Document:

Exhibit 10.03

 

ABSOLUTE
UNCONDITIONAL AND CONTINUING GUARANTY

 

THIS
ABSOLUTE UNCONDITIONAL AND CONTINUING GUARANTY, dated as of the 25th day of January, 2022 (the “Guaranty”), is
executed by ERIC LANGAN (whether one or more, herein referred to as the “Guarantor”), in favor of CENTENNIAL BANK (“Creditor”
or “Lender”).

 

W
I T N E S S E T H :

 

WHEREAS,
RCI HOLDINGS, INC., a Texas corporation (“Borrower”) is or may become indebted to Creditor; and

 

WHEREAS,
Guarantor is the President of Borrower; and

 

WHEREAS,
without this Guaranty, Creditor would be unwilling to extend credit to Borrower; and

 

WHEREAS,
because of the direct benefit to Guarantor from any and all loan(s) to be made by Creditor in favor of Borrower, and as an inducement
to Creditor to make said loan(s) to Borrower, Guarantor agrees to guarantee to Creditor the obligations of Borrower as set forth herein.

 

NOW,
THEREFORE, for Ten Dollars ($10.00) and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Guarantor hereby guarantees to Creditor the prompt and full payment of the Guaranteed Indebtedness (hereinafter defined), as and when
the same shall be due and payable, whether by lapse of time, by acceleration of maturity, or otherwise, and at all times thereafter,
and performance of all obligations of Borrower in connection with the Guaranteed Indebtedness, this Guaranty being upon the following
terms and conditions:

 

1.
The term “Guaranteed Indebtedness,” as used herein, includes all indebtedness of every kind and character, without limit
as to amount, whether now existing or hereafter arising, of Borrower to Creditor, regardless of whether evidenced by notes, drafts, acceptances,
discounts, overdrafts, letters of credit, or otherwise, and whether such indebtedness be fixed, contingent, joint, several, or joint
and several, including, but not limited to: (a) the indebtedness arising under that certain Promissory Note in the principal amount of
Eighteen Million Seven Hundred Forty Thousand Dollars ($18,740,000.00) dated of even date herewith executed by Borrower in favor of Lender
(the “Note”); (b) interest on any of the indebtedness described in the preceding; (c) any and all costs, attorneys fees,
and expenses incurred by Creditor by reason of Borrower’s default in payment of any of the foregoing indebtedness; (d) any renewal,
extension or rearrangement of the indebtedness, costs, or expenses described above, or any part thereof; (e) any amount paid by Borrower
to Creditor which is later set aside in a bankruptcy proceeding; and (f) the indebtedness and obligations arising under the Loan Agreement
and the Loan Documents (as such terms are hereinafter defined), plus all costs and legal fees associated therewith incurred by Creditor
in connection with enforcement of and collection of the same.

 

    	 

     

    

 

2.
This instrument shall be an absolute and continuing guaranty of payment and performance and not one only of collection, and shall cover
all of the Guaranteed Indebtedness, and it shall apply to and secure any ultimate balance due or remaining unpaid to Creditor, notwithstanding
any interruptions in the business relations of Borrower with Creditor.

 

3.
If Guarantor becomes liable for any indebtedness owing by Borrower to Creditor, by endorsement or otherwise, other than under this Guaranty,
such liability shall not be in any manner impaired or affected hereby, and the rights of Creditor hereunder shall be cumulative of any
and all other rights that Creditor may ever have against Guarantor. The exercise by Creditor of any right or remedy hereunder or under
any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.
If, for any reason whatsoever, Borrower is now, or hereafter becomes, indebted to Guarantor, such indebtedness and all interest thereon
shall, at all times, be subordinate in all respects to the Guaranteed Indebtedness, and Guarantor shall not be entitled to enforce or
receive payment thereof until the Guaranteed Indebtedness has been fully paid. Notwithstanding anything to the contrary contained in
this Guaranty, or as a result of any payments made by any party hereunder, Guarantor shall not have any right of subrogation, reimbursement,
exoneration, indemnification, participation, and/or contribution against Borrower or any other guarantor of the Guaranteed Indebtedness,
any and all such right(s) of subrogation, reimbursement, exoneration, indemnification, participation, and/or contribution being hereby
expressly waived and released as between Guarantor and Creditor. Accordingly, so long as any portion of the Guaranteed Indebtedness remains
unpaid, Guarantor shall not have any right of subrogation, reimbursement, exoneration, indemnification, participation, and/or contribution
under the documents executed in favor of Creditor securing payment of the Guaranteed Indebtedness or to participate in any way therein,
or in any right, title, or interest in and to any mortgaged property or any collateral for the Guaranteed Indebtedness, all such rights
of subrogation, reimbursement, exoneration, indemnification, participation, and/or contribution being hereby expressly waived as long
as any portion of the Guaranteed Indebtedness remains unpaid.

 

4.
In the event of default by Borrower in payment of the Guaranteed Indebtedness, or any part thereof, when such indebtedness becomes due,
either by its terms or as the result of the exercise of any power to accelerate, Guarantor shall, on demand and without further notice
of nonpayment or of dishonor, without any notice having been given to Guarantor previous to such demand of the acceptance by Creditor
of this Guaranty and without any notice having been given to Guarantor previous to such demand of the creating or incurring of such indebtedness,
pay the amount due thereon to Creditor, and it shall not be necessary for Creditor, in order to enforce such payment by Guarantor, first
to institute suit or exhaust its remedies against Borrower or others liable on such indebtedness, or to enforce its rights against any
security which shall ever have been given to secure such indebtedness. Suit may be brought or demand may be made against all parties
who have signed this Guaranty, or against any one or more of them, separately or together, without impairing the rights of Creditor against
any other party hereto.

