EX-10.(I)





 Exhibit 10(l) 

LOAN AGREEMENT 

THIS LOAN AGREEMENT (as amended, restated or supplemented or otherwise modified from time to time, hereinafter called the
“Agreement”) made and entered into this 9th day of June, 2021, (“Effective Date”) by and between CITIZENS HOLDING COMPANY, a Mississippi corporation (hereinafter called “Borrower”) and FIRST
HORIZON BANK, a Tennessee banking corporation having its principal office located in Memphis, Tennessee (“Lender”). 

W I T N E S S E T H : 
 WHEREAS, the
Borrower has requested that Lender provide a revolving credit loan in the amount of Twenty Million Dollars ($20,000,000.00) (“Loan” or “Committed Amount”) and Lender has agreed to make this Loan on the terms and
conditions hereinafter set forth; 
 WHEREAS, Borrower and Lender wish to enter into this Loan Agreement to set forth certain terms of the Loan and to
secure the Loan by a pledge of 114 shares of common stock of The Citizens Bank of Philadelphia, a Mississippi chartered bank (the “Bank”) which constitutes one hundred percent (100%) of the outstanding shares of the Bank, which is a
wholly-owned subsidiary of Borrower. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements, covenants and conditions herein
contained, the receipt and sufficiency of which is hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows: 

AGREEMENTS 

1.    AMOUNT AND TERMS OF BORROWINGS. 

2.    Defined Terms. Any capitalized term used but not defined in the body of this Agreement shall have the meaning
set forth on Appendix A attached hereto and incorporated herein by reference. 
 3.    Loan. Lender hereby
agrees to lend, and Borrower hereby agrees to borrow on a revolving credit basis, upon the terms and conditions set forth in this Agreement, the sum of up to Twenty Million Dollars ($20,000,000.00), as the Loan, to be evidenced by a promissory note
(the “Note”), as set forth in Exhibit A and included herein by reference. The Loan shall bear interest and be payable in accordance with the terms and provisions of the Note. The Loan shall expire and mature, and the
outstanding principal balance of the Loan and all accrued interest thereon shall be due and payable, on the Maturity Date. 

4.    Collateral. All indebtedness and obligations of Borrower to Lender under this Agreement shall be secured by
Lender’s lien and security interest in the Collateral. 

  
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The pledging of such Collateral shall be evidenced by the Pledge Agreement. Borrower agrees that all of the rights of Lender with regard to the Pledge Agreement set forth in this Agreement shall
apply to any modification of, or supplement to this Agreement. 
 5.    Fees. 

(a)    A commitment fee in the amount of Forty Thousand Dollars ($40,000.00) shall be paid by Borrower to Lender on or
before the closing of this Loan. Borrower agrees that this fee is fair and reasonable considering the condition of the money market, the creditworthiness of the Borrower, the interest rate to be paid, and the nature of the security for the Loan.

 (b)    Unused Line Fee. Borrower shall pay to Bank quarterly an unused line fee at a rate equal to
25/100 percent (0.25%) per annum (the “Unused Line Fee”), applied to the amount by which Committed Amount exceeds the outstanding principal balance of the outstanding Loan (and if the outstanding principal balance is $0.00, the Unused
Line Fee shall be applied to the entire Committed Amount), calculated on a daily basis, during the immediately preceding calendar quarter (or part thereof) while this Agreement is in effect and for so long thereafter as any of the Obligations are
outstanding, which fee shall be payable on the first (1st) day of each calendar quarter in arrears (i.e., based on the immediately preceding calendar quarter).  

6.    Funding. The advance of Loan proceeds hereunder shall be made, upon Borrower’s request, by depositing
the same into a demand deposit account with Lender, or by wire transfer to Borrower’s account according to the wire instructions set forth on Schedule 1.5, or as otherwise agreed between Borrower and Lender. The Loan to Borrower may be
made, at Borrower’s request, in one or more advances, each of which shall be subject to the terms and conditions of this Agreement, including but not limited to Sections 2 and 3 hereof. Advances under the Loan may be requested
either orally or in writing by Borrower as provided in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions, or directions by telephone or otherwise to Lender are
to be directed to Lender’s office set forth below. The following persons, acting individually (each an “Authorized Agent” and, collectively, the “Authorized Agents”), currently are authorized to request
advances and authorize payments under the Loan until Lender receives from Borrower, at Lender’s address set forth below, written notice of revocation of their authority: Greg L. McKee (e-mail address:
greg.mckee@thecitizensbank.bank), Phillip R. Branch (e-mail address: Phillip.branch@thecitizensbank.bank), and Mark Taylor (e-mail address:
mark.taylor@thecitizensbank.bank). The Borrower agrees that the Lender shall have no liability or responsibility to identify any party who makes any verbal request or electronic submission for any of said banking transactions; but the Lender
shall be fully and completely protected in acting upon any such verbal request or electronic submission made by any party who identifies himself as one of the Authorized Agents of the Borrower. Any electronic submission shall be by e-mail or by facsimile and shall be deemed to have been made and certified by an Authorized Agent by the applicable method as follows: (i) if the e-mail received by the
Lender shows it was sent from the Authorized Agent’s e-mail address as set forth herein or (ii) if the facsimile sent to the Lender is signed by the Authorized Agent. 

  
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 7.    Intentionally Omitted 

8.    USE OF PROCEEDS. 

9.    Use of Loan Proceeds. The proceeds of the Loan shall be used by the Borrower to provide capital for the Bank
and for general corporate purposes of the Borrower. 
 10.    CONDITIONS TO LOAN CLOSING. 

The obligation of Lender to extend any loan or credit to Borrower under this Agreement or to make any Loan disbursements is subject to the
strict satisfaction of each of the following conditions: 
 11.    No Defaults; Certificate. Borrower and the
Bank shall be in full compliance with all the terms and conditions of this Agreement, and no Event of Default, nor any event which upon notice or lapse of time or both would constitute such an Event of Default, shall have occurred. At Lender’s
request, Lender shall have received from Borrower and the Bank a certificate, in form and content reasonably acceptable to Lender dated as of and delivered on the date of the Loan and each subsequent advance, certifying that (1) the
representations and warranties set forth herein, and the exhibits attached hereto, are accurate, true and correct on and as of such date, (2) neither the transactions contemplated hereby or by any other Loan Document will cause or result in any
violation of (or creation of any right in third parties under the provisions of) any laws restricting or otherwise regulating the use, application or distribution of corporate funds and assets, and (3) that no Event of Default nor any event
which upon notice or lapse of time or both would constitute such an Event of Default, exists. 
 12.    Accuracy of
Representations and Warranties. At the time of the initial Loan disbursement and any subsequent Loan disbursement, the representations and warranties set forth herein and in any other Loan Document shall be true and correct. 

13.    Corporate Action and Authority. The Borrower shall have delivered to Lender: (i) a certificate from the
Secretary of State of Mississippi that Borrower is in good standing and certificates from the Secretaries of State and of each other State in which the Borrower owns any property, has stationed any employees or agents, or otherwise conducts
business, certifying the Borrower’s good standing as a corporation in each such State; (ii) a copy of the Resolutions passed by the Borrower’s Board of Directors authorizing the execution and delivery of the performance of
Borrower’s obligations under the Loan Documents certified by the Secretary or Assistant Secretary to be true and correct; and (iii) a certificate or certificates, dated as of and delivered on the date of the execution of this Agreement and
signed on behalf of the Borrower by the Secretary or Assistant Secretary, certifying the names of the officers authorized to execute and deliver the Loan Documents on behalf of the Borrower, together with the original, not photocopied, signatures of
each officer. Borrower shall also deliver the same items specified in (i) above pertaining to the Bank from the appropriate regulatory agency. 

  
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 14.    Delivery of Note, Loan Agreement, Pledge Agreement, and Stock
Certificates. At the time of the extension of the Loan, Borrower shall have delivered the Loan Documents. The security interest in the Collateral shall be prior to all other Liens. 

15.    Proceedings. The Loan Documents, upon their execution, and all proceedings in connection with the
authorization, execution and delivery of and the performance of the obligations under the Loan Documents shall be satisfactory in substance and form to Lender. 

16.    Payment of Fees and Expenses. Borrower shall have paid, at or prior to the date of the extension of the
Loan, all costs and expenses in accordance with Section 8.9, to the extent then determined by Lender. 

