Document:

Exhibit 10.1

               

          

     

       

     

       

    
      

      

      
        

        

        
          

      

      

      

      DISPOSITION AGREEMENT

        

        

      AMONG

        

        

      MACQUARIE INFRASTRUCTURE CORPORATION,

          

          

          

          

          MIC OHANA CORPORATION,

        

        

      AND

        

        

      MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC.

        

        

      Dated as of October 30, 2019

      

      

      
        

        

        

        

      

      
        
          

      

      
      TABLE OF CONTENTS

      

      	 	 Page
	 	 
	
              Article I DEFINITIONS

            	1 

            
	 	 
	
              Section 1.1

            	
              Capitalized Terms

            	 1
	
              Section 1.2

            	
              Definitions

            	 1
	 	 	 
	
              Article II TERMINATION OF THE MANAGEMENT SERVICES AGREEMENT

            	 6
	 	 
	
              Section 2.1

            	
              Termination of the Management Services Agreement

            	 6
	
              Section 2.2

            	
              Effect of Termination

            	 7
	
              Section 2.3

            	
              Agreement to Bind Subsidiaries

            	 7
	
              Section 2.4

            	
              Effect of Dispositions

            	 7
	 	 	 
	
              Article III DISPOSITION PAYMENTS; OTHER PAYMENTS

            	 7
	 	 
	
              Section 3.1

            	
              Disposition Payments

            	 7
	
              Section 3.2

            	
              Calculation of Disposition Payments

            	 9
	
              Section 3.3

            	
              Transaction Structuring

            	 9
	
              Section 3.4

            	
              Determination of Fair Market Value

            	 9
	
              Section 3.5

            	
              Additional Payment

            	 10
	
              Section 3.6

            	
              Make-Whole Amount

            	 10
	
              Section 3.7

            	
              Consultation on Calculations

            	 10
	
              Section 3.8

            	
              Payment of Accrued Fees and Costs in Cash

            	 11
	 	 	 
	
              Article IV AUTHORITY OF THE COMPANY, THE MANAGED SUBSIDIARIES AND THE MANAGER

            	 12
	 	 
	
              Article V SALES PROCESS; MANAGEMENT SERVICES AGREEMENT; PUBLIC ANNOUNCEMENTS; WAIVER LETTER

            	 12
	 	 
	
              Section 5.1

            	
              Sales Process

            	 12
	
              Section 5.2

            	
              Management Services Agreement

            	 12
	
              Section 5.3

            	
              Public Announcements

            	 12
	
              Section 5.4

            	
              Waiver Letter

            	 12
	 	 	 
	
              Article VI MISCELLANEOUS

            	 13
	 	 
	
              Section 6.1

            	
              Term

            	 13
	
              Section 6.2

            	
              No Fiduciary Duties

            	 13
	
              Section 6.3

            	
              Effect of Termination

            	 13
	
              Section 6.4

            	
              Notices

            	 13
	
              Section 6.5

            	
              Captions

            	 14
	
              Section 6.6

            	
              Assignment

            	 14
	
              Section 6.7

            	
              Applicable Law

            	 14
	
              Section 6.8

            	
              Jurisdiction

            	 14
	
              Section 6.9

            	
              Waiver of Jury Trial

            	 15
	
              Section 6.10

            	
              Amendment

            	 15
	
              Section 6.11

            	
              Severability

            	 15
	
              Section 6.12

            	
              Entire Agreement

            	 15

       

      

      
        Exhibit A
            Disposition Payments

      

       

      

       

      
        i 

        
          

      

      This DISPOSITION AGREEMENT (this “Agreement”),

        dated as of October 30, 2019, is among Macquarie Infrastructure Corporation, a Delaware corporation (the “Company”), MIC Ohana Corporation, a Delaware corporation (a “Managed Subsidiary” and, together with any directly owned Subsidiary of the Company as from time to time may exist and that has executed a counterpart of this Agreement in accordance with
        Section 2.3 herein, collectively, the “Managed Subsidiaries”), and Macquarie Infrastructure Management (USA) Inc., a Delaware corporation (the “Manager”). Individually, each party hereto shall be referred to as a “Party” and collectively as the “Parties.”

      WHEREAS, the Company, the Managed Subsidiary and the Manager are parties to that certain Third
        Amended and Restated Management Services Agreement, dated as of May 21, 2015 (the “Management Services Agreement”); and

      WHEREAS, the Company, the Managed Subsidiary and the Manager wish to provide for the termination of
        the Management Services Agreement in certain circumstances and for the payment of certain amounts to the Manager in certain circumstances, in each case as set forth herein.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Parties agree as
        follows:

      ARTICLE I 

        

        DEFINITIONS

       
        	
                 

              	
                 

              

      

      Section 1.1   Capitalized Terms.  Capitalized terms used and not otherwise defined herein shall for all purposes of
        this Agreement have the respective meanings specified therefor in the Management Services Agreement.

