Document:

Exhibit

 EXHIBIT 10.1 
INDEMNIFICATION AGREEMENT
This Indemnification Agreement (“Agreement”) is made as of [l], 2017 by and between The Hain Celestial Group, Inc., a Delaware corporation (the “Company”), and ______________ (“Indemnitee”).  This Agreement supersedes and replaces any and all previous agreements between the Company and Indemnitee covering, or otherwise relating to, the subject matter of this Agreement. 
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.  Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.  The Amended and Restated Certificate of Incorporation of the Company (the “Charter”) and By-laws of the Company (the “By-laws,” and together with the Charter, the “Organizational Documents”) permit indemnification of the directors of the Company.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”).  The DGCL expressly allows for the purchase of liability insurance by the Company and provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 
WHEREAS, this Agreement is a supplement to and in furtherance of the Organizational Documents and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee does not regard the protection available under the Organizational Documents and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity.  Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified. 
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Services to the Company.  Indemnitee agrees to serve and/or continue to serve as an officer, director or agent of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his resignation or is removed (except as may be otherwise provided in any written employment agreement).

Section 2.Definitions.   As used in this Agreement:

(a)References to “agent” shall mean any person who is or was a director, officer, or employee of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

(b)A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

i.Acquisition of Stock by Third Party.  Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing thirty five (35%) or more of the combined voting power of the Company's then outstanding securities unless the change in relative Beneficial Ownership of the Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

ii.Change in Board of Directors.  Other than in connection with certain actions taken in connection with that certain Cooperation Agreement, dated as of September 27, 2017 by and among the Company and certain other persons signatory thereto, during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

iii.Corporate Transactions.  The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity or a sale of all or substantially all of the Company’s assets;

iv.Liquidation.  The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; and

v.Other Events.  There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
For purposes of this Section 2(b), the following terms shall have the following meanings:
(A)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.
(B)    “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.  
(C)    “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.
(c)“Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of the Company or of any other corporation, limited liability company, partnership or joint venture, trust or other enterprise which such person is or was serving at the request of the Company.

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(d)“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

(e)“Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, employee, agent or fiduciary.

(f)“Expenses” shall include all actual and reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily or reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding as well as judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of the aforementioned items, judgments, fines and amounts paid in settlement).  Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise.  The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable.  Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(g)“Independent Counsel” shall mean a law firm, or a member of a law firm, that is experienced in relevant matters of corporation law and neither presently is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.  The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

(h)A “Potential Change in Control” shall be deemed to have occurred if: (i) the Company enters into an agreement or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any Person or the Company publicly announces an intention to take or consider taking actions which if consummated would constitute a Change in Control; (iii) any Person who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing five percent (5%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors increases his Beneficial Ownership of such securities by five percent (5%) or more over the percentage so owned by such Person on the date hereof unless such acquisition was approved in advance by the Board; or (iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

(i)The term “Proceeding” shall include any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action taken by him (or a failure to take action by him) or of any action (or failure to act) on his part while acting pursuant to his Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement.  If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

(j)Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person 

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who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Company” as referred to in this Agreement.

Section 3.Indemnity in Third-Party Proceedings.  The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that his conduct was unlawful.  The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Organizational Documents, vote of its stockholders or disinterested directors or applicable law.

Section 4.Indemnity in Proceedings by or in the Right of the Company.   The Company shall indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal or Proceeding, had no reasonable cause to believe his conduct was unlawful.  No indemnification for Expenses shall be made under this Section 4 in respect of any Proceeding as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the “Delaware Court”) shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

Section 5.Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any Proceeding, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter therein to the fullest extent permitted by law.  For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 6.Indemnification For Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

Section 7.Partial Indemnification.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

Section 8.Additional Indemnification.

(a)Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses actually and reasonably incurred by Indemnitee in connection with the Proceeding. This shall include indemnification of Indemnitee against all actual and reasonable Expenses incurred by Indemnitee in connection with any Proceeding between the Company and Indemnitee to the extent involving the interpretation or enforcement of the rights of Indemnitee under this Agreement, if and to the extent Indemnitee is successful. 

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(b)For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to:
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i.to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL, and

ii.to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

Section 9.Exclusions.   Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification payment in connection with any claim made against Indemnitee:

(a)for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

(b)for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); 

(c)for Expenses to Indemnitee for which payment is prohibited by applicable law;

(d)for any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, to the extent Indemnitee is not successful in such a Proceeding; or

(e)except as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

Section 10.Advances of Expenses.   Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)), the Company shall advance, to the extent not prohibited by law, the Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee, and such advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.  Advances shall be unsecured and interest free.  Advances shall be made without regard to Indemnitee's ability to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement.  In accordance with Section 14(d), advances shall include any and all actual and reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.  The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company.  No other form of undertaking shall be required other than the execution of this Agreement.  This Section 10 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9. As a condition for obtaining advances of attorney’s fees, Indemnitee must comply with the terms of any liability insurance policy or policies maintained by the Company for directors, officers, employees, or agents of the Enterprise that may require the Indemnitee to engage an attorney (or firm) that has been approved by the insurance carrier in order to be entitled to coverage under such policy or policies.

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Section 11.Procedure for Notification and Defense of Claim.

(a)Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof.  The written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.  To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding.  The omission by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board that Indemnitee has requested indemnification.

(b)The Company will be entitled to participate in the Proceeding at its own expense.

Section 12.Procedure Upon Application for Indemnification.  

(a)Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall be made in the specific case:  (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any costs or Expenses (including attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.  The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied.

(b)In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b).  If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected.  If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected.  In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected shall act as Independent Counsel.  If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit.  If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

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Section 13.Presumptions and Effect of Certain Proceedings.

(a)In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.  Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

(b)Subject to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) of this Agreement.

(c)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

(d)For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Company or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by  the Company.  The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

(e)The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

Section 14.Remedies of Indemnitee.  

(a)Subject to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7 or the second to last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare 

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this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification or advancement of Expenses.  Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement.  The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

(b)In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.  In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

(c)If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

(d)The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement, unless the Company can demonstrate that this Agreement is void or voidable as a result of fraud.  It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder.  The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company if, in the case of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater.