17.    Other Writings. The Lender shall receive such other agreements, instruments, documents, certificates,
affidavits and other writings as Lender may reasonably require. 
 18.    Opinion of Counsel. Borrower shall have
delivered to Lender at Borrower’s expense, favorable written opinions of counsel for Borrower dated as of and delivered on the date of the extension of the Loan, in form and content acceptable to Lender, as set forth in Exhibit B.

 19.    Financial Statements. Prior to any disbursement under the Loan, Borrower, at the request of Lender,
shall have delivered to Lender true and exact copies of the current financial statements of the Borrower and/or the Bank, as the case may be, as filed with the United States Securities and Exchange Commission (the “SEC”), the Federal
Reserve, the Federal Deposit Insurance Corporation (the “FDIC”), and all other applicable regulatory agencies. Upon request from Lender, Borrower shall provide a copy of each such filing with to the Lender within thirty (30) days
after the respective due date of each such filing. 
 20.    No Material Adverse Change. At the time the Loan is
funded hereunder, there shall have occurred, in the opinion of Lender, no material adverse changes in the condition, financial or otherwise, of Borrower or Bank from that reflected in the 10-Q or 10-K, as the case may be, last filed by Borrower with the SEC. 

  
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 21.    REPRESENTATIONS AND WARRANTIES. 

In order to induce the Lender to enter into this Agreement and to make the Loan including future advances under the Loan, the Borrower
represents and warrants to the Lender (which representations and warranties shall survive the delivery of the Loan Documents and the initial funding of the Loan) that: 

22.    Corporate Status. Borrower is a corporation duly organized and existing under the laws of the State of
Mississippi, is duly qualified to do business and is in good standing under the laws of other states where the Borrower does business, if any, and has the corporate power and authority to own its properties and assets and conduct its affairs and
business. 
 23.    Corporate Power and Authority. Borrower has full power and authority to enter into this
Agreement, to borrow funds as contemplated herein, to execute and deliver this Agreement, the Note and other Loan Documents executed and delivered by it, and to incur the obligations provided for herein, all of which have been duly authorized by all
proper and necessary corporate action; and the officer executing each of the Loan Documents is duly authorized to do so by all necessary corporate action. Any consents or approval of shareholders or directors of Borrower, or any other party
(including without limitation any regulatory agency or authority) required as a condition to the execution, delivery, or validity of any Loan Document have been obtained; and each of said Loan Documents is the valid, legal, and binding obligation of
Borrower enforceable in accordance with its terms. 
 24.    No Violation of Agreements or Law. Neither Borrower,
Bank, nor any other Subsidiary of Borrower is in default under any indenture, agreement or instrument to which it is a party or by which it may be bound, nor in violation of any state or federal statute, rule, ruling, or regulation governing its
operations and the conduct of its business, operations or financial condition of Borrower, Bank, or any other Subsidiary, except as identified by its regulators in Confidential Supervisory Information and disclosed to Lender in compliance with laws
governing Confidential Supervisory Information. Neither the execution and delivery of the Loan Documents nor the consummation of the transactions herein contemplated, or compliance with the provisions hereof will conflict with, or result in the
breach of, or constitute a default under, any indenture, agreement or other instrument to which Borrower is a party or by which it may be bound, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property of
Borrower, or violate or be in conflict with any provision of the charter or bylaws of Borrower, the Bank or any other Subsidiary. 

25.    Compliance With Law; Government Approvals. 

26.    Borrower has complied and is complying with all requirements, made all applications, and submitted
all reports required by The Bank Holding Company Act of 1956, as amended, and any regulations or rulings issued in connection therewith, and the transaction contemplated hereby will not violate any such statutes, rules, rulings, or regulations nor
will the consummation of said actions and transactions cause Borrower to be in violation thereof. Borrower has, if required, made all filings and received all governmental or regulatory approvals necessary for the consummation of the transactions
described herein, including without limitation the approval of the Board of Governors of the Federal Reserve System. 

  
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 27.    Borrower has complied and is complying with all
other applicable state or federal statutes, rules, rulings and regulations. The borrowing of money and said actions and transactions required hereunder will not violate any of such statutes, rules, rulings, or regulations. 

28.    Litigation. There are no actions, suits or proceedings pending or, to the knowledge of the Borrower
threatened against the Borrower, the Bank or any other Subsidiary before any court, arbitrator or governmental or administrative body or agency which, if adversely determined, would result in any material and adverse change in the financial
condition, business operation, or properties or assets of the Borrower, the Bank, or any other Subsidiary except as set forth in Exhibit C. 

29.    Supervisory Action. Neither Borrower, the Bank nor any other Subsidiary is subject to any Supervisory Action
by any federal or state bank regulatory authority, except as disclosed to Lender in compliance with laws governing Confidential Supervisory Information. 

30.    Financial Condition. All financial statements of the Borrower and/or the Bank, as the case may be, as filed
with the SEC, the Federal Reserve, the FDIC, and all other applicable regulatory agencies are, or will be as of their respective dates and for the respective periods stated therein, complete and correctly and fairly present the financial condition
of Borrower, the Bank, and the other Subsidiaries, and the results of their operations, respectively, as of the dates and for the periods stated therein, and have been, or will be as of their respective dates and for the respective periods stated
therein, prepared in accordance with generally accepted accounting principles consistently applied throughout the period involved and consistent with that of the preceding fiscal year or period, as the case may be. There are no liabilities of the
Borrower, the Bank, or any other Subsidiary not included in such reports. There has been no material adverse change in the business, properties or condition of Borrower, the Bank, or the other Subsidiaries since the date of such reports. 

31.    Tax Liability. Borrower, the Bank, and the other Subsidiaries have filed all federal, state and other tax
returns, which are required to be filed by them, and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by Borrower, the Bank, and the other Subsidiaries. 

32.    Subsidiaries. Borrower has no Subsidiaries and owns stock in no corporation or banking association other
than the Subsidiaries listed in Exhibit D. 
 33.    Bank Stock. The common stock of the Bank owned
by Borrower or any other Subsidiary of Borrower is duly authorized and validly issued by the Bank or other Subsidiary. The total number of shares of common stock of the Bank and each other Subsidiary issued and outstanding as of the date hereof are
all owned by Borrower, the Bank or other Subsidiaries of Borrower. Except as set forth in Section 6.2 hereof or on Exhibit E, the stock of the Bank and each other Subsidiary is free and
clear of all Liens; said common stock is fully paid and non-assessable. There are no outstanding warrants or options to acquire any common stock of the Bank and any other Subsidiary.


  
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There are no outstanding securities convertible or exchangeable into shares of common stock of any Subsidiary; and there are no restrictions on the transfer or pledge of any shares of common
stock of any Subsidiary, except as set forth in Section 6.2 hereof or on Exhibit E. Borrower has the right to pledge and transfer the Collateral and assign the income therefrom without
obtaining the consent of any other person or authority except as set forth in Section 6.2 hereof or on Exhibit E; and the Pledge Agreement creates for the benefit of Lender a first
lien security interest in the Collateral subject to no other interests or claims. 
 34.    Title to Assets;
Liens. Borrower and Bank each have good and marketable title to all its respective properties and assets reflected on the financial statements referred to herein, except for (i) such assets as have been disposed of since said date as no
longer used or useful in the conduct of business and (ii) items which have been amortized in accordance with GAAP applied on a consistent basis. There are no Liens on any assets of the Borrower, the Bank or any other Subsidiaries other than as
set forth in Section 6.2 hereof or as disclosed on Exhibit E. 

35.    Options, Warrants, Etc. Related to Shares. Except as set forth in Exhibit F, there are no
options, warrants or other rights agreements or commitments (including conversion rights and preemptive rights) obligating the Borrower, the Bank, or any Subsidiary to issue, sell, purchase or redeem shares of the Borrower, the Bank, or any other
Subsidiary or securities convertible to such shares. 
 36.    Environmental Laws. 

37.    The Borrower and each of its Subsidiaries have obtained all permits, licenses, and other
authorizations which are required under all Environmental Laws and are in compliance in all respects with all applicable Environmental Laws. 

38.    On or prior to the date hereof, no notice, demand, request for information, citation, summons, or
order has been issued, no complaint has been filed, no penalty has been assessed, and no investigation or review is pending or, to the best of the knowledge of the Borrower, threatened by any governmental or other Person with respect to any alleged
or suspected failure by the Borrower or any of its Subsidiaries to comply in any material respect with any Environmental Laws. 

