Document:

Key Executive Employment

 EXHIBIT 10.10 
  
 ENTERPRISE FINANCIAL SERVICES CORP 
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT, is made by and between Stephen P. Marsh (the “Executive”) and ENTERPRISE FINANCIAL SERVICES CORP, a Delaware corporation (the “Company”), effective as of September 8, 2004 (the “Effective
Date”). 
  
 WITNESSETH: 
  
 WHEREAS, Executive desires to be employed or to continue to be employed by
the Company, and the Company desires to employ or continue to employ Executive, on the terms, covenants and conditions hereinafter set forth in this Agreement. 
  

NOW, THEREFORE, for the reasons set forth above, and in consideration of the mutual promises and agreements herein set forth, the Company and Executive
agree as follows: 
  
 Employment. Subject to the
terms and conditions set forth in this Agreement, the Company hereby employs Executive for the Contract Term as hereafter defined. During the Contract Term, Executive shall serve in an executive capacity and shall have such duties and
responsibilities as the Board of Directors (the “Board”) may from time to time specify. Executive shall comply with all polices and procedures of the Company generally applicable to executive employees of the Company. Executive hereby
accepts such employment and agrees to serve the Company in such capacities for the term of this Agreement. 
  
 Term of Employment. Except as otherwise provided herein, the term of this Agreement shall be for a term commencing on the Effective Date and
ending upon Executive’s death or termination of employment as hereafter provided (the “Employment Term”). The Contract Term may be extended by mutual written agreement of Executive and the Company upon such terms, provisions and
conditions which are mutually acceptable to Executive and the Company. 
  
 Devotion to Duties. Executive agrees that during the Employment Term he will devote all of his skill, knowledge, commercial efforts and working time to the conscientious and faithful performance of his duties and
responsibilities to the Company (except for (i) permitted vacation time and absence for sickness or similar disability and (ii) to the extent that it does not interfere with the performance of Executive’s duties hereunder: (A) such reasonable
time as may be devoted to the fulfillment of Executive’s civic and charitable activities and (B) such reasonable time as may be necessary from time to time for personal financial matters). Executive will use his best good faith efforts to
promote the success of the Company’s business and will cooperate fully with the Board in the advancement of the best interests of the Company. If requested by the Board, Executive will agree to serve as a director or officer of any of the
Company’s Subsidiaries without additional compensation. 
  
 Compensation of Executive. 
  
 Base Salary. During the Employment Term, the Company shall pay to Executive as compensation for the services to be performed by the Executive a base salary of $200,000.00 per year (the “Base Salary”). The Base Salary
shall be payable in installments in accordance with the Company’s normal payroll practice and shall be subject to such withholding as may be required by law. The Base Salary may be adjusted from time to time in the sole discretion of the Board,
but shall not be reduced without the consent of Executive. 
  

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 Targeted Bonus. In addition to the compensation set forth elsewhere in this
Section 4, for each calendar year during the Employment Term and any extensions thereof, the Executive shall qualify for a targeted annualized bonus (“Targeted Bonus”) based upon meeting established targeted goals. No later than the
Company’s January Board meeting, the Company and Executive shall agree upon certain targeted financial and operating goals (“Targets”) for that calendar year. The established Targets shall be consistent with the financial plan for the
Company as adopted by the Company’s Board. Within 75 days after the end of each calendar year, the Company’s Chief Executive Officer in collaboration with the Board (or a committee of the Board to which the Board has delegated such
authority) shall make a good faith determination as to the extent to which the Targets have been met for the preceding calendar year. If the Targets have been met, then Executive shall receive a Targeted Bonus for such preceding year. In the event
that the established Targets are exceeded, then Executive shall be entitled to receive additional bonus amounts above the Targeted Bonus as the Company’s Chief Executive Officer in collaboration with the Board (or such committee) may determine
in their discretion. If the Company’s Chief Executive Officer in collaboration with the Board (or such committee of the Board) determines that the Targets have not been fully met, but minimum thresholds as may be established by the
Company’s Chief Executive Officer in collaboration with the Board (or such committee) have been met, the Company’s Chief Executive Officer in collaboration with the Board (or such committee) shall make a good faith determination as to the
extent that the Targets have been met and determine the amount of such Targeted Bonus to be awarded to the Executive based proportionately upon the extent to which the Targets are determined to have been met. Executive shall also be eligible to
receive such other bonuses or incentive payments as may be approved by the Board of Directors. 
  
 Benefits. Executive shall be entitled to participate, during the Employment Term, in all regular employee benefit and
deferred compensation plans established by the Company including, without limitation, any savings and profit sharing plan, incentive stock plan, dental and medical plans, life insurance and disability insurance, such participation to be as provided
in said employee benefit plans in accordance with the terms and conditions thereof as in effect from time to time and subject to any applicable waiting period. Executive shall also be entitled to paid vacation during each year of the Employment Term
in accordance with the Company’s vacation policy, provided that any vacation not used in any year shall be forfeited and not carried over to any subsequent year. 
  
 Reimbursement of Expenses. The Company will provide for the payment or reimbursement of all
reasonable and necessary expenses incurred by the Executive in connection with the performance of his duties under this Agreement in accordance with the Company’s expense reimbursement policy, as such may change from time to time. 

 
 Termination of Employment. 
  
