Document:

Change in Control Employment Agreement - Stephen M. Corban

 Exhibit 10.15 
  
 THE PEOPLES HOLDING COMPANY 
  
 EMPLOYMENT AGREEMENT 
  
 This Agreement (“Agreement”) has been entered into this 1st day of July, 2003, by and between The Peoples Holding Company (“Company”), and Stephen M.
Corban, an individual (“Executive”). 
  
 RECITALS

  
 The Board of Directors or the Company (“Board”) has determined that
it is in the best interest of the Company and its stockholders to reinforce and encourage the continued attention and dedication of the Executive to the Company as a member of management of the Company or as a member of management; of a subsidiary
of the Company, and to assure that the Company will have the continued dedication of the Executive. notwithstanding the possibility, threat, or occurrence of a Change in Control (as defined below) of the Company. The Board believes that it is
imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control and to encourage the Executive’s full attention and dedication to the
Company or a subsidiary currently and in the event of any threatened or pending Change in Control which ensures that the compensation and benefit expectations of the Executive will be satisfied and which are competitive with those of other
corporations. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement. 
  
 IT IS AGREED AS FOLLOWS: 
  
 Section 1: Definitions and Construction. 
  
 1.1 Definitions. For purposes of this Agreement, the following words and phrases, whether or not capitalized, shall have the meaning specified
below unless the context plainly requires a different meaning. 
  

	 	(a)	“Board” means the Board of Directors of the Company. 

  

	 	(b)	“Change in Control” means any liquidation, dissolution, consolidation or merger of the Company in which the Company is not a continuing or surviving corporation.

  

	 	(c)	“Change in Control Date” shall mean the date of the change in control. 

  

	 	(d)	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	 	(e)	“Company” means The Peoples Holding Company, a Mississippi Corporation, the purpose of determining if a change in control has occurred. For the purpose of an employment
relationship, it includes any subsidiary or successor of the Peoples Holding Company. 

	 	(f)	“Effective Date” shall mean July 1, 2003. 

  

	 	(g)	“Exchange Act” means the Securities and Exchange Act of 1934, as amended. 

  

	 	(h)	“Person” means any “person” within the meaning of § 13(d) and 14(d) of the Exchange Act. 

  

	 	(i)	“Term” means the period that begins on the effective date and ends on the anniversary of the effective date, unless prior thereto a Change in Control shall have occurred.
This contract shall automatically renew for additional one- (1) year terms unless either party shall give the other party at least ninety (90) days’ advance written notice of said party’s intention not to renew said contract; provided,
however, the Company shall not be able to give notice if its intention not to renew the contract following a Change in Control or if it is involved in any negotiations, whether formal or informal, that may result in a Change in Control.

  
 1.2 Headings. All headings herein are
included solely for ease of reference and do not bear on the interpretation of the text. Accordingly, as used herein, the terms “Article” and “Section” mean the text that accompanies the specified Article or Section hereof.

  
 1.3 Applicable Law. This agreement shall be governed by
and construed in accordance with the laws of the State of Mississippi without reference to its conflicts of law principles. 
  
 Section 2: Terms and Conditions of Employment. 
  
 2.1 Severance Benefits. In order to induce the Executive to remain in the employ of the Company and in consideration of the Executive’s
agreeing to remain in the employ of the Company, subject to the terms and conditions set forth herein, this Agreement sets forth the severance benefits which the Company agrees will be provided to the Executive in the event the Executive’s
employment with the Company is terminated subsequent to a Change in Control under the circumstances described herein. 
  
 2.2 Positions and Duties. Prior to the receipt of benefits under this Agreement, the Executive shall serve as an officer of the Company or of a
subsidiary thereof, subject to the reasonable directions of the Board. During the term of this Agreement, Executive agrees that Executive will not voluntarily leave the employ of the Company except as may be provided hereunder. Any violation of this
Section 2.2 by the Executive prior to a Change in Control shall result in a termination hereof, and the Executive shall have no other liability hereunder for such action. In consideration of this, the Company agrees that following a Change in
Control, the Executive’s authority, duties and responsibilities shall be at least commensurate in all material respects with those assigned to, or held and exercised by, the Executive immediately preceding the date on which a Change in Control
occurs. Notwithstanding the foregoing the Company may 
  

 2 

 terminate the Executives employment at any time, subject to providing the benefits hereinafter specified and in
accordance with the terms hereof. Nothing contained herein shall require the surviving corporation to use the designation of General Counsel. 
  
 2.3 Situs of Employment. Following a change in Control, the new entity shall make a good faith effort to provide the Executive with the type and
kind of employment described herein at the location where the Executive was providing his services prior to the Change of Control, Nothing contained herein shall require the Executive to move and will give the Executive the authority to receive the
benefits provided to him under this contract if he does not elect to move. 
  
 2.4 Compensation. 
  

	 	(a)	Annual Base Salary. The Annual Base Salary (“Annual Base Salary”) shall be an amount equal to the salary the Executive was receiving during the month immediately preceding
a Change in Control computed on an annualized basis. 

  

	 	(b)	Incentive Bonuses. Incentive Bonuses (“Incentive Bonus”) shall mean any bonuses provided through any incentive compensation plan, subject to the provisions of such plan.

  

	 	(c)	Welfare Benefit Plans. Welfare benefit plans shall mean practices, policies and programs provided by the Company (including, without limitation, medical, prescription, dental,
disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs), subject to the provision of such welfare benefit plans. 

  
 Section 3: Termination of Employment. 
  
 3.1 Death. The Executive’s employment shall terminate
automatically upon the Executive’s death during the Term of this Agreement and prior to a termination of employment by the executive. 
  
 3.2 Disability. Following a Change in Control, if the Company determines in good faith that a Disability of the Executive has occurred (pursuant to
the definition of Disability set forth below), the Company may give to the Executive written notice in accordance with Section. 7.1 of the intention of the Company to terminate the Executive’s employment. In such event, the Executive’s
employment with the Company shall terminate effective on the thirtieth (30th) day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the thirty (30) days after such receipt, the Executive
shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean that the Executive has been unable to perform the services required of the Executive hereunder on a
full-time basis for a period of one hundred-eighty (180) consecutive business days by reason of a physical and/or mental condition, “Disability” shall be deemed to exist when certified by a physician selected by the Company or its insurers
and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). The Executive will submit to such medical or psychiatric examinations and tests as such physician
deems necessary to make any such Disability determination. 
  