39.    There are no material Liens arising under or pursuant to any Environmental Laws on any of the
property owned or leased by the Borrower or any of its Subsidiaries. 
 40.    There are no conditions
existing currently or anticipated to exist during the term of this Agreement which would subject the Borrower or any of its Subsidiaries or any of their property to any material Lien, damages, penalties, injunctive relief, or cleanup costs under any
Environmental Laws or which require or are likely to require cleanup, removal, remedial action, or other responses by the Borrower and its Subsidiaries pursuant to Environmental Laws. 

  
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 41.    Disclosure. Subject to laws governing the disclosure of
Confidential Supervisory Information, the Borrower has disclosed to the Lender (i) all agreements, instruments and corporate or other restrictions to which it, Bank or any of the other Subsidiaries is subject, the termination of which could
reasonably be expected to result in a material and adverse change in the financial condition, business operation, or properties or assets of the Borrower, the Bank or any of the other Subsidiaries and (ii) all matters known to it that,
individually or in the aggregate, could reasonably be expected to result in a material and adverse change in the financial condition, business operation, or properties or assets of the Borrower, the Bank or any of the other Subsidiaries. No report,
financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of the Borrower to Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. 
 42.    Contracts or Restrictions Affecting Borrower and/or Bank. Except
as otherwise disclosed to Lender as referenced in Section 4.6, neither Borrower nor Bank is a party to any agreement or instrument or subject to any charter or other corporate restrictions adversely affecting its business, properties or assets,
operations or condition (financial or otherwise). 
 43.    No Default. Neither Borrower nor Bank is in default
in the performance, observance or fulfillment of any of the obligations, covenants, or conditions contained in any agreement or instrument to which it is a party, which will or might materially and adversely affect the business or operations of
Borrower or the Bank, as the case may be. 
 44.    ERISA. Borrower and Bank are in compliance with all
applicable provisions of ERISA and all other laws, state or federal, applicable to any employees’ retirement plan maintained or established by either of them. 

45.    OFAC. Neither the Borrower nor any Subsidiary (a) is an “enemy” or an “ally of the
enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), as amended, (b) is in violation of (i) the Trading with the Enemy Act, as amended,
(ii) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (iii) the PATRIOT Act or (c) is
a Sanctioned Person. No part of the proceeds of the Loan hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

  
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 46.    AFFIRMATIVE COVENANTS. 

Borrower covenants and agrees that, until the Note together with interest thereon is paid in full, unless specifically waived by the Lender in
writing, Borrower will, and will cause the Bank and the Subsidiaries to comply with the following covenants. 

47.    Business and Existence; Compliance with Laws. Perform all things necessary to preserve and keep in full
force and effect the existence, rights and franchises of Borrower, the Bank and the other Subsidiaries and to comply and cause the Bank and the other Subsidiaries to comply in all material respects with all local, state and federal laws and
regulations applicable to banks and bank holding companies, and all laws and regulations of the Local Authorities, and the provisions and requirements of all franchises, permits, certificates of compliance and approval issued by regulatory
authorities and other like grants of authority held by the Borrower and the Bank; and notify Lender immediately (and in detail) of any actual or alleged failure to comply with or perform, breach, violation or default under any such laws or
regulations or under the terms of any such franchises or licenses, or grants of authority, the result of which would constitute a materially adverse effect on the Borrower or the Bank, or the occurrence or existence of any facts or circumstances
which with the passage of time, the giving of notice or otherwise could create such a breach, violation or default or could occasion the termination of any such franchises or grants of authority. 

48.    Maintain Property. Maintain, preserve, and protect all properties used or useful in the conduct of
Borrower’s, the Bank’s, and each other Subsidiary’s business and keep the same in good repair, working order and condition. 

49.    Insurance. At all times keep the insurable properties of Borrower, the Bank, and each other Subsidiary
adequately insured and maintain in force (i) insurance, to such an extent and against such risks, including fire and theft, as is customary with companies in the same or similar business, (ii) necessary workmen’s compensation
insurance, fidelity bonds and directors’ and officers’ insurance coverage in amounts satisfactory to Lender, and (iii) such other insurance as may be required by law; and if required by Lender, deliver to the Lender a copy of the
bonds and policies providing such coverage and a certificate of Borrower’s, the Bank’s, or each other Subsidiary’s chief executive officer, as the case may be, setting forth the nature of the risks covered by such insurance, the
amount carried with respect to each risk, and the name of the insurer. 
 50.    Taxes and Liens. Pay and
discharge promptly all taxes, assessments, and governmental charges or levies imposed upon Borrower, the Bank, or each other Subsidiary or upon any of their respective income and profits, or their properties, real, personal or mixed, or any part
thereof, before the same shall become delinquent; provided, however, that Borrower, the Bank, and each other Subsidiary shall not be 

  
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required to pay and discharge or to cause to be paid and discharged any such tax, assessment, charge, levy or claim so long as the amount or validity thereof shall be contested in good faith by
appropriate proceedings and provided that procedures satisfactory to Lender are carried out to prevent foreclosure of any lien therefrom. 

51.    Financial Reports and ERISA. 

52.    Furnish to Lender as soon as available and in any event within one hundred twenty (120) days
after the end of each calendar year, (1) consolidated and consolidating balance sheets of Borrower, the Bank, and each other Subsidiary, as of the end of such year and consolidated and consolidating statements of income of Borrower, the Bank,
and each other Subsidiary for the year then ended, together with the audit report and opinion of independent Certified Public Accountants acceptable to the Lender with respect thereto, such audit report and opinion shall contain no exceptions or
qualifications unacceptable to Lender; (2) promptly upon receipt, copies of all management letters and other assessments and recommendations, formal or informal, submitted by the Certified Public Accountants to Borrower or each Subsidiary;
(3) at Lender’s request, a copy of Borrower’s FR Y-9 Parent Company Only (and Consolidated, if applicable) financial statement(s) and (4) at Lender’s request, a copy of Borrower’s
F.R. Y-6 Annual Report promptly upon the filing of the same with the Federal Reserve Board; and (5) at Lender’s request, a copy of the Bank’s Call Report promptly upon the filing with the
appropriate regulatory agency. 
 53.    Upon Lender’s request, furnish to Lender as soon as
available and in any event within thirty (30) days after the applicable due date, financial statements of the Borrower and/or the Bank, as the case may be, as filed with the SEC, the Federal Reserve, the FDIC, and all other applicable
regulatory agencies. 
 54.    Upon senior management of the Borrower obtaining knowledge thereof, the
Borrower will give written notice to the Lender promptly (and in any event within five (5) business days), of: (1) any event or condition, including, but not limited to, any Reportable Event, that constitutes, or might reasonably lead to,
an ERISA Event; (2) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal liability assessed against the Borrower or any of its ERISA Affiliates, or of a determination that any
Multiemployer Plan is in reorganization or insolvent (both within the mean of Title IV of ERISA); (3) the failure to make full payment on or before the due date (including extensions) thereof of all amounts which the Borrower, the Bank, or any other
Subsidiary or any ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard set forth in ERISA and the Code with respect thereto; or (4) any change in the funding status of
any Plan that could have a material adverse effect, together with a description of any such event or condition or a copy of any such notice and a statement by the chief financial officer of the Borrower briefly setting forth the details regarding
such event, condition, or notice, and the 

  
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action, if any, which has been or is being taken or is proposed to be taken by the Borrower with respect thereto. Promptly upon request, the Borrower shall furnish the Lender with such additional
information concerning any Plan as may be reasonably requested, including, but not limited to, copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto required to be filed with the Department of Labor
and/or the Internal Revenue Service pursuant to ERISA and the Code, respectively, for each “plan year” (within the meaning of Section 3(39) of ERISA). 

55.    Promptly upon the transmission thereof, copies of all material financial statements, proxy
statements, notices, reports and other communications sent by the Borrower or any other Subsidiary to the shareholders of the Borrower and any other such communications as may be requested by Lender and copies of any and all regular or periodic
reports, registration statements, prospectuses or other written communications that may be requested by Lender and the Borrower or the Bank or any other Subsidiary is or may be required to file with the Securities and Exchange Commission or any
governmental department, bureau, commission or agency succeeding to the functions of the Securities and Exchange Commission if any. 

