Document:

Exhibit 10.7

     JOINT BENEFICIARY DESIGNATION

    AGREEMENT

    

    

    
      	
              Insurer and Policy Number:

            	
              Great West Life Insurance Company Policy

                

            

    

    
      	

            	
              
                New York Life Insurance and Annuity Corporation
                    Policy

              

            

    

    

    

    
      	
              Bank:

            	
              City Bank

            

    

    

    

    
      	
              Insured:

            	
              CORY NEWSOM

            

    

    

    

    Relationship of Insured to Bank: Executive

    

    

    The respective rights and duties of the Bank and the Insured in the above-referenced policy (hereinafter Policy) shall be pursuant to
        the terms set forth below:

    

    

    
      
        	I.	
                EFFECTIVE DATE

              

      

    

    

    

    The Effective Date of this Agreement shall be April 1, 2014.

    

    

    
      
        	II.	
                DEFINITIONS

              

      

    

    

    

    Refer to the Policy for the definitions of any terms in this Agreement which are not defined herein. If the definition of
        a term in the Policy is inconsistent with the definition of a term in this Agreement, then the definition of the term as set forth in this Agreement shall supersede and replace the definition of the term as set forth in the Policy.

    

    

    
      
        	

              	A.	
                Retirement:

              

      

    

    

    

    Retirement shall be defined as the Insured’s termination of employment with the Bank on or after the date the
        Insured attains age 58.

    

    

    
      
        	

              	B.	
                Discharge for Cause:

              

      

    

    

    

    “Discharge for Cause” shall mean the termination of Insured’s employment with the Bank as a result of any of the
        following: (i) the Insured’s commission of a felony or gross misdemeanor involving fraud or dishonesty; (ii) the Insured’s willful violation of any banking law, rule, or banking regulation; (iii) an intentional failure by Insured to perform stated
        duties; or (iv) a breach of fiduciary duty by Insured involving personal profit. If the Insured is permitted to resign due to inappropriate conduct as defined above, the Bank may deny all benefits.

     

      

    
      
        

    

    
     
      	

            	C.	
              Change of Control:

            

      
      

      

      “Change of Control” shall mean a change during the Insured’s employment with the Bank: (i) in the ownership of
          the Bank (acquisition by one or more persons acting as a group of more than 50% of the total voting power or fair market value of the Bank); (ii) in the effective control of the Bank (acquisition or acquisitions during a 12-month period ending on
          the date of the latest acquisition, by one or more persons acting as a group, of 30% or more of the total voting power of the Bank or replacement of a majority of the members of the board of directors of the Bank [described below, but including
          only the entity for which no other corporation is a majority shareholder] during any 12-month period by directors not endorsed by a majority of the board before the appointment or election); or (iii) in the ownership of a substantial portion of
          the assets of the Bank (acquisition or acquisitions during a 12-month period ending on the date of the latest acquisition, by one or more persons acting as a group, of assets with a total gross fair market value of 40% or more of the total gross
          fair market value of all assets of the Bank immediately before such acquisition or acquisitions) (There is no change in control when there is a transfer to an entity which is controlled by the shareholders of the transferring corporation. A
          transfer of assets by the Bank is not treated as a change in ownership of such assets if the assets are transferred to (i) a shareholder of the Bank in exchange for or with respect to its stock; (ii) an entity, 50% or more of the total value or
          voting power is owned by the Bank; (iii) a person or more than one person acting as a group, which owns directly or indirectly 50% or more of the total value or voting power of all the outstanding stock of the Bank; or (iv) an entity, at least
          50% of the total value or voting power of which is owned, directly or indirectly, by a person described in (iii).) For this purpose, the Bank includes the Bank or a majority shareholder (more than 50% of total fair market value and voting power)
          of the Bank. Additionally, for this purpose, transfers of stock made on account of death, gifts, transfers of stock between family members or acquisitions by any qualified retirement plan sponsored by South Plains Financial, Inc. shall not be
          considered in determining whether there has been a Change of Control.

      

      

      
        	

              	D.	
                
