Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT is entered into as of this 22nd day of January 2017, and effective as of the Effective Date, as defined in Section 1.10
below, by and among Pinnacle Bank (the “Bank”), a Tennessee state bank, Pinnacle Financial Partners, Inc., a bank holding company incorporated under the laws of the State of Tennessee (the “Company”) (collectively,
the Bank and the Company are referred to hereinafter as the “Employer”), and Richard D. Callicutt II, a resident of the State of North Carolina (the “Executive”). 

RECITALS: 
 The Bank
desires to employ the Executive as its Chairman of the Carolinas and Virginia and the Executive desires to accept such employment. 
 In
consideration of the above premises and the mutual agreements hereinafter set forth, the parties hereby agree as follows: 
 1. DEFINITIONS.
Whenever used in this Agreement, the following terms and their variant forms shall have the meaning set forth below: 
 1.1
“AGREEMENT” shall mean this Agreement and any exhibits incorporated herein together with any amendments hereto made in the manner described in this Agreement. 

1.2 “AFFILIATE” shall mean any business entity that controls the Company, is controlled by the Company, or is under common control
with the Company. 
 1.3 “BUSINESS OF THE EMPLOYER” shall mean the business conducted by the Employer, which is the business of
commercial banking. 
 1.4 “CAUSE” shall mean: 

1.4.1 With respect to termination by the Employer: 

(a) a material breach of the terms of this Agreement by the Executive, including, without limitation, failure by the Executive to perform his
duties and responsibilities in the manner and to the extent required under this Agreement, and that remains uncured after the expiration of thirty (30) days following the delivery of written notice of such breach to the Executive by Employer.
Such notice shall (i) specifically identify the duties that the boards of directors of the Company and the Bank believe that the Executive has failed to perform, (ii) state the facts upon which such boards of directors made such
determination, and (iii) be approved by a resolution passed by two-thirds (2/3) of the directors of such boards then in office; 

(b) conduct by the Executive that amounts to fraud, dishonesty or willful misconduct in the performance of his duties and responsibilities
hereunder; 

 (c) arrest for, charge in relation to (by criminal information, indictment or otherwise), or
conviction of the Executive during the Term of this Agreement of a crime involving breach of trust or moral turpitude; 
 (d) conduct by
the Executive that amounts to gross and willful insubordination or inattention to his duties and responsibilities hereunder; or 
 (e)
conduct by the Executive that results in removal from his position as an officer or executive of Employer pursuant to a written order by any regulatory agency with authority or jurisdiction over Employer. 

1.4.2 With respect to termination by the Executive: 

(a) a material modification to the Executive’s job title(s) or position(s) of responsibility or the scope of his authority or
responsibilities under this Agreement without the Executive’s written consent; 
 (b) an adverse change in supervision so that the
Executive no longer reports to the Chief Executive Officer of the Company, which change in supervision is effected without the Executive’s written consent; 

(c) an adverse change in supervisory authority which change in supervisory authority is effected without the Executive’s written
consent; 
 (d) any change in the Executive’s office location such that the Executive is required to report regularly to a location
that is beyond a 25-mile radius from the Executive’s office location determined immediately after the Effective Date, which change in office location is effected without the Executive’s written
consent; 
 (e) any material reduction in salary, bonus opportunity or other benefits provided for in Section 5 below from the level
in effect immediately prior to such reduction; and 
 (f) any giving of notice of non-renewal of
this Agreement by the Human Resources and Compensation Committee of the boards of directors of the Company and the Bank; 
 provided, that within 30
days following the initial occurrence of any of the conditions listed in 1.4.2(a) to (e) above, the Executive shall have provided notice to the Employer of the existence of such condition, and the Employer shall not have remedied the condition
to the reasonable satisfaction of the Executive within 30 days of receiving such notice, and the Executive’s date of termination occurs no later than 90 days following the end of such cure period. 

1.5 “CHANGE OF CONTROL” means any one of the following events: 

(a) the acquisition by any person or persons acting in concert of the then outstanding voting securities of either the Bank or the Company,
if, after the transaction, the acquiring person (or persons) owns, controls or holds with power to vote forty percent (40%) or more of any class of voting securities of either the Company or the Bank, as the case may be; 

  
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 (b) within any twelve-month period (beginning on or after the Effective Date) the persons who
were directors of either the Bank or the Company immediately before the beginning of such twelve-month period (the “Incumbent Directors”) shall cease to constitute at least a majority of such board of directors; provided that
any director who was not a director as of the Effective Date shall be deemed to be an Incumbent Director if that director were elected to such board of directors by, or on the recommendation of or with the approval of, at least two-thirds (2/3) of the directors who then qualified as Incumbent Directors; and provided further that no director whose initial assumption of office is in connection with an actual or threatened election
contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended) relating to the election of directors shall be deemed to be an Incumbent
Director; 
 (c) a reorganization, merger or consolidation, with respect to which persons who were the shareholders of the Bank or the
Company, as the case may be, immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote in the election of directors of the
reorganized, merged or consolidated Company’s then outstanding voting securities; or 
 (d) the sale, transfer or assignment of all or
substantially all of the assets of the Company and its subsidiaries to any third party. 
 1.6 “CODE” means the Internal Revenue
Code of 1986, as amended, and the regulations promulgated thereunder. 
 1.7 “COMPANY INFORMATION” means Confidential Information
and Trade Secrets. 
 1.8 “CONFIDENTIAL INFORMATION” means data and information relating to the business of the Bank or the
Company or any subsidiary thereof (which does not rise to the status of a Trade Secret) which is or has been disclosed to the Executive or of which the Executive became aware as a consequence of or through the Executive’s relationship to the
Employer and which has value to the Employer and is not generally known to its competitors. Confidential Information shall not include any data or information that has been voluntarily disclosed to the public by the Employer (except where such
public disclosure has been made by the Executive without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. 

1.9 “DISABILITY” shall mean the definition of Disability required by Section 409A of the Code. 

1.10 “EFFECTIVE DATE” shall mean the date that the merger of Blue Merger Sub, Inc. and BNC Bancorp contemplated by the Agreement and
Plan of Merger, dated as of January 22, 2017, between the Company, BNC Bancorp and Blue Merger Sub, Inc. is consummated. 

  
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 1.11 “INITIAL TERM” shall mean that period of time commencing on the Effective Date and
running until the close of business on December 31st of the year in which the third anniversary of the Effective Date occurs. 
 1.12
“TERM” shall mean the last day of the Initial Term or most recent subsequent renewal period. 
 1.13 “TRADE SECRETS”
means information of the Bank or the Company or their subsidiaries including, but not limited to, technical or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data,
financial plans, product plans or lists of actual or potential customers or suppliers which: 
 (a) derives economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and 

(b) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

2. DUTIES. 
 2.1 POSITION. The
Executive shall be employed as an employee of the Bank with the title of Chairman of the Carolinas and Virginia and, subject to the direction of the board of directors of the Company and the Bank or the Chief Executive Officer of the Company, shall
perform and discharge well and faithfully the duties consistent with his position which may be assigned to him from time to time by the Bank in connection with the conduct of its business. 

2.2 FULL-TIME STATUS. In addition to the duties and responsibilities specifically assigned to the Executive pursuant to Section 2.1
hereof, the Executive shall: 
 (a) devote substantially all of his time, energy and skill during regular business hours to the performance
of the duties of his employment (reasonable vacations and reasonable absences due to illness excepted) and faithfully and industriously perform such duties; 

(b) diligently follow and implement all reasonable and lawful management policies and decisions communicated to him by the board of directors
of either the Bank or the Company; and 
 (c) timely prepare and forward to the board of directors of either the Bank or the Company all
reports and accountings as may be requested of the Executive. 
 2.3 PERMITTED ACTIVITIES. The Executive shall devote his entire business
time, attention and energies to the Business of the Employer and shall not during the Term be engaged (whether or not during normal business hours) in any other business or professional activity, whether or not such activity is pursued for gain,
profit or other pecuniary advantage; but this shall not be construed as preventing the Executive from: 
 (a) investing his personal assets
in businesses which (subject to clause (b) below) are not in competition with the Business of the Employer and which will not require any services on the part of the Executive in their operation or affairs and in which his participation is
solely that of a passive investor; 

  
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 (b) purchasing or otherwise acquiring an ownership interest in any entity, provided that
such interest shall not result in him collectively owning beneficially at any time five percent (5%) or more of the stock, capital or profits of any entity in competition with the Business of the Employer; and 

(c) participating in civic and professional affairs and organizations and conferences, preparing or publishing papers or books or teaching so
long as the Company’s Chief Executive Officer approves of such activities prior to the Executive’s engaging in them. 

Notwithstanding the foregoing provisions of this Section 2.3, the Executive may provide services to any entity and may engage in such
additional investment activities (beyond those permitted above) to the extent such services and such additional investment activities have been expressly approved in writing by the board of directors of either the Bank or the Company. In addition,
the activities set forth on Schedule I hereto shall be permitted from and after the Effective Date. 
 3. TERM AND TERMINATION. 

3.1 TERM. This Agreement shall remain in effect for the Term. Following the Initial Term, this Agreement shall automatically renew each year
for a twelve (12) month period on January 1 unless, prior to the November 30 immediately preceding such renewal, the Human Resources and Compensation Committee of the Employer or the Executive gives written notice to the other of its
intent that the automatic renewals shall cease. In the event such notice of non-renewal is properly given, this Agreement and the Term shall expire on the thirtieth (30th) day following the date such written
notice is received, which, if notice is properly given, may be the last day of the Initial Term. 
 3.2 TERMINATION. During the Term, the
employment of the Executive under this Agreement may be terminated only as follows: 
 3.2.1 By the Employer: 

(a) For Cause, upon written notice to the Executive pursuant to Section 1.4.1 hereof, where the notice has been approved by a resolution
passed by two-thirds (2/3) of the directors of the Company and the Bank then in office; 
 (b)
Without Cause at any time, provided that the Bank or the Company shall give the Executive thirty (30) days’ prior written notice of its intent to terminate the Executive’s employment, in which event the Employer shall be
required to (i) pay a severance benefit equal to three (3) times the Executive’s base salary on the date of termination payable in equal installments between the date of termination and the third anniversary thereof, in accordance
with the Employer’s normal payroll practices as of the date of termination and (ii) if the date of termination occurs prior to the final vesting date of any equity awards held by the 

  
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Executive that were granted prior to the Effective Date (including replacement awards granted in respect of such equity awards) (the “Legacy Equity Awards”), vest any then
unvested portion of such awards pursuant to Section 5(a)(ii) of the Employment Agreement, dated as of June 28, 2013, by and among BNC Bancorp, Bank of North Carolina and the Executive (the “Employment Agreement”); or 

(c) Upon the Disability of the Executive at any time, provided that the Employer shall give the Executive thirty (30) days’ prior
written notice of its intent to terminate the Executive’s employment, in which event, the Employer shall be required to continue to pay the Executive’s then current base salary for a period of six (6) months following the date of
termination in accordance with Employer’s normal payroll practices as of the date of termination or until the Executive begins receiving payments under the Employer’s long-term disability policy, whichever occurs first. In addition, if the
date of termination due to Disability occurs prior to the final vesting date of the Legacy Equity Awards, any then unvested portion of such awards shall immediately vest pursuant to Section 5(c)(v) of the Employment Agreement. 

