Document:

Exhibit

Exhibit 10.13

RESTRICTED STOCK UNIT AWARD NOTICE - PERFORMANCE 
UNDER THE QUALTRICS INTERNATIONAL INC. 
2014 STOCK OPTION AND GRANT PLAN
Pursuant to the Qualtrics International Inc. 2014 Stock Option and Grant Plan (the “Plan”), Qualtrics International Inc., a Delaware corporation (the “Company”), hereby grants to the grantee set forth below (the “Grantee”), an award of the  number of Restricted Stock Units (an “Award”) indicated below, subject to the terms and conditions set forth in this Restricted Stock Unit Grant Notice (the “Award Notice”)  the attached Restricted Stock Unit Award Agreement (this “Agreement”) and in the Plan.  Each Restricted Stock Unit shall relate to one share of Class B Common Stock, par value $0.0001 per share, of the Company (“Share”).  
	
		
	Grantee:
	[            ]

	 
	 

	No. of Restricted Stock Units:
	[            ]

	 
	 

	Grant Date:
	[                , 2018]

	 
	 

	Expiration Date:
	[                , 2025]
[7 years from Grant Date]

	 
	 

	Vesting Commencement Date:
	[            ]

	 
	 

	Vesting Schedule:
	In accordance with Section 1 of the Agreement, the Restricted Stock Units shall be subject to both a performance/time-based vesting schedule and performance (liquidity) vesting:

(a) Performance/Time-Based Vesting Schedule: The Restricted Stock Units shall satisfy the Time Condition (as defined in the Agreement) as follows:
		
	i.
	For purposes of this subsection (a)(i) only, “Vesting Date” shall mean either the one-year anniversary, the two-year anniversary, the three-year anniversary, the four-year anniversary or the five-year anniversary of the Vesting Commencement Date.  [            ] of the Restricted Stock Units shall satisfy the Time Condition on a Vesting Date if the Company’s Stock has a 90-day rolling average trading price on the public markets of at least $17.78/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date) at any point during the twelve months immediately preceding 

that Vesting Date, provided the Grantee continues to have a Service Relationship with the Company as a [            ] on such Vesting Date.  In the case of a Sale Event, if no vesting has yet occurred under this subsection (a)(i), then such [            ] of the Restricted Stock Units shall satisfy the Time Condition on the date of such Sale Event if the Sale Price (as defined in the Plan) is at least $17.78/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date), provided the Grantee continues to have a Service Relationship with the Company as a [            ] immediately prior to such Sale Event.  For the avoidance of doubt, if a vesting occurs under this subsection (a)(i), then no additional vesting will occur under this subsection (a)(i) at any time thereafter.
		
	ii.
	For purposes of this subsection (a)(ii) only, “Vesting Date” shall mean either the two-year anniversary, the three-year anniversary, the four-year anniversary or the five-year anniversary of the Vesting Commencement Date.  [            ] of the Restricted Stock Units shall satisfy the Time Condition on a Vesting Date if the Stock has a 90-day rolling average trading price on the public markets of at least $22.22/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date) at any point during the twelve months immediately preceding that Vesting Date, provided the Grantee continues to have a Service Relationship with the Company as a [            ] on such Vesting Date.  In the case of a Sale Event, if no vesting has yet occurred under this subsection (a)(ii), then such 450,000 of the Restricted Stock Units shall satisfy the Time Condition on the date of such Sale Event if the Sale Price is at least $22.22/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date), provided the Grantee continues to have a Service Relationship with the Company as a [            ] immediately prior to such Sale Event.  For the avoidance of doubt, if a vesting occurs under this subsection (a)(ii), then no additional vesting will occur under this subsection (a)(ii) at any time thereafter.