                  Disability:

                

              

      

      
        
          

          

        

      

      “Disability” means a condition of the Insured incurred while employed by the Bank and includes any medically
          determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months and which results in the Insured: (i) being unable to engage in any substantial
          gainful activity; or (ii) receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees. The Bank will determine whether Insured has incurred a Disability based on its own good
          faith determination and may require the Insured to submit to reasonable physical and mental examinations for this purpose. The Insured will be deemed to have incurred a Disability if: (i) the Social Security Administration or Railroad Retirement
          Board determines that the Insured is totally disabled; or (ii) the applicable insurance company providing disability insurance to the Insured under a Bank sponsored disability program determines that the Insured is disabled under the insurance
          contract definition of disability, provided such definition complies with the definition in this paragraph.

      

      

      
        2

        
          

      

      
        
          	

                	E.	
                  Years of Service:

                

        

      

      

      

      To receive credit for one Year of Service, the Insured must remain in continuous employment with the Bank for an
          entire twelve-month period, the first such period beginning on the effective date of this Agreement, and successive periods beginning on the anniversary of such date.

      

      

      
        
          	III.	
                  POLICY TITLE AND OWNERSHIP

                

        

      

      

      

      Title and ownership of the Policy shall reside in the Bank for its use and for the use of the Insured in accordance with
          this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the Policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the
          right to increase the coverage under the subject Policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.

      

      

      
        	
                IV.

              	
                BENEFICIARY DESIGNATION RIGHTS

              

      

      

      

      The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive
          the Insured’s share of the proceeds payable upon the death of the Insured, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

      

      

      
        
          	V.	
                  PREMIUM PAYMENT METHOD

                

        

      

      

      

      Subject to the Bank’s absolute right to surrender or terminate the Policy at any time and for any reason, the
          Bank shall pay an amount equal to the planned premiums and any other premium payments which might become necessary to keep the Policy in force.

      

      

      
        	
                VI.

              	
                TAXABLE BENEFIT

              

      

      

      

      Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the
          Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.

      

      

      
        	
                VII.

              	
                DEATH BENEFITS

              

      

      

      

      Subject to Paragraphs VIII, IX, X and XI herein, the division of the death proceeds of the Policy will be as
          follows:

      

      

      
        
          	

                	A.	
                  The Insured’s beneficiary(ies), designated in accordance with Paragraph IV,
                        shall be entitled to an amount equal to forty percent (40%) of the net-at-risk insurance portion of the Policy proceeds if Insured’s date of death occurs: (i) while employed by the Bank; (ii) after Retirement (iii) after a Change of
                        Control; (iv) after a determination of Disability of the Insured. The net-at-risk insurance portion is the total Policy proceeds less the cash value of the Policy.

                

        

      

      

      

      
        3

        
          

      

      
        
          	

                	B.	
                  The Insured’s beneficiary(ies), designated in accordance with Paragraph IV,
                        shall be entitled to the percentage as determined below of an amount equal to forty percent (40%) of the net-at-risk insurance portion of the Policy proceeds, if the Insured’s date of death occurs at a time not described in
                        subparagraph VII.A.

                

        

      

      

      

      
        	
                Years of Service

              	
                Vesting Percentage

              
	
                0

              	
                100%

              

      

      

      

      
        
          	

                	C.	
                  The Bank shall be entitled to the remainder of the Policy proceeds.

                

        

      

      

      

      
        
          	

                	D.	
                  The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively
                      bears to the total proceeds, excluding any such interest.

                

        

      

      

      

      
        	
                VIII.

              	
                DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

              

      

      

      

      The Bank shall at all times be entitled to an amount equal to the Policy’s cash value, as that term is defined
          in the Policy, less any Policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be.

      

      

      
        	
                IX.

              	
                TERMINATION OF AGREEMENT

              

      

      

      

      
        
          	

                	A.	
                  Notwithstanding any other provision of this Agreement, this Agreement shall terminate and all benefits shall be forfeited upon the occurrence of any of the
                      following:

                

        

      

      

      

      
        
          	

                	1.	
                  The Insured shall leave the employment of the Bank (voluntarily or involuntarily) prior to one (1) full year of employment with the Bank from the date of
                      first employment.

                

        

      

      

      

      
        
          	

                	2.	
                  The Insured shall be Discharged for Cause.

                

        

      

      

      

      
        
          	

                	3.	
                  Surrender, lapse, or other termination of the Policy by the Bank, and subject to the Insured’s option as set forth hereunder.

                

        

      

      

      

      
        
          	

                	4.	
                  It is determined in the sole judgment of the Bank that the Insured has materially breached any covenants of Article XI.

