Document:

Executive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT dated as of November 13, 2006

 BETWEEN: 
 JOHN P. GRAHAM

 (the “Executive”) 
 -and- 
 HUB INTERNATIONAL LIMITED, a corporation 
 continued pursuant to the laws of the Dominion of Canada 
 (“Hub”) 
 In consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows. 
  

	 	1.	Interpretation 

  

	 	(A)	In this Agreement: 

  

	 	(i)	“Agreement” means this Executive Employment Agreement, all schedules attached hereto and any amendments made to any of the foregoing by written agreement between
the Executive and Hub; 

  

	 	(ii)	“Basic Compensation” means the compensation defined as such in Schedule B; 

  

	 	(iii)	“Benefits” means the benefits to which the Executive is entitled in accordance with Schedule B; 

  

	 	(iv)	“Cause” means any one or more of the following: (i) a material breach by the Executive of the provisions of this Agreement, which breach shall not have been
cured by the Executive within thirty (30) days following written notice thereof by Hub to the Executive; (ii) the commission of negligence, recklessness or willful misconduct by the Executive in the course of the Executive’s
employment; (iii) the commission by the Executive of an act of fraud, theft or dishonesty; (iv) the Executive’s admission or conviction of (or plea of nolo contendere to) any felony, or misdemeanor involving moral turpitude;
(v) the Executive’s material breach or violation of any policies and procedures of Hub (including without limitation Hub’s Code of Business Conduct or Insider Trading Policy); or (vi) such other act or omission that a court of
competent jurisdiction declares in a written ruling to be a breach of the Executive’s responsibilities hereunder of such materiality as to justify a termination of the Executive’s employment by Hub; 

  

	 	(v)	“Client” means any Person who is, or at any time during the term of the Executive’s employment, was a client or customer of any member of The Hub Group if
(a) any member of The Hub Group (or any director, officer, employee or any agent thereof) introduces or facilitates the introduction of such client or customer to the Executive, or (b) as result of or in connection with the
Executive’s employment or any 

	 	    	communication or other contact with any member of The Hub Group (or any director, officer, employee or any agent thereof), the Executive becomes aware of, gains any material
information regarding, or initiates any communication with such client or customer; 

  

	 	(vi)	“Death” means a natural death and, in addition, is deemed to include a continuous period of at least one hundred twenty (120) consecutive business days during
which time the Executive has not been in the offices of Hub during normal working hours and the Executive’s whereabouts are unknown to Hub; 

  

	 	(vii)	“Disability” means the mental or physical state of the Executive is such that the Executive would qualify for disability benefits, in accordance with Hub’s
group benefits insurance policy at the relevant time; 

  

	 	(viii)	“Good Reason” means any one or more of the following: (i) the breach of the terms of this Agreement by Hub or any successor thereto that is not remedied within
thirty (30) days after receipt of notice from the Executive; (ii) the direct or indirect assignment to the Executive of any duties or reporting responsibilities, materially inconsistent with the Services (as contemplated as of the date
hereof or in any mutually-agreed written amendment hereto), excluding any isolated and inadvertent assignment that is remedied by Hub within thirty (30) days after receipt of notice from the Executive; (iii) a reduction in the
Executive’s Basic Compensation; (iv) any failure by Hub to require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Hub to assume
expressly and agree to perform the provisions of this Agreement in the same manner and to the same extent that Hub would be required to perform if no such succession had taken place; or (v) the failure by Hub to continue to provide the
Executive with the Benefits. 

  

	 	(ix)	“Person” means any natural person or legal person (including, but not limited to, a corporation, joint stock company, limited liability company, partnership,
limited partnership, association, company, joint venture, estate, trust, government, governmental authority, agency or instrumentality) or any group of natural and/or legal persons. 

  

	 	(x)	“Schedule” means a schedule to this Agreement; 

  

	 	(xi)	“Section” means a section or subsection of this Agreement; 

  

	 	(xii)	“Services” means the duties and the responsibilities set out in Schedule A, as the same may be amended or extended by mutual agreement of the parties from
time to time; 

  

	 	(xiii)	“Subsidiaries” means the “subsidiary companies,” as defined in the Securities Act (Ontario), of Hub; 

  

	 	(xiv)	“The Hub Group” means Hub and the Subsidiaries; and 

  

	 	(xv)	“Vacation” means the vacation to which the Executive is entitled, as contemplated in Schedule B. 

  

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	 	(B)	It is agreed by and between the parties hereto that the Schedules referred to herein, as itemized below and attached hereto, shall form a part of this Agreement and this Agreement
shall be construed as incorporating such Schedules: 

  

					
	 Schedule A
	 	-	    	Services
	 Schedule B
	 	-	    	Basic Compensation, Benefits and Vacation
	 Schedule C
	 	-	    	Alternative Dispute Resolution
	 Schedule D
	 	-	    	Form of Awards of Restricted Share Units

  

	 	2.	Employment 

  

	 	(A)	Hub agrees to employ the Executive for the purpose of providing the Services, and the Executive accepts such employment. 

  

	 	(B)	During the term of the Executive’s employment with Hub, the Executive agrees to devote the whole of the Executive’s business time and attention to the provision of the
Services in a conscientious and competent manner and with the utmost integrity. 

  

	 	(C)	The Executive shall perform the Services primarily at Hub’s office located in Chicago, Illinois. Subject to reimbursement for related expenses in accordance with
Section 3(C) and subject to Section 4, it is understood and agreed that the Executive may be called upon, on occasion, to travel outside the Chicago area on behalf of Hub, but that the Executive shall not be required to move his residence
from the Chicago area as a condition of this Agreement. 

  

	 	3.	Remuneration and Benefits 

  

	 	(A)	Hub shall pay the Executive the Basic Compensation in substantially equal installments in such payment periods as are established from time to time by Hub for its employees, subject
to deduction and remittance to the appropriate governmental authority of all applicable taxes and other amounts. 

  

	 	(B)	The Executive shall be entitled to and Hub shall provide the Benefits. 

  

	 	(C)	Hub shall reimburse the Executive for reasonable travel and other business-related expenses reasonably incurred by the Executive in performing the Services, in accordance with
approved budgets and Hub’s travel and expense reimbursement policy in effect from time to time. 

  

	 	(D)	The Executive shall be entitled to the Vacation, to be scheduled at the mutual convenience of the parties. 

  

	 	(E)	The Executive shall participate in the Executive Management Team incentive award plans as forth in Schedule B. 

  

	 	(F)	The Executive shall receive awards of Restricted Share Units as set forth in Schedule D. 

  

	 	4.	Property, Confidentiality and Non-Solicitation 

  

	 	(A)	Property. The Executive acknowledges and agrees that all books of business, policies of insurance, documents, computer records, vouchers and other books, papers and
records connected with the business of The Hub Group, whether paid for, serviced or produced by the respective member of The Hub Group or not, are the sole and exclusive property of the respective member and shall be at all times available to the
respective member for the 

  

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	 	    	purposes of examination, and shall be turned over and surrendered to the respective member or its representatives upon the order of the respective member or upon the termination of
the Executive’s employment with Hub for any reason whatsoever. 

  

	 	(B)	Confidentiality. The Executive acknowledges that in the course of carrying out the Executive’s duties to Hub and the other members of The Hub Group, the Executive
will have access to and will be entrusted with confidential information concerning the business and corporate affairs of Hub, the other members of The Hub Group and their clients (“Confidential Information”), including without
limitation information pertaining to the respective member’s relationships with insurance carriers, employee and producer compensation structures, client underwriting and policy renewal information, internal accounting procedures, policies and
information, unique insurance product features, insurance programs developed by the respective member (with or without the assistance of the Executive), marketing strategies and employee training procedures. The Executive agrees that all
Confidential Information acquired by the Executive or disclosed to the Executive shall be the sole and exclusive property of The Hub Group and shall be held in the strictest confidence. The Executive shall not, at any time during the term of the
Executive’s employment or at any time thereafter, directly or indirectly disclose any Confidential Information to any other Person or use any Confidential Information for the Executive’s own benefit or for the benefit of any Person other
than a member of The Hub Group, except (i) as may be required for the Executive to fulfill the Executive’s employment duties to Hub or (ii) as may be required by law. Notwithstanding the foregoing clause (ii), if the Executive is
required by applicable law to disclose any Confidential Information, the Executive shall promptly notify Hub in writing of any such requirement so that Hub may seek a protective order or other appropriate remedy, and the Executive shall cooperate
with Hub to obtain such order or other remedy. If such order or other remedy is not obtained prior to the time the Executive is required to make the disclosure, the Executive shall disclose only that portion of the Confidential Information that the
Executive is advised by legal counsel is legally required to be disclosed. For the avoidance of doubt, nothing herein shall prohibit the Executive from using information that: 

  

	 	(i)	was readily available to the public at the time such information was available to the Executive; 

  

	 	(ii)	becomes readily available to the public after the time such information is made available to the Executive other than through a breach of this Agreement; or

  

	 	(iii)	is lawfully and in good faith obtained by the Executive from an independent third party under no obligation of confidentiality to Hub or the other members of The Hub Group and
without a breach of this Agreement. 

  

	 	    	The Executive acknowledges and agrees that the disclosure of any Confidential Information to the general public or to competitors of Hub or the other members of The Hub Group may be
highly detrimental to the business interests of The Hub Group. The Executive acknowledges and agrees that the right of the members of The Hub Group to maintain Confidential Information as confidential constitutes a proprietary right which the
respective member is entitled to protect. The Executive shall return to Hub, forthwith upon the effective date of termination of the Executive’s employment for any reason whatsoever, all records of Confidential Information in the possession of
the Executive which were acquired in connection with the Executive’s employment by Hub. 

  

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	 	(C)	Non-Competition and Non-Solicitation. 

  

	 	(i)	Except in connection with the Executive’s employment by Hub and for the benefit of The Hub Group, the Executive covenants and agrees that the Executive shall not, without the
prior written consent of Hub, either during the term of this Agreement or at any time within a period of two (2) years following the termination of this Agreement, either individually, in partnership, jointly, or in conjunction with any other
Person, as principal, agent, employee, shareholder or in any other capacity whatsoever, engage in, carry on any form of business with or be engaged in any form of business with, or be concerned with or be interested in or advise, lend money to,
guarantee the debts or obligations of, or permit the Executive’s name or any part thereof to be used or employed by any Person engaged in or concerned with, or otherwise be interested in any insurance agency or brokerage business.
Notwithstanding the foregoing, the provisions of this Section 4(C)(i) shall not prohibit the Executive from directly or indirectly owning up to five (5) percent of the issued capital stock of any public company the price of whose shares is
quoted in a published newspaper of general circulation. 

  

	 	(ii)	Except in connection with the Executive’s employment by Hub and for the benefit of The Hub Group, during the term of the Executive’s employment and for the period of two
(2) years after termination of this Agreement for any reason, the Executive shall not, either individually, in partnership, jointly, or in conjunction with any other Person, as principal, agent, employee, shareholder or in any other capacity,
(a) directly or indirectly approach or solicit any Client or any employee or producer of Hub or any other member of The Hub Group; (b) attempt to direct any Client or any such employee or producer away from any member of The Hub Group;
(c) accept any business from any Client; or (d) enter into any employment or similar arrangement with any employee or producer of any member of The Hub Group. 

  

	 	(iii)	If the Executive engages in any activity with respect to any Client, employee or producer in violation of any provision of Section 4(C)(i) or (ii), the Executive shall pay to
Hub, as liquidated damages, a sum equal to two (2) times the annual commissions, fees and other gross revenues (as defined below) generated by or attributable to any such Client, employee, or producer and in the case of any such employee or
producer, the Executive shall also pay to Hub or other member of The Hub Group any fees incurred by it in replacing any such employee or producer. For each such Client, employee, or producer, the annual commissions, fees and other gross revenues
under the preceding sentence shall be the greater of (a) the annual commissions, fees and other gross revenues generated by or attributable to each such Client, employee or producer for the twelve month period ending on the date on which the
Executive first acted in violation of Section 4(C)(i) or (ii), or (b) the annual commissions, fees and other gross revenues generated by or attributable to each such Client, employee or producer for the twelve month period beginning on the
date on which the Executive first acted in violation of Section 4(C)(i) or (ii) with respect to such Client, employee or producer. 

  

	 	(iv)	The amount payable by the Executive under Section 4(C)(iii) shall be paid in cash as soon as it is determinable and may be set off by Hub or another member of The Hub Group
against any amount owing or to become owing to the Executive. The Executive acknowledges that the said amount is a reasonable calculation of the respective member of The Hub Group’s liquidated damages given the interest of such

  

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	 	    	corporation in maintaining its client base and/or personnel and the future profits that would be foregone by such member if the Executive violates the provisions of
Section 4(C)(i) or (ii). The Executive further acknowledges that the payment by the Executive pursuant to Section 4(C)(iii) shall in no way limit the other remedies to which an injured member of The Hub Group may be entitled as a result of
the Executive’s breach of Section 4(C)(i) or (ii), including without limitation the remedies contemplated by Section 4(D). 

