Document:

EX-10.8

 Exhibit 10.8 

LOAN AGREEMENT 

THIS LOAN AGREEMENT (as amended, restated or supplemented or otherwise modified from time to time, hereinafter called the
“Agreement”) made and entered into this 14th day of October, 2016, (“Effective Date”) by and between BANCPLUS CORPORATION, a Mississippi corporation, (hereinafter called “Borrower”) and
FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association having its principal office located in Memphis, Tennessee (“Lender”). 

W I T N E S S E T H: 

WHEREAS, the Borrower has requested that Lender provide a term loan in the amount of Thirty-Five Million Dollars ($35,000,000.00)
(“Loan”) and Lender has agreed to make this Loan on the terms and conditions hereinafter set forth; 
 WHEREAS, Borrower
and Lender wish to enter into this Loan Agreement to set forth certain terms of the Loan and to secure the Loan by a pledge of 9,000 shares of common Capital Stock of BankPlus, a Mississippi banking corporation (the “Bank”) which
constitutes one hundred percent (100%) of the outstanding shares of the Bank, which is a wholly-owned subsidiary of Borrower. 

NOW,THEREFORE, in consideration of the premises and the mutual agreements, covenants and conditions herein contained, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows: 
 AGREEMENTS

  

	1.	 AMOUNT AND TERMS OF BORROWINGS. 

1.1    Defined Terms. Any capitalized term used but not defined in the body of this Agreement shall have the meaning
set forth on Appendix A attached hereto and incorporated herein by reference. 
 1.2    Loan. Lender
hereby agrees to lend, and Borrower hereby agrees to borrow, upon the terms and conditions set forth in this Agreement, the sum of Thirty-Five Million Dollars ($35,000,000.00), as the Loan, to be evidenced by a promissory note (the
“Note”), as set forth in Exhibit A and included herein by reference. The Loan shall bear interest and be payable in accordance with the terms and provisions of the Note. The Loan shall expire and mature, and the
outstanding principal balance of the Loan and all accrued interest thereon shall be due and payable, on the Maturity Date. 

1.3    Collateral. All indebtedness and obligations of Borrower to Lender under this Agreement shall be secured by
Lender’s lien and security interest in the Collateral. The pledging of such Collateral shall be evidenced by the Pledge Agreement. Borrower agrees that all of the rights of Lender with regard to the Pledge Agreement set forth in this Agreement
shall apply to any modification of, or supplement to this Agreement. 
 1.4    Fees. A loan origination fee in
the amount of Fifty-Two Thousand Five Hundred Dollars ($52,500.00) shall be paid by Borrower to Lender on or before the closing of this Loan. Borrower agrees that this fee is fair and reasonable considering the condition of the money market, the
creditworthiness of the Borrower, the interest rate to be paid, and the nature of the security for the Loan. 

  
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 1.5    Intentionally Omitted. 

1.6    Increased Costs Generally. 

(a)    If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, the Lender; 

(ii)    subject the Lender to any tax of any kind whatsoever with respect to this Agreement, or the Loan made by it, or
change the basis of taxation of payments to such Lender in respect thereof; or 
 (iii)    impose on the Lender any
other condition, cost or expense affecting this Agreement or the Loan made by the Lender; 
 and the result of any of the foregoing shall be
to increase the cost to the Lender of making, converting to, continuing or maintaining the Loan (or of maintaining its obligations to make the Loan), or to increase the cost to the Lender of issuing or maintaining any letter of credit (or of
maintaining its obligation to participate in or to issue any letter of credit), or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then, upon written request of the
Lender, the Borrower shall promptly pay to the Lender, as the case may be, such additional amount or amounts as will compensate the Lender, as the case may be, for such additional costs incurred or reductions suffered. 

(b)    Capital Requirements. If Lender determines that any Change in Law affecting the Lender or Lender’s
holding company, if any, regarding capital requirements, has or would have the effect of reducing the rate of return on the Lender’s capital or on the capital of the Lender’s holding company, if any, as a consequence of this Agreement, the
commitment of the Lender hereunder or the Loan made by the Lender hereunder, to a below that which the Lender or the Lender’s holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies
and the policies of the Lender’s holding company with respect to capital adequacy), then from time to time upon written request of the Lender, the Borrower shall promptly pay to the Lender such additional amount or amounts as will compensate
the Lender or the Lender’s holding company for any such reduction suffered. 
 (c)    Certificates for
Reimbursement. A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in this Section and delivered to Borrower, shall be conclusive absent
manifest error. The Borrower shall pay the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

  
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 (d)    Delay in Requests. Failure or delay on the part of Lender
to demand compensation pursuant to this Section shall not constitute a waiver of Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to this Section for any
increased costs incurred or reductions suffered more than six (6) months prior to the date that the Lender, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of the Lender’s intention to
claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 6-month period referred to above shall be extended to include the period of retroactive effect thereof). 

 

	2.	 USE OF PROCEEDS. 

2.1    Use of Loan Proceeds. The proceeds of the Loan shall be used by the Borrower for the sole purpose of
financing a portion of the Borrower’s redemption of preferred stock issued under the United States Treasury’s Community Development Capital Initiative (“CDCI”). 

 

	3.	 CONDITIONS TO LOAN CLOSING. 

The obligation of Lender to extend any loan or credit to Borrower under this Agreement or to make any Loan disbursements is subject to the
strict satisfaction of each of the following conditions: 
 3.1    No Defaults; Certificate. Borrower and the
Bank shall be in full compliance with all the terms and conditions of this Agreement, and no Event of Default, nor any event which upon notice or lapse of time or both would constitute such an Event of Default, shall have occurred. At Lender’s
request, Lender shall have received from Borrower and the Bank a certificate, in form and content reasonably acceptable to Lender dated as of and delivered on the date of the Loan, certifying that (1) the representations and warranties set
forth herein, and the exhibits attached hereto, are accurate, true and correct on and as of such date, (2) neither the transactions contemplated hereby or by any other Loan Document will cause or result in any violation of ( or creation of any
right in third parties under the provisions of) any laws restricting or otherwise regulating the use, application or distribution of corporate funds and assets, and (3) no Event of Default nor any event which upon notice or lapse of time or
both would constitute such an Event of Default, exists. 
 3.2    Accuracy of Representations and Warranties. At
the time of the initial Loan disbursement, the representations and warranties set forth herein and in any other Loan Document shall be true and correct. 

3.3    Corporate Action and Authority. The Borrower shall have delivered to Lender: (i) a certificate from the
Secretary of State of Mississippi that Borrower is in good standing and certificates from the Secretaries of State and of each other State in which the Borrower owns any property, has stationed any employees or agents, or otherwise conducts
business, certifying the Borrower’s good standing as a corporation in each such State; (ii) a copy of the Resolutions passed by the Borrower’s Board of Directors authorizing the execution and delivery of the performance of
Borrower’s obligations under the Loan Documents certified by the Secretary or 

  
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Assistant Secretary to be true and correct; and (iii) a certificate or certificates, dated as of and delivered on the date of the execution of this Agreement and signed on behalf of the
Borrower by the Secretary or Assistant Secretary, certifying the names of the officers authorized to execute and deliver the Loan Documents on behalf of the Borrower, together with the original, not photocopied, signatures of each officer. Borrower
shall also deliver the same items specified in (i) above pertaining to the Bank from the appropriate regulatory agency. 

3.4    Delivery of Note, Loan Agreement, Pledge Agreement, and Stock Certificates. At the time of the extension of
the Loan, Borrower shall have delivered the Loan Documents. The security interest in the Collateral shall be prior to all other liens. 

3.5    Proceedings. The Loan Documents, upon their execution, and all proceedings in connection with the
authorization, execution and delivery of and the performance of the obligations under the Loan Documents shall be satisfactory in substance and form to Lender. 

3.6    Payment of Fees and Expenses. Borrower shall have paid, at or prior to the date of the extension of the
Loan, all costs and expenses in accordance with Section 8.9, to the extent then determined by Lender. 

3.7    Other Writings. The Lender shall receive such other agreements, instruments, documents, certificates,
affidavits and other writings as Lender may reasonably require. 
 3.8    Opinion of Counsel. Borrower shall have
delivered to Lender at Borrower’s expense, favorable written opinions of counsel for Borrower dated as of and delivered on the date of the extension of the Loan, in form and content acceptable to Lender, as set forth in Exhibit B.

 3.9    Financial Statements. Prior to any disbursement under the Loan, Borrower shall have delivered to
Lender, true and exact copies of the current financial statements of the Borrower, the Bank and all other Subsidiaries, for December 31, 2015 and audit report and opinion of the Borrower’s independent accounting firm, with respect thereto
(it being understood that Lender is relying upon such audit report and opinion in entering into this Loan Agreement), the unaudited financial statements of Borrower as of June 30, 2016 and the 2015 F.R. Y-6 Annual Report and F.R. Y-9 Parent
Company only (and Consolidated, if applicable) financial statement(s) filed by Borrower with the Federal Reserve. 

3.10    No Material Adverse Change. At the time the Loan is funded hereunder, there shall have occurred, in the
opinion of Lender, no material adverse changes in the condition, financial or otherwise, of Borrower or Bank from that reflected in the financial statements furnished pursuant to Section 3.9 hereof or furnished to Lender from time to
time hereafter as required herein. 
  

	4.	 REPRESENTATIONS AND WARRANTIES. 

In order to induce the Lender to enter into this Agreement and to make the Loan, the Borrower represents and warrants to the Lender (which
representations and warranties shall survive the delivery of the Loan Documents and the funding of the Loan) that: 

  
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 4.1    Corporate Status. Borrower is a corporation duly organized
and existing under the laws of the State of Mississippi, is duly qualified to do business and is in good standing under the laws of other states where the Borrower does business, if any, and has the corporate power and authority to own its
properties and assets and conduct its affairs and business. 
 4.2    Corporate Power and Authority. Borrower has
full power and authority to enter into this Agreement, to borrow funds as contemplated herein, to execute and deliver this Agreement, the Note and other Loan Documents executed and delivered by it, and to incur the obligations provided for herein,
all of which have been duly authorized by all proper and necessary corporate action; and the officer executing each of the Loan Documents is duly authorized to do so by all necessary corporate action. Any consents or approval of shareholders or
directors of Borrower, or any other party (including without limitation any regulatory agency or authority) required as a condition to the execution, delivery, or validity of any Loan Document have been obtained; and each of said Loan Documents is
the valid, legal, and binding obligation of Borrower enforceable in accordance with its terms. 
 4.3    No Violation
of Agreements or Law. Neither Borrower, Bank, nor any other Subsidiary of Borrower is in default under any indenture, agreement or instrument to which it is a party or by which it may be bound, nor in violation of any state or federal statute,
rule, ruling, or regulation governing its operations and the conduct of its business, operations or financial condition of Borrower, Bank, or any other Subsidiary. Neither the execution and delivery of the Loan Documents nor the consummation of the
transactions herein contemplated, or compliance with the provisions hereof will conflict with, or result in the breach of, or constitute a default under, any indenture, agreement or other instrument to which Borrower is a party or by which it may be
bound, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property of Borrower, or violate or be in conflict with any provision of the charter or bylaws of Borrower, the Bank or any other Subsidiary. 

4.4    Compliance With Law; Government Approvals. 

(a)     Borrower has complied and is complying with all requirements, made all applications, and submitted all reports
required by The Bank Holding Company Act of 1956, as amended, and any regulations or rulings issued in connection therewith, and the transaction contemplated hereby will not violate any such statutes, rules, rulings, or regulations nor will the
consummation of said actions and transactions cause Borrower to be in violation thereof. Borrower has, if required, made all filings and received all governmental or regulatory approvals necessary for the consummation of the transactions described
herein (including its redemption of the CDCI preferred stock referenced above), including without limitation the approval of the Board of Governors of the Federal Reserve System. 

(b)     Borrower has complied and is complying with all other applicable state or federal statutes, rules, rulings and
regulations. The borrowing of money and said actions and transactions required hereunder will not violate any of such statutes, rules, rulings, or regulations. 

  
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 4.5    Litigation. There are no actions, suits or proceedings
pending or, to the knowledge of the Borrower threatened against the Borrower, the Bank or any other Subsidiary before any court, arbitrator or governmental or administrative body or agency which, if adversely determined, would result in any material
and adverse change in the financial condition, business operation, or properties or assets of the Borrower, the Bank, or any other Subsidiary except as set forth in Exhibit C. 

4.6    Supervisory Action. Neither Borrower, the Bank nor any other Subsidiary is subject to any Supervisory Action
by any federal or state bank regulatory authority, except as set forth on Schedule 4.6 attached hereto and incorporated by reference herein. 

4.7    Financial Condition. The balance sheets and the related statements of income of Borrower, the Bank, and the
other Subsidiaries and the financial reports of Borrower, the Bank, and the other Subsidiaries which will be delivered to Lender pursuant to Section 3.9 hereof are, or will be as of their respective dates and for the respective
periods stated therein, complete and correctly and fairly present the financial condition of Borrower, the Bank, and the other Subsidiaries, and the results of their operations, respectively, as of the dates and for the periods stated therein, and
have been, or will be as of their respective dates and for the respective periods stated therein, prepared in accordance with generally accepted accounting principles consistently applied throughout the period involved and consistent with that of
the preceding fiscal year or period, as the case may be. There are no liabilities of the Borrower, the Bank, or any other Subsidiary not included in such financial statements. There has been no material adverse change in the business, properties or
condition of Borrower, the Bank, or the other Subsidiaries since the date of the financial statement furnished to Lender pursuant to Section 3.9 hereof. 

4.8    Tax Liability. Borrower, the Bank, and the other Subsidiaries have filed all federal, state and other tax
returns, which are required to be filed by them, and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by Borrower, the Bank, and the other Subsidiaries. 

4.9    Subsidiaries. Borrower has no Subsidiaries and owns stock in no corporation or banking association other
than the Subsidiaries listed in Exhibit D. 
 4.10    Bank Stock. The common Capital Stock of the
Bank owned by Borrower or any other Subsidiary of Borrower is duly authorized and validly issued by the Bank or other Subsidiary. The total number of shares of common Capital Stock of the Bank and each other Subsidiary issued and outstanding as of
the date hereof are all owned by Borrower, the Bank or other Subsidiaries of Borrower. Except as set forth in Section 6.2 hereof or on Exhibit E, the stock of the Bank and each other Subsidiary is free and clear of
all liens, encumbrances, security interests; said common Capital Stock is fully paid and non-assessable. There are no outstanding warrants or options to acquire any common Capital Stock of the Bank and any other Subsidiary. There are no outstanding
securities convertible or exchangeable into shares of common Capital Stock of any Subsidiary; and there are no restrictions on the transfer or pledge of any shares of common Capital Stock of any Subsidiary, except as set forth in
Section 6.2 hereof or on Exhibit E. Borrower has the right to pledge and transfer the Collateral and assign the income therefrom 

  
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without obtaining the consent of any other person or authority except as set forth in Section 6.2 hereof or on Exhibit E; and the Pledge Agreement creates for the
benefit of Lender a first lien security interest in the Collateral subject to no other interests or claims. 

4.11    Title to Assets; Liens. Borrower and Bank each have good and marketable title to all its respective
properties and assets reflected on the financial statements referred to herein, except for (i) such assets as have been disposed of since said date as no longer used or useful in the conduct of business and (ii) items which have been
amortized in accordance with GAAP applied on a consistent basis. There are no liens or any assets of the Borrower, the Bank or any other Subsidiaries other than as set forth in Section 6.2 hereof or as disclosed on Exhibit
E. 
 4.12    Options, Warrants, Etc. Related to Shares. Except as set forth in Exhibit F,
there are no options, warrants or other rights agreements or commitments (including conversion rights and preemptive rights) obligating the Borrower, the Bank, or any Subsidiary to issue, sell, purchase or redeem shares of the Borrower, the Bank, or
any other Subsidiary or securities convertible to such shares. 
 4.13     Environmental Laws. 

(a)    The Borrower and each of its Subsidiaries have obtained all permits, licenses, and other authorizations which are
required under all Environmental Laws and are in compliance in all respects with all applicable Environmental Laws. 

(b)    On or prior to the date hereof, no notice, demand, request for information, citation, summons, or order has been
issued, no complaint has been filed, no penalty has been assessed, and no investigation or review is pending or, to the best of the knowledge of the Borrower, threatened by any governmental or other Person with respect to any alleged or suspected
failure by the Borrower or any of its Subsidiaries to comply in any material respect with any Environmental Laws. 

(c)    There are no material Liens arising under or pursuant to any Environmental Laws on any of the property owned or
leased by the Borrower or any of its Subsidiaries. 
 (d)    There are no conditions existing currently or anticipated
to exist during the term of this Agreement which would subject the Borrower or any of its Subsidiaries or any of their property to any material Lien, damages, penalties, injunctive relief, or cleanup costs under any Environmental Laws or which
require or are likely to require cleanup, removal, remedial action, or other responses by the Borrower and its Subsidiaries pursuant to Environmental Laws. 

4.14    Disclosure. The Borrower has disclosed to the Lender (i) all agreements, instruments and corporate or
other restrictions to which it, Bank or any of the other Subsidiaries is subject, the termination of which could reasonably be expected to result in a material and adverse change in the financial condition, business operation, or properties or
assets of the Borrower, the Bank or any of the other Subsidiaries and (ii) all matters known to it that, 

  
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individually or in the aggregate, could reasonably be expected to result in a material and adverse change in the financial condition, business operation, or properties or assets of the Borrower,
the Bank or any of the other Subsidiaries. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of the Borrower to Lender in connection with the transactions contemplated hereby
and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time. 
 4.15    Contracts or
Restrictions Affecting Borrower and/or Bank. Neither Borrower nor Bank is a party to any agreement or instrument or subject to any charter or other corporate restrictions adversely affecting its business, properties or assets, operations or
condition (financial or otherwise). 
 4.16    No Default. Neither Borrower nor Bank is in default in the
performance, observance or fulfillment of any of the obligations, covenants, or conditions contained in any agreement or instrument to which it is a party, which will or might materially and adversely affect the business or operations of Borrower or
the Bank, as the case may be. 
 4.17    ERISA. Borrower and Bank are in compliance with all applicable
provisions of ERISA and all other laws, state or federal, applicable to any employees’ retirement plan maintained or established by either of them. 

