Document:

Exhibit

Exhibit 10.22

EMPLOYMENT AGREEMENT

BETWEEN

COMMUNITY TRUST FINANCIAL CORP

&

CARY DAVIS

Employment Agreement

This Employment Agreement (hereinafter referred to as “Agreement”) is made and entered into effective as of the October 1, 2008, by and between:

Community Trust Financial Corp, a holding company chartered under the laws of the State of Louisiana and domiciled in Lincoln Parish, Louisiana, and/or its Substantial Subsidiaries, jointly or individually, appearing herein through Drake Mills, its CEO and President, hereinafter called “Employer,”

And

Cary Davis, an adult resident and domiciliary of Lincoln, Parish, whose mailing address is 399 Loblolly Lane, Choudrant, LA  71227, hereinafter referred to as “Employee.”

		
	1.
	Definitions:

		
	A.
	Substantial Subsidiaries – Banking or non-banking subsidiaries of Community Trust Financial Corp as of the date of this Agreement, or any measurement or assessment date thereafter, that comprise 25% or more of the total assets of Community Trust Financial Corp, accounted for as a consolidated entity 

		
	B.
	Investor – An individual, partnership, corporation or other legal entity that owns voting stock in Community Trust Financial Corp and/or any of its Substantial Subsidiaries, exclusive of Community Trust Financial Corp, as the parent.

		
	C.
	Investor Group – A group of Investors, acting under a formal or informal agreement or arrangement and/or under a common objective, common purpose or to the joint mutual benefit, that is distinguishable from all Investors, as a group.

		
	D.
	Base Salary – The amount of compensation paid to, or on behalf of, the Employee by the Employer exclusive of:: cash or non-cash bonuses, deferred compensation arrangements, contributions to employment benefit plans, life-insurance premiums, membership dues, reimbursement of travel and business related expenses, and any other non-compensation related payments to the Employee by the Employer.  

		
	2.
	Employment and Duties:  Employer hereby employs Employee in the capacity as Executive Vice President, Chief Risk Officer and to perform such other duties consistent with Employee’s executive status all as may be determined and assigned to Employee by Employer.  This Agreement supersedes any and all “at will” employment provisions of the Employer with respect to the Employee and shall serve as the complete and comprehensive basis of the employment relationship between the Employer and Employee. 

		
	3.
	Performance:  Employee shall devote his full time (except for reasonable vacation time and absence due to sickness or similar disability) attention and best efforts to the duties set forth in Section 2 above and shall generally perform his duties the same level of competency and intensity as Employer has come to expect based either upon his past performance or that of a person in a similar position with similar duties and responsibilities.

		
	4.
	Term:  The term of the Agreement is for a period of five years and is renewable upon the mutual agreement of both the Employer/Employee at the conclusion of the initial contract period.

		
	5.
	Compensation:  For all services to be rendered by Employee in any capacity hereunder Employer agrees to pay Employee a base salary (Base Salary”) to be established annually by Employer at a rate not less than $7,500 in equal semi-monthly installments which is equivalent to $180,000 per year.

In addition to the Base Salary to be paid to Employee hereunder, Employer agrees to pay Employee an annual bonus (“Bonus”) in such amount and based upon such formulae and criteria as may be determined by the Employer from time to time.

		
	6.
	Insurance:  Employer shall provide Employee with medical and hospitalization insurance, disability income insurance, and group life insurance upon such terms and conditions as may be determined by the Employer from time to time and through such programs as is provided to other employees of Employer.

Employee agrees that Employer, in its discretion, may apply for and procure in its own name and for its own benefit, life insurance upon Employee in any amount or amounts considered advisable; and that Employee shall have no right, title or interest therein (except as otherwise provided), and further, agrees to submit to any medical or other examination and to execute and deliver any application or other instrument in writing, reasonably necessary to effectuate such insurance.

		
	7.
	Pension and Profit Sharing:  Employer shall include Employee in all Employer sponsored 401K Plans and other pension and profit-sharing plans in a comparable manner as provided for Employer’s other executive officers.

		
	8.
	Miscellaneous Benefits:  Employer agrees to provide Employee with the following additional benefits at Employer’s sole expense:

		
	A.
	Professional dues and program costs for all professional organization memberships and continuing education programs deemed reasonably necessary by Employee to maintain his professional standing as EVP, Chief Risk Officer  of Employer;

		
	B.
	PTO benefits as are granted pursuant to Employer’s policy;

		
	C.
	All expenses, including meals, lodging, transportation and miscellaneous for business and related travel.  Employer agrees to reimburse Employee for said travel expenses upon written request;

		
	D.
	Disability benefits, to include payment to Employee of the periodic Base Salary installments as stated above, commencing on the date the Employee is unable to perform his duties as EVP, Chief Risk Manager and continuing until disability benefits are provided to the Employee from the disability insurance provider.