3.2.2 By the Executive: 
 (a)
For Cause, in which event the Employer shall be required to (i) pay a severance benefit equal to two (2) times the Executive’s base salary on the date of termination payable in equal installments between the date of termination and
the second anniversary thereof, in accordance with the Employer’s normal payroll practices as of the date of termination and (ii) if the date of termination occurs prior to the final vesting date of the Legacy Equity Awards, vest any then
unvested portion of such awards pursuant to Section 5(a)(ii) of the Employment Agreement; or 
 (b) Without Cause, provided
that the Executive shall give the Employer sixty (60) days’ prior written notice of his intent to terminate. 
 3.2.3 At any time
upon mutual, written agreement of the parties. 
 3.2.4 Notwithstanding anything in this Agreement to the contrary, the Term shall end
automatically upon the Executive’s death. If the date of termination due to death occurs prior to the final vesting date of the Legacy Equity Awards, any then unvested portion of such awards shall immediately vest pursuant to
Section 5(b)(v) of the Employment Agreement. 
 3.3 CHANGE OF CONTROL. If the Employer terminates the Executive’s employment with
the Employer under this Agreement without Cause or the Executive terminates his employment with the Employer under this Agreement for Cause, in each case, within twelve (12) months following a Change of Control, the Employer shall be required
to (i) pay a severance benefit equal to three (3) times the Executive’s then current Base Salary and target bonus amount, to be paid in full on the last day of the month following the date of termination (or such later times as may be
required by Section 409A of the Code) and (ii) if the date of termination occurs prior to the final vesting date of the Legacy Equity Awards, vest any then unvested portion of such awards pursuant to Section 5(a)(ii) of the Employment
Agreement. The Executive and his immediate family will continue to receive the health insurance plan benefits then in effect for employees of the Company and/or the Bank for a period of three (3) years from

  
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the date of termination to include payment by the Company of the Employer funded portion of the plan. The Executive will also receive tax assistance, advice and filing preparation services from a
qualified accounting firm of his choice for a period of three (3) years from the date of termination at a cost to the Company and/or the Bank not to exceed $2,500 per year. 

3.4 EFFECT OF TERMINATION. 

3.4.1 Upon termination of the Executive’s employment hereunder, the Employer shall have no further obligations to the Executive or the
Executive’s estate with respect to this Agreement, except for (a) the payment of salary and bonus amounts, if any, accrued pursuant to Sections 5.1 and 5.2 and unpaid as of date of termination; (b) payments set forth in Section 4
to the extent unpaid as of the date of termination; and (c) payments set forth in Sections 3.2.1(b) or (c), Section 3.2.2(a) and/or Section 3.3, as applicable. Except as otherwise set forth herein, nothing contained herein shall limit
or impinge upon any other rights or remedies of the Employer or the Executive under any other agreement or plan to which the Executive is a party or of which the Executive is a beneficiary. 

3.4.2 If the Executive is a member of the board of directors of either the Company or the Bank and the Executive’s employment is
terminated by the Employer or by the Executive pursuant to Section 3.2 or 3.3, the Executive shall immediately resign from his position(s) on the board(s) of directors, effective as of the date his employment is terminated. In such event, the
Bank or the Company, as applicable, shall promptly pay, or shall cause to be paid, any unpaid fees or expenses for the Executive’s service on the board(s) of directors.  

4. ENTITLEMENTS RELATED TO PRIOR AGREEMENTS. 

4.1 INITIAL PAYMENTS. On the Effective Date, the Employer shall pay to the Executive a lump sum payment equal to $1,996,667. In addition, on
the Effective Date, the Executive shall become entitled to an additional, non-forfeitable payment equal to $763,333 (the “Deferred Payment”), which shall be paid (a) if the date of
termination occurs within two years following the Effective Date, within 30 days following the date of termination, or (b) if the date of termination occurs more than two years following the Effective Date, in nine monthly installments of
$76,667 followed by a tenth monthly installment of $73,330 commencing on the first business day on or after the 90th day following the date of termination. Between the Effective Date and full
payment of the Deferred Payment, interest shall accrue on the unpaid portion of the Deferred Payment at a rate equal to the 30 Day LIBOR rate as in effect from time to time plus 150 basis points. The Executive and the Employer acknowledge and agree
that the payments contemplated by this Section 4.1 are in full satisfaction of those contemplated by Section 5(a)(i)(C) of the Employment Agreement. 

4.2 SALARY CONTINUATION. The Employer acknowledges and agrees that, as of the Effective Date, the Executive is fully vested in the payments
contemplated by (a) Section 2.4 of the Salary Continuation Agreement, dated as of December 12, 2016, between Bank of North Carolina and the Executive and (b) Section 2.4 of the Amended Salary Continuation Agreement, dated as
of December 18, 2007, between Bank of North Carolina and the Executive, which payments, in each case, are non-forfeitable and shall be paid at the times and in the form contemplated by such agreements.

  
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 4.3 SPLIT DOLLAR AGREEMENTS. The Employer acknowledges and agrees that this Agreement shall have
no impact on the Amended Endorsement Split Dollar Agreement, dated as of December 18, 2007, between Bank of North Carolina and the Executive, which shall continue in accordance with its terms. 

4.4 RESTRICTED STOCK AWARDS. The parties agree that the Restricted Stock Grant Agreement, dated as of December 31, 2016, between BNC
Bancorp and the Executive (the “Restricted Stock Agreement”) shall be deemed amended such that the existence of “Cause” or “Good Reason” shall be determined in accordance with Sections 1.4.1 and 1.4.2,
respectively, of this Agreement, and that the Executive shall not have “Good Reason” under the Restricted Stock Agreement to terminate his employment solely as a result of the occurrence of the Effective Date. In addition, solely for
purposes of the Restricted Stock Agreement, “Good Reason” shall include a material breach of the terms of this Agreement by the Employer, including the failure to pay the compensation contemplated by Section 4 or 5, subject to the
notice and cure provisions set forth in the proviso to Section 1.4.2 of this Agreement. 
 5. COMPENSATION. The Executive shall receive
the following compensation and benefits during the Term, except as otherwise provided below: 
 5.1 BASE SALARY. During the Term, the
Executive shall be compensated at a base rate of $630,000 per year (the “Base Salary”). The obligation for payment of the Base Salary shall be apportioned between the Company and the Bank as they may agree from time to time in their
sole discretion. The Executive’s Base Salary shall be reviewed by the Human Resources and Compensation Committee of the board of directors of the Bank and the Company at least annually, and the Executive shall be entitled to receive annually an
increase in such amount, if any, as may be determined by the Human Resources and Compensation Committee of the board of directors of the Bank and the Company based on its evaluation of the Executive’s performance. The Base Salary shall be
payable in accordance with the Employer’s normal payroll practices. 
 5.2 INCENTIVE COMPENSATION. The Executive shall be entitled to
annual bonus compensation, if any, as determined by the Human Resources and Compensation Committee of the board of directors of the Company or the Bank on a basis no less favorable than that applicable to similarly situated executives of the Company
pursuant to the incentive compensation program applicable to such similarly situated executives as may be adopted from time to time by the Company or the Bank, provided that his target annual bonus opportunity shall be no less than 75% of
Base Salary. 
 5.3 HEALTH INSURANCE 

5.3.1 In the event of termination by the Executive for Cause (Section 3.2.2(a)), the Employer shall reimburse the Executive for the cost of
premium payments paid by the Executive to continue his then existing health insurance for himself and his eligible dependents as provided by the Employer for a period of three (3) months following the date of termination to include payment by
the Company of the Employer funded portion of the plan. 
 5.3.2 In the event of a termination by the Employer without Cause (Section
3.2.1(b)), the Employer shall reimburse the Executive for the cost of premium payments paid by the Executive to continue his then existing health insurance for himself and his eligible dependents as provided by Employer for a period of twelve
(12) months following the date of termination to include payment by the Company of the Employer funded portion of the plan. 

  
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 5.4 BUSINESS EXPENSES; MEMBERSHIPS. The Employer specifically agrees to reimburse the Executive
for: 
 (a) reasonable and necessary business (including travel) expenses incurred by him in the performance of his duties hereunder, as
approved by the board of directors of either the Bank or the Company; and 
 (b) beginning as of the Effective Date, the dues and business
related expenditures, including initiation fees, associated with membership in a single civic association as selected by the Executive and in professional associations which are commensurate with his position; provided, however, that the
Executive shall, as a condition of reimbursement, submit verification of the nature and amount of such expenses in accordance with reimbursement policies from time to time adopted by the Employer and in sufficient detail to comply with rules and
regulations promulgated by the Internal Revenue Service. 
 5.5 PERSONAL DAYS. On a non-cumulative
basis, the Executive shall be entitled to thirty (30) personal days in each successive twelve-month period during the Term, during which his compensation shall be paid in full. 

5.6 LIFE INSURANCE. The Employer will provide the Executive with access to term life insurance coverage, providing a death benefit of not less
than $1,000,000, payable to such beneficiary or beneficiaries as the Executive may designate. 
 5.7 TAX PREPARATION SERVICES. The Employer
will provide the Executive with tax preparation services annually through a qualified accounting firm of the Executive’s choice at an annual cost not to exceed $2,500. 

5.8 BENEFITS. In addition to the benefits specifically described in this Agreement, the Executive shall be entitled to such benefits as may be
available from time to time to executives of the Bank similarly situated to the Executive. All such benefits shall be awarded and administered in accordance with the Bank’s standard policies and practices. Such benefits may include, by way of
example only, profit-sharing plans, retirement or investment funds, dental, health, life and disability insurance benefits and such other benefits as the Bank deems appropriate. 

