Document:

Exhibit 10

Exhibit
10.51

Old FHLMC Loan
No. 002702010

New FHLMC Loan
No. 504181092
Lazy Hollow Apartments

AMENDED AND RESTATED GUARANTY
(RECAST TRANSACTION)

MULTISTATE

(for use in all Property
jurisdictions except California)

REVISION DATE
05/06/2005

           
THIS AMENDED AND RESTATED GUARANTY is made effective as of the 30th day of
June, 2010, by
AIMCO PROPERTIES,
L.P., a Delaware
limited partnership ("Guarantor"),for the benefit ofthe FEDERAL HOME LOAN MORTGAGE
CORPORATION ("Lender").

                                                                   
RECITALS

A.                
LAZY HOLLOW
PARTNERS, a
California general partnership ("Borrower")
is the maker of a Multifamily Note (the
"Note"), dated as of March 31, 2003, in the original principal amount of
Ten Million and 00/100 Dollars ($10,000,000.00), evidencing a loan to Borrower
in such amount from Reilly Mortgage Group, Inc., a
District of Columbia corporation(the
"Original Lender").

 

B.                
The Note is
secured by that certain Multifamily Deed of Trust, Assignment of Rents, and
Security Agreement dated as of March 31, 2003, from Borrower, as grantor, to
Original Lender, as grantee, recorded in the Land Records of Howard County,
Maryland (the “Land Records”) at Liber 7024, folio 408 (the
"Instrument").  The Instrument encumbers, among other things,
Borrower's interest in the land described in Exhibit A to the
Instrument.

 

C.                
Pursuant to a
Limited Guaranty dated as of March 31,
2003(the "Guaranty"),Guarantor
guaranteed some or all of Borrower’s obligations under the terms of the Note and
the Instrument.

 

D.                
Original
Lender (i) endorsed the Note to Lender and (ii) assigned the Instrument to
Lender by Assignment of Security Instrument dated as of March 31,
2003 and recorded
in the Land Records of Howard County, Maryland at Liber 7024, folio
466.

 

E.                 
Borrower has
confirmed to Lender that Borrower has no defenses or offsets of any kind against
any of the indebtedness due under the Note.

 

F.                 
By Amended
and Restated Multifamily Note and Amended and Restated Multifamily Deed of
Trust, Assignment of Rents and Security Agreement dated effective as of the date
of this Amended and Restated Guaranty, Borrower and Lender have amended and
restated the Note and the Instrument so as to, among other things, (i) reflect a
current aggregate unpaid principal balance of Seven Million Six Hundred
Thirty-Six Thousand Nine Hundred Seventy-One and 00/100 Dollars ($7,636,971.00),
and (ii) amend the terms of payment.  Borrower and Lender now also desire
to amend and restate the Guaranty as provided below.

 

 

           
NOW, THEREFORE, in consideration of Lender’s agreement to modify the Note, the
Instrument, and other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, the parties agree that the Guaranty is
amended and restated in its entirety in the form attached hereto and made a part
hereof.

 

FHLMC Loan No.
504181092
Lazy Hollow Apartments

GUARANTY

MULTISTATE

(for use in all Property
jurisdictions except California)

REVISION DATE
05/06/2005

This Guaranty ("Guaranty") is
entered into to be effective as of June 30, 2010, by the undersigned person(s)
(the "Guarantor" jointly and severally if more than one), for the benefit
of FEDERAL HOME LOAN MORTGAGE CORPORATION (the
"Lender").

RECITALS

A.                
Lazy Hollow Partners, a California general partnership (the
"Borrower") has requested that Lender recast a loan to Borrower in the
amount of $7,636,971.00 (the "Loan").  The Loan is evidenced by an
Amended and Restated Multifamily Note from Borrower to Lender dated effective as
of the effective date of this Guaranty (the "Note").  The Note is
secured by an Amended and Restated Multifamily Mortgage, Deed of Trust, or Deed
to Secure Debt dated effective as of the effective date of the Note (the
"Security Instrument"), encumbering the Mortgaged Property
described in the Security Instrument. 

B.                
As a condition to recasting the Loan to Borrower, Lender requires
that the Guarantor execute this Guaranty. 

NOW, THEREFORE, in order to induce
Lender to make the Loan to Borrower, and in consideration thereof, Guarantor
agrees as follows:

1.                 
Defined Terms.  "Indebtedness,"
"Loan Documents" and "Property Jurisdiction" and other
capitalized terms used but not defined in this Guaranty shall have the meanings
assigned to them in the Security Instrument.

