Document:

Exhibit 10.2

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT (“Amendment”)
to the Employment Agreement dated as of October 17, 2019 (the “Employment Agreement”) by and between
The First, a National Banking Association (the “Employer) and Donna T. (Dee Dee) Lowery (the “Executive”),
shall be effective as of the 16th day of January, 2020.

 

		1.	Section 10 of the Employment Agreement shall be deleted in its entirety and replaced with the following:

 

		“10.	Mandatory Reduction of Payments in Certain Events.

 

(a)       Notwithstanding
anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by Employer to
or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would,
if paid, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior
to the making of any Payments to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of
the Payments after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments had been
limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than
the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the
Excise Tax (the “Reduced Amount”). The reduction of the Payments due hereunder, if applicable, shall
be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio
of Parachute Value (as defined below) to actual present value of such Payments as of the date of the Change in Control, as determined
by the Determination Firm (as defined in Section 10(b) below). For purposes of this Section 10, present value shall be determined
in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 10, the “Parachute Value”
of a Payment means the present value as of the date of the Change in Control of the portion of such Payment that constitutes a
 “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining
whether and to what extent the Excise Tax will apply to such Payment.

 

(b)       All
determinations required to be made under this Section 10, including whether an Excise Tax would otherwise be imposed, whether the
Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations,
shall be made by an accounting firm or compensation consulting firm selected by Employer (the “Determination Firm”)
which shall provide detailed supporting calculations both to Employer and Executive within 15 business days after the receipt of
notice from Executive that a Payment is due to be made, or such earlier time as is requested by Employer. All fees and expenses
of the Determination Firm shall be borne solely by Employer. Any determination by the Determination Firm shall be binding upon
Employer and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive
pursuant to Section 10(a), could have been made without the imposition of the Excise Tax (“Underpayment”),
consistent with the calculations required to be made hereunder. In such event, the Determination Firm shall determine the amount
of the Underpayment that has occurred and any such Underpayment shall be promptly paid by Employer to or for the benefit of Executive
but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally
binding right to such Underpayment arises.

 

     

     

    

 

(c)       In
the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section
10 shall be of no further force or effect.”

 

		2.	The Employment Agreement, as modified by the terms of this Amendment, shall continue in full force
and effect from and after the date of the adoption of this Amendment.

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be duly executed and delivered on the day and year first above written.

 

 

 

	 	The
    first, a national banking association.
	 	 	 	 
	 	By:	 	/s/ M. Ray
    (Hoppy) Cole, Jr.
	 	Name:	 	M. Ray (Hoppy) Cole,
    Jr.
	 	Title:	 	President and Chief Executive
    Officer

 

 

	 	EXECUTIVE
	 	 
	 	/s/
    Donna T. (Dee Dee) Lowery
	 	Donna T. (Dee Dee) LoweryExhibit 10.3

Supplemental Executive Retirement Plan
Milton R. Cole Jr.

 

 

First,
A National Banking Association

 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN AGREEMENT

 

THIS SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN (“Agreement”) is made and entered into this 1st day of January 2020 (“Effective Date”),
between First, A National Banking Association (“Bank”), a commercial bank located in Hattiesburg, Mississippi and Milton
R. Cole, Jr. (“Executive”).

 

Article
I

 

Purpose

 

The
purpose of this Agreement is to further the growth and development of the Bank by providing Executive with supplemental retirement
income, and thereby encourage Executive’s productive efforts on behalf of the Bank and the Bank’s shareholders, and
to align the interests of the Executive and those shareholders. The Bank promises to make certain payments to the Participant,
or the Participant’s Beneficiary, at retirement, death, or upon some other qualifying event pursuant to the terms of this
Agreement.

 

Article
2 

Benefit
Tables

 

The following
tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events.
Capitalized terms have the meanings given them in Article 3. Each benefit described is in lieu of any other benefit herein, except
as expressly stated otherwise.

 

Table A: Retirement
Benefits

 

	  Distribution Event	Amount of Benefit	 Form of Benefit	 Timing of Benefit Distribution
	Separation from Service following attainment of age 65 while in the employment of the Bank	
        $208,695 per year
	Equal Monthly Installments	
        Payment begins: First day of the first
month following Separation from Service

         

        Duration: Lifetime Benefit

         

 

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Milton R. Cole Jr.