56.    With reasonable promptness, such other financial information for the Borrower or the Bank or any
other Subsidiary as Lender may reasonably request. 
 57.    Regulatory Examinations. (a) Subject to laws
governing the disclosure of Confidential Supervisory Information, promptly notify Lender of every examination by, or any material correspondence, report, memoranda or other written communication from or with, any federal or state regulatory body or
authority, with respect to the properties, loans, operations and/or condition of Borrower, the Bank, or any other Subsidiary, and of the receipt by Borrower, the Bank, or any other Subsidiary of every examination or other report prepared by such
body or authority with respect thereto; and (b) if required by Lender, fully and completely assist and cooperate with Lender in requesting approval by such regulatory body or authority of the furnishing to Lender of any such report, and furnish
such report to Lender if such approval is given; provided, however, that Lender shall take such steps as may be necessary to assure that all such reports shall remain confidential and shall be used by Lender solely in connection with the
administration of the Loan in accordance with the provisions of this Agreement. 
 58.    Additional Information.
Subject to laws governing the disclosure of Confidential Supervisory Information, furnish such other information regarding the operations, business affairs and financial condition of Borrower, the Bank, and each other Subsidiary as Lender may from
time to time reasonably request, including but not limited to true and exact copies of any monthly management reports to their respective directors, their respective tax returns, and all information furnished to shareholders, or any governmental
authority, including the results of any stock valuation performed. 

  
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 59.    Right of Inspection. Except to the extent, if any,
prohibited by applicable law, including laws governing the disclosure of Confidential Supervisory Information, permit any person designated by Lender, to inspect any of the properties, books and financial and other reports and records of Borrower,
the Bank, and each other Subsidiary, including, but not limited to, all documentation and records pertaining to the Bank’s loans, investments and deposits; and to discuss their affairs; finances and accounts with Borrower’s, the
Bank’s, and each other Subsidiary’s principal officers, at all such reasonable times and as often as Lender may reasonable request. If required by Lender, Borrower will pay Lender loan fees in an amount determined by Lender to be necessary
to cover the costs of such inspections, including a reasonable allowance for Lender’s overhead as well as out-of-pocket expenses in connection with such inspection.

 60.    Notice of Default. At the time of Borrower’s first knowledge or notice, furnish the Lender with
written notice or the occurrence of any event or the existence of any condition which constitutes or upon written notice or lapse of time or both would constitute an Event of Default under the terms of this Loan Agreement or other Loan Documents or
an event of default or default under any other loan documents for any other loan to the Borrower, the Bank, or any other Subsidiary. 

61.    Notice of Litigation. Borrower shall notify Lender of any actions, suits or proceedings instituted by any
person against the Borrower, the Bank or other Subsidiary claiming money damages or other monetary liability in an amount of One Million Dollars ($1,000,000.00) or more, said notice to be given within ten days of the first notice to Borrower or
other party of the institution of such action, suit or proceeding and to specify the amount of damages being claimed or other relief being sought, the nature of the claim, the person instituting the action, suit or proceeding, and any other
significant features of the claim. 
 62.    Perfection of Security Interest. The Borrower or any Subsidiary
shall perform such acts as may be necessary, in the reasonable judgment of Lender, now or in the future, to perfect or continue perfection of the security interests granted to Lender, or otherwise provided for, under any and all Loan Documents. 

63.    Dividends to Borrower from the Bank. Subject to any required regulatory approvals, Borrower shall cause the
Bank and any other Subsidiary to pay dividends or otherwise make such cash contributions at such times and in such amounts, as is necessary to enable Borrower to meet all of its obligations under the Loan Documents on a timely basis, including the
payment, when due, of each installment of interest and the payment of principal on the Loan to the extent permitted by law including applicable bank regulatory agency rules and regulations. Without limiting the generality of the foregoing, should
any prepayment, accelerated payment or other payment ever be due with respect to the Loan, Borrower shall cause the Bank and other Subsidiary to pay dividends or otherwise make such additional distributions to the Borrower as necessary to enable the
Borrower to make such prepayment, accelerated payment or other payment, to the extent permitted by law including applicable bank regulatory agency rules and regulations. 

  
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 64.    Capital Ratio/Equity Capital Adequacy. 

65.    Bank shall maintain at all times a “Well Capitalized” rating as required by any applicable
regulatory authority as such requirement may be revised from time to time. If, during the life of the Loan, the total assets of the Bank exceed Three Billion Dollars ($3,000,000,000.00), then the Borrower shall be added to the foregoing covenant.

 66.    Bank shall maintain as of each Covenant Compliance Date a Tier 1 Leverage Ratio of (i) not
less than six and 75/100 percent (6.75%) for the first two Covenant Compliance Dates following the Effective Date (i.e. the quarters ending June 30, 2021 and September 30, 2021), (ii) not less than seven percent (7.00%) for the third
and fourth Covenant Compliance Dates following the Effective Date (i.e. the quarters ending December 31, 2021 and March 31, 2022), and (iii) not less than seven and 50/100 percent (7.50%) thereafter. 

67.    Adjusted Texas Ratio. As of each Covenant Compliance Date Bank shall maintain an Adjusted Texas Ratio of not
more than twenty-five percent (25%). 
 68.    Return on Average Assets. Bank shall maintain a return on
Average Assets of at least 50/100 percent (0.50%) as of each Covenant Compliance Date. In determining such return, Bank’s earnings will be calculated using the prior four (4) fiscal quarters then ended on a rolling basis. 

69.    Loan Loss Reserves. With respect to the Bank, maintain at all times loan loss reserves in amounts deemed
adequate by all federal and state regulatory authorities. 
 70.    Loan to Value Ratio. Borrower shall maintain
as of each Covenant Compliance Date a Loan-to-Value Ratio of not more than Forty Percent (40%). 

71.    Indemnification. Borrower and Bank shall indemnify the Lender, and hold it harmless of and from any
and all loss, cost, damage or expense, of every kind and nature, including reasonable attorneys’ fees, which the Lender could or might incur by reason of any violation of any Environmental Laws by Borrower or Bank or by any predecessors or
successors to title to any property of the Borrower or Bank. 
 72.    Compliance Certificate. Furnish Lender a
Certificate of Compliance duly certified by either the Chief Executive Officer or Chief Financial Officer of Borrower within forty-five (45) days after the end of each calendar quarter stating that Borrower and each Bank Subsidiary and the
Borrower and all Subsidiaries, as applicable, are in compliance with all terms, covenants and conditions of this Loan Agreement and all related Loan Documents, including, but not limited to, Sections 5.1 – 5.17 of this Agreement.
Such Certificate of Compliance shall be as set forth in Exhibit H and otherwise be in form and substance satisfactory to Lender. 

  
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 73.    NEGATIVE COVENANTS. 

Borrower covenants and agrees with Lender that Borrower shall comply and cause the Bank and other Subsidiaries to comply with the following
negative covenants unless the prior written consent of Lender shall be obtained, so long as any indebtedness remains outstanding under the Loan Documents: 

74.    Indebtedness. Neither Borrower nor the Bank shall create, incur, assume or suffer to exist, contingently or
otherwise, any indebtedness, except for the following indebtedness: 
 75.    The indebtedness of
Borrower under the Loan; 
 76.    Indebtedness owed by the Borrower to the Bank or any other Subsidiary;

 77.    Debt for operating expenses or otherwise incurred by the Bank or any other Subsidiary in the
ordinary course of business (including without limitation fed funds lines and/or federal home loan bank borrowings); 

78.    Indebtedness as set forth in Exhibit G, if any; and 

79.    Obligations (contingent or otherwise) existing or arising under any Interest Rate Swap
approved in advance by Lender. 
 80.    Mortgages, Liens, Etc. Neither Borrower nor the Bank shall create,
assume or suffer to exist any mortgage, pledge, lien, charge or other encumbrance of any nature whatsoever on any of its assets, now or hereafter owned, except for: 

81.    Liens in favor of Lender securing payment of the Loan; and 

82.    Permitted Encumbrances. 

83.    Guaranties. Guarantee or otherwise in any way become or be responsible for the indebtedness or obligations
of any other Person, by any means whatsoever, whether by agreement to purchase the indebtedness of any other Person or agreement for the furnishing of funds to any other Person through the purchase of goods, supplies or services (or by way of stock
purchase, capital contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise, except for the endorsement of negotiable instruments by the Borrower or Bank in the ordinary course of
business for collection. 
 84.    Merger, Dissolution, Acquisition of Assets. Except for a Permitted
Acquisition, borrower shall not enter into, or permit the Bank or any other Subsidiary to enter into, any transaction of merger or consolidation, or any reorganization, reclassification of stock, readjustment or change in capital structure; or
acquire, or permit any Subsidiary to acquire, all of the stock, or other ownership interest, property or assets of any other person, corporation, partnership or other entity. 