6. COMPANY INFORMATION. 
 6.1
OWNERSHIP OF COMPANY INFORMATION. All Company Information received or developed by the Executive while employed by the Employer will remain the sole and exclusive property of the Employer. 

  
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 6.2 OBLIGATIONS OF THE EXECUTIVE. The Executive agrees: 

(a) to hold Company Information in strictest confidence; 

(b) not to use, duplicate, reproduce, distribute, disclose or otherwise disseminate Company Information or any physical embodiments of
Company Information, other than in connection with the Executive’s service to the Employer and its Affiliates; and 
 (c) in any
event, not to take any action causing or fail to take any action necessary in order to prevent any Company Information from losing its character or ceasing to qualify as Confidential Information or a Trade Secret, other than in connection with the
Executive’s service to the Employer and its Affiliates. 
 Notwithstanding the foregoing, in the event of a dispute between the
Executive and the Employer or its Affiliates, the Executive may disclose information concerning such dispute to the court or arbitrator that is considering such dispute and to the Executive’s legal counsel. In the event that the Executive is
required by law to disclose any Company Information, the Executive will not make such disclosure unless (and then only to the extent that) the Executive has been advised by legal counsel that such disclosure is required by law and then, to the
extent permitted by law, only after prior written notice is given to the Employer when the Executive becomes aware that such disclosure has been requested and is required by law. This Section 6 shall survive for a period of twelve
(12) months following termination of this Agreement for any reason with respect to Confidential Information, and shall survive termination of this Agreement for any reason for so long as is permitted by applicable law, with respect to Trade
Secrets. Notwithstanding any provision of this Agreement to the contrary, nothing contained herein is intended to, or shall be interpreted in a manner that does, limit or restrict the Executive from exercising any legally protected whistleblower
rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934). 
 6.3 DELIVERY UPON REQUEST OR TERMINATION. Upon request
by the Employer, and in any event upon termination of his employment with the Employer, the Executive will promptly deliver to the Employer all property belonging to the Employer, including, without limitation, all Company Information then in his
possession or control. The Executive agrees that the covenants contained in this Section 6 are of the essence of this Agreement; that the covenants are reasonable and necessary to protect the business, interests and properties of the Employer.

 7. NONCOMPETITION AND NONSOLICITATION. The Executive acknowledges that the services to be rendered by the Executive to the Employer are
of a special and unique character. The Executive agrees that, in consideration of the benefits provided for herein and his continued employment, the Executive will not, for three (3) years following the date of termination of the
Executive’s employment whether by the Executive or the Employer (the “Non-Competition Period”), either on the Executive’s own account or for any other person or entity, directly or
indirectly, within the Asheville, NC Metropolitan Statistical Area (an “MSA”), Charlotte-Concord-Gastonia, NC-SC MSA, Winston-Salem, NC MSA, Greensboro-High Point, NC MSA, Burlington, NC MSA,
Raleigh, NC MSA, Durham-Chapel Hill, NC MSA, Greenville-Anderson-Mauldin, SC MSA, Spartanburg, SC MSA, Myrtle Beach-Conway-North Myrtle 

  
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 Beach, SC-NC MSA, Charleston-North
Charleston-Summerville, SC MSA, Hilton Head Island-Bluffton-Beaufort, SC MSA or the Roanoke, VA MSA, (i) engage, whether as principal, agent, investor, representative, shareholder, officer, employee, consultant or otherwise, with or without
remuneration in any form, in any activity or business venture that is competitive with the Business of the Employer as conducted on the date of termination, (ii) solicit or endeavor to solicit away from the Employer any person who was, during
any portion of the Executive’s employment with the Employer, a director, officer, employee, agent or consultant of the Employer, whether or not such person would commit a breach of such person’s contract of employment by reason of leaving
the service of the Employer, or (iii) service, solicit or endeavor to solicit away any of the clients or customers of the Employer as of the date of termination. 

The Executive acknowledges that, pursuant to Section 9(b) of the Employment Agreement, he has also agreed to restrictions on his ability
to compete with BNC Bancorp and its affiliates or solicit, among others, BNC Bancorp’s customers and employees. The Executive further acknowledges that the restrictions contained in Section 9(b) of the Employment Agreement shall survive
the termination of the Employment Agreement and this Agreement for the Non-Competition Period, are in addition to those contained herein, may be more restrictive than those contained herein and that the
Employer, as successor to BNC Bancorp shall be entitled to the protections afforded under both this Agreement and the Employment Agreement. 

Notwithstanding anything to the contrary in this Agreement or Section 9(b) of the Employment Agreement, it shall not be a violation of
this Agreement or Section 9(b) of the Employment Agreement for the Executive to own, purchase or otherwise acquire an ownership interest in an entity that competes with the Business of the Employer, provided that such interest shall not
result in him collectively owning beneficially at any time five percent (5%) or more of the stock, capital, profits or other interests of such an entity. In addition, the conduct of the activities set forth on Schedule I hereto by the
Executive’s spouse shall not be a violation of, or give rise to a claim of the Executive’s breach, of this Agreement or Section 9(b) of the Employment Agreement. 

The Employer’s obligation to make payments or provide for any benefits under Section 3 and Section 5 of this Agreement will
cease upon a violation by the Executive of the preceding provisions of this Section 7 or Section 9(b) of the Employment Agreement or the Executive’s failure to comply with the requirements of Section 3.4.2. The Executive
acknowledges that the Employer may be severely and irreparably damaged in the event the Executive violates the provisions of this Section 7 or Section 9(b) of the Employment Agreement, and that the extent of the damage may be difficult or
impossible to determine. Therefore, the Executive agrees that, in addition to the remedies provided above, the Employer will be entitled to equitable relief, including a preliminary as well as a permanent injunction (without the necessity of posting
a bond). The Executive’s agreement as set forth in this Section 7 will (i) continue throughout the duration of the Executive’s employment with the Employer; and (ii) survive the termination of this Agreement and/or the
termination of the Executive’s employment with the Employer, whether or not such termination is voluntary or is the result of termination of the Executive by the Employer with or without Cause. 

If any restriction in this Section 7 is adjudicated to exceed the time, geographic, service or other limitations permitted by applicable
law in the applicable jurisdiction, then the Executive 

  
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agrees that such may be modified and narrowed, either by a court or the Employer, to the maximum time, geographic, service or other limitations permitted by applicable law, so as to preserve and
protect the Employer’s legitimate business interest, without negating or impairing any other restrictions or undertaking set forth in this Agreement. 

8. TAX MATTERS 
 8.1 SECTION
280G 
 8.1.1 Anything in this Agreement to the contrary notwithstanding, in the event the Accounting Firm (as defined below) shall
determine that receipt of all Payments (as defined below) would subject the Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this
Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Agreement Payments shall be so reduced only if the
Accounting Firm determines that the Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced. If the Accounting Firm determines
that the Executive would not have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced, the Executive shall receive all Agreement Payments to which
the Executive is entitled hereunder. 
 8.1.2 If the Accounting Firm determines that aggregate Agreement Payments should be reduced so that
the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Employer shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm
under this Section 8.1 shall be binding upon the Employer and the Executive and shall be made as soon as reasonably practicable and in no event later than 15 days prior to the date any excise tax under Section 4999 of the Code would
otherwise be due. For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The
reduction of the amounts payable hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) cash payments that may not be valued under Treas. Reg. § 1.280G-1, Q&A-24(c) (“24(c)”), (ii) equity-based payments that may not be valued under 24(c), (iii) cash payments that may be valued under 24(c), (iv)
equity-based payments that may be valued under 24(c) and (v) other types of benefits. With respect to each category of the foregoing, such reduction shall occur first with respect to amounts that are not “deferred compensation” within
the meaning of Section 409A of the Code and next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to be paid the farthest in time from the Accounting Firm’s determination.
All fees and expenses of the Accounting Firm shall be borne solely by the Employer. 
 8.1.3 To the extent requested by the Executive, the
Employer shall cooperate with the Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be provided by the Executive (including, without limitation, the Executive’s agreeing to
refrain from performing services pursuant to a covenant not to compete 

  
 12 

 
or similar covenant, before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final
regulations under Section 280G of the Code), such that payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and
Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within
the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G
of the Code. 
 8.1.4 The following terms shall have the following meanings for purposes of this Section 8.1: 

(a) “Accounting Firm” shall mean Golden Parachute Tax Solutions LLC or, if Golden Parachute Tax Solutions LLC is unavailable, a
nationally recognized certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is
selected by the Employer and is reasonably acceptable to the Executive, which firm shall not, without the Executive’s consent, be a firm serving as accountant or auditor for the Employer. 

(b) “Net After-Tax Receipt” shall mean the present value (as determined in accordance with
Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest
marginal rate under Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to
apply to the Executive in the relevant tax year(s). 
 (c) “Parachute Value” of a Payment shall mean the present value as of the
date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes
of determining whether and to what extent the excise tax under Section 4999 of the Code will apply to such Payment. 
 (d)
“Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or
otherwise. 
 (e) “Safe Harbor Amount” shall mean 2.99 times the Executive’s “base amount,” within the meaning of
Section 280G(b)(3) of the Code. 
 8.2 SECTION 409A MATTERS. 

8.2.1 It is intended that (i) each payment or installment of payments provided under this Agreement is a separate “payment” for
purposes of Code Section 409A and (ii) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A, including those provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two year exception), and 1.409A-1(b)(9)(v) (regarding reimbursements and other separation pay). In no event may the Executive, directly or indirectly, designate the calendar year of any payment under this Agreement. 

  
 13 

 8.2.2 Notwithstanding anything to the contrary in this Agreement, if the Employer determines
(i) that on the date of the Executive’s separation from service or at such other time that the Employer determines to be relevant, the Executive is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Employer and (ii) that any payments to be provided to the Executive pursuant to this Agreement are or may become subject to the additional tax under Code Section 409A(a)(1)(B) or any
other taxes or penalties imposed under Code Section 409A (“Section 409A Taxes”) if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the first day of the seventh month
following the Executive’s separation from service, or such earlier date that is sufficient to avoid the imposition of any Section 409A Taxes. 

8.2.3 Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind
benefits provided under this Agreement that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement
is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will
be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or
exchange for another benefit. 
 8.2.4 All payments to be made upon a termination of employment under this Agreement may only be made upon a
“separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on the Executive pursuant to Section 409A of the Code. 

