Document:

Change in Control Severance Agreement

 EXHIBIT 10.15 
  
 IBERIABANK CORPORATION 
 IBERIABANK 
  

  
 Change in Control Severance Agreement 
  

  
 THIS AGREEMENT entered into this 25th day of August, 2004 (the “Effective Date”), by and between Michael A. Naquin (the “Employee”), IBERIABANK (the “Company”), and IBERIABANK Corporation (the
“Holding Company”). 
  
 WHEREAS, the Employee has
heretofore been employed by the Company as an executive officer, and the Company and the Holding Company deem it to be in their respective best interests to enter into this Agreement as an additional incentive to the Employee to continue as an
executive employee of the Company and to provide as-needed services benefiting the Holding Company; and 
  
 WHEREAS, the parties desire by this writing to set forth their understanding as to their respective rights and obligations in the event a change of
control occurs with respect to the Company or the Holding Company. 
  
 NOW, THEREFORE, the undersigned parties AGREE as follows: 
  
 1. Defined Terms 
  
 When used anywhere in this
Agreement, the following terms shall have the meaning set forth herein. 
  
 (a) “Change in Control” shall mean (i) a change in control of the Holding Company, of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”) or any successor thereto, whether or not any security of the Holding Company is registered under Exchange Act; provided that, without limitation, such a
Change in Control shall be deemed to have occurred if any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, or securities of the Holding Company representing 25% or more of the combined voting power of the Holding Company then outstanding securities; (ii) during any period of two consecutive years, individuals (the “Continuing
Directors”) who at the beginning of such period constitute the Board of Directors (the “Existing Board”) of the Holding Company cease for any reason to constitute at least two-thirds thereof, provided that any individual whose
election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director unless his or her initial assumption of office
occurs as a result of an actual or threatened contest with respect to the election or removal of directors or other 

  

 
actual or threatened solicitation of proxies by or on behalf of someone other than a Continuing Director; or (iii) the acquisition of ownership, holding or
power to vote more than 25% of the voting stock of the Company by any person other than the Holding Company. 
  
 (b) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and as interpreted through
applicable rulings and regulations in effect from time to time. 
  
 (c) “Code §280G Maximum” shall mean the product of 2.99 and the Employee’s “base amount” within the meaning of Code §280G(b)(3). 
  
 (d) “Disability” shall mean termination by
the Company of the Employee’s employment because of any physical or mental impairment which qualifies the Employee for disability benefits under the applicable long-term disability plan maintained by the Employers or, if no such plan applies,
which would qualify the Employee for disability benefits under the Federal Social Security System. 
  
 (e) “Good Reason” shall mean (i) without the Employee’s express written consent: the assignment to the Employee, by
the Company or the Holding Company, of any duties which are materially inconsistent with the Employee’s positions, duties, responsibilities and status with the Company or the Holding Company immediately prior to a Change in Control of the
Corporation, or a material change or diminution in the Employee’s reporting responsibilities, titles or offices as an employee and as in effect immediately prior to such a Change in Control, or any removal of the Employee from or any failure to
re-elect the Employee to any of such responsibilities, titles or offices, except in connection with the termination of the Employee’s employment for Just Cause or Disability or as a result of the Employee’s death or by the Employee other
than for Good Reason; (ii) without the Employee’s express written consent, a reduction by the Company or the Holding Company in the Employee’s base salary as in effect on the date of the Change in Control of the Corporation or as the same
may be increased from time to time thereafter or a reduction in the package of fringe benefits provided to the Employee; (iii) any purported termination of the Employee’s employment for Just Cause or Disability which is not effected pursuant to
a Notice of Termination satisfying the requirements hereof ;(iv) the failure by the Company or the Holding Company to obtain the assumption of and agreement to perform this Agreement by any successor as contemplated in Section 6 hereto; (v)
requirement that the Employee principally perform all services at location more than 30 miles from such location on the Effective date. For purposes of this Section 1(e), any good faith determination of “Good Reason” made by the Employee
shall create a rebuttable presumption that “Good Reason” exists. Anything in this Agreement to the contrary notwithstanding, a termination by the Employee for any reason during the 30-day period immediately following the first anniversary
of the Effective Date shall be deemed to be a termination for Good Reason for all purposes of this Agreement. 
  
 (f) “Just Cause” shall mean, in the good faith determination of the Board, the Employee’s personal dishonesty,
incompetence in the performance of duties, willful violation of 

  

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any law, rule, regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of this Agreement.

  
 No act or failure to act, on the
Employee’s part shall be considered “willful” unless it is done, or omitted to be done, by him in bad faith or without reasonable belief that his action or omission was in the Company’s best interests. Any act, or failure to act,
based upon authority given pursuant to a resolution of the Board or instructions of the Chief Executive Officer or a senior officer of the Company or the advice of counsel for the Company shall be conclusively presumed to be in good faith and in the
Company’s best interests. The cessation of Employee’s employment shall not be deemed to be for Just Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the vote of not less than
three-quarters of the entire membership of the Board at a meeting called and held for such purpose (after reasonable notice is provided to the Employee and he is given an opportunity, together with counsel, to be heard before the Board), finding
that, in the Board’s good faith opinion, the Employee is guilty of the conduct described in the preceding paragraph, and specifying the particulars thereof in detail. 
  
 (g) “Notice of Termination” shall mean any purported termination by the Company for Just
Cause or Disability or by the Employee for Good Reason shall be communicated by written “Notice of Termination” to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated,
(iii) specifies a date of termination, which shall be not less than thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the case of the Company’s termination of Employee’s employment for Just
Cause, and (iv) is given in the manner specified in this Agreement. 
  