                

        

      

      

      

      
        
          	

                	B.	
                  Upon such termination of this Agreement pursuant to subparagraph IX.A.3. but prior to the termination of the Policy by the Bank, the Insured (or assignee)
                      shall have a fifteen (15) day option to receive from the Bank an absolute assignment of the Policy in consideration of a cash payment to the Bank, whereupon this Agreement shall terminate. Such cash payment referred to hereinabove
                      shall be the greater of the cash surrender value of the Policy or the amounts of the premiums paid by the Bank prior to the date of the assignment.

                

        

      

      

      

      
        4

        
          

      

      
        
          	

                	C.	
                  If, within said fifteen (15) day period, the Insured fails to exercise said option, fails to make the cash payment described in subparagraph IX(B), or dies,
                      then the option shall terminate and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims in the policy shall terminate as of the date of the termination of this Agreement.

                

        

      

      

      

      
        
          	

                	D.	
                  The Insured expressly agrees this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option to receive an absolute
                      assignment of the Policy as set forth herein.

                

        

      

      

      

      
        
          	

                	E.	
                  Except as provided above, this Agreement shall terminate upon distribution of the death benefit proceeds in accordance with Paragraph VII. above.

                

        

      

      

      

      
        
          	

                	F.	
                  Upon termination of this Agreement, all benefits shall cease and shall be forfeited, including any future benefits or vested benefits.

                

        

      

      

      

      
        
          	X.	
                  INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS

                

        

      

      

      

      The Insured may not, without the written consent of the Bank, assign to any individual, trust or other
          organization, any right, title or interest in the subject policy nor any rights, options, privileges or duties created under this Agreement.

      

      

      
        	
                XI.

              	
                CONFIDENTIALITY, NON-COMPETITION AND NON-DISCLOSURE

              

      

      

      

      
        
          	

                	A.	
                  Confidentiality of Agreement:

                

        

      

      

      

      Insured agrees to treat the existence and the terms of this Agreement as strictly confidential. Accordingly,
          with the exception of Insured’s immediate family, Insured agrees not to disclose, either directly or indirectly, to any person or entity (i) the benefits under this Agreement which have been made available to him or may be made available to him
          in the future; (ii) any discussion or negotiations which have occurred in connection with this Agreement; (iii) the existence, terms, or conditions of this Agreement or the benefits provided hereunder, without the prior written consent of the
          Bank, except as required for income reporting purposes; or as required by a court of competent jurisdiction or other administrative or legislative body; provided, prior to disclosing any of the confidential information to a court or other
          administrative or legislative body, Insured shall promptly notify the Bank so it may seek a protective order or other appropriate remedy.

      

      

      
        
          	

                	B.	
                  Proprietary Information of Bank:

                

        

      

      

      

      
        
          	

                	1.	
                  Bank promises to give Insured “trade secrets” or confidential information during the course of the Insured’s employment with the Bank. The term “trade
                      secret” shall mean any devices, secret inventions, processes and compilations of information and records owned by the Bank and regularly used in the operation of the business of the Bank. Insured acknowledges the direct and indirect
                      disclosure of any such confidential information to existing or potential competitors of the Bank would place the Bank at a competitive disadvantage and would do damage, monetary or otherwise, to the Bank’s business; and the engaging
                      by Insured in any of the activities prohibited by this Agreement may constitute improper appropriation and/or use of such information and trade
                      secret status. Insured expressly acknowledges trade secret status of the confidential information and the confidential information constitutes a protectable business interest of the Bank.

                

        

      

      

      

      
        5

        
          

      

      
        
          	

                	2.	
                  From the date of this Agreement, Insured shall not, directly or indirectly, whether individually, as a director, stockholder, owner, partner, employee,
                      principal or agent of any business, or in any other capacity, make known, disclose, furnish, make available or utilize any of the confidential information of the Bank other than in the proper performance of the duties contemplated
                      herein, or as required by a court of competent jurisdiction or other administrative or legislative body; provided that, prior to disclosing any of the confidential information to a court or other administrative or legislative body,
                      Insured shall promptly notify the Bank so it may seek a protective order or other appropriate remedy. Insured agrees to return all confidential information, including all photocopies, extracts and summaries thereof, and any such
                      information stored electronically on tapes, computer disks or in any other manner to the Bank at any time upon request by the Bank and upon the termination of his engagement for any reason.