  

	 	(D)	Certain Remedies. The Executive acknowledges and agrees that Hub and the other members of The Hub Group would be irreparably damaged in the event that any of the
covenants contained in Section 4 were not performed in accordance with its terms or otherwise were breached by the Executive and that money damages would be an inadequate remedy for any such nonperformance or breach. Accordingly, the Executive
agrees that in the event of any actual or threatened breach of any covenant contained in Section 4, Hub and the other members of The Hub Group shall be entitled, in addition to all other rights and remedies existing in their favor at law or
otherwise (including without limitation those set forth in Section 4(C)(iii)), to obtain injunctive or other equitable relief (including a temporary restraining order, a preliminary injunction and a final injunction) to prevent any actual or
threatened breach of any such covenant and to enforce all such covenants specifically, without the necessity of posting a bond or other security or of proving actual damages. Further, in the event that the Executive breaches any of his obligations
hereunder, Hub and the other members of The Hub Group shall be entitled to all reasonable costs and expenses (including reasonable attorneys’ and accountants’ fees) incurred by them arising out of such breach and/or incurred in connection
with enforcing their rights hereunder. 

  

	 	(E)	Acknowledgement and Reformation. The Executive acknowledges and agrees that the restrictions in this Section 4 are necessary and fundamental to the protection of
the legitimate business interests of The Hub Group and are reasonable. If, however, at any time of enforcement of Section 4, a court or an arbitrator shall determine that any such restriction is unreasonable and/or unenforceable under
circumstances then existing, the parties authorize such court or arbitrator to reform the restrictions contained herein to cover the maximum legally enforceable restrictions. If such court or arbitrator refuses to do so, the parties agree that the
provisions of Section 4 shall not be rendered null and void, but rather shall be deemed amended to provide for the maximum legally enforceable restrictions (not greater than those contained herein) and shall be valid and enforceable under
applicable law. 

  

	 	5.	Term and Termination 

  

	 	(A)	This Agreement shall be effective as of the date hereof. 

  

	 	(B)	This Agreement and the employment of the Executive hereunder shall be for an indefinite term, subject to termination in accordance with the terms of this Agreement.

  

	 	(C)	This Agreement and the employment of the Executive hereunder may be terminated by Hub for any reason whatsoever upon prior written notice to the Executive, or by the Executive for
Good Reason upon prior written notice to Hub, provided that, in the event that this Agreement is terminated in accordance with this Section 5(C), the Executive: 

  

	 	(i)	shall be paid the Basic Compensation and entitled to receive the Benefits for the period up to the effective date of termination; and 

  

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	 	(ii)	shall be paid (a) an amount equal to twelve (12) months’ Basic Compensation; (b) a ratable portion, based on the days elapsed in the then current year to the
effective date of termination, of an amount equal to the most recent prior annual incentive plan component of the bonus paid to the Executive; and (c) an amount equal to the value of the employer portion of group insurance and automobile
benefits or allowance components of the Benefits, all on a semi-monthly basis over the ensuing twelve (12) months; 

  

	 	    	provided, however, that in the event that the Executive breaches any of the provisions of Section 4 hereof, effective as at the date of such breach the Executive
shall cease to be entitled to any further payment under clause (ii) of this Section 5(C) or by way of any other damages, compensation or pay in lieu of notice; and provided, further, that in no event shall the Executive be
paid an amount that is less than the prescribed minimum under applicable employment standards legislation. 

  

	 	(D)	Notwithstanding Section 5(B), this Agreement and the employment of the Executive hereunder may be terminated immediately by Hub for Cause, without further obligation to the
Executive, provided that the Executive shall be entitled to receive an amount equal to the Basic Compensation and the Benefits to the date of termination. 

  

	 	(E)	Notwithstanding Section 5(B), this Agreement and the employment of the Executive hereunder may be terminated by Hub due to the Disability of the Executive upon ninety
(90) days’ written notice to the Executive, provided that the Executive shall be entitled to receive an amount equal to the Basic Compensation and the Benefits to the effective date of termination. 

  

	 	(F)	Notwithstanding Section 5(B), this Agreement and the employment of the Executive hereunder shall be terminated immediately upon the Death of the Executive.

  

	 	(G)	In the event of termination of this Agreement in accordance with the terms hereof, the covenants and obligations of the Executive under Section 4 shall survive and continue in
full force and effect. 

  

	 	(H)	The termination of this Agreement for any reason shall constitute the Executive’s resignation from any director and officer positions that the Executive has with Hub and any
other member of The Hub Group. The Executive agrees that this Agreement shall serve as written notice of resignation in this circumstance. 

  

	 	6.	Dispute Resolution 

 Subject to, and without
diminishing, the rights of the members of The Hub Group to seek and obtain equitable relief in accordance with the provisions of Section 4, the parties agree to submit any disputes to mediation in accordance with the procedures set out in
Schedule C. 
  

	 	7.	Disclosure of Material Information, Insider Trading, and Code of Ethics 

  

	 	(A)	The Executive acknowledges that Hub common shares are traded on both the Toronto Stock Exchange and the New York Stock Exchange and that, subject to certain exceptions, as a
publicly traded company Hub has an obligation not to disseminate material information related to it unless disclosure of such information is made contemporaneously to the public. The Executive therefore agrees not to make any public disclosure of
material information related to The Hub Group without the prior written consent of Hub. The Executive further acknowledges that any unauthorized disclosure by the Executive of internal information 

  

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	 	    	relating to The Hub Group could result in liability under insider trading laws for Hub and/or the Executive. Notwithstanding the foregoing, the Executive undertakes and agrees to
disclose unpublished material information related to The Hub Group to Hub’s Chief Legal Officer or such other person of authority employed by Hub as may be appropriate under the circumstances, if the Executive has reason to believe that such
information is not then known by the appropriate person(s) of authority employed by Hub. 

  

	 	(B)	The Executive acknowledges that if the Executive is in possession of any material information that relates to The Hub Group that has not yet been made public, the Executive must
refrain from trading in Hub common shares (buying or selling) until the material information has been made public and the Executive agrees to advise others to whom the Executive divulges unpublished material information that they have the same
responsibility. 

  

	 	(C)	The Executive acknowledges that he has received, has read, understands and will comply with Hub’s policies regarding Insider Trading, Code of Ethics and Confidential
Information. 

  

	 	8.	General Provisions 

  

	 	(A)	In the event any payment, distribution or other benefit received by the Executive under this Agreement or any other contract or arrangement (including, but not limited to, any
acceleration of the ability to exercise any stock option or the vesting of any stock or other property or any payment made to the Executive in connection with a change of control of Hub or any severance payment provided herein) (a
“Payment”) would be subject to the excise tax imposed by section 4999 of the Internal Revenue Code of 1986 (such excise tax, together with any similar tax under any new or replacement provision to such Section 4999, are
hereinafter collectively referred to as the “Excise Tax”), including any payment, distribution or other benefit that when aggregated with any other payment, distribution or other benefit (whether or not such is received or made
pursuant to this Agreement) results in the imposition of the Excise Tax, then the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all
taxes, including, without limitation, any Excise Tax or other tax imposed upon any amounts received under this Section 8(A), the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment. All
determinations required to be made under this Section 8(A), including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by
Hub’s independent accounting firm which shall provide detailed supporting calculations both to Hub and the Executive within fifteen (15) business days of the receipt of notice from the Executive that there has been or will be a Payment, or
such earlier time as is requested by Hub. 

  

	 	(B)	This Agreement is personal to the Executive and shall not be assigned by the Executive. Hub may assign this Agreement and its rights, remedies and obligations hereunder to a
successor in interest to all or substantially all of its assets, stock and/or business. Subject to the foregoing, the provisions hereof, when the context permits, shall inure to the benefit of and be binding upon the heirs, executors, administrators
and legal personal representatives of the Executive and the successors and assigns of Hub. 

  

	 	(C)	This Agreement shall be governed by, and construed in accordance with, the substantive laws of the State of Illinois, without regard to its choice of law rules.

  

	 	(D)	If any covenant or provision of this Agreement is determined to be void or unenforceable, in whole or in part, it shall not be deemed to affect or impair the validity of any other
covenant 

  

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	 	    	or provision of this Agreement. However, if any of the provisions of or covenants contained in this Agreement are hereafter construed to be invalid or unenforceable in any
jurisdiction, the same shall not affect the remainder of the provisions or the enforceability thereof in any jurisdiction, which shall be given full effect, without regard to the invalid portions or the unenforceability in such other jurisdiction.
If any of the provisions of or covenants contained in Section 4 are held to be unenforceable in any jurisdiction because of the duration or scope thereof, the parties agree that the court making such determinations shall have the power to
reduce the duration and/or scope of such provision or covenant and, in its reduced form, said provision or covenant shall be enforceable; provided, however, that the determination of such court shall not affect the enforceability of
such provisions in any other jurisdiction. 

  

	 	(E)	Any notice, demand, request, consent, approval or waiver required or permitted to be given hereunder shall be in writing and may be given to the party for whom it is intended by
personally delivering it to such party or by mailing the same by prepaid registered mail: 

  

	 	(i)	In the case of Hub, to: 

 Hub International Limited

 55 E. Jackson Blvd. 
 Chicago, IL 60604 
 Attention:   Chief Executive Officer 
 With a copy to the Chief Legal Officer of Hub 
  

	 	(ii)	In the case of the Executive, to the Executive’s last known address. 

  

	 	    	Any such notice or other documents delivered personally shall be deemed to have been received by and given to the addressee on the day of delivery and any such notice or other
documents mailed, as aforesaid, shall be deemed to have been received by and given to the addressee on the third business day following the date of mailing. Any party may at any time give notice to the other of any change of address.

  

	 	(F)	This Agreement may be executed in counterparts and by computerized pdf format or facsimile, each of which so executed shall be deemed to be an original, and all such counterparts
together shall constitute one and the same instrument. 

  

	 	(G)	This Agreement may be amended only by a writing signed by the Executive and by a duly authorized officer of Hub. No course of conduct or failure or delay in strictly enforcing any
provision of this Agreement shall affect the validity, binding effect or enforceability of that that or any other provision of this Agreement. 

  

	 	(H)	The headings of Sections and Subsections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the
meaning, construction or interpretation of this Agreement. 

  

	 	(I)	This Agreement (including the Schedules) (i) constitutes the entire agreement and understanding among the parties relating to the employment of the Executive by Hub or any
other member of The Hub Group, and (ii) supersedes and preempts any and all prior and/or contemporaneous agreements or understandings between the parties, written or oral, that may have related in any manner to such subject matter, and each
party hereby releases and forever discharges the others of and from all manner of actions, causes of action, claims and demands whatsoever under or in respect of any such agreement or understanding. 

  

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	 	(J)	All amounts referred to herein are in United States currency unless otherwise indicated. 

 [Remainder of this page intentionally left blank; signature page follows] 
  

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 IN WITNESS THEREOF the parties hereto have executed this Executive Employment Agreement as of the
day and year first above written. 
  

			
	HUB INTERNATIONAL LIMITED
		
	By:	 	 /s/ W. Kirk James

	Name:	 	W. Kirk James
	Title:	 	Vice-President

 I have authority to bind the corporation. 
  

					
	SIGNED AND DELIVERED in the presence of:	 	)	    	
	  
 /s/ Joan C. Reilly
	 	 )
 )
	    	
	(Signature)	 	)	    	
			
	 Joan C. Reilly
	 	)	    	
	(Print Name)	 	)	    	 /s/ John P. Graham

			
	 55 E. Jackson Blvd Chicago IL
	 	)	    	JOHN P. GRAHAM
	(Address)	 	)	    	

  

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 THIS IS SCHEDULE A REFERRED TO IN THE 
 EXECUTIVE EMPLOYMENT AGREEMENT MADE BETWEEN 
 HUB INTERNATIONAL LIMITED

 AND JOHN P. GRAHAM 
  

 SERVICES 
 The Executive
shall report to the Board of Directors and the Chief Executive Officer of Hub. The Executive shall perform such reasonable duties and assume such reasonable responsibilities as shall be assigned from time to time in connection with the
Executive’s position as Chief Financial Officer of Hub (the “Services”) and as a member of the Executive Management Team and the Executive Committee. 
  

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 THIS IS SCHEDULE B REFERRED TO IN THE 
 EXECUTIVE EMPLOYMENT AGREEMENT MADE BETWEEN 
 HUB INTERNATIONAL LIMITED

 AND JOHN P. GRAHAM 
  

 BASIC COMPENSATION 
  

	•	 	Annual salary of $335,000 (the “Basic Compensation”) 

 BONUS 
  

	•	 	Except as set out below, effective in 2008 in respect of 2007 performance, the Executive shall be paid such annual performance awards (the “Bonus”), if any, as may
be declared by Hub’s Compensation Committee (the “Compensation Committee”) in a manner commensurate with the Executive’s individual performance, Hub’s growth and profitability, and bonus and other incentive award
plans in effect generally for the Hub Executive Management Team, subject to deduction and remittance to the appropriate governmental authority of all applicable taxes and other amounts. The Compensation Committee may develop for the Executive such
performance-based criteria as may be necessary and are reasonable to take into consideration in order to allow Hub to deduct as an expense all remuneration, including any Bonus, paid to the Executive under this Agreement in the applicable year.
Notwithstanding the foregoing, the Executive will receive a performance award in or about March, 2007, that will include an award of RSUs as contemplated in the current incentive award plan if effect for Hub’s Executive Management Team.

