Document:

EX-4.5

 Exhibit 4.5 
 FIRST SUPPLEMENTAL INDENTURE 
 FIRST SUPPLEMENTAL INDENTURE (this
“First Supplemental Indenture”) dated as of April 23, 2013 (the “Effective Date”), between KANSAS CITY SOUTHERN DE MÉXICO, S.A. DE C.V., a variable capital corporation (sociedad anónima de
capital variable) organized under the laws of Mexico (the “Company”), and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”), as trustee under the indenture referred to below. 

WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”) dated as of
December 20, 2010, providing for the issuance of 6.625% Senior Notes due 2020 (the “Notes”); 
 WHEREAS,
Section 9.02 of the Indenture provides that, with the written consent of the Holders of a majority in aggregate principal amount of the outstanding Notes, the Company and the Trustee may amend the Indenture; 

WHEREAS, pursuant to an Offer to Purchase and Consent Solicitation Statement dated April 10, 2013 (the “Offer to
Purchase”), the Company offered to purchase (the “Tender Offer”) all outstanding Notes and solicited consents to the amendments to the Indenture described herein (the “Amendments”); 

WHEREAS, Holders of a majority in aggregate principal amount of the outstanding Notes have consented to the Amendments by tendering and
not withdrawing their Notes and by delivering the related consents pursuant to the terms of the Offer to Purchase, as evidenced by a certificate of D.F. King & Co., Inc. of even date hereof; 

WHEREAS, the Company and the Trustee are entering into this First Supplemental Indenture in order to set forth the Amendments; and

 WHEREAS, this First Supplemental Indenture has been duly authorized by all necessary corporate action on the part of the
Company and the Trustee. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 
 ARTICLE I 
 AMENDMENT OF THE INDENTURE 

1.01. Amendments to Defined Terms in the Indenture. Any defined term appearing in Section 1.01 of the Indenture, and all
references thereto, that is used solely in the sections, subsections or provisions of the Indenture deleted from the Indenture by virtue of Section 1.02 of this First Supplemental Indenture shall be deleted in its entirety from
Section 1.01 of the Indenture and from any other section, subsection or provision of the Indenture or the Notes in which such defined term may appear. 
 1.02. Amendments to the Indenture. Effective as of the Effective Date, the Indenture is amended as set forth herein. 

 (a) The lead in to the first paragraph of SECTION 3.01 of the Indenture is hereby deleted in
its entirety and replaced in lieu thereof with the following: 
 “SECTION 3.01 Optional Redemption. The Notes will
be redeemable, at the Company’s option, in whole at any time or in part from time to time, on or after December 15, 2015 and prior to maturity, upon not less than 3 nor more than 60 days’ prior notice mailed by first class mail to
each Holder’s last address as it appears in the Note Register, at the following Redemption Prices (expressed in percentages of principal amount), plus accrued and unpaid interest, liquidated damages, if any, and any Additional Amounts (as
defined in Section 4.20) to the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date that is at or prior to the Redemption Date to receive interest due on an Interest Payment Date), if redeemed during
the 12-month period commencing December 15 of the years set forth below:” 
 (b) SECTION 3.03 of the Indenture is
hereby deleted in its entirety and replaced in lieu thereof with the following: 
 “SECTION 3.03 Notices to Trustee.
If the Company elects to redeem Notes pursuant to Section 3.01 or 3.02, it shall notify the Trustee in writing of the Redemption Date. The Company shall give each notice provided for in this Section 3.03 in an Officers’ Certificate at
least 4 days before the Redemption Date (unless a shorter period shall be satisfactory to the Trustee).” 
 (c) The first
paragraph of SECTION 3.06 of the Indenture is hereby deleted in its entirety and replaced in lieu thereof with the following: 

