Document:

EX-10.4

 Exhibit 10.4 

Hancock Holding Company 
 One Hancock Plaza

 Post Office Box 4019 
 Gulfport, Mississippi
39502 
 1-855-404-5465 
 Re:
Award of Restricted Common Stock (“Award”) 
 The Board of Directors of Hancock Holding Company (the “Company”) is
pleased to inform you of your grant of Restricted Common Stock of the Company, upon the terms and subject to the conditions of this Award Agreement. 

1. Award. This Award grants you the number of shares of Restricted Common Stock of the Company set forth above (the
“Restricted Shares”). The specifics of the grant, including the grant date, vesting schedule (the “Vesting Period”) and other terms and conditions, as applicable, are also set forth in this notification of your grant which
constitute a part of this Agreement and are incorporated herein by this reference. Upon your acceptance of this grant, you will become entitled to receive dividends on the Restricted Shares from and after the grant date and to immediately vote the
Restricted Shares. 
 2. Confidentiality. The information in this Award Agreement is highly confidential. If you have any
questions regarding your Award or this Award Agreement, such questions should be directed only to the Human Resources Department, Corporate Trust Department or your immediate supervisor or the supervisors in your chain of command. Neither this Award
nor any of the provisions of this Award Agreement should be disclosed to or discussed with any other persons, specifically including other personnel of the Company or its subsidiaries. This confidentiality provision is not intended to preclude you
from discussing this Award or the contents of this Agreement with your spouse or other members of your immediate family or with your tax advisors. Neither will any disclosure of the Award required to comply with federal or state security or other
laws be deemed a violation of this provision. 
 3. Plan/Committee. This Award of Restricted Shares is made pursuant to the
Hancock Holding Company 2014 Long Term Incentive Plan (the “Plan”). The Plan is administered by the Compensation Committee of the Board of Directors of the Company (the “Committee”) which has authority to make certain
determinations as to the terms of and to interpret the provisions of awards granted under the Plan. Any interpretation of this Award by the Committee and any decision made by it with respect to this Award are final and binding on all persons. 

In addition to this Award Agreement, the Award granted to you hereunder is subject to the terms and conditions set forth in the Plan; and in
the event of any conflict between the provisions of this Award Agreement and the Plan, the Plan shall control. Your Award is also subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time
pursuant to the Plan. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in this Award Agreement. 

4. Escrow/Custodian. The Restricted Shares will be issued in your name, but will be held in escrow until they become vested or
are forfeited. The Committee has designated the Corporate Trust Department of Whitney Bank (the “Custodian”) to serve as custodian of the escrowed Restricted Shares under the Plan. By your acceptance of this Award Agreement, you hereby
appoint the Custodian as your attorney-in-fact with full power and authority to transfer, assign and convey to the Company any Restricted Shares held by the Custodian that are forfeited under the terms of this Award. Once the Restricted Shares
become vested and you remit the amount of any taxes required to be withheld by the Company or instruct that a portion of such shares be withheld to cover the withholding taxes as set forth in Section 5, your Restricted Shares will be released
from escrow and from all restrictions on your ownership imposed hereunder. 

 Upon release from escrow, the Restricted Shares (net of shares withheld for taxes, if any) will
be delivered to you by the Custodian in a certificate representing such shares or will be issued in your name in a DRS book entry. However, you may request that all Restricted Shares be issued in a certificate and forwarded to you in lieu of a DRS
book entry. 
 5. Tax Withholding. As a condition to receiving the Restricted Shares pursuant to this Award upon the vesting
thereof, you (or your estate or beneficiary in the event of your death) must remit to the Company an amount equal to the Company’s federal, state and local tax withholding obligation applicable thereto or, alternatively, instruct the Committee
to withhold a portion of such shares to cover the Company’s withholding obligation. In the event no such remittance or instruction is received prior to the date the shares vest (or such other date set by the Committee), the Company shall
automatically withhold a portion of the shares with a fair market value equal to the Company’s withholding obligation. 
 6.
Restrictions on Transfer. During the Vesting Period, you may not encumber or sell the Restricted Shares and you may not transfer the Restricted Shares except by will, the laws of descent and distribution or pursuant to a domestic
relations order. However, you may transfer your right to the Restricted Shares to a member of your immediate family or to a trust or similar vehicle for the benefit or your immediate family members subject to the same terms and conditions applicable
to you. You must notify the Company of any transfer of your Restricted Shares. 
 7. Vesting/Forfeiture. The Restricted Shares
will vest in accordance with the vesting schedule set forth in this notification provided you remain employed with the Company or one of its subsidiaries during the entire Vesting Period and keep a comparable position of responsibility and authority
during the entire Vesting Period. Except as otherwise provided in this Section with respect to your death or Disability or in connection with a Change in Control as provided in Section 8, if you terminate employment with the Company and its
subsidiaries or if you transfer to a position that does not have comparable responsibility or authority, whether voluntarily or involuntarily, at any time prior to the end of the Vesting Period, your Restricted Shares will be forfeited and the
Restricted Shares will be delivered by the Custodian to, and become the sole property of, the Company. 
 The vesting schedule applicable to
your Restricted Shares shall be accelerated and your Restricted Shares will immediately become one hundred percent (100%) vested in the event of your death or your Disability (as defined below in connection with a Change in Control) provided
the following conditions are met at the time of your death or Disability: 
  

