Document:

Excess of Loss Reinsurance Agreement

 Exhibit 10.73 
  
 Excess of Loss Reassurance Agreement 
  
 This Reinsurance Agreement (this “Agreement”) dated as of May 14, 2004, between MBIA UK Insurance Limited, a
corporation existing under the laws of England and Wales with registered number 4401.508 (hereinafter referred to as the “Ceding Company”) and MBIA Insurance Corporation, a New York stock insurance company (hereinafter referred to as the
“Reinsurer”). 
  
 WITNESSETH: 
  
 WHEREAS, the Ceding Company will write financial guaranty insurance as
permitted under the laws of the United Kingdom; 
  
 WHEREAS, the
Ceding Company desires to cede and the Reinsurer desires to reinsure the Ceding Company to the extent and on the terms and conditions and subject to the limitations hereinafter set forth; 
  
 WHEREAS, the Ceding Company will cede financial guaranty insurance business to the Reinsures that the Reinsurer is permitted
to insure under Section 6901 of the New York Insurance Law; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and understandings contained herein and upon the terms and conditions set forth below, the parties hereto agree as follows 
  
 Article 1 
  
 Cover: 
  
 1.1. The Reinsurer agrees to reimburse the Ceding Company, on an excess of loss basis for amounts of losses incurred in each
calendar year period this Agreement is in effect for the Net Retained Insurance Liability (as defined below) of the Ceding Company under the Ceding Company’s policies in force at 12:01 a.m., Greenwich Mean Time in the United Kingdom, on May 14,
2004 and under new policies becoming effective at and after said time and date including extra contractual obligations relating thereto (but excluding, however, liability arising from punitive damages assessed as a result of bad faith, fraud or
negligence). 
  
 Article 2 
  
 Covered Business: 
  
 2.1. Covered Business shall mean all of the Ceding Company’s gross
liability on financial guaranty insurance business written by the Ceding Company as defined in Section 6901 of the New York Insurance Law. The Ceding Company’s Net Retained Liability is the remaining portion of the Ceding Company’s gross
liability on each policy reinsured hereunder after deducting all cessions to facultative and/or other reinsurance cessions and/or other third party risk assumptions which inure to the benefit of the Ceding Company. The term “policy” or
“policies” shall mean the Ceding Company’s policies and endorsements providing coverage of financial guaranty exposures. 
  
 Article 3 
  
 Limits of Cover: 
  
 3.1. The Reinsurer shall reimburse the Ceding Company for the amount of the Ceding Company’s losses, including loss adjustment expenses, incurred in
each calendar year which amount is in the aggregate excess of $100,000,000. However, the liability of the Reinsurer shall not exceed, (i) for 2004, at any time of determination, twenty percent (20%) of the Ceding Company’s net retention (as
defined above) with respect to the aggregate insured principal sum outstanding as of such time plus the insured principal sum outstanding under the Ceding Company’s two largest policies outstanding as of such time and (ii) in any subsequent one
calendar year, twenty percent (20%) of the Ceding Company’s net retention (as defined above) with respect to the aggregate insured principal sum outstanding as of 11:59 p.m., Greenwich Mean Time in the United Kingdom, on December 31 of the
prior year plus the insured principal sum outstanding under the Ceding Company’s two largest policies in effect as of 11:59 p.m., Greenwich Wan Time in the United Kingdom, on December 31 of the prior year. 

 Article 4 
  
 Definitions: 
  
 4.1. As used in this Agreement: 
  
 (a) “Ceded Reserves” shall mean, as of any date, the aggregate of the unearned premium reserve and the loss reserve, if any,
required to be carried by the Ceding Company for the liabilities ceded hereunder in accordance with statutory accounting practices, before giving effect to any reserve credit for the cession made hereby. 
  
 (b) “Contingency Reserve” shall mean contingency
reserve as defined in Section 6903 (a) of the New York Insurance Law. 
  
 Article 5 
  
 Period: 
  
 5.1. This Agreement shall be effective as of 12:01 a.m., Greenwich Mean Time
in the United Kingdom, on May 14, 2004 (the “Effective Time”). This Agreement may be terminated by Agreement of either of the parties hereto upon three (3) months prior written notice to the other party specifying the proposed termination
date; provided however, that this Agreement will not terminate earlier than three (3) months after the date of receipt of the termination notice described above by the nonterminating party and provided further that this Agreement will remain in full
force and effect with respect to all policies relating to Covered Business in effect at the date of Termination until the expiration or cancellation of each such policy. 
  
 Article 6 
  
 Premium: 
  
 6.1. There are two premiums payable to the Reinsurer under this Agreement. An annual premium equal to the lesser of 40% of net written premium, or
$2,000,000 shall be paid to the Reinsurer in four equal quarterly installments in arrears, i.e., at April 1, July 1, October 1 and December 31, for each calendar year this Agreement remains in effect. As soon as practicable after each 12 month
period that this Agreement is in effect, the Ceding Company shall furnish to the Reinsurer a statement of the net earned premium income of the Ceding Company for the same period, and an additional, reinsurance premium shall be payable at a rate of 1
% of net earned premium income. There shall be no annual minimum premium for this Agreement. 
  
 6.2. Within 20 days following the end of each quarter, the Ceding Company will render or cause to be rendered a net account to the Reinsurer for the quarter showing the Ceding Company’s interest in the following:

  
 (a) net written premium accounted for during
the calendar quarter (being the gross written premium less cancellations). 
  
 (b) any loss or loss expense paid during the calendar quarter on losses occurring during the term of this Agreement. 
  