  
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 85.    Subsidiaries. Except for a Permitted Acquisition, Borrower
shall not create, establish or acquire Subsidiaries or acquire or own stock or any other interest in any bank other than the Bank, or permit the creation, establishment or acquisition of any such Subsidiaries by any other Subsidiary. 

86.    Sale of Stock, Merger, or Asset Disposition. 

87.    Borrower shall not sell, transfer, pledge, assign, or otherwise dispose of, or otherwise encumber,
any of the Borrower’s stock of the Bank or the Borrower’s or the Bank’s or any other Subsidiary’s common Capital Stock in any Subsidiary nor permit the Bank or any other Subsidiary to issue additional shares of stock or rights,
options or securities convertible into Capital Stock of the Bank or any other Subsidiary. 
 88.    The
Borrower will not, nor will it permit any of its Subsidiaries to, make any Asset Disposition except in the ordinary course of business. 

89.    Dividends, Redemptions and Other Payments. Borrower shall not declare or pay any dividends on the stock of
Borrower or redeem any stock of Borrower if an Event of Default has occurred and is continuing under this Agreement or allow the payment of such a dividend that would create an Event of Default. The payment of any dividend or the redemption of any
stock not otherwise prohibited shall in all respects comply with the rules and regulations of the Federal Reserve Board. 

90.    Capital Expenditures. Borrower shall not make or become committed to make, or permit any Subsidiary to make
or to become committed to make, directly or indirectly, during any calendar year, capital expenditures which for Borrower and the Subsidiary exceed amounts deemed acceptable to applicable regulatory authorities. 

91.    Relocation. The Borrower shall not cause or permit Borrower or any Subsidiary to relocate their principal
office, principal banking office, principal registered office or approved charter location without the written consent of Lender. 

92.    Transactions with Affiliates. The Borrower shall not, nor will it permit any of its Subsidiaries to, enter
into or permit to exist any transaction or series of transactions with any officer, director, shareholder, Subsidiary or Affiliate of such person or entity other than (a) normal compensation and reimbursement of expenses of officers and
directors, (b) to the extent compliant with 6.10(c), typical tax allocation agreements among the Borrower and any of its Subsidiaries, including Bank, and (c) except as otherwise specifically limited in this Agreement, other transactions
which satisfy the applicable requirements under Section 23A of the Federal Reserve Act, 12 USC §371c and Section 23B of the Federal Reserve Act, 12 USC §371c-1. For purposes of this
Agreement, the term affiliates shall have the same meaning as set forth in applicable bank regulations. 

93.    Change in Management. Neither the Borrower nor the Bank shall make any change in its senior executive
management personnel (CEO, President, CFO, or 

  
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other “c-level” or equivalent officers); provided, however, that if any of the foregoing officers cease to hold the applicable office described
above, the same shall not be an Event of Default provided that the Borrower or the Bank, as the case may be, replaces such individual with another officer reasonably qualified and acceptable to all applicable Bank Regulatory Authorities within one
hundred eighty (180) days of such change.
 94.    Charter or By-Law
Amendments. Neither Borrower, Bank nor any other Subsidiary shall adopt, amend or enter into, as applicable, any charter, articles of incorporation, bylaws (or any amendments thereto) or other provisions or agreements that would affect in any
way the rights, obligations and/or preferences of the Collateral. 
 95.    No Defaults. Borrower shall not
permit or suffer the occurrence of any event nor allow any Subsidiary or other Affiliate to knowingly permit or suffer the occurrence of any event which constitutes an event of default under any indenture or loan agreement or otherwise with respect
to any indebtedness of the Borrower, the Bank, or any other Subsidiary. 
 96.    DEFAULT AND REMEDIES.

 97.    Events of Default. Any one or more of the following events shall constitute an Event of Default
under the terms of this Agreement and the other Loan Documents: 
 98.    Defaults in the prompt payment
as and when due of the principal of or interest on the Loan or any fees due under this Loan Agreement within ten (10) days of the date when due, or in the prompt performance or payment when due of any other obligations of the Borrower to the
Lender, whether now existing or hereafter created or arising, direct or indirect, absolute or contingent. 

99.    Default in compliance with or in the performance or observance of any term, covenant, obligation,
condition, or agreement in this Agreement or any other Loan Document. 
 100.    If any representation,
warranty or any other statement made or deemed to be made by the Borrower herein, in any other Loan Document, or in any writing, certificate, or report or statement at any time furnished to Lender pursuant to or in connection with this Agreement
shall be false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

101.    Borrower, the Bank or any other Subsidiary shall fail to pay when due and before the expiration of
any grace period, any debt for borrowed money which it is primarily obligated to pay as borrower, or in any other capacity, whether such debt shall have become due because of acceleration of maturity or otherwise, other than debt created by this
Agreement. 

  
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 102.    An event occurs which constitutes an event of
default as defined in the Note or any other Loan Document; or an event occurs which constitutes an event of default (following the expiration of applicable grace, notice or cure periods) under any present or future loan agreement between Lender and
Borrower for any other loan. 
 103.    The Borrower, the Bank, or any other Subsidiary shall 

104.    be unable or admits in writing its inability to pay its debts as they become due; or 

105.    file a petition in bankruptcy or for reorganization or for the adoption of an arrangement under the
Bankruptcy Act as now or in the future amended, or file a pleading asking such relief, or have or suffer to be filed an involuntary petition in bankruptcy against it which is not contested and discharged within sixty (60) days; or 

106.    make an assignment for the benefit of creditors generally; or 

107.    consent to the appointment of a trustee, custodian, or receiver for all or a major portion of its
property; or 
 108.    be adjudicated a bankrupt or insolvent under any federal or state law; or 

109.    suffer the entry of a court order under any federal or state law appointing a receiver, custodian,
or trustee for all or a major part of its property or ordering the winding up or liquidation of its affairs, or approving a petition filed against it under the Bankruptcy Act, as now or in the future amended; or 

110.    suffer the entry of a final judgment for the payment of money in excess of $1,000,000.00 and the
same shall not be discharged or provision made for its discharge within 45 days from the date of entry thereof or an appeal or other appropriate proceeding for review thereof shall not be taken within said period and a stay of execution pending such
appeal shall not be obtained; or 
 111.    suffer a writ or warrant of attachment or any similar process
to be issued by any court against all or any substantial portion of its property. 
 112.    The issuance
of any formal Supervisory Action against the Borrower, the Bank or other Subsidiaries or the Borrower’s, the Bank’s or the other Subsidiaries’ directors, whether temporary or permanent, by or at the request of any bank regulatory
agency; provided, however, that notwithstanding anything to the contrary in this Agreement (including without limitation 

  
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Section 5.9 hereof), Borrower shall not be required to disclose the existence of any Supervisory Action to the extent that such disclosure is
prohibited by applicable law or regulation; but further provided that (i) Section 5.9 of this Agreement shall nevertheless require Borrower to disclose to Lender the maximum amount of
information legally permissible to be disclosed regarding any such Supervisory Action and (ii) such Supervisory Action may, even if confidential, constitute an Event of Default hereunder if Lender becomes aware of such Supervisory Action
through other channels without the violation of applicable law or regulation; 
 113.    There shall
occur any change in the equity ownership of the Bank, or any change in the equity ownership of the Borrower such that a “change in control” of Borrower under applicable law or regulation shall have occurred; or 

114.    The failure of the Borrower, the Bank, or any other Subsidiary, or the Borrower’s, the
Bank’s, or any other Subsidiary’s directors to comply with the terms of any memorandum of understanding or letter agreement with any bank regulatory agency, including but not limited to any applicable state bank regulatory agency, Federal
Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System and such failure has not been fully corrected within thirty (30) business days of the Borrower’s or the
Bank’s awareness of its failure to comply. 
 115.    Cure Provisions. If any Event of Default, other than a
default in payment, is curable and if Borrower has not been given a notice of a breach in the same provision of the Note within the preceding twelve (12) months, it may be cured if Borrower, after receiving written notice from Lender demanding
cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to
cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to product compliance as soon as reasonably practical. 