(e)Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

Section 15.Establishment of Trust

(a) In the event of a Potential Change in Control, the Company shall, upon written request by Indemnitee, create a “Trust” for the benefit of Indemnitee and from time to time upon written request of Indemnitee shall fund such Trust in an amount sufficient to satisfy any and all Expenses reasonably anticipated at the time of each such request to be incurred in connection with investigating, preparing for, participating in or defending any Proceedings, and any and all judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such judgments, fines penalties and amounts paid in settlement) in connection with any and all Proceedings from time to time actually paid or claimed, reasonably anticipated or proposed to be paid. The trustee of the Trust (the “Trustee”) shall be a bank or trust company or other individual or entity chosen by the Indemnitee and reasonably acceptable to the Company. Nothing in this Section 15 shall relieve the Company of any of its obligations under this Agreement. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding obligation shall be determined by mutual agreement of the Indemnitee and the Company or, if the Company and the Indemnitee are unable to reach such an agreement, by Independent Counsel selected in accordance with Section 12(b) of this Agreement. The terms of the Trust shall provide that, except upon the consent of both the Indemnitee and the Company, (i) the Trust shall not be revoked or the principal thereof invaded, without the written consent of the Indemnitee; and (ii) upon a Change in Control: (A) the Trustee shall make advances of Expenses, to the fullest extent permitted by applicable law, within two (2) business days of a request by the Indemnitee; (B) the Trust shall continue to be funded by the Company in accordance with the funding obligations set forth above; (C) the Trustee shall promptly pay to the Indemnitee all amounts for 

8

which the Indemnitee shall be entitled to indemnification, or to be held harmless or exonerated pursuant to this Agreement or otherwise; and (iv) all unexpended funds in such Trust shall revert to the Company upon mutual agreement by the Indemnitee and the Company or, if the Indemnitee and the Company are unable to reach such an agreement, by Independent Counsel selected in accordance with Section 12(b) of this Agreement, that the Indemnitee has been fully indemnified, held harmless and exonerated under the terms of this Agreement. The Trust shall be governed by Delaware law (without regard to its conflicts of laws rules) and the Trustee shall consent to the exclusive jurisdiction of the Delaware Court in accordance with Section 24 of this Agreement.

Section 16.Non-exclusivity; Survival of Rights; Insurance; Subrogation.  

(a)The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Organizational Documents, any agreement, a vote of stockholders or a resolution of directors, or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Organizational Documents and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

(b)To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

(c)In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

(d)The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.    

(e)The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust or other enterprise.

Section 17.Duration of Agreement.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director, officer, employee or agent of the Company or as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.

Section 18.Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to 

9

the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 19.Enforcement.

(a)The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

(b)This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Organizational Documents and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 20.Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

Section 21.Notice by Indemnitee.  Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder.  The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise. Notice shall have been deemed to have been given without any action on the part of Indemnitee in the event the Company is a party to the same Proceeding and already has notice of all the matters for which Indemnitee is demanding indemnification and advancement.

Section 22.Notices.   All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

(a)If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company.

(b)If to the Company to
Denise Faltischek
Executive Vice President and General Counsel
The Hain Celestial Group, Inc.
1111 Marcus Avenue
Lake Success, New York 11042

or to any other address as may have been furnished to Indemnitee by the Company.
Section 23.Contribution.  To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

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Section 24.Applicable Law and Consent to Jurisdiction.  This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably [l]1 as its agent in the State of Delaware as such party's agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

Section 25.Identical Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 26.Miscellaneous.    Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.  The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

_____________________________

1Note to draft: Name of agent for service to be added.  

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

THE HAIN CELESTIAL GROUP, INC.                         INDEMNITEE

	
					
	By:
	 
	 
	 
	 

	Name:
	 
	 
	Name:
	 

	Office:
	 
	 
	Address:
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

                                            

[Signature Page to Indemnification Agreement]

12EX-10.1

 Exhibit 10.1 

Execution Version 
 EMPLOYMENT
AGREEMENT 
 THIS EMPLOYMENT AGREEMENT is made and entered into this 22nd day of May, 2017, by and between SmartBank, a banking
corporation organized under the laws of the State of Tennessee (“Bank”), and Robert W. Kuhn, Jr., a resident of the State of Alabama (“Employee”). Bank and Employee are sometimes referred to herein collectively as
the “Parties,” and each is sometimes referred to herein individually as a “Party.” 
 R E
C I T A L S 
 A. Simultaneously with the Parties’ execution of this Agreement,
SmartFinancial, Inc., a Tennessee corporation (“SmartFinancial”), Bank, Capstone Bancshares, Inc., an Alabama corporation (“Bancshares”), and Capstone Bank, a banking corporation organized under the laws of the
State of Alabama (“Capstone”), have entered into an Agreement and Plan of Merger dated May 22, 2017, which contemplates the merger of Bancshares with and into SmartFinancial (the “Holding Company Merger”), with
SmartFinancial to be the corporation to survive the Holding Company Merger, and the subsequent merger of Capstone with and into Bank immediately following the Holding Company Merger (the “Bank Merger”), with Bank to the banking
corporation to survive the Bank Merger. 
 B. Employee is currently employed as President and Chief Executive Officer of Capstone, and the
Parties desire to provide in this Agreement for Employee’s employment by Bank as Regional President of Bank following the Bank Merger and to set forth in writing in this Agreement the terms and conditions of Employee’s employment with
Bank. 
 AGREEMENT 
 In
consideration of the premises set forth above, the mutual agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

1. Definitions. When used in this Agreement, the following terms and their variant forms shall have the meanings set forth below: 

(a) “Affiliate” shall mean, with respect to any entity, any other entity that controls, is controlled by, or is under common
control with such entity. For this purpose, “control” means ownership of more than 50% of the ordinary voting power of the outstanding equity securities of an entity. 

(b) “Agreement” shall mean this Employment Agreement together with any amendments hereto made in the manner described in this
Agreement. 
 (c) “Area” shall mean (i) during the period of Employee’s employment, a radius of 50 miles from
each banking office (whether a main office, branch office, or loan or deposit production office) in the State of Alabama maintained by Bank or its Affiliates from time to time during the period of Employee’s employment and (ii) following
the period of Employee’s employment, a radius of 50 miles from each banking office (whether a main office, branch office, or loan or deposit production office) in the State of Alabama maintained by Bank or its Affiliates as of the last day of
Employee’s employment. 
 (d) “Board of Directors” shall mean the board of directors of Bank or, where appropriate,
any committee or other designee thereof. 

 (e) “Business of Bank” shall mean any business conducted by Bank or any of its
Affiliates, including the business of commercial, retail, and consumer banking. 
 (f) “Cause” shall mean, in the context
of the termination of this Agreement by Bank: 
 (i) a breach of the terms of this Agreement by Employee not cured by Employee within 15
business days after Employee’s receipt of Bank’s written notice thereof, including without limitation failure by Employee to perform Employee’s duties and responsibilities in the manner and to the extent required under this Agreement;

 (ii) any act by Employee of fraud against, misappropriation from, or dishonesty to Bank or any Affiliate of Bank; 