 (c) subrogations, salvage or other recoveries made during the calendar quarter on losses occurring during the term of the Agreement.

  
 6.3. Within 15 days after receipt of the account, the
Reinsurer shall send confirmation of the account or relevant objections to the Ceding Company. 
  
 6.4. Within 30 days following the end of each calendar quarter, the Ceding Company shall furnish a report as to Ceded Reserves, together with any other information which the Reinsurer may require for its accounting
records and which may be reasonably available to the Ceding Company. 

 6.5. Within 45 days following the end of each calendar year, the Ceding Company shall furnish to the
Reinsurer for the calendar year a summary account split up per underwriting year together with any other information which the Reinsurer may require for its accounting records and which may be reasonably available to the Ceding Company. 

 
 6.6.A contingent commission shall be payable to the Ceding Company in
respect of this Agreement. The contingent commission shall be equal to 34% of the difference between net premium earned and incurred losses for each calendar year under this Agreement. 
  
 6.7. All settlements of account under this Agreement between the Ceding Company and the Reinsurer shall be made in cash or
its equivalent in U.S. dollars computed at exchange rates in effect at the end of the accounting period, or if for a loss payable by the Reinsurer pursuant to section 9.3 of this Agreement, the exchange rate in effect at the date of the notice shall
apply. 
  
 Article 7 
  
 Security: 
  
 7.1. When a governing body of any jurisdiction in which the Ceding Company legally operates or to which it submits requires
as a condition to credit for the reinsurance provided by this Agreement that the Reinsurer delivers securities legally pledged for the benefit of the Ceding Company or deposit funds legally pledged for the benefit of the Ceding Company, the
Reinsures shall deliver such securities or deposit such funds in the form and amount necessary to permit the Ceding Company to avoid on any statutory financial statement filed by the Ceding Company the penalty to surplus which would result from the
loss of credit for the reinsurance. 
  
 7.2. Notwithstanding any
other provisions of this Agreement, it is agreed that any securities pledged to the Ceding Company pursuant to section 7.1 of this Article 7 shall be securities which are of a type and quality acceptable to the governing body of any jurisdiction in
which the Ceding Company operates which has required the pledge of securities in Section 7.1 and be drawn upon and utilized by the Ceding Company or its successors in interest only for one or more of the following purposes: 
  
 (a) to reimburse the Ceding Company for losses and loss
expenses paid by the Ceding Company under this Agreement; 
  
 (b) to fund an account with the Ceding Company in an amount at least equal to the deduction allowed for the reinsurance provided by this Agreement, from the Ceding Company’s liabilities for policies ceded under
this Agreement, such amount to include, if applicable, but not be limited to, amounts for Contingency Reserves, loss reserves for paid, reported and incurred but not reported (“IBNR”) losses, loss expense reserves and unearned premium
reserves; or 
  
 (c) to pay any other amounts the
Ceding Company claims are due under this Agreement or under applicable law. 
  
 All of the foregoing should be applied without diminution because of insolvency on the part of the Ceding Company or Reinsurer. 
  

7.3. If the Reinsurer elects to provide a Letter of Credit under section 7.1 of this Article, the Reinsurer shall cause the Letter of Credit to be
issued, in place and effective no later than the “as of date” of the first quarterly filing prepared by the Ceding Company for the appropriate regulatory authority after the effective date of this Agreement. 
  
 Article 8 
  
 Service of Covered Business: 
  
 8.1. The Ceding Company shall service the Covered Business with respect to
collection and payment of premium, notice, service of process and investigation, settlement, defense and payment of claims on all Covered Business. 

 Article 9 
 Claims and Loss Adjustment Expense and Salvage: 
  
 9.1. The Ceding Company agrees that it will investigate, settle or defend all claims arising under policies with respect to which reinsurance is afforded
by this Agreement. 
  
 9.2, The Ceding Company shall be the sole
judge of what shall constitute a loss covered under the Ceding Company’s policies, of the Ceding Company’s liability thereunder, and of the amount or amounts which it shall be proper for Ceding Company to pay thereunder. The Reinsurer
shall be bound by the judgment of the Ceding Company as to the liability and obligation of the Ceding Company under its policies. 
  
 9.3. Any loss chargeable to the Reinsurer under this Agreement shall be paid promptly by the Reinsurer to the Ceding Company within one hour of receiving
written or telephonic notice of any claim (any telephonic notice to be subsequently confirmed in writing), and the Reinsurer shall pay the Reinsures share of all losses and loss expense excluding unallocated loss expense in the amount set forth in
such notice, with any dispute with respect to the amount due being resolved after the making by the Reinsurer of such payment. 
  
 9.4. The term “loss” shall mean the losses incurred by the Ceding Company after making deductions for all other reinsurances or insurances
inuring to the benefit of the Ceding Company under this Agreement, but only to the extent that such reinsurances or insurances are collectible as determined by the Ceding Company, and all salvages and all recoveries, and shall include all loss
adjustment expenses incurred by the Ceding Company in the settlement or defense of claims (other than the office expenses of the Company and the salaries and expenses of its employees). 
  
 Article 10 
  
 Access- to Records: 
  
 10.1. The Reinsurer shall, at all reasonable times during the term of this Agreement and thereafter, have the right to inspect the books, records and
documents of the Ceding, Company with respect to the Covered Business. 
  