 BENEFITS 
  

	•	 	Group insurance (including medical, extended health, dental, short and long term disability and life insurance) and such other benefits as are made available to employees of Hub,
provided that the Executive qualifies for coverage under such plans. 

  

	•	 	Automobile allowance of $1,000.00 per month. 

  

	•	 	Matching contribution by Hub on the Executive’s behalf to Hub’s employee 401(k) retirement savings plan in accordance with the terms of the plan. 

 

	•	 	Business club dues for at least one membership as approved by the CEO. 

  

	•	 	Payment of ongoing membership dues (but not nominal initiation fee) in Big Red Athletic Club (CNA Building) as provided for other corporate staff. 

 

	•	 	Reimbursement of ongoing professional dues and fees. 

  

	•	 	Personal tax planning subsidization of up to $5000 per year (subject to submission of appropriate verification). 

 VACATION 
 The Executive shall be entitled to a
maximum of four (4) weeks of vacation per year to be scheduled at the mutual convenience of the parties (the “Vacation”). 
  

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 THIS IS SCHEDULE C REFERRED TO IN THE 
 EXECUTIVE EMPLOYMENT AGREEMENT MADE BETWEEN 
 HUB INTERNATIONAL LIMITED

 AND JOHN P. GRAHAM 
  

 ALTERNATE DISPUTE RESOLUTION 
  

	1.	Disputes will be submitted to mediation before a mediator in Chicago, Illinois, as a condition precedent to the initiation of litigation by any party to this Agreement;
provided, however, that any party may seek injunctive relief in a court of competent jurisdiction to preserve the status quo pending the completion of mediation. The mediator shall be chosen by mutual agreement of the parties;
provided, however, that if the parties are unable to agree upon a mediator within ten (10) days, they shall each, within the further period of five (5) days, choose a mediator and the two mediators shall choose, within the
ensuing period of ten (10) days, a separate and independent mediator who shall then serve as the sole mediator for the purposes of this Schedule C. If either party fails to name a mediator within the further period of five (5) days
aforesaid, the mediator chosen by the other party shall serve as the sole mediator for the purposes of this Schedule C. 

  

	2.	At such time as a dispute shall arise that is submitted to mediation, each of the parties shall execute such mediation agreement in such form as shall then be used by the chosen
mediator or mediation firm for such purposes and shall join in a request that the mediator provide an evaluation of the parties’ cases and of the likely resolution of the dispute if not settled. The cost of the mediator and mediation shall be
borne equally by the parties. 

  

	3	In the event that one party to this Agreement is willing to accept the mediator’s proposed resolution of the dispute, if any, but the other party (the “Contesting
Party”) is not so willing, the Contesting Party may elect to pursue a claim in a court of competent jurisdiction. In the event that the final determination of the rights of the Contesting Party by such court of competent jurisdiction is less
advantageous to the Contesting Party than the mediator’s proposed resolution of the dispute, the Contesting Party shall be deemed to have agreed to pay the other party’s costs and expenses of litigation of such claim(s), including
reasonable attorneys’ fees and expenses and court costs. 

  

 - 14 - 

 THIS IS SCHEDULE D REFERRED TO IN THE 
 EXECUTIVE EMPLOYMENT AGREEMENT MADE BETWEEN 
 HUB INTERNATIONAL LIMITED

 AND JOHN P. GRAHAM 
  

 FORM OF RSU AWARDS 
 See
attached form of RSU Awards to be made by Hub: (a) contemporaneously with the execution of this Agreement by the parties (Schedule D1); and (b) on the first anniversary of the date of commencement of the Executive’s employment
under this Agreement (Schedule D2). 
  

 - 15 - 

 THIS IS SCHEDULE D1 REFERRED TO IN THE 
 EXECUTIVE EMPLOYMENT AGREEMENT MADE BETWEEN 
 HUB INTERNATIONAL LIMITED

 AND JOHN P. GRAHAM 
  

 HUB INTERNATIONAL LIMITED 
 (the “Company”) 
 RESTRICTED SHARE UNIT AWARD AGREEMENT 
  

	1.	RSU Grant Information. 

 1.1 For purposes of
this Restricted Share Unit Award Agreement (this “Agreement”), the following information shall apply: 
  

					
	(a)	 	Name of Participant:	  	John P. Graham (the “Participant”)
			
	(b)	 	Address:	  	
			
	(c)	 	SSN/SIN:	  	
			
	(d)	 	Date of Birth	  	
			
	(e)	 	RSU Award:	  	15,000 (“RSUs”)
			
	(f)	 	Grant Date:	  	November     , 2006
			
	(g)	 	Vesting Date:	  	November 1, 2013

 1.2 For purposes of this Agreement, “Alternate Vesting Date” means the date on which
there is a Change of Control or the Participant ceases to perform services as an employee for the Company or any of its Affiliates (as defined in the Canada Business Corporations Act) by reason of the termination of such employment under any
of the following circumstances: 
 (a) termination as a result of the death of the Participant; 
 (b) termination as a result of the Participant’s attainment of Retirement, which for purposes of this Agreement shall mean the later of: 

(i) age 65; and 
 (ii) such other date as
the Participant and the Company may mutually agree on as the date upon which the Participant shall cease to actively be engaged as an employee of the Company; and, 

 (c) termination as a result of the Participant suffering from a Disability. 
 1.3 Unless otherwise specified herein, all capitalized terms in this Agreement shall have the meanings specified in the Hub International Limited Amended
and Restated 2005 Equity Incentive Plan, as amended from time to time (the “Plan”). 
 2. Grant of RSUs. In consideration of services
provided and to be provided to the Company and/or its Affiliates by the Participant, the Company enters into this Agreement and hereby grants the RSU Award [as specified in Section 1.1(e)] to the Participant. 
 3. Payment of RSUs. 
 3.1 Within thirty
(30) days after the earlier of the Vesting Date or an Alternate Vesting Date, the Company shall deliver to the Participant a share certificate evidencing a number of shares of Common Stock equal to the number of RSUs granted under this
Agreement, registered in the name of the Participant or, if the Participant is deceased, to the Participant’s legatees, personal representatives or distributees or, if the Participant is legally incompetent, to the Participant’s guardian
or other legal representative. Notwithstanding anything else contained in the Plan, the Company shall not deliver cash to the Participant in satisfaction of any portion of the or all of the RSU Award reflected in this Agreement. 
 3.2 In connection with the RSUs granted under this Agreement, the Company shall have no obligation to, nor shall it pay, or cause the Company’s
Affiliate that employs the Participant to pay, to the Participant any amount in respect of or equivalent to dividends payable on the Common Stock prior to the Vesting Date (or Alternate Vesting Date, if applicable). 
 4. Restrictions Prior to Vesting. 
 4.1 Prior
to the Vesting Date (or the Alternate Vesting Date, if applicable) the Participant shall not be entitled to delivery of any share certificate evidencing Common Stock or any other benefit under this Agreement and the RSU Award shall be subject to
termination and forfeiture to the extent provided in this Agreement. 
 4.2 At its sole discretion, the Company may waive, modify or
terminate any restriction or limitation set forth in this Agreement (including, but not limited to, an acceleration of the Vesting Date or the Alternate Vesting Date), in order to comply with applicable law or to address other changes in
circumstances. 
 5. Termination of Employment. If the Participant ceases to be an employee of the Company or any of its Affiliates prior to
the Vesting Date for any reason other than those reasons specified in subsections (a) through (c) of Section 1.2, this Agreement shall terminate, and the Participant shall forfeit any right to receive any further payment or other
benefit (including, but not limited to, any shares of Common Stock) as a result of the grant of the RSU Award pursuant to this Agreement. 
  

 2 

 6. Other Terms and Conditions. Except to the extent provided herein, the Restricted Share Units are subject
to the terms and conditions of the Plan, all of which are incorporated into and form a part of this Agreement. In the event of a conflict between this Agreement and the Plan, the Plan shall govern. 
 7. Taxes. The Participant shall be liable for any and all taxes (including, but not limited to, any withholding taxes) incurred in connection with this
Agreement (including, but not limited to, the grant, vesting or payment of the RSU Award). Notwithstanding any other provision of this Agreement, the Company shall not be obligated to transfer any Common Stock to the Participant under this Agreement
unless and until the Company has determined that adequate provision has been made for payment of any such taxes. 
 8. No Right to Employment.
Nothing in the Plan or this Agreement shall be construed to give the Participant any right to continue in the employ of the Company or any of its Affiliates or to be evidence of any agreement or understanding, express or implied, that the Company or
any of its Affiliates shall employ the Participant in any particular position or at any particular rate of remuneration, or for any particular period of time or to interfere in any way with the right of the Company to terminate the employment of the
Participant at any time, with or without cause. 
 9. Binding Agreement. This Agreement shall be binding upon and enure to the benefit of the
Company, its successors and assigns and the Participant and the legal representatives of the Participant’s estate and any other person who acquires the Participant’s rights under this Agreement by bequest or inheritance. 
 10. No Transfer or Assignment. Except as expressly set forth herein, no right or benefit of the Participant hereunder shall be subject to alienation, sale,
assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber, or charge the same shall be void. 
 11. Reaffirmation of Covenants. The Participant acknowledges and agrees that this Agreement and the Award contemplated herein is, in part, made by the
Company in further consideration of any covenants (the “Covenants”) to keep the Company’s information confidential, not to compete or not to solicit or accept business from clients or employees made by the Participant in favour of the
Company, its Subsidiaries or any of their predecessors. The Participant agrees that if the Participant violates any of the Covenants prior to or within thirty (30) days after a Vesting Date (or the Alternate Vesting Date, if applicable), the
Participant shall forfeit any right to receive any further payment or other benefit (including, but not limited to, any shares of Common Stock) as a result of the grant of the RSU Award pursuant to this Agreement. 
  

 3 

 12. Governing Law. The validity, construction and effect of the Plan, any rules and regulations relating to
the Plan, and this Agreement shall be determined in accordance with the laws of the Province of Ontario applicable to contracts to be performed entirely within such province and without giving effect to principles of conflicts of laws. 

Dated as of November     , 2006. 
  

			
	HUB INTERNATIONAL LIMITED
		
	By:	 	  

		 	 W. Kirk James, Vice President,
 Secretary and Chief
Corporate
 Development Officer

  

			
	Receipt acknowledged                     , 2006.	    	  

		    	Participant

  

 4 

 THIS IS SCHEDULE D2 REFERRED TO IN THE 
 EXECUTIVE EMPLOYMENT AGREEMENT MADE BETWEEN 
 HUB INTERNATIONAL LIMITED

 AND JOHN P. GRAHAM 
  

 HUB INTERNATIONAL LIMITED 
 (the “Company”) 
 RESTRICTED SHARE UNIT AWARD AGREEMENT 
 1. RSU Grant Information. 
 1.1 For purposes of
this Restricted Share Unit Award Agreement (this “Agreement”), the following information shall apply: 
  

					
	(a)	  	Name of Participant:	  	John P. Graham (the “Participant”)
			
	(b)	  	Address:	  	
			
	(c)	  	SSN/SIN:	  	
			
	(d)	  	Date of Birth	  	
			
	(e)	  	RSU Award:	  	5,000 (“RSUs”)
			
	(f)	  	Grant Date:	  	November     , 2007
			
	(g)	  	Vesting Date:	  	November 1, 2013

 1.2 For purposes of this Agreement, “Alternate Vesting Date” means the date on which
there is a Change of Control or the Participant ceases to perform services as an employee for the Company or any of its Affiliates (as defined in the Canada Business Corporations Act) by reason of the termination of such employment under any
of the following circumstances: 
 (a) termination as a result of the death of the Participant; 
 (b) termination as a result of the Participant’s attainment of Retirement, which for purposes of this Agreement shall mean the later of: 

(i) age 65; and 
 (ii) such other date as
the Participant and the Company may mutually agree on as the date upon which the Participant shall cease to actively be engaged as an employee of the Company; and, 

 (c) termination as a result of the Participant suffering from a Disability. 
 1.3 Unless otherwise specified herein, all capitalized terms in this Agreement shall have the meanings specified in the Hub International Limited Amended
and Restated 2005 Equity Incentive Plan, as amended from time to time (the “Plan”). 
 2. Grant of RSUs. In consideration of services
provided and to be provided to the Company and/or its Affiliates by the Participant, the Company enters into this Agreement and hereby grants the RSU Award [as specified in Section 1.1(e)] to the Participant. 
 3. Payment of RSUs. 
 3.1 Within thirty
(30) days after the earlier of the Vesting Date or an Alternate Vesting Date, the Company shall deliver to the Participant a share certificate evidencing a number of shares of Common Stock equal to the number of RSUs granted under this
Agreement, registered in the name of the Participant or, if the Participant is deceased, to the Participant’s legatees, personal representatives or distributees or, if the Participant is legally incompetent, to the Participant’s guardian
or other legal representative. Notwithstanding anything else contained in the Plan, the Company shall not deliver cash to the Participant in satisfaction of any portion of the or all of the RSU Award reflected in this Agreement. 
 3.2 In connection with the RSUs granted under this Agreement, the Company shall have no obligation to, nor shall it pay, or cause the Company’s
Affiliate that employs the Participant to pay, to the Participant any amount in respect of or equivalent to dividends payable on the Common Stock prior to the Vesting Date (or Alternate Vesting Date, if applicable). 
 4. Restrictions Prior to Vesting. 
 4.1 Prior
to the Vesting Date (or the Alternate Vesting Date, if applicable) the Participant shall not be entitled to delivery of any share certificate evidencing Common Stock or any other benefit under this Agreement. 
 4.2 At its sole discretion, the Company may waive, modify or terminate any restriction or limitation set forth in this Agreement (including, but not
limited to, an acceleration of the Vesting Date or the Alternate Vesting Date), in order to comply with applicable law or to address other changes in circumstances. 
 5. Other Terms and Conditions. Except to the extent provided herein, the Restricted Share Units are subject to the terms and conditions of the Plan, all of which are incorporated into and form a part of
this Agreement. In the event of a conflict between this Agreement and the Plan, the Plan shall govern. 
 6. Taxes. The Participant shall be
liable for any and all taxes (including, but not limited to, any withholding taxes) incurred in connection with this Agreement (including, but not limited to, the grant, vesting or payment of the RSU Award). Notwithstanding any other provision of
this Agreement, the Company shall not be obligated to transfer any Common Stock to the Participant under this Agreement unless and until the Company has determined that adequate provision has been made for payment of any such taxes. 
  