 Termination for Cause. “Termination for
Cause”, as hereinafter defined, may be effected by the Company at any time during the term of this Agreement by written notification to Executive, specifying in detail the basis for the Termination for Cause. Upon Termination for Cause,
Executive shall immediately be paid all accrued salary, bonus compensation to the extent earned for the calendar year immediately preceding termination, vested deferred compensation, if any, (other than pension plan or profit sharing plan benefits
which will be paid in accordance with the terms of the applicable plan), any benefits under any plans of the Company in which the Executive is a participant to the full extent of the Executive’s rights under such plans, accrued vacation pay for
the year in which termination occurs, and any appropriate business expenses incurred by Executive reimbursable by the Company in connection with his duties hereunder, all to the date of termination, but Executive shall not be paid any other
compensation or reimbursement of any kind, including without limitation, severance compensation. “Termination for Cause” shall mean termination by the Company of Executive’s employment by the Company by reason of (a) an order of any
federal or state regulatory authority having jurisdiction over the Company, (b) the willful failure of Executive substantially to perform his duties hereunder (other than any such failure due to Executive’s physical or mental illness); (c) a
willful breach by Executive of any material provision of this Agreement or of any other written 
  

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 agreement with the Company or any of its Affiliates; (d) Executive’s commission of a crime that
constitutes a felony or other crime of moral turpitude or criminal fraud; (e) chemical or alcohol dependency which materially and adversely affects Executive’s performance of his duties under this Agreement; (f) any act of disloyalty or breach
of responsibilities to the Company by the Executive which is intended by the Executive to cause material harm to the Company; (g) misappropriation (or attempted misappropriation) of any of the Company’s funds or property; or (h)
Executive’s material violation of any Company policy applicable to Executive. 
  
 Termination Other Than for Cause. Notwithstanding any other provisions of this Agreement, the Company may effect a
“Termination Other Than For Cause”, as hereinafter defined, at any time upon giving written notice to Executive of such termination. Upon any Termination Other Than for Cause, subject to Executive’s compliance with the terms and
conditions contained in this Agreement, Executive shall within 30 days after such termination be paid all accrued salary, bonus compensation to the extent earned for the calendar year immediately preceding termination, vested deferred compensation
(other than pension plan or profit sharing plan benefits which will be paid in accordance with the applicable plan), accrued vacation pay for the year in which termination occurs, any benefits under any plans of the Company in which Executive is a
participant to the full extent of Executive’s rights under such plans, and any appropriate business expenses incurred by Executive in connection with his duties hereunder, all to the date of termination. In addition, subject to the conditions
set forth above, upon such termination of employment, (i) all stock options granted to Executive shall become fully vested and exercisable and all restricted common stock granted to Executive shall fully vest and become transferable and (ii)
Executive shall be entitled to payment of all Targeted Bonuses for the year in which termination occurs (determined as if all targets were fully and completely achieved) pro rated to the date of termination based on a 360 day year. “Termination
Other Than for Cause” shall mean any termination by the Company of Executive’s employment with the Company other than a termination pursuant to subsection 5.1, 5.3, 5.4, 5.5 or 5.6. 
  
 Termination by Reason of Disability. If,
during the term of this Agreement, the Executive, in the reasonable judgment of the Board of Directors, (i) has failed to perform his duties under this Agreement on account of illness or physical or mental incapacity, and (ii) such illness or
incapacity continues for a period of more than 90 consecutive days, or 90 days during any 180 day period, the Company shall have the right to terminate Executive’s employment hereunder by written notification to Executive and payment to
Executive of all accrued salary, bonus compensation to the extent earned for the calendar year immediately preceding termination, vested deferred compensation, if any, (other than pension plan or profit sharing plan benefits which will be paid in
accordance with the applicable plans), accrued vacation pay for the year in which termination occurs, any benefits under any plans of the Company in which Executive is a participant to the full extent of Executive’s rights under such plans, and
any appropriate business expenses incurred by Executive in connection with his duties hereunder, all to the date of termination, but Executive shall not be paid any other compensation or reimbursement of any kind, including without limitation,
severance compensation. 
  
 Death.
In the event of Executive’s death during the term of this Agreement, Executive’s employment shall be deemed to have terminated as of the last day of the month during which his death occurs and the Company shall pay to his estate or such
beneficiaries as Executive may from time to time designate all accrued salary, bonus compensation to the extent earned for the calendar year immediately preceding termination, vested deferred compensation (other than pension plan or profit sharing
plan benefits which will be paid in accordance with the applicable plan), any benefits under any plans of the Company in which Executive is a participant to the full extent of Executive’s rights under such plans, accrued vacation pay for the
year in which termination occurs, and any appropriate business expenses incurred by Executive in connection with his duties hereunder, all to the date of termination, but Executive’s estate shall not be paid any other compensation or
reimbursement of any kind, including without limitation, severance compensation. 
  

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 Voluntary Termination. 
  
 In the event of a “Voluntary Termination,” as hereinafter defined, provided that the Executive provides the
Company with at least 90 days notice of such termination (which notice and any requirement for service may be waived or shortened by the Company), the Company shall within 30 days after such termination pay all accrued salary, bonus compensation to
the extent earned, vested deferred compensation, if any, (other than pension plan or profit sharing plan benefits which will be paid in accordance with the applicable plans), any benefits under any plans of the Company in which Executive is a
participant to the full extent of Executive’s rights under such plans, accrued vacation pay for the year in which termination occurs, and any appropriate business expenses incurred by Executive in connection with his duties hereunder, all to
the date of termination, but no other compensation or reimbursement of any kind, including without limitation, severance compensation. 
  
 At the time Executive notifies the Company of a Voluntary Termination, Executive shall also notify the Company of the identity of his new employer. After
such notice, the Company shall have ten days to elect to pay Executive his then effective base salary for one year after such voluntary termination during which one year period Executive shall be subject to the non-competition provisions of
subsection 9.1. If the Company fails to make such election, Executive shall be free to accept the employment specified in his notice to the Company; provided that if Executive accepts employment other than that specified in his notice to the
Company, Executive shall be subject to the non-competition provisions of subsection 9.1 for one year after termination and shall not be entitled to any payment from the Company. 
  
