respect to Performance Based Restricted Stock granted during the ensuing Plan Year, as provided in Paragraph 4.2(a)(i), a Key Employee would be eligible to make such a deferral election only if he is a Key Employee on the first day of the applicable
Open Enrollment Period. If the Committee allows a Key Employee to make a deferral election during an election period it establishes during the year of the grant of Performance Based Restricted Stock, as provided in Paragraph 4.2(a)(ii), a Key
Employee could be eligible to make such a deferral election only if he is a Key Employee on the first day of the applicable election period established by the Committee. 

 ARTICLE IV - ELECTION TO DEFER COMPENSATION OR RESTRICTED STOCK 
  

	4.1	Compensation Deferral  

  

	 	(a)	Compensation Deferral. Each Key Employee and Qualified Executive (Executive, for Plan Years before 2008) eligible under Article III may elect to have a portion of his
Compensation for services performed during a Plan Year deferred and credited with earnings in accordance with the terms and conditions of the Plan. The amount of Compensation deferred for any Plan Year by a Participant may not reduce the amount of
base pay such Participant receives in a Plan Year below $50,000. 

  

	 	(b)	 Implementation. The Compensation otherwise payable to the Participant during the Plan Year shall be reduced by the amount of the Participant’s election
under 

  

 - 5 - 

	 	 
this Paragraph 4.1. Such amounts shall be credited to the Participant’s Deferred Compensation Account at the time his Compensation is so reduced. For
purposes of this Paragraph 4.1, base earnings payable after December 31st solely for services performed during the final payroll period
containing such December 31st, shall be treated as Compensation for services performed in the subsequent taxable year in which the payment is
made. 

  

	4.2	Performance Based Restricted Stock Deferral. 

  

	 	(a)	Deferral of Performance Based Restricted Stock. 

  

	 	(i)	During Open Enrollment. The Committee may allow each Key Employee eligible under Article III to elect to have all (and not less than all) eligible Performance Based
Restricted Stock granted to him during the ensuing Plan Year to which an Open Enrollment Period relates to be deferred and credited with earnings in accordance with the terms and conditions of the Plan. 

  

	 	(ii)	During Year of Grant. With respect to Performance Based Restricted Stock meeting the requirements of Paragraph 4.2(b)(ii) below, the Committee may allow each Key Employee to
elect to have all (and not less than all) eligible Performance Based Restricted Stock granted to him during the Plan Year of the grant to be deferred and credited with earnings in accordance with the terms and conditions of the Plan. The Committee
shall determine, the period within the Plan Year of the grant, during which such a deferral election must be made subject to the following: 

  

	 	 (A)
	 the election must be made on or before the 30th day after the grant; and 

  

	 	(B)	the election must be made at least twelve (12) months in advance of the earliest date at which the forfeiture restrictions could lapse. A condition will not be treated as
failing this requirement merely because the Performance Based Restricted Stock becomes fully vested such that there is no further requirement of services upon the death or disability (as defined in applicable Treasury Regulations) of the Key
Employee or upon a change in control event (as defined in applicable Treasury Regulations). However, if such death, disability or change in control event occurs before the end of twelve (12) months of service, the deferral election shall not be
given effect. 

  

	 	(b)	 Eligible Performance Based Restricted Stock. Performance Based Restricted Stock is eligible for deferral under (a)(i) above pursuant to an election during
the Open Enrollment Period if it meets one or both of the conditions in (i) and (ii) below. Performance Based Restricted Stock is eligible for deferral under (a)(ii) 

  

 - 6 - 

	 	 
above pursuant to an election during the Plan Year of the grant only if it meets the conditions in (ii) below. 

  

	 	(i)	The Performance Based Restricted Stock is granted solely for services performed during the Plan Year in which the grant occurs or future services (but not for any past services); or

  

	 	(ii)	The Performance Based Restricted Stock is granted subject to a requirement that the Key Employee continue to provide services for a period of at least twelve (12) months from
the date of the grant in order to avoid forfeiture of such Performance Based Restricted Stock. A condition will not be treated as failing this requirement merely because the Performance Based Restricted Stock becomes fully vested such that there is
no further requirement of services upon the death or disability (as defined in applicable Treasury Regulations) of the Key Employee or upon a change in control event (as defined in applicable Treasury Regulations). However, if such death, disability
or change in control event occurs before the end of twelve (12) months of service, the deferral election shall not be given effect. 