(iii) the conviction of Employee of, or Employee’s plea of guilty or nolo contendere to, a felony or any crime involving fraud or moral
turpitude; 
 (iv) conduct by Employee that amounts to willful misconduct, gross neglect, or a material failure to perform Employee’s
duties and responsibilities hereunder, including prolonged absences without the written consent of the President or Chief Executive Officer of Bank; provided that the nature of such conduct shall be set forth with reasonable particularity in
a written notice to Employee who shall have 15 business days following delivery of such notice to cure such alleged conduct, provided that such conduct is, in the reasonable discretion of the President or Chief Executive Officer of Bank,
susceptible to a cure; 
 (v) the exhibition by Employee of a standard of behavior within the scope of or related to Employee’s
employment that is in violation of (i) any written policy of Bank or any Affiliate of Bank, which violation results in or is reasonably likely to result in a material loss or regulatory criticism, (ii) any board committee charter of Bank
or any Affiliate of Bank, or (iii) any code of ethics or business conduct (or similar code) of Bank or any Affiliate of Bank; provided that in each case the nature of such behavior shall be set forth with reasonable particularity in a
written notice to Employee who shall have 15 business days following delivery of such notice to cure such alleged behavior, provided that such behavior is, in the reasonable discretion of the President or Chief Executive Officer of Bank,
susceptible to a cure; 
 (vi) conduct or behavior by Employee that has harmed the business or reputation of Bank or any Affiliate of Bank,
including without limitation conduct or behavior that is unethical or involves moral turpitude; 
 (vii) receipt of any form of written
notice that any regulatory agency or authority having jurisdiction over Bank or any Affiliate of Bank has instituted any form of regulatory action against Employee; or 

(viii) Employee’s removal from office or permanent prohibition from participating in the conduct of the affairs of Bank or any Affiliate
of Bank by an order issued under Section 8(e) or Section 8(g) of the Federal Deposit Insurance Act (12 U.S.C. § 1818(e) and (g)). 

(g) “Change in Control” shall mean: 

(i) a change in the ownership of Bank or SmartFinancial within the meaning of Treasury Regulations
§ 1.409A-3(i)(5)(v); or 

  
 2 

 (ii) a change in the ownership of a substantial portion of Bank’s or 

SmartFinancial’s assets within the meaning of Treasury Regulations § 1.409A-3(i)(5)(vii), substituting 80%
for 40% under Treasury Regulations § 1.409A-3(i)(5)(vii)(A). 
 (h) “Code”
shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 
 (i) “Competing
Business” shall mean any person (other than an Affiliate of Bank) that is conducting any business that is the same or substantially the same as the Business of Bank. 

(j) “Confidential Information” shall include, without limitation, all information not generally known to the public, in
spoken, printed, electronic, or any other form or medium, relating directly or indirectly to business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements,
contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems,
software design, web design, work-in-process, databases, manuals, records, articles, systems, material, sources of material, supplier information, vendor information,
financial information, results, accounting information, accounting records, legal information, marketing information, advertising information, pricing information, credit information, design information, payroll information, staffing information,
personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications,
algorithms, product plans, designs, styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications, customer
information, customer lists, client information, and client lists of Bank or any Affiliate of Bank, or relating to their respective businesses, or of any other person that has entrusted information to Bank or any Affiliate of Bank in confidence. The
foregoing list is not exhaustive, and the term “Confidential Information” shall also include other information that is marked or otherwise identified as confidential or proprietary or that would otherwise appear to a reasonable person to
be confidential or proprietary in the context and under the circumstances in which the information is known or used. The term “Confidential Information” shall include information developed by Employee in the course of Employee’s
employment by Bank. The term “Confidential Information” shall not include information that, through no direct or indirect fault of Employee or person(s) acting on Employee’s behalf, is generally available to and known by the public at
the time of disclosure to Employee or thereafter becomes generally available to and known by the public. 
 (k)
“Disability” shall mean the inability of Employee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months. 
 (l) “Good Reason” shall mean, in the context of the termination of
this Agreement by Employee: 
 (i) a material diminution in Employee’s authority, duties, or responsibilities which is not consented
to by Employee in writing; 
 (ii) a material diminution in Employee’s Annual Base Salary which is not consented to by Employee in
writing; 
 (iii) a change in the location of Employee’s primary office such that Employee is required to report regularly to an
office located outside of a 50-mile radius from the location of Employee’s primary office as of the Effective Date, which change is not consented to by Employee in writing; or 

  
 3 

 (iv) a material breach by Bank of any material provision of this Agreement 

(m) “IRS” shall mean the United States Internal Revenue Service. 

(n) “Post-Termination Period” shall mean a period of 36 months following the effective date of the termination of
Employee’s employment. 
 (o) “Separation from Service” shall have the meaning set forth in, and whether Employee has
experienced a Separation from Service shall be determined by Bank in accordance with, Treasury Regulations § 1.409A-1(h). 

2. Employee Duties. 
 (a)
Position(s); Reporting. Employee shall be employed as Regional President of Bank and shall perform and discharge faithfully the duties and responsibilities which may be assigned to Employee from time to time in connection with the conduct of
the business of Bank. The duties and responsibilities of Employee shall be commensurate with those of individuals holding similar positions at other banks similarly organized. Employee shall report to the Chief Lending Officer of Bank. 

(b) Full-Time Status. In addition to the duties and responsibilities specifically assigned to Employee under Section 2(a),
Employee shall: 
 (i) subject to Section 2(c), during regular business hours, devote substantially all of Employee’s
time, energy, attention, and skill to the performance of the duties and responsibilities of Employee’s employment (reasonable vacations, approved leaves of absence, and reasonable absences due to illness excepted) and faithfully and
industriously perform such duties and responsibilities; 
 (ii) diligently follow and implement all reasonable and lawful policies and
decisions communicated to Employee; and 
 (iii) timely prepare and forward to the requesting party(ies) all reports and accountings as may
be reasonably requested of Employee. 
 (c) Permitted Activities. Employee shall devote substantially all of Employee’s business
time, attention, and energies to the Business of Bank and shall not during the Term be engaged (whether or not during normal business hours) in any other significant business or professional activity, whether or not such activity is pursued for
gain, profit, or other pecuniary advantage, provided that, as long as the following activities do not interfere with Employee’s obligations to Bank, this Section 2(c) shall not be construed as preventing Employee from: 

(i) investing Employee’s personal assets in any manner which will not require any services on the part of Employee in the operations or
affairs of the subject entity and in which Employee’s participation is solely that of an investor, provided that such investment activity following the Effective Date shall not result in Employee owning beneficially at any time 2% or
more of the equity securities of any Competing Business; or 