                

        

      

      

      

      
        
          	

                	C.	
                  Non-Competition Agreement:

                

        

      

      

      

      Ancillary to subparagraph XI.B.1., from the Effective Date until the second anniversary of the termination of
          employment (the “Non-Competition Period”), Insured agrees not to engage in Competition (as defined below) with the Bank in any County where the Bank maintains a branch office. For purposes of this Agreement, “Competition” by Insured shall mean
          Insured’s engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer, employee, principal, licensor, trustee, broker, agent, stockholder, member, owner, joint venturer
          or partner of, or permitting his name to be used in connection with the activities of any other business or organization which is engaged in the same business as the business of the Bank as the same shall be constituted at any time during or
          following his engagement; provided that, it shall not be a violation of this Agreement for Insured to (i) become the registered or beneficial owner of less than five percent (5%) of any class of the capital stock of a competing corporation
          registered under the Securities Exchange Act of 1934, as amended or (ii) be employed by an entity which engages in the same business as the business of the Bank so long as Insured does not directly perform services for or work within a division
          or business unit of such entity that engages in the business of the Bank.

      

      

      
        
          	

                	D.	
                  Solicitation of Bank’s Customers:

                

        

      

      

      

      Without limiting the generality of the foregoing, during the Non-Competition Period, Insured agrees he will not,
          directly or indirectly, for his benefit or for the benefit of any other person, firm or entity, do any of the following:

      

      

      
        
          	

                	●	
                  solicit from any customer doing business with the Bank business of the same or of a similar nature to the business conducted between the Bank and such
                      customer;

                

        

      

      

      

      
        6

        
          

      

      
        
          	

                	●	
                  solicit the employment or services of any person who at the time is employed by or a consultant to the Bank; or

                

        

      

      

      

      
        
          	

                	●	
                  make any statements or comments of a defamatory or disparaging nature to third parties regarding the Bank or its officers, directors, personnel, products or
                      services.

                

        

      

      

      

      
        
          	

                	E.	
                  Injunctive Relief.

                

        

      

      

      

      Insured acknowledges the Insured’s agreement to the terms set forth herein are a critical inducement to the
          entering into the Life Insurance Endorsement Method Split Dollar Plan Agreement by the parties thereto, and a material breach by him of any of the provisions contained under this paragraph will cause the Bank irreparable injury and would not be
          reasonably or adequately compensated for by damages in an action at law. Insured therefore agrees the Bank shall be entitled, in addition to any other right or remedy, to a temporary, preliminary and permanent injunction without the necessity of
          proving the inadequacy of monetary damages or the posting of any bond or security, enjoining or restraining Insured from any such violation.

      

      

      
        
          	

                	F.	
                  Reformation of Agreement.

                

        

      

      

      

      Insured further acknowledges and agrees that due to the uniqueness of his services and confidential nature of
          the information available to Insured during his past and future employment with Bank, the covenants set forth herein are reasonable and necessary for the protection of the business and goodwill of the Bank; and it is the intent of the parties
          hereto that if in the opinion of any court of competent jurisdiction any provision set forth in this Agreement is not reasonable in any respect, or that any provision should be deemed to exceed the time, geographic or occupational limits
          permitted by applicable law, such court shall have the right, power and authority to modify any and all such provisions as to such court shall appear not unreasonable and to enforce the remainder of this Agreement as so modified.

      

      

      
        
          	

                	G.	
                  Forfeiture of Benefits in the Event of Breach.

                

        

      

      

      

      Notwithstanding any other provision of this Agreement, if at any time it is determined in the sole judgment of
          the Bank that the Insured has materially breached any of the covenants under this paragraph, all benefits provided herein shall be forfeited and this Agreement shall be terminated and no death benefits shall be due hereunder and, if applicable,
          the Insured’s beneficiary(ies) shall repay to the Bank any and all death benefits already received, without prejudice to the Bank’s right to pursue other equitable and legal remedies for enforcement and recovery under this Agreement.

      

      

      
        	
                XII.