 “Voluntary Termination” shall mean termination by Executive of Executive’s employment other than (i)
termination by reason of Executive’s disability as described in subsection 5.3, (ii) termination by reason of Executive’s death as described in subsection 5.4, and (iii) Termination Upon a Change in Control as described in subsection 5.6.

  
 Termination Upon a Change in
Control. In the event of a “Termination Upon a Change in Control,” as hereinafter defined, Executive shall immediately be paid all accrued salary, bonus compensation to the extent earned, vested deferred compensation, if any,
(other than pension plan or profit sharing plan benefits which will be paid in accordance with the applicable plans), any benefits under any plans of the Company in which Executive is a participant to the full extent of Executive’s rights under
such plans, vacation pay for the year in which termination occurs, and any appropriate business expenses incurred by Executive in connection with his duties hereunder, all to the date of termination, and all severance compensation provided in
subsection 6.1. “Termination Upon a Change in Control” shall mean a termination by the Company (other than a Termination for Cause) or by Executive, in either case within one year following a “Change in Control” as hereinafter
defined. “Change in Control” shall mean the date on which any of the following has occurred: 
  
 any individual, entity or group (a “Person”), other than one or more of the Company’s directors on the Effective Date of this Agreement or
any Person that any such director controls, becomes the beneficial owner of 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors of the Company (the
“Company Outstanding Voting Securities”); 
  
 any
Person becomes the beneficial owner of 50% or more of the combined voting power of the then outstanding voting securities of Enterprise Bank entitled to vote generally in the election of directors of Enterprise Bank (“Bank Outstanding Voting
Securities”); 
  
 consummation of a reorganization, merger
or consolidation (a “Business Combination”) of the Company, unless, in each case, following such Business Combination (i) all or substantially all of the Persons who were the beneficial owners, respectively, of the Company Outstanding
Voting Securities 
  

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 immediately prior to such Business Combination beneficially own, directly or indirectly, more than a
majority of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the company resulting from such Business Combination, (ii) no Person (excluding any company resulting from
such Business Combination) beneficially owns, directly or indirectly, 50% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the company resulting from such
Business Combination except to the extent such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the Board of Directors of the company resulting from the Business Combination are Continuing
Directors (as hereinafter defined) at the time of the execution of the definitive agreement, or the action of the Board, providing for such Business Combination; 
  
 consummation of the sale, other than in the ordinary course of business, of more than 50% of the combined assets of the
Company and its subsidiaries in a transaction or series of related transactions during the course of any twelve-month period; or 
  
 the date on which Continuing Directors (as hereinafter defined) cease for any reason to constitute at least a majority of the Board of Directors of the
Company. 
  
 As used in this Section 5.6, the definitions of the terms
“beneficial owner” and “group” shall have the meanings ascribed to those terms in Rule 13(d)(3) under the Securities Exchange Act of 1934. As used in this Section 5.6, the term “Continuing Directors” shall mean, as of
any date of determination, (i) any member of the Board of Directors on the Effective Date of this Agreement, (ii) any person who has been a member of the Board of Directors for the two years immediately preceding such date of determination, or (iii)
any person who was nominated for election or elected to the Board of Directors with the affirmative vote of the greater of (A) a majority of the Continuing Directors who were members of the Board of Directors at the time of such nomination or
election or (B) at least four Continuing Directors but excluding, for purposes of this clause (iii), any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies by or on behalf of a Person other than the Board of Directors of the Company. “Control” means the direct or indirect ownership of voting securities constituting
more than fifty percent (50%) of the issued voting securities of a corporation. 
  
 Resignation Upon Termination. Effective upon any termination under this Section 5 or otherwise, Executive shall automatically and without taking any further actions be deemed to have resigned from all
positions then held by him with the Company and all of its Subsidiaries and Affiliates. 
  
 Severance Compensation 
  
 Termination Upon Change
in Control. Within 30 days after a Change in Control, Executive by notice to the Company may elect a Voluntary Termination, provided that in such event the provisions of subsection 5.5(b) shall not apply. If the Executive makes such
election, he shall be released from the non-competition provisions of subsection 9.1 and he shall not be entitled to any severance compensation pursuant to this subsection 6.1. In the event Executive’s employment is terminated in a Termination
Upon a Change in Control and Executive has not elected a Voluntary Termination within 30 days after a Change in Control, Executive shall be paid the following as severance compensation: 
  
 For one (1) year following such termination of employment, an amount (payable on the dates specified in subsection 4.1
except as otherwise provided herein) equal to the Base Salary at the rate payable at the time of such termination plus (i) any accrued and unpaid benefits due Executive under paragraph 4.3 of this Agreement and (ii) an amount equal to the Targeted
Bonuses due (based on the Base Salary then in effect) for the year in which such termination of employment occurs (determined as though all requisite targets were fully and completely achieved). Notwithstanding any provision in this paragraph (a) to
the contrary, Executive may, in Executive’s sole discretion, by delivery of a notice to the Company within 30 days following a Termination Upon a Change in Control, elect to receive from the Company a lump sum severance payment by bank
cashier’s check equal to the present value of the flow of cash payments that 
  

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 would otherwise be paid to Executive pursuant to this paragraph (a). Such present value shall be
determined as of the date of delivery of the notice of election by Executive and shall be based on a discount rate equal to the prime rate, as reported in The Wall Street Journal, or similar publication, on the date of delivery of the
election notice. If Executive elects to receive a lump sum severance payment, the Company shall make such payment to Executive within 30 days following the date on which Executive notifies the Company of Executive’s election. 
  
 In the event that Executive is not otherwise entitled to fully exercise all
awards granted to him under any stock option plan maintained by the Company and any such plan does not otherwise provide for acceleration of exercise ability upon the occurrence of the Change in Control described herein, such awards shall become
immediately exercisable upon a Change in Control. 
  