 Article II 
  
 Reserves: 
  
 11.1- The Reinsurer agrees to maintain proper unearned premium, loss and
loss expense reserves upon the liabilities ceded hereunder in accordance with accounting practices prescribed or permitted by the Insurance Department of the State of New York 
  
 Article 12 
  
 Follow the Fortunes: 
  
 12.1. This Agreement shall be construed as an honorable undertaking between the parties hereto and shall not be defeated by technical legal construction,
it being the intention of this Agreement that the fortunes of the Reinsurer shall follow the fortunes of the Ceding Company. Nothing herein shall in any manner create any obligations or establish any rights against the Reinsurer in favor of any
third parties or any persons not parties to this Agreement. 

 Article 13 
  
 Errors and Omissions: 
  
 13.1. Any inadvertent error, omission or delay in correction with this Agreement shall not affect the liability which otherwise would have attached to
either party, provided such error, omission or delay is rectified as soon as possible after discovery. 
  
 Article 14 
  
 Offset: 
  
 14.1. Each party hereto shall
have, and may exercise at any time and from time to time, the right to offset any balance or balances, whether on account of premiums or on account of losses or otherwise, due from such party to the other party hereto under this Agreement, and may
offset the same against any balance or balances due or to become due to the former from the latter under the same. The party asserting the right of offset shall have and may exercise such right whether the balance or balances due or to become due to
such party from the other are on account of premiums or on account of losses or otherwise and regardless of the capacity in which each party acted under the agreement or, if more than one, the different agreements involved. In the event of the
insolvency of a party hereto, offsets shall be allowed only in accordance with the provisions of Section 7427 of the New York Insurance Law. 
  
 Article 15 
  
 Insolvency: 
  
 15.1. In the event of the insolvency of the Ceding Company or its successor in interest, this reinsurance shall be payable directly to the Ceding Company,
or directly to its liquidator, receiver, conservator or statutory successor, on the basis of the liability of the Ceding Company without diminution because of the insolvency of the Ceding Company or because the liquidator, receiver, conservator or
statutory successor of the Ceding Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Ceding Company shall give written notice to the Reinsurer of
the pendency of the claim against the Ceding Company indicating the policy or bond reinsured which claim would involve a possible liability on the part of the Reinsurer within a reasonable time after such claim is filed in the conservation or
liquidation proceeding or in the receivership, and that during the pendency of such claim, the Reinsurer may investigate, such claim and interpose at its own expense, in the proceeding where such claim is to be adjudicated any defense or defenses
that it may deem available to the Ceding Company or its liquidator, receiver, conservator or statutory successor. The expense thus incurred by the Reinsurer shall be chargeable, subject to the approval of the court, against the Ceding Company as
part of the expense of conservation or liquidation to the extent of a pro rata share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer. 
  
 15.2. The Reinsurance shall be payable by the Reinsurer to the Ceding Company
or to its liquidator, receiver, conservator or statutory successor, except (a) where the policy specifically provided another payee of such reinsurance in the event of the insolvency of the Ceding Company and (b) where the Reinsurer with the consent
of the direct insured or insureds has assumed such policy obligations of the Ceding Company as direct obligations of the Reinsurer to the payees under such policies and in substitution for the obligations of the Ceding Company to such payees.

  
 Article 16 
  
 Arbitration: 
  
 16.1. As a condition precedent to any right of action hereunder, any dispute arising out of or related to this Agreement
shall be submitted to the decision of a board of arbitration composed of two arbitrators and an umpire, meeting in Armonk, New York, unless otherwise agreed. 

 16.2. The members of the board of arbitration shall be active or retired disinterested officials of
insurance or reinsurance companies. Each party shall appoint its arbitrator, and the two arbitrators shall choose an umpire before instituting the hearing. If the respondent fails to appoint its arbitrator within four weeks after being requested to
do so by the claimant, the latter shall also appoint the second arbitrator. If the two arbitrators fail to agree upon the appointment of an umpire within four weeks after their nominations, the umpire shall be selected by the regional director of
the American Arbitration Association in New York, New York, or the regional director’s delegate. 
  
 16.3. The claimant shall submit its initial brief within 20 days from appointment of the umpire. The respondent shall submit its brief within 20 days
after receipt of the claimant’s brief and the claimant shall submit a reply brief within 10 days after receipt of the respondent’s brief. The board shall make its decision with regard to the custom and usage of the insurance and
reinsurance business. The board shall issue its decision in writing based upon a hearing in which evidence may be introduced without following strict rules of evidence but in which cross-examination and rebuttal shall be allowed. The board shall
make its decision within 60 days following the termination of the hearings unless the parties consent to an extension. The majority decisions of the board shall be final and binding upon all parties to the proceeding. Judgment may be entered upon
the award of the board in any court having jurisdiction thereof. 
  
 16.4. Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the expense of the umpire. The remaining costs of the arbitration proceedings shall be allocated by the board. Unless
prohibited by applicable law, an arbitral award hereunder and any judgment thereon shall bear interest from the date the arbitral award was rendered at the rate equal from time to time to the rate publicly announced by Citibank, NA., as its base
rate plus 2%. 
  
 16.5. The parties consent to the jurisdiction of
the Supreme Court of the State of New York, County of New York, and of the United States District Court for the Southern District of New York, for all purposes in connection with such arbitration, including without limitation any application to
compel arbitration or to confirm an arbitration award. The parties consent that any process or notice of motion or other application to either of said courts, and any paper in connection with arbitration, may be served by certified mail, return
receipt requested, ordinary post or by personal service or in such other manner as may be permissible under the rules of the applicable court or panel provided a reasonable time for appearances is allowed. Service upon the Ceding Company shall be
directed to it, in care of its Chief Executive Officer. Service upon the Reinsurer shall be directed to the Reinsurer in care off its President. 
  