 (h) “Protected Period” shall mean the period that begins on the date three months before a Change in Control and ends on the later of the third annual anniversary of the Change in Control or the
expiration date of this Agreement; except that if the Employee’s employment with the Company is terminated prior to the first day of this period at the request of a third party who has taken steps reasonably calculated to effect a Change of
Control or otherwise in connection with or anticipation of a Change in Control, then the Protected Period shall commence on the date immediately prior to the date of such termination. 
  

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 2. Trigger Events 
  
 The Employee shall be entitled to collect the severance benefits set forth in Section 3 of this Agreement in the event that
(i) the Employee voluntarily terminates employment within 90 days of an event that both occurs during the Protected Period and constitutes Good Reason, (ii) the Company or its successor(s) in interest terminate the Employee’s employment for any
reason other than Just Cause during the Protected Period, or (iii) the employee voluntarily terminates employment for any reason other than Just Cause within 30 days after a Change in Control. 
  
 3. Amount of Severance Benefit 
  
 (a) If the Employee becomes entitled to collect severance
benefits pursuant to Section 2 hereof, the Employee shall receive from the Company a severance benefit equal to 100% of the Code §280G Maximum. 
  
 (b) The amount payable under this Section 3(a) shall be paid either (i) in one lump sum within ten days of the later of the date of
the Change in Control and the Employee’s last date of employment with the Company, or (ii) according to the schedule elected in duly executed irrevocable written form by the Board on the date of approval of this Agreement, but only if filed
with the Company prior to the date which is 90 days before the date on which a Change in Control occurs. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the
applicable federal rate. 
  
 (c) In addition, for
39 months following termination, the Company will maintain in full force and effect for the continued benefit of the Employee and his dependents each employee’s medical and life benefit plan (as such term is defined in the Employee Retirement
Income Security Act of 1974, as amended) in which the Employee was entitled to participate immediately prior to the date of his termination, unless an essentially equivalent benefit is provided by another source. If the terms of any employee medical
and life benefit plan of the Company or applicable laws do not permit continued participation by the Employee, the Company will arrange to provide to the Employee a benefit substantially similar to, and no less favorable than, the benefit he was
entitled to receive under such plan at the end of the period of coverage. The right of Employee to continued coverage under the health and medical insurance plans of the Company pursuant to Section 4980B of the Code shall commence upon the
expiration of such period. 
  
 (d) If the
Employee becomes liable, in any taxable year, for the payment of an excise tax under Section 4999 of the Code on account of any payments to the Employee pursuant to this Section 3, and the Company chooses not to contest the liability or have
exhausted all administrative and judicial appeals contesting the liability, the Company shall pay the Employee (i) an amount equal to the excise tax for which the Employee is liable under Section 4999 of the Code, (ii) the federal, state, and local
income taxes, and interest if any, for which the Employee is liable on account of the payments pursuant to item (i), and (iii) any additional excise tax under 

  

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Section 4999 of the Code and any federal, state and local income taxes for which the Employee is liable on account of payments made pursuant to items (i) and
(ii).  
  
 (e) This subsection 5(e)
applies if the amount of payments to the Employee under subsection 5(d) has not been determined with finality by the exhaustion of administrative and judicial appeals. In such circumstances, the Company and the Employee shall, as soon as practicable
after the event or series of events has occurred giving rise to the imposition of the excise tax, cooperate in determining the amount of the Employee’s excise tax liability for purposes of paying the estimated tax. The Employee shall thereafter
furnish to the Company or their successors a copy of each tax return which reflects a liability for an excise tax under Section 4999 of the Code at least 20 days before the date on which such return is required to be filed with the IRS. The
liability reflected on such return shall be dispositive for the purposes hereof unless, within 15 days after such notice is given, the Company furnishes the Employee with a letter of the auditors or tax advisor selected by the Banks indicating a
different liability or that the matter is not free from doubt under the applicable laws and regulations and that the Employee may, in such auditor’s or advisor’s opinion, cogently take a different position, which shall be set forth in the
letter with respect to the payments in question. Such letter shall be addressed to the Employee and state that he is entitled to rely thereon. If the Company furnishes such a letter to the Employee, the position reflected in such letter shall be
dispositive for purposes of this Agreement, except as provided in subsection 5(f) below. 
  
 (f) Notwithstanding anything in this Agreement to the contrary, if the Employee’s liability for the excise tax under Section 4999 of
the Code for a taxable year is subsequently determined to be less than the amount paid by the Company pursuant to subsection 5(e), the Employee shall repay the Company at the time that the amount of such excise tax liability is finally determined,
the portion of such income and excise tax payments attributable to the reduction (plus interest on the amount of such repayment at the rate provided on Section 1274(b)(2)(B) of the code) and if the Employee’s liability for the excise tax under
Section 4999 of the Code for a taxable year is subsequently determined to exceed the amount paid by the Banks pursuant to Section 5, the Company shall make an additional payment of income and excise taxes in the amount of such excess, as well as the
amount of any penalty and interest assessed with respect thereto at the time that the amount of such excess and any penalty and interest is finally determined. 
  