116.    Remedies on Default. Upon the occurrence of an Event of Default, Lender may (i) terminate all
obligations of Lender to Borrower, the Bank, or any other Subsidiary including, without limitation, all obligations to lend money to Borrower under this Agreement, (ii) declare the Note immediately due and payable, without presentment, demand,
protest, notice of intent to accelerate and notice of acceleration of the maturity date of the Note, or any other notice of any kind, all of which are expressly waived, (iii) declare immediately due and payable from Borrower the expenses set
forth in Section 8.14 hereof, and (iv) pursue any remedy available to it under this Agreement, the Note, the Pledge Agreement or any other Loan Document, or available at law or in equity, concurrently or subsequently,
in such order as the Lender may elect, all of which remedies shall be cumulative. 
 117.    Liens; Setoff by
Lender. Borrower hereby grants to Lender a continuing lien for all indebtedness of Borrower, the Bank, or the other Subsidiaries to Lender 

  
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upon any and all of its monies, securities and other property and the proceeds thereof, now or hereafter held or received by or in transit to Lender from or for Borrower, and also upon any and
all deposits (general or special, matured or unmatured) and credits of Borrower against Lender at any time existing. Upon the occurrence of any Event of Default as specified above, Lender is hereby authorized at any time and from time to time,
without notice to Borrower, the Bank, or the other Subsidiaries, to set off, appropriate, and apply any and all items hereinabove referred to against any or all indebtedness of Borrower to Lender, whether under this Agreement, or otherwise, whether
now existing or hereafter arising. Lender shall give written notice to Borrower of such setoff appropriation or application after such setoff, appropriation or application occurs. 

118.    MISCELLANEOUS. 

119.    No Waiver. No delay or failure on the part of Lender or on the part of any holder of the Note in the
exercise of any right, power or privilege granted under this Agreement, or under any other Loan Document, or available at law or in equity, shall impair any such right, power or privilege or be construed as a waiver of any Event of Default or any
acquiescence therein. No single or partial exercise of any such right, power or privilege shall preclude the further exercise of such right, power or privilege. No waiver shall be valid against Lender unless made in writing and signed by Lender, and
then only to the extent expressly specified therein. 
 120.    Notices. All notices and communications provided
for hereunder shall be in writing, delivered by hand or sent by first-class, registered or certified mail, postage prepaid, or express courier to the following addresses: 

 

							
		 	(1)	  	If to Lender:	  	First Horizon Bank
	 	 	 	  	 	  	165 Madison Avenue, 11th Floor
	 	 	 	  	 	  	Memphis, Tennessee 38103
	 	 	 	  	 	  	Attention: Correspondent Banking
				
		 	(2)	  	If to Borrower:	  	          Citizens Holding Company
	 	 	 	  	 	  	521 Main Street
	 	 	 	  	 	  	Philadelphia, Mississippi 39350
	 	 	 	  	 	  	Attention: Gregory L. McKee, President and CEO

 Any party hereto may change its address for notice purposes by notice to the other parties in the manner provided herein.
Notice shall be deemed given when hand delivered or first class, certified or registered mail, postage prepaid, or when delivered by express courier. 

121.    Governing Law. This Agreement and all other Loan Documents shall be governed by and interpreted in
accordance with the laws of the State of Tennessee except with respect to interest which shall be governed by and construed in accordance with applicable Federal laws in effect from time to time. 

  
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 122.    Survival of Representations and Warranties. All
representations, warranties and covenants contained herein or made by or furnished on behalf of Borrower, the Bank, or the other Subsidiaries in connection herewith shall survive the execution and delivery of this Agreement and all other Loan
Documents and the extension or funding of the loan hereunder. 
 123.    Descriptive Headings. The descriptive
headings of the several sections of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 

124.    Severability. If any part of any provision contained in this Agreement or in any other Loan Document shall
be invalid or unenforceable under applicable law, said part shall be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of said provision or the remaining provisions. 

125.    Time is of the Essence. Time is of the essence in interpreting and performing this Agreement and all other
Loan Documents. 
 126.    Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which, taken together, shall constitute one and the same instrument. 

127.    Payment of Costs. Borrower shall pay, promptly following demand by Lender, all reasonable costs, expenses,
taxes and fees incurred by Lender in connection with the preparation, execution and delivery of this Agreement and all other Loan Documents and the recording and filing and rerecording and refiling thereof, including, without limitation, the
reasonable costs and professional fees of counsel for Lender, any and all transfer, mortgage or other taxes and all recording costs that may be payable. In the future, Borrower shall pay promptly following written demand by the Lender, all such
costs and expenses determined to be payable, in connection therewith. 
 128.    Successors and Assigns. This
Agreement shall bind and inure to the benefit of Borrower and Lender, and their respective successors and assigns; provided, however, Borrower, the Bank, and the other Subsidiaries shall not have any right to assign their rights or obligations
hereunder to any person. Notwithstanding anything in this Agreement to the contrary, Lender shall have the right, but shall not be obligated, to sell participation in the loan made pursuant hereto to other banks, financial institutions and
investors. 
 129.    Amendments; No Implied Waiver. This Agreement may be amended or modified, and Borrower, the
Bank, and the other Subsidiaries may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if Borrower shall obtain the prior written consent of Lender to that specific amendment, modification,
action or omission to act, and no course of dealing between Borrower, the Bank, or the other Subsidiaries and Lender shall operate as a waiver of any right, power or privilege granted to Lender under this Agreement or under any other Loan Document,
or available to Lender at law or in equity. 

  
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 130.    Rights Cumulative. All rights, powers and privileges
granted hereunder shall be cumulative to and shall not be exclusive of any other rights, powers and privileges granted by any other Loan Document or available at law or in equity. 

131.    Indemnity. Borrower agrees to protect, indemnify and save harmless Lender, and all directors, officers,
employees and agents of Lender, from and against any and all (i) claims, demands and causes of action of any nature whatsoever brought by any Person not a party to this Agreement and arising from or related or incident to this Agreement or any
other Loan Document, including, without limitation, any liability under federal or state securities laws arising out of Lender’s disposition of all or part of the Collateral, (ii) costs and expenses incident to the defense of such claims,
demands and causes of action, including, without limitation, reasonable attorneys’ fees, and (iii) liabilities, judgments, settlements, penalties and assessments arising from such claims, demands and causes of action; provided, however,
that Borrower does not agree to indemnify Lender against Lender’s own willful misconduct. The indemnity contained in this section shall survive the termination of this Agreement. 

132.    Expenses. Borrower agrees to promptly reimburse Lender for (i) all costs and expenses of collection of
the Note, including reasonable attorneys’ fees, and (ii) all expenses incurred by Lender in enforcing this Agreement or any other Loan Document or of acting on behalf of Borrower, the Bank or the other Subsidiaries in accordance with the
terms of this Agreement or to maintain or preserve the value of the Collateral, or Lender’s interest therein pursuant to the Pledge Agreement, or any other Loan Document. Such sums shall include interest at the maximum rate allowed by law
accruing from the date Lender requests such reimbursement. 
 133.    Usury. It is the intent of the parties
hereto not to violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and Borrower, the Bank, and the other Subsidiaries, and Lender agree that, should any
provision of this Agreement, or of the Note, or of any other Loan Document or any act performed hereunder or thereunder, violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum
lawful rate of interest shall be applied to the outstanding principal indebtedness due to Lender by Borrower under this Agreement, and if the principal indebtedness has been paid in full, any remaining excess shall forthwith be paid to Borrower.

 134.    Jurisdiction and Venue. Borrower, the Bank, and the other Subsidiaries, and Lender agree, without
power of revocation, that any civil suit or action brought against them as a result of , or which relates to, any of their obligations under this Agreement or under any other Loan Document may be brought against them, jointly or singly, in the
United States District Court for the Western District of Tennessee, and Borrower, the Bank, the other Subsidiaries, and Lender irrevocably submit to the jurisdiction of such court and irrevocably waive, to the fullest extent permitted by law, any
objections that they may now or hereafter have to the laying of the venue of such civil suit or action and any claim that such civil suit or action has been brought in an inconvenient forum, and Borrower, the Bank, and the other Subsidiaries, and
Lender 

  
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agree that final judgment in any such civil suit or action shall be conclusive and binding upon them and shall be enforceable against them by suit upon such judgment in any court of competent
jurisdiction. 
 135.    Construction. Should any provision of this Agreement require judicial interpretation,
the parties hereto agree that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of construction that a document is to be more
strictly construed against the party who itself or through its agents prepared the same, it being agreed that Borrower, Lender and their respective agents have participated in the preparation hereof. 

136.    Holidays. In any case where the date for any action required to be performed under this Agreement or under
any other Loan Document shall be, in the city where the performance is to be made, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized by law to close, then such performance may be made on the next succeeding
business day not a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized by law to close. 