	 	(a)	You are an active employee of the Company or one of its subsidiaries; 

  

	 	(b)	You are in good standing with the Company (i.e., meeting expectations performance rating as established by the Company); and 

  

	 	(c)	You have at least ten years of service with the Company or its subsidiaries. For this purpose, years of service with any entity (the “Acquired Entity”) acquired by the Company or its subsidiaries in a merger,
stock exchange or similar transaction shall be counted as years of service with the Company, provided you were employed by the Acquired Entity on the effective date of the merger with or other acquisition by the Company and/or its subsidiary. The
number of years of service with the Acquired Entity to be taken into account for this purpose shall be the maximum years credited for seniority time in accordance with the policies and procedures of the Acquired Entity prior to such merger or
acquisition. 

 8. Change in Control. In addition to the acceleration of vesting as provided in
Section 7, if within the two-year period commencing on the closing date of a Change in Control (as defined in the Plan and Prospectus) your employment with the Company and its subsidiaries is involuntarily terminated for any reason other than
“Cause” or is terminated due to your “Disability”, or if you voluntarily terminate your employment for “Good Reason”, all restrictions on ownership are lifted and the Restricted Shares will become one hundred percent
(100%) vested. For purposes of this provision, the following definitions shall apply: 
  

	 	(a)	“Cause” shall mean (1) your commitment of an intentional act of fraud, embezzlement, or theft in the course of your employment or other engagement in any intentional misconduct or gross negligence which
is materially injurious to Company’s business, financial condition or business reputation; (2) your commitment of intentional damage to the property of Company or your intentional wrongful disclosure of confidential information which is
materially injurious to Company’s business, financial condition or business reputation; (3) your intentional refusal to perform the material duties of your position, without cure, or the beginning of cure, within five (5) days of
written notice from Company; (4) commitment of a material breach of an employment agreement with the Company (if any); (5) your failure to show up at Company’s offices on a daily basis, subject to permitted vacations and absences for
illness, without cure, or the beginning of cure, within five (5) days of written notice from Company; or (6) your entry of a guilty plea or a plea of no contest with regard to any felony. Any reference to Company in the preceding sentence
includes each of its subsidiaries. 

  

	 	(b)	“Good Reason” shall mean a reduction of more than 10% in your base salary, a transfer to a position with a pay grade more than two pay grades below your current position or a transfer to a jobsite more than 35
miles from your current jobsite. 

  

	 	(c)	“Disability” shall mean such disability as entitles you to disability benefits under the Social Security Act as amended to the date of inception of such disability. 

 

	 	(d)	In the event a Change in Control Employment Agreement between you and the Company is in effect at the time of the Change in Control, “Cause”, “Good Reason” and “Disability” shall have the
same respective meanings as provided in such Change in Control Employment Agreement in lieu of the definitions contained herein. 

Notwithstanding the preceding, in the event the surviving entity in a Change in Control does not assume the Company’s obligations under
the Plan and this Agreement or convert your rights hereunder into equivalent rights to equity in the surviving entity in connection with such Change in Control, the Board of Directors of the Company may, in its discretion, lift all ownership
restrictions and provide for all Restricted Shares to become one hundred percent (100%) vested immediately upon such Change in Control whether or not your employment with the Company and its subsidiaries is terminated. In either event, you will
have the option of either receiving shares of Common Stock of the Company or a lump-sum cash payment equal to the fair market value thereof. 

Miscellaneous Provisions. Before accepting this Award, you should review the Plan and the Prospectus for the Plan, copies of
which may be accessed through the link provided in this notification. You should pay particular attention to the Plan since it sets forth other provisions which cover your Award of Restricted Shares. Also, you should note that the acceptance of your
Award means that you have agreed to take any reasonable action required to meet the requirements imposed by federal and state securities and other laws, rules or regulations and by any regulatory agencies having jurisdiction and you have agreed to
allow the Company to withhold from any payments made to you, or to collect as a condition of payment, any taxes required by law to be withheld because of this Award. The Prospectus contains an explanation of certain federal income tax consequences
and is current as of the date of the Prospectus. However, since tax laws often change, you should consult your tax advisor for current information at any given time. 