    

 

Table B: Benefit
Available Prior to Retirement

 

	   Distribution Event	Amount of Benefit	  Form of Benefit	 Timing of Benefit Distribution
	Separation from Service prior to age 65, excluding for Cause, Change in Control and Death	The Executive’s vesting in the $208,695 annual benefit shall increase by 1.205% per month from the Effective Date of this agreement and continuing until a Separation of Service occurs. See Schedule A	
        Equal Monthly Installments
	
        Payment begins: First day of the first
month following age 65

         

         

        Duration: Lifetime Benefit

         

	Change in Control, followed by an Involuntary Separation from Service, prior to age 65	
        $208,695 per year
	
        Equal Monthly

        Installments
	
        Payment begins: First day of the first
month following age 65

         

         

        Duration: Lifetime Benefit

         

	Death prior to Separation from Service	$3,547,815	Lump Sum	
        Payment begins (to Beneficiary): 60 days
following Executive’s death 

         

	Death subsequent to Separation from Service after the attainment of age 65	100% of the Accrued Liability Balance	Lump Sum	
        Payment begins (to Beneficiary): 60 days
following Executive’s death 

 

Article
3

 

Definitions
and Construction

 

It is
intended that this Agreement comply and be construed in accordance with Section 409A of the Internal Revenue Code (the "Code").
It is also intended that the Agreement be "unfunded" and maintained for a select group of management or highly compensated
employees of the Bank, for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and
not be construed to provide income to the Executive or Beneficiary under Code prior to actual receipt of benefits.

 

Where the following
words and phrases appear in the Agreement, they shall have the respective meanings set forth below, unless their context clearly
indicates to the contrary:

 

		3.1	“Accrued Liability Balance” shall mean the amount accrued by
the Bank to fund the future benefit expense associated with this Agreement. The Bank shall account for this benefit using Generally
Accepted Accounting Principles, regulatory accounting guidance of the Bank’s primary federal regulator, and other applicable
accounting guidance, including APB 12, FAS 106, and FAS 87. Accordingly, the Bank shall establish a liability retirement account
for the Executive into which appropriate accruals shall be made using a reasonable discount rate, and which may be adjusted from
time to time.

 

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Milton R. Cole Jr.

    

 

		3.2	“Beneficiary” shall mean the person(s) designated by the Executive,
including the estate of the Executive, entitled to a benefit under this Agreement.

 

		3.3	“Board” shall mean the Board of Directors of the Bank.

 

		3.4	“Change in Control” shall mean a change in ownership or control
of the Bank as defined in Treasury Regulation §1.409A-3(i)(5) or any subsequently applicable published authority or guidance.

 

		3.5	“Disability” shall mean the Executive, while actively employed
by the Bank: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits
for a period of not less than three (3) months under an accident and health plan covering employees of the Bank. Medical determination
of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering
employees of the Bank, provided that the definition of Disability applied under such Disability insurance program complies with
the requirements of the preceding sentence. Upon the request of the Plan Administrator, the Executive must submit proof to the
Plan Administrator of Social Security Administration’s or the provider’s determination.

 

		3.6	"Good Reason" shall mean the occurrence of any of the following
conditions without Executive's consent:

 

		(a)	a material diminution in the Executive's annual base compensation, other
than a decrease in annual salary that is consistent with decreases in annual base salary awarded to other executives and key employees
of the Bank in commensurate positions and with commensurate duties;

 

		(b)	a material diminution in Executive's authority, duties or responsibilities
from those which Executive held immediately prior to the closing date of the Change in Control;

 

		(c)	a material change in the geographic location at which Executive must perform
services, provided, however, that any such relocation request shall not be considered a material change if such relocation is within
a fifty-five (55) mile radius of the office at which Executive was based on the Effective Date of this Agreement.

 

		(d)	any other action or inaction that constitutes a material breach by the Bank
of any agreement pursuant to which Executive performs services for the Bank.

 

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		3.7	"Involuntary Separation from Service" shall mean that the Bank
terminates Executive's employment at any time prior to age 65 and such termination is not considered a Termination for Cause. A
Separation from Service for Good Reason, as defined above, will also be treated as an Involuntary Separation from Service.