 

    	2

     

    

 

5.
Guarantor hereby agrees that Guarantor’s obligations under the terms of this Guaranty shall not be released, diminished, impaired,
reduced, or affected by the occurrence of any one or more of the following events: (a) the taking or accepting of any other security
or guaranty for any or all of the Guaranteed Indebtedness; (b) any release, surrender, exchange, subordination, or loss of any security
at any time existing in connection with any or all of the Guaranteed Indebtedness; (c) any partial release of the liability of Guarantor
hereunder or, if there is more than one person or entity signing this Guaranty, the complete or partial release of any one or more of
them hereunder; (d) the insolvency, bankruptcy, disability, dissolution, termination, receivership, reorganization or lack of corporate,
partnership or other power of Borrower, any of the undersigned, or any party at any time liable for the payment of any or all of the
Guaranteed Indebtedness, whether now existing or hereafter occurring; (e) renewal, extension, modification or rearrangement of the payment
of any or all of the Guaranteed Indebtedness, either with or without notice to or consent of Guarantor, or any adjustment, indulgence,
forbearance, or compromise that may be granted or given by Creditor to Borrower or Guarantor; (f) any neglect, delay, omission, failure,
or refusal of Creditor to take or prosecute any action for the collection of any of the Guaranteed Indebtedness or to foreclose or take
or prosecute any action to foreclose upon any security therefor, or to take or prosecute any action in connection with any instrument
or agreement evidencing or securing all or any part of the Guaranteed Indebtedness; (g) any failure of Creditor to notify Guarantor of
any renewal, extension, rearrangement, modification or assignment of the Guaranteed Indebtedness or any part thereof, or of any instrument
evidencing or securing the Guaranteed Indebtedness or any part thereof, or of the release of or change in any security or of any other
action taken or refrained from being taken by Creditor against Borrower or of any new agreement between Creditor and Borrower, it being
understood that Creditor shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in
connection with the Guaranteed Indebtedness; (h) the unenforceability of all or any part of the Guaranteed Indebtedness against Borrower,
whether because the Guaranteed Indebtedness exceeds the amount permitted by law, the act of creating the Guaranteed Indebtedness, or
any part thereof, is ultra vires, the officers or persons creating the same acted in excess of their authority, or otherwise,
it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other person be found not liable on the
Guaranteed Indebtedness, or any part thereof, for any reason; or (i) any payment by Borrower to Creditor is held to constitute a preference
under the bankruptcy laws or if, for any other reason, Creditor is required to refund such payment or pay the amount thereof to someone
else. It is the intent of Guarantor and Creditor that the obligations and liabilities of Guarantor hereunder are absolute and unconditional
under any and all circumstances and that until the Guaranteed Indebtedness is fully and finally paid, such obligations and liabilities
shall not be discharged or released, in whole or in part, by any act or occurrence which might, but for the provisions of this Guaranty,
be deemed a legal or equitable discharge or release of a guarantor.

 

    	3

     

    

 

6.
Creditor is hereby given a lien for the amount of the liability and indebtedness, whether or not due and payable, created by this Guaranty
upon all property and security now or hereafter in the possession or custody of Creditor by or for the account of Guarantor or in which
Guarantor may have any interest (all remittances and property to be deemed in the possession or custody of Creditor as soon as put in
transit to it by mail or carrier), and also upon the balance of any deposit accounts of Guarantor held with Creditor existing from time
to time, and Creditor is hereby authorized and empowered, at its option, to appropriate any and all thereof and apply any and all thereof
and the proceeds thereof to the payment and extinguishment of the liability and indebtedness hereby created at any time after such liability
and indebtedness becomes payable. Creditor is further authorized and empowered, at its option at any time, after the liability and indebtedness
hereby created becomes payable, and after the expiration of any grace period, to sell, assign and deliver any security or property at
any time in the possession or custody of Creditor for Guarantor or in which Guarantor may have any interest at public or private sale,
for cash, credit or for future delivery, all at the option of Creditor, without further advertisement or notice of sale, and without
notice to Guarantor of intention to sell, which rights of Guarantor are hereby expressly waived. Upon any sales at public auction, Creditor
may bid for and purchase the whole or any part of the security or property sold free of any right of redemption which Guarantor hereby
waives and releases.

 

7.
In case of any sale by Creditor of any such security or property on credit or for future delivery, such may be retained by Creditor until
the selling price is paid by the purchaser and Creditor shall incur no liability in case of failure of the purchaser to pay therefor.
In case of any such failure, any such security or property may be resold.

 

8.
This Guaranty is for the benefit of Creditor and Creditor’s successors and assigns and, in the event of an assignment of the Guaranteed
Indebtedness, or any part thereof, the rights and benefits hereunder, to the extent applicable to the indebtedness so assigned, may be
transferred with such indebtedness. This Guaranty is binding not only on Guarantor, but on Guarantor’s and/or successors and assigns
and, if this Guaranty is signed by more than one person or entity, then all of the obligations of Guarantor arising herein shall be jointly
and severally binding on Guarantor and Guarantor’s successors, and assigns. This Guaranty shall be governed by and construed in
accordance with the internal laws (and not the law of conflicts) of the State of Florida, and is intended to be performed in accordance
with, and only to the extent permitted by, such laws. If any provision of this Guaranty or the application thereof to any person or circumstance
shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Guaranty nor the application of such
provision to any other person or circumstances shall be affected thereby, but rather the same shall be enforced to the greatest extent
permitted by law. Guarantor hereby agrees with Creditor that all rights, remedies and recourses afforded to Creditor by reason of this
Guaranty or otherwise are separate and cumulative and may be pursued separately, successively or concurrently, as occasion therefor shall
arise, and are nonexclusive and shall in no way limit or prejudice any other legal or equitable right, remedy or recourse which Creditor
may have. Guarantor shall pay the reasonable attorneys’ fees and all other costs and expenses which may be incurred by Creditor
in the enforcement of this Guaranty.

 

9.
It is not the intention of Creditor or Guarantor to obligate Guarantor to pay interest in excess of that legally permitted to be paid
by Guarantor under applicable law. Should it be determined that any portion of the Guaranteed Indebtedness constitutes interest in excess
of the maximum amount of interest which Guarantor (in such capacity) may lawfully be required to pay under applicable law, the obligation
of Guarantor to pay such interest shall automatically be limited to the payment thereof at the maximum rate so permitted under applicable
law.