  
 4 

 (ii) participating in civic and professional affairs and organizations and conferences,
preparing or publishing papers or books, or teaching, so long as any such activities do not interfere with the ability of Employee to effectively discharge Employee’s duties and responsibilities hereunder, provided that the President or
Chief Executive Officer of Bank may direct Employee in writing to resign from any such organization and/or cease any such activities should the President or Chief Executive Officer of Bank reasonably conclude that continued membership in such
organization and/or activities of the type identified would not be in the best interests of Bank. 
 3. Term of Employment. The
effectiveness of this Agreement is expressly contingent upon the consummation of the Bank Merger. Accordingly, the initial term of this Agreement (the “Initial Term”), and the Parties’ employment relationship hereunder, shall
commence on and as of the calendar day immediately following the effective date of the Bank Merger (the “Effective Date”) and, unless this Agreement is sooner terminated in accordance with its terms, shall end on the date which is
the third anniversary of the Effective Date. At the end of the Initial Term (and the end of any one-year renewal term), this Agreement will automatically renew for an additional, successive term of one year,
unless either Party gives the other Party written notice of such Party’s intent to terminate this Agreement as of the end of the Initial Term (or then-current renewal term) at least 90 days prior to the end of the Initial Term (or then-current
renewal term). The Initial Term and any and all renewal terms are referred to together herein as the “Term.” 
 4.
Compensation. Bank shall compensate Employee as follows during Employee’s period of employment hereunder, except as otherwise provided below: 

(a) Annual Base Salary. Employee shall be compensated at a base annual rate of $259,560 per year (the “Annual Base
Salary”). Employee’s Annual Base Salary will be reviewed by the compensation committee of SmartFinancial’s board of directors at least annually, in accordance with the compensation committee’s charter and any procedures
adopted by the compensation committee, for adjustment based on an evaluation of Employee’s performance. Employee’s Annual Base Salary shall be payable in accordance with Bank’s normal payroll practices. 

(b) Annual Incentive Compensation.  

(i) Employee shall be eligible to receive such annual incentive compensation, if any, as may be determined by, and based on performance
measures established by, the board of directors of SmartFinancial (or its designee) consistent with the strategic plan of SmartFinancial, pursuant to any incentive compensation plan or program that may be adopted from time to time by the board of
directors of SmartFinancial (“Incentive Compensation”). 
 (ii) Any Incentive Compensation earned shall be payable in cash
not later than March 15th of the year following the year in which the Incentive Compensation is earned in accordance with Bank’s normal practices for the payment of short-term incentives. The payment of any Incentive Compensation shall be
subject to and conditioned on Employee being employed by Bank on December 31st of the year in which the Incentive Compensation is earned, Employee’s employment with Bank having not been terminated by Bank for Cause prior to the payment of such
Incentive Compensation, and any approvals or non-objections required from or by any regulatory authority having jurisdiction over Bank or any Affiliate of Bank, and it is understood by the Parties that it is
contemplated that Employee may not be eligible to receive any such Incentive Compensation or other short-term incentive compensation if Bank or any Affiliate of Bank is subject to restrictions imposed by the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Tennessee Department of Financial Institutions, or any other regulatory authority, or if Bank is otherwise restricted from making payment of such compensation under applicable law. 

  
 5 

 (c) Automobile. Bank will provide Employee with an automobile owned or leased by Bank for
use by Employee in the course of his employment. Employee acknowledges that Bank makes no representation with respect to the taxability or non-taxability of the benefits provided under this
Section 4(c). 
 (d) Cellular Telephone. Bank will provide Employee with a cellular telephone for use by Employee in the
course of his employment. Employee acknowledges that Bank makes no representation with respect to the taxability or non-taxability of the benefits provided under this Section 4(d). 

(e) Club Dues. Bank will pay on Employee’s behalf or reimburse Employee for, at the election of Bank, club dues in an amount not
to exceed $1,000 per month. Employee acknowledges that Bank makes no representation with respect to the taxability or non-taxability of the benefits provided under this Section 4(e). 

(f) Business Expenses. Subject to the reimbursement policies of Bank in effect from time to time and consistent with the annual budget
approved for the period during which an expense is incurred, Bank will reimburse Employee for reasonable and necessary business expenses incurred by Employee in the performance of Employee’s duties hereunder; provided, however,
that, as a condition to any such reimbursement, Employee shall submit verification of the nature and amount of such expenses in accordance with said reimbursement policies. Employee acknowledges that Bank makes no representation with respect to the
taxability or non-taxability of the benefits provided under this Section 4(f). 
 (g)
Paid Leave. On a non-cumulative basis, Employee shall be entitled to 25 days paid leave per calendar year, prorated for any partial calendar year of service. The provisions of this
Section 4(g) shall apply notwithstanding any less generous paid leave policy then maintained by Bank, but Employee’s use of such paid leave shall otherwise be in accordance with Bank’s paid leave policy as in effect from time
to time. 
 (h) Other Benefits. In addition to the benefits specifically described in this Agreement, Employee shall be entitled to
such other benefits as may be available from time to time to similarly situated employees of Bank, including, by way of example only, retirement plan and health, dental, life, and disability insurance benefits. All such benefits shall be awarded and
administered in accordance with the written terms of any applicable benefit plan or, if no written terms exist, Bank’s standard policies and practices relating to such benefits. 

(i) Reimbursement of Expenses; In-Kind Benefits. All expenses eligible for reimbursement
described in this Agreement must be incurred by Employee during the Term of this Agreement to be eligible for reimbursement. Any in-kind benefits provided by Bank must be provided during the Term of this
Agreement. The amount of reimbursable expenses incurred, and the amount of any in-kind benefits provided, in one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year. Each category of reimbursement shall be paid as soon as administratively practicable, but in no event shall any such reimbursement be paid after the last day of
the calendar year following the calendar year in which the expense was incurred. Neither rights to reimbursement, nor in-kind benefits, shall be subject to liquidation or exchange for other benefits. 

(j) Claw Back of Compensation. Employee agrees to repay any compensation previously paid or otherwise made available to Employee that
is subject to recovery under any applicable law, rule, or regulation (including any rule of any exchange or service on or through which any securities 

  
 6 

 
of SmartFinancial are listed or traded). Employee agrees to repay promptly any such compensation identified by Bank or SmartFinancial. If Employee fails to repay any such compensation promptly,
Employee agrees that the amount of such compensation may be deducted from any and all other compensation owed to Employee under this Agreement or otherwise. Employee acknowledges that Bank may take appropriate disciplinary action (up to, and
including, termination of employment) if Employee fails to repay any such compensation. The provisions of this Section 4(j) shall be modified to the extent, and remain in effect for the period, required by applicable law, rule, or
regulation. 
 5. Termination of Employment. 