 

		3.8	“Separation from Service” shall mean that the Executive has
retired or otherwise has a termination of employment with the Bank. For purposes of this Agreement, whether a termination of employment
or service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably
anticipated that no further services would be performed after a certain date, or that the level of bona fide services the Executive
would perform after such date (whether as an Executive or as an independent contractor) would permanently decrease to no more than
twenty percent (20%) of the average level of bona fide services performed (whether as an Executive or an independent contractor)
over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been
providing services to the Bank less than 36 months). Facts and circumstances to be considered in making this determination include,
but are not limited to, whether the Executive continues to be treated as an Executive for other purposes (such as continuation
of salary and participation in Executive benefit programs), whether similarly situated service providers have been treated consistently,
and whether the Executive is permitted, and realistically available, to perform services for other service recipients in the same
line of business. An Executive will be presumed not to have separated from service where the level of bona fide services performed
continues at a level that is fifty percent (50%) or more of the average level of service performed by the Executive during the
immediately preceding thirty-six (36) month period. A Separation from Service will not be deemed to have occurred while the Executive
is on military leave, sick leave, or other bona fide leave of absence, provided Executive has the right to reemployment under an
applicable statute or by contract.

 

		3.9	“Termination for Cause” shall mean:

 

		(a)	Gross negligence or gross neglect of duties to the Bank; or

 

		(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude
in connection with the Executive’s employment with the Bank; or

 

		(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant
Bank policy committed in connection with the Executive's employment and resulting in a material adverse effect on the Bank

 

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Article
4

 

Beneficiary

 

		4.1	Beneficiary. Executive shall have the right to name a Beneficiary
of the death benefit, if any, described in Article 1 herein. Executive shall have the right to name such Beneficiary at any time
prior to Executive’s death and submit it to the Plan Administrator (or Plan Administrator’s representative) on the
form provided. Once received and acknowledged by the Plan Administrator, the form shall be effective. The Executive may change
a Beneficiary designation at any time by submitting a new form to the Plan Administrator. Any such change shall follow the same
rules as for the original Beneficiary designation and shall automatically supersede the existing Beneficiary form on file with
the Plan Administrator.

 

		4.2	Failure to Designate a Beneficiary. If Executive dies without a valid
Beneficiary designation on file with the Plan Administrator, the Executive’s surviving spouse, if any, shall become the designated
Beneficiary. If Executive has no surviving spouse, death benefits shall be paid to the personal representative of Executive’s
estate.

 

		4.3	Facility of Distribution. If the Plan Administrator determines in
its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling
the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian,
legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator
may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any
distribution of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and
shall be a complete discharge of any liability under the Agreement for such distribution amount.

 

Article
5

 

General
Limitation

 

		5.1	Termination for Cause. Notwithstanding any provision of this Agreement
to the contrary, the Bank shall not distribute any benefit under this Agreement if Executive’s employment is terminated for
Cause.

 

		5.2	Removal. Notwithstanding any provision of this Agreement to the contrary,
the Bank shall not distribute any benefit under this Agreement if the Executive is subject to a final removal or prohibition order
issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

 

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		5.3	Noncompetition. In consideration of any benefits received hereunder,
the Executive shall not, during the term of employment with the Bank and for a period of two (2) years after Separation from Service
with the Bank for any reason other than Cause, either directly or indirectly own, have a proprietary interest in, be employed by,
or serve as a consultant to or for any retail banking business (other than the Bank and its subsidiaries) which is engaged in the
same or similar field of endeavor as that of the Bank (including any of the Bank’s present or future subsidiaries) and which
is located within fifty (50) miles of any location where the Bank (including any of the Bank’s present or future subsidiaries)
is engaged in business. In addition, no Executive shall, during the term of his employment with the Bank and for a period of two
(2) years after Separation from Service from the Bank, influence or attempt to influence or solicit any other employee, consultant,
client, or agent of the Bank to terminate its employment or relationship with the Bank or to work for or on behalf of any competitor
or potential competitor of the Bank, including, without limitation, the Executive or any other entity controlled or organized by
an Executive or in which an Executive is an owner, officer, a director or agent. Failure to abide by these Covenants will result
in loss of any benefits described hereunder.

 

Article
6

 

Administration
of Agreement

 

		6.1	Plan Administrator. The Bank shall be the Plan Administrator, unless
the Bank appoints a committee to be the Plan Administrator. The Bank may appoint a Committee (“Committee”) of one or
more individuals in the employment of Bank for the purpose of discharging the administrative responsibilities of the Bank under
the Plan. The Bank may remove a Committee member for any reason by giving such member ten (10) days’ written notice and may
thereafter fill any vacancy thus created. The Committee shall represent the Bank in all matters concerning the administration of
this Plan; provided however, the final authority for all administrative and operational decisions relating to the Plan remains
with the Bank.