4.18    OFAC. Neither the Borrower nor any Subsidiary (a) is an “enemy” or an “ally of the
enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), as amended, (b) is in violation of (i) the Trading with the Enemy Act, as amended, (ii) any of
the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (iii) the PATRIOT Act or (c) is a Sanctioned
Person. No part of the proceeds of the Loan hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

 

	5.	 AFFIRMATIVE COVENANTS. 

Borrower covenants and agrees that, until the Note together with interest thereon is paid in full, unless specifically waived by the Lender in
writing, Borrower will, and will cause the Bank and the Subsidiaries to: 
 5.1    Business and Existence; Compliance
with Laws. Perform all things necessary to preserve and keep in full force and effect the existence, rights and franchises of Borrower, the Bank and the other Subsidiaries and to comply and cause the Bank and the other Subsidiaries to comply in
all material respects with all local, state and federal laws and regulations applicable to 

  
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banks and bank holding companies, and all laws and regulations of the Local Authorities, and the provisions and requirements of all franchises, permits, certificates of compliance and approval
issued by regulatory authorities and other like grants of authority held by the Borrower and the Bank; and notify Lender immediately (and in detail) of any actual or alleged failure to comply with or perform, breach, violation or default under any
such laws or regulations or under the terms of any such franchises or licenses, or grants of authority, the result of which would constitute a materially adverse effect on the Borrower or the Bank, or the occurrence or existence of any facts or
circumstances which with the passage of time, the giving of notice or otherwise could create such a breach, violation or default or could occasion the termination of any such franchises or grants of authority. 

5.2    Maintain Property. Maintain, preserve, and protect all properties used or useful in the conduct of
Borrower’s, the Bank’s, and each other Subsidiary’s business and keep the same in good repair, working order and condition. 

5.3    Insurance. At all times keep the insurable properties of Borrower, the Bank, and each other Subsidiary
adequately insured and maintain in force (i) insurance, to such an extent and against such risks, including fire and theft, as is customary with companies in the same or similar business, (ii) necessary workmen’s compensation
insurance, fidelity bonds and directors’ and officers’ insurance coverage in amounts satisfactory to Lender, and (iii) such other insurance as may be required by law; and if required by Lender, deliver to the Lender a copy of the
bonds and policies providing such coverage and a certificate of Borrower’s, the Bank’s, or each other Subsidiary’s chief executive officer, as the case may be, setting forth the nature of the risks covered by such insurance, the
amount carried with respect to each risk, and the name of the insurer. 
 5.4    Taxes and Liens. Pay and
discharge promptly all taxes, assessments, and governmental charges or levies imposed upon Borrower, the Bank, or each other Subsidiary or upon any of their respective income and profits, or their properties, real, personal or mixed, or any part
thereof, before the same shall become delinquent; provided, however, that Borrower, the Bank, and each other Subsidiary shall not be required to pay and discharge or to cause to be paid and discharged any such tax, assessment, charge, levy or claim
so long as the amount or validity thereof shall be contested in good faith by appropriate proceedings and provided that procedures satisfactory to Lender are carried out to prevent foreclosure of any lien therefrom. 

5.5    Financial Reports and ERISA. 

(a)    Furnish to Lender as soon as available and with respect to item (1), in any event within one hundred twenty
(120) days after the end of each calendar year, (1) consolidated and consolidating balance sheets of Borrower, the Bank, and each other Subsidiary, as of the end of such year and consolidated and consolidating statements of income of
Borrower, the Bank, and each other Subsidiary for the year then ended, together with the audit report and opinion of independent Certified Public Accountants acceptable to the Lender with respect thereto, such audit report and opinion shall contain
no exceptions or qualifications unacceptable to Lender; (2) promptly upon receipt, copies of all management letters and other assessments and recommendations, formal or informal, submitted by the Certified Public

  
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Accountants to Borrower or each Subsidiary; (3) upon Lender’s request, a copy of Borrower’s FR Y-9 Parent Company Only (and Consolidated, if applicable) financial statement(s) and
(4) upon Lender’s request, a copy of Borrower’s F.R. Y-6 Annual Report promptly upon the filing of the same with the Federal Reserve Board; and (5) upon Lender’s request, a copy of the Bank’s Call Report promptly upon
the filing with the appropriate regulatory agency. 
 (b)    Upon senior management of the Borrower obtaining knowledge
thereof, the Borrower will give written notice to the Lender promptly (and in any event within five (5) business days), of: (1) any event or condition, including, but not limited to, any Reportable Event, that constitutes, or might
reasonably lead to, an ERISA Event; (2) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal liability assessed against the Borrower or any of its ERISA Affiliates, or of a
determination that any Multiemployer Plan is in reorganization or insolvent (both within the mean of Title IV of ERISA); (3) the failure to make full payment on or before the due date (including extensions) thereof of all amounts which the
Borrower, the Bank, or any other Subsidiary or any ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard set forth in ERISA and the Code with respect thereto; or
(4) any change in the funding status of any Plan that could have a material adverse effect, together with a description of any such event or condition or a copy of any such notice and a statement by the chief financial officer of the Borrower
briefly setting forth the details regarding such event, condition, or notice, and the action, if any, which has been or is being taken or is proposed to be taken by the Borrower with respect thereto. Promptly upon request, the Borrower shall furnish
the Lender and the Lenders with such additional information concerning any Plan as may be reasonably requested, including, but not limited to, copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto
required to be filed with the Department of Labor and/or the Internal Revenue Service pursuant to ERISA and the Code, respectively, for each “plan year” (within the meaning of Section 3(39) of ERISA). 

(c)    Promptly upon the transmission thereof, copies of all material financial statements, proxy statements, notices,
reports and other communications sent by the Borrower or any other Subsidiary to the shareholders of the Borrower and any other such communications as may be requested by Lender and copies of any and all regular or periodic reports, registration
statements, prospectuses or other written communications that the Borrower or the Bank or any other Subsidiary is or may be required to file with the Securities and Exchange Commission or any governmental department, bureau, commission or agency
succeeding to the functions of the Securities and Exchange Commission if any. 
 (d)    With reasonable promptness, such
other financial information for the Borrower or the Bank or any other Subsidiary as Lender may reasonably request. 

(e)    Furnish to Lender within forty-five (45) days of each calendar quarter end, financial statements of Oakhurst
Development (“Oakhurst Financial Statements”) including (1) consolidated and consolidating balance sheets, as of the end of such quarter, ( 2) consolidated and consolidating statements of income as of the end of such quarter, and
(3) a 

  
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listing of other real estate. The Oakhurst Financial Statements should be in a form consistent to that which has previously been provided to Lender and shall be prepared by and certified by an
authorized officer of Oakhurst Development. 
 5.6    Regulatory Examinations. (a) Promptly notify Lender of
every examination by, or any material correspondence, report, memoranda or other written communication from or with, any federal or state regulatory body or authority, with respect to the properties, loans, operations and/or condition of Borrower,
the Bank, or any other Subsidiary, and of the receipt by Borrower, the Bank, or any other Subsidiary of every examination or other report prepared by such body or authority with respect thereto; and (b) if required by Lender, fully and
completely assist and cooperate with Lender in requesting approval by such regulatory body or authority of the furnishing to Lender of any such report, and furnish such report to Lender if such approval is given; provided, however, that Lender shall
take such steps as may be necessary to assure that all such reports shall remain confidential and shall be used by Lender solely in connection with the administration of the Loan in accordance with the provisions of this Agreement. 

5.7    Additional Information. Furnish such other inforniation regarding the operations, business affairs and
financial condition of Borrower, the Bank, and each other Subsidiary as Lender may from time to time reasonably request, including but not limited to true and exact copies of any monthly management reports (with confidential customer information
redacted) to their respective directors, their respective tax returns, and all information furnished to shareholders, or any governmental authority, including the results of any stock valuation performed. 

5.8    Right of Inspection. Except to the extent, if any, prohibited by applicable law, permit any person
designated by Lender, to inspect any of the properties, books and financial and other reports and records of Borrower, the Bank, and each other Subsidiary, including, but not limited to, all documentation and records pertaining to the Bank’s
loans, investments and deposits; and to discuss their affairs; finances and accounts with Borrower’s, the Bank’s, and each other Subsidiary’s principal officers, at all such reasonable times and as often as Lender may reasonable
request. If required by Lender, no more than once per calendar year in the absence of a continuing Event of Default, Borrower will pay Lender loan fees in an amount determined by Lender to be necessary to cover the costs of such inspections,
including a reasonable allowance for Lender’s overhead as well as out-of-pocket expenses in connection with such inspection. 

5.9    Notice of Default. At the time of Borrower’s first knowledge or notice, furnish the Lender with written
notice or the occurrence of any event or the existence of any condition which constitutes or upon written notice or lapse of time or both would constitute an Event of Default under the terms of this Loan Agreement or other Loan Documents or an event
of default or default under any other loan documents for any other loan to the Borrower, the Bank, or any other Subsidiary. 

5.10    Notice of Litigation. Borrower shall notify Lender of any actions, suits or proceedings instituted by any
person against the Borrower, the Bank or other Subsidiary claiming money damages or other monetary liability in an amount of One Million Dollars ($1,000,000.00) or more, said notice to be given within ten days of the first notice to Borrower or
other party of 

  
 11 

 
the institution of such action, suit or proceeding and to specify the amount of damages being claimed or other relief being sought, the nature of the claim, the person instituting the action,
suit or proceeding, and any other significant features of the claim. 
 5.11    Perfection of Security Interest.
The Borrower or other Subsidiary shall perform such acts as may be necessary, in the reasonable judgment of Lender, now or in the future, to perfect or continue perfection of the security interests granted to Lender, or otherwise provided for, under
any and all Loan Documents. 
 5.12    Dividends to Borrower from the Bank. Borrower shall cause the Bank and
other Subsidiary to pay dividends at such times and in such amounts, as is necessary to enable Borrower to meet all of its obligations under the Loan Documents on a timely basis, including the payment, when due, of each installment of interest and
the payment of principal on the Loan to the extent permitted by law including applicable bank regulatory agency rules and regulations. Without limiting the generality of the foregoing, should any prepayment, accelerated payment or other payment ever
be due with respect to the Loan, Borrower shall cause the Bank and other Subsidiary to pay dividends or otherwise make such additional distributions to the Borrower as necessary to enable the Borrower to make such prepayment, accelerated payment or
other payment, to the extent permitted by law including applicable bank regulatory agency rules and regulations. 

5.13    Capital Ratio/Equity Capital Adequacy. 

(a)    Borrower and Bank shall maintain at all times a “Well Capitalized” rating as required by any applicable
regulatory authority as such requirement may be revised from time to time. 
 (b)    Bank shall maintain as of each
Covenant Compliance Date a Risk-Based Capital Ratio of not less than Eleven Percent (11.00%). 
 5.14    Adjusted
Texas Ratio. The Adjusted Texas Ratio of Bank as of each Covenant Compliance Date shall not exceed Thirty Percent (30%). 

5.15    Fixed Charge Coverage Ratio. Borrower shall maintain a minimum Fixed Charge Coverage Ratio of greater than
or equal to 1.30x. This ratio shall be tested quarterly. 
 5.16    Loan to Value Ratio. Borrower shall maintain
as of each Covenant Compliance Date a Loan-to-Value Ratio of not more than Fifty Percent (50 .00%). 

5.17    Indemnification. Borrower and Bank shall indemnify the Lender, and hold it harmless of and from any and all
loss, cost, damage or expense, of every kind and nature, including reasonable attorneys’ fees, which the Lender could or might incur by reason of any violation of any Environmental Laws by Borrower or Bank or by any predecessors or successors
to title to any property of the Borrower or Bank. 

  
 12 

 5.18    Compliance Certificate. Furnish Lender a \Certificate of
Compliance duly certified by the Chief Executive Officer of Borrower within forty-five (45) days after the end of each calendar quarter stating that Borrower and each Bank Subsidiary and the Borrower and all Subsidiaries, as applicable, are in
compliance with all terms, covenants and conditions of this Loan Agreement and all related Loan Documents, including, but not limited to, Sections 5.1 —5.18 of this Agreement. Such Certificate of Compliance shall be as set forth
in Exhibit H and otherwise be in form and substance satisfactory to Lender. 
  

	6.	 NEGATIVE COVENANTS. 

Borrower covenants and agrees with Lender that Borrower shall comply and cause the Bank and other Subsidiaries to comply with the following
negative covenants unless the prior written consent of Lender shall be obtained, so long as any indebtedness remains outstanding under the Loan Documents: 

6.1    Indebtedness. Neither Borrower nor the Bank shall create, incur, assume or suffer to exist, contingently or
otherwise, any indebtedness, except for the following indebtedness: 
 (a)    The indebtedness of Borrower under the
Loan; 
 (b)    Indebtedness owed by the Borrower to the Bank or any other Subsidiary; 

(c)    Debt for operating expenses or otherwise incurred by the Bank or any other Subsidiary in the ordinary course of
business; 
 (d)    Indebtedness as set forth in Exhibit G; and 

(e)    Obligations (contingent or otherwise) existing or arising under any Interest Rate Swap approved in advance by
Lender. 
 6.2    Mortgages, Liens, Etc. Neither Borrower nor the Bank shall create, assume or suffer to exist
any mortgage, pledge, lien, charge or other encumbrance of any nature whatsoever on any of its assets, now or hereafter owned, except for: 

(a)    Liens in favor of Lender securing payment of the Loan; and 

(b)    Permitted Encumbrances. 

6.3    Guaranties. Guarantee or otherwise in any way become or be responsible for the indebtedness or obligations
of any other Person, by any means whatsoever, whether by agreement to purchase the indebtedness of any other Person or agreement for the furnishing of funds to any other Person through the purchase of goods, supplies or services (or by way of stock
purchase, capital contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise, except for the endorsement of negotiable instruments by the Borrower or Bank in the ordinary course of
business for collection; provided, however, that the foregoing shall not prohibit unsecured guarantees of obligations of the BancPlus Corporation Employee Stock Ownership Plan in accordance with past practice in an amount not to exceed Five Million
Dollars ($5,000,000.00). 

  
 13 

 6.4    Merger, Dissolution, Acquisition of Assets. Borrower shall
not enter into, or permit the Bank or any other Subsidiary to enter into, any transaction of merger or consolidation, or any reorganization, reclassification of stock, readjustment or change in capital structure; or acquire, or permit any Subsidiary
to acquire, all of the stock, or other ownership interest, property or assets of any other person, corporation, partnership or other entity; provided, however, that so long as no Event of Default or event which would, with the passage of time,
giving of notice, or both, exists, Borrower may acquire one or more banks with aggregate total assets acquired not to exceed Five Hundred Million Dollars ($500,000,000.00) during any twelve (12) consecutive month period without Lender’s
prior written consent. In such event, to the extent permitted by applicable law, Borrower shall give Lender at least thirty (30) days’ prior written notice of any such permitted acquisition and, if and to the extent that such prior notice
is impermissible under applicable law, Borrower shall give Lender written notice thereof as promptly as legally permissible. 

6.5    Subsidiaries. Except pursuant to a transaction or series of transactions permitted without the Lender’s
consent under Section 6.4 above or in respect of special purpose Subsidiaries organized for the management or disposal of other real estate acquired in the ordinary course of collecting debts previously contracted, Borrower shall not create,
establish or acquire Subsidiaries or acquire or own stock or any other interest in any bank other than the Bank, or permit the creation, establishment or acquisition of any such Subsidiaries by any other Subsidiary. 

6.6    Sale of Stock, Merger, or Asset Disposition. 

(a)    Borrower shall not sell, transfer, pledge, assign, or otherwise dispose of, or otherwise encumber, any of the
Borrower’s stock of the Bank or the Borrower’s or the Bank’s or any other Subsidiary’s common Capital Stock in any the Subsidiary nor permit the Bank or any other Subsidiary to issue additional shares of stock or rights, options
or securities convertible into Capital Stock of the Bank or any other Subsidiary. 
 (b)    The Borrower will not, nor
will it pet nit any of its Subsidiaries to, make any Asset Disposition except in the ordinary course of business other than in respect of special purpose Subsidiaries organized for the management or disposal of other real estate acquired in the
ordinary course of collecting debts previously contracted. 
 6.7    Dividends, Redemptions and Other Payments.
Borrower shall not declare or pay any dividends on the stock of Borrower or redeem any stock of Borrower if an Event of Default has occurred and is continuing under this Agreement or allow the payment of such a dividend that would create an Event of
Default. The payment of any dividend or the redemption of any stock not otherwise prohibited shall in all respects comply with the rules and regulations of the Federal Reserve Board. 

  
 14 

 6.8    Capital Expenditures. Borrower shall not make or become
committed to make, or permit any Subsidiary to make or to become committed to make, directly or indirectly, during any calendar year, capital expenditures which for Borrower and the Subsidiary exceed amounts deemed acceptable to applicable
regulatory authorities. 
 6.9    Relocation. The Borrower shall not cause or permit Borrower or any Subsidiary
to relocate their principal office, principal banking office, principal registered office or approved charter location without the written consent of Lender. 

6.10    Transactions with Affiliates. The Borrower shall not, nor will it permit any of its Subsidiaries to, enter
into or permit to exist any transaction or series of transactions with any officer, director, shareholder, Subsidiary or Affiliate of such person or entity other than (a) normal compensation and reimbursement of expenses of officers and
directors and (b) except as otherwise specifically limited in this Agreement, other transactions which satisfy the applicable requirements under Section 23A of the Federal Reserve Act, 12 USC §371c and Section 23B of the Federal
Reserve Act, 12 USC §371c-1. For purposes of this Agreement, the term affiliates shall have the same meaning as set forth in applicable bank regulations. 

6.11    Change in Management. Neither the Borrower nor the Bank shall make any change in its senior executive
management personnel (CEO, President, CFO, or other “c-level” or equivalent offices); provided, however, that if any of the foregoing officers cease to hold the applicable office described above, the same shall not be an Event of Default
provided that the Borrower or the Bank, as the case may be, replaces such individual with another officer reasonably qualified and acceptable to all applicable Bank Regulatory Authorities within one hundred eighty (180) days of such change. 

6.12    Charter or By-Law Amendments. Neither Borrower, Bank nor any other Subsidiary shall adopt, amend or enter
into, as applicable, any charter, articles of incorporation, bylaws (or any amendments thereto) or other provisions or agreements that would affect in any way the rights, obligations and/or preferences of the Collateral. 

6.13    No Defaults. Borrower shall not permit or suffer the occurrence of any event nor allow any Subsidiary or
other Affiliate to knowingly permit or suffer the occurrence of any event which constitutes an event of default under any indenture or loan agreement or otherwise with respect to any indebtedness of the Borrower, the Bank, or any other Subsidiary.

  

	7.	 DEFAULT AND REMEDIES. 

7.1    Events of Default. Any one or more of the following events shall constitute an Event of Default under the
terms of this Agreement and the other Loan Documents: 
 (a)    Defaults in the prompt payment as and when due of the
principal of or interest on the Loan or any fees due under this Loan Agreement within ten (10) days of the date when due, or in the prompt performance or payment when due of any other obligations of the Borrower to the Bank, whether now
existing or hereafter created or arising, direct or indirect, absolute or contingent. 

  
 15 

 (b)    Default in compliance with or in the performance or observance of
any term, covenant, obligation, condition, or agreement in this Agreement or any other Loan Document. 
 (c)    If any
representation, warranty or any other statement made or deemed to be made by the Borrower herein, in any other Loan Document, or in any writing, certificate, or report or statement at any time furnished to Lender pursuant to or in connection with
this Agreement shall to be false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

(d)    Borrower, the Bank or any other Subsidiary shall fail to pay when due and before the expiration of any grace
period, any debt for borrowed money which it is primarily obligated to pay as borrower, or in any other capacity, whether such debt shall have become due because of acceleration of maturity or otherwise, other than debt created by this Agreement.