2.                 
Scope of Guaranty.

(a)               
Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to Lender:

(i)                 
the full and prompt payment when due, whether at the Maturity Date
or earlier, by reason of acceleration or otherwise, and at all times thereafter,
of each of the following: 

(A)             
a portion of the Indebtedness equal to zero percent (0%) of the
original principal balance of the Note (the "Base Guaranty"); and

(B)             
in addition to the Base Guaranty, all other amounts for which
Borrower is personally liable under Sections 9(c), 9(d) and 9(f) of
the Note; and

(C)             
all costs and expenses, including reasonable Attorneys' Fees and
Costs incurred by Lender in enforcing its rights under this Guaranty;
and

(ii)               
the full and prompt payment and performance when due of all of
Borrower’s obligations under Section 18 of the Security Instrument.

(b)              
If the Base Guaranty stated in Section 2(a)(i)(A) is 100
percent of the original principal balance of the Note, then (i) the Base
Guaranty shall mean and include the full and complete guaranty of payment of the
entire Indebtedness and the performance of all Borrower’s obligations under the
Loan Documents; and (ii) for so long as the Base Guaranty remains in effect
(there being no limit to the duration of the Base Guaranty unless otherwise
expressly provided in this Guaranty), the obligations guaranteed pursuant to
Sections 2(a)(i)(B), 2(a)(i)(C) and Section 3 shall be part of, and
not in addition to or in limitation of, the Base Guaranty.

If the Base Guaranty stated in
Section 2(a)(i)(A) is less than 100 percent of the original principal
balance of the Note, then this Section 2(b) shall be completely
inapplicable and shall be treated as if not a part of this Guaranty.

(c)               
If Guarantor is not liable for the entire Indebtedness, then all
payments made by Borrower with respect to the Indebtedness and all amounts
received by Lender from the enforcement of its rights under the Security
Instrument and the other Loan Documents (except this Guaranty) shall be applied
first to the portion of the Indebtedness for which neither Borrower nor
Guarantor has personal liability. 

3.                 
Additional Guaranty Relating to Bankruptcy. 

(a)               
Notwithstanding any limitation on liability provided for elsewhere
in this Guaranty, Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to Lender the full and prompt payment when due, whether at the
Maturity Date or earlier, by reason of acceleration or otherwise, and at all
times thereafter, the entire Indebtedness, in the event that:

(i)                 
Borrower voluntarily files for bankruptcy protection under the
United States Bankruptcy Code; or 

(ii)               
Borrower voluntarily becomes subject to any reorganization,
receivership, insolvency proceeding, or other similar proceeding pursuant to any
other federal or state law affecting debtor and creditor rights; or 

(iii)              
an order of relief is entered against Borrower pursuant to the
United States Bankruptcy Code or other federal or state law affecting debtor and
creditor rights in any involuntary bankruptcy proceeding initiated or joined in
by a "Related Party."  

(b)              
For purposes of this Section, the term "Related Party"
means:

(i)                 
Borrower or Guarantor; and

(ii)               
any person or entity that holds, directly or indirectly, any
ownership interest in or right to manage Borrower or Guarantor, including
without limitation, any shareholder, member or partner of Borrower or Guarantor;
and

(iii)              
any person or entity in which any ownership interest (direct or
indirect) or right to manage is held by Borrower, Guarantor or any partner, shareholder or member of, or any other person or
entity holding an interest in, Borrower or Guarantor; and

(iv)             
any other creditor of Borrower that is related by blood, marriage
or adoption to Borrower, Guarantor or any partner, shareholder or member of, or
any other person or entity holding an interest in, Borrower or Guarantor. 

(c)               
If Borrower, Guarantor or any Related Party has solicited
creditors to initiate or participate in any proceeding referred to in this
Section, regardless of whether any of the creditors solicited actually initiates
or participates in the proceeding, then such proceeding shall be considered as
having been initiated by a Related Party.

4.                 
Guarantor's Obligations Survive Foreclosure.  The
obligations of Guarantor under this Guaranty shall survive any foreclosure
proceeding, any foreclosure sale, any delivery of any deed in lieu of
foreclosure, and any release of record of the Security Instrument, and, in
addition, the obligations of Guarantor relating to Borrower's obligations under
Section 18 of the Security Instrument shall survive any repayment or
discharge of the Indebtedness.  Notwithstanding the foregoing, if Lender
has never been a mortgagee-in-possession of or held title to the Mortgaged
Property, Guarantor shall have no obligation under this Guaranty relating to
Borrower's obligations under Section 18 of the Security Instrument after
the date of the release of record of the lien of the Security Instrument as a
result of the payment in full of the Indebtedness on the Maturity Date or by
voluntary prepayment in full.