“SECTION 3.06 Notice of Redemption. With respect to any redemption of Notes pursuant to Section 3.01, at least 3 days
but not more than 60 days before a Redemption Date, and with respect to any redemption of Notes pursuant to Section 3.02, at least six days before the Redemption Date, the Company shall mail a notice of redemption by first class mail to each
Holder whose Notes are to be redeemed.” 
 (d) The last paragraph of SECTION 3.06 of the Indenture is hereby deleted in its
entirety and replaced in lieu thereof with the following: 
 “At the Company’s request (which request may be revoked
by the Company at any time prior to the time at which the Trustee shall have given such notice to the Holders), made in writing to the Trustee at least 4 days (or such shorter period as shall be satisfactory to the Trustee) before a Redemption Date,
the Trustee shall give the notice of redemption in the name and at the expense of the Company. If, however, the Company gives such notice to the Holders, the Company shall concurrently deliver to the Trustee an Officers’ Certificate stating
that such notice has been given.” 
 (e) Each of the following Sections of the Indenture is hereby deleted in its entirety
and replaced in lieu thereof with the words “[Eliminated in its entirety]”: 
 SECTION 4.03
Limitation on Indebtedness. 
 SECTION 4.04 Limitation on Restricted Payments. 

SECTION 4.05 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 SECTION 4.06 Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries.

 SECTION 4.07 Limitation on Issuances of Guarantees by Restricted Subsidiaries. 

SECTION 4.08 Limitation on Transactions with Stockholders and Affiliates. 

  
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 SECTION 4.09 Limitation on Liens. 

SECTION 4.10 Limitation on Sale-Leaseback Transactions. 

SECTION 4.13 Existence. 
 SECTION 4.14 Payment of Taxes and Other Claims. 

SECTION 4.15 Maintenance of Properties and Insurance. 

SECTION 4.16 Notice of Defaults. 
 SECTION 4.19 Waiver of Stay, Extension or Usury Laws. 

SECTION 4.21 Comisión Nacional Bancaria y de Valores. 

SECTION 4.22 Listing. 
 (f) SECTION 4.17 of the Indenture is hereby deleted in its entirety and replaced in lieu thereof with the following: 
 “SECTION 4.17 Compliance Certificates. The Company shall comply with Section 314(a)(4) of the TIA to the extent applicable.” 

(g) SECTION 4.18 of the Indenture is hereby deleted in its entirety and replaced in lieu thereof with the following: 

“SECTION 4.18 Commission Reports and Reports to Holders. The Company shall comply with Section 314(a) of the TIA to the
extent applicable.” 
 (h) SECTION 5.01 of the Indenture is hereby deleted in its entirety and replaced in lieu thereof
with the following: 
 “SECTION 5.01 When Company May Merge, Etc. The Company will not consolidate with, merge with
or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any
Person to merge with or into the Company unless: (i) the Company shall be the continuing Person, or the Person (if other than the Company) formed by such consolidation or into which the Company is merged or that acquired or leased such property
and assets of the Company shall be a corporation organized and validly existing under the laws of Mexico (including, without limitation, a sociedad responsabilidad limitada), the United States of America or any jurisdiction of either such country
and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of the Company on all of the Notes and under this Indenture; (ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; and (iii) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such
supplemental indenture complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with; provided, however, that any such transaction shall not have as one of its purposes the
evasion of the foregoing limitations.” 

  
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 (i) Each of SECTIONS 6.01(d), (e), (g), (h), (i) and (j) of the Indenture is
hereby deleted in its entirety and replaced in lieu thereof with the words “[Eliminated in its entirety]”. 
 (j) Each
of SECTIONS 8.02(C), (D) and (E) of the Indenture is hereby deleted in its entirety and replaced in lieu thereof with the words “[Eliminated in its entirety]”. 

