Document:

EX-10.2

 Exhibit 10.2 

GREAT WESTERN BANCORP, INC. 

2014 NON-EMPLOYEE DIRECTOR PLAN 

									
	ARTICLE I GENERAL	  	 	1	 
				
		 	1.1	    	Purpose	  	 	1	 
		 	1.2	    	Definitions of Certain Terms	  	 	1	 
		 	1.3	    	Administration	  	 	5	 
		 	1.4	    	Persons Eligible for Awards	  	 	7	 
		 	1.5	    	Types of Awards Under Plan	  	 	7	 
		 	1.6	    	Shares of Common Stock Available for Awards	  	 	8	 
		
	ARTICLE II AWARDS UNDER THE PLAN	  	 	9	 
				
		 	2.1	    	Agreements Evidencing Awards	  	 	9	 
		 	2.2	    	No Rights as a Stockholder	  	 	9	 
		 	2.3	    	Options	  	 	9	 
		 	2.4	    	Stock Appreciation Rights	  	 	10	 
		 	2.5	    	Restricted Shares	  	 	11	 
		 	2.6	    	Restricted Stock Units	  	 	12	 
		 	2.7	    	Dividend Equivalent Rights	  	 	12	 
		 	2.8	    	Other Stock-Based or Cash-Based Awards	  	 	12	 
		 	2.9	    	Repayment If Conditions Not Met	  	 	13	 
		
	ARTICLE III MISCELLANEOUS	  	 	13	 
				
		 	3.1	    	Amendment of the Plan	  	 	13	 
		 	3.2	    	Tax Withholding	  	 	13	 
		 	3.3	    	Required Consents and Legends	  	 	14	 
		 	3.4	    	Right of Offset	  	 	15	 
		 	3.5	    	Nonassignability; No Hedging	  	 	15	 
		 	3.6	    	Change in Control	  	 	15	 
		 	3.7	    	Right of Discharge Reserved	  	 	16	 
		 	3.8	    	Nature of Payments	  	 	16	 
		 	3.9	    	Non-Uniform Determinations	  	 	17	 
		 	3.10	    	Other Payments or Awards	  	 	17	 
		 	3.11	    	Plan Headings	  	 	17	 
		 	3.12	    	Termination of Plan	  	 	17	 
		 	3.13	    	Clawback/Recapture Policy	  	 	18	 
		 	3.14	    	FDIC Limits on Golden Parachute Payments	  	 	18	 
		 	3.15	    	Section 409A	  	 	18	 
		 	3.16	    	Governing Law	  	 	19	 
		 	3.17	    	Disputes; Choice of Forum	  	 	19	 
		 	3.18	    	Waiver of Jury Trial	  	 	20	 
		 	3.19	    	Waiver of Claims	  	 	20	 
		 	3.20	    	Severability; Entire Agreement	  	 	21	 
		 	3.21	    	No Liability With Respect to Tax Qualification or Adverse Tax Treatment	  	 	21	 
		 	3.22	    	No Third-Party Beneficiaries	  	 	21	 
		 	3.23	    	Successors and Assigns of the Company	  	 	21	 
		 	3.24	    	Date of Adoption and Approval of Stockholders	  	 	21	 

 GREAT WESTERN BANCORP, INC.

2014 NON-EMPLOYEE DIRECTOR PLAN 

ARTICLE I  
 GENERAL

 1.1 Purpose 
 The purpose of the Great Western
Bancorp, Inc. 2014 Non-Employee Director Plan (as amended from time to time, the “Plan”) is to: (1) attract, retain and motivate non-employee directors of the Board of Directors of Great Western Bancorp, Inc., a Delaware
corporation (“Great Western”) (each such director, a “Non-Employee Director”) and non-employee directors of Great Western’s Subsidiaries; (2) align the interests of such persons with Great
Western’s stockholders; and (3) promote ownership of Great Western’s equity. 
 1.2 Definitions of Certain Terms 

For purposes of this Plan, the following terms have the meanings set forth below: 

1.2.1 “Award” means an award made pursuant to the Plan. 

1.2.2 “Award Agreement” means the written document by which each Award is evidenced, and which may, but need not be
(as determined by the Committee) executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the Plan to such Grantee.
Any reference herein to an agreement in writing will be deemed to include an electronic writing to the extent permitted by applicable law. 

1.2.3 “Board” means the Board of Directors of Great Western. 

1.2.4 “Business Combination” has the meaning provided in the definition of Change in Control. 

1.2.5 “Certificate” means a stock certificate (or other appropriate document or evidence of ownership) representing
Shares. 
 1.2.6 “Change in Control” means, except in connection with any initial public offering of the Common
Stock, the occurrence of any of the following events after the completion of the initial public offering of the Company: 
 (a) during any
period of not more than 36 months, individuals who constitute the Board as of the beginning of the period (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or
by approval of the proxy statement of Great Western in which such person is named as a nominee for director, without written objection to such nomination) will be an 

 
Incumbent Director; provided, however, that no individual initially elected or nominated as a director of Great Western as a result of an actual or publicly threatened election
contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or on behalf of any person other than the Board will be deemed to be an Incumbent Director; provided, further, that
this Section 1.2.6(a) shall not be in effect until the earlier to occur of (A) the Non-Control Date (as defined in the Stockholder Agreement to be entered into between National Australia Bank Limited and Great Western in connection
with the initial public offering of the Common Stock) and (B) the date on which National Australia Bank Limited owns less than 5% of Great Western’s outstanding Shares; 

(b) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Great Western representing 30% or
more of the combined voting power of Great Western’s then-outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”); provided, however, that the event described in
this paragraph (b) will not be deemed to be a Change in Control by virtue of the ownership, or acquisition, of Company Voting Securities: (A) by the Company, (B) by any employee benefit plan (or related trust) sponsored or
maintained by the Company, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of this definition) or (E) by
National Australia Bank Limited or any of its direct or indirect Subsidiaries or a transferee thereof and such transferee’s affiliates; 

(c) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving Great Western
that requires the approval of Great Western’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), excluding such a Business Combination with National
Australia Bank Limited or any of its direct or indirect Subsidiaries or a transferee thereof and such transferee’s affiliates, unless immediately following such Business Combination: (A) more than 50% of the total voting power of
(x) the entity resulting from such Business Combination (the “Surviving Entity”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the
voting power, is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such
Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no
person (other than National Australia Bank Limited or any employee benefit plan (or related trust) sponsored or maintained by the Surviving Entity or the parent), is or becomes the beneficial owner, directly or indirectly, of 30% or more of the
total voting power of the outstanding voting securities eligible to elect directors of the parent (or, if there is no parent, the Surviving Entity) and (C) at least 50% of the members of the board of directors of the parent (or, if there is no
parent, the Surviving Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B) and (C) of this paragraph (c) will be deemed to be a “Non-Qualifying Transaction”); or 

  
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 (d) the consummation of a sale of all or substantially all of Great Western’s assets (other
than to National Australia Bank Limited or any of its direct or indirect Subsidiaries or a transferee thereof and such transferee’s affiliates or an affiliate of Great Western); or 

(e) Great Western’s stockholders approve a plan of complete liquidation or dissolution of Great Western. 