 2 

 7. No Right to Employment. Nothing in the Plan or this Agreement shall be construed to give the Participant
any right to continue in the employ of the Company or any of its Affiliates or to be evidence of any agreement or understanding, express or implied, that the Company or any of its Affiliates shall employ the Participant in any particular position or
at any particular rate of remuneration, or for any particular period of time or to interfere in any way with the right of the Company to terminate the employment of the Participant at any time, with or without cause. 
 8. Binding Agreement. This Agreement shall be binding upon and enure to the benefit of the Company, its successors and assigns and the Participant and the
legal representatives of the Participant’s estate and any other person who acquires the Participant’s rights under this Agreement by bequest or inheritance. 
 9. No Transfer or Assignment. Except as expressly set forth herein, no right or benefit of the Participant hereunder shall be subject to alienation, sale, assignment, hypothecation, pledge, exchange,
transfer, encumbrance or charge, and any attempt to alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber, or charge the same shall be void. 
 10. Reaffirmation of Covenants. The Participant acknowledges and agrees that this Agreement and the Award contemplated herein is, in part, made by the Company in further consideration of any covenants (the
“Covenants”) to keep the Company’s information confidential, not to compete or not to solicit or accept business from clients or employees made by the Participant in favour of the Company, its Subsidiaries or any of their
predecessors. The Participant agrees that if the Participant violates any of the Covenants prior to or within thirty (30) days after a Vesting Date (or the Alternate Vesting Date, if applicable), the Participant shall forfeit any right to
receive any further payment or other benefit (including, but not limited to, any shares of Common Stock) as a result of the grant of the RSU Award pursuant to this Agreement. 
 11. Governing Law. The validity, construction and effect of the Plan, any rules and regulations relating to the Plan, and this Agreement shall be determined in accordance with the laws of the Province of
Ontario applicable to contracts to be performed entirely within such province and without giving effect to principles of conflicts of laws. 
 Dated as of November     , 2007. 
  
  

			
	HUB INTERNATIONAL LIMITED
		
	By:	 	  

		 	 W. Kirk James, Vice President,
 Secretary and Chief
Corporate
 Development Officer

  

			
	Receipt acknowledged                     , 2007.	    	  

		    	Participant

  

 3Purchase Agreement

 EXHIBIT 10.1 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (“Agreement”) is made as of
November 10, 2006, by and among IBERIABANK Corporation (the “Company”), a corporation organized under the laws of the State of Louisiana, with its principal offices at 200 West Congress Street, Lafayette, Louisiana 70501, and the
purchaser whose name and address is set forth on the signature page hereof (the “Purchaser”). 
 IN CONSIDERATION of the mutual
agreements, representations, warranties and covenants contained in this Agreement, the Company and the Purchaser agree as follows: 
 Section
1. Authorization of Sale of the Shares. Subject to the terms and conditions of this Agreement, the Company has authorized the sale of up to 576,923 shares (the “Shares”) of the common stock, par value $1.00 per share (the
“Common Stock”), of the Company. 
 Section 2. Agreement to Sell and Purchase the Shares. At the Closing (as defined in
Section 3), the Company will sell to the Purchaser, and the Purchaser will buy from the Company, upon the terms and conditions hereinafter set forth, the number of Shares set forth on the Purchaser’s signature page at a purchase price of
$52.00 per Share for an aggregate purchase price (the “Aggregate Purchase Price”) indicated on the Purchaser’s signature page. The Company proposes to enter into this same form of purchase agreement with certain other investors (the
“Other Purchasers”) and expects to complete sales of the Shares to them. The Purchaser and the Other Purchasers are hereinafter sometimes collectively referred to as the “Purchasers,” and this Agreement and the agreements
executed by the Other Purchasers are hereinafter sometimes collectively referred to as the “Agreements.” The term “Placement Agents” shall mean, collectively, Stifel, Nicolaus & Company, Incorporated and Howe Barnes
Hoeffer & Arnett, Inc. 
 Section 3. The Closing. 
 3.1 The Closing. 
 (a) Upon the terms
and subject to the conditions of this Agreement, the completion of the purchase and sale of the Shares (the “Closing”) shall occur at the offices of Jones, Walker, Waechter, Poitevent, Carrère & Denègre, L.L.P.,
located at 500 Dover Boulevard, Suite 120, Lafayette, Louisiana 70503, or such other place as the parties may agree. The date upon which the Closing actually occurs is herein referred to as the “Closing Date.” The Purchasers will be
notified of the Closing Date in advance by facsimile transmission or otherwise. 
 (b) Prior to the Closing, the Company shall cause its
Transfer Agent to issue to the Purchaser one or more stock certificates registered in the name of the Purchaser, or in such nominee name(s) as designated by the Purchaser in writing, representing the number of Shares set forth on the
Purchaser’s signature page (the “Certificate”). The name(s) in which the Certificates are to be registered are set forth in the Stock Certificate Questionnaire attached hereto as part of Appendix I. 

 (c) Prior to the Closing, the Purchasers shall deliver to a closing agent designated by the Company
(which may be counsel to the Company or the Company’s transfer agent) and reasonably acceptable to the Purchasers, the Aggregate Purchase Price. 
 3.2 Conditions to Company’s Obligation to Close. The Company’s obligation to complete the purchase and sale of the Shares and deliver the Shares to the Purchaser at the Closing shall be subject to the
following conditions, any one or more of which may be waived by the Company: 
 (a) The Purchaser shall make payment to the Company by wire
transfer of the Aggregate Purchase Price indicated on the Purchaser’s signature page which shall be delivered to the Company by or on behalf of the Purchaser; and 
 (b) The representations and warranties of the Purchaser as set forth in Section 5 hereof shall be true and correct as of the date hereof and as of the Closing Date as though made at that time (except for
representations and warranties that speak as of a specific date (which shall be true and correct as of such date)), and the Purchaser shall have performed, satisfied and complied with in all material respects the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchaser on or prior to the Closing Date. 
 3.3 Conditions
to Purchaser’s Obligation to Close. The Purchaser’s obligation to purchase the Shares from the Company at the Closing shall be subject to the following conditions, any one or more of which may be waived by the Purchaser at any time in
its sole discretion by providing the Company with prior written notice thereof: 
 (a) receipt by the Purchaser of the Certificate;

 (b) the representations and warranties of the Company set forth in Section 4 hereof shall be true and correct in all material
respects as of the date hereof and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date (which shall be true and correct in all material respects as of such date)), and the
Company shall have performed, satisfied and complied with in all material respects the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company on or prior to the Closing Date;

 (c) the Company shall have delivered a certificate, dated the Closing Date, duly executed on behalf of the Company by its Chief Executive
Officer to the effect set forth in clause (b) above; 
 (d) the Company shall have delivered a certificate, dated the Closing Date, duly
executed by its Secretary or Assistant Secretary or other appropriate officer, certifying that the attached copies of the Company’s Articles of Incorporation, By-laws and the resolutions of the Board of Directors or Executive Committee of the
Board of Directors approving this Agreement and the transactions contemplated hereby, are all true, complete and correct and remain unamended in full force and effect; 
  

 2 

 (e) receipt by the Purchasers of an opinion letter of Jones, Walker, Waechter, Poitevent,
Carrère & Denègre, L.L.P., special counsel to the Company, dated the Closing Date, with respect to such matters and in such form as shall be agreed upon between such counsel and counsel for the Placement Agents; 
 (f) on the Closing Date, the “lock-up” agreements between the Placement Agents and officers and directors of the Company relating to sales and
certain other dispositions of shares of Common Stock or certain other securities, executed and delivered to the Placement Agents on or before the date hereof, shall be in full force and effect; and 
 (g) on the Closing Date, no legal action, suit or proceeding shall be pending or overtly threatened which seeks to restrain or prohibit the transactions
contemplated by this Agreement. 
 Section 4. Representations. Warranties and Covenants of the Company. The Company hereby represents
and warrants to, and covenants with, the Purchaser as follows: 
 4.1 Organization and Qualification. The Company and each of its
subsidiaries is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, and the Company and each of its subsidiaries is qualified to do business as a foreign corporation in each
jurisdiction in which qualification is required, except where failure to so qualify would not have a Material Adverse Effect (as defined herein) on the Company. The Company and each of its subsidiaries has corporate power and authority to carry on
its business as now conducted in all material respects, to own, lease and operate its assets, properties and business. The Company is duly registered with the Federal Reserve as a bank holding company under the Bank Holding Company Act of 1956, as
amended (the “BHC Act”). The Company and its subsidiaries has in effect all federal, state, local and foreign governmental authorizations necessary for it to own or lease its properties and assets and to carry on its business as it now
conducted in all material respects. IBERIABANK, a Louisiana banking corporation and wholly-owned subsidiary of the Company (“IBERIABANK”), is an “insured depository institution” as defined in the Federal Deposit Insurance Act and
applicable regulations thereunder. 
 4.2 Authorized Capital Stock. The authorized capital stock of the Company consists of:
(a) 25,000,000 shares of Common Stock, of which 9,705,231 shares are issued and outstanding at the close of business on October 31, 2006; and (b) 5,000,000 shares of serial preferred stock, par value $1.00 per share. No series of such
preferred stock have been designated by the Company or are issued and outstanding. The issued and outstanding shares of the Company’s Common Stock have been duly authorized and validly issued, are fully paid and nonassessable, have been issued
in compliance with all federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities, and conform in all material respects to the description thereof
contained in the Company’s periodic and other reports (the “SEC Reports”) filed under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). No holder of Common Stock is entitled to preemptive or similar
rights. The number of shares issuable and reserved for issuance pursuant to the Company’s stock option plans and the number of shares issuable and reserved for issuance pursuant to securities exercisable or exchangeable for, or convertible
into, any shares of 
  

 3 

 capital stock is set forth in Schedule 4.2. Except as disclosed on Schedule 4.2, the Company does not have
outstanding any options to purchase, or any preemptive rights or other rights to subscribe for or to purchase, any securities or obligations convertible into, or any contracts or commitments to issue or sell, shares of its capital stock, any shares
of capital stock of any subsidiary or any such options, rights, convertible securities or obligations. The descriptions of the Company’s stock, stock plans or arrangements and the options or other rights granted and exercised thereunder, set
forth in the SEC Reports accurately and fairly present the information required to be shown with respect to such plans, arrangements, options and rights. 
 4.3 Issuance Sale and Delivery of the Shares. The Shares have been duly authorized and, when issued, delivered and paid for in the manner set forth in this Agreement, will be duly authorized, validly issued,
fully paid and nonassessable, and will conform in all material respects to the description thereof set forth in the SEC Reports. The certificates evidencing the Common Stock are in due and proper form under Louisiana law and the rules of Nasdaq. No
preemptive rights, or other rights to subscribe for or purchase, exist with respect to the issuance and sale of the Shares by the Company pursuant to this Agreement. No person has any right to require the Company to register the sale of any shares
owned by such person under the Securities Act of 1933, as amended (the “Securities Act”). No further approval or authority of the stockholders or the Board of Directors of the Company is required for the issuance and sale of the Shares to
be sold by the Company as contemplated herein. 
 4.4 Due Execution, Delivery and Performance of the Agreements. The Company has full
legal right, corporate power and authority to enter into and perform its obligations under the Agreements and to consummate the transactions contemplated hereby. The Agreements have been duly authorized, executed and delivered by the Company. The
making and performance of the Agreements by the Company and the consummation of the transactions herein contemplated will not (a) violate any provision of the organizational documents of the Company or any of its subsidiaries; (b) result
in the creation of any lien, charge, security interest or encumbrance upon any assets of the Company pursuant to the terms or provisions of, or will not conflict with, result in the breach or violation of, or constitute, either by itself or upon
notice or the passage of time or both, a default under any agreement, mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument to which the Company or any of its subsidiaries is a party or by which the Company or any
of its subsidiaries or any of their respective properties may be bound or affected and in each case which would have a material adverse effect on the condition (financial or otherwise), properties, business, prospects or results of operations of the
Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”); or (c) result in any violation of any statute or any authorization, judgment, decree, order, rule or regulation of any court or any regulatory body,
administrative agency or other governmental body applicable to the Company or any of its subsidiaries or any of their respective properties (including the BHC Act and the rules and regulations thereunder, the rules and regulations and requirements
of the United States Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (the “FDIC”), and the banking laws and regulations of the State of Louisiana and the banking laws and regulations of
other applicable jurisdictions). No registration, qualification or filing with, or consent, approval, authorization or other order of, any court, regulatory body, administrative agency, self-regulatory agency, stock exchange or market or other
governmental body (each, a “Governmental Authority”) is required for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement, except for compliance with 
  