8.3 WITHHOLDING. The Employer may deduct from each payment of compensation hereunder all amounts required to be deducted and withheld in
accordance with applicable federal and state income, FICA and other withholding requirements. 
 9. SEVERABILITY. The parties agree that
each of the provisions included in this Agreement is separate, distinct and severable from the other provisions of this Agreement and that the invalidity or unenforceability of any Agreement provision shall not affect the validity or enforceability
of any other provision of this Agreement. Further, if any provision of this Agreement is ruled invalid or unenforceable by a court of competent jurisdiction because of a conflict between the provision and any applicable law or public policy, the
provision shall be redrawn to make the provision consistent with and valid and enforceable under the law or public policy. 
 10. NO SET-OFF BY THE EXECUTIVE. The existence of any claim, demand, action or cause of action by the Executive against the Employer, or any Affiliate of the Employer, whether predicated upon this Agreement or otherwise,
shall not constitute a defense to the enforcement by the Employer of any of its rights hereunder. 

  
 14 

 11. NO MITIGATION. In no event shall the Executive be obligated to seek other employment or take
any other action by way of mitigation of any amounts payable to the Executive under this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. 

12. NOTICE. All notices and other communications required or permitted under this Agreement shall be in writing and, if mailed by prepaid
first-class mail or certified mail, return receipt requested, shall be deemed to have been received on the earlier of the date shown on the receipt or three (3) business days after the postmarked date thereof. In addition, notices hereunder may
be delivered by hand or overnight courier, in which event the notice shall be deemed effective when delivered. All notices and other communications under this Agreement shall be given to the parties hereto at the following addresses: 

 

	 	(i)	If to the Employer: 

 Pinnacle Financial Partners, Inc. 

150 Third Avenue South, Suite 900 

Nashville, TN 37201 
 Attn: Chief
Financial Officer 
 Facsimile: (615) 744-3770 

 

	 	(ii)	If to the Executive, to him at: 

 The most recent mailing address of the Executive that the
Employer has on record. 
 Either party may notify the other in writing in the event of a change in the address for such notice. 

13. ASSIGNMENT; BENEFICIARIES. Neither party hereto may assign or delegate this Agreement or any of its rights and obligations hereunder
without the written consent of the other party to this Agreement. In the event of the Executive’s death, any compensation or benefits that otherwise would have been payable to the Executive hereunder (including, without limitation, severance
benefits) shall instead be paid the Executive’s estate. 
 14. WAIVER. A waiver by one party to this Agreement of any breach of this
Agreement by the other party to this Agreement shall not be effective unless in writing, and no waiver shall operate or be construed as a waiver of the same or another breach on a subsequent occasion. 

15. ARBITRATION. Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by binding
arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered by the arbitrator may be entered only in a state court of Tennessee or the federal district court for the
Middle District of Tennessee. The Employer and the Executive agree to share equally the fees and expenses associated with the arbitration proceedings. 

  
 15 

 16. ATTORNEYS’ FEES. In the event that the parties have complied with this Agreement with
respect to arbitration of disputes and litigation ensues between the parties concerning the enforcement of an arbitration award, the party prevailing in such litigation shall be entitled to receive from the other party all reasonable costs and
expenses, including without limitation attorneys’ fees, incurred by the prevailing party in connection with such litigation, and the other party shall pay such costs and expenses to the prevailing party promptly upon demand by the prevailing
party. 
 17. APPLICABLE LAW. This Agreement shall be construed and enforced under and in accordance with the laws of the State of
Tennessee. 
 18. INTERPRETATION. Words importing any gender include all genders. Words importing the singular form shall include the plural
and vice versa. The terms “herein”, “hereunder”, “hereby”, “hereto”, “hereof” and any similar terms refer to this Agreement. Any captions, titles or headings preceding the text of any article,
section or subsection herein are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction or effect. 

19. ENTIRE AGREEMENT. This Agreement, together with the agreements referenced in Sections 4.2, 4.3 and 4.4, embodies the entire and final
agreement of the parties on the subject matter stated in this Agreement. No amendment or modification of this Agreement shall be valid or binding upon the Employer or the Executive unless made in writing and signed by both parties. Except for
Section 7 of the Employment Agreement, which shall survive and continue to be of full force and effect in accordance with its terms (with references to Section 8 of the Employment Agreement to be replaced with references to
Section 8.1 of this Agreement), and except as expressly set forth herein, the Employment Agreement is hereby terminated and superseded as of the Effective Date, and the Executive shall not be subject to any restrictive covenants other than
those set forth in this Agreement or expressly incorporated by reference into this Agreement. 
 20. RIGHTS OF THIRD PARTIES. Nothing herein
expressed is intended to or shall be construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted assigns, any rights or remedies under or by reason of this Agreement. 

21. BINDING AGREEMENT; SUCCESSORS. This Agreement shall inure to the benefit of and be binding upon the Executive, his heirs and personal
representatives, and the Bank and the Company and their respective successors and permitted assigns. As used in this Agreement, references to “Company” and “Bank” shall mean the Company and the Bank as hereinbefore defined and
any successor to their respective businesses and/or assets, and references to the board of directors of the Company shall be understood to refer to the board of directors (or other governing body) of the ultimate parent of the Company. 

22. SURVIVAL. The provisions of this Agreement that by their terms call for performance subsequent to the termination of either the
Executive’s employment or this 

  
 16 

 
Agreement (including Sections 3, 4, 6, 7, 8 and 15) shall survive the termination of the employment of the Executive hereunder for the period designated under each of those respective sections.

 23. JOINT AND SEVERAL. The obligations of the Bank and the Company to the Executive hereunder shall be joint and several. 

[Remainder of Page Intentionally Left Blank] 

  
 17 

 IN WITNESS WHEREOF, the Employer and the Executive have executed and delivered this Agreement as
of the date first shown above. 
  

			
	THE EMPLOYER:
	
	PINNACLE BANK
		
	By:	 	 /s/ M. Terry Turner

			
	Print Name:	 	M. Terry Turner

 
			
	Title:	 	President and Chief Executive Officer

 
			
	  
 PINNACLE FINANCIAL PARTNERS

		
	By:	 	 /s/ M. Terry Turner

			
	Print Name:	 	M. Terry Turner

 
			
	Title:	 	President and Chief Executive Officer
	
	THE EXECUTIVE:
	
	 /s/ Richard D. Callicutt II

	Richard D. Callicutt II

  
 18 

 Schedule I 

The Executive’s spouse owns and operates a recruiting business for lenders and other bank officers and it shall not be a violation of
Section 7 of the Agreement or Section 9(b) of the Employment Agreement for her to continue to engage in such business without the advice or participation of the Executive in a manner that would violate the terms of the Agreement, including
Section 7 of the Agreement or Section 9(b) of the Employment Agreement. 

  
 19EX-10.3

 Exhibit 10.3 

BNC BANCORP 
 2013
AMENDED AND RESTATED OMNIBUS STOCK INCENTIVE PLAN 
 SECTION 1. Purpose; Definitions 

The purpose of this Plan is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees, directors
and/or consultants and to provide the Company and its Subsidiaries and Affiliates with a long-term incentive plan providing incentives directly linked to shareholder value. Certain terms used herein have definitions given to them in the first place
in which they are used. In addition, for purposes of this Plan, the following terms are defined as set forth below: 
 (a)
“Affiliate” means a corporation or other entity controlled by, controlling or under common control with the Company. 
 (b)
“Applicable Exchange” means the NASDAQ or such other securities exchange as may at the applicable time be the principal market for the Common Stock. 

(c) “Award” means an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit or Other
Stock-Based Award granted pursuant to the terms of this Plan. 
 (d) “Award Agreement” means a written document or agreement
setting forth the terms and conditions of a specific Award. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Cause” means, unless otherwise provided in an Award Agreement, (i) “Cause” as defined in any Individual
Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement or if it does not define “Cause”: conduct amounting to (1) fraud or dishonesty against the Company or any Affiliate;
(2) the Participant’s willful misconduct, repeated refusal to follow the reasonable directions of the Board or knowing violation of law in the course of performance of the duties of Participant’s service with the Company or any
Affiliate; (3) repeated absences from work without a reasonable excuse; (4) repeated intoxication with alcohol or drugs while on the Company’s or any Affiliate’s premises during regular business hours; (5) a conviction or
plea of guilty or NOLO CONTENDERE to a felony or a crime involving dishonesty; or (6) a breach or violation of the terms of any agreement to which Participant and the Company or any Affiliate are party. 

(g) “Change in Control” has the meaning set forth in Section 10(e). 

(h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury
Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any
successor provision of the Code. 

  
 -1- 

 (i) “Commission” means the Securities and Exchange Commission or any successor
agency. 
 (j) “Committee” has the meaning set forth in Section 2(a). 

(k) “Common Stock” means the voting common stock, no par value per share, of the Company. 

(l) “Company” means BNC Bancorp, a North Carolina corporation. 

(m) “Disability” means (i) “Disability” as defined in any Individual Agreement to which the Participant is a
party, (ii) if there is no such Individual Agreement or it does not define “Disability,” disability of a Participant means the Participant is (A) unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (B) by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees
of the Company. The Committee may require such medical or other evidence as it deems necessary to judge the nature and duration of the Participant’s condition. Notwithstanding the above, with respect to an Incentive Stock Option, Disability
shall mean Permanent and Total Disability as defined in Section 22(e)(3) of the Code. 
 (n) “Disaffiliation” means a
Subsidiary’s or Affiliate’s ceasing to be a Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate) or a
sale of a division of the Company and its Affiliates. 
 (o) “Eligible Individuals” means directors, officers, employees and
consultants of the Company or any of its Subsidiaries or Affiliates, and prospective employees and consultants who have accepted offers of employment or consultancy from the Company or its Subsidiaries or Affiliates. 

(p) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 

(q) “Fair Market Value” means, unless otherwise determined by the Committee, the closing price of a share of Common Stock on
the Applicable Exchange on the date of measurement, or if Shares were not traded on the Applicable Exchange on such measurement date, then on the next preceding date on which Shares were traded, all as reported by such source as the Committee may
select. If the Common Stock is not listed on a national securities exchange, Fair Market Value shall be determined by the Committee in its good faith discretion using a reasonable valuation method which shall include consideration of the following
factors, as applicable: (i) the value of the Company’s tangible and intangible assets; (ii) the present value of the Company’s future cash-flows; (iii) the market value of stock or equity interests in similar corporations
and other entities engaged in substantially similar trades or businesses, the value of which can be readily determined objectively (such as through trading prices on an established 

  
 -2- 

 
securities market or an amount paid in an arm’s-length private transaction); (iv) control premiums or discounts for lack of marketability; (v) recent arm’s-length transactions
involving the sale or transfer of such stock or equity interests; and (vi) other relevant factors. 
 (r) “Free-Standing
SAR” has the meaning set forth in Section 5(b). 
 (s) “Full-Value Award” means any Award other than an Option
or Stock Appreciation Right. 
 (t) “Good Reason” has the meaning set forth in Section 10(e). 

