Document:

Exhibit 10.2

EXHIBIT 10.2

AMENDED PROMISSORY NOTE

	 	 	 
	$350,000

	 	April 20, 2009
	2.0%

	 	

WSI Industries, Inc., a Minnesota corporation (“Maker”), for value received, hereby promises to pay to the City of
Monticello Economic Development Authority (the “Authority”), a public body corporate and politic or its assigns
(Authority and any assigns are collectively referred to herein as “Holder”), at its designated principal office or such
other place as the Holder may designate in writing, the principal sum of Three Hundred Fifty Thousand and
no/100th Dollars ($350,000) or so much thereof as may be advanced under this Note, with interest as
hereinafter provided, in any coin or currency that at the time or times of payment is legal tender for the payment of
private debts in the United States of America. The principal of and interest on this Note is payable in installments
due as follows:

1. Interest at the rate of two percent (2.0%) per annum shall accrue from the Loan Closing Date, as defined in the
loan agreement dated as of May 3, 2004, between Maker and Holder, as amended by the First Amendment thereto dated as of
April 20, 2009 (together, the “Loan Agreement”) until the Loan is repaid in full.

2. Payments of principal and interest commenced on June 3, 2004 (the “Initial Payment Date”) and shall continue on
the third day of each and every month until the Loan is paid in full. Such payments shall fully amortize any
outstanding balance of the Loan over twenty-five (25) years; provided, however, the entire remaining unpaid balance of
principal and interest shall be due and payable on the first day of the eighty-fourth (84th) month following
the Initial Payment Date.

3. The Maker shall have the right to prepay the principal of this Note, in whole or in part, on any date a
principal and interest payment is due and payable.

4. This Note is given pursuant to the Loan Agreement and is secured by a mortgage dated May 3, 2004 and recorded
on May 13, 2004 in the office of the Wright County Recorder as document no. A908908 (the “Mortgage”). If the Loan
Agreement or Mortgage are found to be invalid for whatever reason, such invalidity shall constitute an Event of
Default hereunder.

All of the agreements, conditions, covenants, provisions, and stipulations contained in the Loan Agreement, the
Mortgage, or any other instrument securing this Note are hereby made a part of this Note to the same extent and with
the same force and effect as if they were fully set forth herein. It is agreed that time is of the essence of this
Note. If an Event of Default occurs under the Loan Agreement, the Mortgage, or any other instrument securing this
Note, then the Holder of this Note may at its right and option, without notice, declare immediately due and payable the
principal balance of this Note and interest accrued thereon, together with reasonable attorneys fees and expenses
incurred by the Holder of this Note in collecting or enforcing payment hereof, whether by lawsuit or otherwise, and all
other sums due hereunder or any instrument securing this Note. The Maker of this Note agrees that the Holder of this
Note may, without notice to and without affecting the liability of the Maker, accept additional or substitute security
for this Note, or release any security or any party liable for this Note or extend or renew this Note.

 

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5. The remedies of the Holder of this Note as provided herein, and in the Loan Agreement, the Mortgage, or any
other instrument securing this Note shall be cumulative and concurrent and may be pursued singly, successively, or
together, and, at the sole discretion of the Holder of this Note, may be exercised as often as occasion therefore shall
occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release
thereof.

The Holder of this Note shall not be deemed, by any act of omission or commission, to have waived any of its
rights or remedies hereunder unless such waiver is in writing and signed by the Holder and then only to the extent
specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as
a bar to or waiver of any right or remedy as to a subsequent event. This Note may not be amended, modified, or changed
except only by an instrument in writing signed by the party against whom enforcement of any such amendment,
modifications, or change is sought.

6. If any term of this Note, or the application thereof to any person or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Note, or the application of such term to persons or circumstances other
than those to which it is invalid or unenforceable shall not be affected thereby, and each term of this Note shall be
valid and enforceable to the fullest extent permitted by law.

7. It is intended that this Note is made with reference to and shall be construed as a Minnesota contract and is
governed by the laws thereof. Any disputes, controversies, or claims arising out of this Note shall be heard in the
state or federal courts of Minnesota, and all parties to this Note waive any objection to the jurisdiction of these
courts, whether based on convenience or otherwise.

8. The performance or observance of any promise or condition set forth in this Note may be waived, amended, or
modified only by a writing signed by the Maker and the Holder. No delay in the exercise of any power, right, or remedy
operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy.

9. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts, and things required to exist, happen, and be
performed precedent to or in the issuance of this Note do exist, have happened, and have been performed in regular and
due form as required by law.

 

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IN WITNESS WHEREOF, the Maker has caused this amended Note to be duly executed as of the 20th day of April, 2009.

WSI INDUSTRIES, INC.

By: /s/ Paul D. Sheely

	 	 	Its: CFO

[Signature page for Promissory Note – WSI Industries, Inc.]

 

3Exhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is entered into this date, by and between FIRST TRINITY FINANCIAL
CORPORATION, an Oklahoma corporation (“Company”) and William S. Lay (“Employee”)

Whereas, Company
desires to employ Employee as its Chief Financial Officer or such other titles as Company and employee
may agree during year one of the agreement and excluding Chief Financial Officer of the Company, such other titles as
Company and employee may agree during years two and three; and

Whereas, Employee desires to accept such position;

The parties agree to the following:

	1.	 	TERMS AND DUTIES

For valuable consideration, the receipt of which is hereby acknowledged, Employee is hereby employed and shall work for
Company and its subsidiaries for a term commencing on January 1, 2009 and continuing for a period of thirty six (36)
months ending December 31, 2011, or the termination of this Agreement as described In Section 6 hereof, whichever shall
occur first. Employee shall be employed as Chief Financial Officer for a period of twelve (12) months and thereafter
in such other position(s) as Employee and Company may agree. Employee may perform his work from his home, the Company
office or other location as he may determine. The employee’s duties shall be to manage Company’s interests in its
business and subsidiaries as mutually agreed and set forth in an agreed job description.

	2.	 	TIME

Employee is employed hereafter and shall work during year one (1) of this agreement for whatever period of time and
such hours, up to full time, necessary to fulfill his duties hereunder. During year two (2) of the agreement employee
is not required to work more than 750 hours and during year three (3) of the agreement employee is not required to work
more than 375 hours. Employee shall give his best efforts, loyalty, and attention to Company’s interests during the
term of this agreement. Employee agrees not to engage in any other insurance or financial service business during the
term of this Agreement without seeking approval of the Board of Directors so that they may be able to determine if
there is any conflict of interest.

	3.	 	COMPENSATION

(a) Base Salary. As compensation for all services rendered by the employee under this agreement during year one,
Company will pay Employee a base salary that is the greater of $125,000 per year or an amount that makes employee the
second highest paid employee of the Company and/or its subsidiaries, excluding any subsidiaries acquired after January
1, 2009; during year two of the agreement, Company will pay employee 50% of the amount paid in year one of the
agreement and during year three of the agreement, Company will pay employee 50% of the amount paid in year two of the
agreement, payable periodically, in substantially equal amounts, but no less often than semi-monthly in accordance with
company’s payroll practices from time to time in effect.

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(b) Bonus. Company, at the discretion of the compensation committee and Board of Directors, may grant additional
bonuses to Employee based on performance relating to events such as, but not limited to, acquisitions, establishment of
subsidiaries or affiliates, company expansion, corporate profits and corporate cost savings. Such bonuses shall be
granted on an annual basis.

4. EMPLOYEE BENEFITS.

The Employee will be entitled to participate in all incentive, retirement, profit-sharing, life, medical, disability
and other benefit plans and programs (collectively “Benefit Plans”) as are from time to time generally available to
other executives of the Company with comparable responsibilities, subject to the provisions of those programs. Without
limiting the generality of the foregoing, the Company will reimburse employee for Medicare and Medicare supplement
insurance premiums for employee and spouse. The Employee will also be entitled to attend all agent trips and
conventions, and industry meetings including IASA, other employee benefits such as holidays, sick leave and vacation in
accordance with the Company’s policies as they may change from time to time, but in no event shall the Employee be
entitled to less than three (3) weeks paid vacation per year.

5. EXPENSES.

(a)Reimbursement for Expenses. The Company will promptly reimburse the Employee, in accordance with the Company’s
policies and practices in effect from time to time, and in accordance with past practices for all expenses reasonably
incurred by the Employee in performance of the Employee’s duties under this Agreement, including but not limited to
travel, expense for trips and conventions, entertainment, professional dues and subscriptions and all dues, fees and
expenses associated with memberships in various professional and business associations in which employee participates,
communication related expenses, office supplies and computer software and equipment..

(1) Employee is responsible for proper substantiation and reporting of business expenses and mileage.