(k) The lead in to the first paragraph of SECTION 8.03 of the Indenture is hereby deleted in its entirety and replaced in lieu thereof
with the following: 
 “SECTION 8.03 Defeasance of Certain Obligations. The Company may omit to comply with any
term, provision or condition set forth in Sections 4.11 and 4.12, in each case with respect to the outstanding Notes, if:” 

(l) Each of SECTIONS 8.03(iii), (iv) and (v) of the Indenture is hereby deleted in its entirety and replaced in lieu thereof
with the words “[Eliminated in its entirety]”. 
 (m) SECTION 9.03 of the Indenture is hereby deleted in its entirety
and replaced in lieu thereof with the following: 
 “SECTION 9.03 Revocation and Effect of Consent. Until an
amendment or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the Note of the consenting Holder, even if notation
of the consent is not made on any Note. An amendment, supplement or waiver shall become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the last sentence of the immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies) and only those persons
shall be entitled to consent to such amendment, supplement or waiver, whether or not such persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it is of the type described in any of
clauses (i) through (iv) of Section 9.02. In case of an amendment or waiver of the type described in clauses (i) through (iv) of Section 9.02, the amendment or waiver shall bind each Holder who has consented to it and
every subsequent Holder of a Note that evidences the same indebtedness as the Note of the consenting Holder.” 
 ARTICLE II

 MISCELLANEOUS 
 2.01. Ratification of Indenture, Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. Upon the execution and delivery of this First Supplemental Indenture by the Company and the Trustee, the Indenture shall be supplemented in accordance herewith. This First Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby, and the respective rights, limitation of rights, obligations, duties and immunities
under the Indenture of the Company and the Trustee, and the Holders of the Notes shall thereafter be 

  
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determined, exercised and enforced thereunder, subject in all respects to such modifications and amendments, and all the terms and conditions of this First Supplemental Indenture shall be deemed
to be part of the terms and conditions of the Indenture and the Notes theretofore issued for any and all purposes. 
 2.02.
Governing Law; Submission to Jurisdiction; Agent for Service. This First Supplemental Indenture will be governed by the laws of the State of New York. Each of the parties hereto hereby submits to the jurisdiction of the U.S. federal and New
York state courts located in the Borough of Manhattan, City and State of New York for purposes of all legal actions and proceedings instituted in connection with this First Supplemental Indenture, and the Company hereby waives any objection which it
may now have or hereafter have to the laying of venue of any such action or proceeding and any right to which it may be entitled on account of place of residence or domicile. 
 2.03. Trustee Acceptance. The Trustee accepts the amendment of the Indenture effected by this First Supplemental Indenture, but only upon the terms and conditions set forth in the Indenture, as
hereby amended, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee in the performance of its duties and obligations under the Indenture, as hereby amended. Without limiting the generality of
the foregoing, the Trustee has no responsibility for the correctness of the recitals of fact herein contained which shall be taken as the statements of the Company, and makes no representations as to the validity or sufficiency of this First
Supplemental Indenture. 
 2.04. Severability Clause. In case any provision of this First Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 2.05. Counterparts. The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

 2.06. Definitions, Effect of Headings. All capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Indenture. The section headings herein are for convenience only and shall not effect the construction thereof. 
 2.07. Effectiveness of First Supplemental Indenture. This First Supplemental Indenture shall become effective upon execution hereof by all parties hereto. All of the provisions of this First
Supplemental Indenture other than Article I hereof will become operative on, and simultaneously with, the time that this First Supplemental Indenture becomes effective. Article I of this First Supplemental Indenture will become operative upon, and
simultaneously with, and shall have no force or effect prior to the purchase by the Company (the “Purchase Date”) of a majority in aggregate principal amount of Notes then outstanding pursuant to the Tender Offer. 

2.08. Termination. Prior to the Purchase Date, the Company may terminate this First Supplemental Indenture upon written notice to
the Trustee. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed as of the date first above written. 
  

					
	KANSAS CITY SOUTHERN DE MÉXICO, S.A. DE C.V.
		