Notwithstanding the foregoing, a Change in Control will not be deemed to occur solely because any person acquires beneficial ownership of more
than 30% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided that if after such acquisition by the
Company such person (other than National Australia Bank Limited or any of its direct or indirect Subsidiaries or a transferee thereof and such transferee’s affiliates) becomes the beneficial owner of additional Company Voting Securities that
increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control will then occur. 

1.2.7 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the
applicable rulings and regulations thereunder. 
 1.2.8 “Committee” has the meaning set forth in
Section 1.3.1. 
 1.2.9 “Common Stock” means the common stock of Great Western, par value $0.01 per
share, and any other securities or property issued in exchange therefor or in lieu thereof pursuant to Section 1.6.3. 
 1.2.10
“Company” means Great Western and any Subsidiary, and any successor entity thereto. 
 1.2.11 “Company
Voting Securities” has the meaning provided in the definition of Change in Control. 
 1.2.12 “Consent”
has the meaning set forth in Section 3.3.2. 
 1.2.13 “Covered Person” has the meaning set forth in
Section 1.3.4. 
 1.2.14 “Effective Date” has the meaning set forth in Section 3.23. 

1.2.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
thereto, and the applicable rules and regulations thereunder. 
 1.2.16 “Fair Market Value” means, with respect to a
Share, the closing price reported for the Common Stock on the applicable date as reported on the New York Stock Exchange or, if not so reported, as determined in accordance with a valuation methodology approved by the Committee, unless determined as
otherwise specified herein. For purposes of the grant of any Award, the applicable date will be the trading day on which the Award is granted or, if the date the Award is granted is not a trading day, the trading day immediately prior to the date
the Award is granted. For purposes of the exercise of any Award, the applicable date is the date a notice of exercise is received by the Company or, if such date is not a trading day, the trading day immediately following the date a notice of
exercise is received by the Company. 

  
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 1.2.17 “Grantee” means a Non-Employee Director or a non-employee director
of a Subsidiary of Great Western who receives an Award. 
 1.2.18 “Incumbent Directors” has the meaning provided in
the definition of Change in Control. 
 1.2.19 “Non-Employee Director” has the meaning set forth in
Section 1.1. For the avoidance of doubt, a director who is also an employee of Great Western, National Australia Bank Limited or any of their respective Subsidiaries will not be a Non-Employee Director. 

1.2.20 “Non-Qualifying Transaction” has the meaning provided in the definition of Change in Control. 

1.2.21 “Other Stock-Based or Cash-Based Awards” has the meaning set forth in Section 2.8. 

1.2.22 “Plan” has the meaning set forth in Section 1.1. 

1.2.23 “Plan Action” has the meaning set forth in Section 3.3.1. 

1.2.24 “Section 409A” means Section 409A of the Code, including any amendments or successor provisions to that
section, and any regulations and other administrative guidance thereunder, in each case as they may be from time to time amended or interpreted through further administrative guidance. 

1.2.25 “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor thereto, and
the applicable rules and regulations thereunder. 
 1.2.26 “Share Limit” has the meaning set forth in
Section 1.6.1. 
 1.2.27 “Shares” means shares of Common Stock. 

1.2.28 “Subsidiary” means any corporation, partnership, limited liability company or other legal entity in which Great
Western, directly or indirectly, owns stock or other equity interests possessing 25% or more of the total combined voting power of all classes of the then-outstanding stock or other equity interests. 

1.2.29 “Surviving Entity” has the meaning provided in the definition of Change in Control. 

1.2.30 “Treasury Regulations” means the regulations promulgated under the Code by the United States Treasury
Department, as amended. 

  
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 1.3 Administration 

1.3.1 The Compensation Committee of the Board (as constituted from time to time, and including any successor committee, the
“Committee”) will administer the Plan. In particular, the Committee will have the authority in its sole discretion to: 

(a) exercise all of the powers granted to it under the Plan; 

(b) construe, interpret and implement the Plan and all Award Agreements; 

(c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing the Committee’s own operations;

 (d) make all determinations necessary or advisable in administering the Plan; 

(e) correct any defect, supply any omission and reconcile any inconsistency in the Plan; 

(f) amend the Plan to reflect changes in applicable law; 

(g) grant, or recommend to the Board for approval to grant, Awards and determine who will receive Awards, when such Awards will be granted and
the terms of such Awards, including setting forth provisions with regard to the effect of a termination of directorship on such Awards and conditioning the vesting of, or the lapsing of any applicable vesting restrictions or other vesting conditions
on, Awards upon continued service; 
 (h) amend any outstanding Award Agreement in any respect, including, without limitation, to 

(1) accelerate the time or times at which the Award becomes vested, unrestricted or may be exercised (and, in connection with such
acceleration, the Committee may provide that any Shares acquired pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the Grantee’s underlying Award),

 (2) accelerate the time or times at which Shares are delivered under the Award (and, without limitation on the Committee’s rights, in
connection with such acceleration, the Committee may provide that any Shares delivered pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the
Grantee’s underlying Award), 
 (3) waive or amend any goals, restrictions, vesting provisions or conditions set forth in such Award
Agreement, or impose new goals, restrictions, vesting provisions and conditions or 
 (4) reflect a change in the Grantee’s
circumstances (e.g., a change in position, duties or responsibilities); and 

  
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 (i) determine at any time whether, to what extent and under what circumstances and method or
methods, subject to Section 3.15, 
 (1) Awards may be 

(A) settled in cash, Shares, other securities, other Awards or other property (in which event, the Committee may specify what other effects
such settlement will have on the Grantee’s Award, including the effect on any repayment provisions under the Plan or Award Agreement), 