4. Funding of Grantor Trust upon Change in Control 
  
 (a) Not later than ten business days after a Change in Control, the Company shall (i) establish a grantor trust (the “Trust”)
designed in accordance with Revenue Procedure 92-64 and having a trustee independent of the Company and the Company, (ii) deposit in said Trust an amount equal to the Code §280G Maximum, unless the Employee has previously provided a written
release of any claims under this Agreement, and (iii) provide the trustee of the Trust with a written direction to hold said amount and any investment return thereon in a segregated account for the benefit of the Employee, and to follow the
procedures set forth in the next paragraph as to the payment of such amounts from the Trust. 
  

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 (b) During the 39-consecutive month period after a Change in Control, the Employee may
provide the trustee of the Trust with a written notice requesting that the trustee pay to the Employee an amount designated in the notice as being payable pursuant to this Agreement. Within three business days after receiving said notice, the
trustee of the Trust shall pay such amount to the Employee, and coincidentally shall provide the Company or its successor with notice of such payment. Upon the earlier of the Trust’s final payment of all amounts due under the preceding
paragraph or the date 39 months after the Change in Control, the trustee of the Trust shall pay to the Company the entire balance remaining in the segregated account maintained for the benefit of the Employee. The Employee shall thereafter have no
further interest in the Trust. 
  
 5. Term of the
Agreement. This Agreement shall remain in effect for the period commencing on the Effective Date and ending on the earlier of (i) the date thirty-six months after the Effective Date, and (ii) the date on which the Employee terminates employment
with the Company; provided that the Employee’s rights hereunder shall continue following the termination of this employment with the Company under any of the circumstances described in Section 2 hereof. Additionally, on each annual anniversary
date from the Effective Date, the term of this Agreement shall be extended for an additional one-year period beyond the then effective expiration date, unless the Boards of Directors of the Company has notified the Employee in writing that this
Agreement shall not be extended. 
  
 6. Termination or
Suspension Under Federal Law. 
  
 (a) If the
Employee is removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) or
(g)(1)), all obligations of the Company under this Agreement shall terminate, as of the effective date of the order, but the vested rights of the parties shall not be affected. 
  
 (b) If the Company is in default (as defined in Section 3(x)(1) of FDIA), all obligations of the Company
under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the vested rights of the parties. 
  
 (c) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)) suspends and/or temporarily prohibits
the Employee from participating in the conduct of the Company’s affairs, the Company’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the
notice are dismissed, the Company shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
  

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 7. Expense Reimbursement. 
  
 In the event that any dispute arises between the Employee and the Company or the Holding Company as to the terms or
interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Employee takes to enforce the terms of this Agreement or to defend against any action taken by the Company or the Holding
Company, they shall reimburse the Employee for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions. Such reimbursement shall be paid within ten days of Employee’s furnishing to
the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Employee. 
  

8. Successors and Assigns. 
  
 (a) This Agreement shall not be assignable by the Company, provided that this Agreement shall inure to the benefit of and be binding upon
any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. 
  
 (b) Since the Company is contracting for the unique and
personal skills of the Employee, the Employee shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company; provided, however that nothing in this paragraph shall preclude
(i) the Employee from designating a beneficiary to receive any benefit payable hereunder upon his death, or (ii) the executors, administrators, or other legal representatives of the Employee or his estate from assigning any rights hereunder to the
person or person entitled thereunto. 
  
 9. Amendments

  
 No amendments or additions to this Agreement shall be binding
unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 
  
 10. Applicable Law 
  
 Except to the extent preempted by Federal law, the laws of the State of Louisiana shall govern this Agreement in all respects, whether as to its validity,
construction, capacity, performance or otherwise. 
  

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 11. Severability 
  
 The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. 
  
 12. Entire Agreement 
  
 This Agreement, together
with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. 
  

									
	 	 	 	 	IBERIABANK
				
	 /s/ Michelle Vallot
	 	 	 	By	 	 /s/ Stewart Shea

	 Witness
	 	 	 	 	 	 Stewart Shea

	 	 	 	 	 	 	 Chairman, Board Compensation Committee

				
	 /s/ Cindy Leger
	 	 	 	By	 	 /s/ Daryl G. Byrd

	 Witness
	 	 	 	 	 	 Daryl G. Byrd

	 	 	 	 	 	 	 President and CEO

				
	 /s/ Tamara M. Naquin
	 	 	 	 	 	 /s/ Michael A. Naquin

	 Witness
	 	 	 	 	 	 Employee

  
 IN CONSIDERATION of
the Employee’s provision of valuable services for the Company and the Employee’s past, present, or future services for the Holding Company, IT IS AGREED by the Holding Company that it shall be jointly and severally liable for the
Company’s obligations under this Agreement (determined without regard for Section 6 of the Agreement). 
  

			
	IBERIABANK CORPORATION
		
	By	 	 /s/ Stewart Shea

	 	 	 Stewart Shea

	 	 	 Chairman, Board Compensation Committee

		
	By	 	 /s/ Daryl G. Byrd

	 	 	 Daryl G. Byrd

	 	 	 President and CEO

  

 -8-Indemnification Agreement

 Exhibit 10.16 
  
 INDEMNIFICATION AGREEMENT 
  
 THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made as of this 3/3/04 day of March, 2004, by and between
IBERIABANK CORPORATION, a Louisiana corporation (“IBC”), and MICHAEL A. NAQUIN (the “Indemnitee”). 
  
 RECITALS 
  
 WHEREAS, IBC has made an offer of employment to Indemnitee as an officer of IBC and/or an Affiliate; 
  
 WHEREAS, IBC and the Indemnitee recognize the volatility in the market
for directors’ and officers’ liability insurance, the lack of certainty as to the availability and scope of such insurance at any given time, and the fluctuating cost of such insurance; 
  
 WHEREAS, IBC and the Indemnitee further recognize the substantial
increase in corporate litigation in general, which has subjected officers to a greater risk of expensive litigation; 
  
 WHEREAS, the Indemnitee does not regard the current protection available as adequate under the present circumstances; and 
  
 WHEREAS, IBC desires to indemnify the Indemnitee individually so as to
provide him maximum protection permitted by law. 
  