 This Award Agreement is required by the Plan. This Award Agreement is binding upon, and inures to
the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. Your rights hereunder
are personal to you and may not be assigned to any other person or persons. This Award Agreement is binding on you and your beneficiaries, heirs and personal representatives. 

Your electronic acceptance of this Award of Restricted Shares indicates your acceptance of this Award Agreement and the terms and
provisions of this grant. 
 Please remember the strict confidentiality requirements of this Agreement. 

Again, we congratulate you on your Award. Thank you for your service to Hancock Holding Company.ITW_Exhibit 10.1

Exhibit 10.1
ILLINOIS TOOL WORKS INC.
AMENDED AND RESTATED DIRECTORS' DEFERRED FEE PLAN 
(Approved by the Board of Directors May 2, 2014)
This Amended and Restated Directors’ Deferred Fee Plan (the “Plan”) is an amendment and restatement of the Illinois Tool Works Inc. Directors’ Deferred Fee Plan established effective May 5, 2006 and amended as of February 8, 2008.  The Company intends for the Plan to comply with Code §409A and to operate the Plan in good faith compliance with Code §409A during the 2006/2007 transition period and any extension thereof.  

Article 1 - DEFINITIONS
Section 1.1    “Accounts” mean the aggregate balance of a Director’s Share Account and Cash Account.
Section 1.2    "Beneficiary" means the person or persons designated by a Director pursuant to Section 3.3.
Section 1.3    "Board" means the Board of Directors of the Company.
Section 1.4    "Cash Account" means the account maintained on the Company’s books to which a Director’s Fee Deferrals are credited in the form of cash. 
Section 1.5    “Code” means the Internal Revenue Code of 1986, as amended.
Section 1.6    “Common Stock” means the common stock, without par value, of the Company.
Section 1.7    "Company" means Illinois Tool Works Inc., a Delaware corporation, and any successor thereto.
Section 1.8    "Corporate Change" shall mean either a "Change in Ownership," "Change in Effective Control" or a "Change of Ownership of a Substantial Portion of Assets," as defined in Code §409A and summarized herein. A "Change in Ownership" occurs on the date that any one person, or more than one person acting as a group (as defined in Code § 409A), acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. A "Change in Effective Control" occurs on the date that either (i) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35% or more of the total voting power of the stock of the Company; or (ii) a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. A "Change of Ownership of a Substantial Portion of Assets" occurs on the date that any 

one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
Section 1.9    "Deferral" means (i) the amounts deducted from a Director’s Fees pursuant to his/her Deferral Election, or (ii) the number of shares of Common Stock deducted from a Director’s Stock Award granted under the Long-Term Incentive Plan pursuant to his/her Deferral Election. 
Section 1.10    "Deferral Election" means a Director’s election to defer receipt of (i) all or a certain portion of his/her Fees, and/or (ii) all or a certain portion of his/her Stock Award granted under the Long-Term Incentive Plan. 
Section 1.11    “Director” means any member of the Board who is not an employee of the Company.
Section 1.12    "Disability" means that the Director's Separation from Service because he/she (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under a Company-sponsored plan.
Section 1.13    “Fair Market Value” means the closing market price of Common Stock on the relevant date, as reported in the New York Stock Exchange section (or any successor thereto) of The Wall Street Journal, or, if no sales of Common Stock were reported for that date, on the most recent preceding date on which Common Stock was traded.
Section 1.14    “Fees” means the annual retainer, chair and meeting fees paid by the Company to a Director.
Section 1.15     “Long-Term Incentive Plan” means the Illinois Tool Works Inc. 2011 Long-Term Incentive Plan.
Section 1.16    "Separation from Service" means a Director’s resignation, retirement or cessation of services with the Company for any other reason which constitutes a “separation from service” within the meaning of Code §409A and the regulations thereunder.
Section 1.17    “Share Account” means the account maintained on the Company’s books to which a Director’s non-cash Deferrals are credited in the form of Share Units.  The Share Account maintained for a Director shall contain separate subaccounts for the Director’s Deferrals of Fees, if any, and for the Director’s Deferrals of Stock Awards, if any. 

Section 1.18    “Share Unit” means a unit, the value of which is equivalent to the Fair Market Value of a share of Common Stock.
Section 1.19    “Stock Award” means a grant of a Stock Award pursuant to the Long-Term Incentive Plan by the Company to a Director.