(B) exercised or 
 (C) canceled,
forfeited or suspended, 
 (2) Shares, other securities, other Awards or other property and other amounts payable with respect to an Award
may be deferred either automatically or at the election of the Grantee thereof or of the Committee, 
 (3) to the extent permitted under
applicable law, loans (whether or not secured by Common Stock) may be extended by the Company with respect to any Awards, 
 (4) Awards may
be settled by Great Western, any of its Subsidiaries or affiliates or any of their designees and 
 (5) the exercise price for any stock
option or stock appreciation right may be reset. 
 1.3.2 Actions of the Committee may be taken by the vote of a majority of its members
present at a meeting (which may be held telephonically). Any action may be taken by a written instrument signed by a majority of the Committee members, and action so taken will be as fully effective as if it had been taken by a vote at a meeting.
The determination of the Committee on all matters relating to the Plan or any Award Agreement will be final, binding and conclusive. The Committee may allocate among its members and delegate to any person who is not a member of the Committee, or to
any administrative group within the Company, any of its powers, responsibilities or duties. In delegating its authority, the Committee will consider the extent to which any delegation may cause Awards to fail to meet the requirements of Rule
16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act. Except as specifically provided to the contrary, references to the Committee include any administrative group, individual or individuals to whom the Committee has delegated its duties and
powers. 
 1.3.3 Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time
to time, grant Awards or administer the Plan. In any such case, the Board will have all of the authority and responsibility granted to the Committee herein. 

1.3.4 No member of the Committee or any person to whom the Committee delegates its powers, responsibilities or duties in writing, including by
resolution (each such person, a “Covered Person”), will have any liability to any person (including any Grantee) for any action 

  
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taken or omitted to be taken or any determination made with respect to the Plan or any Award, except as expressly provided by statute. Each Covered Person will be indemnified and held harmless by
the Company against and from: 
 (a) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or
incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken
under the Plan or any Award Agreement, in each case, in good faith and 
 (b) any and all amounts paid by such Covered Person, with the
Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that the Company will have the right, at its
own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice. 

The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a
final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith,
fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under Great Western’s Amended and Restated Certificate of Incorporation or
Amended and Restated Bylaws, pursuant to any individual indemnification agreements between such Covered Person and the Company, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them
harmless. 
 1.4 Persons Eligible for Awards 

Awards under the Plan may be made only to Non-Employee Directors and non-employee directors of Great Western’s Subsidiaries. 

1.5 Types of Awards Under Plan 
 Awards
may be made under the Plan in the form of cash-based or stock-based Awards. Stock-based Awards may be in the form of any of the following, in each case in respect of Common Stock: 

(a) stock options, 
 (b) stock
appreciation rights, 
 (c) restricted shares, 

(d) restricted stock units, 

(e) dividend equivalent rights and 

(f) other equity-based or equity-related Awards (as further described in Section 2.8), that the Committee determines to be
consistent with the purposes of the Plan and the interests of the Company. 

  
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 1.6 Shares of Common Stock Available for Awards 

1.6.1 Common Stock Subject to the Plan. Subject to the other provisions of this Section 1.6, the total number
of Shares that may be granted under the Plan will be 83,333 (the “Share Limit”). Aggregate Awards to any one Grantee in respect of any fiscal year, solely with respect to his or her service as a director of the Board, may not
exceed $1,000,000 based on the aggregate value of cash Awards and Fair Market Value of stock-based Awards, in each case, determined as of the date of grant. 

1.6.2 Replacement of Shares. Shares subject to an Award that is forfeited (including any restricted shares repurchased by
the Company at the same price paid by the Grantee so that such Shares are returned to the Company), expires or is settled for cash (in whole or in part), to the extent of such forfeiture, expiration or cash settlement will be available for future
grants of Awards under the Plan and will be added back in the same number of Shares as were deducted in respect of the grant of such Award. The payment of dividend equivalent rights in cash in conjunction with any outstanding Awards will not be
counted against the Shares available for issuance under the Plan. Shares tendered by a Grantee or withheld by the Company in payment of the exercise price of a stock option or to satisfy any tax withholding obligation with respect to an Award will
not again be available for Awards. 
 1.6.3 Adjustments. The Committee will: 

(a) adjust the number of Shares authorized pursuant to Section 1.6.1, and 

(b) adjust the terms of any outstanding Awards (including, without limitation, the number of Shares covered by each outstanding Award, the
type of property or securities to which the Award relates and the exercise or strike price of any Award), 
 in such manner as it deems
appropriate (including, without limitation, by payment of cash) to prevent the enlargement or dilution of rights, as a result of any increase or decrease in the number of issued Shares (or issuance of shares of stock other than Shares) resulting
from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or exchange of Shares, merger, consolidation, rights offering, separation, reorganization or liquidation or any other change
in the corporate structure or Shares, including any extraordinary dividend or extraordinary distribution; provided that no such adjustment may be made if or to the extent that it would cause an outstanding Award to cease to be exempt
from, or to fail to comply with, Section 409A of the Code. 

  
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 ARTICLE II

AWARDS UNDER THE PLAN 
 2.1 Agreements
Evidencing Awards 
 Each Award granted under the Plan will be evidenced by an Award Agreement that will contain such provisions and conditions as the
Committee deems appropriate. Unless otherwise provided herein, the Committee may grant Awards in tandem with or, subject to Section 3.15, in substitution for or satisfaction of any other Award or Awards granted under the Plan or any
award granted under any other plan of the Company. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award will be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. 

2.2 No Rights as a Stockholder 
 No Grantee (or other
person having rights pursuant to an Award) will have any of the rights of a stockholder of Great Western with respect to Shares subject to an Award until the delivery of such Shares. Except as otherwise provided in Section 1.6.3, no
adjustments will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, Common Stock, other securities or other property) for which the record date is before the date the Certificates for the
Shares are delivered, or in the event the Committee elects to use another system, such as book entries by the transfer agent, before the date in which such system evidences the Grantee’s ownership of such Shares. 

2.3 Options 
 2.3.1 Grant.
Stock options may be granted to eligible recipients in such number and at such times during the term of the Plan as the Committee may determine. 

2.3.2 Exercise Price. The exercise price per share with respect to each stock option will be determined by the Committee
but, except as otherwise permitted by Section 1.6.3, may never be less than the Fair Market Value of a share of Common Stock. Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its closing
price on the New York Stock Exchange on the date of grant of the Award of stock options. 
 2.3.3 Term of Stock Option.
In no event will any stock option be exercisable after the expiration of 10 years from the date on which the stock option is granted. 