(u) “Grant Date” means (i) the date on which the Committee by resolution selects an Eligible Individual to receive a
grant of an Award and determines the number of Shares to be subject to such Award, or (ii) such later date as the Committee shall provide in such resolution. 

(v) “Incentive Stock Option” means any Option that is designated in the applicable Award Agreement as an “incentive stock
option” within the meaning of Section 422 of the Code, and that in fact so qualifies. 
 (w) “Individual
Agreement” means an employment, consulting or similar agreement between a Participant and the Company or one of its Subsidiaries or Affiliates. 

(x) “Nonqualified Option” means any Option that is not an Incentive Stock Option. 

(y) “Option” means an Award granted under Section 5. 

(z) “Other Stock-Based Award” means Awards of Common Stock and other Awards that are valued in whole or in part by reference
to, or are otherwise based upon, Common Stock, including (without limitation) unrestricted stock, dividend equivalents, and convertible debentures. 

(aa) “Participant” means an Eligible Individual to whom an Award is or has been granted. 

(bb) “Performance Goals” means the performance goals established by the Committee in connection with the grant of Restricted
Stock, Restricted Stock Units, Performance Units or Other Stock-Based Awards. In the case of Qualified Performance-Based Awards, (i) such goals shall be based on the attainment of specified levels of one or more of the following measures: asset
growth, stock price, earnings (including earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization), earnings per share (whether on pre-tax, after-tax, operations or other basis),
operating earnings, total return to shareholders, ratio of debt to debt plus equity, net borrowing, credit quality or debt ratings, return on assets or operating assets, asset quality, net interest margin, loan portfolio growth, efficiency ratio,
deposit portfolio growth, liquidity, market share, objective customer service measures or indices, shareholder value added, embedded value added, loss ratio, expense ratio, combined ratio, premiums, pre- or after-tax income, net income, cash flow
(before or after dividends), expense or expense levels, economic value added, cash flow per share (before or after dividends), free cash flow, gross margin, risk-based capital, revenues, revenue growth, sales

  
 -3- 

 
growth, return on capital (including return on total capital or return on invested capital), capital expenditures, cash flow return on investment, cost, cost control, gross profit, operating
profit, economic profit, profit before tax, net profit, cash generation, unit volume, sales, net asset value per share, asset quality, cost saving levels, market-spending efficiency, core non-interest income or change in working capital, in each
case with respect to the Company or any one or more Subsidiaries, divisions, business units or business segments thereof, either in absolute terms or relative to the performance of one or more other companies (including an index covering multiple
companies), (ii) the Performance Goals may be adjusted as determined by the Committee in a manner consistent with Section 3(d) and (iii) such Performance Goals shall be set by the Committee within the time period prescribed by
Section 162(m) of the Code. 
 (cc) “Performance Period” means that period established by the Committee at the time any
Performance Unit is granted or at any time thereafter during which any Performance Goals specified by the Committee with respect to such Award are to be measured. 

(dd) “Performance Unit” means any Award granted under Section 8 of a unit valued by reference to a designated amount of
cash or other property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, Shares, or any combination thereof, upon achievement of such
Performance Goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (ee)
“Plan” means this BNC Bancorp 2013 Omnibus Stock Incentive Plan, as set forth herein and as hereafter amended from time to time. 

(ff) “Qualified Performance-Based Award” means an Award intended to qualify for the Section 162(m) Exemption, as provided
in Section 11. 
 (gg) “Replaced Award” has the meaning set forth in Section 10(b). 

(hh) “Replacement Award” has the meaning set forth in Section 10(b). 

(ii) “Restricted Stock” means an Award granted under Section 6. 

(jj) “Restricted Stock Unit” has the meaning set forth in Section 7. 

(kk) “Retirement” means the Participant’s Termination of Employment after the attainment of age 65 or the attainment of
age 55 and at least 15 years of service. 
 (ll) “Section 162(m) Exemption” means the exemption from the limitation on
deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code. 
 (mm)
“Share” means a share of Common Stock. 
 (nn) “Stock Appreciation Right” has the meaning set forth in
Section 5(b). 

  
 -4- 

 (oo) “Subsidiary” means any corporation, partnership, joint venture, limited
liability company or other entity during any period in which at least a majority of the voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 

(pp) “Tandem SAR” has the meaning set forth in Section 5(b). 

(qq) “Term” means the maximum period during which an Option or Stock Appreciation Right may remain outstanding, subject to
earlier termination upon Termination of Employment or otherwise, as specified in the applicable Award Agreement. 
 (rr) “Termination
of Employment” means the termination of the applicable Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, (i) if a
Participant’s employment with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of
Employment and (ii) a Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates shall be deemed to incur a Termination of Employment if, as a result of a Disaffiliation,
such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider for, the Company or another Subsidiary or
Affiliate. Temporary absences from employment because of illness, vacation or leave of absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of Employment. The Committee shall, in its
absolute discretion, determine the effect of all matters and questions relating to a Termination of Employment, including, but not by way of limitation, the question of whether a leave of absence constitutes a Termination of Employment, or whether a
Termination of Employment is for Cause or Good Reason. Unless otherwise provided in an applicable Award Agreement, with respect to Awards constituting a “deferral of compensation” subject to Section 409A of the Code, a
“Termination of Employement” shall have occurred only if the event constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the U.S. Treasury Regulations. 

SECTION 2. Administration 

(a) Committee. The Plan shall be administered by the Compensation Committee of the Board or such other committee of the Board as the
Board may from time to time designate (the “Committee”), which shall be composed of not less than two directors, and shall be appointed by and serve at the pleasure of the Board. The Committee shall, subject to Section 11, have
plenary authority to grant Awards pursuant to the terms of the Plan to Eligible Individuals. Among other things, the Committee shall have the authority, subject to the terms and conditions of the Plan: 

(i) to select the Eligible Individuals to whom Awards may from time to time be granted; 

(ii) to determine whether and to what extent Incentive Stock Options, Nonqualified Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Performance Units, Other Stock-Based Awards, or any combination thereof, are to be granted hereunder; 

  
 -5- 

 (iii) to determine the number of Shares to be covered by each Award granted
hereunder; 
 (iv) to determine the terms and conditions of each Award granted hereunder, based on such factors as the
Committee shall determine; 
 (v) subject to Section 12, to modify, amend or adjust the terms and conditions of any
Award; 
 (vi) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall
from time to time deem advisable; 
 (vii) to interpret the terms and provisions of the Plan and any Award issued under the
Plan (and any agreement relating thereto); 
 (viii) subject to Section 12, to accelerate the vesting or lapse of
restrictions of any outstanding Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(ix) to decide all other matters that must be determined in connection with an Award; 

(x) to determine whether, to what extent and under what circumstances cash, Shares and other property and other amounts payable
with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; 

(xi) to establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable; and

 (xii) to otherwise administer the Plan. 

(b) Procedures. 

(i) The Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent
prohibited by applicable law or the listing standards of the Applicable Exchange and subject to Section 11, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any person or persons selected by it. 
 (ii) Subject to Section 11(c), any authority
granted to the Committee may also be exercised by the full Board. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. 

  
 -6- 

 (c) Discretion of Committee. Subject to Section 1(f), any determination made by the
Committee or by an appropriately delegated officer pursuant to delegated authority under the provisions of the Plan with respect to any Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the
Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee or any appropriately delegated officer pursuant to the provisions of the Plan shall be final, binding and conclusive on
all persons, including the Company, Participants, and Eligible Individuals. 
 (d) Cancellation or Suspension. Subject to
Section 5(d), the Committee shall have full power and authority to determine whether, to what extent and under what circumstances any Award shall be canceled or suspended. In particular, but without limitation, all outstanding Awards to any
Participant may be canceled if the Participant, without the consent of the Committee, while employed by the Company or after termination of such employment, in either case prior to a Change in Control, becomes associated with, employed by, renders
services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee), any business that is in competition with the Company or with any business in which the Company has a substantial interest, as determined
by the Committee or any one or more senior managers or committee of senior managers to whom the authority to make such determination is delegated by the Committee. 

(e) Award Agreements. The terms and conditions of each Award, as determined by the Committee, shall be set forth in a written (or
electronic) Award Agreement, which shall be delivered in writing or via an electronic transmission to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. An Award Agreement may,
but need not be signed by the Company and the Participant. Award Agreements may be amended only in accordance with Section 12 hereof. 

SECTION 3. Common Stock Subject to Plan 

(a) Plan Maximums. The maximum number of Shares that may be granted pursuant to Awards under the Plan shall be 750,000. The maximum
number of Shares that may be granted pursuant to Options intended to be Incentive Stock Options shall be 750,000 Shares. Shares subject to an Award under the Plan may be authorized and unissued Shares. On and after the Effective Date (as defined in
Section 12(a)), no new awards may be granted under the Company’s Omnibus Stock Ownership and Long Term Incentive Plan, as amended, it being understood that (A) awards outstanding under such plan as of the Effective Date shall remain
in full force and effect under such plan according to their respective terms, and (B) to the extent that any such award is forfeited, terminates, expires or lapses without being exercised (to the extent applicable), or is settled for cash, the
Shares subject to such award not delivered as a result thereof shall not be available for Awards under this Plan; provided, however, that dividend equivalents may continue to be issued under such plan in respect of awards granted under
such plan which are outstanding as of the Effective Date. 
 (b) Individual Limits. No Participant may be granted Qualified
Performance-Based Awards (other than Stock Options and Stock Appreciation Rights) covering in excess of 150,000 Shares during any calendar year. No Participant may be granted Stock Options and Stock Appreciation Rights covering in excess of 150,000
Shares during any calendar year. Notwithstanding the foregoing, no Participant who is a non-employee director of the Company may be granted Awards covering in excess of 12,500 Shares during any calendar year. 

  
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 (c) Rules for Calculating Shares Delivered. To the extent that any Award is forfeited, or
any Option and the related Tandem SAR (if any) or Free-Standing SAR terminates, expires or lapses without being exercised, or any Award is settled for cash, the Shares subject to such Awards not delivered as a result thereof shall again be available
for Awards under the Plan. If the exercise price of any Option and/or the tax withholding obligations relating to any Award are satisfied by delivering Shares (either actually or through attestation) or withholding Shares relating to such Award, the
gross number of Shares subject to the Award shall nonetheless be deemed to have been granted for purposes of the first sentence of Section 3(a). 