 

		6.2	Authority of Plan Administrator. The Plan Administrator shall have
full power and authority to adopt rules and regulations for the administration of the Plan, provided they are not inconsistent
with the provisions of this Plan, and Section 409A of the Code, to interpret, alter, amend or revoke any rules and regulations
so adopted, to enter into contracts on behalf of the Bank with respect to this Agreement, to make discretionary decisions under
this Plan, to demand satisfactory proof of the occurrence of any event that is a condition precedent to the commencement of any
payment or discharge of any obligation under the Plan, and to perform any and all administrative duties under this Plan.

 

		6.3	Recusal. An individual serving as Plan Administrator may be eligible
to participate in the Plan, but such person shall not be entitled to participate in discretionary decisions under Article 7 relating
to such person’s own interests in the Plan.

 

		6.4	Agents. In the administration of this Agreement, the Plan Administrator
may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative),
and may from time to time consult with counsel who may be counsel to the Bank.

 

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		6.5	Binding Effect of Decisions. The decision or action of the Plan Administrator
with respect to any question arising out of or in connection with the administration, interpretation and application of the Agreement
and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest
in the Agreement.

 

		6.6	Indemnity of Plan Administrator. The Bank shall indemnify and hold
harmless any party contracted for the purposes of assisting the Plan Administrator in performing its duties under this Agreement
against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to
this Agreement, except in the case of willful misconduct by such contracted party.

 

		6.7	Bank Information. To enable any party contracted for the purposes
of assisting the Plan Administrator in performing its duties under this Agreement to perform its functions, the Bank shall supply
full and timely information to such contracted party on all matters relating to the date and circumstances of any event triggering
a benefit hereunder.

 

		6.8	Annual Statement. Any party contracted for the purposes of assisting
the Plan Administrator in performing its duties under this Agreement shall provide to the Bank, on the schedule set forth in any
administrative services contract, a statement setting forth the benefits to be distributed under this Agreement.

 

Article
7

 

Claims
and Review Procedures

 

		7.1	Claims Procedure. An Executive or Beneficiary (“claimant”)
who has not received benefits under the Agreement that he or she believes should be distributed shall make a claim for such benefits
as follows:

 

		(a)	Initiation – Written Claim. The claimant initiates a claim
by submitting to the Plan Administrator a written claim for the benefits.

 

		(b)	Timing of Plan Administrator Response. The Plan Administrator shall
respond to such claimant within 90 days after receiving the claim. If the Plan Administrator determines that special circumstances
require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days
by notifying the claimant in writing, prior to the end of the initial 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 Plan Administrator expects to render its
decision.

 

		(c)	Notice of Decision. If the Plan Administrator denies part or all
of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the
notification in a manner calculated to be understood by the claimant. The notification shall set forth:

 

		i.	The specific reasons for the denial;

 

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Milton R. Cole Jr.

    

 

		ii.	A reference to the specific provisions of the Agreement on which the denial
is based;

 

		iii.	A description of any additional information or material necessary for the
claimant to perfect the claim and an explanation of why it is needed;

 

		iv.	An explanation of the Agreement’s review procedures and the time limits

 

		v.	applicable to such procedures; and

 

		vi.	A statement of the claimant’s right to bring a civil action under
ERISA Section 502(a) following an adverse benefit determination on review.

 

 

		7.2	Review Procedure. If the Plan Administrator denies part or all of
the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

 

		7.3	Initiation – Written Request. To initiate the review, the claimant,
within 60 days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written
request for review.

 

		7.4	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 Plan
Administrator 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.

 

		7.5	Considerations on Review. In considering the review, the Plan Administrator
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.

 

		7.6	Timing of Plan Administrator Response. The Plan Administrator shall
respond in writing to such claimant within 60 days after receiving the request for review. If the Plan Administrator determines
that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period
by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 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 Plan Administrator
expects to render its decision.

 

		7.7	Notice of Decision. The Plan Administrator shall notify the claimant
in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood
by the claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

 

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		(b)	A reference to the specific provisions of the Agreement 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).

 

Article
8

 

Amendments
and Termination

 

		8.1	This Agreement may be amended or terminated only by a written agreement
signed by the Bank and the Executive. Additionally, the Bank may also amend this Agreement to conform to written directives to
the Bank from its banking regulators.