 (e)    An event occurs which constitutes an event of default as defined in the Note or any other Loan Document; or an
event occurs which constitutes an event of default (following the expiration of applicable grace, notice or cure periods) under any present or future loan agreement between Lender and Borrower for any other loan. 

(f)    The Borrower, the Bank, or any other Subsidiary shall 

(i)    be unable or admits in writing its inability to pay its debts as they become due; or 

(ii)    file a petition in bankruptcy or for reorganization or for the adoption of an arrangement under the Bankruptcy
Act as now or in the future amended, or file a pleading asking such relief, or have or suffer to be filed an involuntary petition in bankruptcy against it which is not contested and discharged within sixty (60) days; or 

(iii)    make an assignment for the benefit of creditors generally; or 

(iv)    consent to the appointment of a trustee, custodian, or receiver for all or a major portion of its property; or

 (v)    be adjudicated a bankrupt or insolvent under any federal or state law; or 

(vi)    suffer the entry of a court order under any federal or state law appointing a receiver, custodian, or trustee for
all or a major part of its property or ordering the winding up or liquidation of its affairs, or approving a petition filed against it under the Bankruptcy Act, as now or in the future amended; or 

(vii)    suffer the entry of a final judgment for the payment of money in excess of $1,000,000.00 and the same shall not
be discharged or provision made for its discharge 

  
 16 

 within 45 days from the date of entry thereof or an appeal or other appropriate proceeding for review
thereof shall not be taken within said period and a stay of execution pending such appeal shall not be obtained; or 

(viii)    suffer a writ or warrant of attachment or any similar process to be issued by any court against all or any
substantial portion of its property. 
 (g)    The issuance of any Supervisory Action against the Borrower, the Bank or
other Subsidiaries or the Borrower’s, the Bank’s or the other Subsidiaries’ directors, whether temporary or permanent, by or at the request of any bank regulatory agency; provided, however, that notwithstanding anything to the
contrary in this Agreement (including without limitation Section 5.9 hereof), Borrower shall not be required to disclose the existence of any Supervisory Action to the extent that such disclosure is prohibited by applicable law or
regulation; but further provided that (i) Section 5.9 of this Agreement shall nevertheless require Borrower to disclose to Lender the maximum amount of information legally permissible to be disclosed regarding any such
Supervisory Action and (ii) such Supervisory Action may, even if confidential, constitute an Event of Default hereunder if Lender becomes aware of such Supervisory Action through other channels without the violation of applicable law or
regulation; 
 (h)    There shall occur any change in the equity ownership of the Bank, or any change in the equity
ownership of the Borrower such that a “change in control” of Borrower under applicable law or regulation shall have occurred; or 

(i)    The failure of the Borrower, the Bank, or any other Subsidiary, or the Borrower’s, the Bank’s, or any
other Subsidiary’s directors to comply with the terms of any memorandum of understanding or letter agreement with any bank regulatory agency, including but not limited to any applicable state bank regulatory agency, Federal Deposit Insurance
Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System and such failure has not been fully corrected within thirty (30) business days of the Borrower’s or the Bank’s
awareness of its failure to comply. 
 7.2    Cure Provisions. In any Event of Default, other than a default in
payment, is curable and if Borrower has not been given a notice of a breach in the same provision of the Note within the preceding twelve (12) months, it may be cured if Borrower, after receiving written notice from Lender demanding cure of
such default: (1) cures the default within thirty (30) days; or (2) if the cure requires more than thirty (30) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the
default and thereafter continues and completes all reasonable and necessary steps sufficient to product compliance as soon as reasonably practical. 

7.3    Remedies on Default. Upon the occurrence of an Event of Default, Lender may (i) terminate all
obligations of Lender to Borrower, the Bank, or any other Subsidiary including, without limitation, all obligations to lend money to Borrower under this Agreement, (ii) declare the Note immediately due and payable, without presentment, demand,
protest, notice of intent to accelerate and notice of acceleration of the maturity date of this Note, or any other notice of any 

  
 17 

 kind, all of which are expressly waived, (iii) declare immediately due and payable from Borrower the
expenses set forth in Section 8.14 hereof, and (iv) pursue any remedy available to it under this Agreement, the Note, the Pledge Agreement or any other Loan Document, or available at law or in equity, concurrently or subsequently,
in such order as the Lender may elect, all of which remedies shall be cumulative. 
 7.4    Liens; Setoff by
Lender. Borrower hereby grants to Lender a continuing lien for all indebtedness of Borrower, the Bank, or the other Subsidiaries to Lender upon any and all of its monies, securities and other property and the proceeds thereof, now or hereafter
held or received by or in transit to Lender from or for Borrower, and also upon any and all deposits (general or special, matured or unmatured) and credits of Borrower against Lender at any time existing. Upon the occurrence of any Event of Default
as specified above, Lender is hereby authorized at any time and from time to time, without notice to Borrower, the Bank, or the other Subsidiaries, to set off, appropriate, and apply any and all items hereinabove referred to against any or all
indebtedness of Borrower to Lender, whether under this Agreement, or otherwise, whether now existing or hereafter arising. Lender shall give written notice to Borrower of such setoff appropriation or application after such setoff, appropriation or
application occurs. 
  

	8.	 MISCELLANEOUS. 

8.1    No Waiver. No delay or failure on the part of Lender or on the part of any holder of the Note in the
exercise of any right, power or privilege granted under this Agreement, or under any other Loan Document, or available at law or in equity, shall impair any such right, power or privilege or be construed as a waiver of any Event of Default or any
acquiescence therein. No single or partial exercise of any such right, power or privilege shall preclude the further exercise of such right, power or privilege. No waiver shall be valid against Lender unless made in writing and signed by Lender, and
then only to the extent expressly specified therein. 
 8.2    Notices. All notices and communications provided
for hereunder shall be in writing, delivered by hand or sent by first-class, registered or certified mail, postage prepaid, or express courier to the following addresses: 
  

					
	(1)	  	If to Lender:	  	First Tennessee Bank National Association
165 Madison Avenue
Memphis, Tennessee 38103
Attention: Correspondent Banking
			
	(2)	  	If to Borrower:	  	BancPlus Corporation
1068 Highland Colony Parkway, Suite 200
Ridgeland, MS 39157
Attention: Max S. Yates

 Any party hereto may change its address for notice purposes by notice to the other parties in the manner provided herein.
Notice shall be deemed given when hand delivered or first class, certified or registered mail, postage prepaid, or when delivered by express courier. 

  
 18 

 8.3    Governing Law. This Agreement and all other Loan Documents
shall be governed by and interpreted in accordance with the laws of the State of Tennessee except with respect to interest which shall be governed by and construed in accordance with applicable Federal laws in effect from time to time. 

8.4    Survival of Representations and Warranties. All representations, warranties and covenants contained herein
or made by or furnished on behalf of Borrower, the Bank, or the other Subsidiaries in connection herewith shall survive the execution and delivery of this Agreement and all other Loan Documents and the extension or funding of the loan hereunder.

 8.5    Descriptive Headings. The descriptive headings of the several sections of this Agreement are inserted
for convenience only and do not constitute a part of this Agreement. 
 8.6    Severability. If any part of any
provision contained in this Agreement or in any other Loan Document shall be invalid or unenforceable under applicable law, said part shall be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of
said provision or the remaining provisions. 
 8.7    Time is of the Essence. Time is of the essence in
interpreting and performing this Agreement and all other Loan Documents. 
 8.8    Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same instrument. 

8.9    Payment of Costs. Borrower shall pay, promptly demand by Lender, all reasonable costs, expenses, taxes and
fees incurred by Lender in connection with the preparation, execution and delivery of this Agreement and all other Loan Documents and the recording and filing and rerecording and refiling thereof, including, without limitation, the reasonable costs
and professional fees of counsel for Lender, any and all transfer, mortgage or other taxes and all recording costs that may be payable. In the future, Borrower shall pay promptly following written demand by the Lender, all such costs and expenses
determined to be payable, in connection therewith. 
 8.10    Successors and Assigns. This Agreement shall bind
and inure to the benefit of Borrower and Lender, and their respective successors and assigns; provided, however, Borrower, the Bank, and the other Subsidiaries shall not have any right to assign their rights or obligations hereunder to any person.
Notwithstanding anything in this Agreement to the contrary, but subject to Section 8.25 hereof, Lender shall have the right, but shall not be obligated, to sell participation in the loan made pursuant hereto to other banks, financial
institutions and investors. 
 8.11    Amendments; No Implied Waiver. This Agreement may be amended or modified,
and Borrower, the bank, and the other Subsidiaries may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if Borrower shall obtain the prior written consent of Lender to that specific amendment,
modification, action or omission to act, and no course of dealing between Borrower, the Bank, or the other Subsidiaries and Lender shall operate as a waiver of any right, power or privilege granted to Lender under this Agreement or under any other
Loan Document, or available to Lender at law or in equity. 

  
 19 

 8.12    Rights Cumulative. All rights, powers and privileges
granted hereunder shall be cumulative to and shall not be exclusive of any other rights, powers and privileges granted by any other Loan Document or available at law or in equity. 

8.13    Indemnity. Borrower agrees to protect, indemnify and save harmless Lender, and all directors, officers,
employees and agents of Lender, from and against any and all (i) claims, demands and causes of action of any nature whatsoever brought by any Person not a party to this Agreement and arising from or related or incident to this Agreement or any
other Loan Document, including, without limitation, any liability under federal or state securities laws arising out of Lender’s disposition of all or part of the Collateral, (ii) costs and expenses incident to the defense of such claims,
demands and causes of action, including, without limitation, reasonable attorneys’ fees, and (iii) liabilities, judgments, settlements, penalties and assessments arising from such claims, demands and causes of action; provided, however,
that Borrower does not agree to indemnify Lender against Lender’s own willful misconduct. The indemnity contained in this section shall survive the termination of this Agreement. 

8.14    Expenses. Borrower agrees to promptly reimburse Lender for (i) all costs and expenses of collection of
the Note, including reasonable attorneys’ fees, and (ii) all expenses incurred by Lender in acting on behalf of Borrower, the Bank or the other Subsidiaries in accordance with the terms of this Agreement or to maintain or preserve the
value of the Collateral, or Lender’s interest therein pursuant to the Pledge Agreement, or any other Loan Document. Such sums shall include interest at the maximum rate allowed by law accruing from the date Lender requests such reimbursement.

 8.15    Usury. It is the intent of the parties hereto not to violate any federal or state law, rule or
regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and Borrower, the Bank, and the other Subsidiaries, and Lender agree that, should any provision of this Agreement, or of the Note, or of any other
Loan Document or any act performed hereunder or thereunder, violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the outstanding
principal indebtedness due to Lender by Borrower under this Agreement, and if the principal indebtedness has been paid in full, any remaining excess shall forthwith be paid to Borrower. 

8.16    Jurisdiction and Venue. Borrower, the Bank, and the other Subsidiaries, and Lender agree, without power of
revocation, that any civil suit or action brought against them as a result of ,or which relates to, any of their obligations under this Agreement or under any other Loan Document may be brought against them, jointly or singly, in the United States
District Court for the Western District of Tennessee, and Borrower, the Bank, the other Subsidiaries, and Lender irrevocably submit to the jurisdiction of such court and irrevocably waive, to the fullest extent permitted by law, any objections that
they may now or hereafter have to the laying of the venue of such civil suit or action and any claim that such civil suit or action has been brought in an inconvenient forum, and Borrower, the Bank, and the other Subsidiaries, and Lender agree 

  
 20 

 that final judgment in any such civil suit or action shall be conclusive and binding upon them and shall be
enforceable against them by suit upon such judgment in any court of competent jurisdiction. 

8.17    Construction. Should any provision of this Agreement require judicial interpretation, the parties hereto
agree that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of construction that a document is to be more strictly construed
against the party who itself or through its agents prepared the same, it being agreed that Borrower, Lender and their respective agents have participated in the preparation hereof. 

8.18    Holidays. In any case where the date for any action required to be performed under this Agreement or under
any other Loan Document shall be, in the city where the performance is to be made, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized by law to close, then such performance may be made on the next succeeding
business day not a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized by law to close. 

8.19    Entire Agreement. This Agreement and the other Loan Documents executed and delivered contemporaneously
herewith, together with the exhibits attached hereto and thereto, constitute the entire understanding of the parties with respect to the subject matter hereof, and any other prior or contemporaneous agreements, whether written or oral, with respect
thereto are expressly superseded hereby. The execution of this Agreement and the other Loan Documents by Borrower, the Bank, and the other Subsidiaries was not based upon any facts or materials provided by Lender, nor was Borrower, the Bank, and the
other Subsidiaries induced to execute this Agreement or any other Loan Document by any representation, statement or analysis made by Lender. In the event that the provisions of this Loan Agreement shall conflict with provisions of any of the other
Loan Documents, the provisions of this Agreement shall control. This written Loan Agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the
parties. There are no unwritten oral agreements between the parties. 
 8.20    Consent. Borrower hereby
represents and warrants that to the best of Borrower’s knowledge there is no consent from any lender or creditor needed to prevent Borrower, the Bank, or the other Subsidiaries from being in default by Borrower executing the Note or Borrower,
the Bank, and the other Subsidiaries executing, this Loan Agreement or any other loan document associated with this Loan. 

8.21    Waiver Of Right To Trial By Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL
BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION 

  
 21 

 HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

8.22    Further Assurances. Borrower agrees to furnish a current financial statement upon the request of Lender
from time to time, and further agrees to execute and deliver all other instruments and take such other actions as Lender may from time to time reasonably request in order to carry out the provisions and intent hereof. 

8.23    Execution by Bank. The undersigned Bank is joining this Agreement for the sole purpose of acknowledging the
pledge of its Capital Stock pursuant to the Pledge Agreement. 
 8.24    Non-Control. In no event shall the
Lender’s rights hereunder be deemed to indicate that the Lender is in control of the business, management or properties of the Borrower or the Bank or has power over the daily management functions and operating decisions made by the Borrower
and the Bank, all such rights and powers being hereby expressly reserved to the Borrower and the Bank. 

8.25    Assignments and Participations. Lender may sell or offer to sell the Loan or interests therein to one or
more assignees or participants; provided, however, that in the absence of an Event of Default, or except in connection with a merger or sale of substantially all assets of the Lender, Lender shall not sell the Loan or interests therein to a
financial institution operating in Mississippi without the prior written consent of the Borrower. If the Borrower fails to respond to a request for such consent for five (5) business days after receipt thereof given in compliance with
Section 8.2, Borrower shall be deemed to have consented to such sale of the Loan or interests therein. Borrower shall execute, acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the
extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights and benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender hereunder.
Lender may disseminate any information it now has or hereafter obtains pertaining to the Loan, including any security for the Loan, Borrower, Bank, any other Subsidiary, any of Borrower’s, Bank’s, or any other Subsidiary’s principals,
or any guarantor, if any, to any actual or prospective assignee or participant, to Lender’s affiliates, to any regulatory body having jurisdiction over Lender, to any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to Lender and the Loan, or to any other party as necessary or appropriate in Lender’s reasonable judgment. 

8.26    Electronic Transmission of Data. Lender and Borrower agree that certain data related to the Loan (including
confidential information, documents, applications and reports) may be transmitted electronically, including transmission over the internet to the parties, the parties’ affiliates, agents and representatives, and other Persons involved with the
subject matter 

  
 22 

 of this Agreement. Borrower acknowledges and agrees that (a) there are risks associated with the use of
electronic transmission and that Lender does not control the method of transmittal or service providers, (b) Lender has no obligation or responsibility whatsoever and assumes no duty or obligation for the security, receipt or third party
interception of any such transmission, and (c) Borrower and Bank will release, hold harmless and indemnify Lender from any claim, damage or loss, including that arising in whole or part from Lender’s strict liability or sole, comparative
or contributory negligence, which is related to the electronic transmission of data. 
 8.27    USA PATRIOT Act.
The Lender hereby notifies the Borrower and any guarantor that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower and any guarantors, which information includes the
name and address of the Borrower and any guarantors and other information that will allow Lender to identify the Borrower and any guarantors in accordance with the PATRIOT Act. 

8.28    No Inference of Extension Past Maturity Date. Notwithstanding any other provision herein, the terms,
conditions, and requirements provided for herein that would, by their express terms, be applicable to time periods after the Maturity Date of the Note, are not to be interpreted as an inference that the Lender has agreed to any extension, automatic
or otherwise, to the extension of the Maturity Date. The Lender has not agreed and is under no obligation to extend the Maturity Date of the Note. 

Signature page follows. 

  
 23 

 WITNESS the hand and seal of the parties hereto through their duly authorized officers as of the date first
above written. 
  

									
	LENDER:	 		 	BORROWER:
			
	FIRST TENNESSEE BANK NATIONAL	 		 	BANCPLUS CORPORATION
	ASSOCIATION	 		 		 	
					
	By:	 	 /s/ R. Chuck Hunt
	 		 	By:	 	 /s/ William A. Ray

	 Printed Name: R. Chuck Hunt
	 		 	Printed Name: William A. Ray
	 Title: Vice-President
	 		 	Title: President & CEO
		 		 		 		 	
		 		 		 	The undersigned Bank executes this Loan Agreement for the sole purpose of acknowledging the pledge of its Capital Stock under the Pledge Agreement.
				