	By:	 	 /s/ Michael W. Upchurch

		 	Name:	 	Michael W. Upchurch
		 	Title:	 	Chief Financial Officer and Attorney-in-fact
		
	By:	 	 /s/ Michael W. Cline

		 	Name:	 	Michael W. Cline
		 	Title:	 	Treasurer and Attorney-in-fact

  
 Signature
Page – KCSM First Supplemental Indenture – 6.625% Senior Notes 

 
					
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Kathy L. Mitchell

		 	Name:	 	Kathy L. Mitchell
		 	Title:	 	Vice President

  
 Signature
Page – KCSM First Supplemental Indenture – 6.625% Senior NotesEX-10.4

 Exhibit 10.4 
 Hancock Holding Company 
 Executive Incentive Plan 

January 2013 

 Hancock Holding Company 

Executive Incentive Plan (EIP) 
 January 2013 
 Overview 

Hancock Holding Company provides an annual incentive opportunity to Section 16 officers (Participants) to reward achievement of individual as well as
department and corporate objectives. The Executive Incentive Plan (EIP) is designed to attract and retain results-oriented executives. The plan design and criteria outlined below applies to the 2013 calendar year. 

This document is not a contract and all incentives are payable at the discretion of the Compensation Committee (Committee) of the Board of
Directors. 
 Cash Compensation Philosophy 
 As a preeminent financial industry leader in the Gulf South, Hancock recognizes that our executives are our primary asset, and our principal source of competitive advantage. 

In order to achieve our goal of being the employer of choice, we must attract, retain and motivate a highly qualified workforce. In doing so,
Hancock’s compensation philosophy is to provide a total cash compensation program that is competitive with that paid by local and regional competitors for similar work. Total cash compensation is comprised of two components – base salary
and incentive compensation. 
 Base salary is determined by the essential job functions, competencies, skills, and abilities for the position.

 Incentive compensation is determined by the executive’s performance compared to established goals and overall corporate performance.
This component contains goals that are set by the Committee after consultation with senior leadership and that are further described below. 

Eligibility Criteria 
  

	 	•	 	 Participants must be employed in a full or part time eligible position and be actively employed on December 31st of the plan year in order to be eligible to receive a payment.
Participants terminated for cause are not eligible to receive a payment. 

  

	 	•	 	 Pro-rata incentives will be based upon a Participant’s eligible tenure. Tenure is defined in terms of the amount of time spent (in full months) in
an incentive eligible position. 

  

	 	•	 	 Participants are not eligible to participate in a LOB functional plan and the EIP plan simultaneously. 

 

	 	•	 	 Corporate performance measured against performance targets for the calendar year, as well as the achievement of unit and individual objectives will
determine incentive awards. 

  

	 	•	 	 Incentive awards will be calculated as a percentage of the Participant’s 2013 base earnings. For calendar years containing 27 pay periods,
incentive awards will be calculated as a percentage of the Participant’s base earnings earned in the first 26 pay periods for the calendar year. 

	 	•	 	 Incentive calculations for Participants hired or who transfer internally to the EIP will be paid via a goal sheet, if before September 30. If it
is after September 30, a goal sheet will not be prepared and the Participant will be eligible for an incentive award determined at the Committee’s discretion. Goal sheets must be turned into the Executive Compensation Analyst in Human
Resources. 

 Plan Targets 
 The EIP is designed to provide an incentive component for Section 16 officers. The EIP is driven by corporate and unit/individual goal achievement and is funded based on achievement of
pre-established corporate performance targets and unit/individual goals. All goals must support the Participant’s unit’s strategic playbook and contribution to the overall strategic plan for 2013. Except as noted above, a
goal sheet will be established for each Participant to ensure understanding of the applicable target goals and potential percentage incentive payout. 
  