  

	 	(c)	Implementation. At such time as any eligible Performance Based Restricted Stock subject to a deferral election becomes both earned and vested according to the terms of the
grant and plan under which it was granted, such Performance Based Restricted Stock shall be deemed to be credited to the Participant’s Deferred Compensation Account rather than being released in a taxable event to the Key Employee. Performance
Based Restricted Stock which is not earned or which is forfeited shall not be deemed credited under this Plan. 

  

	 	(d)	Deemed Investment in Fifth Third Stock Fund. Amounts credited to a Participant’s Deferred Compensation Account pursuant to an election to defer Performance Based
Restricted Stock shall be credited with earnings (or losses) under Article VIII as if invested in the Fifth Third Stock Fund. The other investment benchmarks generally available under Article VIII are not available for such amounts which must remain
in the Fifth Third Stock Fund. 

  

	 	(e)	Dividends on Unvested Performance Based Restricted Stock. Any dividends payable with respect to Performance Based Restricted Stock prior to such time as the Performance Based
Restricted Stock is earned or vested, shall not be eligible for deferral hereunder. 

  

	4.3	 Election Procedure. An eligible Key Employee or Qualified Executive (Executive, for Plan Years before 2008) desiring to exercise an available election under
Paragraph 4.1 or 4.2 for a Plan Year shall notify the Committee each Plan Year of his deferral election during the Open Enrollment Period or other election period established by the Committee under Paragraph 4.2(a)(ii). Such notice must be in
writing, on a form provided by the Committee, and delivered to the Committee during the applicable election period. A deferral election shall be effective for the entire Plan Year (but not for any future Plan 

  

 - 7 - 

	 	 
Year) to which it relates and may not be modified or terminated for that Plan Year. A deferral election with respect to Performance Based Restricted Stock
shall be effective for the entire grant regardless of the future year(s) in which the forfeiture restrictions lapse; and an election with respect to such grant may not be modified or terminated. 

  

	4.4	2007 Election to Defer Non-Vested Performance Based Restricted Stock. The Committee may allow an individual who, on the first day of the Open Enrollment Period falling
in 2007 (relating to the 2008 Plan Year), is a Key Employee, to elect to defer Performance Based Restricted Stock previously granted to him, in accordance with the following provisions and Internal Revenue Service Notice 2006-79, Section 3.02.
Any such deferral election must be completed by a date in 2007 determined by the Committee. Such a deferral election may be made and given effect only with respect to Performance Based Restricted Stock which has always been subject to a substantial
risk of forfeiture (as defined for purposes of section 409A of the Code) and which remains subject to a substantial risk of forfeiture throughout 2007 (i.e., the substantial risk of forfeiture has not lapsed and does not lapse in 2007). Such an
election shall be treated as a valid and timely election under Paragraph 4.2(a), and Paragraphs 4.2(c), (d) and (e) (but not Paragraph 4.2(b)) shall apply. 

 ARTICLE V - MATCHING ALLOCATIONS 
  

	5.1	Matching Allocations. An Employer, in its discretion, may credit a matching allocation to the Matching Account of any Key Employee or Qualified Executive (Executive, for Plan
Years before 2008) eligible under Article III it selects provided: 

  

	 	(a)	he remains in the employment of an Employer as a Key Employee or Qualified Executive (Executive, for Plan Years before 2008) (or is on an Employer-approved leave of absence) on the
date the Committee determines to credit the allocation; and 

  

	 	(b)	he either has a Compensation deferral election in effect under Paragraph 4.1 for the Plan Year, or has “Annual Compensation” (as defined in the Master Profit Sharing
Plan) in the corresponding Plan Year of that plan in excess of the compensation limitation imposed by section 401(a)(17) of the Code. 

 The matching allocations for such selected Participants shall be determined by the Employer and may vary for each such Participant. The amount of the matching allocations as so determined under this paragraph shall be credited to the
Participants’ Matching Accounts as of the last day of the Plan Year, or at such other time or times determined by the Committee. 
 ARTICLE VI - PROFIT SHARING ALLOCATIONS 
  

	6.1	 Profit Sharing Allocations. An Employer, in its discretion, may credit a profit sharing allocation to the Profit Sharing Account of any Key Employee or
Qualified Executive (Executive, for Plan Years before 2008) eligible under Article III it selects for a Plan Year provided he remains in the employment of an Employer as a Key Employee or 

  

 - 8 - 

	 	 
Qualified Executive (Executive, for Plan Years before 2008) (or is on an Employer-approved leave of absence) on the date the Committee determines to credit
the allocation. 