 

    	4

     

    

 

10.
Guarantor does hereby and shall indemnify, defend and hold Creditor harmless of and from any and all loss or damage of whatsoever kind
and from any suits, claims, or demands, including, without limitation, Creditor’s legal fees and expenses through all trial and
appellate levels, on account of any matters or anything arising out of this Guaranty or in connection herewith on account of any such
acts or omissions to act by Creditor in connection with this Guaranty, which obligations shall survive termination of this Guaranty,
other than any of the foregoing arising out of the gross negligence or willful misconduct of Creditor.

 

11.
Guarantor will deliver to Creditor copies of all tax returns with attached schedules (including copies of all K-1s) within fifteen (15)
days of the timely filing of the same, together with copies of any extension, if applicable, when filed, and if an extension is filed
by Guarantor, Guarantor shall provide to Lender a copy of such extension within thirty (30) days of the due date of the tax return and
the applicable tax return must be submitted to Lender no later than within fifteen (15) days of the extension due date and in any event
no later than October 15 of each year. Guarantor shall submit annual personal financial statements (an annual statement of financial
condition) to Creditor, certified by Guarantor in favor of Creditor with the delivery of Guarantor’s tax return, or as required
by bank policy of Creditor, in form and content acceptable to Creditor in its sole and absolute discretion. In addition, such other financial
information relating to Guarantor as Creditor may require shall be submitted upon request.

 

12.
Upon the filing of a petition in bankruptcy with respect to Borrower, any assignment for the benefit of creditors of Borrower, or any
other circumstances necessitating Creditor to file its claim against Borrower, Guarantor agrees that, notwithstanding any stay, injunction
or other prohibition preventing the maturity, acceleration or collection of all or any portion of the Guaranteed Indebtedness, the Guaranteed
Indebtedness (whether or not then due and payable by Borrower) shall forthwith become due and payable by Guarantor for purposes of this
Guaranty, on demand. The obligation of Guarantor to pay the Guaranteed Indebtedness of Guarantor hereunder shall not be affected or impaired
by Creditor’s omission or failure to prove its claim against Borrower. Accordingly, the rights of Creditor under this Guaranty
shall not be affected or impaired by its election to prove its claim(s) or its election not to pursue such claim(s), as it sees fit,
without in any way releasing, reducing or otherwise affecting the liability to Creditor of Guarantor.

 

13.
Notwithstanding that this Guaranty may have been cancelled or terminated, in the event that all or any part of the Guaranteed Indebtedness
is paid by or on behalf of Borrower and because of any bankruptcy or other laws relating to creditor rights, Creditor repays any amounts
to Borrower or to any trustee, receiver or otherwise, then the amount so repaid shall again become part of the Guaranteed Indebtedness,
the repayment of which is guaranteed hereby, and Guarantor shall immediately repay all such amounts to Creditor. If the original of this
Guaranty was marked “Cancelled” by Creditor and returned to Guarantor, for the purposes of this Section, a photocopy or other
reproduction of this Guaranty shall constitute the original of this Guaranty.

 

    	5

     

    

 

14.
Guarantor agrees that, in connection with any collection of the indebtedness evidenced by this Guaranty pursuant to Chapter 222.11, Florida
Statutes, all disposable earnings which are greater than Seven Hundred Fifty Dollars ($750.00) a week may be attached or garnished despite
any adjudication by a court of competent jurisdiction that Guarantor(s) is the “head of family,” as that term is defined
in said statute. Guarantor hereby acknowledges that this provision is a material inducement for Creditor accepting this Guaranty.

 

15.
Unless otherwise provided, all notices given hereunder shall be in writing and addressed as follows:

 

	 	to
    Creditor:	Centennial
    Bank
	 	 	2101
    W. Commercial Blvd., Suite 5000
	 	 	Fort
    Lauderdale, Florida 33309
	 	 	Attn:
    Michael W. Barnett, Vice President
	 	 	 
	 	with
    copy to:	Mark
    R. Wysocki, Esq.
	 	 	Mombach,
    Boyle, Hardin & Simmons, P.A.
	 	 	100
    NE Third Avenue, Suite 1000
	 	 	Fort
    Lauderdale, Florida 33301
	 	 	 
	 	To
    Guarantor: 	Eric
    Langan
	 	 	10737
    Cutten Road
	 	 	Houston,
    TX, 77066
	 	 	 
	 	with
    copy to:	Robert
    D. Axelrod, Esq.
	 	 	Axelrod
    & Smith 
	 	 	5300
    Memorial Drive, Suite 1000
	 	 	Houston
    TX. 77007

 

(b)
Any notice required to be given or furnished hereunder shall be deemed given or furnished when addressed to the party intended to receive
the same at the above address (i) on the day of delivery, if hand-delivered; (ii) or one day after being delivered to an expedited courier
for overnight delivery; or (iii) two days after being deposited in the United States mail as first class certified mail, return receipt
requested, postage paid, whether or not the same is actually received by such party.

 

(c)
Each party may change the address to which any such notice, report, demand or other instrument is to be delivered or mailed, by furnishing
written notice of such change to the other party, but no such notice of change shall be effective unless and until received by such other
party.

 

(d)
Notwithstanding anything in this instrument to the contrary, all requirements of notice shall be deemed inapplicable if Creditor is prevented
from giving such notice by bankruptcy or any other applicable law. In such event, the cure period, if any, shall then run from the occurrence
of the event or condition of default rather than from the date of notice.