 Article 17 
  
 Miscellaneous: 
  
 17.1. This Agreement shall be governed by the laws of England. 
  
 17.2. The parties hereto agree to execute and deliver such further instruments and do such further acts as may be necessary and proper to carry out the
purposes of this Agreement. 
  
 17.3. If any provision of this
Agreement or the applicability thereto to any person or circumstance is held invalid, the remainder of this Agreement, including the remainder of the section in which such provision appears, or the applicability of such provision to those persons or
circumstances, shall not be affected thereby. 
  
 17.4. This
Agreement contains the entire understanding of the parties with respect to the subject matter hereto. There are no restrictions, promises, warranties, covenants or undertakings with respect to such subject matter, other than those expressly set
forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. This Agreement is binding on and shall inure to the benefit of the parties hereto, their successors and assigns;
provided, however, that neither party may voluntarily assign this Agreement without (i) the prior written consent of the other and (ii) without obtaining confirmation from any rating agency that assigns a rating to the Ceding Company at the time of
any proposed assignment (at the moment Standard & Pools Corporation, Moody’s Investors Service Inc. and Fitch) that such assignment will not result in a downgrade of the ratings assigned by such rating agency to the Ceding Company as in
effect immediately prior to such assignment. 

			
	MBIA U.K. INSURANCE LIMITED
		
	By:	 	 /s/ Phil Sullivan

	 	 	Director
	
	MBIA INSURANCE CORPORATION
		
	By:	 	 /s/ Ram D. Wertheim

	 	 	Managing DirectorSupplemental Executive Retirement Plan

 Exhibit 10(f) – Supplemental Executive Retirement Plan 
  
 THE CITIZENS BANK OF PHILADELPHIA, MISSISSIPPI 
 SALARY CONTINUATION AGREEMENT 
  
 THIS AGREEMENT, effective as of January 1, 2004 (the “Effective Date”), is made by and between The Citizens Bank of Philadelphia, Mississippi, a
state-chartered commercial bank with its principal place of business in Philadelphia, Mississippi (the “Company”),
and                             (the “Executive”). 
  
 INTRODUCTION 
  
 To encourage the Executive to remain an employee of the Company, the Company
is willing to provide salary continuation benefits to the Executive. The Company will pay the benefits from its general assets. 
  
 AGREEMENT 
  
 The Executive and the Company agree as follows: 
  
 Article 1 
 Definitions

  
 1.1 Definitions. Whenever used in this Agreement, the
following words and phrases shall have the meanings specified: 
  
 1.1.1 “Change of Control” means: 
  
 (a) a change in the ownership of the capital stock of the Company or Citizens Holding Company (the “Holding Company”), whereby a
corporation, person or group acting in concert (a “Person”) as described in Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), holds or acquires, directly or indirectly, beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a number of shares of capital stock of the Company or Holding Company which constitutes twenty five percent (25%) or more of the combined voting power of the Company’s or
Holding Company’s outstanding capital stock then entitled to vote generally in the election of directors; or 
  
 (b) the persons who were members of the Board of Directors of the Company or Holding Company immediately prior to a tender offer, exchange
offer, contested election or any combination of the foregoing, cease to constitute a majority of such Board of Directors; or 
  
 (c) the adoption and completion by the Board of Directors of the Company or of the Holding Company of a merger, consolidation or
reorganization plan involving the Company or Holding Company in which the Company or the Holding Company is not the surviving entity, or a sale of all or substantially all of 

 
the assets of the Company or Holding Company. For purposes of this Agreement, a sale of all or substantially all of the assets of the Company or Holding
Company shall be deemed to occur if any Person acquires (or during the 12-month period ending on the date of the most recent acquisition by such Person, has acquired) gross assets of the Company or Holding Company that have an aggregate fair market
value equal to twenty five percent (25%) of the fair market value of all of the respective gross assets of the Company or Holding Company immediately prior to such acquisition or acquisitions; or 
  
 (d) a tender offer or exchange offer is made by any Person
which, if successfully completed, would result in such Person beneficially owning (within the meaning of Rule 13d-3 promulgated under the Exchange Act) either twenty five percent (25%) or more of the Company’s or Holding Company’s
outstanding shares of Common Stock or shares of capital stock having twenty five percent (25%) or more the combined voting power of the Company’s or Holding Company’s then outstanding capital stock (other than an offer made by the Company
or the Holding Company), and sufficient shares are acquired under the offer to cause such person to own twenty five percent (25%) or more of the voting power; or 
  
 (e) any other transactions or series of related transactions occurring which have substantially the same
effect as the transactions specified in any of the preceding clauses of this Subsection (1.1.1). 
  
 1.1.1.1 “Permitted Transfers” means that a Shareholder, as hereinafter defined in Subsection 1.1.12 may make the
following transfers and such transfers shall be deemed not to be a Change of Control under Subsection 1.1.1: 
  
 (a) To any trust, company, or partnership created solely for the benefit of any Shareholder or any spouse of or any lineal descendant of
any Shareholder; 
  
 (b) To any individual or
entity by bona fide gift; 
  
 (c) To any spouse
or former spouse of any Shareholder pursuant to the terms of a decree of divorce; 
  
 (d) To any officer or employee of the Company pursuant to any incentive stock option plan established by the Shareholder; 
  
 (e) To any family member of any Shareholder; 
  
 (f) After receipt of any necessary regulatory approvals, to
any company or partnership, including, but not limited to, a family limited partnership, a majority of the stock or interests of which company or partnership are owned by any of the Shareholder; or 
  
 (g) To any existing Shareholder as of the Effective Date.