              	
                ADMINISTRATIVE AND CLAIMS PROVISIONS

              

      

      

      

      The following provisions are part of this Agreement and are intended to meet the requirements of the Employee
          Retirement Income Security Act of 1974 (“ERISA”):

       

        

      
        7

        
          

      

      
        
          	

                	A.	
                  Plan Administrator:

                

        

      

      

      

      The “Plan Administrator” of this Agreement shall be City Bank. As Plan Administrator, the Bank shall be
          responsible for the management, control and administration of this Agreement as established herein. The Plan Administrator may delegate to others certain aspects of the management and operation responsibilities of the Agreement, including the
          employment of advisors and the delegation of ministerial duties to qualified individuals.

      

      

      
        
          	

                	B.	
                  Basis of Payment of Benefits:

                

        

      

      

      

      Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in
          turn being based on the payment of premiums as provided in this Agreement.

      

      

      
        
          	

                	C.	
                  Claims Procedures:

                

        

      

      

      

      Claim forms or claim information as to the Policy can be obtained by contacting NFP Executive Benefits
          (800-544-6079). When the Plan Administrator has a claim which may be covered under the provisions described in the Policy, they should contact the office named above, and they will either complete a claim form and forward it to an authorized
          representative of the Insurer or advise the Plan Administrator what further requirements are necessary. The Insurer will evaluate and make a decision as to payment. If the claim is payable, a benefit check will be issued in accordance with the
          terms of this Agreement.

      

      

      In the event that a claim is not eligible under the Policy, the Insurer will notify the Plan Administrator of
          the denial pursuant to the requirements under the terms of the Policy. If the Plan Administrator is dissatisfied with the denial of the claim and wishes to contest such claim denial, it should contact the office named above and they will assist
          in making an inquiry to the Insurer. All objections to the Insurer’s actions should be in writing and submitted to the office named above for transmittal to the Insurer.

      

      

      
        	
                XIII.

              	
                MISCELLANEOUS

              

      

      

      

      
        
          	

                	A.	
                  Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter
                      gender, whichever should so apply.

                

        

      

      

      

      
        
          	

                	B.	
                  The Insurer shall not be deemed a party to this Agreement, but will respect the rights of the parties as herein developed upon receiving an executed copy of
                      this Agreement. Payment or other performance in accordance with the Policy shall fully discharge the Insurer from any and all liability.

                

        

      

      

      

      
        8

        
          

      

      
        
          	

                	C.	
                  Subject to the Bank’s sole and absolute right to surrender or terminate any and all life insurance policies that are the subject matter of this Agreement,
                      it is agreed by the parties that, during the lifetime of the Insured, this Agreement may be amended or revoked at any time or times, in whole or in
                      part, by the mutual written consent of the Insured and the Bank. The Bank may, however, unilaterally and without the consent of the Insured, exchange any life insurance policy(ies) that are the subject matter of this Agreement, with
                      or without replacing said policy(ies) and, in the event of a same or similar exchange, the Insured expressly agrees to the same.

                

        

      

      

      
        
          	

                	D.	
                  If a provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to their terms.
                      Further, in the event any provision is held to be overbroad as written such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as
                      amended.

                

        

      

      

      

      
        
          	

                	E.	
                  The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current
                      form. If any said assumptions should change and said change has a detrimental effect on this Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly. Upon a Change of Control, this paragraph shall
                      become null and void.

                

        

      

      

      

      
        
          	

                	F.	
                  The laws of the State of Texas shall govern the validity and interpretation of this Agreement.

                

        

      

      

      

      
        
          	

                	G.	
                  This Agreement shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns.

                

        

      

      

      

    

    
      9

      
        

    

    
      
        	

              	
                EXECUTED this 3rd day of June, 2004.

              
	

              	

              	

              	

              
	

              	

              	
                CITY BANK

              
	

              	

              	

              	

              
	

              	

              	
                By:

              	/s/ [illegible]

              
	

              	

              	

              	
                Bank Officer

              
	

              	

              	

              	
                Title

              
	

              	

              	

              	

              
	

              	

              	
                /s/ Cory Newsom

                  

              
	

              	

              	
                CORY NEWSOM, Insured

              

      

      

      

      

      

      10Exhibit 10.8

    

    

    BOARD REPRESENTATION AGREEMENT

     

      

    This BOARD

          REPRESENTATION AGREEMENT (this “Agreement”) is made and entered into as of March 7, 2019, by and among Henry TAW LP and James C.
        Henry (individually, the “Shareholder” and collectively, the “Shareholders”), South Plains Financial, Inc., a Texas corporation and registered bank holding company (the “Company”), and for the limited purposes set forth herein, the Board Representative (as defined below).