 3 

 3.3 Termination for Cause. Following a Change in Control, the Company may terminate the
Executive’s employment for “Cause,” which shall mean termination based upon: (a) the Executive’s willful and continued failure to perform the Executive’s duties with the Company (other than as a result of incapacity due to
physical or mental condition), after a demand for substantial performance is delivered to the Executive by the Chief Executive Officer of the Company or the Chairman of the Board, which specifically identifies the manner in which the Executive has
not substantially performed the Executive’s duties, (b) the Executive’s willful commission of misconduct which is materially injurious to the Company, monetarily or otherwise, or (c) the Executive’s material breach of any provision of
this Agreement. For purposes of this paragraph, no act or failure to act on the Executive’s part shall be considered “willful” unless done, or omitted to be done, without good faith and without reasonable belief that the act or
omission was in the best interests of the Company. Notwithstanding the forgoing, the Executive shall not be deemed to have been terminated for Cause unless and until (a) the Executive receives a notice of Termination (as defined in Section
3.5) from the Chief Executive Officer of the Company or the Chairman of the Board, (b) the Executive is given the opportunity, with counsel, to be heard before the Board, and (c) the Board finds, in its good faith opinion, that the Executive
was guilty of the conduct set forth in the Notice of Termination. 
  
 3.4 Good Reason. Following a change in Control, the Executive may terminate employment with the Company for “Good Reason,” which shall mean termination based upon: 
  

	 	(a)	the assignment to the Executive of any duties inconsistent in any respect with the Executive’s position authority, duties or responsibilities as contemplated by Section 2.2 or
any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities, excluding for this purpose any action not taken in bad faith and which is remedied by the Company promptly after notice
thereof given by the Executive; 

  

	 	(b)	(i) the failure by the Company to continue in effect any benefit or compensation plan, stock ownership plan, life insurance plan, health and accident plan or disability plan in
which the Executive is participating as specified in Section 2.4(b) or 2.4(c) or (ii) the taking of any action by the Company which would adversely affect the Executive’s participation in, or materially reduce the Executive’s benefits
under, any plans described in Section 2.4(b) or 2.4(c), or deprive the Executive of any material fringe benefit enjoyed by the Executive as described in Section 2.4(b) or 2.4(c); 

  

	 	(c)	a material breach by the Company of any provision hereof; 

  

	 	(d)	any termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement; 

  

	 	(e)	within a period ending at the close of business on the date three (3) years after the Change in Control Date, any failure by the Company to comply with and satisfy Section 6.2 on or
after the Change in Control Date. 

  

 4 

 3.5 Notice of Termination. Any termination by the Company for Cause or Disability, or by the
Executive for Good Reason, shall be communicated by Notice of Termination to the other party, given in accordance with Section 7.1. For purposes of this Agreement, a “notice of Termination” means a written notice which (a) indicates the
specific termination provision herein relied upon, (b) to the extent applicable sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated, and (c) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty [30] days after the giving of such notice). The failure by
the Executive or the Company to set forth in ‘the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company hereunder or preclude the
Executive or the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
  
 3.6 Date of Termination. “Date of Termination” means (a) if the Executive’s employment is terminated by the Company with or without
Cause, or by the Executive for Good Reason, the date of Termination shall be the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, or (b) if the Executive’s employment is terminated by reason
of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. 
  
 Section 4: Certain Benefits Upon Termination of Employment. 
  
 4.1. Termination after a Change in Control. If a Change in Control occurs during the Term of this Agreement and within three (3) years after such
Change in Control, either the Company shall terminate the Executive’s employment without Cause, or the Executive shall terminate employment with the Company for Good Reason, then the Executive shall be entitled to the benefits provided below
for the three year period after Change in Control or the remaining portion of sail three year period following the date of termination. 
  

	 	(a)	“Accrued Obligations”: On the tenth (10th) business day following the Date of Termination, the Company shall pay to the Executive the sum of (i) the Executive’s
Annual Base Salary prorated through the Date of Termination to the extent not previously paid, and (ii) any accrued vacation pay to the extent not previously paid. 

  

	 	(b)	“Severance Amount”: The “Severance Amount” shall be an amount equal to 2.99 times the Executive’s Annual Base Salary in effect on the business day prior to
the Date of Termination plus 2.99 times the average annual incentive bonus for the two years prior to the Change in Control. The Company shall set aside this amount in escrow for a period of three years and the Escrow Agent shall pay to the
Executive, beginning on the tenth (10th) business day following the Date of Termination, a monthly amount of one-thirty-sixth (1/36) of the severance amount less any monthly W2, Schedule C or Schedule F earnings reportable on Internal Revenue
Service Form 1040 which are received by the Executive from his present employer or any future 

  

 5 

 employer or employers for a period of 36 months or until the earlier exhaustion of the entire severance
amount plus interest thereon. In the event of the Executive’s death after a termination for which a “Severance Amount” is payable, the Escrow Agent shall continue to pay to the Executive’s spouse or other named beneficiary the
remaining obligation owed the Executive under the terms of this contract and the Escrow Agreement. The Company may, however, at its option, elect to pay the Severance Amount to the Executive, or in the event of his death, his spouse or other named
beneficiary, in the form of a lump-sum cash payment on or before the date the first monthly payment is due; or the Company, at its option, at anytime during the term of the Escrow Agreement, can direct the Escrow Agent to pay the Executive, the
Executive’s spouse, or named beneficiary, as the case may be, the then remaining balance of the severance amount, plus any accrued and accumulated interest thereon, in the form of a lump-sum cash payment, and the rights and obligations of all
parties under both the Employment Agreement and Escrow Agreement shall be terminated. 
  
 In the event, subsequent to the Change in Control, the Executive becomes an employee of any competing commercial bank, savings bank, savings and loan association, or credit union (“financial institution”) in
the defined market area of the Employer prior to the Change in Control, then any obligation of the Employer under this Section is terminated, and the Executive shall not be entitled to any further benefits under this Agreement. 
  
 The severance amount set aside in escrow shall be invested according to the
provisions of the escrow agreement attached hereto as “Exhibit A” and the interest earned included in the amount payable to the Executive. Any severance amounts not paid to the Executive shall tie returned to the Company at the end of the
36-month escrow period, or sooner should the Executive accept employment with a competing “financial institution” as defined above. All interest earned on the account shall be paid to the Executive following the final severance payment.