		
	E.
	Monthly membership dues at Squire Creek Country Club

		
	F.
	Company provided vehicle; gas, servicing and insurance provided by the bank.

		
	9.
	Termination:  Notwithstanding anything contained in this Agreement to the contrary, and subject to the provisions of Section 16, and unless otherwise agreed to in writing by Employer and Employee, this Agreement shall terminate upon the occurrence of any of the following events:

		
	A.
	At any time by mutual agreement in writing between Employer and Employee;

		
	B.
	Immediately upon the death of the Employee;

		
	C.
	Immediately upon the Employee becoming permanently and totally disabled, which shall result in the permanent inability to satisfactorily perform the Employee’s regular duties as performed prior to such disability, which disability shall be determined by a panel of three (3) physicians by a majority vote, which panel shall be comprised of one physician selected by Employer, one physician selected by Employee, and third physician selected by the two panel members selected by the Employer and Employee.  The majority vote of the three member panel shall be sufficient to determine whether Employee is permanently and totally disabled from performing his regular duties, imposed upon him by this Agreement.

		
	D.
	For “cause” which, for purposes of this Agreement ,shall mean:

(i) Immediately upon a finding by Employer and supported by a physician’s review that the Employee is addicted to intoxicating drugs (including alcohol), which materially and adversely affects his ability to perform his duties outlined herein; 

 (ii) A conviction, guilty plea or no contest plea to a felony offense and entered before a criminal court of competent jurisdiction involving Employee’s dishonesty or moral turpitude;
(iii) Willful, substantiated and material disloyalty of Employee to Employer that caused or is likely to cause demonstrable injury or damages to Employer;
(iv) Failure of Employee to perform the duties and obligations as set forth in this Agreement, after Employee is provided notice of such failure(s) and a reasonable opportunity (not to exceed 90 days) to cure them.

Employee shall be provided a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provisions so indicated, (iii) the termination date.

		
	10.
	Compensation upon Termination of Employment:

		
	A.
	Upon termination of this Agreement in accordance with Section 9 above, Employee shall be entitled to receive such Base Salary and other benefits as may be provided in this Agreement and as are accrued and unpaid as of Employee’s last day of employment.  Such benefits shall include (except in the event of a termination pursuant to Section 9 D), Employee’s bonus equal to the bonus paid the Employee for the year immediately preceding the year during which termination occurs prorated based upon the number of days Employee was employed during such year.

		
	B.
	Notwithstanding any of the foregoing, in the event there is a change of control of the Employer, Employee will be entitled to additional benefits.  Change of control shall be defined as follows:

		
	i.
	An event that occurs subsequent to the date of this Agreement, and

		
	ii.
	Whereby an Investor and/or Investor Group acquires or accumulates, through equity dividends, grants, stock options, purchases, inheritances or otherwise, inclusive of options to acquire stock in the future and that said options are deemed irrevocable or enforceable, fifty percent (50%) or more of the value or voting power of the Employer’s then issued and outstanding capital stock of Community Trust Financial Corp and/or any of its Substantial Subsidiaries; or 

		
	iii.
	Community Trust Financial Corp completes a merger or consolidation with another corporation, other than a merger or consolidation which would result in the voting securities of Community Trust Financial Corp outstanding immediately prior thereto continuing to represent (either by remaining securities outstanding or by being converted into voting securities of the surviving entity) more than fifty-one percent (51%) of the combined voting power of the voting securities of the Community Trust Financial Corp, as applicable, or such surviving entity outstanding immediately after such merger.

		
	C.
	In the event that Employer undergoes a change of control, as outlined hereinabove, in addition to all other compensation accrued through the date of termination of this Agreement, the Employer is required to notify the Employee in writing within ten (10) business days following the change in control and the Employee shall be entitled as full and final consideration of Employer’s obligation hereunder:

		
	i.
	To receive a payment within 30 days following the change of control in an amount equal to twenty-four (24)  months Employee’s then current Base Salary;

		
	ii.
	To receive a payment within 30 days following the change of control in an amount equal to two times the average of the Bonus paid to Employee during the three (3) calendar years immediately preceding the termination of this Agreement;

		
	iii.
	To exercise any or all of Employee’s outstanding and unexercised stock options (whether vested or not) to purchase shares of Employer, which as of the date of 

this Agreement shall equal Fifteen Thousand (15,000) such options at the price and upon such other terms and conditions as are set forth in Section 11.
		
	D.
	If the Employee and Employer agree, the employment relationship between the Employer and Employee may continue beyond the change in control date to a mutually agreed upon future date.  Should such a mutual arrangement occur, the resulting terms and conditions of the future employment relationship shall be committed to writing and added as an addendum to this Agreement.  With the exception of the specific provisions of this Agreement that are superseded by said addendum, all provisions of this Agreement will remain in force until the conclusion of the employment relationship between the Employer and Employee.  Should this Agreement be extended beyond the change in control date, all payments of cash and vesting of stock will occur within ten business days following the change in control date within the provisions of Section 10(E).  Post employment insurance provisions will automatically be deferred to become effective upon the final date of termination of employment.