 NOW,
THEREFORE, in consideration of the mutual benefits described herein and as an inducement to Indemnitee to accept IBC’s offer of employment, IBC and the Indemnitee hereby agree as follows: 
  
 1. DEFINITIONS. The following terms shall have the indicated meanings:

  
 (a) “Affiliate” shall mean any
business entity or natural person who controls, is controlled by, or is under common control with, IBC. 
  
 (b) A “Change in Control” shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of IBC, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said
Act), directly or indirectly, of securities of IBC representing 25% or more of the total voting power represented by IBC’s then outstanding Voting Securities, or (ii) during any 24-consecutive-month-period, individuals who at the beginning of
such period constitute the Board of Directors of IBC and any new directors whose election by the Board of Directors or nomination for election by IBC’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of IBC approve a merger or
consolidation of IBC with any other 

  

 
corporation, other than a merger or consolidation which would result in the Voting Securities of IBC outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into Voting Securities” of the surviving entity) at least 80% of the total power represented by the Voting Securities of IBC or such surviving entity outstanding immediately after
such merger or consolidation, or (iv) the stockholders of IBC approve a plan of complete liquidation of IBC or an agreement for the sale or disposition by IBC (in one transaction or a series of transactions) of all or substantially all IBC’s
assets. 
  
 (c) “Disinterested Director”
shall mean a director of IBC qualified and in good standing who is not a party, or an officer, employee, significant shareholder or owner, or member of the immediate family of any party, other than the IBC or its subsidiaries or affiliates, to
the Proceeding for which indemnification hereunder is being sought. 
  
 (d) “Expenses” include, without limitation, (i) amounts for which the Indemnitee becomes liable in a judgment in a Proceeding (including without limitation, all judgments, fines, excise taxes assessed with respect to
an employee benefit plan, court costs), (ii) amounts paid in Settlement of a Proceeding, (iii) amounts for which Indemnitee may become liable to Bank One Corporation (“Bank One”) under the Restrictive Covenants including, without
limitation, the value of vested restricted shares of stock, the return of vested restricted shares of stock or gains realized from the exercise of vested stock options within the time period affected by the Restrictive Covenants, (iv) reasonable
attorney’s fees actually paid or incurred by the Indemnitee in connection with a Proceeding, and (v) if the Indemnitee commences any action or other proceeding to enforcing the Indemnitee’s rights under this Agreement, or under the Charter
or Bylaws of IBC, and obtains a favorable judgment or Settlement therein, the Indemnitee’s reasonable attorney’s fees, costs and other expenses actually paid or incurred in connection therewith. 
  
 (e) “Final Judgment” means a judgment, decree or
order which is not appealable or as to which the period for appeal has expired with no appeal taken. 
  
 (f) “Independent Legal Counsel” shall mean an attorney, selected in accordance with the provisions of Section 8 hereof, who shall
not have otherwise performed services for IBC or an Affiliate or the Indemnitee within the last five years (other than in connection with seeking indemnification under this Agreement). Independent Legal Counsel shall not be any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either IBC or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement, nor shall Independent Legal
Counsel be any person who has been sanctioned or censured for ethical violations of applicable standards of professional conduct. 
  
 (g) A “Potential Change in Control” shall be deemed to have occurred if (i) IBC enters into an agreement or arrangement, the
consummation of which would result in the occurrence of a Change in Control; (ii) any person (including IBC) publicly announces an intention to take or to consider taking actions that if consummated would constitute a Change in Control; or (iii) the
Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 
  

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 (h) “Proceeding” means any judicial or administrative proceeding, or any dispute
as to which suit has yet been filed, or other proceeding, to which the Indemnitee is or was a party or target or is threatened to be made a party or target, whether civil, criminal, administrative or otherwise, including any appeal or other
proceeding for review, as a result of or in connection with: (i) any dispute arising by reason of the fact that Indemnitee is or was an officer, director, employee or agent of IBC or of an Affiliate of IBC or is or was serving at the request of IBC
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise or as a trustee, administrator or committee member of any employee benefit plan established and maintained by IBC or by an
Affiliate of IBC, or (ii) any claim against Indemnitee arising from Indemnitee’s employment with Bank One including, without limitation, a claim by Bank One that Indemnitee violated the terms of certain restrictive covenants described in
Section 3 below. Without limitation of any indemnification provided hereunder, an Indemnitee serving (x) another corporation, partnership, joint venture or trust of which 20% or more of the voting power or residual economic interest is held,
directly or indirectly, by IBC, or (y) any employee benefit plan of IBC or any entity referred to in clause (x), in any capacity shall be deemed to be doing so at the request of IBC and any proceeding or dispute arising in connection with such
entity or benefit plan shall be a Proceeding for purposes of this Agreement. 
  
 (i) “Restrictive Covenants” shall have the meaning set forth in Section 3 herein. 
  
 (j) “Settlement” shall mean any agreement or action by which a Proceeding or other action is terminated or a complaint withdrawn
before final judgment on the merits, and shall include, without limitation, a judgment by consent or confession or plea of guilty or nolo contendere. 
  
 (k) “Voting Securities” shall mean any securities of IBC that vote generally in the election of directors. 
  
