Termination and Release Agreement - John W. Gregory, Jr.


 Exhibit 10.4 
 TERMINATION AND RELEASE AGREEMENT 
 This Termination Agreement (the “Agreement”) is entered
into as of this 29th day of June, 2007, by and among John W. Gregory, Jr. (“Employee”), Capital Bancorp, Inc., a Tennessee corporation (“Capital”), Capital Bank & Trust Company, a Tennessee state banking corporation
(“Capital Bank”), and Renasant Corporation, a Mississippi corporation (“Renasant”). 
 WHEREAS, Employee has been
employed by Capital and Capital Bank pursuant to an Employment Agreement dated December 13, 2000, by and between Capital Bank and Employee (the “Prior Employment Agreement”); and 
 WHEREAS, pursuant to that certain Agreement and Plan of Merger, dated February 5, 2007 (the “Merger Agreement”), by and among Renasant,
Renasant Bank, a Mississippi banking association (the “Company”), Capital and Capital Bank, a certain Plan of Merger shall be effectuated with regard to such parties as of the “Effective Time” (as defined in Section 1.2 of
the Merger Agreement); and 
 WHEREAS, Employee has entered into an Employment Agreement between Employee and the Company (the “New
Employment Agreement”) which New Employment Agreement is conditioned upon the consummation of said Plan of Merger and shall be effective as of the Effective Time; and 
 WHEREAS, as an inducement to Renasant and the Company to enter into the Merger Agreement and the Company to execute and deliver the New Employment
Agreement, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto wish to settle and release any and all claims any party hereto may have against another party hereto arising from
Employee’s employment with Capital and Capital Bank or from the termination of the Prior Employment Agreement, upon the following terms and provisions: 
 1. Prior Agreements. The parties hereto agree that the Prior Employment Agreement shall be terminated and of no further force and effect as of the Effective Time. This Agreement shall be null and void ab
initio and of no further force and effect if the Effective Time does not occur or the Merger Agreement is terminated prior to the Effective Time. 
 2. No Additional Payment or Benefits. No payments or benefits shall be made by the Capital or Capital Bank to Employee, and Employee acknowledges that he has no entitlement to, or any right to make any claims
for any additional payments or benefits from Capital or Capital Bank of any kind whatsoever. Renasant hereby agrees to pay to Employee, at the Effective Time, an amount equal to $516,817. 
 3. Release and Indemnification by Employee. 
 A. In consideration of the promises contained herein and in the New Employment Agreement, Employee, on behalf of himself and his heirs, executors, administrators, successors and assigns, hereby fully and forever discharges and irrevocably








 
releases Capital and Capital Bank and all of their directors, officers, employees, shareholders, affiliates, successors and assigns (the “Released
Parties”) from any and all claims, demands, actions, suits, causes of action and liabilities of whatever kind and nature, whether in law or in equity and whether known or unknown, which it had, now has or hereafter can, shall or may have
against Capital and Capital Bank, for, upon or by reason of or arising out of Employee’s employment with Capital and Capital Bank and the termination of the Prior Employment Agreement, including, but not limited to, claims in equity or law for
personal injury, breach of contract, whether express or implied, or oral or written, fraudulent inducement, defamation, mental anguish, intentional infliction of emotional distress, prima facie tort, intentional interference with contractual
relations, injury to health and reputation, claims under federal, state or local laws prohibiting discrimination on the account of age, national origin, race, sex, handicap, religion, and similar classifications, claims under the Civil Rights Act of
1866, the Civil Rights Act of 1964, Title VII, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), the Employee Retirement Income Security Act of 1974, as amended, the Family and
Medical Leave Act of 1994, and the Americans With Disabilities Act. The provisions of any laws providing in substance that releases shall not extend to claims which are unknown or unsuspected at the time to the person executing such waiver or
release, are hereby expressly waived; provided, however, that this release shall not extend to rights or claims under ADEA that may arise after the date of this Agreement. Employee hereby agrees to forego any right to file any charges or complaint
with any governmental agencies for a lawsuit against the Released Parties under any of the laws referenced in this paragraph or with respect to any matters covered by the release in this paragraph to the extent such laws or matters relate to
employment under the Prior Employment Agreement. 
 B. Employee shall indemnify and hold harmless each of the Released Parties from and
against all loss, liability, claim, damage or expense (including costs of investigation and defense and reasonable attorneys’ fees), arising directly or indirectly from or in connection with the assertion by or on behalf of Employee of any
claim or other matter purported to be released pursuant to this Agreement. 
 C. Employee hereby irrevocably covenants to refrain from,
directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced, any proceeding of any kind against any of the Released Parties based upon any matter purported to be released hereby. 
 4. Release and Indemnification by Capital and Capital Bank. 
 A. In consideration of the promises contained herein, Capital and Capital Bank, and their respective successors and assigns, hereby fully and forever discharge and irrevocably release Employee from any and all claims,
demands, actions, suits, causes of action and liabilities of whatever kind and nature, whether in law or in equity and whether known or unknown, (collectively, “Claims”) which either had, now has or hereafter can, shall or may have against
Employee, for, upon or by reason of or arising out of Employee’s employment with Capital and Capital Bank and the termination of the Prior Employment Agreement excluding Claims resulting from malfeasance, intentional violation of laws, acts
taken in bad faith or 