		
	iii.
	For purposes of this subsection (a)(iii) only, “Vesting Date” shall mean either the three-year anniversary, the four-year anniversary or the five-year anniversary of the Vesting Commencement Date.  [            ] of the Restricted Stock Units shall satisfy the Time Condition on a Vesting Date if the Stock has a 90-day rolling average trading price on the public markets of at least $26.67/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date) at any point during the twelve months immediately preceding that Vesting Date, provided the Grantee continues to have a Service Relationship with the Company as a [            ] on such Vesting Date.  In the case of a Sale Event, if no vesting has yet occurred under this subsection (a)(iii), then such [            ] of the Restricted Stock Units shall satisfy the Time Condition on the date of such Sale Event if the Sale Price is at least $26.67/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date), provided the Grantee continues to have a Service Relationship with the Company as a [            ] immediately prior to such Sale Event.  For the avoidance of doubt, if a vesting occurs under this subsection (a)(iii), then no additional vesting will occur under this subsection (a)(iii) at any time thereafter.

		
	iv.
	For purposes of this subsection (a)(iv) only, “Vesting Date” shall mean either the four-year anniversary or the five-year anniversary of the Vesting Commencement Date.  [            ] of the Restricted Stock Units shall satisfy the Time Condition on a Vesting Date if the Stock has a 90-day rolling average trading price on the public markets of at least $31.11/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date) at any point during the twelve months immediately preceding that Vesting Date, provided the Grantee continues to have a Service Relationship with the Company as a [            ] on such Vesting Date.  In the case of a Sale Event, if no vesting has yet occurred under this subsection (a)(iv), then such [            ] of the Restricted Stock Units shall satisfy the Time Condition on the date of such Sale Event if the Sale Price is at least $31.11/Share (as adjusted for any stock splits, 

stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date), provided the Grantee continues to have a Service Relationship with the Company as a [            ] immediately prior to such Sale Event.  For the avoidance of doubt, if a vesting occurs under this subsection (a)(iv), then no additional vesting will occur under this subsection (a)(iv) at any time thereafter.
		
	v.
	For purposes of this subsection (a)(v) only, “Vesting Date” shall mean the five-year anniversary of the Vesting Commencement Date.  [            ] of the Restricted Stock Units shall satisfy the Time Condition on a Vesting Date if the Stock has a 90-day rolling average trading price on the public markets of at least $35.56/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date) at any point during the twelve months immediately preceding that Vesting Date, provided the Grantee continues to have a Service Relationship with the Company as a [            ] on such Vesting Date.  In the case of a Sale Event, if no vesting has yet occurred under this subsection (a)(v), then such 450,000 of the Restricted Stock Units shall satisfy the Time Condition on the date of such Sale Event if the Sale Price is at least $35.56/Share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like after the Grant Date), provided the Grantee continues to have a Service Relationship with the Company as a [            ] immediately prior to such Sale Event.  For the avoidance of doubt, if a vesting occurs under this subsection (a)(v), then no additional vesting will occur under this subsection (a)(v) at any time thereafter.

(b) Performance (Liquidity) Vesting: The Restricted Stock Units shall satisfy the performance vesting on the first to occur of (i) immediately prior to a Sale Event or (ii) the Company’s Initial Public Offering, in either case, occurring prior to the Expiration Date.
Attachments:  Restricted Stock Unit Agreement, 2014 Stock Option and Grant Plan

RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE 
UNDER THE QUALTRICS INTERNATIONAL INC.  
2014 STOCK OPTION AND GRANT PLAN
All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Restricted Stock Unit Award Notice and the Plan.
1.Conditions and Vesting of Restricted Stock Units.  The Restricted Stock Units are subject to both a performance/time-based condition (the “Time Condition”) and performance (liquidity)-based vesting (the “Performance Vesting”) described in paragraphs (a) and (b) below, both of which must be satisfied prior to the Expiration Date before the Restricted Stock Units will be deemed vested and may be settled in accordance with Section 3 of this Agreement. 
(a)    Time Condition. The Time Condition shall be satisfied in accordance with the Performance/Time-Based Vesting Schedule set forth in the Award Notice.   
(b)    Performance Vesting. The Restricted Stock Units shall only satisfy the Performance Vesting on the first to occur of (i) immediately prior to a Sale Event or (ii) the Company’s Initial Public Offering, in either case, occurring prior to the Expiration Date. 
(c)    Vesting Date.  Each date as of which both the Time Condition and Performance Vesting described in paragraphs (a) and (b) have been satisfied with respect to any Restricted Stock Units shall be referred to as a “Vesting Date.”  No Vesting Date shall occur after the Expiration Date. To the extent the Restricted Stock Units have not satisfied both the Time Condition and the Performance Vesting, such Restricted Stock Units shall expire and be of no further force or effect on the Expiration Date. 
2.Termination of Service Relationship. If the Grantee’s Service Relationship with the Company terminates for any reason (including death or disability) prior to the satisfaction of the Performance Vesting set forth in Section 1(b) above, all Restricted Stock Units (whether or not such Restricted Stock Units have satisfied the Time Condition as of such date) shall automatically and without notice terminate and be forfeited, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such forfeited Restricted Stock Units.  If the Grantee’s Service Relationship with the Company as a [            ] terminates for any reason (including death or disability) following the satisfaction of the Performance Vesting but prior to the satisfaction of the Time Condition set forth in Section 1(a) above, any Restricted Stock Units that have not satisfied the Time Condition as of such date shall automatically and without notice terminate and be forfeited, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such forfeited Restricted Stock Units.  
3.Receipt of Shares of Stock. As soon as practicable following each Vesting Date, but in no event later than March 15th of the year following the calendar year in which the Vesting Date occurs, the Company shall issue to the Grantee the number of Shares equal to the 

aggregate number of Restricted Stock Units that have satisfied the Time Condition and Performance Vesting pursuant to Section 1 of this Agreement on such Vesting Date and the Grantee shall thereafter have all the rights of a stockholder of the Company with respect to such Shares.
4.Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Award shall be subject to and governed by all the terms and conditions of the Plan.
5.Transfer Restrictions.  
(a)    Award Not Transferrable.  The Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee.  
(b)    Beneficiary Designation. This Award is personal to the Grantee.  The Grantee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company and may revoke or change such designation at any time by filing written notice of revocation or change with the Company.  Such beneficiary may be entitled to benefits under this Award in the event of the death of the Grantee after a Vesting Date but before the settlement of this Award in accordance with the terms and conditions of this Award.  If the Grantee does not designate a beneficiary, or if the designated beneficiary predeceases the Grantee, the legal representative of the Grantee or the Grantee’s estate shall be the beneficiary.
(c)    Restrictions on Transfer of Shares.  The Shares acquired upon settlement of the Restricted Stock Units may not be sold, transferred or otherwise encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Section 1 of this Agreement and (ii) Shares have been issued to the Grantee in accordance with the terms of the Plan and this Agreement.  In addition, the Shares acquired upon settlement of the Restricted Stock Units shall be subject to the restrictions contained in Section 9 of the Plan. 
(d)    Lock-Up. If requested by the Company, a Grantee shall not sell or otherwise transfer or dispose of any Shares (including, without limitation, pursuant to Rule 144 under the Act) held by him or her for such period following the effective date of a public offering by the Company of Shares as the Company shall specify reasonably and in good faith.  If requested by the underwriter engaged by the Company, the Grantee shall execute a separate letter confirming his or her agreement to comply with this Section.
6.Tax Withholding. 
(a)    Grantee Responsible for Tax-Related Items.  Regardless of any action that the Company or the Grantee’s actual employer or a Subsidiary or affiliate of the Company with which the Grantee has a Service Relationship if the Grantee is a consultant (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account, or other tax-related items related to the Grantee’s participation in the Plan and legally applicable to him or her (“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  The Grantee further acknowledges that the 

Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, without limitation, the grant, vesting, or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such issuance, and the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax result.  The Grantee shall not make any claim against the Company or its Board of Directors, officers or employees related to Tax-Related Items arising from this Award or the Grantee’s other compensation.  Furthermore, if the Grantee has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, the Grantee acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
(b)    Withholding. The Grantee shall, not later than the date as of which the receipt or settlement of this Award becomes a taxable event for Federal income tax purposes, satisfy any Federal, state, and local taxes required by law to be withheld on account of such taxable event. Such withholding shall be satisfied, in the Company’s sole discretion, (i) by the Company withholding from Shares to be issued to the Grantee a number of Shares with an aggregate Fair Market Value that would satisfy the minimum withholding amount due; (ii) with respect to a Grantee who is not an executive officer or director of the Company nor subject to the reporting requirements of Section 16 of the Exchange Act at the time of such withholding, by the Company causing its transfer agent to sell from the number of shares of Stock to be issued to the Grantee, the number of shares of Stock necessary to satisfy the Federal, state and local taxes required by law to be withheld from the Grantee on account of such transfer; or (iii) by requiring the Grantee to pay to the Company, or make arrangements satisfactory to the Committee for payment of, the required tax withholding obligation. 
7.Section 409A of the Code.  This Award is intended to constitute a “short term deferral” for purposes of Section 409A of the Code to the greatest extent possible and the Award will be administered and interpreted in accordance with that intent.  To the extent that any provision of this Agreement is ambiguous as to its exemption from Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from Section 409A of the Code.  Solely for purposes of Section 409A of the Code, each issuance of Shares on (or shortly following) a Vesting Date shall be considered a separate payment.  The Company makes no representation or warranty and shall have no liability to the Grantee or any other person if any provisions of this Award are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
8.Miscellaneous Provisions.
(a)    Equitable Relief.  The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this Agreement and that equitable relief, 

including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.
(b)    Adjustments for Changes in Capital Structure.  If, as a result of any reorganization, recapitalization, reincorporation, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Shares, the outstanding Shares are increased or decreased or are exchanged for a different number or kind of securities of the Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Grantee in exchange for, or by virtue of his or her ownership of, this Award or Shares acquired pursuant thereto.
(c)    Change and Modifications.  This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its terms be effective.  This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee.
(d)    Governing Law.  This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of Utah, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Utah.
(e)    Headings.  The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement.
(f)    Saving Clause.  If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.
(g)    Notices.  All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid.  Notices to the Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 
(h)    Benefit and Binding Effect.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors, permitted assigns, and legal representatives.  The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment.
(i)    Counterparts.  For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

(j)    Integration.  This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter.
9.Acknowledgements of the Grantee. 
(a)    The Grantee represents and agrees that the Shares to be acquired upon settlement of this Award will be acquired for investment, and not with a view to the sale or distribution thereof. 
(b)    In the event that the sale or issuance of Shares under the Plan is not registered under the Securities Act but an exemption is available that requires an investment representation or other representation, the Grantee shall represent and agree at the time of settlement of this Award resulting in the transfer of Shares that the Shares being acquired are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel. 
(c)    Neither the Company nor any Subsidiary or affiliate is obligated by or as a result of the Plan or this Agreement to continue the Grantee’s Service Relationship, and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary or affiliate to terminate the Service Relationship of the Grantee at any time. 
(d)    The Grantee understands that the Shares may not be registered under the Securities Act (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof).  
(e)    The Grantee understands and agrees that he or she may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 5(d) hereof.
[SIGNATURE PAGE FOLLOWS]

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

	
		
	Qualtrics International, Inc.

	 
	 

	By:
	 

	 
	 

	Name:
	 

The undersigned hereby acknowledges receiving and reviewing a copy of the Plan and understands that the Award granted hereby is subject to the terms of the Plan and of this Agreement.  The undersigned also hereby acknowledges and agrees that the Shares are subject to transfer restrictions as set forth in this Agreement and in the Plan. This Agreement is hereby accepted, and the terms and conditions thereof and of the Plan, are hereby agreed to, by the undersigned as of the date first above written.
	
				
	GRANTEE (Sign):
	 

	 
	 
	 
	 

	Printed name:
	 
	 

	 
	 
	 
	 

	Address:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

DESIGNATED BENEFICIARY (if Grantee wishes to designate beneficiary):
	
			
	Beneficiary Name:
	 

	 
	 
	 

	Address:Exhibit

Exhibit 10.1

RENASANT CORPORATION
PERFORMANCE BASED REWARDS PLAN

Renasant Corporation, a corporation organized and existing under the laws of the State of Mississippi (the “Company”), hereby establishes this Performance Based Rewards Plan, subject to the terms and conditions set forth below, effective for services rendered on and after January 1, 2019 (the “Effective Date”) (the “Plan”).

