Document:

Ex-10.4

 

Exhibit 10.4

AMENDED AND RESTATED

EMPLOYMENT AND NONCOMPETITION AGREEMENT

          This
AGREEMENT made this 1st day of May 2003 by and between GLL &
Associates, Inc., a North Carolina corporation (the “Company”), and Gary L.
Lackey (“Employee”) amends and restates in its entirety that certain Employment
and Noncompetition Agreement dated June 1, 1999 between the Company and the
Employee. In consideration of the mutual covenants expressed herein, the
parties agree for themselves, their heirs, successors and assigns, as follows:

W I T N E S S E T H:

          1. Employment. The Company shall continue to employ Employee, and
Employee continues his employment, upon the terms and conditions as set forth
in this Agreement.

          2. Term. Employee’s employment hereunder shall be for a term of 1094
days; provided, however, that unless and until notice of termination is given
by the Company or Employee pursuant to this Agreement (or notice is given by
the Company under Paragraph 3(a)(ii) below), the term of Employee’s employment
shall be automatically extended each day, so as to make the term constant at
1094 days.

          3. Termination.

          (a) Employee’s employment may be terminated by the Company, without
advance notice (except as provided below in Subclause (ii)), for Cause, which
shall include (i) the commission of a wrongful act or acts by Employee that
have or could have an adverse effect on the business, operations, financial
condition or reputation of the Company, as determined by the Company in its
discretion or (ii) the failure of Employee to perform diligently the duties
required of him under this Agreement, as determined by the Company in its
discretion, which failure has not been remedied, as determined by the Company
in its discretion, within 30 days after the Company has given notice of such
failure to Employee.

          (b) Employee’s employment under this Agreement may be terminated by the
Company without advance notice at any time for any reason and without cause.

          (c) In the event that Employee’s employment hereunder is terminated by the
Company other than for a reason set forth in Subparagraph (a) of this Paragraph
3, the Company shall, for the remainder of the current term of this Agreement,
pay to Employee his salary and bonus (as set forth in Paragraph 4) under this
Agreement through the end of its term; otherwise the Company shall have no
further payment obligations hereunder after such date of termination.

          (d) If Employee becomes “permanently disabled,” the Company may give
notice to Employee of such fact and upon such notice, his employment hereunder
shall be terminated. For purposes of this Agreement, Employee shall be deemed
“permanently disabled” if he suffers a physical or mental condition that
prevents him from performing the material and substantial duties of his
employment, as determined in accordance with the terms and conditions of the

 

 

long-term disability insurance plan maintained by the Company for the benefit
of Employee, or if Employee is not covered by such a plan, in accordance with
guidelines adopted for such circumstances by the Company’s Board of Directors
to be consistently applied among similarly situated employees, and such
disability has continued uninterrupted for six months. This Agreement shall
terminate upon the death of the Employee.

          (e) Employee may terminate his employment as follows: (i) at any time
upon 1094 day’s notice; (ii) at any time on or after September 1, 2010 upon one
year’s notice; and (iii) at any time Employee’s monthly base salary is reduced
below $10,000 or his incentive payment with respect to Paragraph 4(iii) below
is reduced below 10% of net operating income before taxes in excess of
$2,000,000 upon 1 year’s notice.

          4. Compensation. As compensation for all services rendered by Employee
pursuant to this Agreement, the Company shall pay Employee a monthly base
salary of $12,000 and a monthly incentive payment. The formula for the
calculation of the monthly incentive payment shall be determined annually by
the Company based on goals and/or targets established by the Company for the
calendar year. For the period beginning May 1, 2003 and ending on December 31,
2006, the incentive payment shall be calculated based on (i) 5% of the first
$500,000 of net operating income before income taxes, (ii) 10% of the net
operating income before taxes in excess of $500,000 and less than or equal to
$2,000,000, and (iii) 12% of net operating income before taxes in excess of
$2,000,000. Net operating income before taxes is solely comprised of such
income arising from the business of the Company and shall be calculated in
accordance with generally accepted accounting principles consistently applied.
All of such payments shall be made in accordance with the Company’s general
payroll policies then in effect.