 

		8.2	Subsequent Changes to Time and Form of Payment. The Bank may permit
a subsequent change to the time and form of benefit distributions. Any such change shall be considered made only when it becomes
irrevocable under the terms of the Agreement. Any change will be considered irrevocable not later than thirty (30) days following
acceptance of the change by the Plan Administrator, subject to the following rules:

 

		(a)	the subsequent deferral election may not take effect until at least twelve
(12) months after the date on which the election is made;

 

		(b)	the payment (except in the case of death, disability, or unforeseeable emergency)
upon which the subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such
payment would otherwise have been paid; and

 

		(c)	in the case of a payment made at a specified time, the election must be
made not less than twelve (12) months before the date the payment is scheduled to be paid.

 

Article
9 

 

Miscellaneous

 

		9.1	Binding Effect. This Agreement shall bind the Executive and the Bank,
and their beneficiaries, survivors, executors, administrators and transferees.

 

		9.2	No Guarantee of Employment. This Agreement is not a contract for
employment. It does not give the Executive the right to remain as an employee of the Bank, nor does it interfere with the Bank'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.

 

		9.3	Non-Transferability. Benefits under this Agreement cannot be sold,
transferred, assigned, pledged, attached or encumbered in any manner.

 

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		9.4	Tax Withholding. The Bank shall withhold any taxes that are required
to be withheld from the benefits provided under this Agreement. The Executive acknowledges that the Bank’s sole liability
regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies).

 

		9.5	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.

 

		9.6	Unfunded Arrangement. The Executive is a general unsecured creditor
of the Bank for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute
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.

 

		9.7	Reorganization. The Bank shall not merge or consolidate into or with
another bank, or reorganize, or sell substantially all of its assets to another bank, firm, or person unless such succeeding or
continuing bank, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence
of such event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor bank.

 

		9.8	Entire Agreement. This Agreement constitutes the entire agreement
between the Bank 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.

 

		9.9	Interpretation. Wherever the fulfillment of the intent and purpose
of this Agreement requires, and the context will permit, the use of the masculine gender includes the feminine and use of the singular
includes the plural.

 

		9.10	Alternative Action. In the event it shall become impossible for the
Bank or the Plan Administrator to perform any act required by this Agreement, the Bank or Plan Administrator may in its discretion
perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of
the Bank.

 

		9.11	Headings. Article and section headings are for convenient reference
only and shall not control or affect the meaning or construction of any of its provisions.

 

		9.12	Validity. In case any provision of this Agreement shall be illegal
or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall
be construed and enforced as if such illegal and invalid provision has never been inserted herein.

 

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		9.13	Notice. Any notice or filing required or permitted to be given to
the Bank or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered
or certified mail, to the address below:

 

	First, ANBA
	6480 Highway 98 West
	Hattiesburg, MS 39402

 

Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification.

Any notice
or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Executive.

 

		9.14	Restriction on Timing of Distribution. Solely to the extent necessary
to avoid penalties under Section 409A, distributions under this Agreement may not commence earlier than six (6) months after a
Separation from Service (as described under the “Separation from Service” provision herein) if, pursuant to Internal
Revenue Code Section 409A, the participant hereto is considered a “specified employee” of a publicly-traded company.
In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for six
(6) months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are
scheduled to be made in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead
on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment
is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first
day of the seventh month.

 

		9.15	Certain Accelerated Payments. The Bank may make any accelerated distribution
permissible under Treasury Regulation 1.409A-3(j)(4), provided that such distribution(s) meets the requirements of Section 1.409A-3(j)(4).

 

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IN WITNESS WHEREOF, the Executive and a duly authorized representative
of the Bank have signed this Agreement as of the date indicated above.

 

	EXECUTIVE:	 	BANK:
	 	 	 	 	 
	 	 	First,
    A National Banking Association
	 	 	 	 	 
	 	 	By: 	/s/ Donna T. (Dee Dee) Lowery
	/s/
    Milton R. Cole Jr.	 	Name:	 Donna T. (Dee Dee) Lowery
	Milton
    R. Cole Jr.	 	Title:	 EVP and Chief Financial Officer

 

    	12

    
Supplemental Executive Retirement Plan
Milton R. Cole Jr.

    

 

Schedule
A

 

The
Executive shall be entitled to the corresponding Attained Benefit at Separation from Service prior to age 65, except when for
Cause, Change of Control or Death. The Attained Benefit is payable monthly at 65 for the Executives lifetime.