 2. INDEMNIFICATION. 
  
 (a) Indemnification. Upon Indemnitee’s acceptance of
employment with IBC, IBC shall indemnify and advance Expenses (as hereinafter defined) to Indemnitee (a) as provided in this Agreement and (b) to the fullest extent permitted by applicable law in effect on the date hereof and as amended from time to
time. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights set forth in the other sections of this Agreement. Subject to the limitations and exceptions set forth herein, IBC shall
indemnify the Indemnitee for Expenses incurred in connection with any and all Proceedings to which the Indemnitee is a party or a witness; provided, however, that the facts giving rise to the Proceedings were disclosed to the Chairman or the
Executive Committee of the Board of Directors prior to the initiation of the Proceedings, if such facts were known to Indemnitee or if Indemnitee could have reasonably anticipated the filing of the Proceedings. 
  
 (b) No Presumptions Created: Defenses. The termination of any
Proceeding by Final Judgment or Settlement shall not, of itself, create a presumption that the Indemnitee did not act in good faith in the reasonable belief that the Indemnitee’s action was in the best interests of IBC or its Affiliates.
IBC’s inability, pursuant to law, regulation, or order, to perform its 

  

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obligations under this Agreement shall not constitute a breach of this Agreement. It shall be a defense to any action by the Indemnitee for indemnification
under this Agreement that the Indemnitee has not met the standards of conduct which make it permissible under applicable law for IBC to indemnify the Indemnitee for the amount claimed or that IBC is prohibited by law, regulation, or order from
paying such amount, but the burden of proving such defense shall be on IBC except as may otherwise be required by applicable law or regulation. 
  
 (c) IBC Duty to Act. IBC shall act diligently, promptly, in good faith, and at its own expense with respect to requests for indemnification
hereunder. 
  
 (d) Partial Indemnification. If the
Indemnitee is entitled under any provision of this Agreement to indemnification by IBC for some or a portion of any Expenses incurred by the Indemnitee in connection with a Proceeding, but not, however, for the total amount thereof, IBC shall
nevertheless indemnify the Indemnitee for the portion of such Expenses to which the Indemnitee is entitled. 
  
 (e) Repayment of Indemnity. Should IBC make any payments to Indemnitee for Expenses relating to the indemnification of Bank One claims under
Section 3 herein, Indemnitee shall be obligated to repay IBC for any such payment(s) made within two (2) years of Indemnitee’s termination of employment from IBC, regardless of the reason for such termination of Indemnitee’s employment and
regardless of the reason for such payment by IBC; provided, that (i) a termination of or by Indemnitee following a Change in Control under any Change in Control Severance Agreement between IBC or an Affiliate and Indemnitee shall not trigger a
repayment obligation under this Section 2(e); and (ii) the provisions of the Section 2(e) shall terminate and have no further effect upon the completion by Indemnitee of three (3) years of service with IBC or an Affiliate. 
  
 3. INDEMNIFICATION OF BANK ONE CLAIMS. IBC acknowledges that pursuant
to the terms and conditions of certain restricted stock award and stock option programs implemented by Indemnitee’s former employer, Bank One, copies of which are attached hereto as Exhibit “A” (hereinafter the “Restrictive
Covenants”), Bank One may assert that Indemnitee is prohibited from (i) improper use of confidential information derived from Bank One; (ii) solicitation of employees of Bank One; (iii) solicitation of certain customers of Bank One for which
Indemnitee performed banking services while employed at Bank One; and (iv) engaging in competition with Bank One within the area in which Indemnitee was employed by Bank One; provided, that the penalty or damages for Indemnitee’s violation of
the Restrictive Covenants include the cancellation of shares of restricted stock and stock options outstanding to Indemnitee on the date of an asserted violation of the Restrictive Covenants, the recovery of certain shares of vested restricted stock
or the value of certain vested restricted shares of stock, and/or the repayment of gains realized from the exercise of certain stock options. IBC and Indemnitee do not agree that such Restrictive Covenants are (a) valid or enforceable, or (b)
applicable to Indemnitee’s work for IBC; however, IBC acknowledges that certain of the duties of Indemnitee for IBC and its Affiliates may give rise to claims by Bank One that Indemnitee is in violation of one or more of the Restrictive
Covenants. Any action initiated by Bank One against Indemnitee arising from the Restrictive Covenants shall be deemed a Proceeding for all purposes of this Agreement as to which Indemnitee will be entitled to be indemnified by IBC for Expenses

  

 4 

 
incurred by Indemnitee as a result thereof, and entitled to request an advance of Expenses as to any Bank One claim as provided in Section 4(e) and (d)
herein. Further, if actions taken by Indemnitee as an employee of IBC or an Affiliate result in the assessment of any penalty or damages in the nature of the obligation on the part of Indemnitee to return any vested restricted shares of stock, or to
reimburse the value of vested restricted stock or the net gain from the exercise of stock options under the Bank One restricted stock program or the stock option program, such penalty or damages shall be deemed an indemnified Expense and IBC shall
cause such loss to be reimbursed to Indemnitee hereunder, subject to adjustment to the extent of any income tax effects on Indemnitee as a result of the requirement to pay over the proceeds from the sale of stock to Bank One or the receipt of
payment from IBC for such losses hereunder. Notwithstanding the foregoing, IBC’s indemnity obligations pursuant this Section 3 and/or Section l(d)(iii) or l(h)(ii) above shall be limited to only those claims asserted by Bank One against
Indemnitee pursuant the Restrictive Covenants attached hereto as Exhibit “A.” Any claims by Indemnitee for indemnification for the reimbursement of any stock option proceeds or the value of vested restricted stock and/or the return of
vested restricted stock shall be limited to those shares of stock described in Exhibit “B,” and shall not include any non-vested canceled restricted shares of stock or non-vested canceled outstanding stock options. 
  