 All
restricted stock granted to Executive will vest and become transferable. 
  
 Executive shall for one year following termination of employment continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Company in which Executive is a participant to
the full extent of Executive’s rights under such plans, including any perquisites provided under this Agreement; provided, however, that the benefits under any such plans of the Company in which Executive is a participant, including any such
perquisites, shall cease upon Executive’s obtaining other employment. If necessary to provide such benefits to Executive, the Company shall, at its election, either: (i) amend its employee benefit plans to provide the benefits described in this
paragraph (c), to the extent that such is permissible under the nondiscrimination requirements and other provisions of the Internal Revenue Code of 1986 (the “Code”) and the provisions of Executive Retirement Income Security Act of 1974,
or (ii) provide separate benefit arrangements or cash payments so that Executive receives amounts equivalent thereto, net of tax consequences. 
  
 Termination Upon Any Other Event. In the event of a Voluntary Termination, Termination For Cause, termination by reason of Executive’s
disability pursuant to subsection 5.3 or termination by reason of Executive’s death pursuant to subsection 5.4, Executive or his estate shall not be paid any severance compensation. 
  
 Confidentiality. Executive agrees to hold in strict confidence all non-public information concerning any
matters affecting or relating to the business of the Company, its Subsidiaries and Affiliates, including without limiting the generality of the foregoing non-public information concerning their manner of operation, business or other plans, data
bases, marketing programs, protocols, processes, computer programs, client lists, marketing information and analyses, operating policies or manuals or other data. Executive agrees that he will not, directly or indirectly, use any such information
for the benefit of others than the Company or disclose or communicate any of such information in any manner whatsoever other than to the directors, officers, employees, agents and representatives of the Company who need to know such information, who
shall be informed by Executive of the confidential nature of such information and directed by Executive to treat such information confidentially. Upon the Company’s request, Executive shall return all information furnished to him related to the
business of the Company without retaining any copies in electronic or other form. The above limitations on use and disclosure shall not apply to information which Executive can demonstrate: (a) was known to Executive before receipt thereof from the
Company; (b) is learned by Executive from a third party entitled to disclose it; or (c) becomes known publicly other than through Executive; (c) is disclosed by Executive upon authority of the Board or any committee of the Board; (d) is disclosed
pursuant to any legal requirement or (e) is disclosed pursuant to any agreement to which the Company or any of its Subsidiaries or Affiliates is a party. The parties hereto stipulate that all such information is material and confidential and gravely
affects the effective and successful conduct of the business of the Company and the Company’s goodwill, and that any breach of the terms of this Section 7 shall be a material breach of this Agreement. The terms of this Section 7 shall survive
and remain in effect following any termination of this Agreement. 
  
 Use of Proprietary Information. Executive recognizes that the Company possesses a proprietary interest in all of the information described in Section 7 and has the exclusive right and privilege to use, protect by copyright,
patent or trademark, manufacture or otherwise exploit the processes, ideas and concepts described therein to the 
  

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 exclusion of Executive, except as otherwise agreed between the Company and Executive in writing. Executive expressly
agrees that any products, inventions, discoveries or improvements made by Executive, his agents or affiliates, during the term of this Agreement, based on or arising out of the information described in Section 7 shall be the property of and inure to
the exclusive benefit of the Company. Executive further agrees that any and all products, inventions, discoveries or improvements developed by Executive (whether or not able to be protected by copyright, patent or trademark) in the scope of his
employment, or involving the use of the Company’s time, materials or other resources, shall be promptly disclosed to the Company and shall become the exclusive property of the Company. 
  
 Non-Competition Agreement. 
  
 Non-Competition. Subject to the provisions of subsection
5.1(b) and 6.1, Executive agrees that, during the Employment Term and for a period of one year following any termination of such employment, Executive shall not, without the prior written consent of the Company, directly or indirectly, own, manage,
operate, control, be connected with as an officer, employee, partner, consultant or otherwise, or otherwise engage or participate in (except as an employee of the Company, or Affiliate of it) any corporation or other business entity engaged in the
operation, ownership or management of a bank, trust company or financial services business within the Metropolitan Statistical Areas of St. Louis, Kansas City or any other city in which the Company or any of its Affiliates has an office at the time
of such termination. Notwithstanding the foregoing, the ownership by Executive of less than 1% of any class of the outstanding capital stock of any corporation conducting such a competitive business which is regularly traded on a national securities
exchange or in the over-the-counter market shall not be a violation of the foregoing covenant. 
  
 Non-Solicitation. During the Employment Term and for a period of one year following any termination of such employment, Executive shall not, except on behalf of or with the prior written consent of the
Company, directly or indirectly, entice or induce, or attempt to entice or induce, any employee of the Company to leave such employ, or employ any such person in any business similar to or in competition with that of the Company. Executive hereby
acknowledges and agrees that the provisions set forth in this subsection 9.2 constitute a reasonable restriction on his ability to compete with the Company. 
  
 Saving Provision. The parties hereto agree that, in the event a court of competent jurisdiction shall determine that the geographical or
durational elements of this covenant are unenforceable, such determination shall not render the entire covenant unenforceable. Rather, the excessive aspects of the covenant shall be reduced to the threshold which is enforceable, and the remaining
aspects shall not be affected thereby. 
  
 Equitable
Relief. Executive acknowledges that the extent of damages to the Company from a breach of Sections 7, 8 and 9 of this Agreement would not be readily quantifiable or ascertainable, that monetary damages would be inadequate to make the Company
whole in case of such a breach, and that there is not and would not be an adequate remedy at law for such a breach. Therefore, Executive specifically agrees that the Company is entitled to injunctive or other equitable relief (without any
requirement to post any bond or other security) from a breach of Sections 7, 8 and 9 of this Agreement, and hereby waives and covenants not to assert against a prayer for such relief that there exists an adequate remedy at law, in monetary damages
or otherwise. 
  