 

    	6

     

    

 

16.
Guarantor irrevocably and unconditionally: (a) agrees that any suit, action or other legal proceeding arising out of or relating to this
Guaranty may be brought, at the option of Creditor, in a court of competent jurisdiction of the State of Florida or any United States
District Court in the State of Florida; (b) consents to the jurisdiction of each such court in any such suit, action or proceeding; (c)
waives any and all personal rights under the laws of any state to object to the laying of venue of any such suit, action or proceeding
in the State of Florida; and (d) agrees that service of any court paper may be effected on Guarantor by mail, addressed and mailed as
provided herein, or in such other manner as may be provided under applicable laws or court rules in the State of Florida. Nothing contained
herein, however, shall prevent Creditor from bringing an action or exercising any rights against any security or against Guarantor personally,
and against any property of Guarantor, within any other state. Initiating such proceeding or taking such action in any other state shall
in no event constitute a waiver of the agreement contained herein that the laws of the State of Florida shall govern the rights and obligations
of Guarantor and Creditor hereunder or of the submission herein made by Guarantor to personal jurisdiction within the State of Florida.
The aforesaid means of obtaining personal jurisdiction and perfecting service of process are not intended to be exclusive but are cumulative
and in addition to all other means of obtaining personal jurisdiction and perfecting service of process now or hereafter provided by
the laws of the State of Florida.

 

17.
The Guaranteed Indebtedness includes, without limitation, all sums now or hereafter due and owing pursuant to the terms of the Note,
Deeds of Trust, Assignment of Rents, Security Agreement and Fixture Filing, Mortgage Deeds and Security Agreements, Assignments of Rents,
Leases and Deposits, UCC-1 Financing Statements, a Loan Agreement (the “Loan Agreement”), a Hazardous Substance Certificate
and Indemnification Agreement, an Americans With Disabilities Act Certificate and Indemnification Agreement, and all other loan documents
evidencing and/or securing the Guaranteed Indebtedness and executed or to be executed by Borrower in connection therewith (collectively,
the “Loan Documents”), the terms and provisions of which are agreed to, accepted, and acknowledged by Guarantor. Capitalized
terms used and not defined herein have the meanings given them in the Loan Agreement and the other Loan Documents.

 

18.
Guarantor represents and warrants to Creditor that, at the time of the execution and delivery of this Guaranty, nothing exists to impair
the effectiveness of the liability of Guarantor to Creditor hereunder, or the immediate taking effect of this Guaranty as the sole agreement
between Guarantor and Creditor with respect to guaranteeing the Guaranteed Indebtedness. Guarantor further represents and warrants to
Creditor that this Guaranty, when executed and delivered by Guarantor, will constitute the legal, valid and binding obligations of Guarantor
enforceable in accordance with the terms hereof; that the execution, delivery and performance by Guarantor of this Guaranty will not
violate any indenture, agreement or other instrument (or, if Guarantor is a corporation , its articles of incorporation or bylaws ) to
which Guarantor is a party, or by which it or any of its property is bound, or be in conflict with, result in a breach of, or constitute
(with due notice or the lapse of time, or both) a default under any such indenture, agreement or other instrument, or result in the creation
or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of its property or assets, except as contemplated
by the provisions of this Guaranty; that, if Guarantor is a corporation , the execution, delivery and performance by Guarantor of this
Guaranty is within its corporate or partnership powers and purposes, and has been duly authorized by all requisite corporate action of
Guarantor; that there are no judgments outstanding against Guarantor and there is no action, suit, proceeding, or investigation now pending
(or to the best of Guarantor’ s knowledge, after diligent inquiry, threatened) against, involving or affecting Guarantor or any
of its properties or any part thereof, at law, in equity or before any governmental authority that, if adversely determined as to Guarantor,
would have a material adverse effect on the Guarantor’s ability to perform, or affect the validity as to Guarantor of, the obligations
of Guarantor under this Guaranty.

 

    	7

     

    

 

19.
The liability of Guarantor hereunder shall be joint and several with Borrower and with all other guarantors of the Guaranteed Indebtedness.

 

20.
Guarantor additionally unconditionally guarantees to Creditor the timely performance of all other obligations of Borrower under all of
the Loan Documents.

 

21.
This Guaranty and the Loan Documents constitute the sole agreement of the parties with respect to the transaction contemplated hereby
and supersede all oral negotiations and prior writings with respect thereto. No waivers, amendments or modifications of this Guaranty
and other Loan Documents shall be valid unless in writing and signed by an authorized officer of the Creditor. No waiver by Creditor
of any default shall operate as a waiver of any other default or the same default on a future occasion. Neither the failure nor any delay
on the part of the Creditor in exercising any right, power, or remedy under this Guaranty and other Loan Documents shall operate as a
waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or remedy.

 

WAIVER
OF TRIAL BY JURY. GUARANTOR AND CREDITOR HEREBY MUTUALLY, KNOWINGLY, WILLINGLY, AND VOLUNTARILY WAIVE THEIR RIGHT TO TRIAL BY
JURY AND AGREE THAT NO PARTY, NOR ANY ASSIGNEE, SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF THE PARTIES (ALL OF WHOM ARE HEREINAFTER
REFERRED TO AS THE “PARTIES”) SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION
PROCEEDING BASED UPON OR ARISING OUT OF THIS GUARANTY OR THE LOAN DOCUMENTS OR ANY INSTRUMENT EVIDENCING, SECURING, OR RELATING TO
THE GUARANTEED INDEBTEDNESS OR OTHER OBLIGATIONS EVIDENCED HEREBY OR ANY RELATED AGREEMENT OR INSTRUMENT, ANY OTHER COLLATERAL FOR
THE INDEBTEDNESS EVIDENCED HEREBY OR ANY COURSE OF ACTION, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTION
RELATING TO THIS GUARANTY. THE PARTIES ALSO WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY
OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE PARTIES.
THE WAIVER CONTAINED HEREIN IS IRREVOCABLE, CONSTITUTES A KNOWING AND VOLUNTARY WAIVER, AND SHALL BE SUBJECT TO NO EXCEPTIONS.
CREDITOR HAS IN NO WAY AGREED WITH OR REPRESENTED TO GUARANTOR OR TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT
BE FULLY ENFORCED IN ALL INSTANCES.

 

	 	/s/
    Eric Langan
	 	ERIC
    LANGAN

 

STATE
OF TEXAS

COUNTY
OF HARRIS

 

The
foregoing instrument was acknowledged before me by means of ____ physical presence or ____online notarization, this ____ day of January,
2022 by ERIC LANGAN, who ____ is personally known to me or ____ produced his driver’s license as identification.