(a) Termination by Bank. During the Term, Employee’s employment, and this Agreement, may be terminated by Bank: 

(i) at any time for Cause (as determined by the President or Chief Executive Officer of Bank); or 

(ii) at any time without Cause, provided that (A) Bank shall give Employee at least 30 days prior written notice of its intent to
terminate and (B) if Employee’s employment, and this Agreement, is terminated by Bank without Cause during the Initial Term, Bank shall be required to (1) pay to Employee a severance benefit equal to 2.99 times Employee’s Annual
Base Salary as of the date of termination, said benefit to be paid in equal monthly installments, each such payment to be considered a separate and distinct payment for purposes of Section 409A of the Code, commencing (subject to
Section 23(b), if applicable) on the first pay period following the Employee’s date of termination and continuing over the course of the following 36-month period in accordance with Bank’s
normal payroll practices, and (2) reimburse Employee for the monthly premium paid by Employee for health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for himself and his
dependents (such reimbursement to be paid to Employee on the 15th day of the month immediately following the month in which Employee timely remits the premium payment) until the earlier of (x) the
18-month anniversary of the date of termination of Employee’s employment and (y) the date Employee is no longer eligible to receive COBRA continuation coverage (as applicable, the “COBRA End
Date”), and, during the period beginning on the COBRA End Date and ending on the 36-month anniversary of the date of termination of Employee’s employment (the “Extended Coverage
Period”), reimburse Employee up to $1,500 per month for premiums paid by Employee for individual health insurance coverage for Employee or for family health insurance coverage for Employee, his spouse and his dependents (such reimbursement to
be paid to Employee on the 15th day of the month immediately following the month in which Employee timely remits the premium payment). During the Extended Coverage Period, (i) Employee shall have no right to accelerate or defer any
reimbursement, (ii) reimbursement will be available only for health insurance premiums described above, (iii) reimbursements made for any month will not affect reimbursements for any other month, (iv) Employee shall have no right to
any other payment or benefit in lieu of reimbursement and (v) reimbursement must be made no later than the end of the year following the year in which the reimbursable expense was incurred. Reimbursements under this Section are intended to be
and shall be interpreted in such a manner as to comply with or be exempt from Section 409A of the Code and regulations issued thereunder. Notwithstanding the foregoing, (y) Bank’s reimbursement obligations under clause (B)(2) of this
Section 5(a)(ii) shall cease on the date on which Employee becomes eligible to receive substantially similar coverage from another employer or other source and (z) if Bank making payments under clause (B)(2) of this
Section 5(a)(ii) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties
under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this Section 5(a)(ii) in such manner as is necessary to comply with the ACA. 

  
 7 

 (b) Termination by Employee. During the Term, Employee’s employment, and this
Agreement, may be terminated by Employee: 
 (i) at any time for Good Reason, provided that (A) before terminating this
Agreement for Good Reason, (1) Employee shall give notice to Bank of the existence of Good Reason for termination, which notice must be given by Employee to Bank within 60 days of the initial existence of the condition(s) giving rise to Good
Reason for termination and shall state with reasonable detail the condition(s) giving rise to Good Reason for termination and (2) Bank shall have 30 days from the effective date of such notice to remedy the condition(s) giving rise to Good
Reason for termination and (B) such termination must occur with 12 months of the initial existence of the condition(s) giving rise to Good Reason for termination. In the event of the termination of Employee’s employment, and this
Agreement, for Good Reason during the Initial Term, Bank shall be required to (A) pay to Employee a severance benefit equal to (1) if termination is for Good Reason as defined in Section 1(l)(i), Section 1(l)(iii),
or Section 1(l)(iv), 2.99 times Employee’s Annual Base Salary as of the date of termination, said benefit to be paid in equal monthly installments, each such payment to be considered a separate and distinct payment for purposes of
Section 409A of the Code, commencing (subject to Section 23(b), if applicable) on the first pay period following the Employee’s date of termination and continuing over the course of the following 36 month period in accordance with
Bank’s normal payroll practices, or (2) if termination is for Good Reason as defined in Section 1(l)(ii), 2.99 times Employee’s Annual Base Salary immediately prior to the diminution in Annual Base Salary giving rise to
termination, said benefit to be paid in equal monthly installments, each such payment to be considered a separate and distinct payment for purposes of Section 409A of the Code, commencing (subject to Section 23(b), if applicable) on the
first pay period following the Employee’s date of termination and continuing over the course of the following 36-month period in accordance with Bank’s normal payroll practices, and
(B) reimburse Employee for the monthly premium paid by Employee for health continuation coverage under COBRA for himself and his dependents (such reimbursement to be paid to Employee on the 15th day of the month immediately following the month
in which Employee timely remits the premium payment) until the COBRA End Date, and, during the Extended Coverage Period, reimburse Employee up to $1,500 per month for premiums paid by Employee for individual health insurance coverage for Employee or
for family health insurance coverage for Employee, his spouse and his dependents (such reimbursement to be paid to Employee on the 15th day of the month immediately following the month in which Employee timely remits the premium payment). During the
Extended Coverage Period, (i) Employee shall have no right to accelerate or defer any reimbursement, (ii) reimbursement will be available only for health insurance premiums described above, (iii) reimbursements made for any month will
not affect reimbursements for any other month, (iv) Employee shall have no right to any other payment or benefit in lieu of reimbursement and (v) reimbursement must be made no later than the end of the year following the year in which the
reimbursable expense was incurred. Reimbursements under this Section are intended to be and shall be interpreted in such a manner as to comply with or be exempt from Section 409A of the Code and regulations issued thereunder. Specifically, the
provisions of Treasury Regulations Sections 1.409A-1(b)(9)(v)(A)-(B) and 1.409A-3(i)(1)(iv) are incorporated herein by reference.    Notwithstanding
the foregoing, (y) Bank’s reimbursement obligations under clause (B) of the second sentence of this Section 5(b)(i) shall cease on the date on which Employee becomes eligible to receive substantially similar coverage from
another employer or other source and (z) if Bank making payments under clause (B) of the second sentence of this Section 5(b)(i) would violate the nondiscrimination rules applicable to
non-grandfathered plans under the ACA, or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this
Section 5(b)(i) in such manner as is necessary to comply with the ACA; or 
 (ii) at any time without Good Reason
(provided that Employee shall give Bank at least 60 days prior written notice of Employee’s intent to terminate). 

  
 8 

 (c) Termination Upon Disability. During the Term, Employee’s employment, and this
Agreement, may be terminated by Bank upon the Disability of Employee (provided that Bank shall give Employee at least 30 days prior written notice of its intent to terminate). For the avoidance of doubt, termination for Disability under this
Section 5(c) shall not be considered termination without Cause. 
 (d) Termination Upon Death. Employee’s
employment, and this Agreement, shall terminate automatically upon the death of Employee. For the avoidance of doubt, termination of Employee’s employment, and this Agreement, upon the death of Employee under this Section 5(d) shall
not be considered termination without Cause. 
 (e) Termination by Mutual Agreement. During the Term, Employee’s employment, and
this Agreement, may be terminated at any time by mutual written agreement of the Parties. 
 (f) Effect of Termination; Resignation.
Upon the termination of Employee’s employment hereunder, Bank shall have no further obligations to Employee or Employee’s estate, heirs, beneficiaries, executors, administrators, or legal or personal representatives with respect to this
Agreement, except for the payment of any amounts earned and owing under Sections 4(a)-4(b) hereof as of the effective date of the termination of Employee’s employment and any payment(s) required by Section 5(a)(ii) or
Section 5(b)(i) of this Agreement. Further, upon the termination of Employee’s employment hereunder, if Employee is a member of the Board of Directors or the board of directors of SmartFinancial, or the board of directors of any
Affiliate of Bank or SmartFinancial, Employee shall, at the request of Bank, resign from Employee’s position(s) on such boards, with any and all such resignations to be effective not later than the date on which Employee’s employment is
terminated. 
 (g) Non-Renewal of Agreement. For the avoidance of doubt, the Parties
expressly acknowledge and agree that the election by a Party to not renew this Agreement pursuant to Section 3 shall not give rise to any severance or other payment to Employee. 