		
	E.
	Employer shall, upon termination of this Agreement, transfer to Employee any and all life insurance policies which Employer may have acquired, insuring the life of Employee, together with any and all cash values, if any.  Change of ownership shall include the right of Employee to change the beneficiary to whichever beneficiary Employee designates.

Notwithstanding the specific provisions as stated herein, all amounts to be paid to Employee pursuant to this Section 10 shall be paid, transferred or provided to the Employee by the Employer no later than sixty (60) days following the Employee’s termination of employment.

		
	11.
	Option to Purchase Stock:  Conditional upon this Agreement being in full force and effect and Employee not being in default hereunder, Employee shall, effective on or before November 10, 2008, be granted the option to purchase up to fifteen thousand (15,000) shares of common stock of Employer for a price equal to the lower of Twenty –Four Dollars and 57 cents ($24.57) dollars per share or such other lower price per share as occurs in any sale(s) of additional shares of common stock by Employer over the next six (6) months.  Vesting period shall be effective on date of hire and options shall be fully vested over a five (5) year term at 20% (3000 shares) per year.  In the event the agreement is terminated for any reason as provided, or if this agreement expires, the employee will immediately thereupon cease to be granted additional options as provided for herein.  However, the employee will remain totally vested in those unexercised options to which he was vested as of the date of this agreement termination and/or expiration.  Notwithstanding the above, under no circumstances will any option, as granted by the agreement be exercisable later then December 31, 2016.  The total number of shares which Employee may acquire pursuant to this Section shall not exceed fifteen thousand (15,000) shares.  The options herein granted to Employee are personal to Employee and, except as provided for under Section 16, shall not be encumbered, assigned, transferred or otherwise disposed of. Such options shall be exercised by written notice delivered to Employer together with a cashier's check for the respective purchase prices of stock in respect of the options being exercised. No option granted hereunder constitutes an offer to purchase until Employee is provided with, or given reasonable access to full and fair disclosure of all material information relating to the business and affairs of Employer and the purchase of stock.  At any time, the remaining number of unexercised shares and related exercise price per share of the Employers common stock available for purchase as described in this Section, are to be adjusted ratably to reflect changes to the Employer’s total issued and outstanding common stock caused by the Employer’s actions subsequent to the date of this Agreement so that the resulting number of unexercised shares, calculated as a percentage of total common shares issued and outstanding, or the related value of the exercise price per share, are equivalent in value immediately following the change as they were immediately prior to the change. Such events include, yet are not limited to, stock dividends, stock splits, and issuances of additional classes of common stock. 

		
	12.
	Notices:  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and sent by certified mail as follows:

	
		
	Notice to Employer:
	Community Trust Financial Corp

	 
	Attn:  Drake Mills

	 
	1511 N. Trenton St.

	 
	Ruston, LA 71270

	 
	 

	Notice to Employee:
	Cary Davis

	 
	399 Loblolly Lane

	 
	Choudrant, LA  71227

		
	13.
	Entire Agreement:  This Agreement as written and its terms, conditions and provisions shall represent and constitute the entirety of the employment agreement existing between the parties hereto and shall supersede any and all other agreements, writings, conversations or representations, if any, made by either party or their representatives, agents or employees at any time either prior to or subsequent to the execution of this Agreement. This Agreement, and any written amendments hereto, shall apply to and be binding upon the Employer and Employee, together with their agents, successors, assigns and inheritors, as the case may be.

		
	14.
	Waivers:  The waiver by any party hereto of a breach of any provision of this Agreement unless or until executed in writing by the parties hereto with the same formality attending execution of this Agreement, and signed by both the Employer and Employee.

		
	15.
	Amendment:  No amendment or modification of this Agreement shall be deemed effective unless or until executed in writing by the parties hereto with the same formality attending execution of this Agreement, and signed by both Employer and Employee.

		
	16.
	Designated Beneficiary:  In the event of the Employees death or determination of total and permanent disability as provided for in Section 9(B) and Section 9(C) whereupon the Employee could not legally act on his/her own behalf, the Employee’s designated beneficiary(s) shall be entitled to receive any and all amounts or other benefits specified in this Agreement, including any extensions thereto as documented in an addendum, as would the Employee had he been alive or of full capacity and make elections under the terms of this Agreement in the same capacity as the Employee for a period of no more than ninety (90) calendar days following the Employee’s date of death or disability determination.  The Employee shall designate his beneficiary in writing to the Employer upon execution of this Agreement and may amend his designation at any time and from time to time through written notice to the Employer.  Individuals designated as beneficiaries by the Employee must be of majority age at the date of designation. 

		
	17.
	Assignment:  The performance of all the obligations under this Agreement is personal and non-inheritable obligations of the Employee and shall not be assignable to others.