  

 2 

  
 1.1.2
“Code” means the Internal Revenue Code of 1986, as amended. References to a Code section shall be deemed to be to that section as it now exists and to any successor provision. 
  
 1.1.3 “Compensation” shall mean the
Executive’s average base salary, not including any bonuses, for the three (3) Plan Years immediately preceding the Plan Year in which Termination of Employment occurs. 
  
 1.1.4 “Disability” means, if the Executive is covered by a Company sponsored disability
income plan, drawing disability income from such plan, or, if no such disability income plan exists, then as determined by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled. The Executive
must submit proof to the Company of the carrier’s or Social Security Administration’s determination upon the request of the Company. 
  
 1.1.5 “Discount Rate” means six percent (6%). 
  
 1.1.6 “Early Retirement Date” shall mean the date the Executive attains age fifty-five
(55). 
  
 1.1.7 “Early Retirement
Reduction Percentage” shall mean five percent (5%) multiplied by the number of whole years between the date any Termination of Employment subsequent to the Early Retirement Date occurs and the Normal Retirement Date. This Percentage shall
not exceed fifty percent (50%). 
  
 1.1.8
“Initial Vested Percentage” means the product of ten percent (10%) multiplied by Years of Service Credit, which amount shall not exceed one hundred percent (100%). 
  
 1.1.9 “Normal Retirement Date” means the date the Executive attains age sixty-five (65).

  
 1.1.10 “Plan Year” means
each twelve (12) consecutive month period beginning on January 1st of each year and ending on December
31st of each year. 
  
 1.1.11 “Salary Continuation Accrual” means the amount accrued as a liability to the Executive by the Company under
Generally Accepted Accounting Principles (GAAP), utilizing the “interest ramp-up” method of accounting when either Termination of Employment or Termination of the Agreement occurs. 
  
 1.1.12 “Shareholder” means the existing
owners of all issued and outstanding stock of the Company and Holding Company as of the Effective Date. 
  
 1.1.13 “Termination of Employment” or “Terminates Employment” means the Executive’s ceasing to be
employed by the Company for any reason whatsoever, voluntary or involuntary, other than by reason of an approved leave of absence. 
  

 3 

 1.1.14 “Years of Service Credit” means the whole number quotient,
without rounding for fractional amounts, of a fraction with a numerator equaling the number of whole calendar years the Company has employed the Executive through December 31, 2003, and a denominator of two (2). 
  
 Article 2 
 Lifetime Benefits 
  
 2.1 Normal Retirement Benefit. If Termination of Employment occurs on or after the Normal Retirement Date, the Company shall pay to the Executive the benefit described in this Section 2.1. 
  
 2.1.1 Amount of Benefit. The annual benefit under
this Section 2.1 shall be fifty percent (50%) of Compensation. 
  
 2.1.2 Payment of Benefit. Subject to the provisions of Section 3.2, the Company shall pay the annual benefit determined under subsection 2.1.1 for a period of fifteen (15) years, payable monthly (one-twelfth
[1/12th] of the annual benefit) beginning on the last day of the month commencing with the month following Termination of Employment. The monthly payments under this subsection 2.1.2 shall total one hundred eighty (180) substantially equal payments
over a period of one hundred eighty (180) months. 
  
 2.2
Termination of Employment Prior to the Early Retirement Date. Subject to the provisions of Section 2.4, if Termination of Employment occurs before the Executive’s Early Retirement Date, for reasons other than death or Disability, the
Company shall pay to the Executive the benefit described in this Section 2.2. 
  
 2.2.1 Amount of Benefit. The benefit under this Section 2.2 is the vested portion of the Salary Continuation Accrual. 
  
 2.2.2 Vesting Schedule. As of the date of this Agreement, the Executive’s initial vested interest in the annual benefit
described in Subsection 2.2.1 shall equal the Initial Vested Percentage. The Executive shall vest in the amount described in Section 2.2.1 at a rate of ten percent (10%) per year for each completed Plan Year from the date of this Agreement to
Executive’s Termination of Employment, such that after the tenth (10th) completed Plan Year the Executive shall
be one hundred percent (100%) vested in the amount described in subsection 2.2.1. 
  
 2.2.3 Payment of Benefit. Except as may be provided by Subsection 2.2.3.1, and subject to the provisions of Subsection 2.2.4, the
Company shall pay the annual benefit determined under subsection 2.2.1 for a period of fifteen (15) years, payable monthly (one-twelfth [1/12th] of the annual benefit) beginning on the last day of the month commencing with the month following the Normal Retirement Date. The monthly payments under this subsection 2.2.3 shall total one hundred
eighty (180) substantially equal payments over a period of one hundred eighty (180) months. 
  
 2.2.3.1 Alternate Method for Payment of Benefit. The Company, in its sole discretion and at any time prior to when a payment is
otherwise due the Executive 
  

 4 

 
under Subsection 2.2.3 of this Agreement, may elect to alter the timing and method of payment otherwise provided by Subsection 2.2.3. The Company shall
provide the Executive detailed written notice of such alternate payment method selected by the Company under this Subsection 2.2.3.1. Relying on sound accounting and financial principles (including the Discount Rate), the Company shall determine the
present value of payments otherwise due the Executive under Subsection 2.2.3 and the Company shall compare this amount to the present value, again, determined by the Company relying on sound accounting and financial principles, (including the
Discount Rate). In no event shall the present value of the benefit payable to the Executive under any alternate payment method selected by the Company under this Subsection 2.2.3.1 be less than the present value of the payments otherwise due the
Executive under Subsection 2.2.3. The right to elect any alternate method of payment under this Subsection 2.2.3.1 rests solely with the Company and not with the Executive. 
  