          5. Benefits and Perquisites. During his term of employment hereunder,
Employee shall be entitled to fringe benefits in accordance with the Company’s
general policies. In addition, during the term of the Employee’s employment
hereunder, the Company shall provide the Employee with the following:

          (a) three weeks of vacation per year;

          (b) $600 monthly automobile allowance;

          (c) $185 per month for local country club dues, and expenses for usage of
the club as permitted by the Company in accordance with its general policies;

          (d) expenses for attendance at Company meetings and conventions as
permitted by the Company in its discretion; and

          (e) health benefits on a family coverage basis under the Company’s
standard health insurance plan.

          6. Duties. Employee shall perform such duties as are from time to time
assigned to him by the Board of Directors of the Company, which shall include
serving as the President of the Company, to be developed and managed in
accordance with the Company’s overall objectives, policies, principles and
practices.

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          7. Extent of Service. Employee shall devote his entire time, attention
and energies to the business of the Company and shall not during the term of
this Agreement and the employment hereunder engage in any other business
activity, whether such business activity is pursued for gain, profit or other
pecuniary advantage, without the prior written approval of the Board of
Directors of the Company.

          8. Restrictive Covenants.

          (a) In the course of Employee’s employment with the Company, Employee
will be provided with and have access to trade secrets of the Company,
including without limitation knowledge and information involving customer lists
and other confidential information and aspects of the business operations of
the Company upon which the business success and competitive advantage of the
Company depend. Employee acknowledges that such information, as well as all
other matters of Company practices, procedure and policy, are highly
confidential. Employee agrees that he will not use, divulge, publish or
otherwise reveal, either directly or through another, to any person, firm or
organization, during and after the term of his employment with the Company, any
such knowledge or information and shall retain such knowledge and information
in trust in a fiduciary capacity for the sole benefit of the Company, its
successors and assigns. Upon expiration or termination of his employment by
the Company, Employee agrees to return to the Company all documents (both
originals and copies), including without limitation customer lists, books and
records, form agreements, manuals, and other information (whether in
electronic, paper or other form) that come into his possession during, by
virtue of and in the course of his employment and that are in any way connected
with or related to the Company’s business.

          (b) Based upon Employee’s acknowledgment of the confidential nature and
unique value to the Company of the knowledge and information hereinabove
referred to, and for the valuable consideration provided herein, Employee
agrees (i) that during the term of his employment with the Company and for a
term of two (2) years after the termination of Employee’s employment with the
Company (or its successor or assigns), whether under this Agreement or
otherwise, Employee will not, without the prior written consent of the
Company’s Board of Directors, directly or indirectly, either as principal,
agent, manager, employee, owner (if the percentage of ownership exceeds one
percent (1%) of the net worth of the business), partner (general or limited),
director or officer, consultant or in any other capacity participate in any
business in competition with the Company or its affiliates (including Bank of
Granite Corporation and its subsidiaries) within 50 miles of any North Carolina
office of Bank of Granite Corporation or any of its subsidiaries, such
determination as to the geographic scope of this covenant to be made as of the
date of this Agreement (the “Territory”) and (ii) that for a period of two (2)
years following termination of Employee’s employment with the Company, whether
under this Agreement or otherwise, Employee shall not solicit business, in
competition with the Company, from any customer or potential customer contacted
by Employee during the term of his employment with the Company. Employee
further acknowledges that the actual, intended or reasonably contemplated
business activities and operations of the Company presently encompass the
Territory and that the restrictive covenants contained in this Paragraph are
fair and reasonable as applied to Employee within the Territory, and accurately
reflect Employee’s intention to be bound thereby.

          Notwithstanding the foregoing, the covenants in Paragraph 8(b) shall not
apply:

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          (i) upon the sale or transfer of all or substantially all of the assets of
Bank of Granite Corporation (except to an affiliate thereof) or upon the
occurrence of a transaction, including a sale or transfer of capital stock or a
merger involving Bank of Granite Corporation, after which a person or entity
(other than an entity controlled by or under common control with Bank of
Granite Corporation) acquires more than 50% of the voting capital stock of Bank
of Granite Corporation;

          (ii) to Employee’s ownership and passive, non-management, involvement in
the operations of and business conducted by Salem Mortgage Corporation
(including acting as chairman of the board of directors); provided, however,
that this exception shall only apply for so long as the business conducted by
Salem Mortgage Company consists of the dealing of Subprime Paper (as defined
below); and

          (iii) to Employee’s engagement and involvement in the dealing of Subprime
Paper (as defined below) upon the termination of Employee’s employment under
this Agreement other than for Cause (as defined in Paragraph 3).