       

      

      Section 1.2   Definitions.  For purposes of this Agreement, each of the following terms has the meaning specified in this Section 1.2:

      “Accounting Firm” means an independent
        accounting firm mutually selected by the Manager and the Independent Directors, which will be a nationally recognized firm of certified public accountants which does not prepare the financial statements of the Company or any of its Subsidiaries or
        the Manager.

      “Additional Payment” has the meaning set
        forth in Section 3.5 herein.

      “Agreement” means this Disposition
        Agreement, including all Exhibits and Schedules attached hereto, as amended and/or restated from time to time. Words such as “herein,” “hereinafter,” “hereof,” “hereto” and “hereunder” refer to this Agreement as a whole, unless the context otherwise requires.

      “Appointed Bank” has the meaning set
        forth in Section 3.4 herein.

      
        
          

      

      
      “Atlantic Aviation Business” means the
        business comprising the Atlantic Aviation segment of the Company.

      “Base Amount” means, with respect to any
        Disposition:

      (a) to the extent the consideration is in the form of cash, the cash consideration (expressed in
        USD) actually paid to the Company, its Subsidiaries or holders of shares of Company Common Stock (without duplication) calculated as of the date of payment to the Company, its Subsidiaries or such holders, as applicable;

      (b) to the extent the consideration is in the form of a note or other indebtedness payable to the
        Company, its Subsidiaries or holders of shares of Company Common Stock (without duplication), the aggregate net present value of such note or other indebtedness estimated in good faith by the Company and agreed to by the Manager and the Independent
        Directors using a 9.5% discount rate assuming payment of such note or other indebtedness in accordance with its terms;

      (c) to the extent the consideration is in the form of publicly-traded securities to be issued or
        transferred to the Company, its Subsidiaries or holders of shares of Company Common Stock (without duplication), the aggregate value of such securities calculated based on the volume weighted average price of such securities on the applicable
        trading exchange or quotation system during the twenty (20) trading days ending on the last trading day prior to the announcement of the Disposition transaction;

      (d) with respect to a Spin-Off, the sum of (i) the aggregate value of the equity consideration
        received by the holders of Company Common Stock calculated based on the volume weighted average price of such securities on the applicable trading exchange or quotation system during the twenty (20) trading days immediately following the
        consummation of the Disposition transaction and (ii) the amount of cash proceeds (from borrowings or otherwise) distributed to holders of Company Common Stock or the Company or any of its Subsidiaries in the Disposition transaction; and

      (e) to the extent the consideration is in a form other than as provided in clauses (a) through (d)
        above, the Fair Market Value of such consideration as of the date of the consummation of the Disposition, as determined pursuant to Section 3.4 herein;

      provided that, for the avoidance of doubt, in the case of each of clauses (a) – (e), if any consideration in a
        Disposition is subject to payment at multiple closings or any hold back, escrow, earn out or other provision providing for deferred release to the Company, its Subsidiaries or the holders of shares of Company Common Stock, such consideration shall
        be included in the Base Amount at such time as such consideration is received by the Company, its Subsidiaries or the holders of shares of Company Common Stock as applicable, at which time the Disposition Payment will be recalculated and any
        additional amounts payable to the Manager will become due in accordance with the terms of Section 3.7.

      “Code” means the Internal Revenue Code
        of 1986, as amended, or any successor federal tax statute.

      
        2

        
          

      

      “Company” has the meaning set forth in
        the first paragraph of this Agreement.

      “Company Common Stock” means the common
        stock, par value $0.001 per share, of the Company.

      “Company Stock Issuance” means the
        issuance by the Company of any shares of Company Common Stock or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any shares of Company Common Stock, or any other rights to
        purchase or otherwise acquire, any shares of Company Common Stock.

      “Company Transaction Costs” means, with
        respect to any Disposition, the sum of the following amounts, incurred or estimated in good faith by the Company and agreed to by the Manager and the Independent Directors as of the consummation of the Disposition and without duplication:  (i) the
        collective amount payable by the Company and its Subsidiaries to outside legal counsel, accountants, financial, technical and other transaction advisors, brokers and other third parties; and (ii) all other out-of-pocket costs and expenses incurred
        by the Company and its Subsidiaries in connection with Disposition (but, for this purpose, excluding any payments due to the Manager under this Agreement or under the Management Services Agreement).

      “Cumulative Disposition Payment Amount”
        has the meaning set forth in Section 3.2 herein.