  

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conduct amounting to gross negligence. The provisions of any laws providing in substance that releases shall not extend to claims which are unknown or
unsuspected at the time to the person executing such waiver or release, are hereby expressly waived. Capital and Capital Bank, and their respective successors and assigns, hereby agree to forego any right to file any charges or complaint with any
governmental agencies for a lawsuit against the Employee under any of the laws referenced in this paragraph or with respect to any matters covered by the release in this paragraph to the extent such laws or matters relate to employment under the
Prior Employment Agreement. 
 B. Capital and Capital Bank, and their respective successors and assigns, shall indemnify and hold harmless
Employee from and against all loss, liability, claim, damage or expense (including costs of investigation and defense and reasonable attorneys’ fees), arising directly or indirectly from or in connection with the assertion by or on behalf of
Capital or Capital Bank, or their respective successors and assigns, of any Claim or other matter purported to be released pursuant to this Agreement. 
 C. Capital and Capital Bank, and their respective successors and assigns, hereby irrevocably covenant to refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be
commenced, any proceeding of any kind against Employee based upon any matter purported to be released hereby. 
 5. Rights Under Agreement
and New Employment Agreement. Notwithstanding any provision contained herein to the contrary, the release by Employee in this Agreement shall not limit the right of Employee to seek or enforce the provisions of this Agreement or the New
Employment Agreement. 
 6. Governing Law. The validity, interpretation, construction, and performance of this Agreement shall be
governed by the laws of the State of Tennessee without regard to principles of conflict of laws. 
 7. Entire Agreement. Each party
hereto acknowledges that such party is entering into this Agreement voluntarily and that such party fully understands all of its provisions. This Agreement constitutes the entire understanding of the parties and supersedes all prior oral and written
agreements. This Agreement cannot be modified except by a writing signed by all parties hereto. 
 8. Amendment. No provisions of this
Agreement may be amended, modified, waived or discharged except by a written document signed by all the parties hereto. 
 9.
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect to the fullest extent
permitted by law. 
 10. Survival of Rights and Obligations. The rights and obligations of the parties under the provisions of this
Agreement shall survive, and remain binding and enforceable, notwithstanding the termination of the Employee’s employment with Capital and Capital Bank 

  

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or any settlement of the financial rights and obligations arising from the Employee’s employment with Capital and Capital Bank, to the extent necessary
to preserve the intended benefits of such provision. 
 11. Counterparts. This Agreement may be executed (including via facsimile) in
one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and same instrument, and, subject to the further terms of this Agreement, shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other parties. 
 12. Headings. The headings and title of this Agreement
are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed on the date first above written. 
  

			
	EMPLOYEE
	
	 /s/ John W. Gregory, Jr.

	John W. Gregory, Jr.
	
	CAPITAL BANCORP, INC.
		
	By:	 	 /s/ Sally P. Kimble

	Its:	 	Executive Vice President & Chief Financial Officer
	
	CAPITAL BANK & TRUST COMPANY
		
	By:	 	 /s/ Sally P. Kimble

	Its:	 	Executive Vice President & Chief Financial Officer
	
	RENASANT CORPORATION
		
	By:	 	 /s/ E. Robinson McGraw

		 	E. Robinson McGraw, President and Chief Executive Officer


  

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