 4 

 the Blue Sky laws and federal securities laws applicable to the offering of the Shares. Upon their execution and
delivery, and assuming the valid execution thereof by the respective Purchasers, the Agreements will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law) and except as the indemnification agreements of the Company in Section 7.3 hereof may be legally unenforceable. 
 4.5 Financial Statements. As of their respective dates, the financial statements of the Company included in the SEC Reports complied as to form in
all material respects with applicable accounting requirements and published rules and regulations of the Securities and Exchange Commission (the “Commission”) with respect thereto. Such financial statements have been prepared in accordance
with generally accepted accounting principles, consistently applied, during the periods involved (except as may be otherwise indicated in such financial statements or the notes thereto) and fairly present in all material respects the financial
position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). 
 4.6 Book and Records; Internal Controls. The books, records and accounts of the Company and its subsidiaries accurately and fairly reflect, in
reasonable detail, the transactions in, and dispositions of, the assets of, and the results of operations of, the Company and its subsidiaries. The Company and each of its subsidiaries maintains a system of internal accounting controls sufficient to
provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit timely preparation of financial statements in
accordance with generally accepted accounting principles and the Rules and Regulations and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; the chief executive officer and the chief financial officer of the Company
have made all certifications required by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and any related rules and regulations promulgated by the Commission, and the statements contained in any such certification are complete and
correct; the Company maintains adequate “disclosure controls and procedures” (as defined in Rule 13a-14(c) under the Exchange Act); the Company is otherwise in compliance in all material respects with all applicable effective provisions of
the Sarbanes-Oxley Act. 
 4.7 Accountants. Castaing, Hussey & Lolan, LLC, who have expressed their opinion with respect to
the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, are, and during the periods covered by their reports were, independent accountants as required by the Securities Act,
the Exchange Act and the rules and regulations promulgated thereunder (the “Rules and Regulations”). 
 4.8 No Defaults.
Neither the Company nor any of its subsidiaries is (a) in violation or default of any provision of its articles of incorporation or bylaws, or other organizational 
  

 5 

 documents, or (b) in breach of or default with respect to any provision of any agreement, judgment, decree, order,
mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument to which it is a party or by which it or any of its assets or properties are bound, and there does not exist any state of fact which, with notice or lapse of
time or both, would constitute an event of default on the part of the Company or any of its subsidiaries as defined in such documents, except in the case of clause (b) for such breaches and defaults which individually or in the aggregate would
not be material to the Company and its subsidiaries, taken as a whole. 
 4.9 Contracts. All material documents, contracts or other
agreements to which the Company or any of its subsidiaries is or are a party or by which its or their assets or properties are bound are described in or filed as exhibits to the SEC Reports as required by the Rules and Regulations and each such
agreements is in full force and effect on the date hereof; and neither the Company nor any of its subsidiaries, nor, to the Company’s knowledge, any other party is in breach of or default under any of such contracts which would have a Material
Adverse Effect. Each description of such contracts, documents or other agreements accurately reflects in all material respects the terms thereof. 
 4.10 No Actions. Except as disclosed in Schedule 4.10, there are no legal or governmental actions, suits or proceedings pending or, to the Company’s knowledge, threatened to which the Company or any of its subsidiaries is
or may be a part or of which property owned or leased by the Company or any of its subsidiaries is or may be the subject, or related to environmental or discrimination matters, which actions, suits or proceedings, individually or in the aggregate,
might prevent or might reasonably be expected to materially and adversely affect the transactions contemplated by this Agreement or result in a material adverse change in the condition (financial or otherwise), properties, business, prospects or
results of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Change”); and no labor disturbance by the employees of the Company or any of its subsidiaries exists or, to the Company’s knowledge, is
imminent which might reasonably be expected to have a Material Adverse Effect. Except as disclosed in Schedule 4.10, neither the Company nor any of its subsidiaries is party to or subject to the provisions of any material injunction,
judgment, decree or order of any Governmental Authority. 
 4.11 Properties. Each of the Company and its subsidiaries has good and
marketable title to all the properties and assets reflected as owned by them in the consolidated financial statements included in the SEC Reports, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except (i) those, if any,
reflected in such consolidated financial statements, or (ii) those which are not material in amount and do not adversely affect the use made and promised to be made of such property by the Company or its subsidiaries. Each of the Company and
its subsidiaries holds its leased properties under valid and binding leases, with such exceptions as are not materially significant in relation to their respective businesses. The Company and its subsidiaries owns or leases all such properties as
are necessary to its operations as now conducted. 
 4.12 No Material Change. Since December 31, 2005, and except as described in
or specifically contemplated by the SEC Reports, (i) neither the Company nor its subsidiaries has incurred any material liabilities or obligations, direct, indirect or contingent, or entered into any 
  

 6 

 material verbal or written agreement or other transaction which is not in the ordinary course of business or which could
reasonably be expected to result in a material reduction in the future earnings of the Company or its subsidiaries; (ii) neither the Company nor its subsidiaries has sustained any material loss or interference with its businesses or properties
from fire, flood, windstorm, accident or other calamity not covered by insurance; (iii) neither the Company nor its subsidiaries has paid or declared any dividends or other distributions with respect to its capital stock, and neither the
Company nor its subsidiaries is in default in the payment of principal or interest on any outstanding debt obligations; (iv) there has not been any change in the capital stock of the Company other than the sale of the Shares hereunder and
shares or options issued pursuant to employee equity incentive plans or purchase plans approved by the Company’s Board of Directors, or indebtedness material to the Company (other than in the ordinary course of business; (v) there has been
no Material Adverse Change; and (vi) there has not occurred any other event and, to the Company’s knowledge, there has arisen no set of circumstances required by the Exchange Act and the Rules and Regulations to be disclosed in a periodic
or other report thereunder which has not been so disclosed as fairly and accurately described therein. 
 4.13 Intellectual Property.
Except as disclosed in or specifically contemplated by the SEC Reports, (i) the Company and its subsidiaries own or have obtained valid and enforceable licenses or options for the inventions, patent applications, patents, trademarks (both
registered and unregistered), trade names, copyrights and trade secrets necessary for the conduct of the Company’s and its subsidiaries’ respective businesses as currently conducted and as the SEC Reports indicate the Company and its
subsidiaries contemplate conducting (collectively, the “Intellectual Property”); and (ii) to the Company’s knowledge (for each of the following subsections (a) through (e)): (a) there are no third parties who have any
ownership rights to any Intellectual Property that is owned by, or has been licensed to, the Company or its subsidiaries that would preclude the Company or its subsidiaries from conducting their respective businesses as currently conducted and as
the SEC Reports indicate the Company and its subsidiaries contemplate conducting, except for the ownership rights of the owners of the Intellectual Property licensed or optioned by the Company or its subsidiaries; (b) there are currently no
sales of any products that would constitute an infringement by third parties of any Intellectual Property owned, licensed or optioned by the Company or its subsidiaries; (c) there is no pending or threatened action, suit, proceeding or claim by
others challenging the rights of the Company or its subsidiaries in or to any Intellectual Property owned, licensed or optioned by the Company or its subsidiaries, other than non-material claims; (d) there is no pending or threatened action,
suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property owned, licensed or optioned by the Company or its subsidiaries, other than non-material claims; and (e) there is no pending or threatened action,
suit, proceeding or claim by others that the Company or its subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary right of others, other than non-material claims. 
 4.14 Compliance with Applicable Laws. Except as described in the SEC Reports, the Company and its subsidiaries have complied and are in compliance
in all material respects with all federal, state and local statutes, regulations, ordinances and rules as now in effect and applicable to the ownership and operation of their properties or the conduct of their businesses as currently being conducted
(including, without limitation, all regulations and orders of, or agreements with, the Federal Reserve, the FDIC, the Louisiana Office of Financial Institutions (“LOFI”), as applicable, and the Equal Credit Opportunity Act, the Fair
Housing Act, the 
  

 7 

 Community Reinvestment Act, the Home Mortgage Disclosure Act, all other applicable fair lending laws or other laws
relating to discrimination and the Bank Secrecy Act and Title III of the Patriot Act), except where the failure to do so would not have a Material Adverse Effect. Neither the Company nor any of its subsidiaries engages, directly or indirectly, in
any activity prohibited by the Federal Reserve, the BHC Act, other federal banking or consumer protection laws or the regulations promulgated thereunder or the banking or consumer protection laws and regulations of the State of Louisiana and neither
the Company nor any of its subsidiaries engages, directly or indirectly, in any activity prohibited by the banking or consumer protection laws and regulations of other applicable jurisdictions which would result in a Material Adverse Effect. Except
as described in the SEC Reports, neither the Company nor any subsidiary is subject to a directive from the FDIC, the Federal Reserve, the LOFI or any other Governmental Authority to make any material change in the method of conducting its business
and no such directive is pending or, to the knowledge of the Company, threatened by such authorities. Except as described in the SEC Reports, the Company and its subsidiaries are not subject to any cease-and-desist order, prompt correction action
directive, civil money penalty, orders of prohibition, consent order, written agreement, memorandum of understanding, or other enforcement actions or supervisory agreements issued by the Federal Reserve, the FDIC, the LOFI or any other federal or
state bank regulatory agency to which the Company or any of its subsidiaries is subject. 
 4.15 Taxes. Each of the Company and its
subsidiaries has filed all necessary federal, state and foreign income and franchise tax returns and has paid or accrued all taxes shown as due thereon, and neither the Company nor its subsidiaries has knowledge of a tax deficiency which has been or
might be asserted or threatened against it which could have a Material Adverse Effect. There are no tax audits or investigations pending, which if adversely determined would result in a Material Adverse Effect to the Company and its subsidiaries
taken as a whole; nor does the Company have any knowledge of any material proposed additional tax assessments against the Company or any of its subsidiaries. 
 4.16 Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Shares to be sold to the
Purchaser hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with. 
 4.17 Investment Company. The Company is not an “investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for an investment company,
within the meaning of the Investment Company Act of 1940, as amended. 
 4.18 Offering Materials. Other than the management
presentation dated October 2006, the Company has not distributed and, without the prior consent of the Placement Agent, will not distribute prior to the Closing Date any offering material in connection with the offer and sale of the Shares. The
Company has not in the past nor will it hereafter take any action independent of the Placement Agent to sell, offer for sale or solicit offers to buy any securities of the Company which would bring the offer, issuance or sale of the Shares, as
contemplated by this Agreement, within the provisions of Section 5 of the Securities Act, unless such offer, issuance or sale was or shall be within the exemptions of Section 4 of the Securities Act. 
  

 8 

 4.19 Insurance. Each of the Company and its subsidiaries maintains insurance of the types and in
the amounts that the Company reasonably believes is adequate for its business, including, but not limited to, insurance covering all real and personal property owned or leased by the Company or its subsidiaries against theft, damage, destruction,
acts of vandalism and all other risks customarily insured against by similarly situated companies; all policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or the Company’s or its subsidiaries’
respective businesses, assets, employees, officers and directors are in full force and effect; the Company and each of its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and neither the
Company nor any subsidiary of the Company has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that is not materially greater than the current cost. Neither the Company nor any of its subsidiaries has been denied any insurance coverage which it has sought or for which it has applied. 
 4.20 Contributions. Neither the Company at any time since its incorporation nor its subsidiaries at any time since they were acquired by the
Company has, directly or indirectly, (i) made any unlawful contribution to any candidate for public office, or failed to disclose fully any contribution in violation of law, or (ii) made any payment to any federal or state governmental
officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof. 
 4.21 Additional Information. 
 (a) The
Company represents and warrants that the following SEC Reports at the time they became effective or were filed with the Commission, as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange
Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading: (i) the Company’s Current Reports on Form 8-K dated May 17, 2006, July 13, 2006, July 26, 2006, as amended,
August 9, 2006 and October 31, 2006; (ii) the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005; (iii) the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended
March 31, 2006, June 30, 2006 and September 30, 2006; (iv) the Company’s Proxy Statement for the 2006 Annual Meeting of Stockholders; and (v) all other documents, if any, filed by the Company with the Commission
since December 31, 2005 and prior to the date hereof. Any further documents so filed, when such documents become effective or are filed with the Commission, as the case may be and as the same may be amended or supplemented, will conform in all
material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. 
  