      “Cumulative Net Proceeds” means the
        Cumulative Proceeds minus the Cumulative Disposition Payment Amount.

      “Cumulative Proceeds” means, as of any
        given date, the aggregate amount of Proceeds for all Dispositions from the date of this Agreement to such date.

      “Disposition” means any sale, merger,
        spin-off, distribution of equity interests or liquidation, as applicable, in one or a related series of transactions, of (a) the Company and its Subsidiaries, taken as a whole, (b) individual or collections of assets or businesses owned by the
        Company or any of its Subsidiaries, in each case comprising at least $250 million in aggregate value, or (c) the equity interests of one or more of the Subsidiaries of the Company that own the assets or businesses of the Company or any of its
        Subsidiaries, in each case compromising at least $250 million in aggregate value.

      “Disposition Payments” has the meaning
        set forth in Section 3.1 herein.

      “Estimated Tax” means, with respect to
        any Disposition, the estimated Tax payable by the Company or any of its Subsidiaries in connection with the Disposition, as determined by the Accounting Firm as of the consummation of the Disposition; provided, that for purposes of this
        determination any Disposition Payment payable in connection with such Disposition and the payment or accrual of Company Transaction Costs in connection with such Disposition shall be treated as a reduction of gain recognized on the Disposition; provided,
        further that if the Company or any of its Subsidiaries is estimated to recognize a loss in connection with the Disposition (taking into account the preceding proviso), the amount of the Estimated Tax with respect to the Disposition shall be
        the estimated Tax benefit of such loss to the Company or its Subsidiaries (which, for the avoidance of doubt, shall be a negative number in computing Proceeds).

      
        3

        
          

      

      “Fair Market Value” means the price at
        which the applicable asset would change hands between a willing unaffiliated third-party buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and both parties are able, as
        well as willing, to trade and are well informed about the asset and the market for that asset.

      “Fully Diluted Shares” means the number
        of shares of Company Common Stock outstanding on a fully diluted basis as determined in accordance with U.S. generally accepted accounting principles, which on the date hereof equals 86,599,870 shares of Company Common Stock.

      “Hawaii Gas Business” means the business
        comprising the MIC Hawaii segment of the Company.

      “IMTT Business” means the business
        comprising the International-Matex Tank Terminals (IMTT) segment of the Company.

      “Independent Bank” has the meaning set
        forth in Section 3.4 herein.

      “Independent Directors” means, as of any
        given date, the independent directors of the Company (as directors and not in their individual capacities). Where this Agreement refers to any action, decision or election to be taken by the Independent Directors, such action, decision or election
        shall be deemed to be approved if at least a majority of the then-current Independent Directors so approves it or, if delegated the authority by a majority of the Independent Directors, if the lead Independent Director approves any such action,
        decision or election to be taken by the Independent Directors hereunder.

      “Make-Whole Amount” means an amount
        equal to (a) if a QTE occurs prior to the second anniversary of the date hereof, the sum of (i) the product of $54,794.52 multiplied by the number of calendar days during that period commencing on and
        including the date hereof and ending on the date of the QTE minus (ii) the aggregate of the Base Management Fees and Performance Fees paid or due to be paid to the Manager for the period commencing on and including the date hereof and ending on the
        date of the QTE (allocated pro rata for any partial Fiscal Quarter) and (b) if a QTE occurs on or after the second anniversary of the date hereof, the sum of (i) $40 million plus (ii) the product of $27,397.26 multiplied by the number of calendar
        days during that period commencing on and including the second anniversary of the date hereof and ending on the date of the QTE minus (iii) the aggregate of the Base Management Fees and Performance Fees paid or due to be paid to the Manager for the
        period commencing on and including the date hereof and ending on the date of the QTE (allocated pro rata for any partial Fiscal Quarter); provided that, in each case, if the Make-Whole Amount is a negative number, the Make-Whole Amount shall be
        deemed to be $0.

      “Managed Subsidiary” and “Managed Subsidiaries” have the meanings set forth in the first paragraph of this Agreement.

      
        4

        
          

      

      “Management Services Agreement” has the
        meaning set forth in the recitals to this Agreement.

      “Manager” has the meaning set forth in
        the first paragraph of this Agreement.

      “Minimum Amount” has the meaning set
        forth in Section 3.1 herein.

      “Party” has the meaning set forth in the
        first paragraph of this Agreement.

      “Payment Report” has the meaning set
        forth in Section 3.7 herein.