  

	 	(c)	“Other Benefits”: To the extent not previously provided, the Company shall timely pay or provide to the Executive and/or the Executive’s family any other amounts or
benefits including benefits from welfare benefit plans required to be paid or provided for which the Executive and/or the Executive’s family is eligible to receive pursuant hereto and under any plan, program, policy or practice or contract or
agreement of the Company as those provided generally to other peer executives and their families during the ninety (90) day period immediately preceding the Effective Date or, if more favorable to the Executive, as those provided generally after the
Effective Date to other peer executives of the Company and their families. 

  

	 	(d)	If termination of the Executive occurs less than three years after such Change in Control, then the benefits provided by this Agreement shall be pro rated on the ratio of the
remaining portion of said three year period to the full three year period following Change in Control. 

  

 6 

	 	(e)	“Excess Parachute Payment”: Anything herein to the contrary notwithstanding, in the event that an independent accountant shall determine that any payment or distribution
by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the tennis hereof or otherwise) (a. “Payment”) would be nondeductible by the Company for Federal income tax purposes
because of Code §280G or would constitute an “excess parachute payment” (as defined in Code §280G), then the aggregate present value of amounts payable or distributable to or for the benefit of the Executive pursuant hereto or
pursuant to any other agreement with the company because of the occurrence of a Change in Control (such payments or distributions are hereinafter referred to as “Agreement Payments”) shall be reduced (but not below zero) to the Reduced
Amount. For purposes of this paragraph, the “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any payment to be nondeductible by the Company
because of Code §280G or without causing any portion of the Payment to be subject to the excise tax imposed by Code §4999. 

  
 If the independent accountant determines that any Payment would be nondeductible by the Company because of Code §280G or that any portion of the
Payment would be subject to the excise tax imposed by Code §4999, the Company shall promptly give Executive notice to that effect. The Executive may then elect, in the Executive’s sole discretion, which and how much of the Agreement
Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount, and shall advise the Company in writing of the Executive’s election within ten (10) days
after the Executive’s receipt of such notice. If no such election is made by the Executive within such ten-day period, the Company may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such
election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election, For purposes of this paragraph, present value shall be determined in accordance with Code
§280G(d)(4). All determinations made by the independent accountant under this paragraph shall be binding upon the Company and the Executive and shall be made within sixty (60) days of a termination of employment of the Executive. As promptly as
practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive hereunder and shall promptly pay to or distribute for
the benefit of the Executive in the future such amounts as become due to the Executive hereunder. 
  
 As a result of the uncertainty in the application of Code §280G and §4999 at the time of the initial determination by the independent accountant
hereunder, it is possible that Agreement Payments will be made by the Company which should not have been made (“Overpayment”) or that additional Agreement Payments which have not been made by the Company should have been made
(“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the independent accountant, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or
the Executive which the independent accountant believes has a high probability of success, determines that an 
  

 7 

 Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to the
Executive which the Executive shall repay to the Company, together with interest at the applicable Federal rate provided for in Code §7872(f)(2); provided, however, that no amount shall be payable by the Executive to the Company if and to the
extent such payment would not reduce the amount which is subject to taxation under Code §4999 or if the period of limitations for assessment of tax under Code §4999 against the Executive shall have expired. If the Executive is required to
repay an amount under this Section, the Executive shall repay such amount over a period of time not to exceed one (1) year for each twenty-five thousand dollars ($25,000) which the Executive must repay to the Company. In the event that the
independent accountant, based upon controlling precedent, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable
Federal rate provided for in Code §7872(f)(2)(A). 
  
 4.2
Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Term hereof (either prior or subsequent to a Change in Control but prior to a termination of employment by the Executive) this Agreement
shall terminate without further obligation to the Executive’s legal representatives hereunder. 
  
 4.3 Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the Term hereof subsequent to
a Change in Control, this Agreement shall terminate without further obligations to the Executive. 
  
 4.4 Termination for Cause; Executive’s Termination Other Than for Good Reason After a Change in Control. If the Executive’s employment
shall be terminated for Cause during the Term hereof (either prior to or subsequent to a Change in Control), this Agreement shall terminate without further obligations to the Executive. If the Executive terminates employment with the Company during
the Term hereof (other than for Good Reason after a Change in Control), this Agreement shall terminate without further obligations to the Executive. 
  
 4.5 Non-Exclusivity of Rights. Nothing herein shall prevent or limit the Executive’s continuing or future participation in any plan, program,
policy or practice provided by the Company and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company. Amounts which are vested
benefits of which the Executive is otherwise entitled to receive under any plan, policy, practice or program of, or any contract or agreement with, the Company at or subsequent to the Date of Termination, shall be payable in accordance with such
plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 
  
 4.6 Full Settlement. The Company’s obligation to make the payments provided for herein and. otherwise to perform its obligations hereunder
shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others, other than for the repayment of any debt owed the Company which is in default or to
receive reimbursement of funds determined to have been taken through malfeasance. In no event shall the Executive be obligated to seek other employment or take any 
  

 8 

 other action by way of mitigation of the amount payable to the Executive under any of the provisions hereof. The Company
agrees, only on and after a Change in Control Date, to pay promptly as incurred all reasonable legal fees and expenses which the Executive may reasonably incur as a result of any unsuccessful contest by the Company or successful contest by the
Executive, his heirs, agents or attorneys-in-fact, of the validity or enforceability of, or liability under, any provision hereof or any guarantee of performance thereof, plus in each case interest on any delayed payment at the applicable Federal
rate provided for in Code §7872(f)(2)(A). If Executive commits acts of malfeasance during his employment which result in the conviction of said Executive of a crime, Executive shall be entitled to no benefits under this agreement from and after
the date of such conviction. 
  
 4.7 Resolution of
Disputes. If there shall be any dispute between the Company and the Executive (a) in the event of any termination of the Executive’s employment by the Company, whether or not such termination was for Cause, or (b) in the event of any
termination of employment by the Executive, whether Good Reason existed, then, the entire amount payable under Section 4.1 of this agreement shall be held in escrow until there is a final nonappealable judgment by a court of competent jurisdiction.
If said judgment declares that such termination was without Cause or that the determination by the Executive of the existence of Good Reason was made in good faith, the Escrow Agent shall, only on and after a Change in Control Date, pay all amounts,
including any interest earned on any funds held in escrow, and provide all benefits, to the Executive and or the Executive’s family or other beneficiaries, as the case may be, that the Company would be required to pay or provide pursuant to
Section 4.1 as though such termination were by the Company without Cause or by the Executive with Good Reason. In the event, however, that the Company shall not be required to pay any disputed amounts pursuant to this paragraph, such funds shall be
payable to the Company. 
  