 

	 	 
	 	NOTARY
    PUBLIC-State of Texas
	 	Print/Type/Stamp
    Name:
	 	Commission
    Expiration Date:
	 	Notary
    Seal:
	 	 
	 	(Signing
    as a notary public and not as a guarantor or endorser.)

 

    	8

     

    

 

WAIVER
OF PROTECTION FROM GARNISHMENT AGREEMENT

[Absolute
Unconditional and Continuing Guaranty]

dated
as of January 25, 2022]

 

IF
YOU PROVIDE MORE THAN ONE-HALF OF THE SUPPORT FOR A CHILD OR OTHER DEPENDENT, ALL OR PART OF YOUR INCOME IS EXEMPT FROM GARNISHMENT UNDER
FLORIDA LAW. YOU CAN WAIVE THIS PROTECTION ONLY BY SIGNING THIS DOCUMENT. BY SIGNING BELOW, YOU AGREE TO WAIVE THE PROTECTION FROM GARNISHMENT.

 

	Dated:
    As of January 25, 2022	/s/
    Eric Langan
	 	ERIC
    LANGAN

 

STATE
OF TEXAS

COUNTY
OF HARRIS

 

The
foregoing instrument was acknowledged before me by means of ____ physical presence or ____online notarization, this ____ day of January,
2022 by ERIC LANGAN, who ____ is personally known to me or ____ produced his driver’s license as identification.

 

	 	 
	 	NOTARY
    PUBLIC- State and County Aforesaid
	 	Print/Type/Stamp
    Name:
	 	Commission
    Expiration Date:
	 	Notary
    Seal:
	 	 
	 	(Signing
    as a notary public and not as a guarantor or endorser.)

 

[CONTINUES
ON THE FOLLOWING PAGE]

 

    	9

     

    

 

I
have fully explained this Waiver of Protection From Garnishment Agreement to ERIC LANGAN.

 

	Dated:
    As of January 25, 2022	 	 
	 	 	 
	 	CENTENNIAL
    BANK
	 	 
	 	By:	/s/
    Michael W. Barnett
	 	 	Michael
    W. Barnett, Vice President

 

STATE
OF FLORIDA

COUNTY
OF BROWARD

 

The
foregoing instrument was acknowledged before me by means of ____ physical presence or ____online notarization, this ____ day of January,
2022 by Michael W. Barnett, as Vice President of, and on behalf of, CENTENNIAL BANK, who ____ is personally known to me or ____ produced
his driver’s license as identification.

 

	 	 
	 	NOTARY
    PUBLIC-State of Florida
	 	Print/Type/Stamp
    Name:
	 	Commission
    Expiration Date:
	 	Notary
    Seal:
	 	 
	 	(Signing
    as a notary public and not as a guarantor or endorser.)

 

    	10Exhibit 10.7

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  COMMUNITY TRUST BANCORP, INC.

  

  

  SENIOR MANAGEMENT INCENTIVE

  COMPENSATION PLAN

  

  

  EFFECTIVE JANUARY 1, 2022

  

  

  
    
      

      

      

      

    

    

    

    
      

      

    

  

  

  

  

  

  

  

  SENIOR MANAGEMENT INCENTIVE COMPENSATION PLAN

  

  

  TABLE OF CONTENTS

  

  

  
    

    

    
      ARTICLE

    

    

    

    
      	
              I.

            	
              Objectives

            

    

    
      	
              II.

            	
              Definitions

            

    

    
      	
              III.

            	
              Administration of the Plan

            

    

    
      	
              IV.

            	
              Participant Eligibility

            

    

    
      	
              V.

            	
              Payment to Participants

            

    

    
      	
              VI.

            	
              Determination of Annual Award Fund

            

    

    
      	
              VII.

            	
              Calculation of Award

            

    

    

    

    Table I - 2022 Annual Cash Incentive Compensation

    Award - Group I

    

    

    Table II - 2022 Annual Cash Incentive Compensation

    Award - Group II

    

    

    Table III – 2022 Annual Cash Incentive Compensation

    Award - Group III

    

    

    Table IV – 2022 Senior Management Incentive Compensation Plan - Stock Option Awards

    

    

    
      	
              VIII.

            	
              Miscellaneous Provisions

            

    

    

    

    Attachment A - Notice of Participation

    

    

    Attachment B - Designation of Beneficiary

    

    

    
      

      

    

  

  
    
      

      

      

      

    

    

    

    
      

      

    

  

  

  

  ARTICLE I

  

  

  OBJECTIVES

  

  

  Section 1.01

  This plan is designed to reward senior management for meeting or exceeding industry standards for profitability and adopted to achieve the
    following objectives:

  

  

  	

        	(a)	
          Increase the profitability and growth of Community Trust Bancorp, Inc. in a manner which is consistent with other goals of the Company, its stockholders and its employees,

        

  

  

  	

        	(b)	
          Provide executive compensation which is competitive with other financial institutions,

        

  

  

  	

        	(c)	
          Attract and retain personnel of outstanding ability and encourage excellence in the performance of individual responsibilities,

        

  

  

  	

        	(d)	
          Motivate and reward those members of management who contribute to the success of the Company,

        

  

  

  	

        	(e)	
          Distinguish among the performance contributions of some individuals by providing financial recognition for individual performance, as well as group performance, and

        

  

  

  	

        	(f)	
          Allow the flexibility which permits revision and strengthening from time to time to reflect changing organizational goals and objectives.

        

  

  

  ARTICLE II

  

  

  DEFINITIONS

  

  

  Section 2.01

  As used herein, the following words and phrases shall have the meanings below unless the context clearly indicates otherwise:

  

  

  	

        	(a)	
          “Annual Incentive Plan” or “Annual Plan” shall mean the Senior Management Incentive Compensation Plan set forth in this document and all amendments thereto.