Article II - DEFERRAL ELECTIONS
Section 2.1    Deferral Elections Generally. Each Director shall be eligible to participate in the Plan. In order to participate, a Director must submit a Deferral Election (using a form approved by the Company) to the Company’s Secretary prior to the first day of the calendar year in which the Director's Fees or Stock Award would otherwise be received. The Director’s Deferral Election shall be effective and irrevocable with respect to the Fees and/or Stock Award specified therein that would otherwise be received by such Director for the calendar year following the calendar year in which such Deferral Election is made. The Deferral Election may also be made effective (by so specifying in the Deferral Election) with respect to subsequent calendar years; provided, however, that the Deferral Election with respect to any calendar year may be changed or revoked by filing a new Deferral Election prior to the beginning of such year. With respect to the calendar year in which a Director first becomes eligible to participate, a Deferral Election may be made within 30 days after the date the Director first becomes eligible with respect to Fees payable or Stock Awards granted subsequent to the Deferral Election.
Section 2.2    Deferral to Cash Account or Share Account. 
(a)    Each Director shall specify in his/her Deferral Election whether Fee Deferrals are to be credited to a Cash Account and/or Share Account established by the Company on its books in his/her name. Fee Deferrals shall be credited to the Director's Cash Account and/or Share Account as of the date the deferred Fees would have otherwise been paid to the Director. 
(b)    Each Director shall also specify in his/her Deferral Election whether the Director wishes to defer all or any portion of his/her Stock Awards.  Deferrals of Stock Awards shall be credited to the Director’s Share Account as of the date that the deferred Stock Award would otherwise have been made to the Director.  
(c)    Any Deferrals that a Director elects to be credited to his/her Share Account pursuant to (a) or (b) above shall be in the form of Share Units, the number of which shall be determined by dividing the dollar amount of the Fees or the value of the Stock Award subject to the election by the Fair Market Value on the date the Fees or Stock Award would have otherwise been paid or issued to the Director.
Section 2.3    Adjustments to Accounts. Through December 31, 2014, a Director's or Beneficiary's Cash Account shall be credited with interest quarterly at the rate equivalent to the rate on the most recently issued 90 day Treasury Bills at the beginning of each calendar quarter. Commencing January 1, 2015, each such Account shall be credited with interest quarterly at the rate equivalent to 100% of the applicable federal long-term rate, with quarterly compounding (as prescribed under Section 1274(d) of the Code), for the first month of each calendar quarter. A Director's or Beneficiary's Share Account shall receive additional credits for cash dividends and 

shall be adjusted for stock dividends, splits, combinations or other changes in the Common Stock. Cash dividends shall be converted into additional Share Units determined by dividing (i) the cash dividend amount that the Director would have received had he/she owned an equivalent number of shares of Common Stock, by (ii) the Fair Market Value on the date on which the dividend is paid to the Company’s stockholders. 
Article III - PAYMENT OF ACCOUNTS
Section 3.1    Payment. Upon a Director's Separation from Service for any reason other than death, payment to the Director of his/her Accounts shall be made or commenced within 60 days following Separation from Service.
Section 3.2    Payment Election.
		
	(a)
	Initial Election. A Director’s Cash Account shall be paid in a lump-sum within 60 days after his/her Separation from Service; provided that the Director may elect (using a form approved by the Company) at the time of his/her initial Deferral Election to have his/her Cash Account paid in monthly installments over two to 20 years.

		
	(b)
	Change to Prior Election. A Director may elect (using a form approved by the Company) to change a form of payment previously elected with respect to his or her Cash Account (or if the Director had made no election, then to elect a form other than the lump-sum), provided (i) such new election does not take effect until at least 12 months after the date the election is made, and (ii) if commencement of payment is not related to the Director's Disability or death, the first payment with respect to which such new election is effective is deferred for a period of five years from the date such payment would otherwise have commenced. 

		
	(c)
	Payment of Share Accounts. Subject to Section 4.2, a Director’s Share Account, if any, shall be paid in a single lump-sum within 60 days following the Director’s Separation from Service in the form of shares of Common Stock, which shall be issued to the Director or his/her Beneficiary pursuant to the Long-Term Incentive Plan. The number of shares of Common Stock to be issued to the Director or his/her Beneficiary shall be equal to the number of Share Units credited to the Director’s Share Account at such time, with any fractional Share Unit paid in cash based on current Fair Market Value. 