 During the period of time the funds
are held in escrow, the Escrow Agent shall pay to the Executive, the Executive’s spouse, or named beneficiary, as the case may be, a monthly amount of 1/36 of the severance amount less any monthly W-2, Schedule C or Schedule F earnings
reportable on Internal Revenue Service Form 1040 which are received by the Executive from his present employer, or any future employer or employers, until the earlier of 36 months or the exhaustion of the entire severance amount plus interest
thereon. 
  
 The severance amount set aside in escrow shall be
invested according to the provisions of the escrow agreement attached hereto as “Exhibit A” and the interest earned included in the Amount payable to the Executive. 
  
 As a condition of placing the severance amount in escrow, the Executive shall execute an agreement which shall be binding on
Executive’s spouse or other beneficiaries to repay all such amounts to which he Executive is ultimately adjudged by such court not to be entitled. 
  
 Section 5: Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company and its or their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company and which shall not be or become public knowledge (other than by
acts of the Executive or representatives of the Executive in violation of 
  

 9 

 this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without
the prior written consent of the Company, or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an
asserted violation of the provisions of this Section constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
  
 Section 6: Successors. 
  
 6.1 Successors of Executive. This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be
assignable by the Executive otherwise than by will, or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
  
 6.2 Successors of Company. The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement upon the effectiveness of any such succession shall be a breach hereof and shall entitle the Executive to
terminate under the terms of the Agreement at the Executive’s option on or alter the Change in Control for Good Reason. As used herein, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or
assets which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
  
 Section 7: Miscellaneous. 
  
 7.1 Notice. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return
receipt requested, postage prepaid, addressed to the respective addresses as set forth below; provided that all notices to the Company shall be directed to the attention of the Chairman of the Board of the Company with copies to the Chief Executive
Officer and the Secretary of the Company, or to such other address as one party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
  

					
	 	 	 Notice to Executive

	  	 Notice to Company

	 	 	 Stephen M. Corban
	  	 The Peoples Holding Company

	 	 	 2405 Country Club Road
	  	 209 Troy, Street

	 	 	 Tupelo, MS 38804
	  	 P.O. Box 709

	 	 	 	  	 Tupelo, MS 38802-0709

  
 7.2 Validity.
The invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other portion of this Agreement. 
  

 10 

 7.3 Withholding. The Company may withhold from any amounts payable hereunder such federal, state,
or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
  
 7.4 Waiver. The Executive’s or the Company’s failure to insist upon a strict compliance with any provision hereof or any other provision
hereof or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 3.4 shall not be deemed to be a waiver
of such provision or right or any other provision or right hereof. 
  
 7.5 Effect on Other Employment Agreements. The terms hereof shall supersede all other employment or other agreements with respect to severance entered into by and between the Executive and the Company, or the Executive and any other
employer, and this Agreement shall constitute the governing agreement pursuant to which the Company shall have obligations to the Executive upon the termination of the Executive’s relationship with the Company or any subsidiary. 
  
 IN WITNESS WHEREOF, the Executive and the Company, pursuant to the
authorization from its Board, have caused this Agreement to be executed in its name on its behalf, all as of the day and year first above written. 
  
 /s/ Stephen M. Corban 
 EXECUTIVE 
  
 /s/ Robert C. Leake 
 THE PEOPLES HOLDING COMPANY 
 Chairman of the Board 
  

 11Employment Agreement - Francis J. Cianciola

 Exhibit 10.16 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of the 1st day of July, 2004, by and among Francis J. Cianciola (“Employee”) and The Peoples Holding Company (“Peoples”). 

 
 W I T N E S S E T H: 
  
 WHEREAS, Peoples desires to employ Employee on the terms and
conditions set forth in this Agreement and Employee desires to be employed by Peoples on such terms and conditions; 
  
 NOW, THEREFORE, in consideration of the respective representations, warranties and covenants hereinafter set forth, the parties agree as follows:

  
 I. EMPLOYMENT. Peoples agrees to employ
Employee and Employee agrees to remain in the employ of Peoples, upon the terms and subject to the conditions provided herein. 
  
 II. POSITION, DUTIES AND RESPONSIBILITIES. 
  
 A. Employee shall serve as an officer and employee of Peoples with such duties as shall be mutually agreed upon by Employee and Peoples, shall serve as
President and Chief Executive Officer of Renasant Bank, a Tennessee banking corporation and an affiliate of Peoples (the “Company”), and shall also serve in such other capacity or capacities as shall be mutually agreed upon from time to
time by Employee and Peoples. Employee shall report directly to the President and Chief Executive Officer of Peoples (the “Peoples CEO”) and to the Board of Directors of the Company. 
  
 B. Employee’s duties shall include the responsibility for the operations
of the Company consistent with Peoples’ policies as they currently exist and as they may change over time and such other duties as may from time to time be delegated to Employee by the Peoples CEO. Employee shall perform services when and as
directed by the Company and Peoples and as more fully described below, except with Employee’s prior written consent, Employee’s assigned duties shall not be inconsistent with his position. Peoples agrees to vote its stock in the Company to
elect Employee as a director of the Company during his employment with the Company. Peoples, also, agrees to cause Employee to be nominated to the Board of Directors of Peoples during Employee’s employment. 
  
 C. Employee shall devote substantially all of his business time, attention
and efforts in the faithful performance of his duties hereunder, provided, however, Employee may continue his current investing in real estate and other investment opportunities as long as such activities do not interfere with Employee’s duties
and responsibilities under this Agreement. 
  
 D. Subject to the
policies, procedures and code of ethics of Peoples as in effect from time to time, the budget of the Company then in effect (“the “Budget”) and all applicable laws and regulations, Employee shall have exclusive authority over
recruiting, hiring, firing and setting compensation of all Company employees. 

 E. Without the consent of Peoples, Employee shall not cause or permit the Company to: 
  

	 	i)	issue any securities of the Company or any of its affiliates; 

  

	 	ii)	make any tax election or determine the accounting method to be used by the Company or any of its affiliates; 

  

	 	iii)	establish a subsidiary or transfer any interest in any subsidiary or merge or consolidate any subsidiary of the Company with any other entity; 

  

	 	iv)	adopt a budget or make any material deviations from the Budget then in effect; 

  

	 	v)	sell, exchange, lease, mortgage, pledge, charge or otherwise transfer or encumber all or any portion of the assets of the Company or any subsidiary; 

  

	 	vi)	enter into any business combination, strategic partnership or joint venture with another individual, partnership, corporation, trust, limited liability company or any other entity
(any of the foregoing may be referred to as “Person”), or acquire or dispose of all or any interest in any other Person, merge or consolidate with or into another Person; 

  

	 	vii)	create, incur, assume or otherwise become liable with respect to any obligation for borrowed money (including a guarantee of, or contingent liability for, the indebtedness or other
obligations of any Person), or issue any bonds, debentures, notes or other evidences of indebtedness; 

  

	 	viii)	enter into any transaction or series of related transactions involving capital expenditures, including incoming lease commitments, purchases of equipment or inventory or other
expenditures that are not consistent with the Budget then in effect; 

  

	 	ix)	authorize or enter into or amend any agreement, commitment or other transaction, or any series of related agreements, commitments or other transactions between the Company and any
affiliate; or 

  

	 	x)	take any action outside the ordinary course of business. 