      “Proceeds” means

      (a) with respect to each Disposition other than a Whole-Company Transaction, the
        sum of

      (i) the Base Amount, minus

      (ii) the Company Transaction Costs, minus

      (iii) the Estimated Tax, minus

      (iv) the amount of any indebtedness that is repaid by the Company or any of its
        Subsidiaries in connection with such Disposition (without duplication), including, without limitation, amounts used or reserved (without duplication and provided, solely with respect to indebtedness that pursuant to its terms may be redeemed or
        repaid at the Company’s option at the time of such Disposition, such reserved amounts are used to repay indebtedness within 180 days, after which time any such excess reserved amounts will be added back to Proceeds) to pay the Company’s 2.00%
        Convertible Senior Notes due October 2023 or any amounts outstanding under the Revolving Credit Facility except to the extent such amounts outstanding were incurred other than in the ordinary course to fund the business operations of the Company
        and its Subsidiaries, or

      (b) with respect to a Whole-Company Transaction, the total consideration paid to
        Company shareholders (and to the extent any part of such consideration is in the form of publicly-traded securities, the value of such portion of the consideration shall be the aggregate value of such securities calculated based on the volume
        weighted average price of such securities on the applicable trading exchange or quotation system during the twenty (20) days ending on the last trading day prior to the announcement of the Whole-Company Transaction);

      provided, in the case of each of clause (a) and clause (b) with respect to any Disposition after the
        initial Disposition, that such amount shall be increased by (x) the amount of any distribution to shareholders of the Company (other than distributions of Proceeds of a Disposition) after the date hereof which is (i) in excess of $4.00 per share
        per year, (ii) not affirmatively determined by the Board of Directors to be sustainable on a going forward basis from business activities of the Company or any of its Subsidiaries if such distribution is declared after a Disposition or (iii) not
        affirmatively determined by the Board of Directors to be appropriate for the then-current capital structure of the Company if such distribution is declared after a Disposition (in the case of each of clause (ii) and clause (iii), taking into
        account the effect of any Dispositions) and (y) the amount of any repurchases of shares of the Company by the Company (other than repurchases of shares funded by the Proceeds of a Disposition) after the date hereof.

      
        5

        
          

      

      “QTE” has the meaning set forth in
        Section 2.1 herein.

      “Revolving Credit Facility” means the
        Amended and Restated Credit Agreement, dated as of January 3, 2018, among Macquarie Infrastructure Corporation, as borrower, MIC Ohana Corporation, as guarantor, J.P. Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
        (as amended, supplemented or otherwise modified from time to time).

      “Spin-Off” means a distribution of
        equity share capital of a Subsidiary of the Company (“SpinCo” and, such equity share capital “SpinCo Stock”) to holders of
        Company Common Stock as a class, including in connection with any “Reverse Morris Trust” transaction.

      “Termination Date” has the meaning set
        forth in Section 2.1 herein.

      “Valuation Process Notice” has the
        meaning set forth in Section 3.4 herein.

      “Waived Fees” has the meaning set forth
        in Section 2.1 herein.

      “Waiver Letter” has the meaning set
        forth in Section 2.1 herein.

      “Whole-Company Transaction” means an acquisition of all of the outstanding equity securities of the Company by a third party or parties.

      ARTICLE II 

        

        TERMINATION OF THE MANAGEMENT SERVICES AGREEMENT

       

      

      Section 2.1   Termination of the Management Services Agreement. The Parties hereby agree that the Management Services Agreement shall automatically terminate, subject to the terms hereof and
          thereof (including Section 6.1 and 6.3 hereof), upon the occurrence of any of the following qualifying termination events (each, a “QTE”):

      (a) the consummation of a Whole-Company Transaction;

      (b) the consummation of a transaction or series of transactions
          resulting in the acquisition by a third party or parties of all of the assets of the Company (i.e., sales of the Atlantic Aviation Business, the Hawaii Gas Business and the IMTT Business), such QTE being
          deemed to have occurred upon the consummation of the disposition of the final asset or set of assets; or

      
        (c) the mutual agreement of the Parties;

         

      
        6

        
          

      

      provided that such termination shall be automatically effective, without requirement of further
        action by the Company, the Manager or the Independent Directors (including any notice requirement under Section 10 of the Management Services Agreement) upon the later to occur of (x) ten (10) calendar days following the occurrence of the QTE and
        (y) payment to the Manager of all of the following: (i) all accrued and unpaid Base Management Fees (including $8,500,000 of fees waived in accordance with that certain waiver letter issued by the Manager dated October 30, 2018 (as it may be
        amended, the “Waiver Letter”, and such amount, the “Waived Fees”)) and Performance Fees for the period prior to the
        effectiveness of such termination; (ii) all applicable Disposition Payments, including, if applicable, in respect of the Disposition that constituted the QTE; (iii) the Additional Payment, if any; and (iv) the Make-Whole Amount, if any (such date
        on which such termination takes effect, the “Termination Date”). If the Management Services Agreement is terminated in accordance with this Section 2.1, the Parties hereby agree that no
        Termination Fee shall be due and payable, and the Manager hereby waives any right thereto under the Management Services Agreement.  If the Management Services Agreement has not been terminated prior to the sixth (6th) anniversary of the
        date hereof, the Manager and the Independent Directors will engage in reasonable, good faith discussions regarding a potential internalization or other framework for a termination of the Management Services Agreement.