		 		 		 	BANK:
				
		 		 		 	BANKPLUS
					
		 		 		 	By:	 	 /s/ William A. Ray

		 		 		 	Printed Name: William A. Ray
		 		 		 	Title: President & CEO

  
 24 

			
	LIST OF EXHIBITS
		
	EXHIBIT A	  	NOTE
		
	EXHIBIT B	  	BORROWER’S COUNSEL’S OPINION
		
	EXHIBIT C	  	ACTIONS, SUITS, OR OTHER PROCEEDINGS PENDING OR THREATENED AGAINST OR AFFECTING BORROWER OR ANY SUBSIDIARY
		
	EXHIBIT D	  	SUBSIDIARIES OF BORROWER
		
	EXHIBIT E	  	LIENS
		
	EXHIBIT F	  	OPTIONS, WARRANTS OR OTHER RIGHTS AGREEMENTS OR COMMITMENTS (INCLUDING CONVERSION RIGHTS AND PREEMPTIVE RIGHTS) OBLIGATING BORROWER OR ANY SUBSIDIARY TO ISSUE, SELL, PURCHASE OR REDEEM SHARES OR SECURITIES CONVERTIBLE TO
SHARES
		
	EXHIBIT G	  	INDEBTEDNESS NOT AUTHORIZED IN SECTION 6.1
		
	EXHIBIT H	  	COMPLIANCE CERTIFICATE
		
	APPENDIX A	  	DEFINITIONS
		
	SCHEDULE 4.6	  	SUPERVISORY ACTION(S)

  

 EXHIBIT A 

NOTE 

  
 A-1 

 TERM NOTE 

 

			
	 $35,000,000.00
	  	Memphis, Tennessee
		  	October 14, 2016

 FOR VALUE RECEIVED, the undersigned, BANCPLUS CORPORATION, a Mississippi corporation
(“Maker”), promises to pay to the order of FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association having its principal place of business in Memphis, Tennessee (“Bank”), the principal sum of THIRTY-FIVE
MILLION DOLLARS ($35,000,000.00), together with interest from date until maturity, upon disbursed and unpaid principal balances, at the rate hereinafter specified, said principal and interest being payable as follows: 

the unpaid principal balance hereof shall be payable in 20 consecutive principal installments, installment nos. 1 to 19, both inclusive, being
in the amount of Eight-Hundred Seventy-Five and 00/100 Dollars ($875,000.00) each, and installment no. 20 being for the entire unpaid principal balance, the first of said installments of principal being due and payable on the 15th day of December,
2016, and one on the 15th day of each March, June, September, and December thereafter, with the final installment, if not sooner paid, being due and payable on the 15th day of October, 2021; and interest on the indebtedness hereby evidenced shall be
paid monthly concurrently with the payment of such principal installments. 
 This Note is being issued pursuant to that certain Loan
Agreement, dated of even date, between the Maker and the Bank, as said agreement may be amended or modified (the “Loan Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Loan
Agreement. 
 Interest shall be charged on the outstanding principal balance from the date advanced until the full amount of principal due hereunder has
been paid at a fixed rate of 3.75% per annum. 
 The annual interest rate for this Note is computed on a 366/360 basis; that is, by
applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. 

Notwithstanding the foregoing, upon the occurrence of an Event of Default (as defined in the Loan Agreement), the Bank, at its option, may
charge, and the Maker agrees to pay, interest on disbursed and unpaid principal balances at the default rate (the “Default Rate”) per annum equal to (a) the maximum effective variable contract rate which may be charged by the Bank under
applicable law from time to time in effect (the “Maximum Rate”) or (b) (i) the Contract Rate plus (ii) four percent (4.0%). 

Any amounts not paid when due hereunder (whether by acceleration or otherwise) shall bear interest after maturity at the Default Rate. 

  

 For any payment which is not made within ten (10) days of the due date for such
payment, the Maker shall pay a late fee. The late fee shall equal five percent (5%) of the unpaid portion of the past-due payment. 
 This
Note is secured by the Pledge Agreement, and may now or hereafter be secured by other mortgages, trust deeds, assignments, security agreements, or other instruments of pledge or hypothecation. 

All installments of interest, and the principal hereof, are payable at the office of First Tennessee Bank National Association, 165 Madison
Avenue, Memphis, Tennessee 38103, or at such other place as the holder may designate in writing, in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues, public and private, at the time of
payment. 
 If the Maker shall fail to make payment of any installment of principal or interest, within ten (10) days of its due date,
or upon any default in the terms and provisions of any of the Security Documents, or upon any default in any other mortgage, trust deed, security agreement, or other instrument of pledge or hypothecation which now or hereafter secures the payment of
the indebtedness evidenced hereby, or upon the occurrence of any Event of Default under the Loan Agreement (including the occurrence of an Event of Default under the Loan Agreement), or upon the death or dissolution of the Maker or (if the Maker, is
a partnership, the death or dissolution of any general partner thereof), or upon any default in the payment or performance of any other indebtedness, liability or obligation now or hereafter owed by the Maker to the holder hereof, if any such
default is not cured within any cure period applicable thereto, then and in any such event, the entire unpaid principal balance of the indebtedness evidenced hereby, together with all interest then accrued, shall, at the absolute option of the
holder hereof, at once become due and payable, without demand or notice, the same being expressly waived and Bank may exercise any right, power or remedy permitted by law or equity, or as set forth herein or in the Loan Agreement or any other Loan
Document. 
 If this Note is placed in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its
payment, or to enforce its collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith, or to defend successfully against any claim, cause of action or suit brought by the Maker
against the Bank, the Maker shall pay on demand all costs of collection and litigation (including court costs), together with a reasonable attorney’s fee. These include, but are not limited to, the Bank’s reasonable attorney’s fees
and legal expenses, whether or not there is a lawsuit, including attorney’s fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction) and appeals. 

The Bank and the Maker hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Bank or Maker
against the other. 
 To the extent permitted by applicable law, the Bank reserves a right of setoff in all the Maker’s accounts
with the Bank (whether checking, savings, or some other account). This includes all accounts the Maker may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by
law. The 

  
 2 

 Maker authorizes the Bank, to the extent permitted by applicable law, to charge or setoff all sums owing on
the indebtedness against any and all such accounts, and, at the Bank’s option, to administratively freeze all such accounts to allow the Bank to protect the Bank’s charge and setoff rights provided in this paragraph. 

The undersigned agrees to furnish a current financial statement upon the request of the Bank from time to time, and further agrees to execute
and deliver all other instruments and take such other actions as the Bank may from time to time reasonably request in order to carry out the provisions and intent hereof. 

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to
obtain, verify, and record information that identifies each business entity that opens an account. What this means to Maker: When Maker opens an account, the Bank will ask for Federal Tax Identification Number, physical street address, full legal
name of the Maker and other information that will allow the Bank to identify Maker. The Bank may also ask Maker to provide copies of certain documents that will aid in confirming this information. 

The Maker and any endorsers or guarantors hereof waive protest, demand, presentment, and notice of dishonor, and agree that this Note may be
extended, in whole or in part, without limit as to the number of such extensions or the period or periods thereof, without notice to them and without affecting their liability thereon. Maker agrees that borrowers, endorsers, guarantors and sureties
may be added or released without notice and without affecting Maker’s liability hereunder. The liability of Maker shall not be affected by the failure of Bank to perfect or otherwise obtain or maintain the priority or validity of any security
interest in any collateral. The liability of Maker shall be absolute and unconditional and without regard to the liability of any other party hereto. 

It is the intention of the Bank and the Maker to comply strictly with applicable usury laws; and, accordingly, in no event and upon no
contingency shall the holder hereof ever be entitled to receive, collect, or apply as interest any interest, fees, charges or other payments equivalent to interest, in excess of the maximum effective contract rate which the Bank may lawfully charge
under applicable statutes and laws from time to time in effect; and in the event that the holder hereof ever receives, collects, or applies as interest any such excess, such amount which, but for this provision, would be excessive interest, shall be
applied to the reduction of the principal amount of the indebtedness hereby evidenced; and if the principal amount of the indebtedness evidenced hereby, all lawful interest thereon and all lawful fees and charges in connection therewith, are paid in
full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto. All interest paid or agreed to be paid by the Maker shall, to the maximum extent permitted under applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal so that the interest hereon for such full period shall not exceed the maximum amount permitted by applicable law. Any provision hereof, or of any other agreement
between the holder hereof and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such maximum effective contract rate shall be construed to require the payment of the maximum rate only. The provisions of
this paragraph shall be given precedence over any other provision contained herein or in any other agreement between the holder hereof and the Maker that is in conflict with the provisions of this paragraph. 

  
 3 

 This Note shall be governed and construed according to the statutes and laws of the State of
Tennessee from time to time in effect, except to the extent that Section 85 of Title 12 of the United States Code (or other applicable federal statute) may permit the charging of a higher rate of interest than applicable state law, in which
event such applicable federal statute, as amended and supplemented from time to time shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that, as to the maximum rate of interest which may be
charged, received, and collected hereunder, those applicable statutes and laws, whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and control; provided, always, however, that
in no event and under no circumstances shall the Maker be liable for the payment of interest in excess of the maximum rate permitted by such applicable law,from time to time in effect. 

Upon three (3) business days’ prior written notice to Bank, Maker shall have the right to prepay the indebtedness evidenced hereby
in whole or in part by paying the principal amount being prepaid (the “Prepayment Amount”) plus accrued interest, plus the Yield Maintenance Amount, if any. 

The “Yield Maintenance Amount” shall be equal to one hundred percent (100%) of the present value (discounted
based on the Current Interest Rate Swap Rate) of the difference between (i) the total amount of interest (based on the Original Interest Rate Swap Rate) which would have accrued on the Prepayment Amount had such event not occurred, and
(ii) the amount of interest (based on the Current Interest Rate Swap Rate) which would have accrued on the Prepayment Amount had such event not occurred. The “Original Interest Rate Swap Rate” is the mid-market quotation for the
maturity date of the Note as quoted by Bloomberg, L.P. on the date that the loan advance is made by the Bank under the Note. The “Current Interest Rate Swap Rate” is the mid-market quotation for the same maturity date as the original
maturity of the Note as quoted by Bloomberg, L.P. on the date of prepayment of the Prepayment Amount. 
 Bank is hereby authorized to
disclose any financial or other information about Maker to any regulatory body or agency having jurisdiction over Bank and to any present, future or prospective participant or successor in interest in any loan or other financial accommodation made
by Bank to Maker. The information provided may include, without limitation, amounts, terms, balances, payment history, return item history and any financial or other information about Maker. However, subject to applicable law, Bank shall use
reasonable efforts to protect the confidentiality of the terms and conditions of the Loan in all other respects. 
 The invalidity or
unenforceability of any one or more provisions of this Note shall not render any other provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and enforceable provision as
similar in terms to such invalid or unenforceable provision as may be possible. 
 The covenants, conditions, waivers, releases and
agreements contained in this Note shall bind, and the benefits thereof shall inure to, the parties hereto and their respective heirs, 

  
 4 

 executors, administrators, successors and assigns; provided, however, that this Note cannot be assigned by
Maker without the prior written consent of Bank, and any such assignment or attempted assignment by Maker without consent shall be void and of no effect with respect to Bank. 

Bank may from time to time sell or assign, in whole or in part, or grant participations in, the Loan, this Note and/or the obligations
evidenced thereby. The holder of any such sale, assignment or participation, if the applicable agreement between Bank and such holder so provides, shall be: (a) entitled to all of the rights, obligations and benefits of Bank; and
(b) deemed to hold and may exercise the rights of setoff or banker’s lien with respect to any and all obligations of such holder to Maker, in each case as fully as though Maker were directly indebted to’ such holder. Bank may in its
discretion give notice to Maker of such sale, assignment or participation; however, the failure to give such notice shall not affect any of Bank’s or such holder’s rights hereunder. 

Maker irrevocably appoints each and every member and/or officer of Maker as its attorneys upon whom may be served, by certified mail at the
address set forth in the Loan Agreement, or such other address as may be directed by Maker, in writing, any notice, process or pleading in any action or proceeding against it arising out of or in connection with this Note or any other Loan Document;
and Maker hereby consents that any action or proceeding against it be commenced and maintained in any state or federal court sitting in Memphis, Shelby County, Tennessee, by service of process on any such owner, partner and/or officer; and Maker
agrees that such courts of the State shall have jurisdiction with respect to the subject matter hereof and the person of Maker and all collateral securing the obligations of Maker. Maker agrees not to assert any defense to any action or proceeding
initiated by Bank based upon improper venue or inconvenient forum. 
  

			
	BANCPLUS CORPORATION
		
	By:	 	 /s/ William A. Ray

	Title:	 	President & CEO

 MAKER 

  
 5 

 EXHIBIT B 

BORROWER’S COUNSEL’S OPINION 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 EXHIBIT C 

ACTIONS, SUITS, OR OTHER PROCEEDINGS PENDING OR THREATENED AGAINST OR 

AFFECTING BORROWER OR ANY SUBSIDIARY 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 EXHIBIT D 

SUBSIDIARIES OF BORROWER 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 EXHIBIT E 

ADDITIONAL LIENS 
 [Intentionally
omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 EXHIBIT F 

OPTIONS, WARRANTS, OR OTHER RIGHTS, AGREEMENTS, OR 

COMMITMENTS (INCLUDING CONVERSION RIGHTS AND 

PREEMPTIVE RIGHTS) OBLIGATING BORROWER OR ANY 

SUBSIDIARY TO ISSUE, SELL, PURCHASE, OR REDEEM 

SHARES OR SECURITIES CONVERTIBLE INTO SHARES 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 EXHIBIT G 

INDEBTEDNESS NOT AUTHORIZED IN SECTION 6.1 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 EXHIBIT H 

COMPLIANCE CERTIFICATE 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 APPENDIX A 

DEFINITIONS 
 “Adjusted Texas
Ratio” shall mean a fraction, expressed as a percentage, where the numerator is Non-Performing Assets, and where the denominator is the sum of Bank’s Tier 1 Capital plus the entire balance of Bank’s loan loss reserve, all
determined on a basis satisfactory to Lender. 
 “Affiliate” shall have the same meaning assigned to it in applicable bank regulations.

 “Asset Disposition” shall mean the disposition (including the sale, lease or transfer) of any or all of the assets (including without
limitation any common or preferred stock of the Bank or any other Subsidiary) of the Borrower or any of its Subsidiaries whether by sale, lease, transfer or otherwise. 

“Average Assets” shall mean the year-to-date average of total assets of Bank. 

“Bank Regulatory Authority” shall mean the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, and all other relevant bank regulatory authorities (including, without limitation, relevant state bank regulatory authorities). 

“Call Report” shall mean the Bank’s Quarterly Report of Condition and Income. 

“Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock or
equity, whether now outstanding or issued after the date hereof, including all common stock, preferred stock, partnership interests and limited liability company member interests. 

“Cash Flow” means the sum of (a) Borrower’s consolidated Net Income, plus (b) non-cash charges or expenses of Borrower, including
depreciation and amortization, plus (c) all interest expense of the Borrower to the extent deducted in the determination of consolidated Net Income, plus (d) proceeds from the purchase of Borrower shares by the Borrower’s employee
stock ownership plan, less (e) dividends or other payments (including payments for repurchase of shares) paid or declared by the Borrower to its shareholders, less (f) Borrower’s non-cash income. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of
any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Entity or (c) the making or issuance of any
request, rule, guideline or directive (whether or not having the force of law) by any Governmental Entity; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, 

  
 A-3 

 
rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, regulations, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued. 
 “Collateral” shall mean 9,000 shares of the common Capital Stock of the
Bank. 
 “Covenant Compliance Date” shall mean the last day of each calendar quarter of the Borrower. 

“Environmental Laws” shall mean all federal, state, and local laws, including statutes, regulations, ordinances, codes, rules, and other
governmental restrictions and requirements, relating to the discharge of air pollutants, water pollutants, or process waste water or otherwise relating to the environment or hazardous substances or the treatment, processing, storage, disposal,
release, transport, or other handling thereof, including, but not limited to, the federal Solid Waste Disposal Act, the federal Clean Air Act, the federal Clean Water Act, the federal Resource Conservation and Recovery Act, the federal Hazardous
Materials Transportation Act, the federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the federal Toxic Substances Control Act, regulations of the Nuclear Regulatory Agency, and regulations of any state department
of natural resources or state environmental protection agency, in each case as now or at any time hereafter in effect. 
 “Equity Issuance”
shall mean any issuance by the Borrower to any person of shares of its Capital Stock, any shares of its Capital Stock pursuant to the exercise of options or warrants or any shares of its Capital Stock pursuant to the conversion of any debt to
equity, after the date of the Loan. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections. 

“ERISA Affiliate” means an entity which is under common control with the Borrower within the meaning of Section 4001(a)(14) of ERISA, or
is a member of a group which includes the Borrower and which is treated as a single employer under Sections 414(b) or (c) of the Code. 

“ERISA Event” means (i) with respect to any Plan, the occurrence of a Reportable Event or the substantial cessation of operations
(within the meaning of Section 4062(e) of ERISA); (ii) the withdrawal by the Borrower, the Bank, or any other Subsidiary or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a substantial

  
 A-4 

 
employer (as such term is defined in Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to terminate or the
actual termination of a Plan pursuant to Section 4041(a)(2) or 4041A of ERISA; (iv) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC under Section 4042 of ERISA; (v) any event or condition
which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any plan; (vi) the complete or partial withdrawal of the Borrower or any of its Subsidiaries or any ERISA
Affiliate from a Multiemployer Plan; (vii) the conditions for imposition of a lien under Section 302(f) of ERISA exist with respect to any Plan; or (viii) the adoption of an amendment to any Plan requiring the provision of security to
such Plan pursuant to Section 307 of ERISA. 
 “Event of Default” shall have the meaning assigned to such term in Section 7.1 of
this Agreement. 
 “Fixed Charge Coverage Ratio” for any period shall mean the ratio of: (a) Cash Flow for such period to
(b) Fixed Charges for such period. 
 “Fixed Charges” means the sum of (a) all interest expense of the Borrower to the extent
deducted in the determination of consolidated Net Income, plus (b) all contractually required principal payments on any indebtedness of the Borrower, all determined with respect to the Borrower in accordance with GAAP. 

“GAAP” shall mean generally accepted accounting principles applied on a consistent basis, maintained throughout the period involved. 

“Governmental Entity” means the United States, any State, and/or any political subdivision, department, agency or instrumentality of any of
the foregoing. 
 “Interest Rate Swap” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange
Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement, together with any related
schedule and confirmation, as amended, supplemented, superseded or replaced from time to time. 

  
 A-5 

 “Lien(s)” shall have the meaning set forth in Section 4.11 of this Agreement and are
more specifically set forth in Exhibit E attached hereto. 
 “Loan Documents” shall mean the Note, the Agreement, the Pledge
Agreement, stock certificates issued to Borrower evidencing the shares pledged pursuant to the Pledge Agreement, the Guaranty, stock powers with respect to such shares pledged as Collateral and any and all other documents, instruments or agreements
evidencing, securing, guaranteeing or otherwise related to or delivered in connection with the Loan. 
 “Loan-to-Value Ratio” shall mean
the ratio that (a) the then-outstanding balance of the Loan at the time of measurement bears to (b) the Bank’s tangible common equity Tier 1 Capital at the time of measurement. 

“Local Authorities” means individually and collectively the state and local governmental authorities which govern the business and operations
owned or conducted by the Borrower or its Subsidiaries. 
 “Maturity Date” shall mean October 15, 2021. 

“Multiple Employer Plan” shall mean a Plan which is a multiemployer plan as defined in Sections 3(37) or 4001(a)(3) of ERISA. 

“Net Cash Proceeds” shall mean the aggregate cash proceeds received by the Borrower in respect of any Equity Issuance, net of (1) direct
costs (including, without limitation, legal, accounting, and investment banking fees and sales commissions) and (2) taxes paid or payable as a result thereof. 

“Net Income” shall mean the net income after taxes including the Borrower’s equity in undistributed earnings of its Subsidiaries as
determined under GAAP. 
 “Net Worth” shall mean the shareholders’ equity, net worth or surplus as determined under GAAP. 

“Non-Performing Assets” shall mean the sum of (1) all Non-Performing Loans and (2) Other Real Estate Owned listed in Call Reports
and other such assets acquired through foreclosure or other realization upon collateral or rearrangement or satisfaction of Indebtedness. 