6. Change in Control.     

(a) In the event of a Change in Control, Bank (or its successor) shall be required to pay to Employee an amount equal to 2.99 times
Employee’s Annual Base Salary immediately prior to such Change in Control (the “Change in Control Benefit”), such Change in Control Benefit to be payable in one lump sum payment not later than 30 days following such Change in
Control. 
 (b) In the event of a Change in Control, the Change in Control Benefit payable under Section 6(a) shall be the sole
and exclusive benefit payable to Employee and, for the avoidance of doubt, in no event shall Employee be entitled to any additional benefit under Section 5 of this Agreement as a result of the termination of Employee’s employment
and this Agreement (with or without Cause, for Good Reason, or otherwise) following such Change in Control. 
 7. Confidential
Information. 
 (a) Employee understands and acknowledges that, during the course of Employee’s employment with Bank, Employee will
have access to and learn of and about Confidential Information. Employee acknowledges and agrees that all Confidential Information of Bank or its Affiliates that Employee accesses, receives, learns of, or develops while Employee is employed by Bank
shall be and will remain the sole and exclusive property of Bank and its Affiliates. 
 (b) Employee understands and acknowledges that Bank
or its Affiliates have invested, and continue to invest, substantial time, money, and specialized knowledge into developing their 

  
 9 

 
resources, creating a customer base, generating customer and potential customer lists, training their employees, and improving their offerings in the field of banking and financial services.
Employee understands and acknowledges that, as a result of these efforts, Bank and its Affiliates have created and continue to use and create Confidential Information, and that the Confidential Information provides Bank and its Affiliates with a
competitive advantage over others in the marketplace. 
 (c) Employee covenants and agrees (i) to treat all Confidential Information as
strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or in part, to any person
whatsoever (including other employees of Bank or its Affiliates) not having a need to know and authority to know and use the Confidential Information in connection with the business of Bank or its Affiliates, and, in any event, not to anyone outside
of the direct employ of Bank or its Affiliates except as required in the performance of Employee’s authorized employment duties to Bank or with the prior consent of the President or Chief Executive Officer of Bank in each instance (in which
case such disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media, or other resources
containing any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control of Bank or any of its Affiliates, except as required in the performance of Employee’s authorized
employment duties to Bank or with the prior consent of the President or Chief Executive Officer of Bank in each instance (in which case such access, use, copying, or removal shall be only within the limits and to the extent of such duties or
consent). Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law, rule, or regulation or pursuant to the valid order of a court of competent jurisdiction or an authorized government
agency, provided that the disclosure does not exceed the extent of disclosure required by such law, rule, regulation, or order. Employee shall promptly provide written notice of any such order to the President and Chief Executive Officer of Bank.

 (d) Notwithstanding any other provision of this Agreement: 

(i) Employee will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret
that (A) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law, or
(B) is made in a complaint or other document filed under seal in a lawsuit or other proceeding; and 
 (ii) If Employee files a
lawsuit for retaliation by Bank for reporting a suspected violation of law, Employee may disclose trade secrets to Employee’s attorney and use the trade secret information in the court proceeding if Employee (A) files any document
containing trade secrets under seal and (B) does not disclose trade secrets, except pursuant to court order. 
 (e) Employee
understands and acknowledges that Employee’s obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon Employee first having access to such Confidential Information (whether before
or after Employee begins employment with Bank) and shall continue during and after Employee’s employment by Bank until such time as such Confidential Information has become public knowledge other than as a result of Employee’s breach of
this Agreement or a breach by any person acting in concert with Employee or on Employee’s behalf. 
 (f) At any time upon request by
Bank, and in any event upon termination of Employee’s employment with Bank, Employee will promptly deliver to Bank all property of or belonging to Bank, including without limitation all Confidential Information, then in Employee’s
possession or control. 

  
 10 

 8. Non-Competition;
Non-Solicitation; Non-Disparagement. 
 (a) Non-Competition. Employee agrees that, during the period of Employee’s employment by Bank hereunder and, following the termination of Employee’s employment for any reason, for the duration of the
Post-Termination Period, Employee will not (except on behalf of or with the prior written consent of Bank): 
 (i) within the Area, either
directly or indirectly, on Employee’s own behalf or in the service of or on behalf of others, engage in any business, activity, enterprise, or venture competitive with the Business of Bank; 

(ii) within the Area, either directly or indirectly, perform for any Competing Business any services that are the same as, or substantially
the same as, the services Employee performs or performed for Bank; 
 (iii) within the Area, accept employment with or be employed by any
person engaged in any business, activity, enterprise, or venture competitive with the Business of Bank; or 
 (iv) work for or with,
consult for, or otherwise be affiliated with or be employed by any person or group of persons proposing to establish a new bank or other financial institution within the Area. 

(b) Non-Solicitation of Customers. Employee agrees that, during the period of Employee’s
employment by Bank hereunder and, in the event of the termination of Employee’s employment for any reason, for the duration of the Post-Termination Period, Employee will not directly or indirectly (except on behalf of or with the prior written
consent of Bank), on Employee’s own behalf or in the service of or on behalf of others, solicit, divert, or appropriate, or attempt to solicit, divert, or appropriate, any business from any of Bank’s customers or any customers of any
Affiliate of Bank, including prospective customers actively sought by Bank or any Affiliate of Bank with whom Employee has or had contact during the last two years of Employee’s employment with Bank, for purposes of selling, offering, or
providing products or services that are competitive with those sold, offered, or provided by Bank or any Affiliate of Bank. 
 (c) Non-Solicitation of Employees. Employee agrees that, during the period of Employee’s employment by Bank hereunder and, following the termination of Employee’s employment for any reason, for the
duration of the Post-Termination Period, Employee will not directly or indirectly (except on behalf of or with the prior written consent of Bank), on Employee’s own behalf or in the service of or on behalf of others, solicit, recruit, or hire
away, or attempt to solicit, recruit, or hire away, any employee of Bank or any Affiliate of Bank with whom Employee had contact during the last two years of Employee’s employment, regardless of whether such employee is a full-time, part-time,
or temporary employee of Bank or an Affiliate of Bank or such employee’s employment is pursuant to a written agreement, for a determined period, or at will. 