Section 1 – Purpose and Prior Arrangements: 

The purposes of the Plan are to: (a) provide an opportunity for annual cash incentives to eligible officers and employees of the Company, Renasant Bank (the “Bank”) and their respective Affiliates (as defined below); (b) attract and retain officers and employees; and (c) further align the interests of employees and officers with the interests of its shareholders.  This Plan is further intended to replace and supersede, as of the Effective Date, any other written or oral arrangement related to annual performance-based cash rewards plans for eligible employees maintained by the Company, the Bank or an Affiliate thereof (the “Prior Arrangements”).  For the avoidance of doubt, rewards earned and payable for services rendered prior to the Effective Date shall not be otherwise affected by the adoption of this Plan, and shall be and remain subject to the terms and conditions of the Prior Arrangement(s).  
 
Section 2 – Definitions:

2.1    “Affiliate” means any corporation or other form of entity of which the Company owns, from time to time, directly or indirectly, at least 80% of the total combined voting power of all classes of stock or other equity interests, including the Bank.  
    
2.2    “Award” means a cash payment made in accordance with the terms and conditions of the Plan.

2.3    “Board” means the Board of Directors of the Company.  

2.4    “Change in Control” shall have the meaning ascribed to such term in the Company’s 2011 Long-Term Incentive Compensation Plan, as the same may be amended, superseded or replaced from time to time. 

2.5    “Code” means the Internal Revenue Code of 1986, as amended, including any regulation, rule or other guidance promulgated thereunder. 

2.6    “Committee” means the Compensation Committee of the Board.

2.7    “Compensation” means regular, periodic base salary or, for those Eligible Employees who are paid on an hourly basis, “eligible compensation” as determined in accordance with the Bank’s standard payroll practices.  In either event, such amount (a) shall include customary deductions and deferrals made under the Bank’s Executive Deferred Income Plan, the Company’s Deferred Stock Unit Plan, the Bank’s tax-qualified retirement plan and any other plan of deferred compensation maintained by the Company or the Bank; and (b) shall exclude awards payable under this Plan or a Prior Arrangement or other incentive plan or arrangement, sign-on or retention bonuses, commissions, the value of equity-based compensation, and car and transportation allowances, cash perquisites, reimbursements and similar items.  Only Compensation actually paid while a Participant herein shall be taken into account for purposes of determining any Award payable hereunder. 

2.8    “Determination Date” means the last business day of the first calendar quarter of each Performance Year.  

2.9    “Disability” means that a Participant is receiving long-term disability benefits under a separate plan or policy maintained by the Company or an Affiliate.  

2.10    “Eligible Employee” means a regular, full-time, common law employee of the Company and/or its Affiliates, including officers, determined in accordance with the Company’s standard personnel policies and practices, but excluding: (a) employees who participate in the Retail Sales Incentive Plan, the Commercial/Business/Private Relationship Manager Incentive Plan or any other incentive or commission-based plan designated or administered by the Committee; (b) any employee who has been notified of a “performance improvement” or “job in jeopardy” action or is otherwise subject to disciplinary action; (c) any employee who has been excluded from this Plan by written contract or employment agreement; (d) any employee who scores less than a “3.0” on his or her performance evaluation immediately prior to the Payment Date (defined below); (e) any non-exempt employee hired during a Performance Year; (f) individuals who are classified by the Company or an Affiliate as leased or otherwise employed by a third party; (g) independent contractors or intermittent or temporary employees, even if any such classification is modified by audit, administrative proceeding, litigation or otherwise; and (h) employees who are covered under another short-term incentive plan or arrangement maintained by the Company or the Bank. The Committee (or its delegates as described in section 6.1) has the discretion to determine “Eligible Employees” hereunder, including the addition or omission of individuals or groups that would otherwise be, or not be, considered “Eligible Employees” pursuant to the above definition. 