2.3.4 Vesting and Exercise of Stock Option and Payment for Shares. A stock option may vest and be exercised at such time
or times and subject to such terms and conditions as will be determined by the Committee at the time the stock option is granted and set forth in the Award Agreement. Subject to any limitations in the applicable Award Agreement, any Shares not
acquired pursuant to the exercise of a stock option on the applicable vesting date may be acquired thereafter at any time before the final expiration of the stock option. 

  
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 To exercise a stock option, the Grantee must give written notice to the Company specifying the
number of Shares to be acquired and accompanied by payment of the full purchase price therefor in cash or by certified or official bank check or in another form as determined by the Company, which may include: 

(a) personal check, 
 (b)
Shares, based on the Fair Market Value as of the exercise date, 
 (c) any other form of consideration approved by the Company and permitted
by applicable law and 
 (d) any combination of the foregoing. 

The Committee may also make arrangements for the cashless exercise of a stock option. Any person exercising a stock option will make such
representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by the Company on terms acceptable to the Company with the provisions of the
Securities Act, the Exchange Act and any other applicable legal requirements. The Committee may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing
legends on share certificates and issuing stop-transfer notices to agents and registrars. If a Grantee so requests, Shares acquired pursuant to the exercise of a stock option may be issued in the name of the Grantee and another jointly with the
right of survivorship. 
 2.3.5 Repricing. Except as otherwise permitted by Section 1.6.3, reducing the
exercise price of stock options issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant of a substitute Award or repurchase for cash or other consideration (in each case that has the effect of
reducing the exercise price), will require approval of Great Western’s stockholders. 
 2.4 Stock Appreciation Rights 

2.4.1 Grant. Stock appreciation rights may be granted to eligible recipients in such number and at such times during the
term of the Plan as the Committee may determine. 
 2.4.2 Exercise Price. The exercise price per share with respect to
each stock appreciation right will be determined by the Committee but, except as otherwise permitted by Section 1.6.3, may never be less than the Fair Market Value of the Common Stock. Unless otherwise noted in the Award Agreement, the
Fair Market Value of the Common Stock will be its closing price on the New York Stock Exchange on the date of grant of the Award of stock appreciation rights. 

2.4.3 Term of Stock Appreciation Right. In no event will any stock appreciation right be exercisable after the expiration
of 10 years from the date on which the stock appreciation right is granted. 
 2.4.4 Vesting and Exercise of Stock Appreciation Right
and Delivery of Shares. Each stock appreciation right may vest and be exercised in such installments as may be determined in the Award Agreement at the time the stock appreciation right is granted. Subject

  
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to any limitations in the applicable Award Agreement, any stock appreciation rights not exercised on the applicable vesting date may be exercised thereafter at any time before the final
expiration of the stock appreciation right. 
 To exercise a stock appreciation right, the Grantee must give written notice to the Company
specifying the number of stock appreciation rights to be exercised. Upon exercise of stock appreciation rights, Shares, cash or other securities or property, or a combination thereof, as specified by the Committee, equal in value to: 

(a) the excess of: 
  

	 	(1)	the Fair Market Value of the Common Stock on the date of exercise over 

  

	 	(2)	the exercise price of such stock appreciation right 

 multiplied by 

(b) the number of stock appreciation rights exercised that will be delivered to the Grantee. 

Any person exercising a stock appreciation right will make such representations and agreements and furnish such information as the Committee
may, in its sole discretion, deem necessary or desirable to effect or assure compliance by the Company on terms acceptable to the Company with the provisions of the Securities Act, the Exchange Act and any other applicable legal requirements. If a
Grantee so requests, Shares purchased may be issued in the name of the Grantee and another jointly with the right of survivorship. 
 2.4.5
Repricing. Except as otherwise permitted by Section 1.6.3, reducing the exercise price of stock appreciation rights issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant
of a substitute Award or repurchase for cash or other consideration (in each case that has the effect of reducing the exercise price), will require approval of Great Western’s stockholders. 

2.5 Restricted Shares 
 2.5.1
Grants. The Committee may grant or offer for sale restricted shares in such amounts and subject to such terms and conditions as the Committee may determine. Upon the delivery of such shares, the Grantee will have the rights of a
stockholder with respect to the restricted shares, subject to any other restrictions and conditions as the Committee may include in the applicable Award Agreement. Each Grantee of an Award of restricted shares will be issued a Certificate in respect
of such shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of such shares. In the event that a Certificate is issued in respect of restricted shares, such Certificate may be
registered in the name of the Grantee, and will, in addition to such legends required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, but will be held by the
Company or its designated agent until the time the restrictions lapse. 

  
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 2.5.2 Right to Vote and Receive Dividends on Restricted Shares. Each Grantee
of an Award of restricted shares will, during the period of restriction, be the beneficial and record owner of such restricted shares and will have full voting rights with respect thereto. Unless the Committee determines otherwise in an Award
Agreement, during the period of restriction, all dividends (whether ordinary or extraordinary and whether paid in cash, additional shares or other property) or other distributions paid upon any restricted share will be retained by the Company for
the account of the relevant Grantee. Such dividends or other distributions will revert back to the Company if for any reason the restricted share upon which such dividends or other distributions were paid reverts back to the Company. Upon the
expiration of the period of restriction, all such dividends or other distributions made on such restricted share and retained by the Company will be paid to the relevant Grantee (without interest). 

2.6 Restricted Stock Units 
 The Committee may grant
Awards of restricted stock units in such amounts and subject to such terms and conditions as the Committee may determine. A Grantee of a restricted stock unit will have only the rights of a general unsecured creditor of Great Western, until delivery
of Shares, cash or other securities or property is made as specified in the applicable Award Agreement. On the delivery date specified in the Award Agreement, the Grantee of each restricted stock unit not previously forfeited or terminated will
receive one share of Common Stock, cash or other securities or property equal in value to a share of Common Stock or a combination thereof, as specified by the Committee. Unless otherwise specified in an Award Agreement, in the event that a Grantee
is removed or terminated as a director, or otherwise ceases to be a director of the Company, then, subject to and in accordance with the terms of this Plan, each vested restricted stock unit then held by the Grantee as of the date of such cessation
of services will be settled as of such date. 
 2.7 Dividend Equivalent Rights 