     

      

    RECITALS

     

          

    WHEREAS,
        certain of the Shareholders entered into a Stock Purchase Agreement with the Company, dated June 27, 2011, whereby the Shareholders purchased newly-issued shares of common stock, $1.00 par value per share, of the Company and were granted certain
        contractual rights of representation on the Boards (as defined below) (the “Stock Purchase Agreement”);

     

      

    WHEREAS,
        the Shareholders and the Company hereby desire to terminate the Stock Purchase Agreement in its entirely and to enter into this Agreement; and

     

      

    WHEREAS,
        the Company desires to continue to provide a contractual right of representation on the Board of Directors of the Company (the “Company Board”)

        and to cause City Bank, a wholly-owned banking subsidiary of the Company and a Texas-chartered banking association (the “Bank”), to
        continue to provide a contractual right of representation on the board of the Bank (the “Bank Board”) (collectively, Company Board and
        Bank Board, the “Boards”) to the Shareholders, subject to the terms and conditions as specified in the Agreement.

    

    

    NOW,
          THEREFORE, for and in consideration of the premises and of the mutual agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Shareholders and the Company
        hereby agree as follows:

     

      

    ARTICLE I

    AGREEMENTS OF THE PARTIES

     

          

    1.01 Termination of Stock Purchase Agreement. The Company and the Shareholders hereby agree to terminate the Stock Purchase Agreement and to replace the Stock
        Purchase Agreement in its entirety with this Agreement.  As of the date of this Agreement, the Stock Purchase Agreement shall have no further force and effect.

     

      

    1.02 Board Representation and Nomination.

     

      

    (a) The Shareholders
        shall have the right to designate one representative of the Shareholders (the “Board Representative”) to the Company Board and to the
        Bank Board subject to the satisfaction of the fiduciary duties of the Boards and all other legal and regulatory requirements regarding service and election or appointment as a director of the Company and the Bank, so long as such Shareholders,
        together with their Affiliates (hereinafter defined), directly or indirectly, are beneficial owners (as determined under Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of no less than five percent (5%) of the
        Company’s voting securities issued and outstanding (“Minimum Ownership Interest”). So long as the Shareholders, together with their
        Affiliates, have a Minimum Ownership Interest, the Boards will use reasonable best efforts, subject to the satisfaction of fiduciary duties and all legal, bank regulatory requirements, together with requirements under the charter, bylaws and any
        related policies and procedures of the Company and the Bank (the “governance requirements”) regarding service and election or appointment as a director of the Company or the Bank, to nominate and recommend to their respective shareholders the
        election of such Shareholders’ Board Representative to the Boards at a special meeting or the annual meeting of the Bank’s or the Company’s shareholders, as applicable, and have the Board Representative elected as a director by the shareholders of
        the Company and the Bank.  If the Shareholders no longer have a Minimum Ownership Interest, such Shareholders will have no further rights under Sections 1.02(a) and 1.02(b) and, at the written request of the Boards, shall cause its Board
        Representative to resign from the Boards as promptly as possible thereafter.

     

      

    
      
        

    

    
    (b) Subject to
        Section 1.02(a), upon the death, resignation, retirement, disqualification or removal from office as a member of the Boards of a Board Representative, the Shareholders shall have the right to designate the replacement for such Board Representative,
        which replacement shall be subject to the Boards’ satisfaction of fiduciary duties and all legal, bank regulatory and governance requirements regarding service and election or appointment as a director of the Company or the Bank.  Subject to their
        respective fiduciary duties and all legal, bank regulatory and governance requirements regarding service and election or appointment as a director of the Company or the Bank, the Boards shall use their respective reasonable best efforts to take all
        action required to fill the vacancy resulting therefrom with such person (including such person, subject to applicable law, being one of the Company’s or the Bank’s nominees to serve on the Boards), and to have such person elected as director of
        the Company or Bank by the shareholders of the Company or the Bank to the same extent as it does for any of its other nominees to the Boards, as the case may be.  The Board Representative shall execute a joinder to this Agreement concurrently with
        becoming a member of the Board of the Company and/or the Bank.

     

      

    (c) For purposes of
        this Agreement, Affiliates shall have the definition set forth in the Exchange Act and shall also include Insiders and their Related Interests, each as defined in Regulation O, 12 C.F.R. Section 215.