(d) Non-Disparagement. Employee agrees that, both during the period of 

Employee’s employment by Bank hereunder and following the termination of Employee’s employment, Employee will not make any
disparaging statements or remarks (written or oral) about Bank or any Affiliate of Bank or any of their respective officers, directors, employees, shareholders, agents, or representatives. Bank agrees that, both during the period of Employee’s
employment by Bank hereunder 

  
 11 

 
and following the termination of Employee’s employment, Bank shall cause its directors and senior executive officers to refrain from making any disparaging statements or remarks (written or
oral) about Employee. 
 (e) Modification. The Parties agree that the provisions of this Agreement represent a reasonable balancing
of their respective interests and have attempted to limit the restrictions imposed on Employee to those necessary to protect Bank from inevitable disclosure of Confidential Information and unfair competition. The Parties agree that, if the scope or
enforceability of this Agreement is in any way disputed at any time and an arbitrator, court, or other trier of fact determines that the scope of the restrictions contained in this Agreement is overbroad, then such arbitrator, court, or other trier
of fact may modify the scope of the restrictions contained in this Agreement. 
 (f) Tolling. Employee agrees that, in the event
Employee breaches this Section 8, the Post-Termination Period shall be tolled during the period of such breach and shall be extended to 36 months after all breaches of this Agreement have ceased. 

(g) Remedies. Employee agrees that the covenants contained in Section 7 and Section 8 of this Agreement are of
the essence of this Agreement; that each of such covenants is reasonable and necessary to protect the business, interests, and properties of Bank and its Affiliates; and that irreparable loss and damage will be suffered by Bank should Employee
breach any of such covenants. Therefore, Employee agrees and consents that, in addition to all other remedies provided by or available at law or in equity, Bank shall be entitled to a temporary restraining order and temporary and permanent
injunctions to prevent a breach or contemplated or threatened breach of any of the covenants contained in Section 7 or Section 8 of this Agreement and that, in such event, Bank shall not be required to post a bond. Bank and
Employee agree that all remedies available to Bank shall be cumulative. 
 9. Severability. The Parties agree that each of the
provisions included in this Agreement is separate, distinct, and severable from the other provisions of this Agreement and that the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. Further, if any provision of this Agreement is ruled invalid or unenforceable by a court of competent jurisdiction because of a conflict between the provision and any applicable law, rule, regulation, or public
policy, the provision shall be redrawn to make the provision consistent with, and valid and enforceable under, such law, rule, regulation, or public policy. 

10. No Set-Off by Employee. The existence of any claim, demand, action, or cause of action by
Employee against Bank or any Affiliate of Bank, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by Bank of any of its rights under this Agreement. 

11. Notices. All notices, requests, waivers, and other communications required or permitted hereunder shall be in writing and shall be
either personally delivered; sent by national overnight courier service, postage prepaid, next-business-day delivery guaranteed; or mailed by first class United States Mail, postage prepaid return receipt
requested, to the recipient at the address below indicated: 
  

			
	 If to Bank:
	 	 If to Employee:

		
	 SmartBank

5401 Kingston Pike, Suite 600

Knoxville, Tennessee 37919

Attention: President/CEO
	 	 Robert W. Kuhn, Jr.

13397 North River Farm Drive

Northport, Alabama 35473

  
 12 

 or to such other address or to the attention of such other person as the recipient Party shall have specified by
prior written notice to the sending Party. All such notices, requests, waivers, and other communications shall be deemed to have been effectively given: (a) when personally delivered to the Party to be notified; (b) two business days after
deposit with a national overnight courier service, postage prepaid, addressed to the Party to be notified as set forth above with next-business-day delivery guaranteed; or (c) four business days after
deposit in the United States Mail, first class, postage prepaid with return receipt requested, at any time other than during a general discontinuance of postal service due to strike, lockout, or otherwise (in which case such notice, request, waiver,
or other communication shall be effectively given upon receipt), and addressed to the Party to be notified as set forth above. 
 12.
Assignment. Bank may assign this Agreement and its rights hereunder, and may delegate is duties and obligations under this Agreement, in each case without the consent of Employee, including by way of merger. This Agreement is a personal
contract, and neither this Agreement nor the rights, interest, duties, or obligations of Employee hereunder may be assigned or delegated by Employee. Subject to the preceding provisions of this Section 12, this Agreement shall be binding
upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. 
 13. Waiver. A waiver by
a Party of any provision of this Agreement or of any breach of this Agreement by any other Party shall not be effective unless in a writing signed by the Party granting such waiver, and no waiver shall operate or be construed as a waiver of the same
or any other provision or breach on any other occasion. 
 14. Mediation. Except with respect to Section 7,
Section 8, and Section 22 and except as provided in Section 15, in the event of any dispute arising out of or relating to this Agreement or a breach hereof, which dispute cannot be settled through direct
discussions between the Parties, the Parties agree to first endeavor to settle the dispute in an amicable manner by non-binding, confidential mediation before resorting to any other process for resolving the
dispute. 
 15. Applicable Law and Choice of Forum. This Agreement shall be governed by and construed and enforced under and in
accordance with the laws of the State of Tennessee, without regard to or the application of principles of conflicts of laws. The Parties agree that any litigation, suit, action, or proceeding arising out of or related to this Agreement shall be
instituted exclusively in the United States District Court for the Eastern District of Tennessee, Knoxville Division, or the courts of the State of Tennessee sitting in Knoxville, Knox County, Tennessee, and each Party irrevocably submits to the
exclusive jurisdiction of and venue in such courts and waives any objection it might otherwise have to the jurisdiction of or venue in such courts. 

16. Interpretation. Words used herein importing any gender include all genders. Words used herein importing the singular shall include
the plural and vice versa. When used herein, the terms “herein,” “hereunder,” “hereby,” “hereto,” and “hereof,” and any similar terms, refer to this Agreement. When used herein, the term
“person” shall include an individual, a corporation, a limited liability company, a partnership, an association, a trust, and any other entity or organization, whether or not incorporated. Any captions, titles, or headings preceding the
text of any section or subsection of this Agreement are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction, or effect. 

17. Entire Agreement. This Agreement embodies the entire and final, integrated agreement of the Parties on the subject matter stated in
this Agreement and supersedes all prior understandings and agreements (oral and written) of the Parties relating to the subject matter of this Agreement. No amendment or supplement to or modification of this Agreement shall be valid or binding upon
any Party unless made in writing and signed by all Parties. 

  
 13 

 18. Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail, or other means of electronic transmission shall be
deemed to have the same legal effect as delivery of an original manually signed copy of this Agreement. 
 19. Rights of Third
Parties. Nothing herein expressed is intended to or shall be construed to confer upon or give to any person, other than the Parties hereto and their respective successors and permitted assigns, any rights or remedies under or by reason of this
Agreement. 
 20. Legal Fees. In the event of any claim, action, suit, or proceeding arising out of or in any way relating to this
Agreement, the prevailing Party shall be entitled to recover from the non-prevailing Party all reasonable fees, expenses, and disbursements, including without limitation reasonable attorneys’ fees and
court costs, incurred by such prevailing Party in connection with such claim, action, suit, or proceeding, in addition to any other relief to which such prevailing Party may be entitled at law or in equity. 