“Non-Performing Loans” shall mean the sum of (1) all loans classified internally or by a Bank Regulatory Authority as non-accrual plus
(2) loans past due by 90 days or more plus (3) loans for which the obligee has reduced the agreed interest rate, reduced the principal or interest obligation, extend the maturity, applied interest payments to reduce principal, capitalized
interest, or otherwise renegotiated the terms of the obligation based upon the actual or asserted inability of the obligor(s) of such loans to perform their obligations pursuant to the agreements with the obligee prior to such modification or
renegotiation; provided, however, that (a) loans for which the Borrower or the Bank has taken additional 

  
 A-6 

 
collateral satisfactory to it and therefore is prepared to make additional loan advances or any other loans which have been restructured and are performing in a manner satisfactory to the
Borrower and (b) any portion of a Non-Performing Loan that is guaranteed by the United States government or an agency thereof in a manner acceptable to Lender shall not be included in the definition of Non-Performing Loans (but any
un-guaranteed portion of a Non-Performing Loan covered by item (b) above shall be included as a Non-Performing Loan). 
 “Note” shall
have the meaning assigned to such tem’ in Section 1.2 of this Agreement, together with any and all renewals, modifications, extensions and replacements thereof. 

“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended. 

“Permitted Encumbrances” shall mean and include: (a) liens for taxes, assessments or similar governmental charges not in default or
being contested in good faith by appropriate proceedings; (b) workmen’s, vendors’, mechanics’ and materialmen’s liens and other liens imposed by law incurred in the ordinary course of business, and easements and encumbrances
which are not substantial in character or amount and do not materially detract from the value or interfere with the intended use of the properties subject thereto and affected thereby; (c) liens in respect of pledges or deposits under social
security laws, workmen’s compensation laws, unemployment insurance or similar legislation and in respect of pledges or deposits to secure bids, tenders, contracts (other than contracts for the payment of money), leases or statutory operations;
and (d) such other liens and encumbrances to which Lender shall consent in writing, if any. 
 “Person” means an individual,
partnership, corporation, limited liability company, trust, unincorporated organization, association, joint venture or a government or agency or political subdivision thereof, joint stock company, or non-incorporated organization, or any other
entity of any kind whatsoever. 
 “Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by
ERISA and with respect to which the Borrower, the Bank, or any other Subsidiary or any ERISA affiliate is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” within the
meaning of Section 3(5) of ERISA. 
 “Pledge Agreement” shall mean that certain Pledge and Security Agreement executed by Borrower for
the benefit of Lender dated of even date with this Agreement pledging the Collateral. 
 “Reportable Event” means any of the events set
forth in Section 4043(c) of ERISA, other than those events as to which the notice requirement has been waived by regulation. 

  
 A-7 

 “Risk-Based Capital Ratio” shall have the meaning and be calculated as set forth in
Appendix A to Title 12, Code of Federal Regulations, Part 225, Capital Adequacy Guidelines for Bank Holding Companies. 
 “Sanctioned
Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time.

 “Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons”
maintained by OFAC available at http://www .treasury.gov/resource-center/sanctions/SDN-List/P ages/default.aspx, or as otherwise published from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an
organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by the U.S. Department of Treasury’s Office of Foreign Assets Control. 

“Subsidiaries” or individually “Subsidiary” shall mean any partnership, corporation, limited liability company, trust,
unincorporated organization, association, joint venture, or other entity other than Borrower in an unbroken chain of entities beginning with the Borrower with each of the entities or the Bank other than the last entity in the unbroken chain owning
fifty percent (50%) or more of the total combined voting power of all classes of stock or other foil!’ of equity in one of the other entities or the Bank and are more specifically listed in Exhibit D attached hereto. 

“Supervisory Action” shall mean and include the issuance by or at the behest of any bank regulatory authority of a letter agreement,
memorandum of understanding (regardless of whether consented or agreed to by the party to whom it is addressed), cease and desist order, injunction, directive, restraining order, formal agreement, notice of charges, or civil money penalties, against
Borrower, the Bank, or any other Subsidiary or the directors or officers of any of them, whether temporary or permanent. 
 “Tier 1
Capital” shall have the meaning included in Appendix A to Title 12, Code of Federal Regulations, Part 225, Capital Adequacy Guidelines for Bank Holding Companies. 

“United States” means the government of the United States of America or any department, agency, division or instrumentality thereof. 

  
 A-8 

 SCHEDULE 4.6 

SUPERVISORY ACTION(S) 

[Intentionally omitted pursuant to Item 601(a)(5) of Regulation S-K] 

 FIRST AMENDMENT TO LOAN AGREEMENT 

THIS FIRST AMENDMENT TO LOAN AGREEMENT (“Amendment”) is made as of December 30, 2019, by and between BANCPLUS
CORPORATION, a Mississippi corporation (the “Borrower”) and FIRST HORIZON BANK, a Tennessee banking corporation,
successor-by-conversion to First Tennessee Bank National Association (the “Lender”). 

Recitals of Fact 

Borrower and Lender previously entered into a Loan Agreement dated October 14, 2016 (the “Loan Agreement”), pursuant to which
Lender committed to make a term loan to Borrower in the principal amount of Thirty-Five Million Dollars ($35,000,000.00) (the “Loan”). To secure the indebtedness described above, the Borrower previously executed a Pledge and
Security Agreement in favor of the Lender, granting a lien upon certain capital stock of its wholly-owned subsidiary BankPlus, a Mississippi banking corporation (“Bank”), as described therein, also dated October 14, 2016. 

Borrower has requested a modification to the Loan Agreement to modify certain financial covenants as set forth herein. 

NOW, THEREFORE, incorporating the Recitals of Fact set forth above and in consideration of the mutual agreements herein contained, the parties
agree as follows: 
 AGREEMENTS 

1.    Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Loan Agreement.

 2.    To induce the Lender to enter into this Amendment, the Borrower does hereby absolutely and unconditionally,
certify, represent and warrant to the Lender, and covenant and agree with the Lender, that: 
 (a)    All
representations and warranties made by the Borrower and Bank in the Loan Agreement and in all other documents evidencing, securing, or otherwise related to the Loan (all of which are herein called the “Loan Documents”) are true,
correct and complete in all material respects as of the date of this Amendment. 
 (b)    As of the date hereof and with
the execution of this Amendment, there are no existing events, circumstances or conditions which constitute, or would, with the giving of notice, lapse of time, or both, constitute Events of Default. 

(d)    There are no existing offsets, defenses or counterclaims to the obligations of the Borrower or the Bank, as set
forth in the Loan Documents. 
 (e)    Neither the Borrower nor the Bank has any existing claim for damages against the
Lender arising out of or related to the Loan Documents, the loans and obligations thereunder, or any other loans and obligations of the Borrower to the Lender; and, if and to the extent (if any) that the Borrower or the Bank has any such existing
claim, the Borrower and the Bank do hereby forever release and discharge, in all respects, the Lender with respect to such claim. 

  
 1 

 (f)    The Loan Agreement, as amended by this Amendment, and the other
Loan Documents, are valid, genuine, enforceable in accordance with their respective terms, and in full force and effect. 

3.    Section 5.15 of the Loan Agreement is hereby deleted and replaced with the following: 

5.15    Return on Average Assets. Bank shall maintain a return on Average Assets of at least
65/100 percent (0.65%) as of each Covenant Compliance Date. Bank’s earnings will be calculated on a rolling four-quarter basis. For purposes of the foregoing covenant, non-recurring Merger-related
expenses may be added back to the Bank’s Net Income for a period of up to four (4) quarters following the closing of the Merger. 

4.    Exhibit “H” of the Loan Agreement is hereby deleted and replaced with Exhibit “H” attached
hereto. 
 5.    The following new defined terms are hereby added to Appendix A of the Loan Agreement as follows: 

“Merger” means collectively the following transactions which shall close simultaneously in calendar year 2020: (a) the merger
of State Capital Corp. with and into Borrower with Borrower as the surviving corporation and (b) the merger of State Bank & Trust Company, the wholly-owned subsidiary of State Capital Corp., with and into the Bank, with the Bank as the
surviving corporation. 
 “Net Income” shall mean the net income after taxes including the Borrower’s equity in
undistributed earnings of its Subsidiaries as determined under GAAP. 
 6.    All references in the Loan Agreement and
in any other Loan Documents to the “Loan Agreement” shall, except as the context may otherwise require, be deemed to constitute references to the Loan Agreement as amended hereby. 

7.    As conditions to the effectiveness of this Amendment, (a) Lender shall have received resolutions or consents
from Borrower authorizing the execution of this Amendment and naming the signatories authorized to bind it; and (b) if required by Lender, Lender shall have received a good standing certificate of the Borrower and Bank showing the Borrower and
Bank in existence and in good standing in the State of Mississippi. 
 8.    All terms and provisions of the Loan
Agreement which are inconsistent with the provisions of this Amendment are hereby modified and amended to conform hereto; and, as so modified and amended, are hereby ratified, approved and confirmed. Except as otherwise may be expressly provided
herein, this Amendment shall become effective as of the date set forth in the initial paragraph hereof. 
 Signatures follow. 

  
 2 

 IN WITNESS WHEREOF, the Borrower and the Lender have caused this Agreement to be executed by their
respective officers, duly authorized so to do, all as of the day and year first above written. 
 Borrower: 

 

			
	BANCPLUS CORPORATION,
	a Mississippi
		
	By:	 	 /s/ William A. Ray

		 	William A. Ray, President & CEO
	
	Lender:
	
	FIRST HORIZON BANK,
	a Tennessee banking corporation,
	successor-by-conversion to First Tennessee
	Bank National Association
		
	By:	 	 /s/ Robert A. Rhodes II

	Name:	 	Robert A. Rhodes II
	Title:	 	SVP

  
 3 

 [Schedules and exhibits intentionally omitted pursuant to Item 601(a)(5)]EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
 MASTER AGREEMENT 

BY AND AMONG 
 ADIENT
PLC, 
 YANFENG AUTOMOTIVE TRIM SYSTEMS COMPANY LTD., 

ADIENT YANFENG SEATING MECHANISMS CO., LTD., 

YANFENG ADIENT SEATING CO., LTD. 

AND 
 YANFENG GLOBAL
AUTOMOTIVE INTERIOR SYSTEMS CO., LTD. 
 DATED AS OF January 31, 2020 

 
  

* Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished
supplementally to the Securities and Exchange Commission upon request; provided, however, that Adient plc may request confidential treatment of omitted items. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
		
	ARTICLE 1 DEFINITIONS	  	 	3	 
			
	 Section 1.1
	 	Definitions	  	 	3	 
			
	 Section 1.2
	 	Interpretation; Construction	  	 	7	 
		
	ARTICLE 2 TRANSACTIONS	  	 	8	 
			
	 Section 2.1
	 	Mechanism IP Transactions	  	 	8	 
			
	 Section 2.2
	 	AYM Amendments	  	 	8	 
			
	 Section 2.3
	 	YFAI Transactions	  	 	9	 
			
	 Section 2.4
	 	YFAS Extension	  	 	9	 
		
	ARTICLE 3 CONSIDERATION; CLOSING	  	 	9	 
			
	 Section 3.1
	 	Consideration	  	 	9	 
			
	 Section 3.2
	 	Closing Steps	  	 	10	 
			
	 Section 3.3
	 	Closing Related Covenants.	  	 	11	 
		
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES	  	 	11	 
			
	 Section 4.1
	 	Representations and Warranties of Each Party	  	 	11	 
		
	ARTICLE 5 REGULATORY APPROVALS; OTHER COVENANTS	  	 	12	 
			
	 Section 5.1
	 	Reasonable Best Efforts	  	 	12	 
			
	 Section 5.2
	 	Further Assurances	  	 	13	 
			
	 Section 5.3
	 	YFAI Covenants	  	 	13	 
			
	 Section 5.4
	 	Technology Transfer and Technical Assistance Agreement	  	 	14	 
			
	 Section 5.5
	 	Survival; Limitation on Liability	  	 	14	 
		
	ARTICLE 6 PUBLIC ANNOUNCEMENTS; CONFIDENTIALITY	  	 	14	 
			
	 Section 6.1
	 	Public Announcements	  	 	14	 
			
	 Section 6.2
	 	Confidentiality	  	 	15	 
		
	ARTICLE 7 TAX MATTERS	  	 	15	 
			
	 Section 7.1
	 	Withholding Taxes	  	 	15	 
			
	 Section 7.2
	 	Transaction Taxes	  	 	16	 
		
	ARTICLE 8 CONDITIONS TO CLOSING	  	 	16	 
			
	 Section 8.1
	 	Conditions to the Obligations of All Parties	  	 	16	 
			
	 Section 8.2
	 	Conditions to the Obligations of Each Party	  	 	16	 
			
	 Section 8.3
	 	Frustration of Closing Conditions	  	 	17	 
		
	ARTICLE 9 TERMINATION	  	 	17	 
			
	 Section 9.1
	 	Termination	  	 	17	 
			
	 Section 9.2
	 	Effect of Termination	  	 	17	 

  
 i 

							
		
	ARTICLE 10 MISCELLANEOUS	  	 	18	 
			
	 Section 10.1
	 	Fees and Expenses	  	 	18	 
			
	 Section 10.2
	 	Late Payments	  	 	19	 
			
	 Section 10.3
	 	Notices	  	 	19	 
			
	 Section 10.4
	 	Entire Agreement	  	 	22	 
			
	 Section 10.5
	 	Amendment	  	 	22	 
			
	 Section 10.6
	 	Waivers	  	 	22	 
			
	 Section 10.7
	 	Severability	  	 	22	 
			
	 Section 10.8
	 	No Third Party Beneficiaries	  	 	22	 
			
	 Section 10.9
	 	Assignment	  	 	23	 
			
	 Section 10.10
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	23	 
			
	 Section 10.11
	 	Specific Performance	  	 	24	 
			
	 Section 10.12
	 	Export Control	  	 	24	 
			
	 Section 10.13
	 	Counterparts and Electronic Signatures	  	 	24	 
			
	 Section 10.14
	 	Languages	  	 	24	 

  
 ii 

 EXHIBITS 
  

			
	EXHIBIT A	  	FORM OF MECHANISMS INTELLECTUAL PROPERTY AGREEMENT
		
	EXHIBIT B-1	  	FORM OF AMENDED AND RESTATED AYM JOINT VENTURE AGREEMENT
		
	EXHIBIT B-2	  	FORM OF AMENDED AND RESTATED AYM ARTICLES OF ASSOCIATION
		
	EXHIBIT C	  	FORM OF YFAI EQUITY TRANSFER AGREEMENT
		
	EXHIBIT D-1	  	FORM OF AMENDMENT NO. 15 TO YFAS JOINT VENTURE AGREEMENT
		
	EXHIBIT D-2	  	FORM OF AMENDMENT NO. 15 TO YFAS ARTICLES OF ASSOCIATION

 ANNEXES 
  

			
	ANNEX A-1	  	STEP PLAN REGARDING YFAI PAYMENT
		
	ANNEX A-2	  	STEP PLAN REGARDING IP CLOSING
		
	ANNEX B	  	REGULATORY CONSENTS
		
	ANNEX C	  	REGULATORY CONSENTS – CLOSING CONDITIONS

  
 iii 

 MASTER AGREEMENT 

This MASTER AGREEMENT (this “Agreement”), dated as of January 31, 2020, is entered into by and among Adient plc, a
corporation formed under the laws of Ireland with the address of its principal executive offices at 25-28 North Wall Quay, IFSC, Dublin 1, Ireland D01 H104 (“Adient”), Yanfeng Automotive Trim
Systems Company Ltd., a company formed under the laws of the P.R.C. with its registered address at No. 399, Liuzhou Road, Xuhui District, Shanghai, the P.R.C. (“Yanfeng”), Adient Yanfeng Seating Mechanisms Co., Ltd., a joint
venture formed under the laws of the P.R.C. with its registered address at 451 Dieqiao Road, Kangqiao Town, Pudong New Area, Shanghai, the P.R.C. (“AYM”), Yanfeng Adient Seating Co., Ltd., a joint venture formed under the laws of
the P.R.C. with its registered address at No. 669 Kangan Road, Kangqiao Industrial Zone, Pudong, Shanghai, the P.R.C. (“YFAS”) and Yanfeng Global Automotive Interior Systems Co., Ltd., a joint venture formed under the laws of
the P.R.C. with its registered address at Room A-786, No. 188 Yesheng Road, China (Shanghai) Free Trade Pilot Zone (“YFAI”, and together with Adient, Yanfeng, AYM and YFAS, the
“Parties”, and each, a “Party”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to the term in Article 1 (Definitions). 