        

  

  

  	

        	(b)	
          “Award Period” means one Fiscal Year.

        

  

  

  	

        	(c)	
          “Board” means the Board of Directors of Community Trust Bancorp, Inc.

        

  

  

  	

        	(d)	
          “Company” means Community Trust Bancorp, Inc., and its subsidiaries.

        

  

  

  	

        	(e)	
          “Compensation Committee” means the Compensation Committee of the Board.

        

  

  

  	

        	(f)	
          “Disability” means the total and permanent disability of a participant as
            defined by any Long-Term Disability Plans in effect for the Company and as thereafter may be amended.

        

  

  

  	

        	(g)	
          “Effective Date” means the date upon which the Plan shall become effective.

        

  

  

  	

        	(h)	
          “Fiscal Year” means the accounting period adopted by the Company for federal
            income tax purposes.

        

  

  

  	

        	(i)	
          “Participant” means a person designated by the Company to participate in the
            Plan.

        

  

  

  	

        	(j)	
          “Plan” shall mean the Company’s Senior Management Incentive Compensation Plan.

        

  

  

  	

        	(k)	
          “Salary” or “Salaries” shall mean the base salary in effect for each participant as of the last pay period in December of the Award Period.

        

  

  

  
    	
            (l)

          	
            “Stock Option” shall mean stock
              options granted under the Community Trust Bancorp, Inc. 2015 Stock Ownership Incentive Plan as hereinafter may be amended including substitutions or replacements of the Plan.  Such options shall be Incentive Stock Options to the extent
              possible under tax laws in effect at the time the option is awarded.

          

  

  

  

  
    	
            (m)

          	
            “Restricted Stock” shall mean
              restricted stock granted under the Community Trust Bancorp, Inc. 2015 Stock Ownership Incentive Plan as hereinafter may be amended including substitutions or replacements of the Plan.

          

  

  

  

  ARTICLE III

  

  

  ADMINISTRATION OF THE PLAN

  

  

  Section 3.01

  The Compensation Committee shall administer the Plan and employ such other agents as may reasonably be required to administer the Plan.

  

  

  Section 3.02

  The Compensation Committee shall adopt such rules and regulations of general application as are beneficial for the administration of the Plan and
    shall make all discretionary decisions involving a participant of the Plan. Said committee shall also have the right to interpret the Plan, to determine the Effective Date, and to approve all employees who are to participate in the Plan.

  

  

  Section 3.03

  A majority of the Compensation Committee shall constitute a quorum.  The acts of a majority of the members present at any meeting at which there
    is a quorum shall be valid acts.  Acts reduced to and approved in writing by a majority of said committee shall also be valid acts.

  

  

  

  

  Section 3.04

  All incentive compensation payable under the Plan shall be paid from the general assets of the Company.  To the extent that any person acquires a
    right to receive payments under the Plan, such right shall be no greater than the right of any unsecured creditor of the Company.

  

  

  

  

  

  

  Section 3.05

  The Compensation Committee may authorize the Chairman or President and CEO of the Company to send a written notice of such Plan to each selected
    Participant.  No person shall have the right to be included in the Plan until receiving said notice in the form of Attachment "A" hereto.

  

  

  Section 3.06

  All costs and expenses involved in the administration of this Plan shall be paid by the Company.

  

  

  Section 3.07

  Any determination or action of the Compensation Committee or the Board shall be final, conclusive and binding on all participants and their
    beneficiaries, heirs, personal representatives, executors and administrators.

  

  

  Section 3.08

  The Board of Directors, in its sole discretion, may amend, modify or terminate the Plan at any time.  The Compensation Committee shall also
    annually review the pre-determined performance standards and may amend such schedules in its sole discretion. Notwithstanding the foregoing, after the 90th day of the year, the performance standards may not be amended in a manner which would
    increase the amount of incentive compensation payable over the amount which would have been payable under the performance standards previously established for such year.

  

  

  ARTICLE IV

  

  

  PARTICIPANT ELIGIBILITY

  

  

  Section 4.01

  The following groups shall participate in the Plan:

  

  

  	

        	(a)	
          Group I shall consist of CEOs of Community Trust Bancorp, Inc. (CTBI) and Community Trust Bank, Inc. (CTB) plus all other Executive Committee positions of the Corporation.

        

  

  

  	

        	(b)	
          Group II shall consist of the (1) CTB officers responsible for the various consolidated functions as selected by the CTB CEO; (2) the Presidents of each market; and (3) the
            Community Trust and Investment Company (CTIC) officers responsible for various departments as selected by the CTIC CEO.

        

  

  

  
    	
            (c)

          	
            Group III shall consist of Senior Vice Presidents of consolidated functions who are selected for participation by the Compensation
              Committee.

          

  

  

  

  
    	
            (d)

          	
            Individuals below senior vice president level may be recommended and approved by the Compensation Committee for special awards of
              options for extraordinary performance.

          

  

  

  

  Section 4.02

  Voluntary or involuntary termination of full-time employment of a Participant prior to the payment of incentive awards for an Award Period will
    result in such Participant forfeiting any incentive compensation for the Award Period (except as provided in Section 4.03 herein).

  

  

  

  

  Section 4.03

  If a Participant dies, retires, becomes disabled, or is granted a leave of absence during an Award Period, the Compensation Committee may, at its
    discretion or under such rules as it may have prescribed, award partial incentive compensation based on the level of achievement in relation to goals established for the Award Period.

  

  

  Section 4.04

  Directors who are also employees of the Company shall be eligible to participate in the Plan.  However, a director who is compensated on the
    basis of a fee or retainer, as distinguished from a salary, shall not be eligible.

  

  

  Section 4.05

  New employees of the Company and persons promoted during the Award Period who were not eligible to participate in the Plan at the beginning of
    the Award Period, but have become a member of Group I, II, or III shall participate in the Plan so long as such eligibility came into existence no later than six (6) months after the beginning of said Award Period.  If a person becomes eligible at a
    date later than six (6) months into an Award Period, such person shall not be a Participant under this Plan until the first day of the next Award Period.