  
 F. Employee represents and warrants that he is not bound by any employment, consulting, non-competition, confidentiality, finders, marketing or other
agreement or arrangement that would, or might reasonably be expected to, prohibit or restrict him from performing his duties and obligations. 

 III. COMPENSATION AND BENEFITS. 
  
 A. The Company shall pay Employee an annual salary of Two Hundred and Ten
Thousand Dollars ($210,000.00), payable in equal installments every two (2) weeks in accordance with the Company’s regular payroll policy subject to tax withholding for taxes as required by law. Employee may receive bonuses in accordance with
Peoples’ policies in effect from time to time and may be eligible for salary increases as may be mutually agreeable from time to time. 
  
 B. Employee shall also be entitled to receive the benefits of Peoples and its affiliates specified in Schedule 3(b). To the extent permitted by law and
each applicable benefit plan, all prior years of service with the Company will be counted for vesting and eligibility purposes under all applicable Peoples benefit plans. In addition, upon Employee reaching the age of 55, Employee shall become
eligible to participate in Peoples’ Early Retirement Medical Benefit. 
  
 C. Employee is authorized to incur necessary and customary expenses in connection with the business of Peoples and the Company, including expenses for entertainment, trade association meetings, travel, promotion and
similar matters, consistent with Peoples’ and the Company’s policies as in effect from time to time. The Company will pay or reimburse Employee for such expenses upon presentation by Employee of appropriate records to verify such expense.

  
 D. Employee shall be entitled to the use of a leased or
Company-owned six-passenger motor vehicle to include all operating and maintenance expenses. 
  
 IV. TERM. Employee’s employment shall commence on July 1, 2004, and shall terminate on June 30, 2009 unless terminated sooner as provided in this Agreement. 
  
 V. TERMINATION. 
  
 A. If Employee becomes physically or mentally disabled, as determined in the
good faith judgment of Peoples’ Board of Directors, Employee’s employment may be terminated upon sixty (60) days written notice. 
  
 B. Employee may be terminated for cause (“Cause”) by Peoples if: 
  

	 	1.	the Employee commits, or is convicted of, or enters a plea of nolo contendere with respect to, a felony or a crime involving moral turpitude or any other criminal activity or
unethical conduct that, in the good faith opinion of the Board of Directors of Peoples, would seriously impair Employee’s ability to perform his duties hereunder or would impair the business reputation of Peoples, the Company or any of their
affiliates; 

	 	2.	in the good faith opinion of the Board of Directors of Peoples, the Employee has failed to perform the duties assigned to him and such failure is not cured within thirty (30) days
of receipt by Employee of written notice thereof; 

  

	 	3.	the Employee willfully and knowingly violates any statute, rule or regulation under the federal banking laws or the banking laws of any state that, in the good faith opinion of the
Board of Directors of Peoples, would seriously impair Employee’s ability to perform his duties hereunder or would impair the business reputation of Employee, Peoples, the Company or any of their affiliates; or 

  

	 	4.	in the good faith opinion of the Board of Directors of Peoples, the Employee materially breaches any provision of this Agreement. 

  
 C. Employee may terminate Employee’s employment upon written notice to
Peoples at any time for “Good Reason” or any other reason. “Good Reason” is defined to mean (i) a significant diminution of duties from those assigned to Employee at commencement of this Agreement, (ii) a relocation of Employee
outside of Shelby County, Tennessee without Employee’s consent, (iii) the failure by the Company and Peoples to elect Employee the President and Chief Executive Officer and a director of the Company throughout the term of this Agreement, or
(iv) any material breach of this Agreement by Peoples which is not cured within thirty (30) days of receipt by Peoples of written notice thereof. If Employee terminates for Good Reason, then Employee shall receive a payment equal to Employee’s
annual base salary at the time of termination, payable in a lump sum upon termination. Employee shall, also, receive a payment equal to his average bonus for the prior two (2) years and a payment equal to the then current annual lease payment on the
motor vehicle described in Section 3(d). Peoples shall, also, pay a portion of Employee’s COBRA premium under the same terms as it pays its other employees’ health insurance premiums for a period of one (1) year. Peoples and Employee may
mutually agree to have Peoples make a payment equal to Employee’s annual base salary at the time of termination plus an amount equal to Employee’s average bonus for the two (2) years prior to termination, payable in twelve (12) equal
monthly installments beginning on the first anniversary date of Employee’s termination (an “Extension Payment”). 
  
 D. Peoples may terminate Employee’s employment without cause upon four (4) weeks notice to Employee. If Employee is terminated without cause,
Employee will receive a payment equal to the Employee’s annual base salary at the time of termination, payable in a lump sum upon termination. Employee shall, also, receive a payment equal to his average bonus for the prior two (2) years and a
payment equal to the then current annual lease payment on the motor vehicle described in Section 3(d). Peoples shall, also, pay a portion of Employee’s COBRA premium under the same terms as it pays its other employees’ health insurance
premiums for a period of one (1) year. Peoples and Employee may mutually agree to have Peoples make an Extension Payment. 
  
 E. If Employee’s employment is terminated under Sections 5(a) or (b), or if Employee terminates his employment for any reason other than “Good
Reason,” then Peoples shall pay to Employee his salary through the date of termination as well as any benefits to which Employee may be entitled as of the date of termination under the benefit plans referred to in Section 3. 