          “Subprime Paper” means any loans that are not Fannie Mae or Freddie Mac
conforming loans or FHA/VA loans.

          (c) The provisions of this Paragraph 8 shall be specifically enforceable.

          9. This Agreement supersedes any and all prior understandings, agreements
and arrangements relating to and embodies the entire agreement and
understanding of the parties with respect to the subject matter hereof.

          10. Notices. Any notice required or permitted to be given under this
Agreement shall be sufficient if in writing, and if delivered personally or
served by certified or registered mail, return receipt requested, to the
addresses listed below:

	 	 	 	 	 
	

	 	Company’s Address:
	 	Bank of Granite

P.O. Box 128

Granite Falls, North Carolina 28630

Attn: Chief Executive Officer
	 
	 	 	 	 
	

	 	Employee’s Address:
	 	Gary L. Lackey

GLL & Associates, Inc.

154 Charlois Boulevard (27103)

Post Office Box 25027

Winston-Salem, North Carolina 27114-5027

          11. Waiver of Breach. The waiver by the Company of a breach of any
provision of this Agreement by Employee shall not operate or be construed as a
waiver of any subsequent breach by Employee.

          12. Written Agreement. The terms of agreement incorporated in this
writing may not be changed orally, but only by an agreement in writing signed
by the parties against whom enforcement of any waiver, change, modification,
extension or discharge is sought.

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          13. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of North Carolina.

          14. Survival. Any provision herein that by its nature and effect is to be
observed, performed or kept after the termination of the employment
relationship between the Company and Employee shall survive and be binding upon
and for the benefit of the parties after such termination until fully observed,
performed or kept.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

	 	 	 	 	 
	 

	 	 	 	GLL & ASSOCIATES, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Charles M. Snipes
	

	 	 	 	
 
	

	 	 	 	Charles M. Snipes, Chairman
	 
	 	 	 	 
	

	 	 	 	EMPLOYEE:
	 
	 	 	 	 
	

	 	 	 	/s/ Gary L. Lackey
	

	 	 	 	
 
	

	 	 	 	Gary L. Lackey

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                                                                   EXHIBIT 10(q)

                               BANCORPSOUTH, INC.
                           CHANGE IN CONTROL AGREEMENT

         THIS AGREEMENT ("Agreement") is entered into this ______ day of
__________, _____, by and between BancorpSouth, Inc. (the "Company") and [NAME]
("Employee").

                              W I T N E S S E T H:

         WHEREAS, Employee is employed as [title] of the Company; and

         WHEREAS, the Company desires to provide certain severance payments to
Employee in the event that Employee's employment with the Company is terminated
in connection with a change in control of the Company;

         NOW, THEREFORE, based upon the premises set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

                             ARTICLE I. DEFINITIONS

         Terms used in this Agreement that are defined are indicated by initial
capitalization of the term. References to an "Article" or a "Section" mean an
article or a section of this Agreement. In addition to those terms that are
specifically defined herein, the following terms are defined for purposes
hereof:

         "Administrator" means a committee consisting of the Company's chief
executive officer, the secretary of the Company, the vice president of human
resources, and any other individuals appointed by the chief executive officer.
The Administrator may delegate any of its duties or authorities to any person or
entity. If a Change in Control occurs, as described in this Agreement, the
Administrator shall be the committee of individuals who were committee members
immediately prior to the Change in Control.

         "Benefit" means the benefits described in Article II.