2.11    “Enhancement” means a discretionary amount payable in addition to any amount determined under Section 4.2 hereof.  Enhancements shall not be provided in respect of an officer of the Company titled Senior Executive Vice President or above. 

2.12    “Participant” means an Eligible Employee who has been designated as such in respect of a Performance Year.  

2.13    “Payment Date” means the date designated by the Committee, but in no event later than the 15th day of the third calendar month following the end of each Performance Year unless the Company’s external auditors have not reviewed and approved the Company’s earnings for the Performance Year; in such event, the Payment Date shall mean the next payroll date following the external auditor’s final review and certification of the Company’s earnings.  

2.14    “Performance Measures” means financial or operational performance metrics related to the Company, the Bank, a subsidiary of the Company or the Bank, a division, unit, department or profit center of the Company or the Bank or an Affiliate thereof, a geographic region, an individual branch or any other corporate designation related to profitability or efficiency, which may be expressed as an absolute amount or an amount relative to a peer group designated by the Committee.  Metrics may include, but shall not be limited to: (a) earnings per share, whether or not calculated on a fully diluted basis; (b) earnings before interest, taxes, or other adjustments, including adjustments for extraordinary or non-recurring items; (c) return on equity, return on investment, return on invested capital, or return on assets; (d) net profit margin or increase in income, whether net income, net interest income, or otherwise; (e) growth in income or revenue, whether net or gross, or growth in market share; (f) credit quality, net charge-offs, the ratio of non-performing assets to total assets or loan loss allowance as a percentage of nonperforming assets, (g) the ratio of noninterest expense to average assets, the ratio of net charge-offs to average loans, the ratio of loans 30-89 days past due to average loans, and the ratio of nonperforming loans to average loans, (h) growth in loans or deposits or change in capital ratios; or (i) any permutation or ratio combining one or more of the foregoing metrics.  A single Performance Measure may be established for all Participants, and/or Performance Measures may be established with respect to groups of Participants, whether by individual or by job title, job classification, geographic region, division, department, or other reasonable method.    As applicable, Performance Measures shall be determined in accordance with Generally Accepted Accounting Principles (“GAAP”) then in effect, provided that the Committee may disregard the effect of unusual or infrequently occurring items, as determined under GAAP. 

2.15    “Performance Year” means the Company’s fiscal year during which the services giving rise to an Award are rendered.

2.16    “Retirement” means that a Participant has voluntarily separated from service with the Company and its Affiliates; provided that at the time of such separation he or she has attained age 55 and completed ten years of service (based on the Participant’s benefit seniority date) and is in good standing, or has attained age 65 and is in good standing.  

Section 3 – Participation:

3.1    Designation. Participants shall be eligible to receive Awards hereunder when designated by the Committee.  Eligible Employees may be designated individually or by groups or categories, in the discretion of the Committee. Unless otherwise provided by the Committee, any such designation shall be made not later than the Determination Date.   

3.2    New Employees. If an employee who is otherwise an Eligible Employee first begins his or her employment during a Performance Year, he or she shall be designated as a Participant herein, unless otherwise determined by the Committee. 

Section 4 – Determination of Awards:

4.1    Determination of Performance Measures.  Not later than the Determination Date, the Committee shall: (a) determine the Performance Measures applicable for the Performance Year; and (b) for each of the Performance Measures, set a minimum performance level below which no incentive shall be earned (a “Threshold” level), the anticipated level of performance (a “Target” level) and a maximum performance level above which no additional amount may be earned (a “Superior” level).  

4.2    Determination of Participants and Individual Awards. As of each Determination Date, the Committee shall designate: (a) those Eligible Employees (which may be individuals or groups of eligible employees categorized by title, role or other factors) who shall participate in the Plan; (b) the Performance Measures applicable with respect to each such Participant and the weight given to each such measure; and (c) the amount of the Award payable to each Participant if Threshold, Target, and/or Superior levels of performance are attained, which may be expressed as a percentage of Compensation or a fixed dollar amount.  