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 (b) Since January 1, 2005, the Company has filed all documents required to be filed by it prior to
the date hereof with the Commission pursuant to the reporting requirements of the Exchange Act. 
 4.22 Form S-3 Eligibility. The
Company is eligible to use Form S-3 to register the Shares for resale by the Purchasers as contemplated in Section 7 of this Agreement. 
 4.23 Private Placement. Assuming the accuracy of the representations and warranties of the Purchasers, the offer and sale of the Shares to the Purchasers as contemplated hereby is exempt from the registration requirements of the
Securities Act. 
 4.24 Related Party Transactions. No transaction has occurred between or among the Company and any of its officers
or directors, shareholders or any affiliate or affiliates of any such officer or director or shareholder that is not described in the SEC Reports. 
 4.25 Market Stabilization. The Company has not taken, nor will it take, directly or indirectly, any action designated to or which might reasonably be expected to cause or result in, or which has constituted or which might reasonably
be expected to constitute, the stabilization or manipulation of the price of the Common Stock or any security of the Company to facilitate the sale or resale of any of the Shares. 
 4.26 Nasdaq Compliance; Listing. The Company is in compliance with the requirements of the Nasdaq for continued listing of the Common Stock
thereon and has not received any notification that, and has no knowledge that, the Nasdaq is contemplating terminating such listing nor, to the Company’s knowledge, is there any basis therefor. The Shares have been approved for listing on
Nasdaq and the transactions contemplated by this Agreement will not contravene the rules and regulations of the Nasdaq. 
 4.27
Environmental Laws. Except as described in Schedule 4.27 and except as would not, singly or in the aggregate, result in a Material Adverse Effect, (A) neither the Company nor any of the subsidiaries is in violation of any federal,
state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to
pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the
release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”), (B) the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable
Environmental Laws and are each in compliance with their requirements, (C) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigation or proceedings relating to any Environmental Law against the Company or any of its subsidiaries and (D) there are no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or
remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws. 
  

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 4.28 Absence of Manipulation. Neither the Company nor, to its knowledge, any of its officers,
directors or affiliates has taken, and at the Closing Date, neither the Company nor, to its knowledge, any of its officers, directors or affiliates will have taken, directly or indirectly, any action which has constituted, or might reasonably be
expected to constitute, the stabilization or manipulation of the price of sale or resale of the Shares. 
 4.29 Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained or incorporated by reference in the SEC Reports has been made or reaffirmed without a
reasonable basis or has been disclosed other than in good faith. 
 4.30 Solicitation; Other Issuances of Securities. 
 (a) Neither the Company nor any of its subsidiaries or affiliates, nor any Person acting on its or their behalf, (i) has engaged in any form of
general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of the Shares, (ii) has, directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security, under any circumstances that would require registration of the Securities under the Securities Act or (iii) has issued any shares of Common Stock or shares of any series of preferred stock or other
securities or instruments convertible into, exchangeable for or otherwise entitling the holder thereof to acquire shares of Common Stock which would be integrated with the sale of the Shares to such Purchaser for purposes of the Securities Act or of
any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company are listed or designated, nor will the Company
or any of its subsidiaries or affiliates take any action or steps that would require registration of any of the Shares under the Securities Act or cause the offering of the Shares to be integrated with other offerings. 
 (b) The Company agrees that, for a period beginning on the date hereof and ending on, and including, the date that is the later of 180 days after the
date hereof or the effective date of the Registration Statement, it will not, without the prior written consent of Stifel, Nicolaus & Company, Incorporated, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant
any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or file a registration statement with the Commission in respect of any Common Stock or any securities convertible into or exchangeable or exercisable for
Common Stock, or warrants or other rights to purchase Common Stock or any such securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common
Stock or any securities convertible into or exchangeable or exercisable for Common Stock, or warrants or other rights to purchase Common Stock or any such securities, whether any such transaction is to be settled by delivery of Common Stock or such
other securities, in cash or otherwise, or (iii) publicly announce an intention to effect any transaction specified in clause (i) or (ii) above. The foregoing sentence shall not apply to (a) the Shares to be sold hereunder,
(b) registration of the Shares pursuant to the Registration Statement 
  

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 contemplated by Section 7 hereof, (c) the filing of a registration statement on Form S-4 in connection with the
Company’s recently announced transactions with Pulaski Investment Corporation and Pocahontas Bancorp, Inc. and the issuance of shares of Common Stock as contemplated thereby, (d) the issuance by the Company of any shares of Common Stock
upon the exercise of an option outstanding on the date hereof under the Company’s existing employee benefit plans or (e) the grant by the Company of options or shares of restricted Common Stock pursuant to the Company’s existing
employee benefit plans in accordance with past practice. 
 4.31 Disclosure. The Company confirms that neither it nor any other Person
acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that constitutes material, nonpublic information concerning the Company or its subsidiaries other than the existence of the transactions
contemplated by this Agreement. The Company understands and confirms that each of the Purchasers will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the Purchasers
regarding the Company, its business and the transactions contemplated hereby, including the Schedules to this Agreement, furnished by or on behalf of the Company is true and correct and does not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred or information exists with respect to the
Company or any of its subsidiaries or its or their business, properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been
so publicly announced or disclosed. 
 4.32 Acknowledgment. The Company represents that it is relying solely on the representations,
warranties, covenants and agreements set forth in this Agreement, which document supersedes and replaces any other written or oral information relating to a Purchaser communicated to the Company. 
 Section 5. Representations, Warranties and Covenants of the Purchaser. 
 5.1 Securities Law Representation and Warranty. 
 (a) The Purchaser hereby represents and warrants to, and covenants with, the Company as follows: (i) the Purchaser is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions
with respect to investments in shares representing an investment decision like that involved in the purchase of the Shares, including investments in securities issued by the Company, and has requested, received, reviewed and considered all
information it deems relevant in making an informed decision to evaluate the merits and risks of a purchase of the Shares; (ii) the Purchaser is an “accredited investor” within the meaning under paragraph (a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) of Rule 501 of Regulation D promulgated under the Securities Act and/or a “qualified institutional buyer” within the meaning under paragraph (a)(1) of Rule 144A promulgated under the Securities Act; and (iii) the
Purchaser can bear the economic risk and complete loss of its investment in the Shares; 
 (b) the Purchaser is acquiring the number of
Shares set forth on the Purchaser’s signature page in the ordinary course of its business and for its own account, not as 
  

 12 

 nominee or agent, and with no present intention of distributing any of such Shares or any arrangement or understanding
with any other persons regarding the distribution of such Shares except pursuant to sales registered or exempted under the Securities Act; 
 (c) the Purchaser was not organized for the specific purpose of acquiring the Shares; 
 (d) the Purchaser will not, directly or
indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Shares except in compliance with the provisions of this Agreement and the Securities Act,
applicable state securities laws and the respective rules and regulations thereunder; 
 (e) the Purchaser understands that the Shares are
being offered and sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire the Shares;

 (f) the Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Shares or the fairness or suitability of an investment in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares; and 
 (g) the Purchaser has been furnished with all materials relating to the business, financial condition, results of operations, properties, management,
operations and prospects of the Company and its subsidiaries, including materials relating to the terms and conditions of the offer and sale of the Shares, which have been requested by the Purchaser. The Purchaser has been afforded the opportunity
to ask questions of the Company and has received answers from an authorized representative of the Company which are satisfactory to the Purchaser. Notwithstanding the foregoing, in entering into this Agreement, the Purchaser represents that it is
relying solely on the representations, warranties, covenants and agreements set forth in this Agreement, which document supersedes and replaces any other written or oral information communicated to the Purchaser. 
 5.2 Restricted Securities. The Purchaser understands that the Shares are characterized as “restricted securities” under the U.S. federal
securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities as may be resold without registration under the Securities Act
only in certain limited circumstances. The Purchaser hereby covenants with the Company not to make any sale of the Shares except (i) pursuant to an effective registration statement under the Securities Act or (ii) pursuant to an available
exemption from registration under the Securities Act and applicable state securities laws. Any transfer or purported transfer of the Shares in violation of this Section 5.2 shall be voidable by the Company. The Company shall not register any
transfer of the Shares in violation of this Section 5.2. The Company may, 
  

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 and may instruct any transfer agent for the Company to, place such stop transfer orders as may be required on the
transfer books of the Company in order to ensure compliance with the provisions of this Section 5.2. The Purchaser acknowledges that there may occasionally be times when the Company, based on the advice of counsel, determines that, subject to
the limitations of Section 7.2, it must suspend the use of the prospectus forming a part of the Registration Statement until such time as an amendment to the Registration Statement has been filed by the Company and declared effective by the
Commission, or until such time as the Company has filed an appropriate report with the Commission pursuant to the Exchange Act. The Purchaser hereby covenants that it will not sell any Shares pursuant to said prospectus during the period commencing
at the time at which the Company gives the Purchaser written notice of the suspension of the use of said prospectus and ending at the time the Company gives the Purchaser written notice that the Purchaser may thereafter effect sales pursuant to said
prospectus. The Purchaser further covenants to notify the Company promptly of the sale of all of its Shares. 
 5.3 Legends.

 (a) The Purchaser understands that, until the end of the applicable holding period under Rule 144(k) of the Securities Act (or any
successor provision) with respect to the Shares, any stock certificate representing the Shares shall bear a legend in substantially the following form: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM. NOTWITHSTANDING THE FOREGOING, BUT SUBJECT TO COMPLIANCE WITH THE REQUIREMENTS
OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SHARES. 
 Within three business days of receipt by the Company of a written request from a Purchaser accompanied by such additional documentation as may reasonably be requested by
the Company to effect such request, the legend set forth in this Section 5.3 shall be removed and the Company shall issue a certificate without such legend to the holder of Shares, unless otherwise required by state securities laws,
(i) if, at the time of such request, the Registration Statement contemplated by Section 7 is effective, (ii) if, in connection with a sale transaction, such holder provides the Company with an opinion of counsel reasonably acceptable
to the Company to the effect that a public sale, assignment or transfer of the Shares may be made without registration under the Securities Act, or (iii) upon expiration of the applicable two-year holding period under Rule 144(k) of the
Securities Act (or any successor rule); provided that the Purchaser is not and has 
  

 14 

 not been within three months prior to such date, an “affiliate” of the Company (as such term is defined in Rule
144 of the Securities Act). The Company may make a notation on its records and/or provide instruction to its transfer agent regarding the Company’s stock transfer records, consistent with the provisions of this Section 5.3. The Company
shall bear the fees and expenses, if any, of the transfer agent in connection with the removal of the legend and the issuance of a certificate. 
 (b) The Purchaser understands that, in the event Rule 144(k) as promulgated under the Securities Act (or any successor rule) is amended to change the two-year period under Rule 144(k) (or the corresponding period under any successor rule),
(i) each reference in this Section 5.3 of this Agreement to “two years” or the “two-year period” shall be deemed for all purposes of this Agreement to be references to such changed period, and (ii) all
corresponding references in the Shares shall be deemed for all purposes to be references to the changed period, provided that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the
then-applicable federal securities laws. 
 5.4 Purchaser’s Authority. The Purchaser further represents and warrants to, and
covenants with, the Company that (i) the Purchaser has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution,
delivery and performance of this Agreement, and (ii) upon the execution and delivery of this Agreement, this Agreement shall constitute a valid and binding obligation of the Purchaser enforceable in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and except as the indemnification agreements of the Purchaser in Section 7.3 hereof may be legally unenforceable. 
 5.5 No Advice. The Purchaser understands that nothing in this Agreement or any other materials presented to the Purchaser in connection with the
purchase and sale of the Shares constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of
the Shares. 
 5.6 Treatment of Non-Public Information. The Purchaser agrees to hold the existence, terms and conditions of this
Agreement in confidence and not to disclose the same to any other person until such time as the Company files the 8-K Filing (as defined below). On or before 8:30 a.m., New York City time, on the first business day following the date of this
Agreement, the Company shall issue a press release and file a Current Report on Form 8-K describing the material terms of the transactions contemplated by this Agreement in the form required by the Exchange Act (the “8-K Filing”). From and
after the filing of the 8-K Filing with the SEC, no Purchaser shall be in possession of any material, nonpublic information received from the Company, any of its subsidiaries or any of its respective officers, directors, employees or agents, that is
not disclosed in the 8-K Filing.
  