 Change of Control. If after any
Change of Control Executive’s employment is terminated under circumstances such that Executive does not receive severance compensation pursuant to Section 6.1, Executive shall not be subject to the restrictions of this Section 9 unless the
Company continues to pay without interruption Executive’s Base Salary at the rate in effect immediately prior to such termination and then only so long as such payments are continued without interruption for a period of up to one year after
termination. 
  
 Assignment. This Agreement shall
not be assignable by Executive and shall not be assignable by the Company except by operation of law or to a successor entity acquiring all or substantially all the Company’s business or assets. No such assignment shall affect any determination
of whether such assignment involves a Change of Control for purposes of this Agreement. In the event of any assignment permitted hereby, the duties and 
  

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 responsibilities of Executive performed for the assignee shall not, without the written consent of Executive, be
materially increased, altered or diminished in a manner inconsistent with Executive’s duties and responsibilities hereunder for the Company. 
  
 Entire Agreement. This Agreement and any agreements entered into after the date hereof under any of the Company’s benefit plans or
compensation programs as described in Section 4 contain the complete agreement concerning the employment arrangement between the parties, including without limitation severance or termination pay, and shall, as of the Effective Date, supersede all
other agreements or arrangements between the parties with regard to the subject matter hereof. 
  
 Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns. The obligations of the
Company under this Agreement shall not be terminated by reason of any liquidation, dissolution, bankruptcy, cessation of business or similar event relating to the Company. This Agreement shall not be terminated by reason of any merger, consolidation
or reorganization of the Company, but shall be binding upon and inure to the benefit of the surviving or resulting entity. 
  
 Modification. No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid
unless authorized by the Board and reduced to in writing and duly executed by the party to be charged therewith and no evidence of any waiver or modification shall be offered or received in evidence of any proceeding, arbitration, or litigation
between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties thereunder, unless such waiver or modification is in writing, duly executed as aforesaid. 
  
 Severability. All agreements and covenants contained herein are
severable, and in the event any of them shall be held to be invalid or unenforceable by any court of competent jurisdiction, this Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein. 
  
 Manner of Giving Notice. All notices, requests and demands to or upon the respective parties
hereto shall be sent by hand, certified mail, overnight air courier service, in each case with all applicable charges paid or otherwise provided for, addressed as follows, or to such other address as may hereafter be designated in writing by the
respective parties hereto: 
  

					
	To Company:	    	To Executive: at his current
	Enterprise Financial Services Corp	    	residential address on file with
	150 North Meramec	    	the Company.
	Clayton, Missouri 63105	    	 
	Attention:	 	President	    	 
	 	 	and Corporate Secretary	    	 

  
 Such notices, requests
and demands shall be deemed to have been given or made on the date of delivery if delivered by hand or by telecopy and on the next following date if sent by mail or by air courier service. 
  
 Remedies. In the event of a breach of this Agreement, the
non-breaching party shall be entitled to such legal and equitable relief as may be provided by law, and shall further be entitled to recover all costs and expenses, including reasonable attorneys’ fees, incurred in enforcing the non-breaching
party’s rights hereunder. 
  
 Headings. The
headings have been inserted for convenience only and shall not be deemed to limit or otherwise affect any of the provisions of this Agreement. 
  
 Choice of Law. It is the intention of the parties hereto that this Agreement and the performance hereunder be construed in accordance with,
under and pursuant to the laws of the State of Missouri without regard to the jurisdiction in which any action or special proceeding may be instituted. 
  

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 Taxes. The company may withhold from any payments made under this Agreement all applicable
taxes, including but not limited to income, employment and social insurance taxes, as shall be required by law. 
  
 Voluntary Agreement; No Conflicts. Executive hereby represents and warrants to the Company that he is legally free to accept and perform his
employment with the Company, that he has no obligation to any other person or entity that would affect or conflict with any of Executive’s obligations pursuant to such employment, and that the complete performance of the obligations pursuant to
Executive’s employment will not violate any order or decree of any governmental or judicial body or contract by which Executive is bound. The Company will not request or require, and Executive agrees not to use, in the course of
Executive’s employment with the Company, any information obtained in Executive’s employment with any previous employer to the extent that such use would violate any contract by which Executive is bound or any decision, law, regulation,
order or decree of any governmental or judicial body. 
  
 Certain Definitions. As used herein, the following definitions shall apply: 
  
 “Affiliate” with respect to any person, means any other Person that, directly or indirectly through one or more intermediaries, Controls,
is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is
also a Subsidiary. 
  
 “Control” With respect to
any Person, means the possession, directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or credit
arrangement, as trustee or executor, or otherwise. 
  
 “Person” Any natural person, firm, partnership, limited liability company, association, corporation, company, trust, business trust, governmental authority or other entity. 
  
 “Subsidiary” With respect to any Person, each corporation or
other Person in which the first Person owns or Controls, directly or indirectly, capital stock or other ownership interests representing 50% or more of the combined voting power of the outstanding voting stock or other ownership interests of such
corporation or other Person. 
  
 IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the date first stated above. 
  