     

      

    1.03 Notice of Purchase of Additional Shares; Cooperation.

     

          

    (a) The Shareholders hereby agree to sell shares of Company voting securities owned by them in the Company’s initial public offering sufficient to reduce such shares owned
          by the Shareholders, together with the Board Representative, below 10% as of the closing of the initial public offering.  After the closing of the initial public offering, the Shareholders, the Board Representative, and the Affiliates of each,
          shall not purchase or accept grants of any securities of the Company that would result in the Shareholders, the Board Representative, and Affiliates of each, becoming, directly or indirectly, the beneficial owners (as determined under
        Rule 13d-3 under the Exchange Act) of more than 9.9% of the number of shares of the Company’s voting securities issued and outstanding on such date without (i) 60
          calendar days written notice to the Company and (ii) receipt of the appropriate regulatory approvals as may be required by the Bank Holding Company Act of 1956, as amended (“BHC Act”), Change in Bank Control Act of 1978, as amended (“CIBC Act”) or any other applicable laws.  The
        Shareholders and the Board Representative shall not, without the prior written consent of the Company, take or fail to take any action that would cause the Shareholders and/or the Board Representative to violate or be in default under the BHC Act
        and CIBC Act.

     

      

    (b) The Shareholders
        will reasonably cooperate and consult with the Company and use reasonable best efforts to provide all necessary and customary information and data, to prepare and file all necessary documentation, to effect all necessary applications, notices,
        petitions, filings and other documents, to provide evidence of non-control of the Company, to the extent requested by a governmental entity or as may be reasonably requested by the Company. In the event the Shareholders believe that they are reasonably likely to breach such an obligation under this Section 1.03, they shall promptly notify the Company and shall cooperate in good faith to modify ownership or
          make other arrangements or take any other action, in each case, as is necessary to cure or avoid such breach.

     

        

    
      2

      
        

    

    1.04 Right of Termination.  This Agreement may be terminated by (a) mutual written agreement of the Company and the Shareholders, (b) either the Company or
        the Shareholders, respectively, upon written notice to the other if the Shareholders no longer hold a Minimum Ownership Interest, or (c) the Company if required, or advised as part of the application, supervision or examination process, to
        terminate the Agreement, or take similar action, by a regulatory agency with oversight of the Company or the Bank, whether in writing or verbally.   Without limiting any other relief to which any party may be entitled for a breach of this
        Agreement, if this Agreement is terminated pursuant to this Section, no party to this Agreement shall have any further liability or obligation under this Agreement.

    

    ARTICLE II

    MISCELLANEOUS

     

          

    2.01 Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, then (a) this Agreement
        is to be construed and enforced as if such illegal, invalid or unenforceable provision was not a part hereof; (b) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or
        unenforceable provision or by its severance from this Agreement; and (c) there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and still
        be legal, valid and enforceable.

     

      

    2.02 Notices.  Any and all notices and other communications required or permitted to be given under this Agreement after the date of this Agreement by any
        party hereto to any other party may be delivered personally or by nationally recognized overnight courier service or sent by mail or by e-mail transmission, at the respective addresses set forth below and is deemed delivered (a) in the case of
        personal delivery or e-mail transmission, when received; (b) in the case of mail, upon the earlier of actual receipt or five (5) business days after deposit in the United States Postal Service, first class certified or registered mail, postage
        prepaid, return receipt requested; and (c) in the case of an overnight courier service, one (1) business day after delivery to such courier service with instructions for overnight delivery.  The parties may change their respective addresses and
        e-mail addresses by written notice to all other parties, sent as provided in this Section.  All communications must be in writing and addressed as follows:

     

      

    	

          	
            IF TO COMPANY:

          
	

          	

          	

          
	

          	
            South Plains Financial, Inc.

          
	

          	
            5219 City Bank Parkway

          
	

          	
            Lubbock, Texas 79407

          
	

          	
            Attention:

          	
            Curtis Griffith, Chairman

          
	

          	
            Email:

          	
            cgriffith@city.bank

          

    

    

    	

          	
            IF TO SHAREHOLDERS AND/OR THE BOARD REPRESENTATIVE:

          
	

          	

          
	

          	
            Henry TAW LP

          
	

          	
            3525 Andrews Highway

          
	

          	
            Midland, Texas 79703

          
	

          	
            Attention:

          	
            R. Danny Campbell, President

          
	

          	

          	
            E-mail: dcampbell@henryresources.com

          

    

    
      3

      
        

    

    2.03 Entire Agreement.  This Agreement contains the entire agreement among the parties to this Agreement with respect to the transactions contemplated by this
        Agreement and may not be amended or modified, nor may any of its terms be waived, except by written instrument signed by the parties hereto.