6. TERMINATION.

The Employee’s employment by the Company: (a) shall terminate upon the Employee’s death or disability (as defined
below); (b) may be terminated by the Company for any reason other than cause or non-performance at any time; (c) may be
terminated by the Company for cause (as defined below) at any time; (d) may be terminated by the Employee, without
cause at any time upon sixty (60) days’ prior written notice delivered by the Employee to the Company; (e) may be
terminated by the employee for cause (as defined below) at any time upon sixty (60) days’ prior written notice
delivered by the Employee to the Company; (f) may be terminated by the Company for non-performance by the Employee at
any time; and (g) any requirement by Employer for Employee to perform his duties at any location not agreed to in
writing by Employee shall be deemed an automatic termination of this Agreement and the provisions of Section 7(b)
“consequences of termination by Company for any reason other than for cause or for non-performance of employee” shall
apply.

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(a) Disability. This agreement will automatically terminate if Employee shall be prevented from performing Employee’s
usual duties for a period of six (6) consecutive months, or for shorter periods aggregating more than six (6) months in
any twelve (12) month period by reason of physical or mental disability, total or partial, (herein referred to as
“disability”), Company shall nevertheless continue to pay full salary up to and including the last day of the sixth
consecutive month of disability, or the day on which the shorter periods of disability shall have equaled a total of
six (6) months. Any salary payments to the Employee shall be reduced by the amount of any benefits paid for the same
period of time under any disability insurance program provided by the Company.

(b) The term “cause” in the event of termination of the Employee’s employment by the Company means (i) intentional
neglect that jeopardizes the life or property of another, (ii) intentional wrongdoing or malfeasance: or (iii)
intentional violation of a business- related law. Any of the three cause’s must have been committed by the Employee
and have a material adverse effect and demonstrably injurious to the Company and which is not or cannot be cured within
sixty (60) days after notice from the Board of Directors of the Company thereof.

(c) The term “cause” in the event of termination of the Employee’s employment by the Employee means (i) the change in
job responsibilities of the Employee resulting in the demotion of the Employee from the position of Chief Financial
Officer during year one (1) of this agreement, which demotion is caused by something other than would be cause for
termination of the Employee’s employment by the Company for cause and other than the non-performance of the Employee as
defined later herein; or (ii) the removal of the Employee from the Board of Directors of the Company or its
subsidiaries or the failure of the Employee to be re-elected to said Board of Directors, as the case may be.

(d) The term “non-performance by the Employee” in the event of termination of the Employee’s employment by the Company
means the determination by a super-majority (greater than 75%) of the members of the Board of Directors of the Company,
in their sole and absolute discretion, that the Employee is not performing his duties under this Agreement after the
Board of Directors of the Company has delivered to the Employee written notice which specifically identifies the manner
in which the Board believes he is not performing his duties and which is not or cannot be cured within sixty (60) days
after such written notice is delivered to the Employee.

7. CONSEQUENCES OF TERMINATION.

(a) CONSEQUENCES OF TERMINATION ON EMPLOYEE’S DEATH OR DISABILITY.

If the Employee’s employment is terminated prior to December 31, 2011, because of the Employee’s death or disability,
(i) subject to Section 7(g) hereof, this Agreement terminates immediately; (ii) the Company will pay the Employee, or
his legal representative or estate, as the case may be, in full satisfaction of all of its compensation (base salary
and bonus) obligations under this Agreement, an amount equal to the sum of any base salary due to the Employee through
the last day of employment, plus any accrued bonus to which the Employee may have been entitled on the last day of
employment, but had not yet been received; and (ii) the Employee’s benefits and rights under any Benefit Plan shall be
paid, retained or forfeited in accordance with the terms of such plan; provided, however, that Employer shall have no
obligation to make any payments toward these benefits for Employee from and after termination.