137.    Entire Agreement. This Agreement and the other Loan Documents executed and delivered contemporaneously
herewith, together with the exhibits attached hereto and thereto, constitute the entire understanding of the parties with respect to the subject matter hereof, and any other prior or contemporaneous agreements, whether written or oral, with respect
thereto are expressly superseded hereby. The execution of this Agreement and the other Loan Documents by Borrower, the Bank, and the other Subsidiaries was not based upon any facts or materials provided by Lender, nor was Borrower, the Bank, and the
other Subsidiaries induced to execute this Agreement or any other Loan Document by any representation, statement or analysis made by Lender. In the event that the provisions of this Loan Agreement shall conflict with provisions of any of the other
Loan Documents, the provisions of this Agreement shall control. This written Loan Agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the
parties. There are no unwritten oral agreements between the parties. 
 138.    Consent. Borrower hereby
represents and warrants that to the best of Borrower’s knowledge there is no consent from any lender or creditor needed to prevent Borrower, the Bank, or the other Subsidiaries from being in default by Borrower executing the Note or Borrower,
the Bank, and the other Subsidiaries executing, this Loan Agreement or any other loan document associated with this Loan. 

139.    Waiver Of Right To Trial By Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL
BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (b) 

  
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IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR
DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY. 
 140.    Further Assurances. Borrower agrees to furnish a current financial statement upon the request of
Lender from time to time, and further agrees to execute and deliver all other instruments and take such other actions as Lender may from time to time reasonably request in order to carry out the provisions and intent hereof. 

141.    Execution by Bank. The undersigned Bank is joining this Agreement for the sole purpose of acknowledging the
pledge of its Capital Stock pursuant to the Pledge Agreement. 

142.    Non-Control. In no event shall the Lender’s rights hereunder
be deemed to indicate that the Lender is in control of the business, management or properties of the Borrower or the Bank or has power over the daily management functions and operating decisions made by the Borrower and the Bank, all such rights and
powers being hereby expressly reserved to the Borrower and the Bank. 
 143.    Assignments and Participations.
Lender may sell or offer to sell the Loan or interests therein to one or more assignees or participants. Borrower shall execute, acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the
extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights and benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender hereunder.
Lender may disseminate any information it now has or hereafter obtains pertaining to the Loan, including any security for the Loan, Borrower, Bank, any other Subsidiary, any of Borrower’s, Bank’s, or any other Subsidiary’s principals,
or any guarantor, if any, to any actual or prospective assignee or participant, to Lender’s affiliates, to any regulatory body having jurisdiction over Lender, to any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to Lender and the Loan, or to any other party as necessary or appropriate in Lender’s reasonable judgment. 

144.    Electronic Transmission of Data. Lender and Borrower agree that certain data related to the Loan (including
confidential information, documents, applications and reports) may be transmitted electronically, including transmission over the internet to the parties, the parties’ affiliates, agents and representatives, and other


  
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Persons involved with the subject matter of this Agreement. Borrower acknowledges and agrees that (a) there are risks associated with the use of electronic transmission and that Lender does
not control the method of transmittal or service providers, (b) Lender has no obligation or responsibility whatsoever and assumes no duty or obligation for the security, receipt or third party interception of any such transmission, and
(c) Borrower and Bank will release, hold harmless and indemnify Lender from any claim, damage or loss, including that arising in whole or part from Lender’s strict liability or sole, comparative or contributory negligence, which is related
to the electronic transmission of data. 
 145.    USA PATRIOT Act. The Lender hereby notifies the Borrower and
any guarantor that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower and any guarantors, which information includes the name and address of the Borrower and any
guarantors and other information that will allow Lender to identify the Borrower and any guarantors in accordance with the PATRIOT Act. 

146.    No Inference of Extension Past Maturity Date. Notwithstanding any other provision herein, the terms,
conditions, and requirements provided for herein that would, by their express terms, be applicable to time periods after the Maturity Date of the Note, are not to be interpreted as an inference that the Lender has agreed to any extension, automatic
or otherwise, to the extension of the Maturity Date. The Lender has not agreed and is under no obligation to extend the Maturity Date of the Note. 

[Signature page follows] 

  
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 WITNESS the hand and seal of the parties hereto through their duly authorized officers as of
the date first above written. 
  

			
	LENDER:	 	BORROWER:
		
	FIRST HORIZON BANK	 	CITIZENS HOLDING COMPANY
		
	By: /s/ Robert A. Rhodes
III                                        
	 	By: /s/ Greg
McKee                                        

	Printed Name: Robert A. Rhodes III	 	Printed Name: Greg McKee
	Title: Senior Vice President	 	Title: Chief Executive Officer
		
		 	The undersigned Bank executes this Loan Agreement for the sole purpose of acknowledging the pledge of its Capital Stock under the Pledge Agreement.
		
		 	BANK:
		
		 	THE CITIZENS BANK OF PHILADELPHIA
		
		 	By: /s/ Greg
McKee                                        

		 	Printed Name: Greg McKee
		 	Title: Chief Executive Officer


  
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 APPENDIX A 

DEFINITIONS 
 “Adjusted
Texas Ratio” shall mean a fraction, expressed as a percentage, where the numerator is Non-Performing Assets, and where the denominator is the sum of Bank’s Tier 1 Capital plus the entire balance
of Bank’s loan loss reserve, all determined on a basis satisfactory to Lender. 
 “Affiliate” shall have the same
meaning assigned to it in applicable bank regulations. 
 “Asset Disposition” shall mean the disposition (including the
sale, lease or transfer) of any or all of the assets (including without limitation any common or preferred stock of the Bank or any other Subsidiary) of the Borrower or any of its Subsidiaries whether by sale, lease, transfer or otherwise. 

“Average Assets” shall mean the
year-to-date average of total assets of Bank. 

“Bank Regulatory Authority” shall mean the Board of Governors of the Federal Reserve System, the Comptroller of the Currency,
the Federal Deposit Insurance Corporation, and all other relevant bank regulatory authorities (including, without limitation, relevant state bank regulatory authorities). 

“Call Report” shall mean the Bank’s Quarterly Report of Condition and Income. 

“Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital
stock or equity, whether now outstanding or issued after the date hereof, including all common stock, preferred stock, partnership interests and limited liability company member interests. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Entity or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Entity; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, regulations, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking 

  
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Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued. 
 “Collateral” shall mean 114 shares of the common stock
of the Bank. 
 “Confidential Supervisory Information” shall mean information that may be confidential under Federal or
state law since it is or was created or obtained in furtherance of the supervisory, investigatory, or enforcement activities of the Borrower’s or Bank’s regulatory authorities. 

“Covenant Compliance Date” shall mean the last day of each fiscal quarter of the Borrower or the Bank, as the case may be.

 “Environmental Laws” shall mean all federal, state, and local laws, including statutes, regulations, ordinances, codes,
rules, and other governmental restrictions and requirements, relating to the discharge of air pollutants, water pollutants, or process waste water or otherwise relating to the environment or hazardous substances or the treatment, processing,
storage, disposal, release, transport, or other handling thereof, including, but not limited to, the federal Solid Waste Disposal Act, the federal Clean Air Act, the federal Clean Water Act, the federal Resource Conservation and Recovery Act, the
federal Hazardous Materials Transportation Act, the federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the federal Toxic Substances Control Act, regulations of the Nuclear Regulatory Agency, and regulations of any
state department of natural resources or state environmental protection agency, in each case as now or at any time hereafter in effect. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as
interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections. 

“ERISA Affiliate” means an entity which is under common control with the Borrower within the meaning of
Section 4001(a)(14) of ERISA, or is a member of a group which includes the Borrower and which is treated as a single employer under Sections 414(b) or (c) of the Code. 

“ERISA Event” means (i) with respect to any Plan, the occurrence of a Reportable Event or the substantial cessation of
operations (within the meaning of Section 4062(e) of ERISA); (ii) the withdrawal by the Borrower, the Bank, or any other Subsidiary or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a substantial employer
(as such term is defined in Section 4001(a)(2) of 

  
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ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to terminate or the actual termination of a Plan pursuant to Section 4041(a)(2) or
4041A of ERISA; (iv) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC under Section 4042 of ERISA; (v) any event or condition which might constitute grounds under Section 4042 of ERISA
for the termination of, or the appointment of a trustee to administer, any plan; (vi) the complete or partial withdrawal of the Borrower or any of its Subsidiaries or any ERISA Affiliate from a Multiemployer Plan; (vii) the conditions for
imposition of a lien under Section 302(f) of ERISA exist with respect to any Plan; or (viii) the adoption of an amendment to any Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA. 