 The profit sharing allocations for such selected Participants shall be determined by the Employer and may
vary for each such Participant. The amount of the profit sharing allocations as so determined under this paragraph shall be credited to the Participants’ Profit Sharing Accounts as of the last day of the Plan Year, or at such other time or
times determined by the Committee. 
 ARTICLE VII - PARTICIPANT’S INTEREST 
  

	7.1	Unsecured Creditor. No Participant or his designated Beneficiary shall acquire any property interest in his Account or any other assets of the Employer or Fifth Third
Bancorp, their rights being limited to receiving from the Employer or Fifth Third Bancorp deferred payments as set forth in this Plan and these rights are conditioned upon continued compliance with the terms and conditions of this Plan. To the
extent that any Participant or Beneficiary acquires a right to receive benefits under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Employer or Fifth Third Bancorp. 

 ARTICLE VIII - CREDITING OF EARNINGS 
  

	8.1	General. There shall be credited to the Account of each Participant an additional amount of earnings (or losses) determined under this Article VIII. 

 

	8.2	Investment Elections. As provided in Paragraph 4.2(d), that part of a Participant’s Account credited with deferred Performance Based Restricted Stock shall be credited
with earnings (or losses) as if invested in the Fifth Third Stock Fund. Each Participant shall elect to have earnings (or losses) credited to all other parts of his Account from among various investment benchmarks the Committee determines to
establish for this purpose. One of such investment benchmarks shall be the Fifth Third Stock Fund. 

 Such an election shall be
made in such manner as the Committee shall direct. 
 The Committee may prescribe rules including rules which limit the frequency of changes
to elections, prescribe times for making elections, regulate the amount or increment a Participant may allocate to a particular investment benchmark, require or allow an election (or election change) to relate only to future allocations, require an
election to apply consistently to all subaccounts and provide for the investment of an Account of a Participant who fails to make an election. 
  

	8.3	Rate of Return Benchmarks. The Committee shall determine the rate of return for the Fifth Third Stock Fund, as well as each of the other investment benchmarks selected by the
Committee under Paragraph 8.2 above. 

  

	8.4	 Crediting. The Participant’s Account shall be increased or decreased as if it had earned the rate of return corresponding to the Participant’s
investment election. The time and 

  

 - 9 - 

	 	 
method of such crediting and the recordkeeping methodologies used shall be determined in the sole and absolute discretion of the Committee.

 ARTICLE IX - VESTING 
  

	9.1	Vesting Provisions. A Participant’s rights to his Account (including each of its subaccounts) shall be nonforfeitable at all times. 

 ARTICLE X - PLAN BENEFITS 
  

	10.1	Distributions. 

  

	 	(a)	Time and Form of Payment. In accordance with the election procedures in Paragraph 10.2, a Participant may elect to have the amounts represented by the Participant’s
vested Account paid (or commence to be paid) as of the first business day of August of the Plan Year immediately following the Plan Year in which the Participant’s separation from service with all Employers occurs, or the first business day of
August of any subsequent year, but not later than the first business day of August of the tenth Plan Year following the Plan Year in which such separation from service occurs. In accordance with the election procedures in Paragraph 10.2, a
Participant may elect to have such amounts paid in one of the following forms: 

  

	 	(i)	single lump sum distribution; or 

  

	 	(ii)	substantially equal annual installments, the last payment of which is no later than the first business day of August of the tenth Plan Year following the Plan Year in which such
separation from service occurs. 

 If installment payments are in effect, the Participant’s Account shall continue to be
credited with earnings (or losses) under Article VIII until fully paid. 
 Notwithstanding the foregoing or Paragraph 10.3(a), (b) or (c), effective December 31, 2005, in the event the Participant’s vested Account does not exceed $25,000 as of any December 31st after the Participant has separated from service, then any payment election by a Participant shall be disregarded. In such a case, the vested Account (or remaining balance thereof)
shall be paid in a single lump sum distribution as of the first business day of August following such December 31st (even if such vested
Account exceeds $25,000 at that time). 
  