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(b) CONSEQUENCES OF TERMINATION BY THE COMPANY FOR ANY REASON OTHER THAN FOR CAUSE OR FOR NON-PERFORMANCE OF EMPLOYEE

(1) If the Employee’s employment is terminated by the Company prior to December 31, 2011, for any reason other than for
cause or non-performance of Employee, (i) subject to Section 7(g) hereof, this Agreement terminates immediately;
(ii)the Company will pay the Employee, in full satisfaction of all of its compensation (base salary and bonus)
obligations under this Agreement, an amount equal to the sum of any base salary due to the Employee through the last
day of employment, plus any accrued bonus to which the Employee may have been entitled on the last day of employment,
but had not yet been received; (iii) the Company will pay the Employee, within sixty (60) days of such termination, a
lump sum severance payment equal to the greater of the current year’s base salary or the unpaid balance of the
cumulative annual base salary which would have been payable to Employee through December 31, 2011 and (iv) the
Employee’s benefits and rights under any Benefit Plan, other than any basic health and medical benefit plan, shall be
paid, retained or forfeited in accordance with the terms of such plan; provided, however, that Employer shall continue
to reimburse Employee for Medicare and Medicare supplement insurance premium payments for employee and spouse after
termination on the same basis as past practice until December 31, 2011.

(2) Any payment pursuant to clause (b)(1)(iii) above (the “Termination Payment”): (a) will be subject to offset for any
advances, amounts receivable, and loans, including accrued interest, outstanding on the date of the employment
termination; and (b) will not be subject to offset on account of any remuneration paid or payable to the Employee for
any subsequent employment the Employee may obtain, whether during or after the period during which the Termination
Payment is made, and the Employee shall have no obligation whatever to seek any subsequent employment.

(c) CONSEQUENCES OF TERMINATION FOR CAUSE BY THE COMPANY

If the Employee’s employment is terminated by the Company prior to December 31, 2011 for cause, (i) subject to Section
7(g) hereof, this Agreement terminates immediately; (ii) the Company will pay the Employee, in full satisfaction of all
of its compensation (base salary and bonus) obligations under this Agreement, an amount equal to the sum of any base
salary due to the Employee through the last day of employment, plus any accrued bonus to which the Employee may have
been entitled on the last day of employment, but had not yet been received; and (iii) the Employee’s benefits and
rights under any Benefit Plan shall be paid, retained or forfeited in accordance with the terms of such plan; provided,
however, that Employer shall have no obligation to make any payments toward these benefits for Employee from and after
termination.

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(d) CONSEQUENCES OF TERMINATION BY THE EMPLOYEE FOR ANY REASON OTHER THAN FOR CAUSE OR EMPLOYEE’S DEATH OR DISABILITY.

If, upon sixty (60) days’ prior written notice to the Company by the Employee, the Employee’s employment is terminated
by the Employee prior to December 31, 2011 for any reason other than for cause or Employee’s death or disability, (i)
subject to Section 7(g) hereof, this Agreement terminates immediately; (ii) the Company will pay the Employee, in full
satisfaction of all of its compensation (base salary and bonus) obligations under this Agreement, an amount equal to
the sum of any base salary due to the Employee through the last day of employment, plus any accrued bonus to which the
Employee may have been entitled on the last day of employment, but had not yet been received; and (iii) the Employee’s
benefits and rights under any Benefit Plan, other than any basic health and medical benefit plan, shall be retained or
forfeited in accordance with the terms of such plan; provided, however, that Employer shall have no obligation to make
any payments toward these benefits for Employee from and after termination.

(e) CONSEQUENCES OF TERMINATION BY THE EMPLOYEE FOR CAUSE.

(1) If the Employee’s employment is terminated by the Employee prior to December 31, 2011, for cause (i) subject to
Section 7(g) hereof, this Agreement terminates immediately; (ii) the Company will pay the Employee, in full
satisfaction of all of its compensation (base salary and bonus) obligations under this Agreement, an amount equal to
the sum of any base salary due to the Employee through the last day of employment, plus any accrued bonus to which the
Employee may have been entitled on the last day of employment, but had not yet been received; (iii) the Company will
pay the Employee, within sixty (60) days of such termination, a lump sum severance payment equal to the greater of the
current year’s base salary or the unpaid balance of the cumulative annual base salary which would have been payable to
Employee through December 31, 2011 and (iv) the Employee’s benefits and rights under any Benefit Plan, other than any
basic health and medical benefit plan, shall be paid, retained or forfeited in accordance with the terms of such plan;
provided, however, that Employer shall continue to reimburse Employee for Medicare and Medicare supplement insurance
premium payments for employee and spouse after termination on the same basis as past practice until December 31, 2011.

(2) Any payment pursuant to clause (e)(1)(iii) above (the “Termination Payment”): (a) will be subject to offset for any
advances, amounts receivable, and loans, including accrued interest, outstanding on the date of the employment
termination; and (b) will not be subject to offset on account of any remuneration paid or payable to the Employee for
any subsequent employment the Employee may obtain, whether during or after the period during which the termination
Payment is made, and the Employee shall have no obligation whatever to seek any subsequent employment.