  

  

  ARTICLE V

  

  

  PAYMENT TO PARTICIPANTS

  

  

  Section 5.01

  Incentive compensation to be awarded under the Plan shall be paid to Participants within thirty days after the close of the Award Period.  Awards
    are not earned until paid to Participants. Except if an incentive is earned it will be payable to employees who retired effective the end of the award period.

  

  

  Section 5.02

  A Participant may elect to defer payment of all or part of his or her incentive compensation so long as the Participant requests such deferred
    payment under the terms of the Company’s Voluntary Deferred Compensation Plan.

  

  

  ARTICLE VI

  

  

  DETERMINATION OF ANNUAL AWARD

  

  

  Section 6.01

  The actual amount of the Senior Management Incentive Compensation Plan award shall be calculated according to a schedule comparing earnings per
    share (EPS) and return on average assets (ROAA) for the Award Period to a pre-determined performance standard.  When performance meets the established performance standards, the award fund will be adjusted according to the performance table.

  

  

  Section 6.02

  In the event that either the ROAA or EPS targeted performance is not attained but the target net income is attained, the amount of the award
    under the Senior Management Incentive Plan shall be paid at the base level of target performance payment.

  

  

  Section 6.03

  There shall be a minimum acceptable performance beneath which no incentive awards are paid and a maximum above which there is no additional award
    paid to avoid excessive payout in the event of windfall profits.  Said minimum and maximum shall be reviewed annually and amended when necessary at any time in the
      sole discretion of the Compensation Committee; provided, however, that the minimum may not be reduced and the maximum may not be increased after the 90th day of the year.

  

  

  Section 6.04

  A Participant who is rated a "4" or "5" on the most recent Performance Appraisal and Development Plan shall not be eligible to receive an award
    under the Plan.

  

  

  ARTICLE VII

  

  

  CALCULATION OF AWARD

  

  

  Section 7.01

  The Corporation’s Group I will earn an award determined by EPS and ROAA as shown below:

  

  

  TABLE I

  

  

  2022 ANNUAL CASH INCENTIVE COMPENSATION AWARD

  INITIAL CALCULATION

  

  

  Group I - Executive Committee of Community Trust Bancorp, Inc.

  

  

  	 	 	
          Target

        	 	 	
          Award as a % of Target Award

        	 	 	
          Award as a % of Salary

        	 
	 	 	
          ROAA

        	 	 	
          EPS

        	 	 	 	 	 	
          CTBI President

        	 	 	
          Group I

        	 
	 	 	 	
          1.33

        	
          %

        	 	
          $

        	
          4.10

        	 	 	 	
          25

        	
          %

        	 	 	
          25

        	
          %

        	 	 	
          15

        	
          %

        
	
          Base

        	 	 	
          1.37

        	
          %

        	 	
          $

        	
          4.23

        	 	 	 	
          50

        	
          %

        	 	 	
          50

        	
          %

        	 	 	
          30

        	
          %

        
	 	 	 	
          1.41

        	
          %

        	 	
          $

        	
          4.32

        	 	 	 	
          75

        	
          %

        	 	 	
          75

        	
          %

        	 	 	
          45

        	
          %

        
	 	 	 	
          1.45

        	
          %

        	 	
          $

        	
          4.48

        	 	 	 	
          100

        	
          %

        	 	 	
          100

        	
          %

        	 	 	
          60

        	
          %

        

  

  

  

  

  
    	
            •

          	
            For 2022, the targeted (base) ROAA is established as follows: ROAA of 1.37% and EPS of $4.23.

          

  

  

  

  
    	
            •

          	
            For 2022, net income target is $75,585,022.

          

  

  

  

  
    	
            •

          	
            These results are after accrual of the incentive.

          

  

  

  

  Section 7.02

  The Corporation’s (Group II) will earn an award determined by EPS growth and ROAA as shown below:

  

  

  TABLE II

  

  

  2022 ANNUAL CASH INCENTIVE COMPENSATION AWARD

  INITIAL CALCULATION

  

  

  Group II – Consolidated Division Officers of CTBI and Market Presidents

  

  

  	 	 	
          Target

        	 	 	
          Award as a % of Target Award

        	 	 	
          Award as a % of Salary

        	 
	 	 	
          ROAA

        	 	 	
          EPS

        	 	 	 	 	 	
          Group 2

        	 
	 	 	 	
          1.33

        	
          %

        	 	
          $

        	
          4.10

        	 	 	 	
          50

        	
          %

        	 	 	
          3.50

        	
          %

        
	
          Base

        	 	 	
          1.37

        	
          %

        	 	
          $

        	
          4.23

        	 	 	 	
          100

        	
          %

        	 	 	
          7.00

        	
          %

        
	 	 	 	
          1.41

        	
          %

        	 	
          $

        	
          4.32

        	 	 	 	
          112

        	
          %

        	 	 	
          7.84

        	
          %

        
	 	 	 	
          1.45

        	
          %

        	 	
          $

        	
          4.48

        	 	 	 	
          125

        	
          %

        	 	 	
          8.75

        	
          %

        

  

  

  

  

  
    	
            •

          	
            For 2022, the targeted (base) ROAA is established as follows: ROAA of 1.37% and EPS of $4.23.

          

  

  

  

  
    	
            •

          	
            For 2022, net income target is $75,585,022.

          

  

  

  

  
    	
            •

          	
            These results are after accrual of the incentive.