         "Change in Control" means a transaction or circumstance in which any of
the following have occurred:

(a)      any "person" as such term is used in sections 13(d) and 14(d) of the
         Exchange Act, other than a trustee or other fiduciary holding
         securities under an employee benefit plan of the Company or a
         corporation controlling the Company or owned directly or indirectly by
         the shareholders of the Company in substantially the same proportions
         as their ownership of stock of the Company, becomes the "beneficial
         owner" (as defined in Rule 13d-3 under said Act), directly or
         indirectly, of securities of the Company representing more than 25%

<PAGE>

         of the total voting power represented by the Company's then outstanding
         Voting Securities (as defined below), or

(b)      during any period of two consecutive years, individuals who at the
         beginning of such period constitute the Board and any new director
         whose election by the Board or nomination for election by the Company's
         shareholders was approved by a vote of at least two-thirds of the
         directors then still in office who either were directors at the
         beginning of the period or whose election or nomination for election
         was previously so approved, cease for any reason to constitute a
         majority thereof, or

(c)      the shareholders of the Company approve a merger or consolidation of
         the Company with any other corporation, other than a merger or
         consolidation which would result in the Voting Securities (i.e., any
         securities of the entity which vote generally in the election of its
         directors) of the Company outstanding immediately prior thereto
         continuing to represent (either by remaining outstanding or by being
         converted into Voting Securities of the surviving entity) more than 65%
         of the total voting power represented by the Voting Securities of the
         Company or such surviving entity outstanding immediately after such
         merger or consolidation, or

(d)      the shareholders of the Company approve a plan of complete liquidation
         of the Company or an agreement for the sale or disposition by the
         Company of all or substantially all of its assets.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

                ARTICLE II. CHANGE IN CONTROL TERMINATION PAYMENT

SECTION 2.1 BENEFITS ON TERMINATION.

         (a) Amount. Subject to the conditions, limitations and adjustments that
are provided for herein, the Company will provide Benefits to Employee the sum
of the amounts described below if, within the 24 month period following a Change
in Control, Employee's employment with the Company terminates pursuant to
Section 2.3 of this Agreement:

         (1)      An amount equal to ____% of the Employee's annual base
                  compensation determined by reference to his base salary in
                  effect at the time of Change in Control.

         (2)      An amount equal to ____% of the highest annual bonus that
                  Employee would be eligible to receive during the fiscal year
                  ending during which the Change in Control occurs.

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<PAGE>

         (3)      For a period of ___ months, participation in medical, life,
                  disability and similar benefit plans that are offered to
                  similarly situated employees of the Company immediately prior
                  to the applicable Change in Control for the Eligible Employee
                  and his dependents. Such participation may be pursuant to the
                  continuation coverage rights of Eligible Employees pursuant to
                  Part 6 of Title I of ERISA ("COBRA") or the Company may
                  provide such benefits directly through the purchase of
                  insurance or otherwise. Notwithstanding the foregoing, the
                  period for participation in a self-funded medical plan
                  pursuant to this paragraph 3 shall not exceed the maximum
                  period of continuation coverage provided under COBRA. If
                  benefits are provided pursuant to COBRA continuation rights,
                  the Company shall pay a cash amount to the Eligible Employee
                  at the time of severance that is sufficient to cover all
                  premiums required for such COBRA coverage under the
                  appropriate benefit plans.

         (4)      For a period of ___ months, participation in general and
                  executive fringe benefits offered to similarly situated
                  executive employees immediately prior to the applicable Change
                  in Control, including, but not limited to, auto allowance,
                  financial planning, annual physical examination, and civic and
                  country club dues.

         (b) Adjustments to the Amount of Benefit. Notwithstanding anything
herein to the contrary, the amounts due to Employee under Section 2.1(a) shall
be adjusted in accordance with Section 2.2 if any payment provided to Employee
is determined to be subject to the excise tax described in section 4999 of the
Code.

         (c) Time for Payment; Interest. The cash Benefits payable made under
this Section 2.1 shall be paid to Employee in a single lump sum within ten days
following the date of termination. The Company's obligation to pay to Employee
any amounts under this Section 2.1 will bear interest at the lesser of (i) 10%
or (ii) the maximum rate allowed by law until paid by the Company, and all
accrued and unpaid interest will bear interest at the same rate, all of which
interest will be compounded annually.

         (d) Troubled Institution Limitation. All Benefit payments hereunder are
subject to the limitations on golden parachute and indemnification payments set
forth in 12 USC ss.1823(k), the regulations promulgated thereunder, and other
law that prohibits payment of any portion of Benefits by the Company to Employee
by the Company. To the extent possible, this limitation shall be applied by
reducing only the portion of Benefits that exceed such legal limitation.