 4. EXPENSES: INDEMNIFICATION PROCEDURE. 
  
 (a) Notice/Cooperation by the Indemnitee. The Indemnitee shall,
as a condition precedent to his right to be indemnified under this Agreement, give IBC notice in writing as soon as practicable of any claim made against the Indemnitee for which indemnification will or could be sought under this Agreement. Notice
to IBC shall be directed to the Corporate Secretary of IBC, at 200 West Congress Street, 12th Floor, Lafayette,
Louisiana 70501, or such other address as IBC shall designate in writing to the Indemnitee. In addition, the Indemnitee shall give IBC such information and cooperation as it may reasonably require and as shall be within the Indemnitee’s
power. 
  
 (b) Claims. Claims for
indemnification must be made in writing and be accompanied by evidence that the Expense for which indemnification is claimed hereunder has been paid or incurred by the Indemnitee. 
  
 (c) Payment Procedure for Indemnification. Any indemnification provided for hereunder shall be paid no later
than thirty (30) days after receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision of IBC’s Charter or Bylaws providing for indemnification is not paid in full by IBC within
thirty (30) days after a written request for payment thereof has first been received by IBC, the Indemnitee may, but need not, at any time thereafter bring an action against IBC to recover the unpaid amount of the claim and be entitled to
indemnification in accordance herewith with respect to such action. 
  
 (d) Procedure for Advance Payment of Expenses. Any provision to the contrary herein notwithstanding, IBC shall make payment of Expenses incurred by the Indemnitee, in advance of the final disposition of a Proceeding, to the
Indemnitee within five (5) business days after receipt of the Indemnitee’s written request therefor, which must include the Indemnitee’s undertaking to repay such payment if the Indemnitee shall be adjudicated to be not entitled to 

  

 5 

 
indemnification under Louisiana law. IBC shall accept such undertaking by the Indemnitee without reference to the Indemnitee’s ability to make such
repayment. 
  
 (e) Advance Payment of Expenses in Claims
Initiated by the Indemnitee. Within five (5) business days of receipt of a written request from the Indemnitee, IBC shall make payment to the Indemnitee of Expenses incurred by the Indemnitee in connection with any action brought by the
Indemnitee for (i) indemnification or advance payment of Expenses by IBC under this Agreement or any other agreement or the Charter or Bylaws of IBC now or hereafter in effect relating to a Proceeding, in which case the Indemnitee’s written
request must include the Indemnitee’s undertaking to repay such payment if the Indemnitee shall be adjudicated to be not entitled to indemnification under Louisiana law; and/or (ii) recovery under any directors’ and officers’
liability insurance policies maintained by IBC, regardless of whether the Indemnitee ultimately is determined to be entitled to such insurance recovery. 
  
 5. LIMITATIONS AND EXCEPTIONS. The limitations and exceptions set forth in this Section 5 are effective notwithstanding any other provision of this
Agreement to the contrary. 
  
 (a) Excluded Acts.
The Indemnitee will not be indemnified hereunder for any acts or omissions or transactions from which a director or officer, as the case may be, may not be indemnified under the laws of the State of Louisiana, including, but not limited to, the
provisions of La. R.S. 12:227. 
  
 (b) Proceedings By or in
the Right of IBC. No indemnification shall be made hereunder of Expenses for which the Indemnitee is adjudged in a Proceeding to be liable to IBC in the performance of the Indemnitee’s duty to IBC and its shareholders unless, and only
to the extent that the court in which such Proceeding is or was pending determines that, in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for Expenses and then only to the extent that the
court shall determine. 
  
 (c) Claims Initiated by the
Indemnitee. IBC is not required hereunder to indemnify or advance Expenses to the Indemnitee with respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to (i)
actions brought to establish or enforce a right to indemnification under this Agreement or any other agreement or the Charter or Bylaws of IBC now or hereafter in effect relating to a Proceeding; (ii) an action brought to contest any penalty or
forfeiture imposed by Bank One under the Restrictive Covenants described in Section 3 above; and (iii) actions for recovery under any directors’ and officers’ liability insurance policies maintained by IBC, regardless of whether the
Indemnitee ultimately is determined to be entitled to such advance expense payment or insurance recovery. 
  
 (d) No Duplication of Payments. IBC is not required hereunder to indemnify the Indemnitee for Expenses which have been paid directly to the
Indemnitee by IBC under its Charter or Bylaws or by an insurance carrier under a policy of directors’ and officers’ liability insurance. 
  

 6 

 6. ATTORNEYS; TENDER OF DEFENSE. 
  
 (a) Selection of Counsel. In the event IBC shall be obligated under Section 2 hereof to pay the Expenses of
any Proceeding against the Indemnitee, IBC, if appropriate, shall be entitled to assume the defense of such Proceeding with counsel approved by the Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to the Indemnitee of
written notice of its election so to do. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by IBC, IBC shall not be liable to the Indemnitee under this Agreement for any fees of counsel
subsequently incurred by the Indemnitee with respect to the same Proceeding, provided that: 
  
 (i) the Indemnitee shall have the right to employ its counsel in any such Proceeding at the Indemnitee’s expense; and 
  
 (ii) if (A) the employment of counsel by the Indemnitee has
been previously authorized by IBC, (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between IBC and the Indemnitee in the conduct of any such defense, or (C) IBC shall not, in fact, have employed counsel to
assume the defense of such Proceeding, then the fees and expenses of the Indemnitee’s counsel shall be at the expense of IBC. 
  