		
	18.
	Governing Law:  This Agreement having been executed and delivered in the State of Louisiana will have its validity, interpretation, performance and enforcement governed by the laws of said state.

Thus done and signed at Ruston, Louisiana on this 10th day of October, 2008.

	
			
	Employer:
	 
	Employee:

	 
	 
	 

	/s/ Drake Mills
	 
	/s/ Cary Davis

	Community Trust Financial Corp
	 
	Cary Davis

	By Drake Mills
	 
	 

	President & CEO
	 
	 

AMENDMENT TO 
EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made and entered into this the 14th day of July, 2014, by and between COMMUNITY TRUST FINANCIAL CORPORATION, a bank holding company chartered under the laws of the State of Louisiana (“Employer”) and Cary Davis, an adult resident and domiciliary of Choudrant, LA (“Employee”).
WITNESSETH:
WHEREAS, Employer and Employee entered into that certain Employment Agreement effective the 1st day of October, 2008 (the “Agreement”), a copy of which is attached hereto as Exhibit “A;” and
WHEREAS, the initial term of the Agreement was for a period of five (5) years, renewable upon the mutual agreement of both Employer and Employee; and
WHEREAS, Employer and Employee hereby acknowledge and confirm that, following the initial five (5) year term of the Agreement, the parties have by mutual consent renewed and continued in effect the Agreement and Employee’s employment by Employer in accordance with the terms of the Agreement; and
WHEREAS, the parties desire to amend the Agreement to set forth and document their agreement as to the renewal thereof and to provide for the continued renewal of the Agreement.
NOW, THEREFORE, Employer and Employee agree that the Agreement is hereby amended as follows:
I.
Employer and Employee hereby acknowledge and confirm that, following the initial five (5) year term of the Agreement, the Agreement has been renewed by mutual agreement of the parties and the Agreement continues in effect in accordance with its provisions. 
II.
Section 4 “Term” of the Agreement is hereby amended by the deletion of that section in its entirety and the substitution of the following:
Term:  The initial term of the Agreement is for the period of five (5) years commencing on the effective date of this Agreement.  Thereafter the Agreement shall automatically renew for successive one-year terms unless either party shall notify the other of its or his intent not to renew the agreement at least thirty (30) days prior to the end of the then-current term.

III.
Employer and Employee acknowledge and agree that as of the date hereof Employee has become one hundred percent (100%) vested in the option granted pursuant to Section 11 of the Agreement for the purchase of fifteen thousand (15,000) shares of common stock of the Employer. 
IV.
All other provisions of the Agreement shall remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the Employer and the Employee have executed this Agreement as of the date first noted above.
	
			
	Employer:
	 
	Employee:

	 
	 
	 

	/s/ Drake Mills
	 
	/s/ Cary Davis

	Community Trust Financial Corp
	 
	Signature

	 
	 
	Cary S. Davis

	By Drake Mills, Chairman/President & CEO
	 
	Print Name

2018 AMENDMENT TO 
EMPLOYMENT AGREEMENT

THIS 2018 AMENDMENT (this "Amendment"), made and entered into this 15th day of March, 2018, by and between Origin Bank (formerly Community Trust Bank), a bank organized and existing under the laws of the State of Louisiana (hereinafter referred to as the "Bank"), and Cary S. Davis, an Employee of the Bank, an adult resident and domiciliary of Dallas, TX ("Employee").

WITNESSETH:

WHEREAS, Bank and Employee previously entered into that certain Employment Agreement effective the first day of October, 2008 (as amended, the "Agreement"), and

WHEREAS, the parties desire to amend the Agreement as set forth below.

NOW, THEREFORE, Employer and Employee agree that the Agreement is hereby amended as follows:

Section 10.E. of the Agreement is hereby amended by the deletion of the first paragraph of that section, such that it shall read in its entirety as follows:

		
	E.
	Notwithstanding the specific provisions as stated herein, all amounts to be paid to Employee pursuant to this Section 10 shall be paid, transferred or provided to the Employee by the Employer no later than sixty (60) days following the Employee's termination of employment.

This Amendment shall be effective the 1st day of .January 2018. To the extent that any term, provision, or paragraph of the Agreement is not specifically amended herein, or i n any other amendment thereto, said term, provision, or paragraph shall remain in full force and effect as set forth in said Agreement.

IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Amendment and executed the original thereof on the first day set forth hereinabove, and that, upon execution, each has received a conforming copy.

	
				
	Origin Bank
	 
	Cary S. Davis

	 
	 
	 

	By:
	/s/ Linda W Tuten
	 
	/s/ Cary S. Davis

	 
	(Bank Officer other than Employee)
	 
	 

	 
	 
	 
	 

	Title:
	EVP / Chief People & Diversity OfficerExhibit

Exhibit 10.23

§409A AMENDED & RESTATED EXECUTIVE SALARY CONTINUATION AGREEMENT

THIS AGREEMENT, made and entered into this 15th day of December, 2008, by and between Community Trust Bank, a bank organized and existing under the laws of the State of Louisiana (hereinafter referred to as the “Bank”), and Cary S. Davis, an Executive of the Bank (hereinafter referred to as the “Executive”).