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 Section 6. Survival of Representations, Warranties and Agreements. Notwithstanding any
investigation made by any party to this Agreement or by the Placement Agent, all covenants, agreements, representations and warranties made by the Company and the Purchaser herein and in the certificates for the Shares delivered pursuant hereto
shall survive the execution of this Agreement, the delivery to the Purchaser of the Shares being purchased and the payment therefore. 
 Section 7. Registration of the Shares; Compliance With the Securities Act. 
 7.1 Registration Procedures and Expenses.
The Company shall: 
 (a) use its best efforts to prepare and file with the Commission, as soon as practicable but in no event later than 60
calendar days after the Closing, a Registration Statement on Form S-3 (the “Registration Statement”) to enable the resale of the Shares together with any shares of capital stock issued or issuable, from time to time, upon any
reclassification, share combination, share subdivision, stock split, share dividend, merger, consolidation or similar transaction or event or otherwise as a distribution on, in exchange for or with respect to any of the foregoing, in each case held
at the relevant time by a Purchaser, the “Registrable Securities” by the Purchaser on a delayed or continuous basis under Rule 415 of the Securities Act through the automated quotation system of the Nasdaq Global Market or the facilities
of any national securities exchange on which the Company’s common stock is then traded or in privately-negotiated transactions; 
 (b)
use its commercially reasonable efforts, subject to receipt of necessary information from the Purchasers on the Registration Questionnaire attached hereto as part of Appendix I, to cause the Commission to declare the Registration Statement
effective as promptly as practicable and in any event within 60 calendar days after the date by which the Registration Statement is required to be filed by the Company in accordance with Section 7.1(a); 
 (c) as expeditiously as practicable, prepare and file with the Commission such amendments and supplements to the Registration Statement and the
prospectus used in connection therewith and take such other actions as may be necessary to keep the Registration Statement correct and effective until the earlier of (i) the date on which the Shares may be resold by the Purchasers without
registration by reason of Rule 144(k) under the Securities Act or any other rule of similar effect or (ii) such time as all Registrable Securities purchased by the Purchasers have been sold pursuant to the Registration Statement; 
 (d) furnish to the Purchaser with respect to the Registrable Securities (and to each underwriter, if any, of such Registrable Securities) such reasonable
number of copies of prospectuses and such other documents as the Purchaser may reasonably request, in order to facilitate the public sale or other disposition of all or any of the Registrable Securities by the Purchaser; provided, however, that the
obligation of the Company to deliver copies of prospectuses to the Purchaser shall be subject to the receipt by the Company of reasonable assurances from the Purchaser that the Purchaser will comply with the applicable provisions of the Securities
Act and of such other securities or blue sky laws as may be applicable in connection with any use of such prospectuses; 
  

 16 

 (e) file documents required of the Company for normal blue sky clearance in states specified in writing
by the Purchaser; provided, however, that the Company shall not be required to qualify to do business or consent to service of process in any jurisdiction in which it is not now so qualified or has not so consented; 
 (f) bear all expenses in connection with the procedures in paragraphs (a) through (e) of this Section 7.1 and the registration of the
Registrable Securities pursuant to the Registration Statement, other than fees and expenses, if any, of counsel or other advisers to the Purchaser or the Other Purchasers or underwriting discounts, brokerage fees and commissions incurred by the
Purchaser or the Other Purchasers, if any; 
 (g) advise the Purchaser promptly, but in any event within two business days by e-mail, fax or
other type of communication, and, if requested by such person, confirm such advice in writing: (i) after it shall receive notice or obtain knowledge of the issuance of any stop order by the SEC delaying or suspending the effectiveness of the
Registration Statement or of the initiation or threat of any proceeding for that purpose, or any other order issued by any state securities commission or other regulatory authority suspending the qualification or exemption from qualification of such
Registrable Securities under state securities or “blue sky” laws; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or other order or to obtain its withdrawal at the earliest possible
moment if such stop order or other order should be issued; (ii) when the Prospectus or any supplements to or amendments of the Prospectus have been filed, and, with respect to the Registration Statement or any post-effective amendment thereto,
when the same has become effective; and (iii) when the SEC notifies the Company whether there will be a “review” of such Registration Statement and whenever the SEC comments in writing on such Registration Statement (the Company shall
provide true and complete copies thereof and all written responses thereto to the Purchaser that pertain to the Purchaser as a Selling Stockholder or to the Plan of Distribution, but not information which the Company believes would constitute
material and non-public information); 
 (h) unless otherwise agreed to by holders of a majority of the Registrable Securities held by the
Purchaser and all Other Purchasers, neither the Company nor any of its securities holders may include securities of the Company (other than the Shares) in any Registration Statement filed pursuant to this Agreement and the Company shall not after
the date hereof enter into any agreement in contravention of the foregoing; 
 (i) not less than three business days prior to the filing of
the Registration Statement or any related Prospectus or any amendment or supplement thereto, the Company shall furnish to the Purchaser copies of the “Selling Stockholders” section of such document, the “Plan of Distribution,”
any risk factor contained in such document that addresses specifically this transaction or the Selling Stockholders, as proposed to be filed, which documents will be subject to the review and comment of the Purchaser and its counsel; provided that,
the failure of any Purchaser or his, her or its counsel to respond to such proposed documents within two business days after receipt thereof shall be deemed approval of same; 
 (j) respond as promptly as practicable to any comments received from the SEC with respect to each Registration Statement or any amendment thereto and, as
promptly as practicable provide the Purchaser true and complete copies of all correspondence from and to the SEC relating to such Registration Statement that would not result in the disclosure to the Purchaser of material and non-public information
concerning the Company; 
  

 17 

 (k) comply in all material respects with the provisions of the Securities Act, the Exchange Act and all
rules of the SEC promulgated thereunder with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement; 
 (l) take all other steps necessary to effect the registration of the Registrable Securities; and 
 (m) cooperate with the Purchaser to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to
a transferee pursuant to the Registration Statements, which certificates shall be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as the Purchaser may request;
provided, that, the delivery of such certificates shall be subject to the payment by the Purchaser of any transfer taxes, if applicable. 
 7.2 Transfer of Shares After Registration; Suspension. 
 (a) The Purchaser agrees that it will not effect any disposition of
the Shares or its right to purchase the Shares that would constitute a sale within the meaning of the Securities Act, except as contemplated in the Registration Statement referred to in Section 7.1 or in accordance with the Securities Act, and
that it will promptly notify the Company of any changes in the information set forth in the Registration Statement regarding the Purchaser, or the Registration Questionnaire or its plan of distribution. The Company shall not be required to include
any Shares held by the Purchaser in the Registration Statement if the Purchaser fails to complete, or update as needed, the Registration Questionnaire or provide the information requested in such Registration Questionnaire in accordance with this
Section 7.2. 
 (b) Except in the event that paragraph (c) below applies, the Company shall use commercially reasonable efforts to,
at all times during the Registration Period, promptly (i) prepare and file from time to time with the SEC a post-effective amendment to the Registration Statement or a supplement to the related Prospectus or a supplement or amendment to any
document incorporated therein by reference or file any other required document so that such Registration Statement will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not
misleading, and so that, as thereafter delivered to purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (ii) provide the Purchaser copies of any documents filed pursuant to Section 7.2(b)(i); and (iii) inform
the Purchaser that the Company has complied with its obligations in Section 7.2(b)(i) (or that, if the Company has filed a post-effective amendment to the Registration Statement which has not yet been declared effective, the Company will notify
the Purchaser to that effect, will use its commercially reasonable efforts to secure the effectiveness of such post-effective amendment as promptly as possible and will promptly notify the Purchaser pursuant to Section 7.2(b)(iii) hereof when
the amendment has become effective). 
  

 18 

 (c) In the event of (i) any request by the SEC or any other federal or state governmental authority
during the period of effectiveness of the Registration Statement for amendments or supplements to a Registration Statement or related Prospectus or for additional information; (ii) the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose; (iii) the receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) any event or circumstance which necessitates the making
of any changes in the Registration Statement or Prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, then the Company shall deliver a notice in writing to the Purchaser (the “Suspension Notice”) to the
effect of the foregoing and, upon receipt of such Suspension Notice, the Purchaser will refrain from selling any Registrable Securities pursuant to the Registration Statement (a “Suspension”) until the Purchaser’s receipt of
notification from the Company that the Prospectus supplement or amendment has been filed by the Company, or until it is advised in writing by the Company that the current Prospectus may be used. In the event of any Suspension, the Company will use
its commercially reasonable efforts, consistent with the best interests of the Company and its stockholders, to cause the use of the Prospectus so suspended to be resumed as soon as reasonably practicable after the delivery of a Suspension Notice to
the Purchaser. 
 7.3 Indemnification. For the purpose of this Section 7.3: (i) the term “Purchaser/Affiliate”
shall include the Purchaser and any affiliate (as such term is defined pursuant to Rule 12b-2 promulgated under the Exchange Act) of such Purchaser; (ii) the term “Registration Statement” shall include any preliminary or final
prospectus, exhibit, supplement or amendment included in or relating to the Registration Statement referred to in Section 7.1; and (iii) the term “Rules and Regulations” means the rules and regulations promulgated under the
Securities Act. 
 (a) The Company agrees to indemnify, defend and hold harmless each of the Purchasers, their respective officers,
directors, agents, investment advisors, partners, members, stockholders and employees and each person, if any, who controls any Purchaser (or any such person) within the meaning of the Securities Act, against any losses, claims, damages,
liabilities, costs, or expenses, joint or several, to which such Purchasers or any of such controlling persons may become subject, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common
law or otherwise (including in settlement of any litigation, if such settlement is effected in accordance with Section 7.3(d) below), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as
contemplated below) arise out of or are based upon (i) any untrue statement or alleged 
  

 19 

 untrue statement of any material fact contained in the Registration Statement, including the prospectus, financial
statements and schedules, and all other documents filed as a part thereof, as amended at the time of effectiveness of the Registration Statement, including any information deemed to be a part thereof as of the time of effectiveness pursuant to
paragraph (b) of Rule 430A, or pursuant to Rule 434 of the Rules and Regulations, or the prospectus, in the form first filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations, or filed as part of the Registration
Statement at the time of effectiveness if no Rule 424(b) filing is required (the “Prospectus”), or any amendment or supplement thereto, or (ii) the omission or alleged omission to state in any of them a material fact required to be
stated therein or necessary to make the statements in any of them, in light of the circumstances under which they were made, not misleading, or (iii) in whole or in part on any inaccuracy in the representations and warranties of the Company
contained in this Agreement, or any failure of the Company to perform its obligations hereunder or under law, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, as amended, state blue sky
securities laws or any rule or regulation promulgated thereunder, and will reimburse each Purchaser and each such controlling person for any legal and other expenses as such expenses are reasonably incurred by such Purchaser or such controlling
person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the Company will not be liable in any such case to the extent that any such
loss, claim, damage, liability or expense arises out of or is based upon (i) an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Prospectus or any amendment or supplement
thereto in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Purchaser expressly for use therein or (ii) the failure of such Purchaser to comply with the covenants and agreements contained
in Sections 5 or 7.3 hereof respecting sale of the Registrable Securities or (iii) the inaccuracy of any representations made by such Purchaser herein. 
 (b) Each Purchaser will severally, and not jointly, indemnify, defend and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any, who
controls the Company within the meaning of the Securities Act, against any losses, claims, damages, liabilities or expenses to which the Company, each of its directors, each of its officers who signed the Registration Statement or controlling person
may become subject, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected in accordance with
Section 7.3(d) below), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) arise out of or are based upon (i) any failure by such Purchaser to comply with the covenants and
agreements contained in Sections 5 or 7.2 hereof respecting the sale of the Registrable Securities or (ii) the inaccuracy of any representation made by such Purchaser herein or (iii) any untrue or alleged untrue statement of any material
fact contained in the Registration Statement, the Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Prospectus, or any amendment or supplement thereto, in
reliance upon and in conformity with written information furnished to the Company by or on behalf of such Purchaser expressly for use therein, and will reimburse the Company, each of its directors, 
  

 20 

 each of its officers who signed the Registration Statement or controlling person for any legal and other expense
reasonably incurred by the Company, each of its directors, each of its officers who signed the Registration Statement or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage,
liability, expense or action; provided, however, that the Purchaser shall not be liable for any such untrue statement or omission of which the Purchaser has delivered to the Company in writing a correction at least five business days before the
occurrence of the transaction from which such loss was incurred. No Purchaser shall be liable for the indemnification obligations of any other Purchaser. Notwithstanding the provisions of this Section 7.3(b), in no event shall any Purchaser be
liable for any indemnification obligation under this Section 7.3(b) in any amount in excess of the amount of net proceeds from the sale by such Purchaser of the Registrable Securities. 
 (c) Promptly after receipt by an indemnified party under this Section 7.3 of notice of the threat or commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 7.3, promptly notify the indemnifying party in writing thereof; but the omission so to notify the indemnifying party will not relieve it
from any liability which it may have to any indemnified party for contribution or otherwise under the indemnity agreement contained in this Section 7.3 to the extent it is not materially prejudiced as a result of such failure. In case any such
action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly with
all other indemnifying parties similarly notified, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded that there may be a conflict between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be
legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such
legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election so to assume the defense of such
action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 7.3 for any legal or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof unless (i) the indemnified party shall have employed such counsel in connection with the assumption of legal defenses in accordance with the proviso to the preceding sentence (it being understood, however, that the
indemnifying party shall not be liable for the expenses of more than one separate counsel, approved by such indemnifying party in the case of paragraph (a) (such approval not to be unreasonably withheld), representing the indemnified parties
who are parties to such action) or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of action,
in each of which cases the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party. 
 (d) The indemnifying
party shall not be liable for any settlement of any action, claim, suit, investigation, inquiry or proceeding (including, without limitation, any 
  

 21 

 shareholder or derivative action or arbitration proceeding, whether commenced or threatened (collectively, a
“Proceeding”) effected without its written consent, which consent shall not be unreasonably withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending Proceeding
in respect of which any indemnified party is a party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding. 
 (e) If a claim for indemnification under this Section 7.3 is unavailable to an indemnified party (by reason of public policy or otherwise), then
each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of any losses, claims, damages, liabilities or expenses referred to in this Agreement, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified party in connection with the actions, statements or omissions that resulted in such losses, claims, damages, liabilities or expenses as well as
any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any losses, claims, damages, liabilities or expenses shall be deemed to include, subject to the limitations
set forth in this Section 7.3, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any proceeding to the extent such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in accordance with its terms. 
 (f) The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 7.3 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 7.3, no Purchaser shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds from the sale of Registrable
Securities by the Purchaser exceeds the amount of any damages that the Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No party to this Agreement guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any other party to this Agreement who was not guilty of such fraudulent misrepresentation. 
 7.4 Termination of Conditions and Obligations. The restrictions imposed by Section 5 or this Section 7 upon the transferability of the
Registrable Securities shall cease and terminate as to any particular number of the Shares upon the passage of twenty-four months from the effective date of the Registration Statement covering such Shares or at such time as an opinion of counsel
satisfactory in form and substance to the Company shall have been rendered to the effect that such conditions are not necessary in order to comply with the Securities Act. 
  