RECITALS 
 WHEREAS, AYM is
a joint venture owned, directly or indirectly, by Yanfeng (50%) and Adient (50%) and engaged in the business of developing, designing, engineering, manufacturing, assembling, servicing, supplying, distributing and selling automotive seat mechanism
products and their auxiliary functional parts primarily in the P.R.C.; 
 WHEREAS, Adient and AYM wish to enter into one or more agreements
to document, among other things, that (a) Adient has agreed to transfer or cause to be transferred to AYM, and AYM has agreed to purchase, the Transferred IP (as defined in the Mechanisms Intellectual Property Agreement), which consists of
certain patents, trademarks, know-how and other intellectual property rights owned by Adient (or certain of its Subsidiaries) and used exclusively in the conduct of Adient’s mechanism business as of the
date of such transfer, and (b) in connection with such transfer, (i) AYM will grant back to Adient a sole license with respect to the Transferred IP on a worldwide and royalty-free basis, (ii) Adient will grant AYM a worldwide and
royalty-free license with respect to certain intellectual property rights owned by Adient (or certain of its Subsidiaries) and used on a non-exclusive basis in the conduct of Adient’s mechanism business,
(iii) AYM will not be permitted to license or sub-license the Transferred IP or the intellectual property rights licensed by Adient to it, respectively, other than to certain of its Subsidiaries and
third-party contractors, and (iv) Adient and AYM will license to each other certain intellectual property improvements relating to the mechanism business, in each case, on the terms and subject to the conditions set forth in the Mechanisms
Intellectual Property Agreement and this Agreement (collectively, the “Mechanism IP Transactions”); 
 WHEREAS, Adient,
Yanfeng and AYM wish to make (or cause their relevant Affiliates, as the case may be, to make) certain amendments to the Equity Joint Venture Contract in relation to the formation of AYM, by and between Adient Asia Holdings Co., Limited, a company
formed under the laws of Hong Kong, with its registered address at Unit 1812A, 18F., Exchange Tower, No. 33 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong (“Adient Asia”) 

 
and Yanfeng, dated as of September 9, 2013, as amended (the “AYM Joint Venture Agreement”), and the Articles of Association of AYM, dated as of September 9, 2013, as
amended (the “AYM Articles of Association”) to, among other things, (a) make certain governance changes such that Yanfeng may consolidate the results of AYM for financial reporting and accounting purposes, and (b) expand
AYM’s business and customer scope such that it may carry out its seating mechanism business anywhere in and outside of the PRC, in each case on the terms and subject to the conditions set forth in this Agreement and the relevant Definitive
Agreements (collectively, the “AYM Amendments”); 
 WHEREAS, YFAI is a joint venture owned, directly or indirectly, by
Yanfeng (70%) and Adient (30%) and engaged in the automotive interiors business, which includes production of instrument panels, floor consoles, door panels, overhead consoles, cockpit systems, decorative trim and other automotive interior products;

 WHEREAS, Adient, Yanfeng and YFAI wish to enter (or cause their relevant Affiliates, as the case may be, to enter) into one or more
agreements to document that (i) Adient has agreed to transfer or cause to be transferred to Yanfeng, and Yanfeng has agreed to purchase, all of the issued and outstanding equity interest in YFAI held, directly or indirectly, by Adient, which
represents 30% (thirty percent) of YFAI’s total issued and outstanding equity interest (the “YFAI Acquisition”), and (ii) YFAI has agreed to continue to provide support following the consummation of the YFAI Acquisition to
Changchun FAWAY Adient Automotive Systems Co., Ltd., a joint venture formed under the laws of the P.R.C. with its registered address at No. 4736 Dong Nanhu Avenue, Changchun Economic & Technological Development Zone, the P.R.C.
(“CFAA”) and which is owned, directly or indirectly, by Adient and Changchun FAWAY Automotive Components Co., Ltd. (the “CFAA Technical Assistance”), in each case, on the terms and subject to the conditions set
forth in this Agreement and the relevant Definitive Agreements (the “YFAI Transactions”); 
 WHEREAS, YFAS is a joint
venture owned, directly or indirectly, by Yanfeng (50.1%) and Adient (49.9%) and engaged in the business of developing, designing, engineering, manufacturing, assembling, servicing, supplying, distributing and selling automotive seating and related
components primarily in the P.R.C.; 
 WHEREAS, Adient, Yanfeng and YFAS wish to amend (or cause their relevant Affiliates, as the case may
be, to amend) the Joint Venture Contract of YFAS, by and between Adient Asia and Yanfeng, dated as of October 22, 1997, as amended (the “YFAS Joint Venture Agreement”), and the Articles of Association of YFAS, dated as of
October 22, 1997, as amended (the “YFAS Articles of Association”), in each case in order to extend the term of the joint venture on the terms and subject to the conditions set forth in this Agreement and the relevant Definitive
Agreements (collectively, the “YFAS Extension”); and 
 WHEREAS, the Parties intend that the consummation of the Mechanism
IP Transactions, the AYM Amendments, the YFAI Transactions and the YFAS Extension will occur in the sequence and with the inter-conditionality set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

  
 2 

 ARTICLE 1 

DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement, the following capitalized terms have the respective
meanings set forth below. 
 “Adient” has the meaning specified in the introductory paragraph to this Agreement. 

“Adient Asia” has the meaning specified in the introductory paragraph to this Agreement. 

“Adient HK” has the meaning specified in Section 2.3. 

“Adient Indemnitee” has the meaning set forth in Section 9.2(c). 

“Affiliate” means, with respect to any Person, any other Person that, now or in the future (unless the context otherwise
requires), directly or indirectly, including through one or more intermediaries, controls, is controlled by or is under common control with such Person; provided that a Person shall only be considered to be an Affiliate of another Person
during the period that such relationship of control exists. As used in this definition, the term “controls” (including the terms “controlled by” and “under common control with”) means possession, directly or indirectly,
including through one or more intermediaries, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by Contract or otherwise; provided that, for the
purposes of this definition, a relationship of “control” shall be deemed not to exist between (i) Adient or any of its Subsidiaries, on the one hand, and any of Yanfeng, AYM, YFAS and YFAI, or any of their respective Subsidiaries, on
the other hand, or (ii) Yanfeng or any of its Subsidiaries, on the one hand, and AYM or any of its Subsidiaries, on the other hand. 

“Agreement” has the meaning set forth in the introductory paragraph to this Agreement. 

“Amended and Restated AYM Joint Venture Agreement” has the meaning specified in Section 2.2. 

“Amended and Restated AYM Articles of Association” has the meaning specified in Section 2.2. 

“Amendment No. 15 to YFAS Joint Venture Agreement” has the meaning specified in
Section 2.4. 
 “Amendment No. 15 to YFAS Articles of Association” has the
meaning specified in Section 2.4. 
 “Amendments to AYM Joint Venture Agreement and AYM Articles of
Association” has the meaning specified in Section 2.2. 

  
 3 

 “Amendments to YFAS Joint Venture Agreement and YFAS Articles of
Association” has the meaning specified in Section 2.4. 
 “Antitrust Laws” means all
antitrust, competition or trade regulation Laws of any Governmental Body or Laws issued by any Governmental Body that are otherwise designed or intended to prohibit, restrict or regulate actions or transactions having the purpose or effect of
monopolization, restraint of trade or harm to competition. 
 “Arbitration Rules” has the meaning set forth in
Section 10.10(c). 
 “AYM” has the meaning specified in the introductory paragraph to this
Agreement. 
 “AYM Amendments” has the meaning specified in the introductory paragraph to this Agreement. 

“AYM Articles of Association” has the meaning specified in the introductory paragraph to this Agreement. 

“AYM Joint Venture Agreement” has the meaning specified in the introductory paragraph to this Agreement. 

“Burdensome Condition” means, with respect to each Party, (i) a condition to implementing any aspect of the
relationships contemplated by this Agreement or the Definitive Agreements or (ii) any Governmental Body requiring such Party to make payments or accept commitments, accept contract terms, limit its operations, impair any right with respect to
the use of its assets or otherwise affect such Party, in each case, in a manner or to a degree that materially and adversely affects the collective benefits to such Party, in the affected Party’s judgment acting reasonably, under the
relationships contemplated by this Agreement or the Definitive Agreements, taken as a whole. 
 “Business Day” means any
day except Saturday, Sunday or any other day on which commercial banks in New York (New York), Hong Kong Special Administrative Region and Shanghai (the P.R.C.) are authorized or required by Law to be closed. Any event the scheduled occurrence of
which would fall on a day that is not a Business Day shall be deferred until the next succeeding Business Day. 
 “Buyer”
has the meaning specified in Section 5.1. 
 “CFAA” has the meaning specified in the introductory
paragraph to this Agreement. 
 “CFAA Technical Assistance” has the meaning specified in the introductory paragraph to this
Agreement. 
 “Change in Law” means any change in applicable Law that is effective as of the applicable date as well as the
issuance of a ruling of general application issued by any relevant Governmental Body which addresses the treatment of payment to be made under this Agreement. 

  
 4 

 “Closing” means the consummation of the Transactions that are the subject
of this Agreement and the Definitive Agreements. 
 “Closing Step” has the meaning specified in
Section 3.2. 
 “Confidentiality Agreement” means the section titled “Confidentiality”
set forth in the Term Sheet dated as of December 18, 2019, by and between Adient and Yanfeng. 
 “Consent” means any
approval, authorization, consent, registration, filing, ratification, permission, exemption or waiver or the expiration, lapse or termination of any waiting period (including any extension thereof). 

“Contract” means any contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed,
indenture, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture. 
 “Definitive
Agreements” means, collectively, the Mechanisms Intellectual Property Agreement, the Amendments to AYM Joint Venture Agreement and AYM Articles of Association, the YFAI Equity Transfer Agreement, the Amendments to YFAS Joint Venture
Agreement and YFAS Articles of Association, the Escrow Agreement (as defined in the YFAI Equity Transfer Agreement) and any other agreement contemplated by this Agreement or any of the agreements referenced in this definition. 

“Dispute” has the meaning set forth in Section 10.10(b). 

“Existing Agreements” means, with respect to each Party, any agreements of such Party and its Subsidiaries existing as of the
date of this Agreement. 
 “Governmental Body” means (i) any supra national, national, state, municipal or local
government (including any subdivision, court, administrative agency or commission or other authority thereof) or any quasi governmental or private body, including any court, tribunal, commission or regulatory or self-regulatory body (including any
securities exchange), exercising any regulatory, taxing, importing or other governmental or quasi governmental authority, including the European Union; and (ii) any public international organization. 

“HKIAC” has the meaning set forth in Section 10.10(c). 

“Initial Disclosures” has the meaning set forth in Section 6.1. 

“IP Closing” has the meaning set forth in Section 3.2(b)(ii). 

“Law” means any law, statute, code, rule or regulation enacted by any Governmental Body. 

“Legal Proceeding” means claim, action, suit or proceeding before any Governmental Body. 

“Mechanism IP Purchase Price” has the meaning specified in Section 3.1(a). 

  
 5 

 “Mechanism IP Transactions” has the meaning specified in the introductory
paragraph to this Agreement. 
 “Mechanism Intellectual Property Agreement” has the meaning specified in
Section 2.1. 
 “Notice of Arbitration” means the notice submitted by the Party initiating the
arbitration to HKIAC and the other Party in accordance with Article 4 of the Arbitration Rules. 
 “Order” means any
judgment, order or decree of any Governmental Body. 
 “Organizational Documents” means, with respect to any Person, the
articles of incorporation, certificate of incorporation, charter, by-laws, articles of formation, certificate of formation, regulations, operating agreement, partnership agreement, certificate of limited
partnership, and all other similar documents, instruments or certificates executed, adopted or filed in connection with the creation, formation or organization of such Person, including any amendments thereto or restatements thereof. 

“Outside Date” has the meaning specified in Section 9.1(b). 

“Party” and “Parties” has the meaning specified in the introductory paragraph to this Agreement. 

“Person” means any individual, general or limited partnership, corporation, limited liability company, business trust, joint
stock company, trust, unincorporated organization, joint venture, firm, association or other entity or organization (whether or not a legal entity), including any Governmental Body (or any department, agency, or political subdivision thereof). 

“P.R.C.” means the People’s Republic of China. 

“Representatives” means the directors, officers, employees, investment bankers, consultants, attorneys, accountants and other
advisors and representatives of a Person. 
 “SAFE” has the meaning specified in Section 3.3.

 “Subsidiary” means, with respect to any Person, any other Person with respect to which such first Person (alone or in
combination with any of such first Person’s other Subsidiaries) now or in the future (unless the context otherwise requires) owns (i) capital stock or other equity interests having the ordinary voting power to elect a majority of the board
of directors or other governing body of such Person or (ii) if no such governing body exists, a majority of the outstanding voting securities of such Person; provided that a corporation, entity or other organization shall only be
considered a Subsidiary of the applicable Person during the period that the foregoing relationship as described in clauses (i) or (ii) of this definition, as applicable, exists. 

“Tax Authority” has the meaning specified in Section 7.1. 

“Transaction Taxes” has the meaning specified in Section 7.2. 

  
 6 

 “Transactions” means the Mechanism IP Transactions, the AYM Amendments, the
YFAI Transactions and the YFAS Amendment, each on the terms and subject to the conditions set forth in this Agreement and the relevant Definitive Agreements. 

“Transferred IP” has the meaning set forth in the Mechanisms Intellectual Property Agreement. 

“Yanfeng” has the meaning specified in the introductory paragraph to this Agreement. 

“Yanfeng Indemnitee” has the meaning set forth in Section 9.2(c). 

“YFAI” has the meaning specified in the introductory paragraph to this Agreement. 

“YFAI Acquisition” has the meaning specified in the introductory paragraph to this Agreement. 

“YFAI Closing” has the meaning specified in Section 3.2(a). 

“YFAI Closing Date” has the meaning specified in Section 3.2(a). 

“YFAI Equity Transfer Agreement” has the meaning specified in Section 2.3. 

“YFAI Equity Interest Purchase Price” has the meaning specified in Section 3.1(b). 

“YFAI Payment” has the meaning specified in Section 3.2(b)(i). 

“YFAI Transactions” has the meaning specified in the introductory paragraph to this Agreement. 

“YFAS” has the meaning specified in the introductory paragraph to this Agreement. 

“YFAS Articles of Association” has the meaning specified in the introductory paragraph to this Agreement. 

“YFAS Joint Venture Agreement” has the meaning specified in the introductory paragraph to this Agreement. 

Section 1.2    Interpretation; Construction. 

(a)    The table of contents, articles, titles and headings to sections herein are inserted for convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. Except as otherwise indicated, all references in this Agreement to “Articles”, “Sections” and “Exhibits” are
intended to refer to Articles and Sections of this Agreement and Schedules and Exhibits to this Agreement. The Exhibits referred to herein shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth
verbatim herein. Any capitalized terms used in any Exhibit but not otherwise defined therein shall be defined as set forth in this Agreement unless the context otherwise requires. 

  
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 (b)    For purposes of this Agreement: (i) “include”.
“includes” or “including” shall be deemed to be followed by “without limitation”; (ii) “hereof”, “herein”, “hereby”, “hereto” and “hereunder” shall refer to this
Agreement as a whole and not to any particular provision of this Agreement; (iii) “extent” in the phrase “to the extent” shall mean the degree to which a subject or other item extends and shall not simply mean
“if”; (iv) “Dollars” and “U.S.$” shall mean United States Dollars; (v) the singular includes the plural and vice versa; (vi) reference to a gender includes the other gender; (vii) “any”
shall mean “any and all”; (viii) “or” is used in the inclusive sense of “and/or”; (ix) reference to any agreement, document or instrument means such agreement, document or instrument as amended, supplemented
and modified in effect from time to time in accordance with its terms; (x) reference to any Law means such Law as amended from time to time and includes any successor legislation thereto and any rules and regulations promulgated thereunder; and
(xi) a reference to any P.R.C. governmental authority or department shall include such authority or department at central, provincial, municipal and other levels and their successor authority or department. 

(c)    Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days
are specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day. 

(d)    The Parties have participated jointly in the negotiation and drafting of this Agreement with the benefit of
competent legal representation, and the language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent. In the event that an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any provisions hereof. 

ARTICLE 2 

TRANSACTIONS 

Section 2.1    Mechanism IP Transactions. In order to implement the Mechanism IP Transactions, concurrently
with the entry into this Agreement, Adient (and any relevant controlled Affiliate thereof) and AYM have entered into an agreement for the purchase and sale and licensing of certain intellectually property rights substantially in the form attached
hereto as Exhibit A (the “Mechanisms Intellectual Property Agreement”), and as part of the Closing Steps set forth in Article 3, upon and subject to the terms and conditions set forth in this
Agreement and in the Mechanisms Intellectual Property Agreement, Adient (and any relevant controlled Affiliate thereof) and AYM shall consummate the transactions described therein. 

Section 2.2    AYM Amendments. In order to implement the AYM Amendments, Adient Asia, Yanfeng and AYM
(i) concurrently with the entry into this Agreement, have entered into amendments to the AYM Joint Venture Agreement substantially in the form attached hereto as Exhibit B-1 (the “Amended and Restated AYM Joint Venture
Agreement”) and (ii) as part of the Closing Steps set forth in Article 3, shall enter into amendments to the AYM Articles of Association substantially in the form attached hereto as Exhibit
B-2 (the “Amended and Restated AYM Articles of Association” and, together with the Amended and Restated AYM Joint Venture Agreement, the “Amendments to AYM Joint Venture Agreement
and AYM Articles of  

  
 8 

 
Association”), each of which shall become effective as part of the Closing Steps set forth in Article 3, upon and subject to the terms and conditions set
forth therein (and, for clarity, no sooner than as set forth in Article 3). As part of the Closing Steps set forth in Article 3, Adient Asia, Yanfeng and AYM shall prepare and execute any documentation which is
required for the filing of the Amendments to AYM Joint Venture Agreement and AYM Articles of Association with any competent Governmental Body and make such filings. 

Section 2.3    YFAI Transactions. In order to implement the YFAI Transactions, concurrently with the entry
into this Agreement, Adient Interior Hong Kong Limited, a company formed under the laws of Hong Kong, with registered address at 11/F., Wheelock House, 20 Pedder Street, Central, Hong Kong (“Adient HK”) and Yanfeng have entered into
an agreement substantially in the form attached hereto as Exhibit C (the “YFAI Equity Transfer Agreement”), and as part of the Closing Steps set forth in Article 3, upon and subject to the terms
and conditions set forth in this Agreement and in the YFAI Equity Transfer Agreement, Adient HK and Yanfeng shall consummate the transactions described therein. 

Section 2.4    YFAS Extension. In order to implement the YFAS Extension, Adient Asia, Yanfeng and YFAS
(i) concurrently with the entry into this Agreement, have entered into amendments to the YFAS Joint Venture Agreement substantially in the form attached hereto as Exhibit D-1 (the “Amendment No. 15 to YFAS
Joint Venture Agreement”) and (ii) as part of the Closing Steps set forth in Article 3, shall enter into amendments to the YFAS Articles of Association substantially in the form attached hereto as Exhibit D-2 (the
“Amendment No. 15 to YFAS Articles of Association” and, together with Amendment No. 15 to YFAS Joint Venture Agreement, the “Amendments to YFAS Joint Venture Agreement and YFAS Articles of
Association”), each of which shall become effective as part of the Closing Steps set forth in Article 3, upon and subject to the terms and conditions set forth therein (and, for clarity, no sooner than as set forth
in Article 3). As part of the Closing Steps set forth in Article 3, Adient Asia, Yanfeng and YFAS shall prepare and execute any documentation which is required for the filing of the Amendments to YFAS Joint Venture
Agreement and YFAS Articles of Association with any competent Governmental Body and make such filings. 
 ARTICLE 3 

CONSIDERATION; CLOSING 

Section 3.1    Consideration. On the terms and subject to the conditions set forth in this Agreement and in
the relevant Definitive Agreements, as part of the Closing Steps set forth in this Article 3: 

(a)    in consideration of the sale of the Transferred IP, AYM shall pay to Adient (or such controlled Affiliate thereof
as Adient may designate, subject to compliance with applicable Law) U.S.$20,000,000 (twenty million) in cash (the “Mechanism IP Purchase Price”); and 

(b)    in consideration for the sale of the Equity Interest (as defined in the YFAI Equity Transfer Agreement), Yanfeng
shall pay to Adient HK U.S.$379,000,000 (three hundred and seventy nine million) in cash (the “YFAI Equity Interest Purchase Price”). 

  
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 Section 3.2    Closing Steps. Each of the Parties shall, and
shall cause its controlled Affiliates to, take all actions necessary to complete the Transactions in the order and subject to the conditions set forth below (each such step leading to the Closing, a “Closing Step”). 

(a)    On the fourth Business Day following the date on which the conditions set forth in
Article 8 have been satisfied (other than those conditions that by their nature are to be satisfied at such Closing Step, but subject to the satisfaction or waiver of those conditions), but in no event prior to the
Unconditional Date (as defined in the YFAI Equity Transfer Agreement), the Closing of the Transfer of the Equity Interest (each such term, as defined in the YFAI Equity Transfer Agreement) shall take place at the offices of Yanfeng at No. 399
Liuzhou Road, Shanghai, the P.R.C. as set forth in the YFAI Equity Transfer Agreement ( the “YFAI Closing” and, the date on which the YFAI Closing occurs, the “YFAI Closing Date”). Concurrently with the YFAI
Closing, Yanfeng, Adient HK (or a relevant Affiliate thereof) and J.P. Morgan shall enter into the Escrow Agreement (as defined in the YFAI Equity Transfer Agreement) and Yanfeng shall deposit no less than the RMB equivalent (at the exchange rate
and with any necessary foreign exchange gross-up adjustments as specified in the Escrow Agreement) of the YFAI Equity Interest Purchase Price (less any amount required to be withheld for tax purposes as
determined pursuant to Section 7.1 hereof) into the escrow account on the terms and subject to the conditions set forth in the Escrow Agreement. 