WITNESSETH:

WHEREAS, the Bank and the Executive were parties to an Executive Supplemental Retirement Plan Executive Agreement dated the 7th day of February, 2001, between Community Trust Bank and Cary S. Davis that provided for the payment of certain benefits.  Said Executive Supplemental Retirement Plan Executive Agreement was superseded and replaced by an Executive Salary Continuation Agreement dated July 7, 2004.  This §409A Amended & Restated Executive Salary Continuation Agreement and the benefits provided hereunder shall supercede and replace the existing Executive Salary Continuation Agreement and the benefits provided thereby;

WHEREAS, the Executive has been and continues to be a valued Executive of the Bank; and

WHEREAS, it is the consensus of the Board of Directors (hereinafter referred to as the “Board”) that the Executive’s services to the Bank in the past have been of exceptional merit and have constituted an invaluable contribution to the general welfare of the Bank in bringing the Bank to its present status of operating efficiency and present position in its field of activity;

WHEREAS, the Executive’s experience, knowledge of the affairs of the Bank, reputation, and contacts in the industry are so valuable that assurance of the Executive’s continued services is essential for the future growth and profits of the Bank and it is in the best interests of the Bank to arrange terms of continued employment for the Executive so as to reasonably assure the Executive remains in the Bank’s employ during the Executive’s lifetime or until the age of retirement;

WHEREAS, it is the desire of the Bank that the Executive’s services be retained as herein provided;

WHEREAS, the Executive is willing to continue in the employ of the Bank provided the Bank agrees to pay the Executive or the Executive’s beneficiary(ies), certain benefits in accordance with the terms and conditions hereinafter set forth;

1

ACCORDINGLY, it is the desire of the Bank and the Executive to enter into this Agreement under which the Bank will agree to make certain payments to the Executive at retirement or the Executive’s beneficiary(ies) in the event of the Executive’s death pursuant to this Agreement;

FURTHERMORE, it is the intent of the parties hereto that this Executive Plan be considered an unfunded arrangement maintained primarily to provide supplemental retirement benefits for the Executive, and be considered a non-qualified benefit plan for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Executive is fully advised of the Bank’s financial status and has had substantial input in the design and operation of this benefit plan; and

NOW, THEREFORE, in consideration of services performed in the past and to be performed in the future as well as of the mutual promises and covenants herein contained it is agreed as follows:

		
	I.
	EMPLOYMENT

The Bank agrees to employ the Executive in such capacity as the Bank may from time to time determine.  The Executive will continue in the employ of the Bank in such capacity and with such duties and responsibilities as may be assigned to him, and with such compensation as may be determined from time to time by the Board of Directors of the Bank.

		
	II.
	FRINGE BENEFITS

The Salary continuation benefits provided by this Agreement are granted by the Bank as a fringe benefit to the Executive and are not part of any Salary reduction plan or an arrangement deferring a bonus or a Salary increase.  The Executive has no option to take any current payment or bonus in lieu of these Salary continuation benefits except as set forth hereinafter.

		
	III.
	RETIREMENT DATE AND NORMAL RETIREMENT AGE

		
	A.
	Retirement Date:

If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the later of the Executive’s sixty-fifth (65th) birthday or such other date as the Executive may actually retire.

2

		
	B.
	Normal Retirement Age:

Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

C.    Separation from Service:  

Notwithstanding anything to the contrary in this Agreement, to the extent that any benefit under this Agreement is payable upon a “Termination of Employment,” “Termination of Service,” or other event involving the Executive’s cessation of services, such payment(s) shall not be made unless such event constitutes a “Separation from Service” as defined in Treasury Regulations Section 1.409A-1(h).

		
	IV.
	RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT

Upon said retirement, the Bank, commencing with the first day of the month following the date of such retirement, shall pay the Executive an annual benefit equal to Fifty Nine Thousand One Hundred Seventy Seven and 00/100th Dollars ($59,177.00).  For each year that the Executive or Executive’s beneficiary(ies) shall receive a benefit, said benefit amount shall be increased by one and one-half percent (1.5%) from the previous year’s benefit amount.  Said benefit shall be paid in equal annual installments until the death of the Executive.  Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to such individual or individuals as the Executive may have designated in writing and filed with the Bank.  In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate.  Said payment due hereunder shall be made the first day of the second month following the decease of the Executive.

		
	V.
	DEATH BENEFIT PRIOR TO RETIREMENT

In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to the Executive’s Retirement Date, the Bank will pay a benefit equal to the accrued balance, on the date of death, of the Executive’s accrued liability retirement account paid in a lump sum to such individual or individuals as the Executive may have designated in writing and filed with the Bank.  In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate.  Said payment due hereunder shall be made the first day of the second month following the decease of the Executive.