(d) Adjustment Provision. In the event of a merger, consolidation, acquisition of property or shares, stock rights offering,
liquidation, disposition for consideration of the Company’s direct or indirect ownership of a Subsidiary or Affiliate (including by reason of a Disaffiliation), or similar event affecting the Company or any of its Subsidiaries (each, a
“Corporate Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for
issuance and delivery under the Plan, (B) the various maximum limitations set forth in Sections 3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Shares or
other securities subject to outstanding Awards; and (D) the exercise price of outstanding Awards. In the event of a stock dividend, stock split, reverse stock split, reorganization, share combination, or recapitalization or similar event
affecting the capital structure of the Company, or a Disaffiliation, separation or spinoff, in each case without consideration, or other extraordinary dividend of cash or other property to the Company’s shareholders (each, a “Share
Change”), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan,
(B) the various maximum limitations set forth in Sections 3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Shares or other securities subject to
outstanding Awards; and (D) the exercise price of outstanding Awards. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of outstanding Awards in exchange for payments of cash,
property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with respect to which
shareholders of Common Stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of an Option or Stock Appreciation Right shall for this purpose
be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Stock Appreciation Right shall conclusively be deemed valid);
(2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the Shares subject to outstanding Awards; and (3) in connection with any
Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation, other securities of the Company and securities of entities other than the
Company), by the affected Subsidiary, 

  
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Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as any corresponding adjustments to Awards that remain based
upon Company securities). The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the
cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis or
other the Company’s SEC filings, provided that in the case of Performance Goals applicable to any Qualified Performance-Based Awards, such adjustment does not violate Section 162(m) of the Code. 

(e) Section 409A. Notwithstanding the foregoing: (i) any adjustments made pursuant to Section 3(d) to Awards that are
considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; and (ii) any adjustments made pursuant to Section 3(d) to
Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustments, either (A) the Awards continue not to be subject to
Section 409A of the Code or (B) there does not result in the imposition of any penalty taxes under Section 409A of the Code in respect of such Awards. 

SECTION 4. Eligibility 

Awards may be granted under the Plan to Eligible Individuals; provided, however, that Incentive Stock Options may be granted only to
employees of the Company and its subsidiaries or parent corporation (within the meaning of Section 424(f) of the Code). 
 SECTION
5. Options and Stock Appreciation Rights 
 (a) Types of Options. Options may be of two types: Incentive Stock Options and
Nonqualified Options. The Award Agreement for an Option shall indicate whether the Option is intended to be an Incentive Stock Option or a Nonqualified Option. 

(b) Types and Nature of Stock Appreciation Rights. Stock Appreciation Rights may be “Tandem SARs,” which are granted in
conjunction with an Option, or “Free-Standing SARs,” which are not granted in conjunction with an Option. Upon the exercise of a Stock Appreciation Right, the Participant shall be entitled to receive an amount in cash, Shares, or both, in
value equal to the product of (i) the excess of the Fair Market Value of one Share over the exercise price of the applicable Stock Appreciation Right, multiplied by (ii) the number of Shares in respect of which the Stock Appreciation Right
has been exercised. The applicable Award Agreement shall specify whether such payment is to be made in cash or Common Stock or both, or shall reserve to the Committee or the Participant the right to make that determination prior to or upon the
exercise of the Stock Appreciation Right. 
 (c) Tandem SARs. A Tandem SAR may be granted at the Grant Date of the related Option. A
Tandem SAR shall be exercisable only at such time or times and to the extent that the related Option is exercisable in accordance with the provisions of this Section 5, and shall have the same exercise price as the related Option. A Tandem SAR
shall terminate or be forfeited upon the exercise or forfeiture of the related Option, and the related Option shall terminate or be forfeited upon the exercise or forfeiture of the Tandem SAR. 

  
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 (d) Exercise Price. The exercise price per Share subject to an Option or Free-Standing SAR
shall be determined by the Committee and set forth in the applicable Award Agreement, and shall not be less than the Fair Market Value of a share of the Common Stock on the applicable Grant Date. In no event may any Option or Stock Appreciation
Right granted under this Plan be amended, other than pursuant to Section 3(d), to decrease the exercise price thereof, be cancelled in conjunction with the grant of any new Option or Free-Standing SAR with a lower exercise price, or otherwise
be subject to any action that would be treated, under the Applicable Exchange listing standards or for accounting purposes, as a “repricing” of such Option or Free-Standing SAR, unless such amendment, cancellation, or action is approved by
the Company’s shareholders. 
 (e) Term. The Term of each Option and each Free-Standing SAR shall be fixed by the Committee, but
shall not exceed ten years from the Grant Date. 
 (f) Vesting and Exercisability. Except as otherwise provided herein, Options and
Free-Standing SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee, provided that, except as otherwise determined by the Committee, in no event shall the normal vesting
schedule of an Option or Free-Standing SAR provide that such Option or Free-Standing SAR vest prior to the first anniversary of the date of grant. 

(g) Method of Exercise. Subject to the provisions of this Section 5, Options and Free-Standing SARs may be exercised, in whole or
in part, at any time during the applicable term by giving written notice of exercise to the Company specifying the number of shares of Common Stock as to which the Option or Free-Standing SAR is being exercised. In the case of the exercise of an
Option, such notice shall be accompanied by payment in full of the purchase price (which shall equal the product of such number of shares multiplied by the applicable exercise price) by certified or bank check or such other instrument as the Company
may accept or, if approved by the Committee, payment, in full or in part, may also be made as follows: 
 (i) Payments may be
made in the form of unrestricted shares of Common Stock (by delivery of such shares or by attestation) of the same class as the Common Stock subject to the Option already owned by the Participant (based on the Fair Market Value of the Common Stock
on the date the Option is exercised). 
 (ii) To the extent permitted by applicable law, payment may be made by delivering a
properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the purchase price, and, if requested, the amount
of any federal, state, local or foreign withholding taxes. To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated procedures with one or more brokerage firms. To the extent
permitted by applicable law, the Committee may also provide for Company loans to be made for purposes of the exercise of Options. 

  
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 (iii) Payment may be made by instructing the Company to withhold a number of
shares of Common Stock having a Fair Market Value (based on the Fair Market Value of the Common Stock on the date the applicable Option is exercised) equal to the product of (A) the exercise price multiplied by (B) the number of shares of
Common Stock in respect of which the Option shall have been exercised. 
 (h) Delivery; Rights of Shareholders. No Shares shall be
delivered pursuant to the exercise of an Option until the exercise price therefor has been fully paid and applicable taxes have been withheld. The applicable Participant shall have all of the rights of a shareholder of the Company holding the class
or series of Common Stock that is subject to the Option or Stock Appreciation Right (including, if applicable, the right to vote the applicable Shares and the right to receive dividends) when the Participant (i) has given written notice of
exercise, (ii) if requested, has given the representation described in Section 14(a), and (iii) in the case of an Option, has paid in full for such Shares. 

(i) Nontransferability of Options and Stock Appreciation Rights. No Option or Free-Standing SAR shall be transferable by a Participant
other than, for no value or consideration, (i) by will or by the laws of descent and distribution, or (ii) in the case of a Nonqualified Option or Free-Standing SAR, as otherwise expressly permitted by the Committee including, if so
permitted, pursuant to a transfer to the Participant’s family members, whether directly or indirectly or by means of a trust or partnership or otherwise (for purposes of this Plan, unless otherwise determined by the Committee, “family
member” shall have the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto). A Tandem SAR shall be transferable only with the related Option as
permitted by the preceding sentence. Any Option or Stock Appreciation Right shall be exercisable, subject to the terms of this Plan, only by the applicable Participant, the guardian or legal representative of such Participant, or any person to whom
such Option or Stock Appreciation Right is permissibly transferred pursuant to this Section 5(i), it being understood that the term “Participant” includes such guardian, legal representative and other transferee; provided,
however, that the term “Termination of Employment” shall continue to refer to the Termination of Employment of the original Participant. 

(j) Termination of Employment. A Participant’s Options and Stock Appreciation Rights shall be forfeited upon his or her
Termination of Employment, except as set forth below: 
 (i) Upon a Participant’s Termination of Employment for any
reason other than death, Disability, Retirement or Cause, any Option or Stock Appreciation Right held by the Participant that was exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of
(A) the 90th day following such Termination of Employment and (B) expiration of the Term thereof; 
 (ii) Upon a
Participant’s Termination of Employment by reason of the Participant’s death, any Option or Stock Appreciation Right held by the Participant shall vest and be exercisable at any time until the earlier of (A) the third anniversary of
the date of such death and (B) the expiration of the Term thereof; 

  
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 (iii) Upon a Participant’s Termination of Employment by reason of
Disability, any Option or Stock Appreciation Right held by the Participant shall vest and be exercisable at any time until (A) in the case of Nonqualified Options and Stock Appreciation Rights, the expiration of the Term thereof, and
(B) in the case of Incentive Stock Options, the earlier of (x) the first anniversary of the date of such Termination of Employment and (y) the expiration of the Term thereof; 

(iv) Upon a Participant’s Termination of Employment for Retirement, unless as otherwise set forth in the Award Agreement
evidencing such Award any Option or Stock Appreciation Right held by the Participant shall vest and be exercisable at any time until the earlier of (A) in the case of Nonqualified Options and Stock Appreciation Rights, (x) the fifth
anniversary of such Termination of Employment and (y) the expiration of the Term thereof, and (B) in the case of Incentive Stock Options, (x) the 90th day following such Termination of Employment and (y) the expiration of the
Term thereof; and 
 (k) Notwithstanding the foregoing, the Committee shall have the power, in its discretion, to apply different rules
concerning the consequences of a Termination of Employment, provided, that if such rules are less favorable to the Participant than those set forth above, such rules are set forth in the applicable Award Agreement. 

SECTION 6. Restricted Stock 

(a) Nature of Awards and Certificates. Shares of Restricted Stock are actual Shares issued to a Participant and shall be evidenced in
such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Shares of Restricted Stock shall be registered in the name of the applicable
Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and
conditions (including forfeiture) of the BNC Bancorp 2013 Amended and Restated Omnibus Stock Incentive Plan and an Award Agreement. Copies of such Plan and Agreement are on file at the offices of Pinnacle Financial Partners, 150 Third Avenue South,
Suite 900, Nashville, TN 37204” 
 The Committee may require that the certificates evidencing such shares be held in custody by the Company or any
Affiliate or Subsidiary thereof or any other custodian appointed by the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock
power, endorsed in blank, relating to the Common Stock covered by such Award. 