 22 

 7.5 Information Available. So long as the Registration Statement is required to be effective
covering the resale of Registerable Shares owned by the Purchaser, the Company will: 
 (a) furnish to the Purchaser, as soon as practicable
after available (but in the case of the Company’s Annual Report to Stockholders, within 120 days after the end of each fiscal year of the Company), one copy of (i) its Annual Report to Stockholders (which Annual Report shall contain
financial statements audited in accordance with generally accepted accounting principles by a national firm of certified public accountants), (ii) if not included in substance in the Annual Report to Stockholders, its Annual Report on Form
10-K, (iii) if not included in substance in its Quarterly Reports to Shareholders, its quarterly reports on Form 10-Q, and (iv) a full copy of the particular Registration Statement covering the Registerable Securities (the foregoing, in
each case, excluding exhibits); 
 (b) upon the reasonable request of the Purchaser, furnish to the Purchaser a reasonable number of copies
of the prospectuses to supply to any other party requiring such prospectuses; 
 (c) comply with the requirements of Rule 144(c) under the
Securities Act with respect to current public information about the Company; 
 (d) file with the SEC in a timely manner all reports and
other documents required of the Company under the Securities Act and the Exchange Act (at any time it is subject to such reporting requirements); 
 (e) upon the reasonable request of the Purchaser, meet with the Purchaser or a representative thereof at the Company’s headquarters to discuss information relevant for disclosure in the Registration Statement covering the Registrable
Securities subject to appropriate confidentiality limitations. 
 7.6 Registration of Other Shares. Notwithstanding anything contained
herein to the contrary and for the avoidance of doubt, the parties hereto acknowledge that (a) the Company has granted registration rights to Other Purchasers with respect to Shares, and (b) any Registration Statement prepared, filed and
made effective under this Section 7 may also cover the resale of such other securities. 
 Section 8. Placement Agent’s
Fees. The Purchaser acknowledges that (i) the Company has engaged and authorized the Placement Agents in connection with the transactions contemplated by this Agreement, (ii) the Company shall pay the Placement Agents a commission and
reimburse certain of the Placement Agents’ expenses, (iii) the Company shall indemnify and hold harmless the Purchaser from and against all fees, commissions or other payments owing by the Company to the Placement Agents or any other
person or firm acting on behalf of the Company hereunder and (iv) registered representatives of the Placement Agents and/or their designees may be paid a portion of the commissions paid to the Placement Agents. 
 Section 9. Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be mailed by first-class
registered or certified airmail, confirmed facsimile or nationally recognized overnight express courier postage prepaid, and shall be deemed given when so mailed and shall be delivered as addressed as follows: 
  

 23 

	 	(a)	if to the Company, to: 

 IBERIABANK Corporation

 200 West Congress Street 
 Lafayette, LA 70501 
 Attn: Daryl G. Byrd 
     President and Chief Executive Officer 
 Fax: (337) 268-4031 
   with a copy to: 
 Jones,
Walker, Waechter, Poitevent, Carrère & Denègre, L.L.P. 
             2600 Virginia Avenue, Suite 1113 
 Washington, DC 20037

 Attn: Edward B. Crosland, Jr., Esq. 
 Fax: (202) 944-1109 
 or to such other person at such other place as the Company shall designate to the Purchaser in writing;
and 
 (b) if to the Purchaser, at its address as set forth on the Purchaser’s signature page, or at such other address or addresses as
may have been furnished to the Company in writing. 
 Section 10. Changes. This Agreement may not be modified or amended except
pursuant to an instrument in writing signed by the Company and the Purchaser. 
 Section 11. Headings. The headings of the various
sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 
 Section 12. Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not
in any way be affected or impaired thereby. 
 Section 13. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York and the federal law of the United States of America. 
 Section 14. Entire
Agreement. This Agreement and the documents referenced herein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings among the parties. 
 Section
15. Finders Fees. Neither the Company nor the Purchaser nor any affiliate thereof has incurred any obligation which will result in the obligation of the other party to pay any finder’s fee or commission in connection with this
transaction, except for fees payable by the Company to the Placement Agent. 
  

 24 

 Section 16. Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors, heirs, executors and administrators and permitted assigns of the parties hereto. With respect to transfers that are not made pursuant to the Registration Statement or Rule 144 (but are otherwise made in accordance with all
applicable laws and the terms of this Agreement), the rights and obligations of the Purchaser under this Agreement shall be automatically assigned by the Purchaser to any transferee of all or any portion of the Purchaser’s Shares who is a
Permitted Transferee (as defined below); provided, however, that within two business days prior to the transfer, (i) the Company is provided written notice of the transfer including the name and address of the transferee and the number of
Shares as applicable to be transferred; and (ii) that such transferee agrees in writing to be bound by the terms of this Agreement as if such transferee were the Purchaser. (For purposes of this Agreement, a “Permitted Transferee”
shall mean any person or entity who (a) an “accredited investor” within the meaning under paragraph (a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Rule 501 of Regulation D promulgated under the Securities Act and/or a “qualified
institutional buyer” within the meaning under paragraph (a)(1) of Rule 144A promulgated under the Securities Act and (b) receives the Shares in a transaction which is in compliance with the Federal and applicable state securities law. Upon
any transfer permitted by this Section 16, the Company shall be obligated to such transferee to perform all of its covenants under this Agreement as if such transferee was the Purchaser. 
 Section 17. Expenses. The Company and the Purchaser shall bear its or his own expenses in connection with the preparation and negotiation of the
Agreement. 
 Section 18. Third Party Rights. Except as explicitly set forth in this Agreement, nothing in this Agreement shall create
or be deemed to create any rights in any person or entity not a party to this Agreement. Notwithstanding the foregoing, the Placement Agents shall be deemed to be third-party beneficiaries of the representations, warranties and covenants made by the
Company and the Purchaser herein. 
 Section 19. No Waiver. It is agreed that a waiver by either party of a breach of any provision of
this Agreement shall not operate, or be construed, as a waiver of any subsequent breach by that same party. 
 Section 20. Further
Assurances. The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 Section 21. Independent Nature of Purchasers’ Obligations and Rights. The obligations of each of the Purchaser and the Other
Purchasers that is participating in the offering of the Shares are several and not joint. The decision of each of the Purchaser and the Other Purchasers to purchase Shares pursuant to this Agreement has been made by such Purchaser independently of
any Other Purchaser. Nothing contained herein and no action taken by Purchaser shall be deemed to constitute the Purchaser and the Other Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Purchaser and the Other Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Purchaser acknowledges that no Other Purchaser has acted as
agent for such Purchaser in connection with making its investment hereunder and 
  

 25 

 that no Other Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the
Shares or enforcing its rights under this Agreement. Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement and it shall not be necessary for any Other
Purchaser to be joined as an additional party in any proceeding for such purpose. The Company acknowledges that each of the Purchaser and the Other Purchasers has been provided with this Agreement for the purpose of closing a transaction with
multiple Purchasers and not because it was required or requested to do so by the Purchaser or the Other Purchasers. 
 Section 22.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more
counterparts have been signed by each party hereto and delivered to the other parties. Facsimile signatures should be deemed originals for all purposes hereunder. 
  

 26 

 COMPANY SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT 
 IN WITNESS WHEREOF, the parties have caused this Stock Purchase Agreement to be duly executed as of the date first written above. 
  

			
	IBERIABANK CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Amount of Subscription
	Accepted $                     

  

 27 

 PURCHASER SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT 
  

			
	[PURCHASER NAME]
	
	  
 (print full legal name of
Purchaser)

		
	By:	 	  

	(signature of authorized representative)
	Name:	 	  

	Its:	 	  

	Address:	 	  

		 	  

		 	  

		
	Telephone:	 	  

		
	Email:	 	  

		
	Tax I.D.:	 	  

	
	Address where Shares should be sent (if different from above):
		 	  

		 	  

		 	  

	
	NUMBER OF SHARES SUBSCRIBED FOR:
	
	  

	
	AGGREGATE PURCHASE PRICE:
	
	  

  

 28 

 SUMMARY INSTRUCTION SHEET FOR PURCHASER 
 (to be read in conjunction with the entire 
 Purchase Agreement which follows) 
  

	A.	Complete the following items: 

  

	 	1.	Page 28 of the Purchase Agreement – Purchaser Signature Page 

  

	 	2.	Appendix I - Stock Certificate Questionnaire and Registration Questionnaire. 

  

	B.	Please fax a copy of BOTH the properly completed and signed Purchase Agreement and Appendix I, and return the originals by overnight mail, to: 

 John Davis 
 Senior Executive Vice President

 IBERIABANK Corporation 
 200
West Congress Street 
 Lafayette, Louisiana 70501 
 Tel: (337) 521-4005 
 Fax: (337) 268-4031 
  

	C.	Instructions regarding the transfer of funds for the purchase of Shares will be sent by facsimile to the Purchaser at a later date. 

  

	D.	Upon the resale of the Shares by the Purchasers after the Registration Statement covering the Shares is effective, as described in the Purchase Agreement, the Purchaser:

  

	 	(i)	must comply with the prospectus delivery requirements of the Securities Act of 1933, as amended, if applicable; and 

  

	 	(ii)	must notify the Company promptly of the sale of all of its Shares. 

 Appendix I 
 (part one of two) 
 IBERIABANK CORPORATION 
 STOCK CERTIFICATE QUESTIONNAIRE 
 Pursuant to Section 3 of
the Agreement, please provide us with the following information: 
  

			
	 1.      The exact name that your Shares are to be registered in (this is the name that will appear on your stock
certificates)). You may use a nominee name if appropriate:
	 	  

		
	 2.      The relationship between the Purchaser of the Shares and the registered holder listed in response to
Item 1 above:
	 	  

		
	 3.      The mailing address of the registered holder listed in response to Item 1 above:
	 	  

		
		 	  

		
		 	  

		
		 	  

		
	 4.      The Tax Identification Number of the registered holder listed in response to Item 1
above:
	 	  

 Appendix I 
 (part two of two) 
 IBERIABANK CORPORATION 
 REGISTRATION QUESTIONNAIRE 
 The undersigned beneficial owner of common
stock (the “Common Stock”), of IBERIABANK Corporation (the “Company”) understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a Registration Statement for
the registration and resale of the Registrable Securities, in accordance with the terms of the Stock Purchase Agreement (the “Stock Purchase Agreement”), among the Company and the Purchasers named therein. A copy of the Stock Purchase
Agreement is available from the Company upon request at the address set forth below. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Stock Purchase Agreement. The undersigned hereby
provides the following information to the Company and represents and warrants that such information is accurate: 
 QUESTIONNAIRE

  

	1.	Name. 

  

	 	(a)	Full Legal Name of Selling Securityholder 

 ____________________________________________________________________________________ 
  

	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities listed in Item 3 below are held: 

 ____________________________________________________________________________________ 
  

	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by the
questionnaire): 

 ____________________________________________________________________________________ 
  

	2.	Address for Notices to Selling Securityholder: 

 _______________________________________________________________________________________________ 
 _______________________________________________________________________________________________ 
 _______________________________________________________________________________________________ 
 Telephone:
______________________________________________________________________________________ 
 Fax:
____________________________________________________________________________________________ 
 Contact Person:
___________________________________________________________________________________ 

	3.	Beneficial Ownership of Registrable Securities: 

 Type and Principal Amount of Registrable Securities beneficially owned: 
 ______________________________________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________________________________ 
  

	4.	Broker-Dealer Status: 

  

	 	(a)	Are you a broker-dealer? 

 Yes       ̈            No     ̈ 
 Note:    If yes, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement. 
  

	 	(b)	Are you an affiliate of a broker-dealer? 

 Yes       ̈            No     ̈ 
  

	 	(c)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the
Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities? 

 Yes       ̈            No     ̈ 
 Note:    If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement. 
  

	5.	Beneficial Ownership of Other Securities of the Company Owned by the Selling Securityholder. 

 Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than
the Registrable Securities listed above in Item 3. 
 Type and Amount of other securities of the Company beneficially owned by the
Selling Securityholder: 
 ______________________________________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________________________________ 
  

 2 

	6.	Relationships with the Company: 

 Except as set
forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material
relationship with the Company (or its predecessors or affiliates) during the past three years. 
 State any exceptions here: 

______________________________________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________________________________ 
 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and
prior to the effective date for the Registration Statement. 
 By signing below, the undersigned consents to the disclosure of the information contained
herein in its answers to Items 1 through 6 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the
preparation or amendment of the Registration Statement and the related prospectus. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused
this Registration Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

									
	Dated:	 	  
	 		 	Beneficial Owner: _____________________________
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED REGISTRATION 
 QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO: 
  

					
		 	 John Davis
 Senior Executive Vice President

IBERIABANK Corporation
 200 West Congress Street
 Lafayette, Louisiana 70501
 Tel: (337) 521-4005
 Fax: (337) 268-4031
	 	

  

 3

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