4.3    Attainment of Performance Measures and Payout of Awards.  As soon as practicable following the certification of the Company’s annual financial statements by the Company’s external auditors, the Committee shall determine whether and to what extent the Performance Measures applicable to such year have been attained and certify the Award payout for each Participant.  In the event performance is greater or less than the Target level, but not less than the Threshold level or more than the Superior level, the amount of each Award shall be prorated to reflect such performance. No Award shall be paid in respect of performance below the Threshold level and no Award shall be increased in respect of performance above the Superior level, subject to Section 4.4 below.   
    
4.4    Enhancement.  In the event an Award determined in accordance with Section 4.3 hereof does not, in the Committee’s discretion, adequately recognize the performance or contribution of any Participant (including a circumstance where no Award would otherwise be earned based on the determinations described herein), the Committee, in its discretion, (and subject to delegation as covered in Section 6.1) may provide an additional Enhancement to such Participant, whether expressed as a fixed dollar amount or as a percentage of his or her Compensation.  

4.5    Change in Status.  If, during a Performance Year: 

a.    A Participant is promoted, transferred or otherwise experiences a change in position or status, any Award payable hereunder shall be based upon his or her position as of the last day of the Performance Year, notwithstanding the terms of any communication to the contrary.

b.    An employee becomes an Eligible Employee, or a Participant ceases to be an Eligible Employee, any Award payable hereunder shall be determined with respect to the period in which he or she is considered a Participant herein, and he or she shall remain eligible for any amount otherwise earned under the terms of a separate short-term incentive plan or arrangement under which he or she is covered during the same Performance Year, subject to the terms of such separate plan or arrangement. 

4.6    Final Discretion.  The Committee shall possess the final discretion to adjust the amount of any Award determined hereunder, which adjustment may be made on a participant-by-participant basis or with respect to groups or categories of Participants.

Section 5 - Payment: 

5.1    Time and Form of Payment.  Awards hereunder shall be paid in the form of a single sum on the Payment Date.  

5.2    Payment Conditions.  Except as expressly provided herein, as the condition of the receipt of an award hereunder, each Participant shall be employed by the Company or an Affiliate on the Payment Date and then in good standing. 

5.3    Retirement, Death and Disability.  Notwithstanding the provisions of Section 5.2 hereof to the contrary, and unless the Committee otherwise provides, if a Participant separates from service with the Company and all Affiliates during a Performance Year on account of his or her death, Disability or Retirement, the Award otherwise payable to such Participant with respect to such year shall be determined as provided herein and a prorated amount shall be paid, based on eligible earnings of the Participant in the Performance Year. 

5.4    Change in Control. If a Change in Control occurs during a Performance Year and unless otherwise determined by the Committee:

a.    The Performance Year shall end as of the last business day immediately preceding the date on which the Change in Control is consummated (the “Short Year”). 

b.    Awards payable hereunder shall be determined as of the last day of the Short Year; the Committee shall possess the discretion to reasonably adjust any Performance Measure to the extent necessary or appropriate to determine Awards payable in respect of such year. 

c.    Any Award payable in respect of the Short Year shall be paid as soon as practicable thereafter, but in no event later than the 15th day of the third calendar month following the end of the Short Year.    

Section 6 –  Administration: 

6.1    Powers.  In addition to the power and authority provided elsewhere in this Plan, the Committee shall have the discretionary power and authority to: (a) designate Participants hereunder; (b) determine Performance Measures; (c) determine the amount of any Award finally payable hereunder; (d) construe and interpret the provisions of the Plan and any form or agreement related thereto; (e) establish and adopt such rules, regulations, and procedures as may be necessary or advisable in connection with the administration of the Plan; and (f) make any other determination which it believes necessary or advisable for the proper administration of the Plan. 

The Committee may delegate any of the power and authority otherwise afforded to it hereunder to one or more officers of the Company or the Bank; provided that the Committee shall not delegate the determination of any Award for an officer of the Company with an officer status of Senior Executive Vice President or above to any person other than the Board, including the determination of the Performance Measures applicable to such Award and the amount payable in respect of such Award. 