3

		
	VI.
	BENEFIT ACCOUNTING

The Bank shall account for this benefit using the regulatory accounting principles of the Bank’s primary federal regulator.  The Bank shall establish an accrued liability retirement account for the Executive into which appropriate reserves shall be accrued.

		
	VII.
	VESTING

Prior to the attainment of the Executive’s Normal Retirement Age (Subparagraph III [B]), the Executive’s interest in the severance compensation as stated in Other Termination of Employment (Paragraph VIII), shall be subject to an annual vesting percentage of ten percent (10%) for each full year of service with the Bank from the date of the original Agreement dated February 7, 2001, (to a maximum of 100%).

		
	VIII.
	OTHER TERMINATION OF EMPLOYMENT

Subject to Subparagraph VIII (i) hereinbelow, in the event that the employment of the Executive shall terminate prior to Normal Retirement Age, as provided in Paragraph III (B), by the Executive’s voluntary action, or by the Executive’s discharge by the Bank without cause, then this Agreement shall terminate upon the date of such termination of employment and the Bank shall pay to the Executive as severance compensation an amount of money equal to the accrued balance, on the date of termination, of the Executive’s liability reserve account multiplied by the Executive’s cumulative vested percentage (Paragraph VII).  This severance compensation shall be paid in fifteen (15) equal annual installments with interest equal to the one-year Treasury bill as of the date of termination.  Said payments shall commence upon the Executive’s attaining Normal Retirement Age.

In the event the Executive’s death should occur after such severance but prior to the completion of the annual payments provided for in this Paragraph VIII, the remaining payments shall be paid in a lump sum to such individual or individuals as the Executive may have designated in writing and filed with the Bank.  In the absence of any effective beneficiary designation, any such amounts shall be payable to the duly qualified executor or administrator of the Executive’s estate.  Said payments due hereunder shall begin the first day of the second month following the decease of the Executive.

		
	(i)
	Discharge for Cause:  In the event the Executive shall be discharged for cause at any time, all benefits provided herein shall be forfeited.  The term “for cause” shall mean any of the following that result in an adverse effect on the Bank: (i) gross negligence or gross neglect; (ii) the commission of a felony or gross misdemeanor involving fraud or dishonesty; (iii) the willful violation of any law, rule, or regulation (other than a traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v) a breach of fiduciary duty 

4

involving personal profit.  If a dispute arises as to discharge “for cause,” such dispute shall be resolved by arbitration as set forth in this Executive Plan.

		
	IX.
	CHANGE OF CONTROL

Change of Control shall be deemed to be the cumulative transfer of more than fifty percent (50%) of the voting stock of the Bank from the date of this Agreement.  For the purposes of this Agreement, transfers made on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a change in control.  Upon a Change of Control, if the Executive subsequently suffers a Termination of Service (voluntary or involuntary), except for cause, then the Executive shall receive the benefits in Paragraph IV herein in the same form and with the same timing, except that payments shall commence upon attaining Normal Retirement Age (Subparagraph III [B]).  

		
	X.
	RESTRICTIONS ON FUNDING

The Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Executive Plan.  The Executive, their beneficiary(ies), or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation.

The Bank reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Executive Plan or to refrain from funding the same and to determine the extent, nature and method of such funding.  Should the Bank elect to fund this Executive Plan, in whole or in part, through the purchase of life insurance, mutual funds, disability policies or annuities, the Bank reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part.  At no time shall any Executive be deemed to have any lien, right, title or interest in any specific funding investment or assets of the Bank.

If the Bank elects to invest in a life insurance, disability or annuity policy on the life of the Executive, then the Executive shall assist the Bank by freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance or annuities.

		
	XI.
	MISCELLANEOUS

		
	A.
	Alienability and Assignment Prohibition:

Neither the Executive, nor the Executive’s surviving spouse, nor any other beneficiary(ies) under this Executive Plan shall have any power or right to 

5

transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or the Executive’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise.  In the event the Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate.

		
	B.
	Binding Obligation of the Bank and any Successor in Interest:

The Bank shall not merge or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or person until such bank, firm or person expressly agree, in writing, to assume and discharge the duties and obligations of the Bank under this Executive Plan.  This Executive Plan shall be binding upon the parties hereto, their successors, beneficiaries, heirs and personal representatives.

		
	C.
	Amendment or Revocation:

Subject to Paragraph XIII, it is agreed by and between the parties hereto that, during the lifetime of the Executive, this Executive Plan may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Executive and the Bank.

		
	D.
	Gender:

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

		
	E.
	Effect on Other Bank Benefit Plans:

Nothing contained in this Executive Plan shall affect the right of the Executive to participate in or be covered by any qualified or non-qualified pension, profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan constituting a part of the Bank’s existing or future compensation structure.

		
	F.
	Headings:

Headings and subheadings in this Executive Plan are inserted for reference and convenience only and shall not be deemed a part of this Executive Plan.