(b)    As promptly as possible following the YFAI Closing Date and in any event within two (2) Business Days after
the completion of the steps set forth in Annex A-1 and Annex A-2 hereto (other than any steps set forth in Annex
A-1 and Annex A-2 which relate to the payment or settlement of any relevant taxes, to the extent the payment or settlement of such taxes is not a prerequisite
to Yanfeng’s and/or AYM’s ability to pay the YFAI Equity Interest Purchase Price and the Mechanism IP Purchase Price, respectively, in accordance with this Section 3.2(b)), each of the following Closing steps
shall be taken on the same Business Day: 
 (i)    Yanfeng shall pay to Adient HK the YFAI Equity
Interest Purchase Price (less any amount required to be withheld for tax purposes as determined pursuant to Section 7.1 hereof) as set forth in the YFAI Equity Transfer Agreement and the Escrow Agreement (the “YFAI
Payment”); 
 (ii)    concurrently with the YFAI Payment, AYM shall pay to Adient (or any such
controlled Affiliate thereof as Adient may designate) the Mechanism IP Purchase Price (less the amount of any local surcharges due with respect to the value-added taxes arising as a result of the transactions contemplated by the Mechanisms
Intellectual Property Agreement and/or the payment of the Mechanism IP Purchase Price, as set forth in the commercial invoice issued by Adient (or its relevant controlled Affiliates) to AYM pursuant to Section 9.10 of the Mechanisms
Intellectual Property Agreement) in immediately available funds by wire transfer to an account or accounts which will have been designated by Adient at least two Business Days prior to such payment date (the “IP Closing”); and 

(iii)    upon receipt of the YFAI Equity Interest Purchase Price by Adient HK and of the Mechanism IP
Purchase Price by Adient (or any such controlled Affiliate thereof as Adient may designate): 

  
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 (x)    (1) the relevant Parties (or their relevant
Affiliates) shall enter into Amendment No. 15 to the YFAS Articles of Association, (2) the Amendments to YFAS Joint Venture Agreement and YFAS Articles of Association shall become effective and (3) promptly thereafter the relevant
Parties (or their relevant Affiliates) shall make any filings with any Governmental Bodies in the P.R.C. required in connection therewith; and 

(y)    (1) the relevant Parties (or their relevant Affiliates) shall enter into the Amended and Restated
AYM Articles of Association, (2) the Amendments to AYM Joint Venture Agreement and AYM Articles of Association shall become effective and (3) promptly thereafter the relevant Parties (or their relevant Affiliates) shall make any filings
with any Governmental Bodies in the P.R.C. required in connection therewith. 
 Section 3.3    Closing Related
Covenants. As promptly as possible following the date of this Agreement, (a) Yanfeng, YFAI and Adient (or Adient HK) shall take the steps set forth in Annex A-1 hereto in order to obtain any
necessary Consent from any Governmental Body, including the Chinese State Administration of Foreign Exchange (“SAFE”), in connection with the YFAI Payment in U.S.$, (b) AYM and Adient (or its relevant controlled Affiliates) shall
take the steps set forth in Annex A-2 hereto in order to obtain any necessary approval from SAFE for the payment of the Mechanism IP Purchase Price in U.S.$, and (c) the Parties shall take such
action as is necessary to comply with Annex C. 
 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

Section 4.1    Representations and Warranties of Each Party. Each Party represents and warrants to the other
Parties, as of the date hereof and as of each Closing Step, as follows: 
 (a)    Organization. Such Party is
duly organized and validly existing under the laws of the jurisdiction of its incorporation or organization and has all requisite power and authority to enter into and perform its obligations under this Agreement and the Definitive Agreements to
which it is a party. 
 (b)    Due Authorization. The execution, delivery and performance of this Agreement and
the Definitive Agreements to which it is a party has been duly authorized by all necessary action on the part of such Party, and each of this Agreement and the Definitive Agreements to which it is a party is (or, at the time it is entered into, will
be) a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other Laws relating to or affecting
creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(c)    Consents. Other than as set forth on Annex B hereto, no expirations of waiting periods under
applicable Antitrust Laws and no notices, reports or other filings are required to be made with, nor are any consents, registrations, approvals, permits or authorizations required to be obtained from, any Governmental Body by such Party in
connection with the execution and 

  
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delivery by such Party of this Agreement and the Definitive Agreements to which it is a party or the consummation of the Transactions contemplated by this Agreement and the Definitive Agreements.

 (d)    No Violation or Breach. The execution, delivery and performance by such Party of this Agreement and the
Definitive Agreements to which it is a Party does not constitute (i) a violation of any provision of the Organizational Documents of such Party, (ii) a violation of any applicable Law to which such Party is subject or (iii) a breach
of any material Contract to which such Party is a party, except in the case of the foregoing clauses (ii) and (iii), as would not reasonably be expected to have a material adverse effect on the ability of such Party to perform its obligations
under this Agreement and the Definitive Agreements to which it is a Party. 
 (e)    Litigation. No Legal
Proceeding brought by any Governmental Body is pending or, to the knowledge of such Party, threatened against such Party or any of its Affiliates that (i) challenges or seeks to prevent, enjoin or otherwise delay any of the Transactions
contemplated by this Agreement or the Definitive Agreements or (ii) would otherwise reasonably be expected to have a material adverse effect on the ability of such Party to exercise its rights or perform its obligations under this Agreement or
the Definitive Agreements. 
 (f)    No Other Representations or Warranties. Except for the representations and
warranties contained in this Article 4 and any representations and warranties expressly set forth in the Definitive Agreements to which it is a party, neither such Party nor any other Person makes any other express or
implied representation or warranty on behalf of such Party. 
 ARTICLE 5 

REGULATORY APPROVALS; OTHER COVENANTS 

Section 5.1    Reasonable Best Efforts. 

(a)    Each of the Parties shall cooperate and use its respective reasonable best efforts to fulfill as promptly as
practicable the conditions precedent hereunder, including securing as promptly as practicable all Consents required in connection with the Transactions contemplated by this Agreement and the Definitive Agreements, including those set forth on
Annex B hereto. Without limiting the generality of the foregoing, the Parties shall make all filings and submissions required by the Antitrust Laws and any other applicable Laws and promptly file any additional information requested as soon
as practicable after receipt of such request therefor. To the extent that, as an accommodation to any Party in its capacity as a buyer (the “Buyer”) and with the Buyer’s prior written consent, any other Party incurs costs that
the Buyer otherwise would have to incur in order to secure any Consent, the Buyer shall promptly reimburse such other Party for any such costs that are invoiced by such other Party to the Buyer. Notwithstanding anything to the contrary contained
herein, none of the Parties shall be required to (A) agree to a Burdensome Condition or (B) litigate against any Legal Proceeding (including any proceeding seeking a temporary restraining order or preliminary injunction) challenging any of
the Transactions contemplated by this Agreement or the Definitive Agreements as violative of any Antitrust Law or any other applicable Laws. 

  
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 (b)    The Parties shall cooperate with one another and shall furnish to
the other Parties all information necessary or desirable in connection with making any application or filing under the Antitrust Laws and any other applicable Laws, and in connection with resolving any investigation or other inquiry by any
Governmental Body under any Antitrust Laws or any other applicable Laws with respect to the Transactions contemplated by this Agreement or the Definitive Agreements. Each of the Parties shall promptly inform all other relevant Parties of any
communication with, and any proposed understanding, undertaking or agreement with, any Governmental Body regarding any such filings or any such Transaction (including, to the extent not prohibited by applicable Law, by providing copies of all such
written communications from any Governmental Body); provided that none of the Parties shall agree to or enter into any such understanding, undertaking or agreement with any Governmental Body without the other Parties’ prior written
consent. None of the Parties shall participate in any meeting or telephone call (to the extent such call is reasonably expected to be substantive in nature) with any Governmental Body in respect of any such filings, investigation or other inquiry
without giving all other Parties reasonable prior notice of, and the opportunity to participate in, the meeting or telephone call (as the case may be). The Parties shall consult and cooperate with one another in connection with any analyses,
appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of any Party in connection with all meetings, actions and proceedings under or relating to any Antitrust Laws and any other applicable
Laws (including, with respect to making a particular filing, by providing copies of all such documents to any non-filing Party and their advisors prior to filing and, if requested, giving due consideration to
all reasonable additions, deletions or changes suggested by such non-filing Party in connection therewith). 

Section 5.2    Further Assurances. On the terms and subject to the conditions set forth herein, the Parties
shall cooperate with each other and use (and cause their respective controlled Affiliates to use) their respective reasonable best efforts to take or cause to be taken all actions, and do or cause to be done all things, as promptly as practicable,
reasonably necessary, proper or advisable on their part under this Agreement, the Definitive Agreements and applicable Law: (i) to undertake and complete the actions and consummate all of the Transactions contemplated by this Agreement
(including entry into the Definitive Agreements), (ii) to deliver such notices and take such other actions as may be required to terminate, in accordance with their terms, Existing Agreements that limit the operation of the provisions hereof or
any of the Definitive Agreements and (iii) subject to Section 5.1, to prepare and file as promptly as reasonably practicable all documentation to effect all necessary filings and to obtain as promptly as practicable
all consents, registrations, approvals, permits and authorizations, necessary or advisable to be obtained in order to comply with the terms hereof. 

Section 5.3    YFAI Covenants. Each of Yanfeng and YFAI hereby agrees that during the period from the YFAI
Closing to either (i) the YFAI Payment or (ii) if this Agreement is terminated pursuant to Article 9, the completion of the unwinding of the YFAI Closing resulting in the transfer of the Equity Interest (as defined in the YFAI
Equity Transfer Agreement) back to Adient HK, (x) no member of the board of directors of YFAI, any supervisor or any officer, in each case, nominated or appointed by Adient, shall be removed or replaced, and (y) in the event the removal or
replacement of any such person nominated or appointed by Adient is required in order to comply with applicable Law, Yanfeng shall not take (or cause YFAI to take) without Adient’s prior written consent any action which would require unanimous
approval of the board of directors of YFAI under the Amended JVC (as defined in the YFAI Equity Transfer Agreement) effective as of the date of this Agreement. 

  
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 Section 5.4    Technology Transfer and Technical Assistance
Agreement. AYM and YFAS hereby agree that, effective upon the effectiveness of the Amendments to AYM Joint Venture Agreement and AYM Articles of Association, the Technology Transfer and Technical Assistance Agreement between YFAS (formerly known
as Shanghai Yanfeng Johnson Controls Seating Co., Ltd) and AYM (formerly known as Shanghai Johnson Controls Yanfeng Seating Mechanism Co., Ltd.), dated as of March 6, 2014, shall automatically terminate and be of no further force and effect.

 Section 5.5    Survival; Limitation on Liability. 

(a)    The representations and warranties of the Parties contained in Article 4 shall survive the
Closing for a period of twelve (12) months. The covenants of the Parties contained herein shall survive until the date that is six (6) months after the Closing or for any other period explicitly specified therein. Any claim or suit for
breach of any representation, warranty, or covenant must be brought and made prior to the expiration of the applicable survival term set forth in this Section 5.5. 

(b)    NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY CONTAINED IN THIS AGREEMENT AND SUBJECT TO ANY PROVISIONS TO THE
CONTRARY IN ANY DEFINITIVE AGREEMENT, AND EXCEPT FOR ANY BREACH OF Section 6.2, NO PERSON SHALL BE ENTITLED TO RECOVER FROM ANY PARTY ANY CONSEQUENTIAL, PUNITIVE, SPECIAL, INCIDENTAL OR INDIRECT DAMAGES, INCLUDING LOST
PROFITS, LOSS OF FUTURE REVENUE OR INCOME, LOSS OF BUSINESS REPUTATION OR BRAND VALUE, DIMINUTION OF VALUE OR ANY DAMAGES BASED ON ANY TYPE OF BUSINESS VALUATION MULTIPLE, WHETHER BASED ON STATUTE, CONTRACT, TORT OR OTHERWISE, EXCEPT AS
REIMBURSEMENT TO THE EXTENT SUCH DAMAGES ARE AWARDED BY A COURT OF COMPETENT JURISDICTION TO A THIRD PARTY IN CONNECTION WITH A THIRD PARTY CLAIM; PROVIDED, HOWEVER, THAT THE LIMITATIONS ON A PARTY’S LIABILITY SET FORTH IN THIS
Section 5.5 SHALL NOT APPLY IN CASE OF SUCH PARTY’S FRAUD, WILLFUL MISCONDUCT IN THE PERFORMANCE OF THIS AGREEMENT OR ANY DEFINITIVE AGREEMENT OR WILLFUL BREACH OF THIS AGREEMENT OR ANY DEFINITIVE AGREEMENT. 

ARTICLE 6 
 PUBLIC
ANNOUNCEMENTS; CONFIDENTIALITY 
 Section 6.1    Public Announcements. Each of Adient and Yanfeng will issue
an initial press release regarding the Transactions and Adient will issue a Current Report on Form 8-K under the Securities Exchange Act of 1934 describing the Transactions and filing this Agreement and the YFAS Extension (the “Initial
Disclosures”); provided that Adient and Yanfeng shall have provided each other with a draft of such initial press release and a reasonable opportunity to review and comment on such press release prior to its issuance (it being
understood that each of Adient and Yanfeng shall consider and make a good faith effort to reflect the other Party’s comments). 

  
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Except as otherwise expressly contemplated by this Agreement or the Definitive Agreements, none of the Parties (nor any of their respective Affiliates) shall issue any other press release or
otherwise make any public statements or disclosure with respect to the execution or performance of this Agreement or to the Transactions contemplated hereby or by the Definitive Agreements without the prior written consent of the other Parties;
provided, however, that, notwithstanding anything to the contrary in this Agreement or the Definitive Agreements, none of the Parties shall be restrained from making such disclosure as may be required by Law or by the listing agreement
with or regulations of any stock exchange (in which case the Party seeking to make such disclosure shall promptly notify the other Parties thereof and the Parties shall use reasonable efforts to cause a mutually agreeable release or announcement to
be issued); provided, further, that each Party may make public statements, disclosures or communications in response to inquiries from the press, analysts, investors, customers or suppliers or via industry conferences or analyst or
investor conference calls, so long as such statements, disclosures or communications are not inconsistent in tone and substance with the Initial Disclosures or other previous public statements, disclosures or communications made by the Parties or to
the extent that they have been reviewed and previously approved by all of the Parties. 

Section 6.2    Confidentiality. Subject to the requirements of applicable Law, each Party acknowledges that
this Agreement, the Definitive Agreements and the information provided to it and its Representatives in connection with this Agreement, the Definitive Agreements and the Transactions contemplated hereby and thereby are subject to the terms of the
Confidentiality Agreement, which shall be deemed incorporated herein by reference as if set forth herein. 
 ARTICLE 7 

TAX MATTERS 
 Section
7.1    Withholding Taxes. To the extent that the payor is required to withhold taxes with respect to a payment to Adient or any of its Affiliates made under this Agreement or any Definitive Agreement, then (i) the payor
shall promptly notify Adient of the need to withhold such taxes with respect to such payment, and (ii) the Parties shall use commercially reasonable efforts to reduce such taxes; provided that, in respect of the YFAI Equity Interest Purchase
Price, the payor shall not be entitled to withhold or deduct any taxes unless and until the relevant tax Governmental Body in the P.R.C. (the “Tax Authority”) has determined after completion of the tax recordal and assessment
process in respect of the YFAI Acquisition contemplated by the YFAI Equity Transfer Agreement that such transaction results in a gain subject to tax; provided, further, that if such determination by the Tax Authority has been made in
respect of the YFAI Acquisition as of the YFAI Closing and Yanfeng and Adient agree with the tax amount determined by the Tax Authority (or such determination has otherwise become final as of such time), Yanfeng shall be entitled to withhold such
taxes as determined by the Tax Authority and shall timely pay the full amount deducted or withheld to the Tax Authority in accordance with applicable Law. If, as of the YFAI Closing, Yanfeng is not entitled to and does not withhold any taxes from
the YFAI Equity Interest Purchase Price pursuant to this Section 7.1, Adient shall (or shall cause Adient HK to) indemnify Yanfeng with respect to the actual amount of withholding tax imposed by the Tax Authority on Yanfeng in respect of the
YFAI Acquisition contemplated by the YFAI Equity Transfer Agreement, if and to the extent such tax is imposed within twelve (12) months from the Closing. Yanfeng must provide the tax payment certificates and other relevant supporting documents for
any such claim made to Adient (or Adient HK). Adient (or Adient HK) will be the 

  
 15 

 
party handling any discussion/disputes with and assessment from the Tax Authority and will participate in the negotiation with the Tax Authority in respect of the YFAI Acquisition contemplated by
the YFAI Equity Transfer Agreement. This indemnification applies only to any unpaid withholding tax on the YFAI Acquisition contemplated by the YFAI Equity Transfer Agreement. It does not include any other transactions related to Adient, Yanfeng or
YFAI. For clarity, if the tax recordal and assessment process confirms that the YFAI Acquisition contemplated by the YFAI Equity Transfer Agreement results in no gain, Adient HK and Yanfeng shall cooperate fully to obtain sufficient supporting
documents to show that the tax assessment process has been completed resulting in no gain. 

Section 7.2    Transaction Taxes. Except if and to the extent expressly provided otherwise in any Definitive
Agreement, AYM or Yanfeng shall pay all applicable transaction taxes, including sales and use taxes, duties, customs, tariffs and other government-imposed transactional charges, in each case, if and to the extent applicable (“Transaction
Taxes”) on the YFAI Equity Interest Purchase Price and the Mechanism IP Purchase Price, respectively. For the avoidance of doubt, the Mechanism IP Purchase Price shall be exclusive of value-added tax but inclusive of its accompanying local
surcharges. AYM shall bear all value-added taxes arising from the Mechanism IP Purchase Price while Adient (or its relevant controlled Affiliates) shall bear the accompanying local surcharges. Each Party shall use reasonable best efforts to avail
itself of any available exemptions from any Transaction Taxes, and to cooperate with the other Parties in providing any information and documentation that may be necessary to obtain such exemptions. 

ARTICLE 8 

CONDITIONS TO CLOSING 

Section 8.1    Conditions to the Obligations of All Parties. The obligations of the Parties to effect the
Closing are subject to the satisfaction (or waiver) on or prior to the relevant Closing Step of the following conditions and of each condition to closing set forth in a Definitive Agreement which is required prior to the relevant Closing Step: 

(a)    Regulatory Consents. Those Consents set forth in Annex C which are required to be obtained or
made in connection with the Transactions under applicable Laws shall have been obtained or made on or prior to the first Closing Step. 