 2.2.4 Death Prior to any Required Payment under Section 2.2. In the event the Executive dies
subsequent to a Termination of Employment and before receiving any payment otherwise due the Executive under this Section 2.2, the Company shall pay the Executive’s designated beneficiary the annual benefit set forth in Subsection 2.2.1 per
year for fifteen (15) years in lieu of any other benefit under this Agreement. 
  
 2.2.4.1 Payment of Benefit. The Company shall pay the annual benefit determined under subsection 2.2.4 to the Executive’s
designated beneficiary for a period of fifteen (15) years, payable monthly (one-twelfth [1/12th] of the annual
benefit) beginning on the last day of the month commencing with the month following the Executive’s death. The monthly payments under this subsection 2.2.4 shall total one hundred eighty (180) substantially equal payments over a period of one
hundred eighty (180) months. 
  
 2.3 Disability Benefit. If
Termination of Employment due to a Disability occurs prior to the Normal Retirement Date, the Company shall pay to the Executive the benefit described in this Section 2.3. 
  
 2.3.1 Amount of Benefit. The annual benefit under this Section 2.3 shall be fifty percent (50%) of
Compensation. 
  
 2.3.2 Payment of
Benefit. Subject to the provisions of subsection 2.3.3, the Company shall pay the annual benefit determined under subsection 2.3.1 for a period of fifteen (15) years, payable monthly (one-twelfth [1/12th] of the annual benefit) beginning on the
last day of the month commencing with the month following the Normal Retirement Date. The monthly payments under this subsection 2.3.2 shall total one hundred eighty (180) substantially equal payments over a period of one hundred eighty (180)
months. 
  
 2.3.3 Death During Disability.
In the event the Executive dies subsequent to Termination of Employment due to Disability and prior to the Normal Retirement Date, the 
  

 5 

 
Company shall pay the Executive’s designated beneficiary the annual benefit set forth in subsection 2.3.1 per year for fifteen (15) years in lieu of any
other benefit under this Agreement. 
  
 2.3.1.1
Payment of Benefit. The Company shall pay the annual benefit determined under subsection 2.3.3 to the Executive’s designated beneficiary for a period of fifteen (15) years, payable monthly (one-twelfth [1/12th] of the annual benefit)
beginning on the last day of the month commencing with the month following the Executive’s death. The monthly payments under this subsection 2.3.3 shall total one hundred eighty (180) substantially equal payments over a period of one hundred
eighty (180) months. 
  
 2.4 Change of Control Benefit.
Upon Termination of Employment within twenty-four (24) months following a Change of Control, the Company, subject to the provisions of Section 2.4.1.1 and Section 5.3, shall pay to the Executive the benefit described in this Section 2.4 in lieu of
any other benefit under this Agreement. 
  
 2.4.1
Amount of Benefit. The annual benefit under this Section 2.4 shall be fifty percent (50%) of Compensation. 
  
 2.4.1.1 Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any
benefit under this Agreement to the extent the benefit would be a non-deductible parachute payment under Section 280G of the Code. 
  
 2.4.2 Payment of Benefit. The Company shall pay the annual benefit determined under subsection 2.4.1 for a period of fifteen (15)
years, payable monthly (one-twelfth [1/12th] of the annual benefit) beginning on the last day of the month commencing with the month following the earlier to occur of: (i) Normal Retirement Date; or (ii) Termination of Employment within the two year
period subsequent to a Change of Control. The monthly payments under this subsection 2.4.2 shall total one hundred eighty (180) substantially equal payments over a period of one hundred eighty (180) months. 
  
 2.5 Early Retirement Benefit. If Termination of Employment occurs on
or after the Early Retirement Date, but prior to the Normal Retirement Date, the Company shall pay to the Executive the benefit described in this Section 2.1. 
  

2.5.1 Amount of Benefit. The annual benefit under this Section 2.5 shall be fifty percent (50%) of Compensation multiplied by
the Early Retirement Reduction Percentage. 
  
 2.5.2 Payment of Benefit. Subject to the provisions of Section 3.2, the Company shall pay the annual benefit determined under subsection 2.5.1 for a period of fifteen (15) years, payable monthly (one-twelfth [1/12th] of the annual
benefit) beginning on the last day of the month commencing with the month following Termination of Employment. The monthly payments under this subsection 2.5.2 shall total one hundred eighty (180) substantially equal payments over a period of one
hundred eighty (180) months. 
  

 6 

 Article 3 
 Death Benefits 
  
 3.1
Death During Active Service. If the Executive dies while employed by the Company and prior to receiving any payments under this Agreement, the Company shall pay to the Executive’s beneficiary the benefit described in this Section 3.1.

  
 3.1.1 Amount of Benefit. The annual
benefit under Section 3.1 shall be fifty percent (50%) of Compensation.  
  
 3.1.2 Payment of Benefit. The Company shall pay the annual benefit set forth in Section 3.1.1 to the Beneficiary for a period of
fifteen (15) years, payable monthly (one-twelfth [1/12th] of the annual benefit) beginning on the last day of the month commencing with the month following the Executive’s death. The monthly payments under this subsection 3.1.2 shall total one
hundred eighty (180) substantially equal payments over a period of one hundred eighty (180) months. 
  