The Committee may include in the Award Agreement with respect to any Award a dividend equivalent right entitling the Grantee to receive amounts equal to all or
any portion of the regular cash dividends that would be paid on the Shares covered by such Award if such Shares had been delivered pursuant to such Award. The grantee of a dividend equivalent right will have only the rights of a general unsecured
creditor of Great Western until payment of such amounts is made as specified in the applicable Award Agreement. In the event such a provision is included in an Award Agreement, the Committee will determine whether such payments will be made in cash,
in Shares or in another form, whether they will be conditioned upon the exercise of the Award to which they relate (subject to compliance with Section 409A of the Code), the time or times at which they will be made, and such other terms and
conditions as the Committee will deem appropriate. 
 2.8 Other Stock-Based or Cash-Based Awards 

The Committee may grant other types of equity-based, equity-related or cash-based Awards (including retainers and meeting-based fees and the grant or offer for
sale of unrestricted Shares, performance share awards, performance units settled in cash) (“Other Stock-Based or Cash-Based Awards”) in such amounts and subject to such terms and conditions as the Committee

  
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may determine. Such Awards may entail the transfer of actual Shares to Award recipients and may include Awards designed to comply with or take advantage of the applicable local laws of
jurisdictions other than the United States. 
 2.9 Repayment If Conditions Not Met 

If the Committee determines that all terms and conditions of the Plan and a Grantee’s Award Agreement were not satisfied, and that the failure to satisfy
such terms and conditions is material, then the Grantee will be obligated to pay the Company immediately upon demand therefor, (a) with respect to a stock option and a stock appreciation right, an amount equal to the excess of the Fair Market
Value (determined at the time of exercise) of the Shares that were delivered in respect of such exercised stock option or stock appreciation right, as applicable, over the exercise price paid therefor, (b) with respect to restricted shares, an
amount equal to the Fair Market Value (determined at the time such shares became vested) of such restricted shares and (c) with respect to restricted stock units, an amount equal to the Fair Market Value (determined at the time of delivery) of
the Shares delivered with respect to the applicable delivery date, in each case with respect to clauses (a), (b) and (c) of this Section 2.9, without reduction for any amount applied to satisfy withholding tax or other
obligations in respect of such Award. 
 ARTICLE III

MISCELLANEOUS 
 3.1 Amendment of the
Plan 
 3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may at any time and from time to time suspend,
discontinue, revise or amend the Plan in any respect whatsoever but, subject to Sections 1.3, 1.6.3 and 3.7, no such amendment may materially adversely impair the rights of the Grantee of any Award without the
Grantee’s consent. Subject to Sections 1.3, 1.6.3 and 3.7, an Award Agreement may not be amended to materially adversely impair the rights of a Grantee without the Grantee’s consent. 

3.1.2 Unless otherwise determined by the Board, stockholder approval of any suspension, discontinuance, revision or amendment will be obtained
only to the extent necessary to comply with any applicable laws, regulations or rules of a securities exchange or self-regulatory agency. 
 3.2 Tax
Withholding 
 Grantees will be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and
any interest that accrues thereon, that they incur in connection with the receipt, vesting or exercise of any Award. As a condition to the delivery of any Shares, cash or other securities or property pursuant to any Award or the lifting or lapse of
restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax withholding obligation on the part of the Company relating to an Award (including, without limitation, the Federal Insurance
Contributions Act (FICA) tax), 
 (a) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or
distribution to a Grantee whether or not pursuant to the Plan (including Shares otherwise deliverable), 

  
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 (b) the Committee will be entitled to require that the Grantee remit cash to the Company (through
payroll deduction or otherwise) or 
 (c) the Company may enter into any other suitable arrangements to withhold, in each case in an amount
not to exceed in the opinion of the Company the minimum amounts of such taxes required by law to be withheld. 
 3.3 Required Consents and Legends

 3.3.1 If the Committee at any time determines that any Consent (as hereinafter defined) is necessary or desirable as a condition of,
or in connection with, the granting of any Award, the delivery of Shares or the delivery of any cash, securities or other property under the Plan, or the taking of any other action thereunder (each such action a “Plan
Action”), then, subject to Section 3.15, such Plan Action will not be taken, in whole or in part, unless and until such Consent will have been effected or obtained to the full satisfaction of the Committee. The Committee may
direct that any Certificate evidencing Shares delivered pursuant to the Plan will bear a legend setting forth such restrictions on transferability as the Committee may determine to be necessary or desirable, and may advise the transfer agent to
place a stop transfer order against any legended shares. 
 3.3.2 The term “Consent” as used in this Article III
with respect to any Plan Action includes: 
 (a) any and all listings, registrations or qualifications in respect thereof upon any
securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction outside the United States; 

(b) any and all written agreements and representations by the Grantee with respect to the disposition of Shares, or with respect to any other
matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made; 

(c) any and all other consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory body or any stock
exchange or self-regulatory agency; 
 (d) any and all consents by the Grantee to: 

(i) the Company’s supplying to any third party recordkeeper of the Plan such personal information as the Committee deems advisable to
administer the Plan, 
 (ii) the Company’s deducting amounts from the Grantee’s wages, or another arrangement satisfactory to the
Committee, to reimburse the Company for advances made on the Grantee’s behalf to satisfy certain withholding and other tax obligations in connection with an Award and 

(iii) the Company’s imposing sales and transfer procedures and restrictions and hedging restrictions on Shares delivered under the Plan;
and 
 (e) any and all consents or authorizations required to comply with, or required to be obtained under, applicable local law or
otherwise required by the Committee. Nothing herein will require the Company to list, register or qualify the Shares on any securities exchange. 

  
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 3.4 Right of Offset 

The Company will have the right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement any
outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other
programs) that the Grantee then owes to the Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award provides for the deferral of compensation
within the meaning of Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Grantee to
the additional tax imposed under Section 409A of the Code in respect of an outstanding Award. 
 3.5 Nonassignability; No Hedging 

Unless otherwise provided in an Award Agreement, no Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold,
exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise,
other than by will or by the laws of descent and distribution, and all such Awards (and any rights thereunder) will be exercisable during the life of the Grantee only by the Grantee or the Grantee’s legal representative. Notwithstanding the
foregoing, the Committee may permit, under such terms and conditions that it deems appropriate in its sole discretion, a Grantee to transfer any Award to any person or entity that the Committee so determines. Any sale, exchange, transfer,
assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 3.5 will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions
of the Plan and the Award Agreements will be binding upon any permitted successors and assigns. 
 3.6 Change in Control 

3.6.1 Unless the Committee determines otherwise or as otherwise provided in the applicable Award Agreement, each Award will become fully vested
(including the lapsing of all restrictions and conditions) and, as applicable, exercisable upon a Change in Control, and any Shares deliverable pursuant to restricted stock units will be delivered promptly (but no later than 15 days) following such
Change in Control. 