5.                 
Guaranty of Payment and Performance.  Guarantor’s
obligations under this Guaranty constitute an unconditional guaranty of payment
and performance and not merely a guaranty of collection.

6.                 
No Demand by Lender Necessary; Waivers by Guarantor. 
The obligations of Guarantor under this Guaranty shall be performed without
demand by Lender and shall be unconditional regardless of the genuineness,
validity, regularity or enforceability of the Note, the Security Instrument, or
any other Loan Document, and without regard to any other circumstance which
might otherwise constitute a legal or equitable discharge of a surety, a
guarantor, a borrower or a mortgagor.  Guarantor hereby waives, to the
fullest extent permitted by applicable law:

(a)               
the benefit of all principles or provisions of law, statutory or
otherwise, which are or might be in conflict with the terms of this Guaranty and
agrees that Guarantor's obligations shall not be affected by any circumstances,
whether or not referred to in this Guaranty, which might otherwise constitute a
legal or equitable discharge of a surety, a guarantor, a borrower or a
mortgagor;

(b)              
the benefits of any right of discharge under any and all statutes
or other laws relating to a guarantor, a surety, a borrower or a mortgagor, and
any other rights of a surety, a guarantor, a borrower or a mortgagor under such
statutes or laws;

(c)               
diligence in collecting the Indebtedness, presentment, demand for
payment, protest, all notices with respect to the Note and this Guaranty which
may be required by statute, rule of law or otherwise to preserve Lender's
rights against Guarantor under this Guaranty, including, but not limited to,
notice of acceptance, notice of any amendment of the Loan Documents, notice of
the occurrence of any default or Event of Default, notice of intent to
accelerate, notice of acceleration, notice of dishonor, notice of foreclosure,
notice of protest, and notice of the incurring by Borrower of any obligation or
indebtedness;

(d)              
all rights to cause a marshalling of the Borrower's assets or to
require Lender to:

(i)                 
proceed against Borrower or any other guarantor of Borrower’s
payment or performance under the Loan Documents (an "Other
Guarantor");

(ii)               
proceed against any general partner of Borrower or any Other
Guarantor if Borrower or any Other Guarantor is a partnership;

(iii)              
proceed against or exhaust any collateral held by Lender to secure
the repayment of the Indebtedness; or

(iv)             
pursue any other remedy it may now or hereafter have against
Borrower, or, if Borrower is a partnership, any general partner of Borrower;

(e)               
any right to object to the timing, manner or conduct of Lender's
enforcement of its rights under any of the Loan Documents; and

(f)                
any right to revoke this Guaranty as to any future advances by
Lender under the terms of the Security Instrument to protect Lender’s interest
in the Mortgaged Property.

7.                 
Modification of Loan Documents.  At any time or
from time to time and any number of times, without notice to Guarantor and
without affecting the liability of Guarantor, Lender may:

(a)               
extend the time for payment of the principal of or interest on the
Indebtedness or renew the Indebtedness in whole or in part;

(b)              
extend the time for Borrower's performance of or compliance with
any covenant or agreement contained in the Note, the Security Instrument or any
other Loan Document, whether presently existing or hereinafter entered into, or
waive such performance or compliance; 

(c)               
accelerate the Maturity Date of the Indebtedness as provided in
the Note, the Security Instrument, or any other Loan Document;

(d)              
with Borrower, modify or amend the Note, the Security Instrument,
or any other Loan Document in any respect, including, but not limited to, an
increase in the principal amount; and/or

(e)               
modify, exchange, surrender or otherwise deal with any security
for the Indebtedness or accept additional security that is pledged or mortgaged
for the Indebtedness.

8.                 
Joint and Several Liability.  The obligations of
Guarantor (and each party named as a Guarantor in this Guaranty) and any Other
Guarantor shall be joint and several.  Lender, in its sole and absolute
discretion, may:

(a)               
bring suit against Guarantor, or any one or more of the parties
named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and
severally, or against any one or more of them;

(b)              
compromise or settle with Guarantor, any one or more of the
parties named as a Guarantor in this Guaranty, or any Other Guarantor, for such
consideration as Lender may deem proper;

(c)               
release one or more of the parties named as a Guarantor in this
Guaranty, or any Other Guarantor, from liability; and

(d)              
otherwise deal with Guarantor and any Other Guarantor, or any one
or more of them, in any manner, and no such action shall impair the rights of
Lender to collect from Guarantor any amount guaranteed by Guarantor under this
Guaranty.  