         2.2 BENEFIT ADJUSTMENTS. Notwithstanding the amount of Benefits
described in Section 2.1(a), Benefits shall be limited in the event that
Employee would realize less income on the receipt of Benefits and other "change
in control payments" (as defined in section 280G of the Code), net of taxes,
after deducting the amount of excise taxes that would be imposed pursuant to
section 4999 of the Code. In such an event, the Benefits payable hereunder shall
be reduced so that Benefits received in combination with all other change in
control payments to be received by Employee equal the maximum amount that does
not result in the receipt of a "parachute

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<PAGE>

payment" (as defined by section 280G(b)(2) of the Code) by Employee. This
reduction shall not apply if the amount of Benefits and other change in control
payments received by Employee exceed such reduced amount after deducting the
excise tax that would be imposed pursuant to section 4999 of the Code.

         2.3 TERMINATION OF EMPLOYMENT. Employee shall only be entitled to the
Benefits described in Section 2.1, as adjusted by Section 2.2, if Employee's
termination of employment is on account of termination by Company without cause
or termination by Employee with cause, which are described as follows:

         (a) By Company Without Cause Termination of employment by the Company
without cause shall occur if the Company provides oral or written notice to
Employee of involuntary termination that is not on account of just cause. For
this purpose, termination for "just cause" will only occur upon written notice
to Employee that employment is involuntarily terminated due to any of the
following:

         (1)      conviction of Employee for a crime involving fraud, dishonesty
                  or theft, or of any felony which, in the reasonable judgment
                  of the Board, materially affects Employee's ability to perform
                  his duties pursuant to this Agreement;

         (2)      commission by Employee of an act of fraud, embezzlement, or
                  material dishonesty against the Company or its affiliates; or

         (3)      intentional neglect of or material inattention to Employee's
                  duties, which neglect or inattention remains uncorrected for
                  more than 30 days following written notice from the chief
                  executive officer of the Company detailing the Company's
                  concern.

         (b) By Employee With Cause. Termination of employment by Employee with
cause shall occur if Employee terminates employment for any of the following
reasons:

         (1)      A material adverse alteration in Employee's position,
                  responsibilities or status from that which was in effect
                  immediately prior to a Change in Control.

         (2)      A reduction in Employee's compensation as in effect
                  immediately prior to the Change in Control, or a substantial
                  reduction in the benefits provided to Employee prior to the
                  Change in Control.

         (3)      Relocation of Employee by the Company to a location that is
                  more than 35 miles from the Employee's current workplace.

         (4)      The material breach of the Company of any portion of its
                  employment policies and/or any employment agreement with
                  Employee.

                                       4
<PAGE>

Provided, however, that 180 days after Employee begins performing duties
pursuant to a position that was offered by the Company (or its successor)
following a Change in Control and that would have otherwise resulted in the
occurrence of the events described in this Section 2.3(b), the occurrence of the
events described in this Section 2.3(b) shall be determined by reference to the
position as it was accepted by Employee following the Change in Control.

                           ARTICLE III. ADMINISTRATION

         SECTION 3.1. The provisions of this Agreement are intended to provide
severance benefits and protection to Employee. The Administrator has absolute
discretion to interpret the terms of this Agreement and to make all
determinations required in the administration hereof, including making
determinations about eligibility for and the amounts of Benefits. All decisions
of the Administrator are final, binding and conclusive on all parties.

         SECTION 3.2. Benefits can only be denied or forfeited if Employee does
not satisfy the conditions for receiving payment that are described herein or if
the Company validly amends the Agreement as described in Section 4.4.

         SECTION 3.3. If Employee's claim for Benefits is denied, the
Administrator will furnish written notice of denial to Employee within 90 days
of the date the claim is received, unless special circumstances require an
extension of time for processing the claim. This extension will not exceed 90
days, and Employee must receive written notice stating the grounds for the
extension and the length of the extension within the initial 90-day review
period. If the Administrator does not provide written notice, Employee may deem
the claim denied and seek review according to the appeals procedures set forth
below.

         (a)  Notice of Denial.  The notice of denial to the Claimant shall
state:

         (1)      The specific reasons for the denial.

         (2)      Specific references to pertinent provisions of the Agreement
                  on which the denial was based.