          

  

  

  

  Section 7.03

  Senior Vice Presidents of consolidated functions designated by the Compensation Committee will earn an award determined by EPS growth and ROAA as
    shown below:

  

  

  

  

  TABLE III

  

  

  2022 ANNUAL CASH INCENTIVE COMPENSATION AWARD

  INITIAL CALCULATION

  

  

  Group III - Senior Vice Presidents of Consolidated Functions

  

  

  	 	 	
          Target

        	 	 	
          Award as a % of Target Award

        	 	 	
          Award as a % of Salary

        	 
	 	 	
          ROAA

        	 	 	
          EPS

        	 	 	 	 	 	
          Group 3

        	 
	 	 	 	
          1.33

        	
          %

        	 	
          $

        	
          4.10

        	 	 	 	
          50

        	
          %

        	 	 	
          2.75

        	
          %

        
	
          Base

        	 	 	
          1.37

        	
          %

        	 	
          $

        	
          4.23

        	 	 	 	
          100

        	
          %

        	 	 	
          5.50

        	
          %

        
	 	 	 	
          1.41

        	
          %

        	 	
          $

        	
          4.32

        	 	 	 	
          106

        	
          %

        	 	 	
          5.83

        	
          %

        
	 	 	 	
          1.45

        	
          %

        	 	
          $

        	
          4.48

        	 	 	 	
          122

        	
          %

        	 	 	
          6.71

        	
          %

        

  

  

  
    	
            •

          	
            For 2022, the targeted (base) ROAA is established as follows: ROAA of 1.37% and EPS of $4.23.

          

  

  

  

  
    	
            •

          	
            For 2022, net income target is $75,585,022.

          

  

   

  

  

  
    	
            •

          	
            The results are after accrual of the incentive.

          

  

  

  

  

  

  Section 7.04

  Participants in Groups I, II, and III shall be eligible to receive Stock Option awards on the same day that cash awards are paid under the terms
    of this Plan.  Such Stock Options shall have a face value equal to the percentage of salary shown on Table IV below, adjusted in the same manner and in the same proportion as cash awards are adjusted under the terms of Sections 7.01, 7.02, and 7.03,
    and rounded down as necessary to grant for whole shares. The Committee at its sole discretion may choose to issue Restricted Stock or a combination of Options and Restricted Stock of an amount recommended by the Compensation Committee and approved by
    the Board of Directors of Community Trust Bancorp, Inc. subject to any limitations of the 2015 Stock Ownership Incentive Plan.

  

  

  
    
      

      

    

    

    

    
      

      

    

  

  

  

  TABLE IV

  

  

  2022 SENIOR MANAGEMENT INCENTIVE COMPENSATION PLAN

  STOCK OPTION AWARDS

  

  

  	 	 	
          Target

        	 	 	
          Stock Option Award as a % of Salary

        	 
	 	 	
          ROAA

        	 	 	
          EPS

        	 	 	
          CTBI President

        	 	 	
          Group I

        	 	 	
          Group 2

        	 	 	
          Group 3

        	 
	 	 	 	
          1.33

        	
          %

        	 	
          $

        	
          4.10

        	 	 	 	
          10.00

        	
          %

        	 	 	
          7.50

        	
          %

        	 	 	
          5.00

        	
          %

        	 	 	
          2.25

        	
          %

        
	
          Base

        	 	 	
          1.37

        	
          %

        	 	
          $

        	
          4.23

        	 	 	 	
          20.00

        	
          %

        	 	 	
          15.00

        	
          %

        	 	 	
          10.00

        	
          %

        	 	 	
          4.50

        	
          %

        
	 	 	 	
          1.41

        	
          %

        	 	
          $

        	
          4.32

        	 	 	 	
          21.00

        	
          %

        	 	 	
          15.75

        	
          %

        	 	 	
          10.50

        	
          %

        	 	 	
          4.75

        	
          %

        
	 	 	 	
          1.45

        	
          %

        	 	
          $

        	
          4.48

        	 	 	 	
          23.00

        	
          %

        	 	 	
          17.25

        	
          %

        	 	 	
          11.50

        	
          %

        	 	 	
          5.00

        	
          %

        

  

  

  
    	
            •

          	
            For 2022, the targeted (base) ROAA is established as follows: ROAA of 1.37% and EPS of $4.23.

          

  

  

  

  
    	
            •

          	
            For 2022, net income target is $75,585,022.

          

  

  

  

  
    	
            •

          	
            These results are after accrual of the incentive.

          

  

  

  

  ARTICLE VIII

  

  

  MISCELLANEOUS PROVISIONS

  

  

  Section 8.01

  The Compensation Committee may elect to remove unusual, extraordinary or non-recurring items from the calculation of the earnings per share.

  

  

  Section 8.02

  The Company shall not merge into or consolidate with another entity or sell all or substantially all of its assets to another entity unless such
    other entity shall become obligated to perform the terms and conditions hereof relating to any awards already earned but not yet paid to the participant on his/her behalf.

   

  

   

  

  
    
      

      

    

    
      

    
      

      

    

  

  

  

  

  ATTACHMENT A

  

  

  

  

  NOTICE OF PARTICIPATION

  

  

  ____________________________________ is eligible for participation in the 2022 Plan Year for Community Trust Bancorp, Inc. Senior Management Incentive Compensation
    Plan, such participant being subject to all of the terms and conditions of said Plan.

  

  

  Compensation Committee of the Board of Directors

  

  

  By: ___________________________________

  

  

  Dated: ____________________

  

  

  
    
      

      

    

    

    

    
      

      

    

  

  

  

  ATTACHMENT B

  

  

  DESIGNATION OF BENEFICIARY

  

  

  I, 
      _____________________________________________________________________________________________________________________________________________________________________________________________, a participant in the Community Trust Bancorp, Inc. Senior Management Incentive Compensation Plan, name the following as my primary beneficiary under said Plan in the event of my death prior to receiving an award payable to me
      under said Plan.

     

  

  Name Relationship

   

  

  Address

  

  

  If the primary beneficiary predeceases me, I designate the following persons as a contingent beneficiary, in the order shown, to receive an
    award payable to me under the Plan:

     

  

  Name Relationship

   

  

  Address

  

  

     

  

  Name Relationship

   

  

  Address

  

  

     

  

  Name Relationship

   

  

  Address

  

  

  This supersedes any previous beneficiary designation made by me with respect to this Plan.  However, any compensation covered by the Community
    Trust Bancorp, Inc. Voluntary Deferred Compensation Plan shall be governed by the Beneficiary Designation applicable to that Plan.

  

  

     

  

  Date Signature of Participant

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