9.                 
Subordination of Borrower's Indebtedness to
Guarantor.  Any indebtedness of Borrower held by Guarantor now or in
the future is and shall be subordinated to the Indebtedness and Guarantor shall
collect, enforce and receive any such indebtedness of Borrower as trustee for
Lender, but without reducing or affecting in any manner the liability of
Guarantor under the other provisions of this Guaranty.

10.             
Waiver of Subrogation.  Guarantor shall have no
right of, and hereby waives any claim for, subrogation or reimbursement against
Borrower or any general partner of Borrower by reason of any payment by
Guarantor under this Guaranty, whether such right or claim arises at law or in
equity or under any contract or statute, until the Indebtedness has been paid in
full and there has expired the maximum possible period thereafter during which
any payment made by Borrower to Lender with respect to the Indebtedness could be
deemed a preference under the United States Bankruptcy Code. 

11.             
Preference.  If any payment by Borrower is held to
constitute a preference under any applicable bankruptcy, insolvency, or similar
laws, or if for any other reason Lender is required to refund any sums to
Borrower, such refund shall not constitute a release of any liability of
Guarantor under this Guaranty.  It is the intention of Lender and Guarantor
that Guarantor's obligations under this Guaranty shall not be discharged except
by Guarantor's performance of such obligations and then only to the extent of
such performance.

12.             
Financial Statements.  Guarantor, from time to
time upon written request by Lender, shall deliver to Lender such financial
statements as Lender may reasonably require.  

13.             
Assignment.  Lender may assign its rights under
this Guaranty in whole or in part and upon any such assignment, all the terms
and provisions of this Guaranty shall inure to the benefit of such assignee to
the extent so assigned.  The terms used to designate any of the parties
herein shall be deemed to include the heirs, legal representatives, successors
and assigns of such parties, and the term "Lender" shall also include any
lawful owner, holder or pledgee of the Note.  Reference in this Guaranty to
"person" or "persons" shall be deemed to include individuals and
entities.   

14.             
Complete and Final Agreement.  This Guaranty and
the other Loan Documents represent the final agreement between the parties and
may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements. There are no unwritten oral agreements between the parties. 
All prior or contemporaneous agreements, understandings, representations, and
statements, oral or written, are merged into this Guaranty and the other Loan
Documents.  Guarantor acknowledges that Guarantor has received a copy of
the Note and all other Loan Documents.  Neither this Guaranty nor any of
its provisions may be waived, modified, amended, discharged, or terminated
except by a writing signed by the party against which the enforcement of the
waiver, modification, amendment, discharge, or termination is sought, and then
only to the extent set forth in that writing.

15.             
Governing Law.  This Guaranty shall be governed by
and enforced in accordance with the laws of the Property Jurisdiction, without
giving effect to the choice of law principles of the Property Jurisdiction that
would require the application of the laws of a jurisdiction other than the
Property Jurisdiction.

16.             
Jurisdiction; Venue.  Guarantor agrees that any
controversy arising under or in relation to this Guaranty may be litigated in
the Property Jurisdiction, and that the state and federal courts and authorities
with jurisdiction in the Property Jurisdiction shall have jurisdiction over all
controversies which shall arise under or in relation to this Guaranty. 
Guarantor irrevocably consents to service, jurisdiction and venue of such courts
for any such litigation and waives any other venue to which it might be entitled
by virtue of domicile, habitual residence or otherwise.  However, nothing
herein is intended to limit Lender's right to bring any suit, action or
proceeding relating to matters arising under this Guaranty against Guarantor or
any of Guarantor's assets in any court of any other jurisdiction. 

17.             
Guarantor's Interest in Borrower.  Guarantor
represents to Lender that Guarantor has a direct or indirect ownership or other
financial interest in Borrower and/or will otherwise derive a material financial
benefit from the making of the Loan. 

18.             
STATE-SPECIFIC PROVISIONS:  N/A

19.             
Residence; Community Property Provision.

(a)        Guarantor
represents and warrants that his/her state of residence is N/A.