         (3)      A description of any additional material or information needed
                  for Employee to perfect his claim and an explanation of why
                  the material or information is needed.

         (4)      A statement that Employee may request a review upon written
                  application to the Administrator, review pertinent documents,
                  and submit issues and comments in writing and that any appeal
                  that Employee wishes to make of the adverse determination must
                  be in writing to the Administrator within 60 days after
                  Employee receives notice of denial of benefits.

         (5)      The name and address of the Administrator to which Employee
                  may forward an appeal. The notice may state that failure to
                  appeal the action to the Administrator

                                       5
<PAGE>

                  in writing within the 60-day period will render the
                  determination final, binding and conclusive.

         (b) Appeals Procedure. If Employee appeals to the Administrator,
Employee or his authorized representative may submit in writing whatever issues
and comments he believes to be pertinent. The Administrator shall reexamine all
facts related to the appeal and make a final determination of whether the denial
of benefits is justified under the circumstances. The Administrator shall advise
Employee in writing of:

         (1)      The Administrator's decision on appeal.

         (2)      The specific reasons for the decision.

         (3)      The specific provisions of the Agreement on which the decision
                  is based.

Notice of the Administrator's decision shall be given within 60 days of the
Claimant's written request for review, unless additional time is required due to
special circumstances. In no event shall the Administrator render a decision on
an appeal later than 120 days after receiving a request for a review.

                            ARTICLE IV. GENERAL TERMS

         SECTION 4.1 NOTICES. All notices and other communications hereunder
will be in writing or by written telecommunication, and will be deemed to have
been duly given if delivered personally or if sent by overnight courier or by
written telecommunication, to the relevant address set forth below, or to such
other address as the recipient of such notice or communication will have
specified to the other party hereto in accordance with this Section:

         If to the Company to:

         BancorpSouth, Inc.
         Personnel Director
         P.O. Box 789
         Tupelo, MS  38802

         If to Employee, to:

         [name]
         ------------------------
         ------------------------
         ------------------------

         SECTION 4.2 WITHHOLDING; NO OFFSET. All payments required to be made by
the Company under this Agreement to Employee will be subject to the withholding
of such amounts, if any,

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<PAGE>

relating to federal, state and local taxes as may be required by law. No payment
under this Agreement will be subject to offset or reduction attributable to any
amount Employee may owe to the Company or any other person, except as required
by law.

         SECTION 4.3 ENTIRE AGREEMENT; MODIFICATION. This Agreement and its
Attachments constitute the complete and entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements
between the parties. The parties have executed this Agreement based upon the
express terms and provisions set forth herein and have not relied on any
communications or representations, oral or written, which are not set forth in
this Agreement.

         SECTION 4.4 AMENDMENT. This Agreement may not be modified by an
subsequent agreement unless the modifying agreement: (i) is in writing; (ii)
contains an express provision referencing this Agreement; (iii) is signed and
executed on behalf of the Company by an officer of the Company other than
Employee; and (v) is signed by Employee.

         SECTION 4.5 CHOICE OF LAW. This Agreement and the performance hereof
will be construed and governed in accordance with the laws of the State of
Mississippi, without regard to its choice of law principles, except to the
extent that federal law controls or preempts state law.

         SECTION 4.6 SUCCESSORS AND ASSIGNS. The obligations, duties and
responsibilities of Employee under this Agreement are personal and shall not be
assignable. In the event of Employee's death or disability, this Agreement shall
be enforceable by Employee's estate, executors or legal representatives. The
obligations, duties and responsibilities of Company hereunder shall be binding
upon any successor of the Company (whether through a transaction described as a
Change in Control or otherwise).

         SECTION 4.7 WAIVER OF PROVISIONS. Any waiver of any terms and
conditions hereof must be in writing and signed by the parties hereto. The
waiver of any of the terms and conditions of this Agreement shall not be
construed as a waiver of any subsequent breach of the same or any other terms
and conditions hereof.

         SECTION 4.8 SEVERABILITY. The provisions of this Agreement and the
amount of Benefits payable hereunder shall be deemed severable, and if any
portion shall be held invalid, illegal or enforceable for any reason, the
remainder of this Agreement and/or Benefit payment shall be effective and
binding upon the parties.