	 	(b)	Medium of Payment. The payment as a lump sum or installments under (a) above or 10.3 shall be in cash. Previously, the Plan provided for payment in common stock of Fifth
Third Bancorp, and election forms used under the Plan referenced payment in such stock. References to payment in stock on such forms shall be disregarded, and payments shall be in cash. 

  

 - 10 - 

	10.2	Election Procedures. 

  

	 	(a)	A Participant who wishes to make an initial election referred to in Paragraph 10.1 must do so within the first Open Enrollment Period applicable to him under Article III, or, if
earlier, within such other election period applicable to him established by the Committee under Paragraph 4.2(a)(ii). 

 Any
such election shall be effective immediately. 
 As provided in Paragraph 1.2, a payment election in 2005 or 2007 under Internal Revenue
Service Notice 2005-1 or 2006-79 shall be considered a timely initial election. 
  

	 	(b)	If a Participant does not make a timely initial election concerning the commencement date and payment schedule of benefits under Paragraph 10.2(a), then, except as provided in
(c) below, payment shall be made as of the first business day of August of the Plan Year immediately following the Plan Year in which the separation from service occurs in a single lump sum cash distribution. 

  

	 	(c)	A Participant may make or change an election after the deadline established in (a) above at any time in order to defer payment for a period of not less than five years from the
date payment would otherwise begin (but not to accelerate any payment). Payment shall be made in accordance with any such election only if the Participant terminates service with all Employers at least one year following the date of the election.
Otherwise, the payment shall be made in accordance with the election (if any) in effect immediately prior to the changed election, or in accordance with (b) above if no such election is in effect. 

  

	 	(d)	Elections shall be made in writing on a form provided by the Committee and shall be made in accordance with the rules established by the Committee. 

  

	10.3	Transition Rules. 

  

	 	 (a)
	 Grandfathered Participants. A Grandfathered Participant shall be paid in cash in accordance with the payment
provisions under the Plan or election (whichever is controlling) in effect immediately prior to September 1, 1999. In the event the Participant’s vested Account does not exceed $25,000 as of any December 31st, then any payment election by a Participant shall be disregarded. In such a case, the vested Account (or remaining balance thereof) shall be paid in a single
lump sum cash distribution as of the first business day of August following such December 31st (even if such vested Account exceeds $25,000 at
that time). 

  

	 	(b)	 Participants in Pay Status in 2005. A Participant (who is not a Grandfathered Participant) who has commenced receiving installment payments in 2005 or
earlier, shall continue to receive such payments in accordance with the payment provisions under the Plan or election (whichever is controlling) in effect prior to the Effective Date provided that the value of his vested Account as of a date in 2005
determined by the Committee is greater than $10,000. If the value of such a 

  

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Participant’s vested Account as of such date is not greater than $10,000, then he shall receive a single lump sum distribution of his entire vested
Account in 2005. Effective December 31, 2005, in the event the Participant’s vested Account does not exceed $25,000 as of any December 31st, then any payment election by a Participant shall be disregarded. In such a case, the vested Account (or remaining balance thereof) shall be paid in a single lump sum distribution as of the first business day of August following such
December 31st (even if such vested Account exceeds $25,000 at that time). 

  

	 	 (c)
	 Terminated Participants Not in Pay Status in 2005. A Participant (who is not a Grandfathered Participant) who has
separated from service in 2005 or earlier, but who, as of a date in 2005 determined by the Committee, has not received or commenced receiving payments of his vested Account, shall be subject to the payment provisions of Paragraph 10.1, and any prior
payment elections shall be of no force or effect. As provided in Paragraph 1.2, such a Participant had the opportunity to complete a new election by a date in 2005 determined by the Committee. Such a Participant who did not properly complete
and return such an election by such date received a single lump sum distribution of his entire vested Account as of August 1, 2006. Notwithstanding the foregoing, if such a Participant’s vested Account as of a date in 2005 determined by
the Committee was not greater than $10,000, then he received a single lump sum distribution of his entire vested Account in 2005. Effective December 31, 2005, in the event the Participant’s vested Account does not exceed $25,000 as of any
December 31st, then any payment election shall be disregarded. In such a case, the vested Account (or remaining balance thereof) shall be paid
in a single lump sum distribution as of the first business day of August following such December 31st (even if such vested Account exceeds
$25,000 at that time). 