 

(b)        Guarantor
warrants and represents that s/he is:  N/A

 

[______] single

[______] married

 

 

20.             
GUARANTOR AND LENDER EACH (A) AGREES NOT TO ELECT A
TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE
RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF
RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO
SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. 
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

ATTACHED EXHIBIT. 
The following Exhibit
is attached to this Guaranty:

	
X
	
 
	
Exhibit A
	
Modifications to
Guaranty

IN WITNESS WHEREOF, Guarantor has signed and delivered
this Guaranty under seal or has caused this Guaranty to be signed and delivered
under seal by its duly authorized representative.  Guarantor intends that
this Guaranty shall be deemed to be signed and delivered as a sealed instrument.
 

AIMCO
PROPERTIES, L.P., a
Delaware limited partnership

 

By:  AIMCO-GP, Inc., a Delaware
corporation, its general partner

 

 

 

By: /s/Patti K.
Fielding

Patti K. Fielding

Executive Vice President and
Treasurerex10_1.htm

 

MIDSOUTH BANCORP

RESTRICTED STOCK GRANT AGREEMENT

 

THIS AGREEMENT, made as of June 30, 2010, between MIDSOUTH BANCORP (the “Company”) and [________________] (the “Participant”).

 

WHEREAS, the Company has adopted and maintains the 2007 Omnibus Incentive Compensation Plan (as amended and restated effective April 25, 2007) (the “Plan”) to provide certain key persons, on whose initiative and efforts the successful conduct of the business of the Company depends, with incentives to: (a) enter into and remain in the service of the Company, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company;

 

WHEREAS, the Plan provides that the Board of Directors of the Company (the “Board” ) shall administer the Plan and determine the key persons to whom awards shall be granted and the amount and type of such awards; and

 

WHEREAS, the Board  has determined that the purposes of the Plan would be furthered by granting the Participant an award under the Plan as set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

 

1.  Grant of Restricted Stock.  Pursuant to, and subject to, the terms and conditions set forth in this Agreement and in the Plan, the Board hereby grants to the Participant [__________ (___)] restricted shares (the “Restricted Stock”) of common stock of the Company, par value $0.01 per share (“Common Stock”).  Until such time as the Restricted Stock vests in accordance with Section 4 of this Agreement, the shares of Restricted Stock shall be nontransferable as set forth in Section 5 hereof and are subject to a substantial risk of forfeiture.

Except as otherwise set forth herein, if the Participant ceases to be employed by the Company or any of its affiliates for any reason, all shares of Restricted Stock that are not then vested shall be forfeited without any payment whatsoever to the Participant.  For purposes of this Agreement, the Participant will be deemed to have terminated employment as of his or her last day of active work for the Company and its affiliates; provided, however that the Participant shall be deemed to be actively at work during any period the Participant is on approved paid medical leave or during the protected reemployment period applicable to military leave.

 

2.  Grant Date.  The Grant Date of the Restricted Stock is June 30, 2010.

 

3.  Incorporation of Plan.  All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein.  If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan, as interpreted by the Board, shall govern.  Except as otherwise provided herein, all capitalized terms used herein shall have the meaning given to such terms in the Plan.

 

4.  The Restricted Period.

          (a) Except as provided for in Section 4(b) and 4(c) hereof, the Restricted Stock shall become 100% vested on the third annual anniversary of the Grant Date.

 

  

  

 

  

                            (b) In the event of the occurrence of a Change of Control, as defined in Article 12 of the Plan, as in effect on the date of such occurrence, the Restricted Stock shall become vested in full on the date of such Change in Control.

          (c) In the event of the termination of Participant’s employment by reason of the Participant’s death, disability or retirement (such retirement to be approved in advance by the Committee), the Restricted Stock shall become vested in full.  For purposes of this Agreement, determination of a Participant’s disability shall be made in the sole and absolute discretion of the Committee.

 

5.  Restrictions on Transferability. Until a share of Restricted Stock vests in accordance with Section 4, the Participant shall not transfer the Participant’s rights to such share of Restricted Stock or to any rights related thereto. Any attempt to transfer unvested shares of Restricted Stock or any rights related thereto, whether by transfer, pledge, hypothecation or otherwise and whether voluntary or involuntary, by operation of law or otherwise, shall not vest the transferee with any interest or right in or with respect to such shares of Restricted Stock or such related rights except as specified in Section 11.2 of the Plan. Notwithstanding the foregoing, so long as the Company is a participant under the Capital Purchase Program of the U.S. Department of the Treasury’s Troubled Asset Relief Program, transferability of the restricted shares will be subject to the rules and regulations of the U.S. Department of Treasury issued with respect to grants of restricted stock. 