 (b) Attorney’s Fees. In the event the Indemnitee commences any action or other proceeding to enforce the Indemnitee’s rights under
this Agreement, or under the Charter or Bylaws of IBC, and obtains a judgment or Settlement therein pursuant to which IBC pays all or any portion of Indemnitee’s claim, IBC shall indemnify the Indemnitee for the Indemnitee’s Expenses
incurred in connection therewith. In the event of an action instituted by or in the name of IBC under this Agreement or to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to be paid all Expenses incurred by
the Indemnitee in defense of such action (including with respect to the Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of the Indemnitee’s material defenses
to such action were made in bad faith or were frivolous. 
  
 7.
DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE. 
  
 (a) Maintenance of Insurance. IBC has the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of IBC against any liability incurred by such person in such capacity, whether or
not IBC would have the power to indemnify such person against such liability. From time to time, IBC shall make the good faith determination whether or not it is practicable for IBC to obtain and maintain a policy or policies of insurance with
reputable insurance companies providing the officers and the directors of IBC with coverage for losses from wrongful acts, or to ensure IBC’s performance of its indemnification obligations under this Agreement. Among other considerations, IBC
will weigh the costs of obtaining such insurance against the protection afforded by such coverage. In all policies of directors’ and officers’ liability insurance, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee the same rights and benefits as are accorded to the most favorably insured of IBC directors or officers, as the case may be. Notwithstanding the 

  

 7 

 
foregoing, IBC shall have no obligation to obtain or maintain such insurance if IBC determines in good faith that such insurance is not reasonably available,
if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or if the Indemnitee is covered by similar
insurance maintained by an Affiliate. In the event IBC elects not to procure such insurance it will at all times material maintain an unrestricted net worth of not less than $25,000,000 which shall be available to pay any Expenses due Indemnitee
hereunder. 
  
 (b) Notice to Insurers. If, at the
time of the receipt of a notice of a claim hereunder, IBC has directors’ and officers’ liability insurance in effect, IBC shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set
forth in the respective policies. IBC shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such
policies. 
  
 8. NONEXCLUSIVITY. The indemnification
provided by this Agreement shall not be deemed exclusive of any rights to which the Indemnitee may be entitled under Louisiana law, IBC’s Charter, its Bylaws, any agreement, any vote of shareholders or disinterested directors, or otherwise, as
to action in the Indemnitee’s official capacity and as to liability alleged to result from holding such office. 
  
 9. CHANGE IN CONTROL. IBC agrees that if there is a Change in Control of IBC (other than a Change in Control that has been approved by a
majority of IBC’s Board of Directors who were directors immediately prior to such Change in Control), then Independent Legal Counsel shall be selected by the Indemnitee and approved by IBC (which approval shall not be unreasonably withheld) and
such Independent Legal Counsel shall determine whether the Indemnitee is entitled to indemnity payments and advances of Expenses under this Agreement or any other agreement or the Charter or Bylaws of IBC now or hereafter in effect in connection
with any Proceeding. Such Independent Legal Counsel, among other things, shall render its written opinion to IBC and the Indemnitee as to whether and to what extent the Indemnitee will be permitted to be indemnified. IBC agrees to pay the reasonable
fees of the Independent Legal Counsel and to indemnify fully such Independent Legal Counsel against any and all expenses (including attorneys’ fees) claims, liabilities and damages arising out of or relating to this Agreement or the engagement
of Independent Legal Counsel pursuant hereto. 
  
 10.
POTENTIAL CHANGE IN CONTROL, ESTABLISHMENT OF TRUST. In the event of a Potential Change in Control, IBC shall, upon written request by the Indemnitee, create a trust for the benefit of the Indemnitee and from time to time upon written request of
the Indemnitee shall fund such trust in an amount sufficient to satisfy any and all Expenses reasonably anticipated at the time of each such request to be incurred in connection with a Proceeding and any and all judgments, fines, penalties and
settlement amounts in connection with a Proceeding from time to time actually paid or claimed, reasonably anticipated or proposed to be paid, plus reasonable fees to the trustee and coverage of the trustee’s expenses in connection with his,
her, or its duties under the trust. The amount or amounts to be deposited in the trust pursuant to the foregoing funding obligation shall be determined by a majority of the 

  

 8 

 
Disinterested Directors. The terms of the trust shall provide that upon a Change in Control (i) the trust shall not be revoked or the principal thereof
invaded, without the written consent of the Indemnitee, (ii) the trustee shall advance, within five (5) business days of a written request by the Indemnitee, any and all Expenses to the Indemnitee (and the Indemnitee hereby agrees to reimburse the
trust under the circumstances under which the Indemnitee would be required to reimburse IBC under Section 4 hereof), (iii) the trust shall continue to be funded by IBC in accordance with the funding obligation set forth above, (iv) the trustee shall
promptly pay to the Indemnitee all amounts for which the Indemnitee shall be entitled to indemnification pursuant to this Agreement or otherwise, and (v) all unexpended funds in such trust shall revert to IBC upon a final determination by the
Independent Legal Counsel selected in accordance with Section 9 hereof or a court of competent jurisdiction, as the case may be, that the Indemnitee has been fully indemnified under the terms of this Agreement. The trust shall provide for prompt
payment of reasonable fees and expenses of the trustee. The trustee shall be chosen by the Indemnitee. Nothing in this Section 10 shall relieve IBC of any of its obligations under this Agreement. All income earned on the assets held in the trust
shall be reported as income by IBC for federal, state, local and foreign tax purposes. 
  