  

	 	(d)	2005 Payment Elections by Participants Actively Employed. A Participant who remains employed by an Employer as of a date in 2005 determined by the Committee shall be subject
to the payment provisions of Paragraph 10.1 and any prior elections shall be of no force or effect. As provided in Paragraph 1.2, such a Participant had the opportunity to complete a new election by a date in 2005 determined by the Committee.
Any such election shall be treated as an initial election under Paragraph 10.2(a). Such a Participant who does not make a timely election shall be treated the same as provided for in Paragraph 10.2(b) and 10.2(c) for Participants who do not make
timely initial elections. 

  

	10.4	Facility of Payment. Payments required to be made hereunder on or as of a specified date may be made in a reasonable period after such date for administrative convenience.

 ARTICLE XI - DEATH 
  

	11.1	 If a Participant dies before commencing payment of the amounts represented by the Participant’s Account, then the Participant’s Account shall be paid to
the Participant’s Beneficiary in cash, as soon as reasonably possible after the Committee is notified of the Participant’s death and in all events not more than ninety (90) days following the 

  

 - 12 - 

	 	 
Participant’s death. Neither the Participant nor the Beneficiary shall have the right to designate the taxable year of the payment. If the Participant
has already commenced receiving the amounts represented by the Participant’s Account in the installment payment form, the installment payments shall continue to be paid to the Participant’s Beneficiary in cash.

 ARTICLE XII - NON-ASSIGNABLE/NON-ATTACHMENT 
  

	12.1	Except as required by law, no right of the Participant or designated Beneficiary to receive payments under this Plan shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law and any attempt, voluntary or involuntary, to effect any such action shall be null and void and of no
effect. 

 ARTICLE XIII - ADMINISTRATION 
  

	13.1	Administration. In addition to the powers which are expressly provided in the Plan, the Committee shall have the power and authority in its sole, absolute and uncontrolled
discretion to control and manage the operation and administration of the Plan and shall have all powers necessary to accomplish these purposes including, but not limited to the following: 

  

	 	(a)	the power to determine who is a Participant; 

  

	 	(b)	the power to determine allocations, balances, and nonforfeitable percentages with respect to Participant’s Accounts; 

  

	 	(c)	the power to determine when, to whom, in what amount, and in what form distributions are to be made; and 

  

	 	(d)	such powers as are necessary, appropriate or desirable to enable it to perform its responsibilities, including the power to interpret the Plan, establish rules, regulations and
forms with respect thereto. 

 Benefits under this Plan will be paid only if the Committee decides in its discretion that the
applicant is entitled to them. 
 ARTICLE XIV - CONSOLIDATION OR MERGER 
  

	14.1	 In the event that Fifth Third Bancorp or any entity (resulting from any merger or consolidation or which shall be a purchaser or transferee so referred to), shall
at anytime be merged or consolidated into or with any other entity or entities, or in the event that substantially all of the assets of Fifth Third Bancorp or any such entity shall be sold or otherwise transferred to another entity, the provision of
this Plan shall be binding upon and shall inure to the benefit of the continuing entity or the entity resulting from such merger or consolidation or the entity to which such assets shall be sold or transferred. 

  

 - 13 - 

	 	 
Except as provided in the preceding sentence, this Plan shall not be assignable by Fifth Third Bancorp or by any entity referred to in such preceding
sentence. 

 ARTICLE XV - AMENDMENT OR TERMINATION 
  

	15.1	Amendment. Fifth Third Bancorp reserves the right to amend the Plan. Any amendment of the Plan shall be by action of the Committee or by the Chairman of the Committee. If an
amendment is being made by said Committee, it must be approved by a majority of the members of the Committee as constituted at the time of adoption of the amendment. Any amendment may be given retroactive effect as determined by said Committee or
Chairman. Any amendment may, without limitation, (a) affect a Participant whether or not vested, employed or in pay status, and (b) affect or modify Participant elections and payment methods. An amendment may be evidenced in such manner as
said Committee or Chairman shall determine. If the amendment is approved by said Committee, such evidence may include (but shall not be limited to) a written resolution signed by a majority of the members of the Committee or minutes of a meeting of
the Committee reflecting approval by a majority of the members. 