 

6.  Rights as a Shareholder.  While the Restricted Stock remain subject to forfeiture in accordance with this Agreement, the Participant shall have all rights of a shareholder with respect to the Restricted Stock, including the right to receive dividends and vote the shares; provided, however, that during such period (i) Participant may not sell, transfer, pledge, exchange, hypothecate or otherwise dispose of the shares as set forth above in Section 5 and (ii) the Company (or a custodian selected by the Company) shall retain custody of any certificates evidencing the shares of Restricted Stock.  In lieu of retaining custody of any certificates evidencing the Restricted Stock, the shares of Restricted Stock granted under this Agreement, may, in the Company’s discretion, be held in escrow by the Company or reflected in the Company’s books and records, until Participant’s interest in such shares becomes vested and nonforfeitable.  With respect to any Restricted Stock forfeited under this Agreement, Participant does hereby irrevocably constitute and appoint the Secretary of the Company or any successor Secretary of the Company (the “Secretary”) as his or her attorney to transfer the forfeited shares of Restricted Stock on the books of the Company with full power of substitution in the premises.  The Secretary shall use such authority to cancel any shares of Restricted Stock that are forfeited under this Agreement.

 

7. Withholding.   The Participant shall be responsible for satisfying all applicable income and employment tax withholding obligations with respect to the vesting of the Restricted Stock granted pursuant to this Agreement, which obligations may be satisfied in accordance with Section 11.7 of the Plan.  If the Participant does not satisfy his or her withholding obligations as required by applicable law, the Company shall withhold the amount from any payments the Company makes to the Participant necessary to satisfy such obligations.

 

8.  Right of Discharge Preserved. Nothing in this Agreement shall confer upon the Participant the right to continue in the employ or other service of the Company, or affect any right which the Company may have to terminate such employment or service.

 

9.  Integration.  This Agreement contains the entire understanding of the parties with respect to its subject matter.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein.  This Agreement, including, without limitation, the Plan, supersedes all prior agreements and understandings between the parties with respect to its subject matter.

 

  

  

 

  

10. Section 409A.  Notwithstanding any other provision of this Agreement, it is intended that payments hereunder will not be considered deferred compensation within the meaning of Section 409A of the Code.  For purposes of this Agreement, all rights to payments hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code.  Payments hereunder are intended to satisfy the exemption from Section 409A of the Code for restricted stock.  For purposes of this Agreement, any action taken hereunder shall be undertaken in a manner that will not negatively affect the status of the Restricted Stock unless such action otherwise complies with Section 409A of the Code to the extent necessary to avoid noncompliance.  Notwithstanding the preceding, neither the Company nor any affiliate shall be liable to the Participant or any other person if the IRS or any court or other authority having jurisdiction over such matter determines for any reason that any payments hereunder are subject to taxes, penalties or interest as a result of failing to be exempt from, or comply with, Section 409A of the Code.

 

11.  Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

 

12.  Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Louisiana, without regard to the provisions governing conflict of laws.

 

13. Limitation on Rights; No Right to Future Grants; Extraordinary Item.   By entering into this Agreement and accepting the Award, Participant acknowledges that: (i) Participant's participation in the Plan is voluntary; (ii) the value of the Award is an extraordinary item which is outside the scope of any employment contract with Participant; (iii) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and Participant will not be entitled to compensation or damages as a consequence of Participant's forfeiture of any unvested portion of the Award as a result of Participant's Termination of Service with the Company or any Related Company for any reason; and (iv) in the event that Participant is not a direct employee of Company, the grant of the Award will not be interpreted to form an employment relationship with the Company or any Related Company and the grant of the Award will not be interpreted to form an employment contract with the Participant's employer, the Company or any Related Company. The Company shall be under no obligation whatsoever to advise the Participant of the existence, maturity or termination of any of Participant's rights hereunder and Participant shall be responsible for familiarizing himself or herself with all matters contained herein and in the Plan which may affect any of Participant's rights or privileges hereunder.

 

14.  Participant Acknowledgment.  The Participant hereby acknowledges receipt of a copy of the Plan.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Board  in respect of the Plan, this Agreement and the Restricted Stock shall be final and conclusive.

 

  

  

 

  

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized officer, and the Participant has hereunto signed this Agreement on his own behalf, thereby representing that he has carefully read and understands this Agreement and the Plan as of the day and year first written above.

MIDSOUTH BANCORP 

 

By:___________________________

Member of the Personnel Committee

of the Board of Directors

ACCEPTED AND AGREED TO:

_______________________________

Participant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]