			
	ENTERPRISE FINANCIAL SERVICES CORP
		
	By:	 	  

		
	Title:	 	  

	
	EXECUTIVE:
	
	  

	Stephen P. Marsh

  

 35Illustrative form of First Amendment

 Exhibit 10.1 
  
 RECORDING REQUESTED BY AND 
 UPON RECORDING RETURN TO: 
 Susan Reid, Esq. 
 Preston Gates & Ellis LLP 
 55 Second Street, Suite 1700 
 San Francisco, California 94105 
  
 ———————————SPACE ABOVE THIS LINE FOR RECORDER’S USE——————————— 
  
 FIRST AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING STATEMENT AND TO 
 ASSIGNMENT OF LEASES AND RENTS 
  
 THIS FIRST AMENDMENT TO DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING STATEMENT AND TO ASSIGNMENT OF LEASES AND RENTS (“First Amendment”) is made this
22nd day of September, 2004 (the “Effective Date”), by and among CATELLUS OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (“COLP”) (as successor by merger to Catellus Development
Corporation, a Delaware corporation (“Original CDC”)), CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation (“Pledgor”) (formerly known as Catellus SubCo, Inc.), and COMMONWEALTH LAND TITLE COMPANY
(“Trustee”), whose address is One Market Street, Spear Street Tower, Suite 1850, San Francisco, CA 94105-1019, for the benefit of TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York corporation
(“Lender”). 
  
 RECITALS:

  
 A. Lender agreed to make, and Original CDC agreed to accept, a
loan (the “Loan”) in the original principal amount of $101,780,000.00. 
  
 B. To evidence the Loan, Original CDC executed and delivered to Lender a Promissory Note (as amended from time to time, the
“Note”), dated March 28, 2002, in the original principal amount of $101,780,000.00. 
  
 C. Pursuant to that certain Loan Agreement (as amended from time to time, the “Loan Agreement”) dated March 28, 2002, by and
between Lender and Original CDC, the Loan was advanced in separate disbursements. 
  
 D. As part of the First Disbursement (as defined in the Loan Agreement) and as security for the Note, Original CDC executed and delivered, among other things, (i) that certain Deed of Trust, Assignment of Leases and
Rents, Security Agreement and Fixture Filing Statement (the “Deed of Trust”), dated March 28, 2002, which was recorded on April 5, 2002, in the Official Records of the County of San Bernardino (the “Official
Records”) as Document No. 2002-0169689, and which conveyed, among other things, Original CDC’s interest in the Property (as defined in the Deed of Trust), and (ii) that certain Assignment of Leases and Rents (the
“Assignment”), dated March 28, 2002, which was recorded on April 5, 2002, in the Official Records as Document No. 2002-0169690. The Allocated Loan Proceeds (as defined in the Loan Agreement) for the Property are
$2,750,000.00. 
  
 E. COLP is the successor by merger to Original
CDC, the original Borrower under the Deed of Trust and owner of the Property, and, by operation of law, COLP assumed the Loan. 
  

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 F. Pursuant to a Grant Deed of even date herewith, COLP distributed the Property to Pledgor, subject to
the lien of the Deed of Trust and Assignment. 
  
 G. Pledgor has
agreed to join in the execution of this First Amendment in order to acknowledge that its right, title and interest in the Property is subject to the lien of the Deed of Trust and to the Assignment, upon the terms and conditions set forth therein, as
modified herein, and as continuing security for the Loan. 
  
 AGREEMENT: 
  
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, COLP, Pledgor and Lender agree as follows: 
  
 Section 1. Recitals and Definitions. The foregoing recitals are true and correct and by this reference incorporated herein. All capitalized
words and phrases herein shall, unless otherwise defined, have the meanings ascribed to them in the Deed of Trust. 
  
 Section 2. Consent to Transfer of the Property. Lender hereby consents to the transfer of the Property to Pledgor, and Pledgor acknowledges
that the Property continues to be burdened by all of the terms, covenants, conditions, and obligations of the Deed of Trust and Assignment, as modified hereby, including the exceptions to Borrower’s limitation of liability set forth in Section
15.1. The Deed of Trust is hereby modified by including Pledgor within the definitions of “Borrower” and “CDC” under the Deed of Trust, and Pledgor agrees, along with COLP, to be bound by the obligations and limitations of
Borrower and CDC under the Deed of Trust to the extent applicable to the Property, including, without limitation, the exceptions to Borrower’s limitation of liability set forth in Section 15.1. 
  
 Section 3. Modification to Deed of Trust. The Deed of Trust is
hereby modified by changing the new address of Trustee to the address noted in the first paragraph hereof and adding the following as new Article XX: 
  
 “ARTICLE XX 
  
 WAIVER AND JOINDER PROVISIONS 
  
 Section 20.1. Joinder and Waiver Provisions. 
  
 (a) Pledgor joins in the execution of this Deed of Trust for the purpose of (i) securing payment and performance of the Obligations,
provided that Pledgor is not personally liable for the payment or performance of the Obligations, Pledgor’s liability under this Deed of Trust being limited to Pledgor’s right, title and interest, if any, in the Land and the other
Property; (ii) conveying to Trustee all of Pledgor’s right, title and interest in and to the Property and to each of the provisions of this Deed of Trust; and (iii) assigning to Lender absolutely and not merely as additional security for the
payment and performance of the Obligations as more fully set forth in the Assignment, all of Pledgor’s right, title and interest, if any, in and to the Leases and the Rents, in each instance subject to the conditions set forth in the Section
entitled “Conditions to Grant,” provided that the foregoing does not limit, qualify or affect in any way the present, absolute nature of the Assignment. 
  