 3.2 Death During Benefit Period. If the Executive dies after benefit payments have commenced under this Agreement but before receiving all such
payments, the Company shall pay the remaining benefits to the Executive’s beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 
  
 3.3 Hardship. The Company, at any time, may determine that any
payments to the Executive’s beneficiary under this Agreement may better serve the needs of the Executive’s beneficiary if the payments were to be paid to the Executive’s beneficiary in a single lump sum payment, as opposed to being
paid out over a period of time. Any determination made by the Company to make a single lump sum payment to the Executive’s beneficiary under this Section 3.3 shall be made in the Company’s sole discretion. The amount of any lump sum
payment under this Section 3.3 shall equal the present value of the remaining payments due under this Agreement. The Company shall utilize the Discount Rate to determine the present value of these remaining payments. Any lump sum payment made under
this Section 3.3 shall fulfill all of the Company’s obligations under this Agreement. 
  
 Article 4 
 Beneficiaries 
  
 4.1 Beneficiary Designations. The Executive shall designate a beneficiary by filing with the Company a written
designation of beneficiary on a form substantially similar to the form attached as Schedule A. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the
Executive and accepted by the Company during the Executive’s lifetime. The Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as
beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive’s surviving spouse, if any, and if none, to the Executive’s surviving
children and the descendants of any deceased child by right of representation, and if no children or descendants survive, to the Executive’s estate. 
  

 7 

 4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or
to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person, or to a
custodian selected by the Company under the Mississippi Uniform Transfers to Minors Act for the benefit of such minor. The Company may require proof of incompetency, minority or guardianship as it may deem appropriate prior to distribution of the
benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 
  
 Article 5 
 General Limitations 
  
 Notwithstanding any provision of this Agreement to the contrary, the Company
shall not pay any benefit under this Agreement if any of the following occur: 
  
 5.1 Termination for Cause. If the Company terminates the Executive’s employment for any of the following reasons: 
  

5.1.1 Conviction in a court of competent jurisdiction of a felony; or 
  
 5.1.2 Fraud, dishonesty, embezzlement, or willful violation of any law or significant Company policy
committed in connection with the Executive’s employment resulting in an adverse effect on the Company. 
  
 5.2 Suicide. No benefits shall be payable if the Executive commits suicide within two (2) years after the date of this Agreement, or if the
Executive has made any material misstatement of fact on any application for life insurance purchased by the Company. 
  
 5.3 Golden Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not be required to pay any benefit
under this Agreement if, upon the advice of counsel, the Company determines that the payment of such benefit would be prohibited by 12 C.F.R. Part 359 or any successor regulations regarding employee compensation promulgated by any regulatory agency
having jurisdiction over the Company or its affiliates or to the extent the benefit would be a non-deductible excess parachute payment under Section 280G of the Code. To the extent possible, such benefit payment shall be proportionately reduced to
allow payment within the fullest extent permissible under applicable law. 
  
 Article 6 
 Claims and Review Procedures 
  
 6.1 Claims Procedure. Any individual (“Claimant”) who has
not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows: 
  
 6.1.1 Initiation – Written Claim. The Claimant initiates a claim by submitting to the Company a written claim for the
benefits. 
  
 6.1.2 Timing of Company
Response. The Company shall respond to such Claimant 
  

 8 

 
within ninety (90) days after receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the
Company can extend the response period by an additional ninety (90) days by notifying the Claimant, by written or electronic notification, prior to the end of the initial ninety (90) day period, that an additional period is required. The notice of
extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
  
 6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the Claimant by written or
electronic notification of such denial. The Company shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: 
  
 (a) The specific reason or reasons for the denial, 
  
 (b) A reference to the specific provisions of the Plan on
which the denial is based, 
  
 (c) A description
of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it is needed, 
  
 (d) An explanation of the Plan’s review procedures and the time limits applicable to such procedures, and 
  
 (e) A statement of the Claimant’s right to bring a
civil action under ERISA Section 502(a) following an adverse benefit determination on review. 
  
 6.2 Review Procedure. If the Company denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
  
 6.2.1 Initiation – Written Request. To initiate
the review, the Claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review. 
  
 6.2.2 Additional Submissions – Information Access. The Claimant shall then have the opportunity to submit written comments,
documents, records and other information relating to the claim. The Company shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in
applicable ERISA regulations) to the Claimant’s claim for benefits. 
  
 6.2.3 Considerations on Review. In considering the review, the Company shall take into account all materials and information the Claimant submits relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit determination. 
  
 6.2.4 Timing of Company Response. The Company shall respond by written or electronic notification to such Claimant within sixty (60) days after receiving the request for review. If the Company determines that
special circumstances require additional time for processing the claim, the Company can extend the response period by an additional sixty 
  

 9 

 
(60) days by notifying the Claimant by written or electronic notification, prior to the end of the initial sixty (60) day period, that an additional period
is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
  
 6.2.5 Notice of Decision. The Company shall notify the Claimant by written or electronic notification of its decision on review.
The Company shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: 
  
 (a) The specific reason or reasons for the denial, 
  
 (b) A reference to the specific provisions of the Plan on which the denial is based, 
  
 (c) A statement that the Claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits, and 
  
 (d) A statement of the Claimant’s right to bring a
civil action under ERISA Section 502(a). 
  