  
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 (b) Terms and Conditions. Shares of Restricted Stock shall be subject to the following
terms and conditions: 
 (i) The Committee shall, prior to or at the time of grant, condition (A) the vesting of an
Award of Restricted Stock upon the continued service of the applicable Participant, or (B) the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or the attainment of Performance Goals and the continued
service of the applicable Participant. In the event that the Committee conditions the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the
applicable Participant, the Committee may, prior to or at the time of grant, designate an Award of Restricted Stock as a Qualified Performance-Based Award. The conditions for grant or vesting and the other provisions of Restricted Stock Awards
(including without limitation any applicable Performance Goals) need not be the same with respect to each recipient. 
 (ii)
Subject to the provisions of the Plan and the applicable Award Agreement, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Award for which such vesting restrictions apply (the “Restriction
Period”), and until the expiration of the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Shares of Restricted Stock. Subject to the terms of the Plan and the applicable Award
Agreement, any Award of Restricted Stock shall be subject to vesting during a Restriction Period of at least three years following the date of grant, provided that a Restriction Period of at least one year following the date of grant is
permissible if vesting is conditioned upon the achievement of Performance Goals, and provided, further that an Award may vest in part on a pro rata basis prior to the expiration of any Restriction Period, and provided, further,
that up to five percent of Shares available for grant as Restricted Stock (together with all other Shares available for grant as Full-Value Awards) may be granted without regard to the foregoing requirements and the Committee may accelerate the
vesting and lapse of any restrictions with respect to any such Restricted Stock Awards. 
 (iii) Except as provided in this
Section 6 and in the applicable Award Agreement, the applicable Participant shall have, with respect to the Shares of Restricted Stock, all of the rights of a shareholder of the Company holding the class or series of Common Stock that is the
subject of the Restricted Stock, including, if applicable, the right to vote the Shares and the right to receive any cash dividends. Notwithstanding the foregoing, upon a Termination of Employment the Company will recoup, recapture, recover or set
off (out of amounts otherwise payable or paid to a grantee) or otherwise require the repayment of the amount of all dividends previously paid to such Participant on Restricted Stock forfeited upon such Termination of Employment. 

(iv) If and when any applicable Performance Goals are satisfied and the Restriction Period expires without a prior forfeiture
of the Shares of Restricted Stock for which legended certificates have been issued, unlegended certificates for such Shares shall be delivered to the Participant upon surrender of the legended certificates. 

  
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 SECTION 7. Restricted Stock Units 

(a) Nature of Awards. Restricted stock units and deferred share rights (together, “Restricted Stock Units”) are Awards
denominated in Shares that will be settled, subject to the terms and conditions of the Restricted Stock Units, in an amount in cash, Shares, or both, based upon the Fair Market Value of a specified number of Shares. 

(b) Terms and Conditions. Restricted Stock Units shall be subject to the following terms and conditions: 

(i) The Committee shall, prior to or at the time of grant, condition (A) the vesting of Restricted Stock Units upon the
continued service of the applicable Participant, or (B) the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant. In
the event that the Committee conditions the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant, the Committee may, prior
to or at the time of grant, designate the Restricted Stock Units as a Qualified Performance-Based Awards. The conditions for grant or vesting and the other provisions of Restricted Stock Units (including without limitation any applicable Performance
Goals) need not be the same with respect to each recipient. An Award of Restricted Stock Units shall be settled as and when the Restricted Stock Units vest, at a later time specified by the Committee or in the applicable Award Agreement, or, if the
Committee so permits, in accordance with an election of the Participant. 
 (ii) Subject to the provisions of the Plan and
the applicable Award Agreement, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Units for which such vesting restrictions apply (the “Restriction Period”), and until the expiration of the
Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Restricted Stock Units. Subject to the terms of the Plan and the applicable Award Agreement, any Restricted Stock Units shall be
subject to vesting during a Restriction Period of at least three years following the date of grant, provided that a Restriction Period of at least one year following the date of grant is permissible if vesting is conditioned upon the
achievement of Performance Goals, and provided, further that a Restricted Stock Unit may vest in part prior to the expiration of any Restriction Period, and provided, further, that up to five percent of Shares available for
grant as Restricted Stock Units (together with all other Shares available for grant as Full-Value Awards) may be granted without regard to the foregoing requirements and the Committee may accelerate the vesting and lapse any restrictions with
respect to any such Restricted Stock Units. 
 (iii) The Award Agreement for Restricted Stock Units shall specify whether, to
what extent and on what terms and conditions the applicable Participant shall be entitled to receive payments of cash, Common Stock or other property corresponding to the dividends payable on the Common Stock (subject to availability of Shares
pursuant to Section 3 hereof). 

  
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 SECTION 8. Performance Units. 

Performance Units may be issued hereunder to Eligible Individuals, for no cash consideration or for such minimum consideration as may be
required by applicable law, either alone or in addition to other Awards granted under the Plan. The Performance Goals to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the
grant of each Performance Unit, provided that the Performance Period shall be no less than one year following the date of grant. The Committee may, in connection with the grant of Performance Units, designate them as Qualified
Performance-Based Awards. The conditions for grant or vesting and the other provisions of Performance Units (including without limitation any applicable Performance Goals) need not be the same with respect to each recipient. Performance Units may be
paid in cash, Shares, other property or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement. The maximum value of the property, including cash, that may be paid or distributed to any
Participant pursuant to a grant of Performance Units made in any one calendar year shall be $500,000. 
 SECTION 9. Other Stock-Based
Awards 
 Other Stock-Based Awards may be granted under the Plan, provided that any Other Stock-Based Awards that are Awards of
Common Stock that are unrestricted shall only be granted in lieu of other compensation due and payable to the Participant. Subject to the terms of the Plan and the applicable Award Agreement, any Other Stock-Based Award that is a Full-Value Award
shall be subject to vesting during a Restriction Period of at least three years following the date of grant, provided that a Restriction Period of at least one year following the date of grant is permissible if vesting is conditioned upon the
achievement of Performance Goals, and provided, further that an Other Stock-Based Award that is a Full-Value Award may vest in part on a pro rata basis prior to the expiration of any Restriction Period, and provided, further,
that up to five percent of Shares available for grant as Other Stock-Based Awards that are Full-Value Awards (together with all other Shares available for grant as Full-Value Awards) may be granted without regard to the foregoing requirements and
the Committee may accelerate the vesting and lapse of any restrictions with respect to any such Other Stock-Based Awards. 
 SECTION 10.
Change in Control Provisions 
 (a) General. The provisions of this Section 10 shall, subject to Section 3(d) and
Section 10(f), apply notwithstanding any other provision of the Plan to the contrary, except to the extent the Committee specifically provides otherwise in an Award Agreement. 

(b) Impact of Change in Control. Upon the occurrence of a Change in Control, unless otherwise provided in the applicable Award
Agreement: (i) all then-outstanding Options and Stock Appreciation Rights shall become fully vested and exercisable, and all Full-Value Awards (other than performance-based Awards) shall vest in full, be free of restrictions, and be deemed to
be earned and payable in an amount equal to the full value of such Award, except in 

  
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each case to the extent that another Award meeting the requirements of Section 10(c) (any award meeting the requirements of Section 10(c), a “Replacement Award”) is provided
to the Participant pursuant to Section 3(d) to replace such Award (any award intended to be replaced by a Replacement Award, a “Replaced Award”), and (ii) any performance-based Award that is not replaced by a Replacement Award
shall be deemed to be earned and payable in an amount equal to the full value of such performance-based Award (with all applicable Performance Goals deemed achieved at the greater of (x) the applicable target level and (y) the level of
achievement of the Performance Goals for the Award as determined by the Committee not later than the date of the Change in Control, taking into account performance through the latest date preceding the Change in Control as to which performance can,
as a practical matter, be determined (but not later than the end of the applicable Performance Period)) multiplied by a fraction, the numerator of which is the number of days during the applicable Performance Period before the date of the Change in
Control, and the denominator of which is the number of days in the applicable Performance Period; provided, however, that such fraction shall be equal to one in the event that the applicable Performance Goals in respect of such
performance-based Awards have been fully achieved as of the date of such Change in Control. 
 (c) Replacement Awards. An Award shall
meet the conditions of this Section 10(c) (and hence qualify as a Replacement Award) if: (i) it is of the same type as the Replaced Award; (ii) it has a value equal to the value of the Replaced Award as of the date of the Change in
Control; (iii) if the underlying Replaced Award was an equity-based award, it relates to publicly traded equity securities of the Company or the entity surviving the Company following the Change in Control; (iv) it contains terms relating
to vesting (including with respect to a Termination of Employment) that are substantially identical to those of the Replaced Award; and (v) its other terms and conditions are not less favorable to the Participant than the terms and conditions
of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control) as of the date of the Change in Control. Without limiting the generality of the foregoing, a Replacement Award may take the form of a
continuation of the applicable Replaced Award if the requirements of the preceding sentence are satisfied. If a Replacement Award is granted, the Replaced Award shall not vest upon the Change in Control. The determination whether the conditions of
this Section 10(c) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. 

(d) Termination of Employment. Upon a Termination of Employment of a Participant occurring upon or during the two years immediately
following the date of a Change in Control by reason of death, Disability or Retirement, by the Company without Cause, or by the Participant for “Good Reason” (as defined in Section 10(e)), (i) all Replacement Awards held by such
Participant shall vest in full, be free of restrictions, and be deemed to be earned in an amount equal to the full value of such Replacement Award, and (ii) unless otherwise provided in the applicable Award Agreement, notwithstanding any other
provision of the Plan to the contrary, any Option or Stock Appreciation Right held by the Participant as of the date of the Change in Control that remains outstanding as of the date of such Termination of Employment may thereafter be exercised,
until (A) in the case of Incentive Stock Options, the last date on which such Incentive Stock Options would be exercisable in the absence of this Section 10(d), and (B) in the case of Nonqualified Options and Stock Appreciation
Rights, the later of (x) the last date on which such Nonqualified Option or Stock Appreciation Right would be exercisable in the absence of this Section 10(d) and (y) the earlier of (1) the third anniversary of such Change in
Control and (y) expiration of the Term of such Nonqualified Option or Stock Appreciation Right. 