 (b) Pledgor agrees that any and all conditions precedent or subsequent to subjecting its interest in the
Property to the lien of this Deed of Trust have either been satisfied or are expressly and irrevocably waived. Pledgor has no defense to the foreclosure of this Deed of Trust or the enforcement of any remedy provided for herein or in any other
document evidencing the Loan and agrees that this Deed of Trust shall at all times be and remain a valid first and prior lien and charge upon its interest in the Property for the repayment of the full indebtedness secured hereby and any renewal or
extensions thereof without regard to any act or omission of BORROWER, Trustee or Lender, either past, present or future. Without limiting the foregoing, Pledgor hereby waives the benefits of any right of discharge under any and all statutes or other
laws relating to guarantors or sureties and any other rights of sureties and guarantors thereunder, including without limitation, diligence, presentment, demand for payment, protest, and all notices which may be required by statute, rule of law or
otherwise to preserve intact Lender’s rights 
  

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 against Pledgor hereunder, including, but not limited to, notice of acceptance, notice of any amendment of the Loan
Documents by Lender and Borrower or Pledgor, notice of the occurrence of any default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest and, generally, all demands, notices and other
formalities of every kind in connection with the Loan Documents, and all rights to require Lender to proceed against Borrower or Pledgor or to pursue any other remedy it may now or hereafter have against Borrower or Pledgor. 
  
 (i) Without limiting the generality of the foregoing and
notwithstanding any rights and benefits that may otherwise apply to a surety, Pledgor: 
  
 (A) hereby waives the rights and benefits under Civil Code Section 2819, and agrees that its liability shall continue even if
Lender’s remedies or rights against Borrower or Pledgor are in any way impaired or suspended without Pledgor’s consent; 
  
 (B) hereby waives any and all benefits and defenses under Civil Code Section 2810 and agrees that Pledgor is liable even if Borrower had
no liability at the time of execution of the Note, the other Loan Documents or thereafter ceased to be liable; 
  
 (C) hereby waives any and all benefits and defenses under Civil Code Section 2809 and agrees that its liability may be larger in amount
and more burdensome than that of Borrower; 
  
 (D) hereby waives any and all benefits and defenses under Civil Code Sections 2845, 2849, 2850, 2899 and 3433, including, without limitation, any right to require Lender to (i) proceed against Borrower or any other pledgor, or (ii) pursue
any other right or remedy for Pledgor’s benefit, and agrees that Lender may proceed against Pledgor’s right, title and interest in the Land and the other Property for the obligations under the Loan Documents without taking any action
against Borrower or any other pledgor and except as expressly provided herein to the contrary without proceeding against any other collateral Lender holds; 
  
 (E) agrees that Lender may unqualifiedly exercise, in its sole and absolute discretion, any or all rights and remedies available to it
against Borrower or any other pledgor without impairing Lender’s rights and remedies in enforcing the Loan Documents against Pledgor; and 
  
 (F) agrees that Lender’s exercise of certain of such rights or remedies may affect or eliminate Pledgor’s right of subrogation
or recovery against Borrower or another pledgor and that Pledgor may incur partially or totally non-reimbursable liability under this Deed of Trust. 
  
 (ii) Pledgor hereby waives all benefits and defenses under Civil Code Sections 2847, 2848 and 2849 and agrees that Pledgor shall have no
right of subrogation or reimbursement against Borrower or any other pledgor, no right of subrogation against any collateral or security provided for in the Loan Documents and no right of contribution against any other pledgor unless and until all
amounts due under the Loan Documents have been paid in full and Lender has released, transferred or disposed of all of its right, title and interest in the Property. To the extent any Pledgor’s waiver of these rights of subrogation,
reimbursement or contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, Pledgor agrees that Pledgor’s rights of subrogation and reimbursement against Borrower or any other pledgor
and right of subrogation against any collateral or security shall be unconditionally junior and subordinate to Lender’s rights against Borrower and to Lender’s right, title and interest in such collateral or security, and Pledgor’s
right of contribution against any other pledgor shall be unconditionally junior and subordinate to Lender’s rights against such other pledgor. 
  
 (iii) Pledgor agrees that it shall not be released or discharged, in whole or in part, by (i) Lender’s failure to perfect or continue
the perfection of any lien or security interest in collateral which secures the obligations of Borrower, (ii) Lender’s failure to protect the Property covered by such lien or security interest, or (iii) any consent by Lender to the transfer,
subordination, release, substitution or liquidation of any portion of the collateral which secures the obligations of Borrower. 
  

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 (iv) So long as any of the obligations secured hereby shall remain owing to Lender,
Pledgor shall not, without the prior written consent of Lender, commence or join with any other party in commencing any bankruptcy, reorganization or insolvency proceedings of Pledgor or against Borrower or any other pledgor. 
  
 (v) Pledgor’s waivers herein are made knowing that
their intent is to deprive Pledgor of the benefits and defenses that would or could otherwise be available to Pledgor as a guarantor under the statutory provisions and case law referenced herein. 
  
 (vi) If any payment by Borrower is held to constitute a
preference under any applicable bankruptcy or similar laws, or if for any reason Lender is required to refund any sums to Borrower, such amounts shall not constitute a release of any liability hereunder. It is the intention of Lender and Pledgor
that Pledgor’s obligations hereunder shall not be discharged except by Borrower’s performance of such obligations and then only to the extent of such performance. 
  
 (vii) Pledgor agrees that any indebtedness of Borrower now or hereafter held by Pledgor is hereby and shall
be unconditionally subordinated to all indebtedness of Borrower to Lender and any such indebtedness of Borrower shall be collected, enforced and received by Pledgor, as trustee for Lender, but without reducing or affecting in any manner the
liability of Pledgor under the other provisions of the Loan Documents. 
  
 (viii) Pledgor hereby waives all rights and remedies arising out of an election of remedies by Lender, even though, that election of remedies, such as non-judicial foreclosure with respect to security for the
obligations under the Loan Documents, has destroyed Pledgor’s rights of subrogation and reimbursement against Borrower or any other pledgor. In addition, Pledgor hereby waives all defenses that Pledgor may have because the obligations under the
Loan Documents are secured by real property in addition to the Property. 
  
 (ix) Pledgor acknowledges that nothing contained in the Deed of Trust shall affect any of Borrower’s or any Pledgor’s obligations under any lease agreement relating to the Property. 
  