21. Survival. The rights and obligations of the Parties under Sections 4(j), 5(a)(ii), 5(b)(i), 5(f),
6, 7, 8, 14, 15, 20, 21, 23, 24, and 26 shall survive the expiration and/or termination of this Agreement and the termination of Employee’s employment hereunder for the
periods expressly designated in such sections or, if no such period is designated, for the maximum period permissible under applicable law. 

22. Representations Regarding Restrictive Covenants and other Agreements. Employee represents and warrants to Bank that (a) the
execution, delivery, and performance of this Agreement by Employee do not and will not conflict with, breach, violate, or cause a default under any contract, agreement, instrument, order, judgment, or decree to which Employee is a party or by which
Employee is bound and (b) Employee is not, and will not become, a party to or bound by (i) any employment, non-competition, non-solicitation, or
confidentiality agreement with any other person or (ii) any other agreement which would prohibit or impair Employee from providing or performing for Bank the services contemplated by this Agreement. 

23. Code Section 409A. Notwithstanding anything in this Agreement to the contrary, the following provisions shall apply to all
benefits and payments provided under this Agreement by Bank to Employee: 
 (a) The payment (or commencement of a series of payments)
hereunder of any non-qualified deferred compensation (within the meaning of Section 409A of the Code) upon a termination of employment shall be delayed until such time as Employee has also undergone a
Separation from Service, at which time such non-qualified deferred compensation (calculated as of the date of Employee’s termination of employment hereunder) shall be paid (or commence to be paid) to
Employee as set forth in this Agreement as if Employee had undergone such termination of employment (under the same circumstances) on the date of Employee’s ultimate Separation from Service. 

(b) If Employee is a specified employee (as determined by Bank in accordance with Section 409A of the Code and Treasury Regulations
§ 1.409A-3(i)(2)) as of Employee’s Separation from Service with Bank, and if any payment, benefit, or entitlement provided for in this Agreement or otherwise both (i) constitutes non-qualified deferred compensation (within the meaning of Section 409A of the Code) and (ii) cannot be paid or provided in a manner otherwise provided herein without subjecting Employee to additional tax
or interest (or both) under Section 409A of the Code, then any such payment, benefit, or entitlement that is payable during the first six months following the Separation from Service shall be paid or provided to Employee in a lump sum cash
payment to be made on the earlier of (x) Employee’s death and (y) the first business day of the seventh month immediately following Employee’s Separation from Service. 

  
 14 

 (c) Any payment or benefit paid or provided under this Agreement due to a Separation from Service
that is exempt from Section 409A of the Code pursuant to Treasury Regulations § 1.409A-1(b)(9)(v) will be paid or provided to Employee only to the extent that expenses are not incurred or the
benefits are not provided beyond the last day of Employee’s second taxable year following Employee’s taxable year in which the Separation from Service occurs, provided that Bank reimburses such expenses no later than the last day of
the third taxable year following Employee’s taxable year in which Employee’s Separation from Service occurs. 
 (d) It is the
Parties’ intent that the payments, benefits, and entitlements to which Employee could become entitled in connection with Employee’s employment under this Agreement be exempt from or comply with Section 409A of the Code and the
regulations and other guidance promulgated thereunder, and, accordingly, this Agreement will be interpreted to be consistent with such intent. For purposes of the limitations on non-qualified deferred
compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the exclusion under Section 409A of the Code for short-term
deferral amounts, the separation pay exception, or any other exception or exclusion under Section 409A of the Code. 
 (e) While the
payments and benefits provided for hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under Section 409A of the Code, in no event whatsoever shall Bank or its Affiliates be liable for any
additional tax, interest, or penalties that may be imposed on Employee as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations
applicable to employers, if any, under Section 409A of the Code). 
 (f) No deferred compensation payments provided for under this
Agreement shall be accelerated to Employee. 
 24. Tax Matters. 

(a) Withholding of Taxes. Bank may deduct and withhold from any amounts payable under this Agreement all federal, state, city, or other
taxes Bank is required to deduct or withhold pursuant to applicable law, rule, regulation, or ruling. 
 (b) Excise Tax.

(i) In the event that any payments or benefits provided or to be provided by Bank or its Affiliates to Employee or for Employee’s benefit
pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code (or any successor provision thereto) and would, but for this
Section 24(b), be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes
(collectively, the “Excise Tax”), then the Covered Payments shall be reduced (but not below zero) to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. 

(ii) The Covered Payments shall be reduced in a manner that maximizes Employee’s economic position. In applying this principle, the
reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro
rata basis but not below zero. 

  
 15 

 (iii) If, notwithstanding any reductions described in this Section 24(b), the IRS
determines that any Covered Payment constitutes an excess parachute payment (as defined by Section 280G(b) of the Code), then this Section 24(b) shall be reapplied based on the IRS’ determination and Employee shall be obligated
to pay back to Bank, within 30 days after a final IRS determination or, in the event that Employee challenges the final IRS determination, a final judicial determination, the portion of the Covered Payment required to avoid imposition of the Excise
Tax. 
 (iv) Any determination required under this Section 24(b), including whether any payments or benefits are parachute
payments, shall be made by Bank in its sole discretion. Employee shall provide Bank with such information and documents as Bank may reasonably request in order to make a determination under this Section 24(b). Bank’s determinations
shall be final and binding on Bank and Employee. 
 25. Regulatory Restrictions. The Parties expressly acknowledge and agree that
(a) any and all payments contemplated by this Agreement are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359, as such laws and regulations may be amended from time to time, and (b) the
obligations of the Parties under this Agreement are generally subject to such conditions, restrictions, and limitations as may be imposed from time to time by applicable state or federal banking laws, rules, and regulations. 

26. Right to Contact. Employee acknowledges and agrees that Bank shall retain and have the right to contact any new or potential
employer of Employee (or other business) and apprise such person of Employee’s responsibilities and obligations owed under this Agreement. 

27. Effectiveness of Agreement. For the avoidance of doubt, this Agreement shall not become effective and shall have no force or
effect, and the Parties shall have no obligations or liability hereunder, in the event the Bank Merger is not consummated. 
 (Signature
Page Follows) 

  
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 IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement on the date first
written above. 
  

							
	        BANK:	 		 	SMARTBANK
				
		 		 	By:	 	 /s/ William Y. Carroll, Jr.

		 		 		 	William Y. Carroll, Jr.
		 		 		 	President and Chief Executive Officer
				
	        EMPLOYEE:	 		 		 	
		 		 	 /s/ Robert W. Kuhn, Jr.

		 		 	Robert W. Kuhn, Jr.

 (Signature Page to Employment Agreement)

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