6

		
	G.
	Applicable Law:

The validity and interpretation of this Agreement shall be governed by the laws of the State of Louisiana.

		
	H.
	12 U.S.C. § 1828(k):

Any payments made to the Executive pursuant to this Executive Plan, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) or any regulations promulgated thereunder.

		
	I.
	Partial Invalidity:

If any term, provision, covenant, or condition of this Executive Plan is determined by an arbitrator or a court, as the case may be, to be invalid, void, or unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid, void, or unenforceable, and the Executive Plan shall remain in full force and effect notwithstanding such partial invalidity.

		
	J.
	Not a Contract of Employment:

This Agreement shall not be deemed to constitute a contract of employment between the parties hereto, nor shall any provision hereof restrict the right of the Bank to discharge the Executive, or restrict the right of the Executive to terminate employment.

		
	K.
	Present Value:

All present value calculations under this Agreement shall be based on the following discount rate:
	
		
	Discount Rate:
	The discount rate as used in the FASB 87 calculations for the Executive Plan.

L.    Supersede and Replace Entire Agreement:

This Agreement shall supersede the Executive Salary Continuation Agreement dated  July 7, 2004, and shall replace the entire agreement of the parties pertaining to this particular Executive Salary Continuation Agreement.

7

M.    Restriction on Timing of Distribution: 

Notwithstanding any provision of this Agreement to the contrary, distributions under this Agreement may not commence earlier than six (6) months after the date of a Separation from Service (as described under the “Separation from Service” provision herein) if, pursuant to Internal Revenue Code Section 409A, the participant hereto is considered a “specified employee” (under Internal Revenue Code Section 416(i)) of the Bank if any stock of the Bank is publicly traded on an established securities market or otherwise.  In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service.  If payments are scheduled to be made in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule.  If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first day of the seventh month.

N.    Certain Accelerated Payments:  

The Bank may make any accelerated distribution permissible under Treasury Regulation 1.409A-3(j)(4) to the Executive of deferred amounts, provided that such distribution(s) meets the requirements of Section 1.409A-3(j)(4).

O.    Subsequent Changes to Time and Form of Payment:

The Bank may permit a subsequent change to the time and form of benefit distributions.  Any such change shall be considered made only when it becomes irrevocable under the terms of the Agreement.  Any change will be considered irrevocable not later than thirty (30) days following acceptance of the change by the Plan Administrator, subject to the following rules:

		
	(1)
	the subsequent deferral election may not take effect until at least twelve (12) months after the date on which the election is made;

		
	(2)
	the payment (except in the case of death, disability, or unforeseeable emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and

		
	(3)
	in the case of a payment made at a specified time, the election must be made not less than twelve (12) months before the date the payment is scheduled to be paid.

8

		
	XII.
	ERISA PROVISION

		
	A.
	Named Fiduciary and Plan Administrator:

The “Named Fiduciary and Plan Administrator” of this Executive Plan shall be Community Trust Bank until its resignation or removal by the Board.  As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control and administration of the Executive Plan.  The Named Fiduciary may delegate to others certain aspects of the management and operation responsibilities of the Executive Plan including the employment of advisors and the delegation of ministerial duties to qualified individuals.

		
	B.
	Claims Procedure and Arbitration:

In the event a dispute arises over benefits under this Executive Plan and benefits are not paid to the Executive (or to the Executive’s beneficiary(ies) in the case of the Executive’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Named Fiduciary and Plan Administrator named above within sixty (60) days from the date payments are refused.  The Named Fiduciary and Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, they shall provide in writing within sixty (60) days of receipt of such claim the specific reasons for such denial, reference to the provisions of this Executive Plan upon which the denial is based and any additional material or information necessary to perfect the claim.  Such written notice shall further indicate the additional steps to be taken by claimants if a further review of the claim denial is desired.  A claim shall be deemed denied if the Named Fiduciary and Plan Administrator fail to take any action within the aforesaid sixty-day period.

If claimants desire a second review they shall notify the Named Fiduciary and Plan Administrator in writing within sixty (60) days of the first claim denial.  Claimants may review this Executive Plan or any documents relating thereto and submit any written issues and comments they may feel appropriate.  In their sole discretion, the Named Fiduciary and Plan Administrator shall then review the second claim and provide a written decision within sixty (60) days of receipt of such claim.  This decision shall likewise state the specific reasons for the decision and shall include reference to specific provisions of the Plan Agreement upon which the decision is based.

If claimants continue to dispute the benefit denial based upon completed performance of this Executive Plan or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to an arbitrator 

9

for final arbitration.  The arbitrator shall be selected by mutual agreement of the Bank and the claimants.  The arbitrator shall operate under any generally recognized set of arbitration rules.  The parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such arbitrator with respect to any controversy properly submitted to it for determination.

Where a dispute arises as to the Bank’s discharge of the Executive “for cause,” such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder.