 

	Month	Date	Vesting	Attained Benefit	 	Month	Date	Vesting	Attained Benefit
	1	1/1/2020	1.205%	2,514.77	 	42	6/1/2023	50.610%	105,620.54
	2	2/1/2020	2.410%	5,029.55	 	43	7/1/2023	51.815%	108,135.31
	3	3/1/2020	3.615%	7,544.32	 	44	8/1/2023	53.020%	110,650.09
	4	4/1/2020	4.820%	10,059.10	 	45	9/1/2023	54.225%	113,164.86
	5	5/1/2020	6.025%	12,573.87	 	46	10/1/2023	55.430%	115,679.64
	6	6/1/2020	7.230%	15,088.65	 	47	11/1/2023	56.635%	118,194.41
	7	7/1/2020	8.435%	17,603.42	 	48	12/1/2023	57.840%	120,709.19
	8	8/1/2020	9.640%	20,118.20	 	49	1/1/2024	59.045%	123,223.96
	9	9/1/2020	10.845%	22,632.97	 	50	2/1/2024	60.250%	125,738.74
	10	10/1/2020	12.050%	25,147.75	 	51	3/1/2024	61.455%	128,253.51
	11	11/1/2020	13.255%	27,662.52	 	52	4/1/2024	62.660%	130,768.29
	12	12/1/2020	14.460%	30,177.30	 	53	5/1/2024	63.865%	133,283.06
	13	1/1/2021	15.665%	32,692.07	 	54	6/1/2024	65.070%	135,797.84
	14	2/1/2021	16.870%	35,206.85	 	55	7/1/2024	66.275%	138,312.61
	15	3/1/2021	18.075%	37,721.62	 	56	8/1/2024	67.480%	140,827.39
	16	4/1/2021	19.280%	40,236.40	 	57	9/1/2024	68.685%	143,342.16
	17	5/1/2021	20.485%	42,751.17	 	58	10/1/2024	69.890%	145,856.94
	18	6/1/2021	21.690%	45,265.95	 	59	11/1/2024	71.095%	148,371.71
	19	7/1/2021	22.895%	47,780.72	 	60	12/1/2024	72.300%	150,886.49
	20	8/1/2021	24.100%	50,295.50	 	61	1/1/2025	73.505%	153,401.26
	21	9/1/2021	25.305%	52,810.27	 	62	2/1/2025	74.710%	155,916.03
	22	10/1/2021	26.510%	55,325.04	 	63	3/1/2025	75.915%	158,430.81
	23	11/1/2021	27.715%	57,839.82	 	64	4/1/2025	77.120%	160,945.58
	24	12/1/2021	28.920%	60,354.59	 	65	5/1/2025	78.325%	163,460.36
	25	1/1/2022	30.125%	62,869.37	 	66	6/1/2025	79.530%	165,975.13
	26	2/1/2022	31.330%	65,384.14	 	67	7/1/2025	80.735%	168,489.91
	27	3/1/2022	32.535%	67,898.92	 	68	8/1/2025	81.940%	171,004.68
	28	4/1/2022	33.740%	70,413.69	 	69	9/1/2025	83.145%	173,519.46
	29	5/1/2022	34.945%	72,928.47	 	70	10/1/2025	84.350%	176,034.23
	30	6/1/2022	36.150%	75,443.24	 	71	11/1/2025	85.555%	178,549.01
	31	7/1/2022	37.355%	77,958.02	 	72	12/1/2025	86.760%	181,063.78
	32	8/1/2022	38.560%	80,472.79	 	73	1/1/2026	87.965%	183,578.56
	33	9/1/2022	39.765%	82,987.57	 	74	2/1/2026	89.170%	186,093.33
	34	10/1/2022	40.970%	85,502.34	 	75	3/1/2026	90.375%	188,608.11
	35	11/1/2022	42.175%	88,017.12	 	76	4/1/2026	91.580%	191,122.88
	36	12/1/2022	43.380%	90,531.89	 	77	5/1/2026	92.785%	193,637.66
	37	1/1/2023	44.585%	93,046.67	 	78	6/1/2026	93.990%	196,152.43
	38	2/1/2023	45.790%	95,561.44	 	79	7/1/2026	95.195%	198,667.21
	39	3/1/2023	46.995%	98,076.22	 	80	8/1/2026	96.400%	201,181.98
	40	4/1/2023	48.200%	100,590.99	 	81	9/1/2026	97.605%	203,696.75
	41	5/1/2023	49.405%	103,105.76	 	82	10/1/2026	98.810%	206,211.53
	 	 	 	 	 	83	11/1/2026	100.000%	208,695.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]