  
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 3.6.2 In the event of a Change in Control, a Grantee’s Award will be treated, to the extent
determined by the Committee to be permitted under Section 409A, in accordance with one or more of the following methods as determined by the Committee in its sole discretion: (i) settle such Awards for an amount (as determined in the sole
discretion of the Committee) of cash or securities, where in the case of stock options and stock appreciation rights, the value of such amount, if any, will be equal to the in-the-money spread value (if any) of such awards; (ii) provide for the
assumption of or the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted under the Plan, as determined by the Committee in its sole discretion; (iii) modify the
terms of such awards to add events, conditions or circumstances (including termination of directorship within a specified period after a Change in Control) upon which the vesting of such Awards or lapse of restrictions thereon will accelerate;
(iv) deem any performance conditions satisfied at target, maximum or actual performance through closing or provide for the performance conditions to continue (as is or as adjusted by the Committee) after closing or (v) provide that for a
period of at least 20 days prior to the Change in Control, any stock options or stock appreciation rights that would not otherwise become exercisable prior to the Change in Control will be exercisable as to all Shares subject thereto (but any such
exercise will be contingent upon and subject to the occurrence of the Change in Control and if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the exercise will be null and
void) and that any stock options or stock appreciation rights not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control. For the avoidance of
doubt, in the event of a Change in Control where all stock options and stock appreciation rights are settled for an amount (as determined in the sole discretion of the Committee) of cash or securities, the Committee may, in its sole discretion,
terminate any stock option or stock appreciation right for which the exercise price is equal to or exceeds the per share value of the consideration to be paid in the Change in Control transaction without payment of consideration therefor. Similar
actions to those specified in this Section 3.6.2 may be taken in the event of a merger or other corporate reorganization that does not constitute a Change in Control. 

3.7 Right of Discharge Reserved 
 Neither the adoption of
the Plan nor the grant of any Award (or any provision in the Plan or Award Agreement) will (1) confer upon any Grantee the right to remain in the service of Great Western or any of its Subsidiaries as a Non-Employee Director, (2) affect
any right which Great Western or any of its Subsidiaries may have to terminate or alter the terms and conditions of such service or (3) create any obligation on behalf of the Board to nominate any Non-Employee Director for re-election to the
Board by Great Western’s stockholders or to nominate and elect such person to the board of directors of any of Great Western’s Subsidiaries. 

3.8 Nature of Payments 
 3.8.1 Any and all
grants of Awards and deliveries of Common Stock, cash, securities or other property under the Plan will be in consideration of services performed or to be performed for the Company by the Grantee. Awards under the Plan may, in the discretion of the
Committee, be made in substitution in whole or in part for cash or other compensation otherwise payable to a Grantee. Only whole Shares will be delivered under the Plan. Awards will, to the 

  
 -16- 

 
extent reasonably practicable, be aggregated in order to eliminate any fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be settled in cash or
otherwise as the Committee may determine. 
 3.8.2 All such grants and deliveries of Shares, cash, securities or other property under the
Plan will constitute a special discretionary incentive payment to the Grantee, will not entitle the Grantee to the grant of any future Awards and will not be required to be taken into account in computing the amount of salary or compensation of the
Grantee for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with the Grantee, unless the
Company specifically provides otherwise. 
 3.9 Non-Uniform Determinations 

3.9.1 The Committee’s determinations under the Plan and Award Agreements need not be uniform and any such determinations may be made by it
selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to
make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards, (b) the terms and provisions of Awards and (c) whether a
Grantee’s directorship has been terminated for purposes of the Plan. 
 3.9.2 To the extent the Committee deems it necessary,
appropriate or desirable to comply with foreign law or practices and to further the purposes of the Plan, the Committee may, in its sole discretion and without amending the Plan, establish special rules applicable to Awards to Grantees who are
foreign nationals and grant Awards (or amend existing Awards) in accordance with those rules. 
 3.10 Other Payments or Awards 

Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other plan,
arrangement or understanding, whether now existing or hereafter in effect. 
 3.11 Plan Headings 

The headings in the Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. 

3.12 Termination of Plan 
 The Board reserves the right to
terminate the Plan at any time; provided, however, that in any case, the Plan will terminate on the day before the tenth anniversary of the Effective Date, and provided further, that all Awards made under the Plan
before its termination will remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements. 

  
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 3.13 Clawback/Recapture Policy 

Awards under the Plan will be subject to any clawback or recapture policy that the Company may adopt from time to time to the extent provided in such policy
and, in accordance with such policy, may be subject to the requirement that the Awards be repaid to the Company after they have been distributed to the Grantee. 

3.14 FDIC Limits on Golden Parachute Payments 

Notwithstanding anything to the contrary, the Company will not be required to make any payment or grant any Award under the Plan or any Award Agreement that
would otherwise be a prohibited golden parachute payment within the meaning of Section 18(k) of the Federal Deposit Insurance Act. 
 3.15
Section 409A 
 3.15.1 All Awards made under the Plan that are intended to be “deferred compensation” subject to
Section 409A will be interpreted, administered and construed to comply with Section 409A, and all Awards made under the Plan that are intended to be exempt from Section 409A will be interpreted, administered and construed to comply
with and preserve such exemption. The Board and the Committee will have full authority to give effect to the intent of the foregoing sentence. To the extent necessary to give effect to this intent, in the case of any conflict or potential
inconsistency between the Plan and a provision of any Award or Award Agreement with respect to an Award, the Plan will govern. 
 3.15.2
Without limiting the generality of Section 3.15.1, with respect to any Award made under the Plan that is intended to be “deferred compensation” subject to Section 409A: 

(a) any payment due upon a Grantee’s ceasing to provide services to the Company will be paid only upon such Grantee’s separation
from service from the Company within the meaning of Section 409A; 
 (b) any payment to be made with respect to such Award in
connection with the Grantee’s separation from service from the Company within the meaning of Section 409A (and any other payment that would be subject to the limitations in Section 409A(a)(2)(B) of the Code) will be delayed until six
months after the Grantee’s separation from service (or earlier death) in accordance with the requirements of Section 409A; 
 (c)
if any payment to be made with respect to such Award would occur at a time when the tax deduction with respect to such payment would be limited or eliminated by Section 162(m) of the Code, such payment may be deferred by the Company under the
circumstances described in Section 409A until the earliest date that the Company reasonably anticipates that the deduction or payment will not be limited or eliminated; 