 F. If a Change in Control (as hereinafter defined) occurs after the date hereof and during the term of
this Agreement and within three (3) years after such Change in Control, either Peoples shall terminate the Employee’s employment without Cause, or the Employee shall terminate employment with Peoples for Good Reason, then the Employee shall be
entitled to the benefits provided below for the three (3) year period after Change in Control or the remaining portion of said three (3) year period following the date of termination. For purposes of this Agreement, “Change in Control”
shall be deemed to have occurred if: (i) Company sells or otherwise disposes of all or substantially all of its assets; (ii) there is a merger or consolidation of Company with any other corporation or corporations, provided that the shareholders of
Company, as a group, do not hold, immediately after such event, at least fifty percent (50%) of the voting power of the surviving or successor corporation; (iii) any person or entity, including any “person” as such term is used in Section
13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), becomes the “beneficial owner” (as defined in Rule 13(d-3) under the Exchange Act) of Common Stock of Company representing fifty percent (50%) or
more of the combined voting power of the voting securities of Company (exclusive of persons who are now officers or directors of Company); or (iv) the approval by the shareholders of a liquidation or dissolution of the Company. 
  

	 	1.	“Accrued Obligations”: On the tenth (10th) business day following the date of termination, the Company shall pay to the Employee the sum of (i) the Employee’s annual
base salary prorated through the date of termination to the extent not previously paid and (ii) any accrued vacation pay to the extent not previously paid. 

  

	 	2.	 “Severance Amount”: The “Severance Amount” shall be an amount equal to 2.99 times the Employee’s annual base salary in effect on the
business day prior to the date of termination plus 2.99 times the Employee’s average annual bonus for the two (2) years prior to the Change in Control. The Company shall set aside this amount in escrow for a period of three (3) years and the
escrow agent shall pay to the Employee, beginning on the tenth (10th) business day following the date of termination, a monthly amount of one-thirty-sixth (1/36) of the severance amount less any monthly W-2, Schedule C or Schedule F earnings
reportable on Internal Revenue Service Form 1040 which are received by the Employee from his present employer or any future employer or employers for a period of thirty-six (36) months or until the earlier exhaustion of the entire severance amount
plus interest thereon. In the event of the Employee’s death after a termination for which a “Severance Amount” is payable, the escrow agent shall continue to pay to the Employee’s spouse or other named beneficiary the remaining
obligation owed the Employee under the terms of this Agreement and the escrow agreement. The Company may, however, at its option, elect to pay the Severance Amount to the Employee, or in the event of his death, his spouse or other named beneficiary,
in the form of a lump-sum cash payment on or before the date 

 
the first monthly payment is due; or the Company, at its option, at anytime during the term of the escrow agreement, can direct the escrow agent to pay the
Employee, the Employee’s spouse, or named beneficiary, as the case may be, the then remaining balance of the severance amount, plus any accrued and accumulated interest thereon, in the form of a lump-sum cash payment, and the rights and
obligations of all parties under both this Agreement and escrow agreement shall be terminated. 
  
 In the event, subsequent to the Change in Control, the Employee (i) violates the provisions of Section 6 or (ii) engages in any conduct which would
violate the provisions of Section 6 if the Restricted Period (as defined below) were still in effect (if the Restricted Period has expired or expires during such time), then any obligation of the Company under this Section 5(f) is terminated, and
the Employee shall not be entitled to any further benefits under this Agreement. If this Section 5(f) is applicable, then the Restricted Period is the period set forth in Section 6(d)(3). 
  
 The severance amount set aside in escrow shall be invested according to the
provisions of an escrow agreement and the interest earned included in the amount payable to the Employee. Any severance amounts not paid to the Employee shall be returned to the Company at the end of the thirty-six (36) month escrow period, or
sooner should the Employee (i) violate the provisions of Section 6 or (ii) engage in any conduct which would violate the provisions of Section 6 if the Restricted Period (as defined below) were still in effect (if the Restricted Period has expired
or expires during such time). All interest earned on the account shall be paid to the Employee following the final severance payment. If this Section 5(f) is applicable, then the Restricted Period is the period set forth in Section 6(d)(3).

  

	 	3.	“Other Benefits”: To the extent not previously provided, the Company shall timely pay or provide to the Employee and/or the Employee’s family any other amounts or
benefits including benefits from welfare benefit plans required to be paid or provided for which the Employee and/or the Employee’s family is eligible to receive pursuant hereto and under any plan, program, policy or practice or contract or
agreement of Peoples as those provided generally to other peer executives and their families during the ninety (90) day period immediately preceding the date hereof or, if more favorable to the Employee, as those provided generally after the date
here of to other peer executives of Peoples and their families. 

  

	 	4.	If termination of the Employee occurs less than three (3) years after such Change in Control, then the benefits provided by this Agreement shall be prorated on the ratio of the
remaining portion of said three (3) year period to the full three (3) year period following Change in Control. 

 “Excess Parachute Payment”: Anything herein to the contrary notwithstanding, in the event that
an independent accountant shall determine that any payment or distribution by the Company, Peoples or their affiliates to or for the benefit of Employee (whether paid or payable or distributed or distributable pursuant to the terms hereof or
otherwise) (a “Payment”) would be nondeductible by the Company, Peoples or their affiliates for Federal income tax purposes because of Code §280G or would constitute an “excess parachute payment” (as defined in Code
§280G), then the aggregate present value of amounts payable or distributable to or for the benefit of the Employee pursuant hereto or pursuant to any other agreement with the Company, Peoples or their affiliates because of the occurrence of a
Change in Control (such payments or distributions are hereinafter referred to as “Agreement Payments”) shall be reduced (but not below zero) to the Reduced Amount. For purposes of this paragraph, the “Reduced Amount” shall be an
amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any payment to be nondeductible by the Company, Peoples or their affiliates because of Code §280G or without causing any portion
of the Payment to be subject to the excise tax imposed by Code §4999. 
  
 If the independent accountant determines that any Payment would be nondeductible by the Company, Peoples or their affiliates because of Code §280G or that any portion of the Payment would be subject to the excise
tax imposed by Code §4999, the Company shall promptly give Employee notice to that effect. The Employee may then elect, in the Employee’s sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long
as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount, and shall advise the Company and Peoples in writing of the Employee’s election within ten (10) days after the Employee’s receipt of
such notice. If no such election is made by the Employee within such ten (10) day period, Peoples may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of
the Agreement Payments equals the Reduced Amount) and shall notify the Employee promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Code §280G(d)(4). All determinations made by the
independent accountant under this paragraph shall be binding upon the Company, Peoples or their affiliates and the Employee and shall be made within sixty (60) days of a termination of employment of the Employee. As promptly as practicable following
such determination and the elections hereunder, the Company, Peoples 

 
or their affiliates, as applicable, shall pay to or distribute to or for the benefit of the Employee such amounts as are then due to the Employee hereunder
and shall promptly pay to or distribute for the benefit of the Employee in the future such amounts as become due to the Employee hereunder. 
  