      Section 2.2   Effect of Termination.  In the event of a termination of the Management Services Agreement pursuant to this Agreement (as opposed to a termination pursuant to Article X of the
          Management Services Agreement), the provisions of Sections 10.3, 10.4 and 10.5 of the Management Services Agreement shall be observed in all respects.  For the avoidance of doubt, Section 10.1(b) of the Management Services Agreement shall not
          apply in the event of a Delisting Event (as defined therein) during the term of this Agreement.

      Section 2.3   Agreement to Bind Subsidiaries. The Company covenants and agrees to cause any Managed Subsidiary created or acquired after the date of this Agreement that executes a counterpart
          to the Management Services Agreement to execute a counterpart of this Agreement agreeing to be bound by the terms hereunder simultaneously with its execution of the counterpart to the Management Services Agreement.

      Section 2.4   Effect of Dispositions.  Upon consummation of a Disposition, the Management Services Agreement shall no longer apply to the equity interests or assets of the Company or its
          Subsidiaries that were disposed of in such Disposition.

      ARTICLE III 

        

        DISPOSITION PAYMENTS; OTHER PAYMENTS

      
        7

        
          

      

       

      

      Section 3.1   Disposition Payments.  Upon any Disposition and upon the receipt of any delayed payments of consideration with respect to any Disposition, the Company and MIC Ohana shall pay to
          the Manager the applicable payment, if any, in connection with such Disposition (each, a “Disposition Payment”) as set forth herein.  Any such Disposition Payment shall become due and
          payable, and the Company and MIC Ohana shall pay any such Disposition Payment, to the Manager on the third (3rd) Business Day following the consummation of the applicable Disposition transaction (or receipt of any delayed payment),
          unless any Disposition Payment is in relation to Proceeds related to a Spin-Off in which case the Disposition Payment shall be due and payable within thirty-five (35) trading days from such Disposition, and, in each case, subject to the
          completion of any valuation process commenced in accordance with Section 3.4 and the resolution of any dispute with respect to the Payment Report delivered in accordance with Section 3.7; provided further that no Disposition Payments shall be
          required to be paid to the Manager pursuant to this Section 3.1 until the consummation of the Disposition transaction after giving effect to which the Cumulative Proceeds exceed $750 million (the “Minimum Amount”), at which time the Disposition Payment for such Disposition transaction and all prior Dispositions for which a Disposition Payment was not paid pursuant this proviso shall become due and payable to the Manager
          in accordance with the terms of Sections 3.2, 3.7 and, if applicable, 3.4.  All Disposition Payments shall be paid (i) in cash in any Disposition in which the Proceeds are received directly by the Company shareholders in cash or in which the
          Proceeds are received directly by the Company or its Subsidiary in cash and (ii) in the same form of consideration received (a) by the Company shareholders in any Disposition in which the Proceeds are received directly by or distributed to the
          Company Shareholders in a form other than cash or (b) by the Company or its Subsidiary in any Disposition in which the Proceeds are received directly by the Company or one of its Subsidiaries in a form other than cash prior to distribution of any
          Proceeds to the Company shareholders (provided that the Independent Directors may elect to make any such Disposition Payment in cash in lieu of the same form of consideration received by the Company or its Subsidiary by notice of such election to
          the Manager at least thirteen (13) Business Days prior to the consummation of such Disposition); provided that, if the Company or its Subsidiary receives consideration in the form of securities for which the Company or such Subsidiary receives
          registration rights and the Company elects to make the Disposition Payment in the form of such securities, then the Manager shall receive registration rights in respect of such securities comprising the Disposition Payment substantially similar
          to those received by the Company or its Subsidiary, as applicable; provided further that, in the event of a Spin-Off, the Manager shall have the right to elect, by notice of such election to the Company no later than the twenty-fifth (25th)
          trading day immediately following the consummation of the Spin-Off, to cause the Disposition Payment to be made (A) in cash or (B) in the same form as the equity share capital distributed to the holders of Company Common Stock as a class, but,
          with respect to clause (B), only if payment of the Disposition Payment in such form would not cause the Company’s nationally recognized external legal counsel to be unable to issue a “should” level of written opinion with respect to the
          Spin-Off’s qualification as a tax-free distribution under Section 355 of the Code or otherwise result in a tax liability to the Company that has a material adverse effect on the Company (provided that the Company shall use reasonable best efforts
          to structure the Spin-Off such that payment of the Disposition Payment in such form would not cause the Company’s nationally recognized external legal counsel to be unable to issue a “should” level of written opinion with respect to the
          Spin-Off’s qualification as a tax-free distribution under Section 355 of the Code).  In connection with a Spin-Off, the Company shall (x) cause SpinCo to issue and transfer SpinCo Stock to the Manager to the extent and as contemplated by this
          Agreement, and to take all other actions with respect to SpinCo Stock as contemplated by this Agreement, and (y) cause the agreements with SpinCo with respect to the Spin-Off to contain provisions that (1) require SpinCo to issue and transfer
          SpinCo Stock to the Manager to the extent and as contemplated by this Agreement, and to take all other actions with respect to SpinCo Stock as contemplated by this Agreement, and (2) provide that the Manager is a third party beneficiary of such
          agreements with a right to enforce the provisions contemplated by clause (1).