(d) to the extent necessary to comply with Section 409A, any other securities, other Awards or other property that the Company may
deliver in lieu of Shares in respect of an Award will not have the effect of deferring delivery or payment beyond the date on which such delivery or payment would occur with respect to the Shares that would otherwise have been deliverable (unless
the Committee elects a later date for this purpose in accordance with the requirements of Section 409A); 

  
 -18- 

 (e) with respect to any required Consent described in Section 3.3 or the applicable
Award Agreement, if such Consent has not been effected or obtained as of the latest date provided by such Award Agreement for payment in respect of such Award and further delay of payment is not permitted in accordance with the requirements of
Section 409A, such Award or portion thereof, as applicable, will be forfeited and terminate notwithstanding any prior earning or vesting; 

(f) if the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury
Regulations), the Grantee’s right to the series of installment payments will be treated as a right to a series of separate payments and not as a right to a single payment; 

(g) if the Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the
Grantee’s right to the dividend equivalents will be treated separately from the right to other amounts under the Award; and 
 (h) for
purposes of determining whether the Grantee has experienced a separation from service from the Company within the meaning of Section 409A, “subsidiary” will mean a corporation or other entity in a chain of corporations or other
entities in which each corporation or other entity, starting with Great Western, has a controlling interest in another corporation or other entity in the chain, ending with such corporation or other entity. For purposes of the preceding sentence,
the term “controlling interest” has the same meaning as provided in Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations, provided that the language “at least 20 percent” is used instead of “at least 80
percent” each place it appears in Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations. 
 3.16 Governing Law 

THE PLAN AND ALL AWARDS MADE AND ACTIONS TAKEN THEREUNDER WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF SOUTH DAKOTA, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 
 3.17 Disputes; Choice of Forum 

3.17.1 The Company and each Grantee, as a condition to such Grantee’s participation in the Plan, hereby irrevocably submit to the
exclusive jurisdiction of any state or federal court located in the County of Minnehaha, State of South Dakota, over any suit, action or proceeding arising out of or relating to or concerning the Plan or, to the extent not otherwise specified in any
individual agreement between the Company and the Grantee, any aspect of the Grantee’s continuation of service with the Company or the termination of that service. The Company and each Grantee, as a condition to such Grantee’s participation
in the Plan, acknowledge that the forum designated by this Section 3.17.1 has a reasonable relation to the Plan and to the relationship between such Grantee and the Company. Notwithstanding the foregoing, nothing herein will preclude the
Company from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of this Section 3.17.1. 

  
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 3.17.2 The agreement by the Company and each Grantee as to forum is independent of the law that
may be applied in the action, and the Company and each Grantee, as a condition to such Grantee’s participation in the Plan, (i) agree to such forum even if the forum may under applicable law choose to apply non-forum law, (ii) hereby
waive, to the fullest extent permitted by applicable law, any objection which the Company or such Grantee now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in
Section 3.17.1, (iii) undertake not to commence any action arising out of or relating to or concerning the Plan in any forum other than the forum described in this Section 3.17 and (iv) agree that, to the fullest
extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court will be conclusive and binding upon the Company and each Grantee. 

3.17.3 Each Grantee, as a condition to such Grantee’s participation in the Plan, hereby irrevocably appoints the General Counsel of the
Company as such Grantee’s agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning the Plan, who will promptly advise such Grantee of any such service of process. 

3.17.4 Each Grantee, as a condition to such Grantee’s participation in the Plan, agrees to keep confidential the existence of, and any
information concerning, a dispute, controversy or claim described in Section 3.19, except that a Grantee may disclose information concerning such dispute, controversy or claim to the court that is considering such dispute, controversy or
claim or to such Grantee’s legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute, controversy or claim). 

3.18 Waiver of Jury Trial 
 EACH GRANTEE WAIVES ANY RIGHT
IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THE PLAN. 
 3.19 Waiver of Claims

 Each Grantee of an Award recognizes and agrees that before being selected by the Committee to receive an Award the Grantee has no right to any
benefits under the Plan. Accordingly, in consideration of the Grantee’s receipt of any Award hereunder, the Grantee expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or
omission hereunder or under any Award Agreement by the Committee, the Company or the Board, or any amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award Agreement to which his or her consent is expressly
required by the express terms of an Award Agreement). Nothing contained in the Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any
Grantee. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA), as amended. 

  
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 3.20 Severability; Entire Agreement 

If any of the provisions of the Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such
provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any of such provisions is finally
held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such
scope in order to make such provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants,
arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 
 3.21 No
Liability With Respect to Tax Qualification or Adverse Tax Treatment 
 Notwithstanding anything to the contrary contained herein, in no event will the
Company be liable to a Grantee on account of an Award’s failure to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation,
Section 409A. 
 3.22 No Third-Party Beneficiaries 

Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement will confer on any person other than the Company and the Grantee
of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of Section 1.3.4 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees. 

3.23 Successors and Assigns of the Company 
 The terms of
the Plan will be binding upon and inure to the benefit of the Company and any successor entity, including as contemplated by Section 3.6. 

3.24 Date of Adoption and Approval of Stockholders 
 The
Plan was adopted by the Board on September 26, 2014 and was approved by Great Western’s stockholder on October 10, 2014 (the “Effective Date”). 

  
 -21-Ex. 10.1 Amendment No. 1 to 364-Day Credit Agreement

Exhibit 10.1
EXECUTION COPY
AMENDMENT NO. 1 TO THE
CREDIT AGREEMENT
Dated as of October 9, 2014
AMENDMENT NO. 1 TO THE CREDIT AGREEMENT among THE BOEING COMPANY, a Delaware corporation (“TBC”), the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and CITIBANK, N.A., as administrative agent (the “Agent”) for the Lenders.
PRELIMINARY STATEMENTS:
(1)    TBC, the Lenders and the Agent have entered into a 364-Day Credit Agreement dated as of November 10, 2011 (as extended and amended to date, the “Credit Agreement”).  Capitalized terms not otherwise defined in this Amendment shall have the same meanings as specified in the Credit Agreement.
(2)    TBC and the Majority Lenders have agreed to amend the Credit Agreement as hereinafter set forth.
(3)    Pursuant to Section 2.21(a), of the Credit Agreement, TBC has requested that the Termination Date be extended by 364 days to November 5, 2015. 
Section 1.  Amendments to Credit Agreement.  The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 of this Amendment, hereby amended as follows:
(a)The following new definitions are added to Section 1.1 in appropriate alphabetical order:

“Anti-Corruption Laws” means the U.S. Foreign Corrupt Practices Act of 1977, as amended, and other similar laws, rules, and regulations of any jurisdiction applicable to TBC or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions ([as of November 10, 2014, Cuba, Iran, North Korea, Sudan and Syria]).
“Sanctioned Person” means, at any time, (a) any legal Person listed on any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council or the European Union (including by any European Union member state); and (b) any Person more than 50% owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” means any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the U.S. Department of Commerce); the United Nations Security Council; the European Union (including by any European Union member state or Her Majesty’s Treasury of the United Kingdom).
(b)The definition of “Base Rate” in Section 1.1 is amended by deleting the phrase “British Bankers Association Interest Settlement Rate” and substituting therefor the phrase “ICE Benchmark Settlement Rate”.
 