Section 3.3    Payment to Beneficiary. If a Director dies prior to the commencement or completion of payments of his/her Cash Account, then such Account shall be paid (or continue to be paid if payments had previously commenced) within 60 days of the date of death to his/her Beneficiary (i) pursuant to the applicable payment election made by the Director or (ii) in a lump-sum if an effective payment election does not exist. If a Director dies prior to payment of his/her Share Account, if any, then such Account shall be paid within 60 days of the date of death to his/her Beneficiary pursuant to Section 3.2(c).
Each current or former Director who has a Cash Account or Share Account may designate (using a form approved by the Company) a Beneficiary or Beneficiaries to whom his/her Accounts shall be paid in the event of death. Each designation will revoke all prior designations by the Director 

and will be effective only when filed during his/her lifetime by the Director with the Company’s Secretary. If the Director shall have failed to name a Beneficiary, or if the named Beneficiary dies before receiving payment of the entire balance in such Director's Accounts, the Committee may in its discretion make payment directly to the spouse or any one or more or all of the next of kin of the Director or to the legal representative of his/her estate. 

Section 3.4    Small Benefits. Notwithstanding anything in this Article III to the contrary, if the aggregate value of a Director's Accounts is $10,000 or less on the Director's Separation from Service or death, such value shall be paid in a lump-sum to the Director or his/her Beneficiary in full settlement of his/her rights under this Plan.
Section 3.5    Domestic Relations Order. If a court order is issued to the Company that is intended to divide a Director's Accounts between the Director and his/her spouse, such order shall be applied by the Company if it clearly specifies the manner for determining a former spouse's share of the Director's Accounts, and it does not provide for payments to the former spouse prior to the time the Director or his/her Beneficiary is eligible for payments. Payments pursuant to such an order shall be made only to the extent that payment of the Director's Accounts has commenced and shall reduce the Director's Accounts.
Article IV - AMENDMENT AND TERMINATION
Section 4.1    Amendment and Termination. The Board may amend or terminate the Plan at any time. No such amendment or termination may decrease the balance of a Director's or Beneficiary's Accounts. In the event of Plan termination, each Director's or Beneficiary's Accounts shall be paid to him/her as required by Article III hereof, or the Accounts may be paid in a lump-sum provided (i) the Company terminates all non-qualified deferred compensation arrangements of the same type at the same time that this Plan is terminated; (ii) the Company makes no payments to Directors and Beneficiaries for 12 months but makes all payments within 24 months; and (iii) the Company adopts no new non‐qualified deferred compensation arrangement of the same type for five years. 
Section 4.2    Corporate Change. Upon a Corporate Change, the Board may terminate the Plan, and in such event each current or former Director and each Beneficiary shall immediately receive a lump-sum payment of his/her Accounts. The Share Units in a Director’s Share Account shall be paid in cash, the amount to be determined by multiplying the number of Share Units credited to his/her Share Account on the date of the Corporate Change by the Fair Market Value on such date. 
Article V - MISCELLANEOUS
Section 5.1    Administration. The Company, which shall administer the Plan, shall have the power and duty to maintain records concerning the Plan; to construe and interpret the Plan; and to authorize and direct all Plan payments. Any payment made in accordance with Plan provisions shall be in complete discharge of the Company's obligation to make such payment.

Section 5.2    Service on the Board. Nothing in the Plan shall be construed as conferring a right on any person to be nominated for reelection to the Board or to be reelected to the Board.
Section 5.3    No Right to Company Assets. Neither the Director nor any other person shall acquire by reason of the Plan any right in or title to any assets, funds or property of the Company. Any payments hereunder shall be paid from the general assets of the Company. The Director shall have only a contractual right to the amounts, if any, payable hereunder unsecured by any asset of the Company.
Section 5.4    Non-Assignability. Except as provided in Section 3.5, neither the Director nor any other person shall have any voluntary or involuntary right to commute, sell, assign, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are expressly declared to be unassignable and non-transferable. No part of the amounts payable shall be, prior to actual payment, subject to the payment of any debts, judgments, alimony or separate maintenance owed by the Director or any other person, or be transferable by operation of law in the event of the Director's or any other person's bankruptcy or insolvency.
Section 5.5    Incapacity of Recipient. If a current or former Director or a Beneficiary is deemed by the Company to be incapable of personally receiving any payments under the Plan, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Company may provide for such payment or any part thereof to be made to any other person or institution providing for the care and maintenance of such person. Any such payment shall be for the account of such Director or Beneficiary and shall be a complete discharge of any liability of the Company and the Plan therefor.
Section 5.6    Governing Laws. The Plan shall be construed and administered according to the laws of the State of Illinois.

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