      
        8

        
          

      

      Section 3.2   Calculation of Disposition Payments.  The Disposition Payment for any particular Disposition prior to a QTE shall be equal to the difference between (a) the aggregate Disposition
          Payment Amount for all Dispositions inclusive of such Disposition as determined under the calculations set forth on Exhibit A hereto (with respect to any such Disposition, the “Cumulative
            Disposition Payment Amount”) and (b) the total Disposition Payments paid to the Manager prior to such Disposition pursuant to this Agreement. Notwithstanding the foregoing, in the event of a QTE, the Cumulative Disposition Payment Amount
          shall be deemed to be equal to the greater of (x) the amount determined under the calculations set forth on Exhibit A hereto, and (y) the sum of (i) $50 million plus (ii) 1.5% multiplied by Cumulative Proceeds in excess of $500 million.

      Section 3.3   Transaction Structuring.  The Company agrees that neither it nor its Subsidiaries shall take (or omit to take) any action with the intent of avoiding or reducing the payment of a
          Disposition Payment in connection with a Disposition.  A Disposition Payment will be payable, based on the same calculations described above (as equitably applied to the subject transaction or event), with respect to the proceeds of any other
          transaction or event pursuant to which cash is distributed to holders of Company Common Stock which is structured with the intent of avoiding or reducing the payment of a Disposition Payment hereunder.

      Section 3.4   Determination of Fair Market Value.  To the extent the consideration in a Disposition is in a form other than as provided in clauses (a) – (d) of the definition of “Base Amount”,
          the Fair Market Value of such consideration shall be determined pursuant to this Section 3.4.  The Manager and the Independent Directors shall negotiate in good faith to determine the Fair Market Value of such consideration prior to the
          consummation of the applicable Disposition.  If they are unable to agree on such Fair Market Value by the date of consummation of such Disposition, then the Manager or the Independent Directors may commence the valuation process described in this
          Section 3.4 by providing written notice to the other Parties no later than ten (10) Business Days after the consummation of the applicable Disposition (such notice, a “Valuation Process Notice”).
          In the event a Valuation Process Notice is delivered, then within ten (10) Business Days of the delivery of the Valuation Process Notice, each of the Manager, on the one hand, and the Independent Directors, on the other hand, shall appoint an
          internationally recognized valuation firm (an “Appointed Bank”). Each of the Manager, on the one hand, and the Company and the Managed Subsidiaries, on the other hand, shall instruct its
          Appointed Bank to determine, by no later than twenty (20) Business Days after being appointed, its best estimate of the Fair Market Value of such consideration, based on the customary methodologies that such Appointed Bank in its professional
          experience deems relevant to such a determination. On the forty-fifth (45th) Business Day following delivery of the Valuation Process Notice or such earlier date as agreed to by the Parties, each Appointed Bank shall present to the
          Parties and the other Appointed Bank its determination of the Fair Market Value of such consideration. In the event the Fair Market Values determined by the two Appointed Banks are within ten percent (10%) of one another (determined by reference
          to the higher of the two), the Fair Market Value shall be the average of those two estimates and such determination of the Fair Market Value of the consideration shall be final and binding on the Parties. In the event the Fair Market Values
          determined by the two Appointed Banks are not within ten percent (10%) of one another (determined by reference to the higher of the two), the Appointed Banks shall mutually select a third internationally recognized valuation firm (the “Independent Bank”) to determine, by no later than twenty (20) Business Days after being appointed, which of the two estimates of the Fair Market Value of the consideration prepared by the
          Appointed Banks most closely approximates the Fair Market Value of the consideration based on the customary methodologies that such Independent Bank in its professional experience deems relevant to such a determination, which estimate shall be
          deemed to be the Fair Market Value of the consideration and shall be final and binding on the Parties.  The fees and expenses of the Appointed Banks and the Independent Bank shall be borne by the Party (either the Company or the Manager) whose
          calculation of the applicable Fair Market Value is furthest from the amount determined pursuant to this Section 3.4 (and, for the avoidance of doubt, in no case shall any such fees borne by the Company be included in the calculation of Company
          Transaction Costs).  Within five (5) Business Days of the final determination of the Fair Market Value of such consideration, the Disposition Payment with respect to such Disposition shall be calculated and, subject to Section 3.7, the Company
          and MIC Ohana shall pay to the Manager the amount of the Disposition Payment payable with respect to such Disposition.