		
	XIII.
	TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS

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 Executive Plan, then the Bank reserves the right to terminate or modify this Agreement accordingly.  Upon a Change of Control (Paragraph IX), this paragraph shall become null and void effective immediately upon said Change of Control.

		
	XIV.
	EFFECTIVE DATE

The effective date of the Executive Plan shall be January 1, 2005.

IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof on the first day set forth hereinabove, and that, upon execution, each has received a conforming copy.
	
				
	 
	 
	COMMUNITY TRUST BANK
	 

	 
	 
	Ruston, Louisiana
	 

	 
	 
	 
	 

	/s/ Linda Tuten
	By:
	/s/ Drake Mills
	CEO

	Witness
	 
	(Bank Officer other than Insured)
	Title

	 
	 
	 
	 

	/s/ Ashlea Phillips
	 
	/s/ Cary S. Davis
	 

	Witness
	 
	Cary S. Davis
	 

10

BENEFICIARY DESIGNATION FORM
FOR THE §409A AMENDED & RESTATED EXECUTIVE SALARY CONTINUATION AGREEMENT 

I.    PRIMARY DESIGNATIONS 
A.    Person(s) as a Primary Designation:
(Please indicate the percentage for each beneficiary.)
	
								
	1.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

	 
	 
	 
	 
	 
	 
	 
	 

	2.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

	 
	 
	 
	 
	 
	 
	 
	 

	3.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

	 
	 
	 
	 
	 
	 
	 
	 

	4.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

II.    ESTATE AND/OR TRUST AS PRIMARY DESIGNATIONS
A.    Estate as a Primary Designation:
An Estate can still be listed even if there is no will.
My Primary Beneficiary is The Estate of              as set forth in the Last Will and 
Testament dated the           day of           ,200    and any codicils thereto.
B.    Trust as a Primary Designation:
	
			
	Name of the Trust:
	 
	 

	Execution Date of the Trust
	Name of the Trustee:
	 

	Beneficiary of the Trust:
(Please indicate the percentage for each beneficiary):
	 

	Name(s):
	 
	 

	Name(s):
	 
	 

	 
	 
	 

	Is this an Irrevocable Life Insurance Trust?
	☐ Yes
	☐ No

	If yes and this designation is for a Joint Beneficiary Designation Agreement, an Assignment of Rights form must be completed.)

11

III.    SECONDARY (CONTINGENT) DESIGNATIONS 
A.    Person(s) as a Secondary (Contingent) Designation:
(Please indicate the percentage for each beneficiary in the event of the Primary's Death.)
	
								
	1.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

	 
	 
	 
	 
	 
	 
	 
	 

	2.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

	 
	 
	 
	 
	 
	 
	 
	 

	3.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

	 
	 
	 
	 
	 
	 
	 
	 

	4.
	Name:
	 
	Relationship:
	 
	SS#:
	 
	%

	 
	Address:
	 
	 
	 
	 
	 
	 

	 
	 
	(Street)
	 
	(City)
	 
	(State)
	(Zip)

		
	IV.
	ESTATE AND/OR TRUST AS SECONDARY (CONTINGENT) DESIGNATIONS

A.    Estate as a Secondary (Contingent) Designation:
My Secondary Beneficiary is The Estate of           as set forth in the Last Will and
Testament dated the           day of           ,200    and any codicils thereto.
B.    Trust as a Secondary (Contingent) Designation:
	
			
	Name of the Trust:
	 
	 

	Execution Date of the Trust
	Name of the Trustee:
	 

	Beneficiary of the Trust:
(Please indicate the percentage for each beneficiary):
	 

	Name(s):
	 
	 

	Name(s):
	 
	 

	 
	 
	 

	Is this an Irrevocable Life Insurance Trust?
	☐ Yes
	☐ No

	If yes and this designation is for a Joint Beneficiary Designation Agreement, an Assignment of Rights form must be completed.)

		
	V.
	SIGN AND DATE

This Beneficiary Designation Form is valid until the participant notifies the bank in writing.

	
			
	/s/ Cary S. Davis
	 
	12/15/2008

	Executive
	 
	Date

12

*SECTION VI TO BE COMPLETED ONLY BY PARTICIPANTS WHO RESIDE IN THE FOLLOWING STATES: (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin). 

Community Property Laws – If you reside in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), a designation of beneficiary may be subject to challenge if such designation will result in your spouse receiving less than his or her proportionate share of the benefit attributable to community property. 

*VI.    SPOUSAL CONSENT FOR COMMUNITY PROPERTY STATES ONLY 
(Please note that an employee is under no obligation to complete the Spousal Consent section of this form)

I am aware that my spouse, the above named Insured, has designated someone other than me to be the beneficiary and waive any rights I may have to the proceeds of such insurance under applicable community property laws.  I understand that this consent and waiver supercedes any prior spousal consent or waiver under this plan.
	
				
	Spouse Signature:
	 
	Date:
	 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]