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(f) CONSEQUENCES OF TERMINATION BY THE COMPANY FOR NON-PERFORMANCE BY THE EMPLOYEE.

If the Employee’s employment is terminated by the Company prior to December 31, 2011 for non-performance by the
Employee (i) subject to Section 7(g) hereof, this Agreement terminates immediately; (ii) the Company will pay the
Employee, in full satisfaction of all of its compensation (base salary and bonus) obligations under this Agreement, an
amount equal to the sum of any base salary due to the Employee through the last day of employment, plus any accrued
bonus to which the Employee may have been entitled on the last day of employment, but had not yet been received; and
(iii) the Employee’s benefits and rights under any Benefit Plan, other than any basic health and medical benefit plan,
shall be paid, retained or forfeited in accordance with the terms of such plan; provided, however, that Employer shall
have no obligation to make any payments toward these benefits for Employee from and after termination.

(g) PRESERVATION OF CERTAIN PROVISIONS.

Notwithstanding any provisions of this Agreement to the contrary, the provisions of Sections 8 through 11 hereof shall
survive the expiration or termination of this Agreement as necessary to give full effect to all of the provisions of
this Agreement.

8. ARBITRATION

(a) any disputes arising under or in connection with this agreement shall be resolved by arbitration, to be held in
Tulsa, Oklahoma in accordance with the rules and procedures of the American Arbitration Association and the State of
Oklahoma.

(b) all costs, fees and expenses of any arbitration in connection with this agreement which result in any decision or
settlement requiring Company to make a payment to Employee, including, without limitation, attorneys fees of both
Employee and Company, shall be borne by, and be the obligation of, Company. In no event shall Employee be required to
reimburse Company for any of the costs and expenses incurred by Company relating to such arbitration. The obligation of
Company under this section shall survive the termination of this agreement (whether such termination is by Company, by
Employee, upon the expiration of this agreement or otherwise).

(c). pending the outcome or resolution of any arbitration, Company shall continue payment of all amounts to Employee
without regard to any dispute.

9. NON COMPTETE

Employee agrees that for a period of one year following the termination of this agreement he will not (1) solicit
any Company shareholder, policyholder, or premium finance customer to become a shareholder, policyholder, or premium
finance customer of any competitor or anticipated competitor of Company; or (2) solicit any employee, agent, or
independent contractor of Company to become an employee, agent or independent contractor of any competitor or
anticipated competitor of Company.

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EXCEPTIONS TO NON-COMPETITION COVENANTS.

Notwithstanding anything herein to the contrary or apparently to the contrary, the following shall not be a violation
or breach of the non-competition covenants contained in this Agreement. For a period of one year after the termination
of this agreement Employee may (i) engage in business with anyone or any companies that employee had an existing
relationship with prior to becoming associated with the Company, (ii) engage in any business, including the insurance
or premium finance business as an agent, employee, shareholder or owner, in any location (iii) conduct business with
any Company shareholder, policyholder or premium finance customer to become a shareholder, policyholder or premium
finance customer of any competitor or anticipated competitor of Company if the person solicits Employee, or (iv) hire
any employee, agent or independent contractor of the Company to become an employee, agent or independent contractor of
any competitor or anticipated competitor of Company if the person solicits Employee.

To deliver promptly to Company on termination of Employee’s employment by Company, or at any time Company may so
request, all memoranda, notes, records, reports, and other documents (and all copies thereof) relating to Company’s and
its affiliates’ businesses which Employee may then possess or have under his control.

10. SUCCESSORS; BINDING AGREEMENT; ASSIGNMENT

The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company to expressly assume and agree in writing to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no
such succession had taken place, provided that the Employee must be given the same position as he then currently holds
with the same authority, powers and responsibilities set forth in Section 1 hereof with respect to the subsidiary or
subdivision which operates the business of the Company as it exists on the date of such business combination. Failure
of the Company to obtain such express assumption and agreement at or prior to the effectiveness of any such succession
shall be a breach of this Agreement and shall entitle the Employee to compensation and benefits from the Company in the
same amount and on the same terms to which the Employee would be entitled hereunder if the Company terminated the
Employee’s employment without Cause. For purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the date of termination. As used in this Agreement, “Company” shall mean the Company
as hereinbefore defined and any successor to its business or assets as aforesaid which assumes and agrees to perform
this Agreement by operation of law, or otherwise. The Company may not assign this Agreement, (i) except in connection
with, and to the acquirer of, all or substantially all of the business or assets of the Company, provided such acquirer
expressly assumes and agrees in writing to perform this Agreement as provided in this Section. The Employee may not
assign his rights or delegate his duties or obligations under this Agreement.