6.2    Determinations Binding.  Decisions, interpretations and actions of the Committee concerning matters related to the Plan shall be final and conclusive on the Company, its Affiliates and Participants and their beneficiaries or heirs.  The Committee may make determinations selectively among Participants who receive or are eligible to receive Awards hereunder, whether or not such Participants are similarly situated.  

Section 7 – General Provisions: 

7.1    No Continued Employment.  Participation hereunder shall not confer upon any Participant the right to continue in the employ of the Company or an Affiliate for any period of time or any right to continue at his or her present or any other rate of compensation or job classification or the right to participate in this Plan. 

7.2    Non-transferability.  No Award, or the expectation to receive an Award, shall be subject to transfer, pledge, assignment, hypothecation, alienation or otherwise encumbered or disposed of by a Participant hereunder, whether by operation of law or otherwise, and whether voluntarily or involuntarily (except in the event of a Participant’s death by will or the laws of descent and distribution).  Neither the Committee nor the Company shall be required to recognize any attempted assignment of such rights by any Participant or his or her heirs or beneficiaries. 

7.3    Taxes.  The Company shall have the right to withhold from any Award hereunder any taxes required by law to be withheld.  

7.4    Other Benefits.  Awards hereunder shall not impair or otherwise reduce a Participant’s compensation, life insurance, retirement or other benefits provided by the Company or its Affiliates; provided, however, that the value of any Award hereunder shall not be treated as compensation for purposes of computing the value or amount of any such benefit unless otherwise provided in the separate plan or policy providing for the establishment and administration of such benefit. 

7.5    Source of Awards.  Awards hereunder shall be made from the general assets of the Company.  The status of any Participant with respect to an Award hereunder shall be that of a general unsecured creditor of the Company, and no Participant shall have any right, title, or interest in or to any asset of the Company.  Nothing contained in this Agreement shall be deemed or be construed to create a trust of any kind or other fiduciary relationship between the Company and Participant or any other person.  
    
7.6    Successors and Assigns.  Any obligation of the Company hereunder shall be binding upon and inure to the benefit of its successors and assigns; any such obligation shall inure to the benefit of and be binding upon each Participant, including his or her heirs, estate, legatees and legal representative.  If a Participant dies before an Award is paid hereunder, payment shall be made to his or her surviving spouse or estate, as determined in the discretion of the Committee.

7.7    Recovery Policy.  Any Award hereunder is expressly made subject to the terms of any compensation recovery agreement or policy or policies established by the Company, as may be in effect from time to time and with respect to which a Participant is a party or is bound, including to the extent applicable, the Company’s Clawback Policy.  

7.8    Governing Law.  The Plan shall be construed and interpreted in accordance with the internal laws of the State of Mississippi, without regard to the conflicts of law provisions thereof. 

7.9    Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

7.10    Amendment and Termination.  Except as provided herein, the Company has no obligation to maintain this Plan for any particular length of time, and the Company may amend or terminate this Plan, in its discretion; provided that no amendment or termination shall impair an Award that is otherwise payable as of the earlier of the time such amendment or termination is adopted or effective. For avoidance of doubt, a change in Performance Measures, a change in Threshold, Target or Superior levels of performance, or a change in the amount payable hereunder from one Performance Year to another shall not be deemed to constitute an amendment hereunder.

7.11    Code Section 409A.  It is intended that Awards hereunder shall be excluded from the provisions of Code Section 409A under the short-term deferral exclusion available thereunder, and that the provisions and administration of this Plan shall be interpreted, construed and conducted in accordance with such exclusion. Nevertheless, should any individual Award be deemed deferred compensation subject to the provisions of Code Section 409A, such Award shall be administered in accordance with the applicable provisions of such section.  

THIS PERFORMANCE BASED REWARDS PLAN was adopted by the Board of Directors of Renasant Corporation on October 16, 2018, to be effective as provided herein.

RENASANT CORPORATION

By:     /s/ C. Mitchell Waycaster            
Date:  October 19, 2018

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