(b)    No Prohibition. No Law or Order shall be in effect prohibiting the Transactions as of each Closing Step.

 Section 8.2    Conditions to the Obligations of Each Party. The obligation of each Party to effect the
Closing is subject to the satisfaction (or waiver) on or prior to the relevant Closing Step of the following conditions: 

(a)    Representations and Warranties. The representations and warranties of each other Party shall be true and
correct in all material respects as of each Closing Step. 
 (b)    Covenants. Each of the covenants and
agreements of each other Party to be performed on or prior to such Closing Step pursuant to this Agreement or the relevant Definitive Agreements shall have been duly performed in all material respects. 

  
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 (c)    Definitive Agreements. Each other Party shall have
executed and delivered each Definitive Agreement to which it is a party and which is required to be executed on or prior to such Closing Step. 

Section 8.3    Frustration of Closing
Conditions. None of the Parties may rely on the failure of any condition set forth in this Article 8 to be satisfied if such failure was caused by such Party’s failure to act in good faith or to use its reasonable
best efforts to cause the Closing to occur in accordance with the Closing Steps. 
 ARTICLE 9 

TERMINATION 
 
Section 9.1    Termination. This Agreement may be terminated at any time prior to the completion of the last Closing Step: 

(a)    by the written agreement of Adient and Yanfeng; 

(b)    by either Adient or Yanfeng, by giving written notice of such termination to the other Parties, if all of the
Closing Steps shall not have occurred on or prior to September 30, 2020 (the “Outside Date”), so long as the terminating party is not in material breach of its obligations under this Agreement; 

(c)    by Adient, by giving written notice of such termination to the other Parties, if the Appraisal Report (as defined
in the YFAI Equity Transfer Agreement) does not “legally support” the YFAI Equity Interest Purchase Price pursuant to the YFAI Equity Transfer Agreement and Yanfeng gives notice to Adient that it wishes to change the YFAI Equity Interest
Purchase Price to an amount not equal to U.S.$379,000,000 (three hundred and seventy nine million) in cash; and 

(d)    by either Adient or Yanfeng, upon a material breach by any other Party of this Agreement or any Definitive
Agreement (which Definitive Agreement is specifically identified in the Definitive Agreement definition), which breach is not curable or, if curable, is not cured within thirty (30) days after notice thereof is given by Adient or Yanfeng,
respectively; provided that neither Adient nor Yanfeng shall have the right to terminate this Agreement pursuant to this Section 9.1(d) if such Party is then in material breach of this Agreement or the Definitive
Agreements. 
 Section 9.2    Effect of Termination. 

(a)    If this Agreement is terminated and the Transactions contemplated hereby are abandoned as described in
Section 9.1, this Agreement shall become null and void and of no further force and effect and there shall be no liability or obligation on the part of any Party, its Affiliates and their respective Representatives under or
with respect to this Agreement or any of the Definitive Agreements, except for the provisions of (i) Section 5.3 (YFAI Covenants), (ii) Article 6 (Public Announcements;
Confidentiality), (iii) this Section 9.2 (Effect of Termination) and (iv) Article 10 (Miscellaneous), which shall survive the termination of this Agreement. Nothing in this
Section 9.2 shall be deemed to release any Party from any liability for any material breach by such Party of the terms and provisions of this Agreement or the Definitive Agreements or to impair the right of any Party to
compel specific performance by any other Party of its obligations under this Agreement. 

  
 17 

 (b)    If this Agreement is terminated and the Transactions contemplated
hereby are abandoned as described in Section 9.1, (i) each Party shall return to any other relevant Party all documents and other materials received from such other Party, in each case relating to the Transactions
contemplated hereby, whether so obtained before or after the execution hereof, and (ii) if and to the extent any Transactions have been implemented or completed as part of certain Closing Steps pursuant to Section 3.2
prior to any such termination of this Agreement, the Parties shall cooperate with each other and take or cause to be taken all actions, and do or cause to be done all things, as promptly as practicable, reasonably necessary, proper or advisable on
their part under this Agreement, the Definitive Agreements and applicable Law to unwind any such Transactions. 

(c)    If this Agreement is terminated and the Transactions contemplated hereby are abandoned as described in
Section 9.1 as a result of a failure by AYM or Yanfeng to pay the YFAI Equity Interest Purchase Price or the Mechanism IP Purchase Price, respectively (other than as a result of material breach by Adient of the terms of
this Agreement or any Definitive Agreement), then Yanfeng shall indemnify and hold harmless each of Adient, Adient Asia, Adient HK, AYM and YFAI (each, an “Adient Indemnitee”) for any and all reasonable and documented out-of-pocket costs and expenses and taxes incurred by such Adient Indemnitee in connection with the implementation and unwinding of the Transactions pursuant to the Closing
Steps in Section 3.2 if and to the extent any such Closing Steps are completed prior to such termination of this Agreement (other than any such costs, expenses and taxes resulting from a material breach by any such Adient
Indemnitee of the terms of this Agreement or any Definitive Agreement). 
 (d)    If this Agreement is terminated and
the Transactions contemplated hereby are abandoned as described in Section 9.1 as a result of a failure by AYM or Yanfeng to pay the YFAI Equity Interest Purchase Price or the Mechanism IP Purchase Price, respectively, in
each case, as a result of any material breach by Adient of the terms of this Agreement or any Definitive Agreement, then Adient shall indemnify and hold harmless each of Yanfeng, AYM and YFAI (each, an “Yanfeng Indemnitee”) for any
and all reasonable and documented out-of-pocket costs and expenses and taxes incurred by such Yanfeng Indemnitee in connection with the implementation and unwinding of
the Transactions pursuant to the Closing Steps in Section 3.2 if and to the extent any such Closing Steps are completed prior to such termination of this Agreement (other than any such costs, expenses and taxes resulting
from a material breach by any such Yanfeng Indemnitee of the terms of this Agreement or any Definitive Agreement). 
 ARTICLE 10

 MISCELLANEOUS 

Section 10.1    Fees and Expenses. Except as otherwise expressly provided in this Agreement, whether or not the
Transactions contemplated herein are consummated, all costs and expenses incurred, including fees and disbursements of counsel, financial advisors and accountants, in connection with this Agreement, the Definitive Agreements and the Transactions
contemplated hereby and thereby shall be borne by the Party incurring such costs and expenses; provided, however, that, in the event this Agreement is terminated in accordance with its terms, the obligation of each Party to bear its
own costs and expenses will be subject to any rights of such Party arising from a breach of this Agreement by any other Party prior to such termination. 

  
 18 

 Section 10.2    Late Payments. Unless otherwise set forth in
any Definitive Agreement, any amount that is not paid when due hereunder shall bear interest from and including the date payment of such amount was due through to the date of actual payment at the per annum rate of 3% plus the prime rate set forth
in The Wall Street Journal (as in effect from time to time until such amount is paid in full) based on a year of 365 days. 

Section 10.3    Notices. All notices or other communications to be delivered in connection with this Agreement
shall be in writing and shall be deemed to have been properly delivered, given and received (a) on the date of delivery if delivered by hand during normal business hours of the recipient during a Business Day, otherwise on the next Business
Day, (b) on the date of successful transmission if sent via email during normal business hours of the recipient during a Business Day, otherwise on the next Business Day, or (c) on the date of receipt by the addressee if sent by an
internationally recognized overnight courier, if received on a Business Day, otherwise on the next Business Day. Such notices or other communications must be sent to each respective Party at the address or email address set forth below (or at such
other address or email address as shall be specified by a Party in a notice given in accordance with this Section 10.3): 
  

			
	If to Yanfeng:	  	Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       jianxu.jia@yanfeng.com
		  	Attention: General Manager
		
		  	with a copy (which shall not constitute notice) to:
		
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       canhua.yang@yanfeng.com
		  	Attention: Legal Department
		
	If to Adient:	  	c/o Adient US LLC
		  	49200 Halyard Drive
		  	Plymouth, MI 48170 USA
		  	Email: co-general.counsel@adient.com
		  	Attention: General Counsel
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Sullivan & Cromwell LLP
		  	125 Broad St
		  	New York, NY 10004
		  	Attention: Audra D. Cohen
		  	Email:       cohena@sullcrom.com

  
 19 

			
	If to AYM:	  	Adient Yanfeng Seating Mechanisms Co., Ltd.
		  	c/o Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       jianxu.jia@yanfeng.com
		  	Attention: Chairman
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Adient US LLC
		  	49200 Halyard Drive
		  	Plymouth, MI 48170 USA
		  	Email:       co-general.counsel@adient.com
		  	Attention: General Counsel
		
		  	and
		
		  	Sullivan & Cromwell LLP
		  	125 Broad St
		  	New York, NY 10004
		  	Attention: Audra D. Cohen
		  	Email:       cohena@sullcrom.com
		
		  	and
		
		  	Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       canhau.yang@yanfeng.com
		  	Attention: Legal Department
		
	If to YFAI:	  	Yanfeng Global Automotive Interior Systems Co., Ltd.
		  	c/o Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       jianxu.jia@yanfeng.com
		  	Attention: Chairman
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Adient US LLC
		  	49200 Halyard Drive
		  	Plymouth, MI 48170 USA
		  	Email:       co-general.counsel@adient.com
		  	Attention: General Counsel

  
 20 

			
		  	and
		
		  	Sullivan & Cromwell LLP
		  	125 Broad St
		  	New York, NY 10004
		  	Attention: Audra D. Cohen
		  	Email:       cohena@sullcrom.com
		
		  	and
		
		  	Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       canhau.yang@yanfeng.com
		  	Attention: Legal Department
		
	If to YFAS:	  	Yanfeng Adient Seating Co., Ltd.
		  	c/o Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       jianxu.jia@yanfeng.com
		  	Attention: Chairman
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Adient US LLC
		  	49200 Halyard Drive
		  	Plymouth, MI 48170 USA
		  	Email:       co-general.counsel@adient.com
		  	Attention: General Counsel
		
		  	and
		
		  	Sullivan & Cromwell LLP
		  	125 Broad St
		  	New York, NY 10004
		  	Attention: Audra D. Cohen
		  	Email:       cohena@sullcrom.com
		
		  	and
		
		  	Yanfeng Automotive Trim Systems Company Ltd.
		  	No. 399, Liuzhou Road
		  	Shanghai, China
		  	Email:       canhau.yang@yanfeng.com
		  	Attention: Legal Department

  
 21 

 Section 10.4    Entire Agreement. This Agreement together
with the Confidentiality Agreement and the Definitive Agreements constitute the sole and entire agreement of the Parties with respect to the subject matter contained herein and therein, and they supersede all other prior representations, warranties,
understandings and agreements, both written and oral, with respect to such subject matter. 

Section 10.5    Amendment. This Agreement shall not be amended, modified or supplemented except by an
instrument in writing specifically designated as an amendment hereto and executed by each of the Parties. 

Section 10.6    Waivers. Any Party may, at any time, (a) extend the time for the performance of any of
the obligations or other acts of any other Party, (b) waive any inaccuracies in the representations and warranties of any other Party contained herein or (c) waive compliance by any other Party with any of the agreements or conditions
contained herein; provided that, any such waiver shall only be effective against the Party giving it. No waiver, consent or agreement by any Party with respect to any of the provisions hereof shall be effective unless explicitly set forth in
a written instrument executed and delivered by the Party so waiving, consenting or agreeing. No waiver by any Party of any breach of this Agreement shall operate or be construed as a waiver of any preceding or subsequent breach, whether of a similar
or different character, unless expressly set forth in such written waiver. Neither any course of conduct or failure or delay of any Party in exercising or enforcing any right, remedy or power hereunder shall operate or be construed as a waiver
thereof, nor shall any single or partial exercise of any right, remedy or power hereunder, or any abandonment or discontinuance of steps to enforce such right, remedy or power, or any course of conduct, preclude any other or further exercise thereof
or the exercise of any other right, remedy or power. 
 Section 10.7    Severability. If any term or
provision of this Agreement is invalid, illegal or incapable of being enforced in any situation or in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other term or
provision hereof or the offending term or provision in any other situation or any other jurisdiction so long as the economic or legal substance of the Transactions contemplated hereby is not affected in any manner materially adverse to any Party.
Upon any such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as
possible, in a mutually acceptable manner, in order that the Transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 10.8    No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit
of each Party and its successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall be construed to confer upon any other Person any legal or equitable rights, benefits or remedies of any nature
whatsoever under or by reason of this Agreement. This Agreement may be amended or terminated, and any provision of this Agreement may be waived, in accordance with the terms hereof without the consent of any Person other than the Parties. 

  
 22 

 Section 10.9    Assignment. Neither this Agreement nor any
of the rights, interests or obligations hereunder may be assigned or delegated, in whole or in part, by any Party without the prior written consent of the other Parties, and any purported assignment or delegation in contravention of this
Section 10.9 shall be null and void and of no force and effect. Subject to the preceding sentences of this Section 10.9, this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the Parties and their respective successors and permitted assigns. 

Section 10.10    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a)    This Agreement and all matters, claims, controversies, disputes, suits, actions or proceedings arising out of or
relating to this Agreement and the negotiation, execution or performance of this Agreement or (except if and to the extent expressly provided otherwise in any Definitive Agreement) any of the Transactions contemplated hereby, including all rights of
the Parties (whether sounding in contract, tort, common or statutory law, equity or otherwise) in connection therewith, shall be interpreted, construed and governed by and in accordance with, and enforced pursuant to, the internal Laws of Hong Kong
without giving effect to any choice or conflict of law provision or rule (whether of Hong Kong or any other jurisdiction) that would cause the application of the Law of any jurisdiction other than those of Hong Kong. 

(b)    The Parties agree to negotiate in good faith to resolve any dispute, controversy, difference or claim among them
arising out of, relating to, or concerning the negotiation, execution or performance of this Agreement or (except if and to the extent expressly provided otherwise in any Definitive Agreement) any of the Transactions contemplated hereby (including
its existence, validity or termination) (the “Dispute”). If the negotiations do not resolve the Dispute to the reasonable satisfaction of all Parties within 60 days, Section 10.10(c) shall apply. 

(c)    Each of the Parties irrevocably (i) agrees that any Dispute arising out of, relating to, or concerning the
negotiation, execution or performance of this Agreement or (except if and to the extent expressly provided otherwise in any Definitive Agreement) any of the Transactions contemplated hereby (whether sounding in contract, tort, common or statutory
law, equity or otherwise), shall be referred to and resolved by arbitration to be held in Hong Kong which shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with the Hong Kong
International Arbitration Centre Administered Arbitration Rules in force at the time the Notice of Arbitration is submitted (“Arbitration Rules”), (ii) waives, to the fullest extent it may effectively do so, any objection which
it may now or hereafter have to the laying of venue of any such arbitration, and (iii) submits to the exclusive jurisdiction of Hong Kong in any such arbitration. There shall be three arbitrators, selected in accordance with the Arbitration
Rules, and at least one arbitrator shall be qualified to practice Hong Kong Law. The arbitration shall be conducted in English and Chinese. The decision of the arbitration tribunal shall be final, conclusive and binding on the Parties to the
arbitration. To the extent permitted by applicable Law, the Parties waive their right to any form of appeal of any award. Judgment may be entered on the arbitration tribunal’s decision in any court having jurisdiction. The Parties to the
arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each Party shall separately pay for its respective counsel fees and expenses; provided, however, that the prevailing Party in any such
arbitration shall be entitled to recover from the non-prevailing party its reasonable counsel fees and expenses. The Parties acknowledge and agree that, in addition to contract damages, the arbitrators may
award provisional and final equitable relief, including injunctions and specific performance. 

  
 23 

 (d)    EACH PARTY (I) ACKNOWLEDGES AND AGREES THAT ANY LEGAL
PROCEEDING THAT MAY ARISE UNDER OR RELATE TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND (II) HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY (A) CERTIFIES AND
ACKNOWLEDGES THAT NO REPRESENTATIVE OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LEGAL PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) CERTIFIES AND ACKNOWLEDGES THAT IT
AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION OF THIS AGREEMENT, (C) UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND
(D) MAKES THIS WAIVER VOLUNTARILY. 
 Section 10.11    Specific Performance. The Parties agree that
irreparable damage and harm would occur in the event that any provision of this Agreement were not performed in accordance with its terms and that, although monetary damages may be available for such a breach, monetary damages would be an inadequate
remedy therefor. Accordingly, each of the Parties agrees that, in the event of any breach or threatened breach of any provision of this Agreement by such Party, each other Party shall be entitled to an injunction or injunctions, specific performance
and other equitable relief to prevent or restrain breaches or threatened breaches hereof and to specifically enforce the terms and provisions hereof. A Party seeking an order or injunction to prevent breaches of this Agreement or to enforce
specifically the terms and provisions hereof shall not be required to provide, furnish or post any bond or other security in connection with or as a condition to obtaining any such order or injunction, and each Party hereby irrevocably waives any
right it may have to require the provision, furnishing or posting of any such bond or other security. 

Section 10.12    Export Control. Each of AYM, Yanfeng and Adient acknowledges that technical data provided in
connection with this Agreement may be subject to export control laws and regulations of the United States and agrees to comply with these laws and regulations to the extent applicable to it, including obtaining any required government authorizations
required for the export, re-export, transfer and use of the technical data and the direct product thereof. 

Section 10.13    Counterparts and Electronic Signatures. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original and all of which, when taken together, shall be deemed to be one and the same agreement or document. A signed copy of this Agreement transmitted by email or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this Agreement for all purposes. 

Section 10.14    Languages. This Agreement shall be written in the Chinese and English languages. The Chinese
version and the English version shall have equal force and effect. 
 [SIGNATURE PAGE FOLLOWS] 

  
 24 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as
of the date first written above by their respective officers thereunto duly authorized. 
  

			
	ADIENT PLC
		
	By:	 	 /s/ Jeffrey Martin Stafeil

	Name:	 	Jeffrey Martin Stafeil
	Title:	 	Executive Vice President and Chief Financial Officer
	
	YANFENG AUTOMOTIVE TRIM SYSTEMS COMPANY LTD.
		
	By:	 	 /s/ Jianxu Jia

	Name:	 	Jianxu Jia
	Title:	 	Authorized Representative
	
	ADIENT YANFENG SEATING MECHANISMS CO., LTD.
		
	By:	 	 /s/ Jianxu Jia

	Name:	 	Jianxu Jia
	Title:	 	Authorized Representative
	
	YANFENG ADIENT SEATING CO., LTD.
		
	By:	 	 /s/ Jianxu Jia

	Name:	 	Jianxu Jia
	Title:	 	Authorized Representative
	
	YANFENG GLOBAL AUTOMOTIVE INTERIOR SYSTEMS CO., LTD.
		
	By:	 	 /s/ Jianxu Jia

	Name:	 	Jianxu Jia
	Title:	 	Authorized Representative

 [Signature Page to Master Agreement]

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