     

      

    2.04 GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD
        TO CHOICE OF LAW PROVISIONS OR RULES (WHETHER OF THE STATE OF TEXAS OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF TEXAS.  ANY ACTION OR PROCEEDING AGAINST ANY OF THE PARTIES TO
        THIS AGREEMENT RELATING IN ANYWAY TO THIS AGREEMENT WILL BE BROUGHT AND LITIGATED EXCLUSIVELY IN A COURT OF COMPETENT JURISDICTION IN LUBBOCK COUNTY, TEXAS. FURTHER, EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
        TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

      

    2.05 Binding Effect; Assignment.  No party to this Agreement shall assign this Agreement, by operation of law or otherwise, in whole or in part, without the
        prior written consent of the other party, and any assignment made or attempted in violation of this Section is void and of no effect. All of the terms, covenants, and conditions of this Agreement are binding upon, and inure to the benefit of and
        are enforceable by, the parties and their respective successors, representatives and permitted assigns.  Nothing expressed or referred to herein is intended or is to be construed to give any person other than the parties hereto any legal or
        equitable right, remedy or claim under or in respect of this Agreement, it being the intent of the parties that this Agreement, and the terms hereof are for the sole benefit of the parties to this Agreement and not for the benefit of any other
        person.

     

      

    2.06 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any person other than the parties and
        their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement.

     

      

    2.07 Amendment; Waiver.  This Agreement may be amended, modified or supplemented only by an instrument in writing executed by the party against which
        enforcement of the amendment, modification or supplement is sought.  No failure to exercise, nor any delay in exercising, any right by any party shall operate as a waiver thereof.  No single or partial exercise of any right, shall preclude any
        other or further exercise thereof or the exercise of any other right.  A waiver by any party of any right or remedy on any one occasion shall not be construed as a bar to any right or remedy that such party would otherwise have on any future
        occasion or to any right or remedy that any other party may have.

     

      

    2.08 Multiple Counterparts.  For the convenience of the parties hereto, this Agreement may be executed in multiple counterparts, each of which shall be deemed
        an original, and all counterparts hereof so executed by the parties hereto, whether or not such counterpart shall bear the execution of each of the parties hereto, shall be deemed to be, and shall be construed as, one and the same Agreement.  An
        e-mail transmission of a signed counterpart of this Agreement shall be sufficient to bind the party or parties whose signature(s) appear thereon.

     

      

    [Signature Page Follows]

     

      

    
      4

      
        

    

    IN WITNESS
          WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

     

      

    	
            COMPANY:

          	

          
	

          	

          
	
            SOUTH PLAINS FINANCIAL, INC.

          	

          
	

          	

          
	
            By:

          	
            /s/ Curtis Griffith

          	

          
	

          	
            Curtis Griffith, Chairman

          	

          

    

    

    	
            SHAREHOLDER:

          	

          	
            SHAREHOLDER:

          
	

          	

          	

          
	
            /s/ James C. Henry

          	

          	
            /s/ Henry TAW Management LLC

          
	
            Name: James C. Henry

          	

          	
            Name:  Henry TAW LP

          
	

          	

          	
            By: Henry TAW Management LLC, its general partner

          
	

          	

          	

          
	
            Address:

          	

          	
            Address:

          
	
            3525 Andrews Highway

          	

          	
            3525 Andrews Highway

          
	
            Midland, Texas 79703

          	

          	
            Midland, Texas  79703

          

    

    

    	
            BOARD REPRESENTATIVE:

          	

          	

          
	

          	

          	

          
	
            /s/ Richard D. Campbell

          	

          	

          
	
            Name: Richard D. Campbell

          	

          	

          
	

          	

          	

          
	
            Address:

          	

          	

          
	
            3525 Andrews Highway

          	

          	

          
	
            Midland, Texas  79703

          	

          	

          

    

    

    SIGNATURE PAGE TO BOARD REPRESENTATION AGREEMENT

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