         SECTION 4.9 COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which will be deemed an original, and all of which
together will constitute one and the same instrument.

                                       7
<PAGE>

                     ARTICLE V. ERISA RIGHTS AND INFORMATION

The parties acknowledge that the following information is provided to Employee
hereunder in connection with Employee's rights as a welfare plan participant
under ERISA. The terms "you" and "yours" refer to Employee.

As a participant in a welfare plan maintained by the Company, you are entitled
to certain rights and protections under ERISA. ERISA provides that all plan
participants shall be entitled to:

o       Examine, without charge, at the Administrator's office and at other
        specified locations, all plan documents, including insurance contracts,
        and copies of all documents filed by the plan with the U.S. Department
        of Labor, such as detailed annual reports and plan descriptions.

o       Obtain copies of all plan documents and other plan information upon
        written request to the Administrator. The Administrator may make a
        reasonable charge for the copies.

o       Receive a summary of the plan's annual financial report. The
        Administrator is required by law to furnish each participant with a copy
        of this summary annual report.

In addition to creating rights for plan participants, ERISA imposes duties upon
the people who are responsible for the operation of the employee benefit plan.
The people who operate your plan, called "fiduciaries" of the plan, have a duty
to do so prudently and in the interest of you and other plan participants and
beneficiaries. No one, including the Company or any other person, may fire you
or otherwise discriminate against you in any way to prevent you from obtaining a
benefit under this plan or from exercising your rights under ERISA.

If a claim for a Benefit is denied in whole or in part, you must receive a
written explanation of the reason for the denial. You have the right to have the
Administrator review and reconsider your claim.

Under ERISA, there are steps you can take to enforce the above rights. For
instance, if you request materials from the plan and do not receive them within
30 days, you may file suit in a federal court. In such a case, the court may
require the Administrator to provide the materials and pay you up to $100 a day
until you receive the materials, unless the materials were not sent because of
reasons beyond the control of the Administrator.

If you have a claim for benefits that is denied or ignored, in whole or in part,
you may file suit in a state or federal court. If it should happen that plan
fiduciaries misuse the plan's money or if you are discriminated against for
asserting your rights, you may seek assistance from the U.S. Department of Labor
or you may file suit in a federal court. The court will decide who should pay
court costs and fees. If you lose, the court may order you to pay these costs
and fees, for example, if it finds your claim is frivolous.

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<PAGE>

If you have any questions about your plan, you should contact the Administrator.
If you have any questions about this statement or about your rights under ERISA,
you should contact the nearest Area Office of the U.S. Labor-Management Services
Administration, Department of Labor.

                          SUMMARY OF ERISA INFORMATION

Name of Plan: BancorpSouth, Inc. Change in Control Plan

Name and Address of the Company:

                  BancorpSouth, Inc.
                  One Mississippi Plaza
                  201 South Spring Street
                  Tupelo, MS  38804

Who Pays for the Plan: The cost of the plan is paid entirely by the Company.

The Company's Employer Identification No.: 64-0659571

Plan Number: 520

Plan Year: January 1 to December 31

Plan Administrator, Name, Address and Telephone No.:

                  Administrator of the BancorpSouth, Inc. Change in Control plan
                  c/o Cathy Freeman
                  BancorpSouth, Inc.
                  One Mississippi Plaza
                  201 South Spring Street
                  Tupelo, MS  38804
                  (662) 680-2000

Agent for Service of Legal Process on the Plan: Chief Executive Officer or
                                                Administrator.

Benefits are paid out of the general assets of the Company. The Company may, in
its discretion establish a "grantor trust" to fund the payment of Benefits.
Otherwise, this plan does not give you any rights to any particular assets of
the Company. Cash amounts paid under a severance plan are generally considered
taxable income to the recipient.

                                       9
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         IN WITNESS WHEREOF, Company and Employee have caused this Agreement to
be executed on the day and year indicated below to be effective on the day and
year first written above.

EMPLOYEE

------------------------------------          ----------------------------------
[NAME]                                        Date

COMPANY:

BANCORPSOUTH, INC.

By:
    --------------------------------          ----------------------------------
                                              Date
Its:
     -------------------------------

                                       10

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