 As a result of the uncertainty in the application of Code §§280G and 4999 at the time of the initial determination by the independent
accountant hereunder, it is possible that Agreement Payments will be made by the Company, Peoples and/or their affiliates which should not have been made (“Overpayment”) or that additional Agreement Payments which have not been made by the
Company, Peoples and/or their affiliates should have been made (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the independent accountant, based upon the assertion of a
deficiency by the Internal Revenue Service against the Employee, the Company, Peoples or any of their affiliates which the independent accountant believes has a high probability of success, determines that an Overpayment has been made, any such
Overpayment shall be treated for all purposes as a loan to the Employee which the Employee shall repay to the Company, Peoples or their affiliates, as applicable,, together with interest at the applicable Federal rate provided for in Code
§7872(f)(2); provided, however, that no amount shall be payable by the Employee to the Company, Peoples or their affiliates, as applicable, if and to the extent such payment would not reduce the amount which is subject to taxation under Code
§4999 or if the period of limitations for assessment of tax under Code §4999 against the Employee shall have expired. If the Employee is required to repay an amount under this Section, the Employee shall repay such amount over a period of
time not to exceed one (1) year for each Twenty-Five Thousand Dollars ($25,000.00) which the Employee must repay to the Company, Peoples or their affiliates, as applicable. In the event that the independent accountant, based upon controlling
precedent, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company, Peoples or their affiliates, as applicable, to or for the benefit of the Employee together with interest at the applicable Federal
rate provided for in Code §7872(f)(2)(A). 
  
 The Company
shall bear all costs the independent accountants may incur in connection with any calculations contemplated herein. 
  
 If this Section 5(f) applies, Employee shall not be entitled to receive any payments or benefits under Sections 5(c), 5(d) or 5(e). 

 VI. NON-COMPETITION. 
  
 A. In consideration of the sums paid by Peoples to Employee pursuant to the Agreement and Plan Merger Agreement by and among
Peoples, Peoples Merger Corporation and Renasant Bancshares, Inc. dated February 17, 2004 (the “Merger Agreement”) and the salary and benefit payments to be made to the Employee under the terms of this Agreement, Employee hereby covenants
to Peoples that during the Restricted Period (as hereinafter defined), he shall not, except on behalf of the Company, Peoples and their affiliates directly or indirectly, in his own capacity or through any other Person, whether as owner, consultant,
executive, partner, member, manager, officer, director, venturer, agent, through stock ownership, investment of capital, lending of money or property, rendering of services (including, without limitation, rendering services as an employee) or
otherwise, engage in the Business (as hereinafter defined) or any business similar thereto in the Territory (as hereinafter defined). 
  
 B. During the Restricted Period, Employee covenants that he will not, directly or indirectly, in his own capacity or through any other Person (as defined
above) (i) solicit or contact for business purposes any existing customer, supplier, or prospective customer or supplier, of the Company, Peoples or any of their affiliates for the purpose of competing with the Business for himself or for any other
Person, (ii) induce, or attempt to induce, any employees, agents, consultants or suppliers of or to the Company, Peoples or any of their affiliates, or any other Person to do anything from which Employee is restricted by reason of this Section 6,
(iii) interfere with existing or proposed agreements or other arrangements, or knowingly interfere with future agreements or other arrangements, between the Company, Peoples or any of their affiliates on the one hand and any other Person on the
other hand or (iv) induce, attempt to induce, solicit, offer or aid others to offer employment or engagement as a consultant or agent to anyone who is an employee, agent or consultant of or to the Company, Peoples or any of their affiliates.

  
 C. Territory means Shelby and Fayette Counties in Tennessee
and DeSoto County, Mississippi, or any other county in which Employee may be assigned to work for the Company, Peoples or their affiliates. 
  
 D. The Restricted Period means: 
  

	 	(1)	The period beginning with the date Employee commences employment and ending the later of either (i) five (5) years after the date hereof or (ii) one (1) year after Employee ceases
to be an employee of Peoples or any of its affiliates, unless Peoples and Employee agree to an Extension Payment, in which case the period in clause (ii) of this sentence will be two (2) years; however, this Subsection (d)(1) shall not apply if
Subsection(d)(2) or (d)(3) apply. 

  

	 	(2)	 If Employee is terminated under Section 5(c) or 5(d) and such termination is not in connection with a Change in Control, then the Restricted Period means the period
beginning with the date Employee commences employment and ending the later of either (i) three (3) years after the date hereof or (ii) one (1) year after Employee ceases to be an employee of 

 
Peoples or any of its affiliates, unless Peoples and Employee agree to an Extension Payment, in which case the period in clause (ii) of this sentence will be
two (2) years. 
  

	 	(3)	If the termination occurs pursuant to Section 5(f), then the Restricted Period means the period beginning with the date Employee commences employment and ending three (3) years
after the date hereof. 

  
 E. “Business”
means commercial banking, financial services or the lending of money. 
  
 F. The Restricted Period shall be extended by the period of time, if any, during which Employee is in violation of the Employee’s agreement and obligation. If Employee violates the provisions of this Section 6, then, in addition to,
and not in lieu of, any other remedy available to Peoples or its affiliates, any obligation of Peoples or its affiliates to make any payment under Section 5 including, without limitation, any Extension Payment shall terminate. 
  
 G. Employee acknowledges that a breach of the covenants contained in this
Agreement, including the covenants contained in this Section 6, may cause irreparable damage to the Company, Peoples or their affiliates, the amount of which will be difficult to ascertain, and that the remedies at law for any such breach will be
inadequate. Accordingly, Employee agrees, that, in addition to any other remedy which may be available at law or in equity, the Company, Peoples and each affiliate shall be entitled to specific performance and injunctive relief to prevent any
actual, intended or likely breach. The parties acknowledge that the time, scope and other provisions of this Section 6 have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable for a
transaction of the nature provided for in the Merger Agreement and payments to Employee under Section 3 of this Agreement. 
  
 H. In the event that the agreements in this Section 6 or any other provision contained in this Agreement shall be determined by any court of competent
jurisdiction to be unenforceable such agreements or provisions shall be interpreted to extend only over the maximum period of time for which they may be enforceable and/or over the maximum geographical area as to which they may be enforceable and/or
to the maximum extent in all other respects as to which they may be enforceable, all as determined by such court in such action so as to be enforceable to the extent consistent with then applicable law. The existence or alleged existence of any
claim which Employee may have against the Company, Peoples or any affiliate shall not constitute a defense or bar to the enforcement of any of the provisions of this Section 6 and shall be pursued through separate court action by Employee.