  

	15.2	Termination. Fifth Third Bancorp reserves the right to terminate the Plan. Any termination of the Plan shall be by action of the Committee. Any termination must be approved
by a majority of the members of said Committee as constituted at the time of adoption of the termination; and any such termination may be given retroactive effect as determined by said Committee. Any termination may, without limitation,
(a) affect a Participant whether or not vested, employed or in pay status, and (b) affect or modify Participant elections and payment methods. A termination may be evidenced in such manner as said Committee shall determine, and such
evidence may include (but shall not be limited to) a written resolution signed by a majority of the members of the Committee or minutes of a meeting of the Committee reflecting approval by a majority of the members. 

 ARTICLE XVI - CLAIMS 
  

	16.1	Initial Claims Procedure. 

  

	 	(a)	Claim. In order to present a complaint regarding the nonpayment of a Plan benefit or a portion thereof (a “Claim”), a Participant or Beneficiary under the Plan (a
“Claimant”) or his duly authorized representative must file such Claim by mailing or delivering a writing stating such Claim to the department, officer, or Employee responsible for employee benefit matters of the Employer. Upon such
receipt of a Claim, the Claims Review Committee shall furnish to the Claimant a written acknowledgment which shall inform such Claimant of the time limit set forth in (b)(i) below and of the effect, pursuant to (b)(iii) below, of failure to decide
the Claim within such time limit. 

  

 - 14 - 

	 	(b)	Initial Decision. 

  

	 	(i)	Time Limit. The Claims Review Committee shall decide upon a Claim within a reasonable period of time after receipt of such Claim; provided, however, that such period shall in
no event exceed 90 days, unless special circumstances require an extension of time for processing. If such an extension of time for processing is required, then the Claimant shall, prior to the termination of the initial 90-day period, be furnished
a written notice indicating such special circumstances and the date by which the Claims Review Committee expects to render a decision. In no event shall an extension exceed a period of 90 days from the end of the initial period.

  

	 	(ii)	Notice of Denial. If the Claim is wholly or partially denied, then the Claims Review Committee shall furnish to the Claimant, within the time limit applicable under
(i) above, a written notice setting forth in a manner calculated to be understood by the Claimant: 

  

	 	(A)	the specific reason or reasons for such denial; 

  

	 	(B)	specific reference to the pertinent Plan provisions on which such denial is based; 

  

	 	(C)	a description of any additional material or information necessary for such Claimant to perfect his Claim and an explanation of why such material or information is necessary; and

  

	 	(D)	appropriate information as to the steps to be taken if such Claimant wishes to submit his Claim for review pursuant to Paragraph 16.2, including notice of the time limits set forth
in subsection 16.2(b)(ii). 

  

	 	(iii)	Deemed Denial for Purposes of Review. If a Claim is not granted and if, despite the provisions of (i) and (ii) above, notice of the denial of a Claim is not
furnished within the time limit applicable under (i) above, then the Claimant may deem such Claim denied and may request a review of such deemed denial pursuant to the provisions of Paragraph 16.2. 

  

	16.2	Claim Review Procedure. 

  

	 	(a)	Claimant’s Rights. If a Claim is wholly or partially denied under Paragraph 16.1, then the Claimant or his duly authorized representative shall have the following
rights: 

  

	 	(i)	to obtain, subject to (b) below, a full and fair review by the Claims Review Committee; 

  

	 	(ii)	to review pertinent documents; and 

  

 - 15 - 

	 	(iii)	to submit issues and comments in writing. 

  

	 	(b)	Request for Review. 

  

	 	(i)	Filing. To obtain a review pursuant to (a) above, a Claimant entitled to such a review or his duly authorized representative shall, subject to (ii) below, mail or
deliver a written request for such a review (a “Request for Review”) to the department, officer, or Employee responsible for employee benefit matters of the Employer. 

  

	 	(ii)	Time Limits for Requesting a Review. A Request for Review must be mailed or delivered within 60 days after receipt by the Claimant of written notice of the denial of the
Claim. 

  

	 	(iii)	Acknowledgment. Upon such receipt of a Request for Review, the Claims Review Committee shall furnish to the Claimant a written acknowledgment which shall inform such Claimant
of the time limit set forth in (c)(i) below and of the effect, pursuant to (c)(iii) below, of failure to furnish a decision on review within such time limit. 

  

	 	(c)	Decision on Review. 

  

	 	(i)	Time Limit. 