 (x) Pledgor further acknowledges that: 
  
 (A) Lender would not make the Loan without the agreements
in this Deed of Trust; 
  
 (B) such agreements
shall be the whole and only agreement between the parties with respect to the subjecting of Pledgor’s interest in the Property to the lien and charge of this Deed of Trust; 
  
 (C) Pledgor consents to, and approves of, the instructions of Borrower to Lender as to the disbursement of
the proceeds of the Loan; 
  
 (D) Lender in
making such disbursement is under no obligation or duty to, nor has Lender represented that it will see to, the application of such proceeds and any application or use of such proceeds for any purpose shall not defeat the encumbrance hereby made
either in whole or in part; 
  
 (E) Pledgor
intentionally and unconditionally subjects its interests in the Property to the lien and charge of this Deed of Trust and understands that, in reliance upon, and in consideration of so doing, specific loans and advances are being, and will be made,
and specific monetary and other obligations are being, and will be, entered into which would not be made or entered into but for said reliance upon such encumbrance; 
  
 (F) Borrower’s performance of any of Pledgor’s obligations herein shall be deemed to be
performance by Pledgor to the extent performed by Borrower; and 
  

 4 

 (G) the making of the Loan will benefit Pledgor, at least to the extent that (A) the
encumbrance on Pledgor’s interest in the Property, and (B) other expenses (including the cost to complete construction) with respect to the Property, are paid with the proceeds of the Loan (but not in excess of the value of Pledgor’s
interest in the Property).” 
  
 Section 4.
Modification to Assignment. The Assignment is hereby modified by including Pledgor within the definition of “Borrower” under the Assignment, and Pledgor agrees, along with COLP, to be bound by the obligations and limitations of
Borrower under the Assignment. 
  
 Section 5. Grant;
Confirmation of Lien. Pledgor acknowledges and agrees that the Obligations are secured by the Deed of Trust and the Assignment, as amended by this First Amendment, and in confirmation thereof, Pledgor hereby irrevocably grants, warrants, conveys
and assigns to Trustee in trust, WITH POWER OF SALE, and grants to Trustee a security interest in, all right, title and interest in, the Property for the uses and purposes set forth in the Deed of Trust, as amended by this First Amendment.

  
 Section 6. Warranties. Pledgor and COLP hereby
make, ratify and confirm all representations and warranties included in the Deed of Trust as though made by each of them and set forth herein in their entirety, and as of the date first written above to the extent applicable to the Property.

  
 Section 7. COLP’s Acknowledgements and
Reaffirmation. COLP, as successor by merger to Original CDC, expressly acknowledges and agrees that COLP is fully liable for and bound by all of the obligations and liabilities under all of the Loan Documents including the Note and exceptions to
the limitations on recourse as set forth in the Loan Documents. 
  
 Section 8. Construction; Priority. The provisions of the Deed of Trust, and Assignment, as each is amended by this First Amendment, shall, as amended, constitute and be construed as one document, and any reference to the Deed
of Trust and/or the Assignment in the Loan Documents shall mean the applicable document, as amended by this First Amendment. Except as specifically provided herein, none of the provisions herein contained shall in any way be construed as a
modification of any of the terms and conditions of the Deed of Trust or the Assignment, as applicable, and all other terms and conditions of the Deed of Trust and the Assignment shall remain unchanged and in full force and effect. This First
Amendment shall in no way impair the lien, charge or priority of the Deed of Trust or the Assignment, or any other of the Loan Documents upon all property covered thereby. 
  
 Section 9. Applicable Law. This First Amendment is governed by and will be construed in accordance with the
Laws of the state or commonwealth which govern the Deed of Trust, except to the extent that the Uniform Commercial Code (as defined in the Deed of Trust) requires otherwise. 
  
 Section 10. Further Amendment. The Loan Documents may not be further amended orally or by any act or omission
made individually by COLP, Pledgor, Lender or Trustee but may be further amended only by a written document signed by the party against which enforcement of the amendment, waiver or termination is sought. 
  
 Section 11. Covenants Run with the Land. Subject to the
restrictions on transfer contained in the Deed of Trust, all of the covenants of the Deed of Trust, the Assignment, and this First Amendment run with the Land, will bind all parties hereto and all tenants and subtenants of the Land or the
Improvements and their respective heirs, executors, administrators, successors and assigns, and all occupants and subsequent owners of the Property, and will inure to the benefit of Lender and all subsequent holders of the Note and the Deed of
Trust, as amended by this First Amendment. 
  
 Section 12.
Counterparts. Duplicate counterparts of this First Amendment may be executed and together will constitute a single original document. 
  
 [Signature page follows.] 
  

 5 

 IN WITNESS WHEREOF, COLP, Pledgor and Lender have executed and delivered this First Amendment as of the
date first set forth above. 
  

					
	COLP:
	
	Catellus Operating Limited Partnership,
	a Delaware limited partnership
		
	By:	 	Catellus Development Corporation (formerly known as Catellus SubCo, Inc.),
	 	 	a Delaware corporation, its sole general partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Its:	 	  

  

			
	Pledgor:	 	 
	
	Catellus Development Corporation (formerly known as Catellus SubCo, Inc.),
	a Delaware corporation
		
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 [Signatures
continue on next page.] 
  

 6 

			
	Lender
	
	Teachers Insurance and Annuity Association of America, a New York corporation
		
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 [Acknowledgments
begin on next page.] 
  

 7 

 ACKNOWLEDGEMENTS 
  

			
	STATE OF CALIFORNIA	 	)
	 	 	) ss:
	COUNTY OF SAN FRANCISCO	 	)

  
 On
                    , before me, the undersigned, a Notary Public in and for said State, personally appeared
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

  
 WITNESS my hand and official seal. 
  

	
	Signature:
	  
  

	Name

  

 8

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