  
 I. Employee may be permitted to own not more than five percent
(5%) of the outstanding capital stock of (i) a publicly-owned corporation engaged in the Business or (ii) other community banks which do not have any offices in the Territory so long as, in each case, Employee is not in control of such corporation;
does not serve as a director, officer, employee, agent or consultant to such corporation; or does not otherwise violate the provisions of this Section 6. 

 VII. DISCLOSURE OF INFORMATION. Employee shall not, at any time during the term of
Employee’s employment at Peoples or at any affiliate or thereafter, disclose to any Person, except as required by law, any non-public information (including, without limitation, non-public information obtained prior to the date hereof)
concerning the business, clients or affairs of the Company or Peoples, or any affiliate of the Company or Peoples, for any reason or purpose whatsoever. Employee shall not make any use of any of such non-public information for his own purpose or for
the benefit of any Person except the Company. Upon the termination of Employee’s employment at the Company, Employee shall return to the Company or Peoples, as appropriate, all property of the Company or Peoples and any affiliate of the Company
or Peoples then in the possession of Employee and all books, records, computer tapes, discs or other electronic media and all other material containing non-public information concerning the business, clients or affairs of the Company, Peoples or any
affiliate of the Company or Peoples. Employee shall not retain copies of any material required to be returned to the Company or Peoples. 
  
 VIII. INTELLECTUAL PROPERTY. Employee shall promptly disclose, grant and assign to Peoples for its use and benefit any and all marks,
designs, logos, inventions, improvements, business processes, technical information and suggestions relating in any way to the business conducted by the Company or Peoples, or any affiliate of the Company or Peoples, which he may develop or which
may be acquired by Employee during the term of Employee’s employment at Peoples (whether or not during usual working hours), together with all trademarks, patent applications, letters patent, copyrights and reissues thereof that may at any time
be granted for or upon any such mark, design, logo, invention, improvement, process or technical information. In connection therewith: 
  

	 	1.	Employee shall without charge, but at the expense of Peoples, promptly at all times hereafter execute and deliver such applications, assignments, descriptions and other instruments
as may be necessary or proper in the opinion of Peoples to vest title to any such marks, designs, logos, inventions, improvements, business processes, technical information, trademarks, patent applications, patents, copyrights or reissues thereof in
Peoples and to enable them to obtain and maintain the entire right and title thereto throughout the world; 

  

	 	2.	Employee shall render to Peoples at its expense all such assistance as it may require in the prosecution of applications for said trademarks, patents, copyrights or reissues
thereof, in the prosecution or defense of interferences which may be declared involving any said trademarks, applications, patents or copyrights and in any litigation in which the Company, Peoples or any of their affiliates may be involved relating
to any such trademarks, patents, inventions, improvements, processes or technical information; and 

  

	 	3.	for the avoidance of doubt, the foregoing provisions shall be deemed to include an assignment of future copyright in accordance with Section 201 of the Copyright Act of 1986 and any
amendment or re-enactment thereof relating in any way to the business conducted by the Company or Peoples or any affiliate of the Company or Peoples. 

 IX. HEADINGS. Section and other headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 X. INTEGRATED AGREEMENT. This Agreement constitutes the entire understanding and agreement among the parties hereto with respect to
the subject matter hereof, and there are no other agreements, understandings, restrictions, representations or warranties among the parties other than those set forth herein or provided for herein. 
  
 XI. AMENDMENTS. This Agreement may be amended or modified at
any time in any or all respects, but only by an instrument in writing executed by the parties hereto. 
  
 XII. CHOICE OF LAW. The validity of the Agreement, the construction of its terms, and the determination of the rights and duties of
the parties hereto shall be governed by and construed in accordance with the internal laws of the State of Tennessee excluding conflicts of law principles. Each party irrevocably (i) submits to the exclusive jurisdiction of any Tennessee state or
federal court sitting in the Western District of Tennessee, with respect to matters arising out of or relating hereto, (ii) agrees that all claims with respect to such action or proceeding may be heard and determined in such Tennessee state or
federal court, (iii) waives to the fullest possible extent, the defense of an inconvenient forum, (iv) waives the right to a trial by jury and (v) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 
  
 XIII. NO STRICT CONSTRUCTION. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their collective mutual intent, and no rule of strict
construction shall be applied against any Person. The term “including” as used herein shall be by way of example and shall not be deemed to constitute a limitation of any term or provision contained herein. 
  
 XIV. ATTORNEY’S FEES AND COSTS. If an action at law
or in equity is necessary to enforce or interpret any provision of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, court costs and other expenses, in addition to any other relief to which such party may be
entitled. 
  
 XV. NOTICES. All notices and
other communications under this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand, (b) sent by facsimile to a facsimile number given below, provided that a copy is sent by a nationally recognized
overnight delivery service (receipt requested), or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case as follows: 
  

			
	If to Employee:	    	Francis J. Cianciola
	 	    	2177 Germantown Road South
	 	    	Germantown, TN 38138
	 	    	Facsimile No.: (901) 312-4098

			
		
	If to Peoples:	    	Mr. E. Robinson McGraw
	 	    	President and CEO
	 	    	The Peoples Holding Company
	 	    	Post Office Box 709
	 	    	209 Troy Street (38804)
	 	    	Tupelo, MS 38802
	 	    	Facsimile No.: (662) 680-1234

  
 or to such other addresses as a party
may designate by notice to the other parties. 
  
 XVI.
ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, heirs, estate, legatees and legal representatives. The rights and obligations of the Company and
Peoples under this Agreement may be assigned to or assumed by any other Person. Employees’ rights or obligations hereunder may not be assigned to or assumed by any other Person. Any assignment by Peoples and/or the Company shall not affect the
Employee’s duties or responsibilities under this Agreement. 
  
 XVII. SEVERABILITY. Each provision of the Agreement is intended to be severable. In the event that any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or
unenforceable, the same shall not affect the validity or enforceability of any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been contained herein.
Notwithstanding the foregoing, however, no provision shall be severed if it is clearly apparent under the circumstances that the parties would not have entered into the Agreement without such provision. 
  
 XVIII. SURVIVAL. The provisions of Sections 6 through 18 shall
survive the termination of the employment period and to extent provided for in such sections, the provisions shall survive the termination of this Agreement. 
  
 [Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. 
  

			
	EMPLOYEE
		
	 	 	 /s/ Francis J. Cianciola

	 	 	Francis J. Cianciola
	
	THE PEOPLES HOLDING COMPANY
		
	By:	 	 /s/ E. Robinson McGraw

	Name:	 	E. Robinson McGraw
	Title:	 	President and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]