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11. MISCELLANEOUS

(a) This agreement constitutes the entire understanding between the parties regarding the subject matter hereof and
supersedes any and all prior or contemporaneous oral or written communications and agreements. Nothing herein contained
shall be construed so as to require the commission of any act contrary to law and wherever there is any conflict
between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter
shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only to the
extent necessary to bring it within legal requirements. No representation, promise, or inducement has been made by
either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged
representation, promise, or inducement not so set forth. The section headings contained herein are for reference
purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

This agreement shall not be modified, amended or in any way altered except by an instrument in writing approved by the
Board of Directors of the Company or the Compensation Committee of the Board of Directors and signed by an officer
designated by the Board of Directors or Compensation Committee to execute such waiver, modification or discharge and
signed by Employee.

(b) If any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such
invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and
effect.

(c) Should any portion of this Agreement be adjudged or held to be invalid, unenforceable or void, such holding shall
not have the effect of invalidating or voiding the remainder of this Agreement and the parties hereby agree that the
portion so held invalid, unenforceable or void shall, if possible, be deemed amended or reduced in scope, or otherwise
be stricken from this Agreement to the extent required for the purposes of validity and enforcement thereof.

(d) The provisions of this Agreement shall inure to the benefit of the parties hereto, their heirs, legal
representatives, successors, and assigns. This Agreement, and Employee’s rights and obligations hereunder, may not be
assigned by Employee. Company may assign its rights, together with its obligations, hereunder in connection with any
sale, transfer or other disposition of all or substantially all of its business and assets. Company may also assign
this Agreement to any affiliate of Company; provided, however, that no such assignment shall (unless Employee shall so
agree in writing) release Company of liability directly to Employee for the due performance of all of the terms,
covenants, and conditions of this Agreement to be complied with and performed by Company. The term “affiliate”, as used
in this agreement, shall mean any corporation, firm, partnership, or other entity controlling, controlled by or under
common control with Company. The term “control” (including “controlling”, “controlled by”, and “under common control
with”), as used in the preceding sentence, shall be deemed to mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such corporation, firm, partnership, or other
entity, whether through ownership of voting securities or by contract or otherwise.

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(e) This agreement shall be construed and enforced in accordance with the laws of the State of Oklahoma that are
applicable to contracts made and to be performed in the State of Oklahoma, regardless of the actual place of making or
performance. Any action or proceeding based upon this agreement or arising out of its performance shall be initiated in
a federal or state court of competent jurisdiction in Tulsa, Oklahoma and in no other jurisdiction: and each party
hereby consents and submits to the jurisdiction of such federal or state court in Tulsa, Oklahoma. In the event any
term, provision, or portion shall be stricken and the remaining terms, provisions, or portions shall remain in full
force and effect.

(f) This agreement shall become effective upon the signature of Employee and Company’s Chief Executive Officer.

(g) This agreement may be executed in counterparts and each counterpart shall have the same force and effect as an
original and shall constitute an effective binding agreement on the part of each of the undersigned.

(h) Employee represents that he has had the right and opportunity to consult with independent counsel of his own
choosing and that he has read and understands the foregoing and he has signed this agreement of his own free will
without duress, coercion or undue influence.

(i) Notices shall be sent via first class mail, postage paid or personal delivery and shall be deemed to have been
received on the earlier of the third day after deposit in the mail or personal delivery.

	 	 	 
	Notice to Employee

	 	At the last residential address known by the Company
	 	 	 
	Notice to Company:

	 	First Trinity Financial Corporation
	
 
	 	7633 E. 63rd Place, Suite 230
	
 
	 	Tulsa, OK 74133

Executed this 18th day of April, 2009

	 	 	 	 	 
	William S. Lay

	 	 	 	/s/ William S. Lay
	
 
	 	 	 
	
 
	 	 	 	William S. Lay
	 

	 		 	
	Company:

	 	By:
	 	/s/ Gregg Zahn
	
 
	 	 	 
	
 
	 	 	 	Gregg Zahn
	
 
	 	 	 	Chief Executive Officer

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