  
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 (e) Definition of Change in Control. For purposes of the Plan: 

“Change in Control” shall mean any one of the following events which may occur after the date the Award is granted: 

(i) the acquisition by any person or persons acting in concert of the then outstanding voting securities of either the Bank or
the Company, if, after the transaction, the acquiring person (or persons) owns, controls or holds with power to vote forty percent (40%) or more of any class of voting securities of either the Bank or the Company, as the case may be; 

(ii) within any twelve-month period the persons who were directors of either the Bank or the Company immediately before the
beginning of such twelve-month period (the “Incumbent Directors”) shall cease to constitute at least a majority of such board of directors; provided that any director who was not a director as of the beginning of such twelve-month period
shall be deemed to be an Incumbent Director if that director was elected to such board of directors by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors; and provided
further that no director whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors shall be deemed to be an Incumbent Director; 

(iii) a reorganization, merger or consolidation, with respect to which persons who were the shareholders of either the Bank or
the Company, as the case may be, immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote in the election of directors of
the reorganized, merged or consolidated company’s then outstanding voting securities; or 
 (iv) the sale, transfer or
assignment of all or substantially all of the assets of the Company and its subsidiaries to any third party. 
 Notwithstanding the
foregoing, (i) unless otherwise provided in an applicable Award Agreement with respect to Awards constituting a “deferral of compensation” subject to Section 409A of the Code, a Change in Control shall mean a “change in the
ownership of the Company,” a “change in the effective control of the Company,” or a “change in the ownership of a substantial portion of the assets of the Company” as such terms are defined in Section 1.409A-3(i)(5) of
the U.S. Treasury Regulations, and (ii) no Award Agreement shall define a Change in Control in such a manner that a Change in Control would be deemed to occur prior to the actual consummation of the event or transaction that results in a change
of control of the Company (e.g., upon the announcement, commencement, or stockholder approval of any event or transaction that, if completed, would result in a change in control of the Company). 

  
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 (v) “Good Reason” shall mean, unless otherwise provided in an Award
Agreement, (i) “Good Reason” or any similar concept defined using different terminology as defined in any Individual Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement or if
it does not define “Good Reason” or any similar concept defined using different terminology: (A) a material adverse change in the Participant’s authority, duties or responsibilities as in effect immediately prior to the Change in
Control; (B) a material reduction in the Participant’s base salary or annual bonus opportunity, in each case as in effect immediately prior to the Change in Control; or (C) the reassignment of the Participant’s place of
employment to an office location more than 50 miles from the Participant’s then-current place of employment. 
 (f) Notwithstanding the
foregoing, if any Award is subject to Section 409A of the Code, this Section 10 shall be applicable only to the extent specifically provided in the Award Agreement and permitted pursuant to Section 11(e). Nothing in this
Section 10 shall preclude the Company from settling upon a Change in Control an Award if it is not replaced by a Replacement Award, to the extent effectuated in accordance with Treas. Reg. § 1.409A-3(j)(ix). 

SECTION 11. Qualified Performance-Based Awards; Section 16(b); Section 409A 

(a) The provisions of this Plan are intended to ensure that all Options and Stock Appreciation Rights granted hereunder to any Participant who
is or may be a “covered employee” (within the meaning of Section 162(m)(3) of the Code) in the tax year in which such Option or Stock Appreciation Right is expected to be deductible to the Company qualify for the Section 162(m)
Exemption, and, unless otherwise determined by the Committee, all such Awards shall therefore be considered Qualified Performance-Based Awards and this Plan shall be interpreted and operated consistent with that intention (including, without
limitation, to require that all such Awards be granted by a committee composed solely of members who satisfy the requirements for being “outside directors” for purposes of the Section 162(m) Exemption (“Outside Directors”)).
When granting any Award other than an Option or Stock Appreciation Right, the Committee may designate such Award as a Qualified Performance-Based Award, based upon a determination that (i) the recipient is or may be a “covered
employee” (within the meaning of Section 162(m)(3) of the Code) with respect to such Award, and (ii) the Committee wishes such Award to qualify for the Section 162(m) Exemption, and the terms of any such Award (and of the grant
thereof) shall be consistent with such designation (including, without limitation, that all such Awards be granted by a committee composed solely of Outside Directors). To the extent required to comply with the Section 162(m) Exemption, within
90 days after the commencement of a Performance Period or, if earlier, by the expiration of 25% of a Performance Period, the Committee will designate one or more Performance Periods, determine the Participants for the Performance Periods and
establish the Performance Goals for the Performance Periods. 
 (b) Each Qualified Performance-Based Award (other than an Option or Stock
Appreciation Right) shall be earned, vested and/or payable (as applicable) upon the achievement of one or more Performance Goals, together with the satisfaction of any other conditions, such as continued employment, as the Committee may determine to
be appropriate. 

  
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 (c) The full Board shall not be permitted to exercise authority granted to the Committee to the
extent that the grant or exercise of such authority would cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption. 

(d) The provisions of this Plan are intended to ensure that no transaction under the Plan is subject to (and not exempt from) the short-swing
recovery rules of Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to
be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt
from) Section 16(b). 
 (e) The Plan is intended to comply with the requirements of Section 409A of the Code or an exemption or
exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, it is intended that the Plan be administered in all respects in accordance with Section 409A of the Code. Each payment under any Award shall be
treated as a separate payment for purposes of Section 409A of the Code. In no event may a Participant, directly or indirectly, designate the calendar year of any payment to be made under any Award. Notwithstanding any provision of the Plan or
any Award Agreement to the contrary, in the event that a Participant is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company), amounts that
constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code that would otherwise be payable during the six-month period immediately following a Participant’s “separation from service”
within the meaning of Section 409A of the Code (“Separation from Service”) shall instead be paid or provided on the first business day after the date that is six months following the Participant’s Separation from Service. If the
Participant dies following the Separation from Service and prior to the payment of any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Participant’s estate within 30
days after the date of the Participant’s death. 
 SECTION 12. Term, Amendment and Termination 

(a) Effectiveness. The Plan was approved by the Board on March 19, 2013, subject to and contingent upon approval by at least a
majority of the outstanding shares of the Company. The Plan will be effective as of the date of such approval by the Company’s shareholders (the “Effective Date”). 

(b) Termination. The Plan will terminate on the tenth anniversary of the Effective Date. Awards outstanding as of such date shall not
be affected or impaired by the termination of the Plan. 
 (c) Amendment of Plan. The Board or the Committee may amend, alter, or
discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would materially impair the rights of the Participant with respect to a previously granted Award without such Participant’s consent, except such an
amendment made to comply with applicable 

  
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law, including without limitation Section 409A of the Code, Applicable Exchange listing standards or accounting rules. In addition, no amendment shall be made without the approval of the
Company’s shareholders (a) to the extent such approval is required (1) by applicable law or the listing standards of the Applicable Exchange as in effect as of the date hereof or (2) under applicable law or the listing standards
of the Applicable Exchange as may be required after the date hereof, (b) to the extent such amendment would materially increase the benefits accruing to Participants under the Plan, (c) to the extent such amendment would materially
increase the number of securities which may be issued under the Plan or (d) to the extent such amendment would materially modify the requirements for participation in the Plan. 

(d) Amendment of Awards. Subject to Section 5(d), the Committee may unilaterally amend the terms of any Award theretofore granted,
but no such amendment shall cause a Qualified Performance-Based Award to cease to qualify for the Section 162(m) Exemption or without the Participant’s consent materially impair the rights of any Participant with respect to an Award,
except such an amendment made to cause the Plan or Award to comply with applicable law, Applicable Exchange listing standards or accounting rules. 

SECTION 13. Unfunded Status of Plan 

It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may
authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or
other arrangements is consistent with the “unfunded” status of the Plan. 
 SECTION 14. General Provisions 

(a) Conditions for Issuance. The Committee may require each person purchasing or receiving Shares pursuant to an Award to represent to
and agree with the Company in writing that such person is acquiring the Shares without a view to the distribution thereof. The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on
transfer. Notwithstanding any other provision of the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to fulfillment of all of the
following conditions: (i) listing or approval for listing upon notice of issuance, of such Shares on the Applicable Exchange; (ii) any registration or other qualification of such Shares of the Company under any state or federal law or
regulation, or the maintaining in effect of any such registration or other qualification which the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent,
approval, or permit from any state or federal governmental agency which the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. 

(b) Additional Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary or Affiliate from
adopting other or additional compensation arrangements for its employees. 

  
 -20- 

 (c) No Contract of Employment. The Plan shall not constitute a contract of employment, and
adoption of the Plan shall not confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment of any employee at any time. 

(d) Required Taxes. No later than the date as of which an amount first becomes includible in the gross income of a Participant for
federal, state, local or foreign income or employment or other tax purposes with respect to any Award under the Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal,
state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Company, withholding obligations may be settled with Common Stock, including Common Stock that is part of the
Award that gives rise to the withholding requirement, having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as
the Committee establishes. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to such Participant. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Common Stock. 

(e) Designation of Death Beneficiary. The Committee shall establish such procedures as it deems appropriate for a Participant to
designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid or by whom any rights of such eligible Individual, after such Participant’s death, may be exercised. 

(f) Subsidiary Employees. In the case of a grant of an Award to any employee of a Subsidiary, the Company may, if the Committee so
directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the employee in
accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All Shares underlying Awards that are forfeited or canceled should revert to the Company. 

(g) Governing Law and Interpretation. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in
accordance with the laws of the State of North Carolina, without reference to principles of conflict of laws. The captions of this Plan are not part of the provisions hereof and shall have no force or effect. 

(h) Non-Transferability. Except as otherwise provided in Section 5(i) or by the Committee, Awards under the Plan are not
transferable except by will or by laws of descent and distribution. 
 (i) Deferrals. The Committee shall be authorized to establish
procedures pursuant to which the payment of any Award may be deferred. Subject to the provisions of this Plan and any Award Agreement, the recipient of an Award (including, without limitation, any deferred Award) may, if so determined by the
Committee, be entitled to receive, currently or on a 

  
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deferred basis, interest or dividends, or interest or (except with respect to Stock Options and Stock Appreciation Rights) dividend equivalents, with respect to the number of shares covered by
the Award, as determined by the Committee, in its sole discretion, and the Committee may provide that such amounts (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested. Notwithstanding the foregoing,
dividends and dividend equivalents with respect to performance-based Awards may not be paid until vesting (if any) of such Awards, and the Committee shall not take or omit to take any action that would result in the imposition of penalty taxes under
Section 409A of the Code. 

  
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