“Event of Default” shall have the meaning assigned to such term in Section 7.1 of this Agreement.

 “GAAP” shall mean generally accepted accounting principles applied on a consistent basis, maintained throughout the
period involved. 
 “Governmental Entity” means the United States, any State, and/or any political subdivision, department,
agency or instrumentality of any of the foregoing. 
 “Interest Rate Swap” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations
or liabilities under any Master Agreement, together with any related schedule and confirmation, as amended, supplemented, superseded or replaced from time to time. 

  
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 “Lien(s)” means any charge, claim, equitable interest, lien, encumbrance,
pledge, security interest, mortgage, encroachment, easement or restriction of any kind, including, without limitation, those liens identified on Exhibit E attached hereto. 

“Loan Documents” shall mean the Note, the Agreement, the Pledge Agreement, stock certificates issued to Borrower evidencing
the shares pledged pursuant to the Pledge Agreement, stock powers with respect to such shares pledged as Collateral and any and all other documents, instruments or agreements evidencing, securing, guaranteeing or otherwise related to or delivered in
connection with the Loan. 
 “Loan-to-Value
Ratio” shall mean the fraction, expressed as a percentage, of (a) the then-outstanding balance of the Loan at the time of measurement bears to (b) the Bank’s tangible common equity tier 1 capital at the time of measurement.

 “Local Authorities” means individually and collectively the state and local governmental authorities which govern the
business and operations owned or conducted by the Borrower or its Subsidiaries. 
 “Maturity Date” shall mean June 9,
2023. 
 “Multiple Employer Plan” shall mean a Plan which is a multiemployer plan as defined in Sections 3(37) or 4001(a)(3)
of ERISA. 
 “Net Income” shall mean the net income after taxes including the Borrower’s equity in undistributed
earnings of its Subsidiaries as determined under GAAP. 
 “Non-Performing Assets”
shall mean the sum of (1) all Non-Performing Loans and (2) Other Real Estate Owned listed in Call Reports and other such assets acquired through foreclosure or other realization upon collateral or
rearrangement or satisfaction of Indebtedness. 
 “Non-Performing Loans” shall mean
the sum of (1) all loans classified internally or by a Bank Regulatory Authority as non-accrual plus (2) loans past due by 90 days or more plus (3) loans for which the obligee has reduced the
agreed interest rate, reduced the principal or interest obligation, extend the maturity, applied interest payments to reduce principal, capitalized interest, or otherwise renegotiated the terms of the obligation based upon the actual or asserted
inability of the obligor(s) of such loans to perform their obligations pursuant to the agreements with the obligee prior to such modification or renegotiation; provided, however, that (a) loans for which the Borrower or the Bank
has taken additional collateral satisfactory to it and therefore is prepared to make additional loan advances or any other loans which have been restructured and are performing in a manner satisfactory to the Borrower and (b) any portion of a Non-Performing Loan that is guaranteed by the United States 

  
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government or an agency thereof in a manner acceptable to Lender shall not be included in the definition of Non-Performing Loans (but any un-guaranteed portion of a Non-Performing Loan covered by item (b) above shall be included as a Non-Performing Loan); provided
further, however, that any loan that would otherwise be classified as a troubled debt restructuring but is not so classified, because of a regulatory exemption from classification as a troubled debt restructuring by a Bank Regulatory Authority or
statutory exemption from classification as a troubled debt restructuring by applicable statute, shall not be included in the definition of Non-Performing Loans, so long as (x) such regulatory or statutory
exemption remains in place, and (y) such loan continues to meet all qualifications for such regulatory or statutory exemption.                 

“Note” shall have the meaning assigned to such term in Section 1.2 of this Agreement, together with
any and all renewals, modifications, extensions and replacements thereof. 
 “Obligations” shall have the meaning given in
the Pledge Agreement. 
 “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)), as amended. 
 “Permitted
Acquisition” means an acquisition in which the Borrower acquires a bank or bank holding company no more than once during any four (4) consecutive calendar quarters with total consolidated assets acquired not to exceed Four Hundred
Million Dollars ($400,000,000.00) and (a) the Borrower and/or the Bank, as the case may be, is the surviving entity from such acquisition; (b) such acquisition is financed with funds provided by the Bank (via dividend or distribution) and
not a loan from another lender or an equity injection at the Borrower or Bank level; (c) no Event of Default, or event which would, with the passage of time, giving of notice, or both, constitute and Event of Default, has occurred and is
continuing at the time of such acquisition or would result from such acquisition; (d) Borrower’s reasonable, good faith projections and pro forma financials show that it will remain in compliance with all financial and other covenants
under this Agreement upon completion of such acquisition; (e) Borrower shall have provided Lender, at or before the closing of such acquisition, evidence acceptable to Lender that Borrower and all other parties to the proposed acquisition have
obtained all consents and approvals (governmental, shareholder, or otherwise) required in connection with the completion of such acquisition; (f) the business to be acquired in such acquisition is in the same line of business as the
Borrower’s or a line of business incidental thereto; (g) Lender must have received a copy of all material transaction documents related to 

  
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such acquisition and the terms and conditions of the acquisition and the documentation executed in connection therewith must be acceptable to Lender; and (h) Borrower gives Lender written
notice of such proposed acquisition at least thirty (30) days prior to consummation of the acquisition and provides Lender with such evidence as Lender reasonably requests to confirm such acquisition’s compliance with the foregoing
requirements. 
 “Permitted Encumbrances” shall mean and include: (a) liens for taxes, assessments or similar
governmental charges not in default or being contested in good faith by appropriate proceedings; (b) workmen’s, vendors’, mechanics’ and materialmen’s liens and other liens imposed by law incurred in the ordinary course of
business, and easements and encumbrances which are not substantial in character or amount and do not materially detract from the value or interfere with the intended use of the properties subject thereto and affected thereby; (c) liens in
respect of pledges or deposits under social security laws, workmen’s compensation laws, unemployment insurance or similar legislation and in respect of pledges or deposits to secure bids, tenders, contracts (other than contracts for the payment
of money), leases or statutory operations; (d) any Liens reflected on Exhibit E; and (e) such other liens and encumbrances to which Lender shall consent in writing, if any. 

“Person” means an individual, partnership, corporation, limited liability company, trust, unincorporated organization,
association, joint venture or a government or agency or political subdivision thereof, joint stock company, or non-incorporated organization, or any other entity of any kind whatsoever. 

“Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by ERISA and with respect
to which the Borrower, the Bank, or any other Subsidiary or any ERISA affiliate is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” within the meaning of
Section 3(5) of ERISA. 
 “Pledge Agreement” shall mean that certain Pledge and Security Agreement executed by Borrower
for the benefit of Lender dated of even date herewith pledging the Collateral, as the same may be amended, restated, or modified from time to time. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the
notice requirement has been waived by regulation. 

  
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 “Sanctioned Country” means a country subject to a sanctions program
identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time. 

“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked
Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (b) (i) an agency of the
government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by the U.S. Department of
Treasury’s Office of Foreign Assets Control. 
 “Subsidiaries” or individually “Subsidiary” shall mean
any partnership, corporation, limited liability company, trust, unincorporated organization, association, joint venture, or other entity other than Borrower in an unbroken chain of entities beginning with the Borrower with each of the entities or
the Bank other than the last entity in the unbroken chain owning fifty percent (50%) or more of the total combined voting power of all classes of stock or other form of equity in one of the other entities or the Bank and are more specifically listed
in Exhibit D attached hereto. 
 “Supervisory Action” shall mean and include the issuance by or at the behest
of any bank regulatory authority of a letter agreement, memorandum of understanding (regardless of whether consented or agreed to by the party to whom it is addressed), cease and desist order, injunction, directive, restraining order, formal
agreement, notice of charges, or civil money penalties, against Borrower, the Bank, or any other Subsidiary or the directors or officers of any of them, whether temporary or permanent. A formal Supervisory Action is a Supervisory Action that is not
a letter agreement or memorandum of understanding. 
 “Tier 1 Capital” shall have the meaning included in Appendix A to
Title 12, Code of Federal Regulations, Part 225, Capital Adequacy Guidelines for Bank Holding Companies. 
 “Tier 1 Leverage
Ratio” shall have the meaning and be calculated as set forth in Appendix D to Title 12, Code of Federal Regulations, Part 225, Capital Adequacy Guidelines for Bank Holding Companies. 

  
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 “United States” means the government of the United States of America or any
department, agency, division or instrumentality thereof. 

  
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