  

	 	(A)	General. If, pursuant to (b) above, a review is requested, then, except as otherwise provided in (B) below, the Claims Review Committee or its delegate (but only if
such delegate has been given the authority to make a final decision on the Claim) shall make a decision promptly and no later than 60 days after receipt of the Request for Review; except that, if special circumstances require an extension of time
for processing, then the decision shall be made as soon as possible but not later than 120 days after receipt of the Request for Review. The Claims Review Committee must furnish the Claimant written notice of any extension prior to its commencement.

  

	 	(B)	 Regularly Scheduled Meetings. Anything to the contrary in (A) above notwithstanding, if the Claims Review Committee holds regularly scheduled meetings
at least quarterly, then its decision on review shall be made no later than the date of the meeting which immediately follows the receipt of the Request for Review; provided, however, if such Request for Review is received within 30 days preceding
the date of such meeting, then such decision on review shall be made no later than the date of the second meeting which follows such receipt; and provided further that, if special circumstances require a further extension of time for processing, and
if the Claimant is furnished written notice of such extension 

  

 - 16 - 

	 	 
prior to its commencement, then such decision on review shall be rendered no later than the third meeting which follows such receipt.

  

	 	(ii)	Notice of Decision. The Claims Review Committee or its delegate shall furnish to the Claimant, within the time limit applicable under (i) above, a written notice setting
forth in a manner calculated to be understood by the Claimant: 

  

	 	(A)	the specific reason or reasons for the decision on review; 

  

	 	(B)	specific reference to the pertinent Plan provisions on which the decision on review 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 Claimant’s claim for benefits; and 

  

	 	(D)	a statement of the Claimant’s right to bring an action under section 502(a) of the Employee Retirement Income Security Act of 1974. 

  

	 	(iii)	Deemed Denial. If, despite the provisions of (i) and (ii) above, the decision on review is not furnished within the time limit applicable under (i) above, then
the Claimant shall be deemed to have exhausted his remedies under the Plan and he may deem the Claim to have been denied on review. 

 The Claims Review Committee shall have the sole, absolute and uncontrolled discretion to decide all claims under the initial claims procedure and under the claims review procedure, and its decisions shall be binding on all parties.

  

	16.3	Required Exhaustion of Administrative Remedies. Before a Participant may file a lawsuit regarding the Plan or benefits under the Plan, the Participant must first use the
Initial Claims Procedure and the Claim Review Procedure (including the requirement of a timely request for review) described above. 

 ARTICLE XVII - MISCELLANEOUS 
  

	17.1	No Enlargement of Employment Rights. Neither this Plan, nor any action of Fifth Third Bancorp, an Employer or the Committee, nor any election to defer Compensation hereunder
shall be held or construed to confer on any person any legal right to be continued as an employee of Fifth Third Bancorp, or any Employer. 

  

	17.2	 Withholdings. Fifth Third Bancorp and the Participant’s Employer shall have the right to deduct from a Participant’s Account and/or any payments
due a Participant or 

  

 - 17 - 

	 	 
Beneficiary under the Plan any and all taxes determined by the Committee to be applicable with respect to such benefits. In the discretion of the Committee,
Fifth Third Bancorp and the Participant’s Employer may accept payment by the Participant (or Beneficiary) of the amount of any applicable taxes in lieu of deducting such amount from the Participant’s Account or payments due under the Plan.

  

	17.3	Entire Agreement. This Plan document constitutes the entire agreement between the Employer and any Participant (or Beneficiary), and supersedes all other prior agreements,
undertakings, both written and oral, with respect to the subject matter hereof. This Plan document may not be amended orally or by any course or purported course of dealing, but only by an amendment in accordance with Paragraph 15.1 specifically
identified within its text as a Plan amendment. Written communications and descriptions not specifically identified within their text as amendments, shall not constitute amendments and shall have no interpretive or controlling effect on the
interpretation of this Plan. Oral communications shall not constitute amendments and shall have no interpretation or controlling effect on the interpretation of this Plan. 

  

	17.4	No Guarantee of Tax Consequences. The Participant (or Beneficiary) shall be responsible for all taxes with respect to his benefit hereunder. Neither Fifth Third Bancorp nor
any Employer guarantees any particular tax consequences. 

 IN WITNESS WHEREOF, Fifth Third Bancorp has caused this Plan to be
executed this      day of             , 2007. 
  

			
	FIFTH THIRD BANCORP
		
	By:	 	  

		 	Paul L. Reynolds, Chairman of The Fifth Third Bank Pension, Profit Sharing and Medical Plan Committee

  

 - 18 -

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