      
        9

        
          

      

      Section 3.5   Additional Payment.  If a QTE contemplated by Section 2.1(a) or Section 2.1(b) herein occurs on or prior to January 1, 2022, the Company shall pay the Manager $25 million in cash
          concurrently with payment of the Disposition Payment in respect of the Disposition that resulted in the QTE (such payment, the “Additional Payment”); provided that for purposes of this
          Section 3.5, if on January 1, 2022, one or more definitive agreements with respect to a QTE have been executed, or a regulatory application with respect to a QTE has been filed, but the transactions effecting such QTE are pending and have not yet
          been consummated, such date shall be extended to July 1, 2022.

      Section 3.6   Make-Whole Amount.  The Company shall pay the Manager the Make-Whole Amount, if any, in cash concurrently with the consummation of the Disposition that resulted in a QTE
          contemplated by Section 2.1(a) or Section 2.1(b) herein.

      Section 3.7   Consultation on Calculations. No later than the later of ten (10) Business Days prior to (x) the consummation of a Disposition and (y) the date on which a Disposition Payment
          under this Agreement is due, the Manager will prepare and furnish to the Independent Directors, a report detailing the calculation of the applicable Disposition Payment (the “Payment Report”).
          If the Independent Directors, in good faith and after consultation with legal and financial advisors as necessary or appropriate, asserts that the Payment Report does not accurately reflect the information and calculations required pursuant to
          this Agreement or that the underlying information used by the Manager to produce, or that is reflected on or subsumed in, the Payment Report is inaccurate or incomplete, then the Independent Directors shall notify the Manager not more than twenty
          (20) Business Days after the Independent Directors have received the applicable Payment Report from the Manager (provided that, for the avoidance of doubt, if the Independent Directors fail to notify the Manager in writing within such twenty (20)
          Business Day period, the Company shall be obligated to make the payment due on the twenty-first (21st) Business Day after the Independent Directors have received the applicable Payment Report from the Manager), and, in such event, the
          Company, the Independent Directors and the Manager shall consider the issues raised or in dispute and discuss such issues with each other and attempt to reach a mutually satisfactory agreement.  Until the payment of any Disposition Fee with
          respect to a Disposition, the Company shall, on the date of the consummation of the applicable Disposition transaction (or, with respect to a Spin-Off, on the date that is five (5) trading days after the Manager makes its election contemplated by
          the last sentence of Section 3.1 and, in any event, no later than the thirtieth (30th) trading day after the consummation of the Spin-Off), place consideration equal to any unpaid Disposition Fee shown as due in the applicable Payment
          Report in escrow with a nationally recognized financial institution mutually agreed upon by the Manager and the Independent Directors pursuant to an escrow agreement on customary market terms (with such escrow agreement as reasonably acceptable
          to the Manager and the Independent Directors), with such amounts to be released to the Company or the Manager only upon determination of the Disposition Fee in accordance with this Section 3.7.  Thereafter, the Independent Directors and the
          Manager shall promptly, and in any event no later than thirty (30) days after the date of the Independent Directors’ notification to the Manager, select the Accounting Firm and instruct the Accounting Firm to recalculate the amounts or otherwise
          determine the information reflected or subsumed in the Payment Report which is disputed. The Accounting Firm shall resolve the dispute promptly, but in no event more than thirty (30) days after having the dispute submitted to it, unless the
          Accounting Firm provides notice to the Manager, the Company and the Independent Directors, in writing, that in its reasonable opinion resolution of the disputed issue or issues shall require additional time. The Accounting Firm will make a
          determination as to each of the items in dispute, which determination must be (i) in writing, (ii) furnished to each of the Manager, the Company and the Independent Directors and (iii) made in accordance with this Agreement, and which
          determination will be conclusive and binding on Manager and the Company, absent manifest error, and may be enforced in the courts specified in Section 6.8.  The fees and expenses of the Accounting Firm shall be borne by the Party (either the
          Company or the Manager) whose calculation of the applicable Disposition Payment is furthest from the amount determined by the Accounting Firm (and, for the avoidance of doubt, in no case shall such fees and expenses be included in the calculation
          of Company Transaction Costs).  Each of the Manager and the Company shall use reasonable efforts to cause the Accounting Firm to render its decision as soon as reasonably practicable, including by promptly complying with all reasonable requests
          by the Accounting Firm for information, books, records and similar items.  Within five (5) Business Days of the final determination of each of the items contained in the Payment Report that were in dispute, the Disposition Payment with respect to
          such Disposition shall be calculated and the Company and MIC Ohana shall pay to the Manager (from the escrowed amounts or otherwise) the amount of the Disposition Payment payable with respect to such Disposition.