													
	 Title
	  	Target
Payout as a
% Base
Earnings*	 	 	Corporate
Payout %	 	 	Blended
Unit/Individual
Payout %	 
	 President and CEO
	  	 	80	% 	 	 	90	% 	 	 	10	% 
	 CEO and Chief Operating Officer
	  	 	80	% 	 	 	90	% 	 	 	10	% 
	 Chief Financial Officer
	  	 	60	% 	 	 	85	% 	 	 	15	% 
	 Chief Risk Officer
	  	 	60	% 	 	 	85	% 	 	 	15	% 
	 Chief Commercial Banking Officer
	  	 	60	% 	 	 	70	% 	 	 	30	% 
	 Chief Retail Banking Officer
	  	 	60	% 	 	 	70	% 	 	 	30	% 
	 Chief Wealth Management Officer
	  	 	60	% 	 	 	70	% 	 	 	30	% 
	 Chief Credit Officer—HHC
	  	 	50	% 	 	 	70	% 	 	 	30	% 
	 General Counsel
	  	 	50	% 	 	 	70	% 	 	 	30	% 
	 President – Whitney Bank
	  	 	50	% 	 	 	60	% 	 	 	40	% 
	 Chief Credit Officer – Whitney Bank
	  	 	50	% 	 	 	60	% 	 	 	40	% 
	 Chief Accounting Officer
	  	 	40	% 	 	 	60	% 	 	 	40	% 

  

	*	Incentive targets are reviewed and set annually by the Committee. The target payout percentage is established using market data, internal equity and overall Participant
contribution. This percentage is not guaranteed and is within the sole discretion of the Committee. In any given year, the percentage can move up or down. Any decision of the Committee is considered final and nonappealable. 

The target is the value at which 100% credit is given. No credit should be planned or given above 100% in the unit/individual component. 

Corporate Performance Targets 
 As
noted above, the EIP funding is tied directly to the company achieving annual corporate performance targets. These targets are set annually by the Committee. If 100% of all corporate performance targets are not achieved, the plan may not be funded
at 100%. 
 Each corporate component line item funds independent and can have a maximum funding of 200%. The aggregate corporate component
cannot fund any higher than 200%. 

 Corporate performance targets shall be measured based on the financial performance of Hancock and its
subsidiaries (the Company) as in existence at the beginning of the performance period. The effect on the financial performance of the Company resulting from a merger or any other similar corporate transaction or from the acquisition of a subsidiary
or other affiliated entity during the performance period may be taken into consideration. The Committee has the discretion to take into consideration the effect of any such transaction when determining awards under the EIP. 

If in any quarter during a given calendar year, Hancock reduces the common dividend per share from the actual amount per share paid in the immediate
prior quarter, then a minimum of 50% of that year’s corporate component of the EIP will be forfeited. 
 In exercising its discretion under
the Plan, the Committee will also consider the financial performance of regional and top quartile peer companies. 
 Risk Tolerance

 The EIP is designed to deliver incentives for superior performance, provided acceptable risk tolerance standards are met. In general,
the EIP is designed to meet the risk standards by: 
  

	 	•	 	 Motivating appropriate behaviors and results without exposing the company to potential excessive risk taking by Participants

  

	 	•	 	 Closely aligning Participant goals with the Company’s goals and values 

 

	 	•	 	 Discouraging actions by Participant’s that would enhance personal compensation over that of Company performance 

 

	 	•	 	 Discouraging unnecessary risk, be it Strategic, Operational, Financial, Reputation, Administrative, Compliance, and any behaviors leading to such risk

  

	 	•	 	 Encouraging Business Unit Management to promote Risk Awareness within their operations 

In summary, Hancock has established the Plan to reward superior performance by Participants while maintaining vigilant risk management. 

Clawback 
 This EIP is subject to
the Hancock Holding Company clawback policy. 
 Incentive Payment 

The target for paying incentives to eligible Participants is in February following the end of the calendar year, but no later than
March 15th of such year. All incentives are paid
through the normal payroll processes and include applicable tax withholdings and 401(k) deductions according to plan documents.

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