(c)The definition of “Eurodollar Rate” in Section 1.1 is amended (i) by deleting from clause (a) thereof the phrase “British Bankers Association LIBOR Rate (“BBA LIBOR”)” and the phrase “British Bankers Association LIBOR Rate” and substituting therefor, in each case, the phrase “ICE Benchmark Settlement Rate” and (ii) by restating the last paragraph thereof in full to read as follows:

The Eurodollar Rate for any Interest Period for each Eurodollar Rate Committed Advance constituting part of the same Borrowing and for the relevant period specified in a Notice of Bid Borrowing for each Eurodollar Rate Bid Advance shall be determined by the Agent on the basis of applicable rates furnished to and received by the Agent from the Reference Banks two Business Days before the first day of such Interest Period or period, as the case may be, subject, however, to the provisions of Section 2.10 (it being understood that the Agent shall not be required to disclose to any party hereto any information regarding any Reference Bank or any rate provided by such Reference Bank, including, without limitation, whether a Reference Bank has provided a rate or the rate provided by any individual Reference Bank).
(d)The definition of “FATCA” in Section 1.1 is amended in full to read as follows:

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.
(e)The definition of “Interest Period” in Section 1.1 is amended by replacing the phrase “nine months” with the phrase “twelve months” in each place such phrase appears.

(f)The definition of “Reference Bank” in Section 1.1 is amended in full to read as follows:

“Reference Banks” means JPMorgan Chase Bank, N.A., Citibank, N.A. and Deutsche Bank AG.
(g)The second sentence of Section 2.10(b) is amended by adding to the end thereof a proviso to read as follows:

provided that such rate of interest shall be determined on the basis of timely information provided by no fewer than two Reference Banks.
(h)Section 2.13(b) is amended by replacing the word “capital” with the phrase “capital or liquidity” in each place such word appears.

(i)Section 2.13(d) is amended by replacing the phrase “capital adequacy” with the phrase “capital adequacy or liquidity”. 

(j)Section 3.1 is amended by adding to the end thereof a new subsection (i), to read as follows:

(i)    Anti-Corruption Laws and Sanctions.  TBC has implemented and maintains in effect policies and procedures designed to promote compliance with Anti-Corruption Laws and applicable Sanctions by TBC, its Subsidiaries and their respective directors, officers, employees and, to the extent commercially reasonable, agents under the control and acting on behalf of TBC or its Subsidiaries, and TBC, its Subsidiaries and their respective officers and employees and to the knowledge of TBC its directors and agents under the control and acting on behalf of TBC or its Subsidiaries, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) TBC, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of TBC, any agent under the control and acting on behalf of TBC or any Subsidiary in connection with the credit facility established hereby, is a Sanctioned Person. 

(k)Section 4.1(e) is amended by adding to the end thereof (immediately before the period) the following:

; and maintain in effect policies and procedures designed to promote compliance with Anti-Corruption Laws and applicable Sanctions by TBC, its Subsidiaries and their respective directors, officers, employees and, to the extent commercially reasonable, agents under the control and acting on behalf of TBC or its Subsidiaries.
(l)Section 4.2 is amended by adding to the end thereof a new subsection  (e), to read as follows:

(e)    Use of Proceeds. Directly use, or knowingly indirectly use, or permit its Subsidiaries and its or their respective directors, officers, employees and agents under the control and acting on behalf of TBC or its Subsidiaries to directly use, or knowingly indirectly use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country except to the extent licensed, authorized or otherwise permitted under applicable law.
Section 2.  Consent to Extension Request.  Each Lender so indicating on its signature page to this Amendment agrees to extend the Termination Date with respect to its Commitment for a period of 364 days, expiring November 5, 2015.  This agreement to extend the Termination Date is subject in all respects to the terms of the Credit Agreement and is irrevocable.
Section 3.  Conditions of Effectiveness.  This Amendment shall become effective as of the date first above written when, and only when, the Agent shall have received counterparts of this Amendment executed by TBC and the Majority Lenders.  Each Lender that consents to the Extension Request shall so indicate its consent by executing as indicated on the signature pages.
Section 4.  Representations and Warranties of TBC.  TBC represents and warrants as follows:
(a)    The execution and delivery and the performance of the terms of this Amendment and the Credit Agreement, as amended hereby, are within the corporate powers of TBC, have been duly authorized by all necessary corporate action, have all necessary governmental approval, if any (which approval, if any, remains in full force and effect), and do not contravene any provision of the Certificate of Incorporation or By-Laws of TBC, or do not contravene any law or any contractual restriction binding on TBC, except where such contravention would not have a material adverse effect on the financial condition of TBC and its Subsidiaries, taken as a whole); and
(b)    This Amendment and the Credit Agreement, as amended hereby, constitute legal, valid and binding obligations of TBC, enforceable against TBC in accordance with their respective terms, subject to general equitable principles and except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to creditors’ rights.
Section 5.  Reference to and Effect on the Credit Agreement and the Notes.  
(a)On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

(b)The Credit Agreement and the Notes, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
  
(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.

Section 6.  Costs and Expenses.  TBC agrees to pay upon written request all reasonable costs and expenses of the Agent in connection with the preparation, execution, delivery and administration of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agent) in accordance with the terms of Section 8.3 of the Credit Agreement.
Section 7.  Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.
Section 8.  Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
THE BOEING COMPANY

By /s/ Ruud P. Roggekamp  
Name: Ruud P. Roggekamp
Title: Assistant Treasurer

CITIBANK, N.A., Individually and
as Agent

By /s/ Susan M. Olsen         
Name: Susan M. Olsen
Title: Vice President

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