 6.2.6 Rights After Appeal. If the Claimant is dissatisfied with the Company’s review of the decision, the Claimant has the right to file suit in a federal or state court, which suit must be filed within twelve (12) calendar
months immediately following the date of such Company’s decision. No action may be brought for benefits provided by this Agreement or to enforce any right hereunder until after a claim has been submitted to and determined by the Company and all
appeal rights under the Agreement have been exhausted. This means that all claims under this Agreement must be appealed under this Agreement before any suit for benefits may be filed by the Claimant in federal or state court. Thereafter, the only
action which may be brought under this Agreement is one to enforce the decision of the Company. The Claimant’s beneficiary should follow the same claims procedure in the event of the Claimant’s death. 
  
 6.3 Electronic Notifications. All notifications from the Company under
this Article 6 shall be either written or electronic. Electronic notification shall comply with standards imposed by the Company consistent with applicable guidance. 
  
 Article 7 
 Amendments and Termination 
  
 7.1
Amendments. Subject to Section 7.3, this Agreement may be amended only by a written agreement signed by the Company and the Executive. 
  
 7.2 Termination of Agreement. The Company may terminate this Agreement at any time prior to the Executive’s Termination of Employment by
written notice to the Executive. In the event of any such termination, the Company shall pay the Executive one hundred percent (100%) of the Salary Continuation Accrual as of termination of the Agreement. 
  

 10 

 7.3 Termination by Operation of Law. Notwithstanding the previous paragraph in this Article 7, the
Company may amend or terminate this Agreement at any time if, pursuant to legislative, judicial or regulatory action, continuation of the Agreement would (i) cause benefits to be taxable to the Executive prior to actual receipt and the Executive
requests such termination, or, (ii) result in significant financial penalties or other significantly detrimental ramifications to the Company (other than the financial impact of paying the benefits). In the event of a termination of the Agreement
under this Section 7.2, the Company shall pay to the Executive a single lump-sum payment equaling one hundred percent (100%) of the Salary Continuation Accrual one hundred eighty (180) days from termination of the Agreement. 
  
 Article 8 
 Miscellaneous 
  
 8.1 Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, administrators and permitted transferees. 
  
 8.2 No Guaranty of Employment. This Agreement is not an employment
policy or contract. It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an employee nor
interfere with the Executive’s right to terminate employment at any time. 
  
 8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner, except in accordance with Article 4 with respect to designation of
beneficiaries. 
  
 8.4 Tax Withholding. The Company shall
withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
  
 8.5 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Mississippi, except to the extent
preempted by the laws of the United States of America. 
  
 8.6
Unfunded Arrangement. The Executive and beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to
benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company to which the
Executive and beneficiary have no preferred or secured claim. 
  
 8.7 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 
  
 (a) Establishing and revising the method of accounting for the Agreement; 
  
 (b) Maintaining a record of benefit payments; 
  

 11 

 (c) Establishing rules and prescribing any forms necessary or desirable to administer the
Agreement; and, 
  
 (d) Interpreting the
provisions of the Agreement. 
  
 8.8 Actions of the
Company. All determinations, interpretations, rules, and decisions of the Company shall be conclusive and binding upon all persons having or claiming to have any interest or right under this Agreement. 
  
 8.9 Severability. Without limitation of any other section contained
herein, in case any one or more provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any other respect, such invalidity, illegality or unenforceability shall not affect the other provisions
of this Agreement. In the event any one or more of the provisions found in the Agreement shall be held to be invalid, illegal or unenforceable by any governmental regulatory agency or court of competent jurisdiction, this Agreement shall be
construed as if such invalid, illegal or unenforceable provision had never been a part of this Agreement and such provision shall be deemed substituted by such other provisions as will most nearly accomplish the intent of the parties to the extent
permitted by applicable law. 
  
 8.10 Entire Agreement.
This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 

 
 8.11 Named Fiduciary. The Company shall be the named fiduciary and
plan administrator under this Agreement. The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the plan including the employment of advisors and the delegation of ministerial duties to
qualified individuals. 
  
 8.12 Full Obligation.
Notwithstanding any provision to the contrary, when the Company has paid either the lifetime benefits or death benefits as appropriate under any section of the Agreement, the Company has completed its obligation to the Executive. 
  
 IN WITNESS WHEREOF, the Executive and a duly authorized Company officer have
signed this Agreement as of the date indicated below. 
  
 THE CITIZENS BANK OF
PHILADELPHIA, MISSISSIPPI 
  

			
	By:	 	  

	Its:	 	  

	
	EXECUTIVE:
	  
  

  

 12 

 SCHEDULE A 
 BENEFICIARY DESIGNATION 

	

  
 I,
                            , designate the following as beneficiary of any death benefits payable
under the Salary Continuation Agreement between myself and The Citizens Bank of Philadelphia, Mississippi: 
  

							
	Primary Beneficiary	 	 	 	 
				
	Name	 	  

	 	Relationship	 	  

		
	Address	 	  

			
	Contingent Beneficiary	 	 	 	 
				
	Name	 	  

	 	Relationship	 	  

	Address	 	  

  
 Note: To name a trust as
beneficiary, please provide the name of the trustee and the exact date of the trust agreement. 
  
 I understand that I may change these beneficiary designations by filing a new written designation with the Company. I further understand that the designations will be automatically revoked if the beneficiary
predeceases me, or, if I have named my spouse as beneficiary, in the event of the dissolution of our marriage. 
  

			
	Signature	 	  

		
	Date	 	  

	
	Accepted by the Company this              day of
                            , 2004

  

			
	By:	 	  

	Title:

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