 11. EFFECT OF MERGER, CONSOLIDATION OR ACQUISITION. For purposes of this Agreement, the term “IBC” shall include, in addition to the resulting corporation, any constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power or authority to indemnify its directors, officers, employees or agents, so that if the Indemnitee is or was a
director, officer, employee or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee
benefit plan, or other enterprise, the Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as the Indemnitee would have with respect to such constituent
corporation if its separate existence had continued. 
  
 12.
SEVERABILITY. The provisions of this Agreement shall be severable as provided in this Section 12. If this Agreement or any portion hereof: shall be invalidated on any ground by any court of competent jurisdiction, then IBC shall
nevertheless indemnify the Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its
terms. 
  
 13. SPECIFIC PERFORMANCE. The
parties recognize that if any provision of this Agreement is violated by IBC, the Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if the Indemnitee so elects, to
institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue. 
  
 14. BINDING EFFECT; CONTINUATION OF INDEMNIFICATION. This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns, including any direct or indirect successor by 

  

 9 

 
purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of IBC, spouses, heirs, and personal and legal
representatives. IBC shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of IBC or its Affiliate(s), by
written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that IBC would be required to perform if no such succession had taken place.
The indemnification provided under this Agreement shall continue as to the Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he may have ceased to serve in such capacity at the time of any action or
other covered Proceeding. 
  
 15. CHANGES IN APPLICABLE
LAW. To the extent that changes in the Louisiana law permit greater indemnification by agreement than would be afforded currently under this Agreement and the Charter and Bylaws of IBC, it is the intent of the parties hereto that the Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such change. In the event that changes in the Louisiana law place limitations on indemnification of directors and officers that restrict the rights to indemnification set forth in
this Agreement, any such change in applicable law shall not alter any rights or obligations then existing with respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or thereafter brought based in
whole or in part upon any such state of facts. 
  
 16. AMENDMENTS. No amendment or modification of, or supplement to, this Agreement shall be binding unless executed in writing by both of the parties hereto. 
  
 17. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall constitute
an original. 
  
 18. NOTICES. All notices,
requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and receipted for by the party addressed, on the date of such receipt, or (ii) if mailed by domestic
certified or registered mail with postage prepaid, on the third business day after the date postmarked. The address for notice to IBC is 1101 East Admiral Doyle Drive, New Iberia, Louisiana 70560, and the address for notice to the Indemnitee is as
shown on the signature page of this Agreement, until either is subsequently modified by written notice. 
  
 19. CHOICE OF LAW. This Agreement shall be governed by and its provisions construed in accordance with the laws of the State of Louisiana as
applied to contracts between residents thereof entered into and to be performed entirely within the State of Louisiana. 
  
 20. TITLES AND HEADINGS. Titles and headings used herein are for convenience of reference only. 
  
 21. ARBITRATION. At the request of either party to this
Agreement, any dispute arising under the terms of this Agreement may be referred to arbitration before an arbitrator appointed by the American Arbitration Association (“AAA”) by notice to the other party and to the AAA Regional Office
located in New Orleans, Louisiana. Any such arbitration shall be 

  

 10 

 
conducted in accordance with the provisions of the Federal Arbitration Act and the Arbitration Rules of the American Arbitration Association. The venue of
any such arbitration shall be in Lafayette, Louisiana, unless an alternate venue is selected by the mutual agreement of the parties. If either party initiates a judicial proceeding to adjudicate its rights under this Agreement, the other party must
elect arbitration by written notice to the court in which such proceeding is pending within thirty (30) days of service of citation in such judicial proceeding or be deemed to waive its right to elect arbitration under this provision. The decision
of the arbitrator in any arbitration proceeding shall be final and binding on both parties. 
  
 22. CONFIDENTIAL INFORMATION. IBC and Indemnitee acknowledge that Indemnitee may possess or be privy to certain trade secrets and/or confidential or proprietary information (“Confidential
Information”) belonging to persons other than IBC, including, but not limited to, Indemnitee’s former employer(s). Indemnitee hereby agrees that he shall not knowingly communicate or disclose such Confidential Information during the course
and term of his employment with IBC to any person or entity to which the owner of the Confidential Information has not authorized Employee to make any such communications or disclosures. Furthermore, Indemnitee agrees that he will not directly or
indirectly knowingly use any such Confidential Information in whole or in part while Indemnitee is performing work on behalf of IBC, without the prior written consent of the owner of the Confidential Information. For the purposes of this Section 22,
the phrase Confidential Information shall include, but is not limited to, those things defined as “confidential information” in the Restrictive Covenants. Indemnitee’s knowing violation or breach of this Section 22 will result in a
loss of his right for indemnification from IBC for any Expenses or Proceedings related thereto. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

											
	THE INDEMNITEE	 	 	 	IBERIABANK CORPORATION
				
	 /s/ Michael A. Naquin
	 	 	 	 By:
	 	 /s/ W. H. Fenstermaker

	 Michael A. Naquin
	 	 	 	 	 	 Name:
	 	 W. H. Fenstermaker

	 4901 E. Lafayette Blvd.
	 	 	 	 	 	 Title:
	 	 Chairman

	 Phoenix, Arizona 85018
	 	 	 	 	 	 	 	 

  

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