      
        10

        
          

      

      
        Section 3.8   Payment of Accrued Fees and Costs in Cash. In connection with the termination of the Management Services Agreement in accordance with
              Section 2.1, the Parties hereby agree that (a) any accrued and unpaid Base Management Fees (including the Waived Fees) and Performance Fees at the time of such termination for the period prior to the termination shall be paid to the Manager
              in cash, and the Manager hereby waives its rights under Section 7.2(e) of the Management Services Agreement (with respect to the Base Management Fee) and Section 7.3(d) of the Management Services Agreement (with respect to the Performance
              Fee) to invest all or a portion of such accrued and unpaid Base Management Fees and Performance Fees in shares of Company Common Stock and (b) any unreimbursed Costs at the time of such termination that are described in Section 9.1 of the
              Management Services Agreement shall be paid to the Manager in cash.

      

      
        11

        
          

      

      ARTICLE IV

        

        AUTHORITY OF THE COMPANY, THE MANAGED SUBSIDIARIES AND THE MANAGER

      Each Party represents to the others that it is duly authorized with full power and authority to
        execute, deliver and perform this Agreement.  The Company and each Managed Subsidiary represents that the execution and performance of this Agreement has been duly authorized by the Company and each Managed Subsidiary and is in accordance with all
        governing documents of the Company and each Managed Subsidiary.

      ARTICLE V

        

        SALES PROCESS; MANAGEMENT SERVICES AGREEMENT; PUBLIC ANNOUNCEMENTS; WAIVER LETTER

      Section 5.1   Sales Process.  In the event the Company determines to explore or execute any strategic alternatives, subject to the oversight of, and at the request and the direction of, the
          Company Board of Directors, the Manager shall exercise its duties and responsibilities under the Management Services Agreement to assist with any sale process, including with respect to recommending strategy, evaluating proposed structures,
          preparing for due diligence and related processes, recommending advisors to the Company, preparing financial models and analysis of valuation, assisting in negotiations, and preparing for closing.

      Section 5.2   Management Services Agreement.  Prior to any termination of the Management Services Agreement (including with respect to any assets, Subsidiaries or segments that are the subject
          of a Disposition), the Management Services Agreement shall remain in full force and effect and the Manager shall continue to perform its duties as Manager, as set forth therein, receiving Base Management Fees and Performance Fees, as applicable.

      Section 5.3   Public Announcements.  The Company and the Manager shall cooperate in making required and appropriate public announcements regarding execution of this Agreement, including by
          providing each other an opportunity to review and comment on draft public announcements. No Party shall make any public announcements about this Agreement without the consent of all other Parties (following an opportunity to review and comment),
          except as may be reasonably required by law.

      Section 5.4   Waiver Letter.  The Manager hereby agrees that it will not exercise its right set forth in the Waiver Letter to retract the Limited Waiver (as defined in the Waiver Letter) with
          an effective date of such retraction prior to the date of termination of this Agreement. For the avoidance of doubt, any retraction of the Limited Waiver with an effective date on or after termination of this Agreement will not trigger a
          recapture of previously waived fees.

      
        12

        
          

      

      ARTICLE VI 

        

        MISCELLANEOUS

       

      

      Section 6.1   Term.  Subject to Section 6.3 hereof, this Agreement shall terminate on the earlier to occur of (a) the Termination Date and (b) the sixth (6th) anniversary of the date
          hereof, or such earlier date as agreed by the Parties; provided that if on the sixth (6th) anniversary of the date hereof, one or more definitive agreements with respect to one or more Dispositions (which would, if consummated, result
          in Cumulative Proceeds exceeding the Minimum Amount if the Minimum Amount has not already been exceeded) or a QTE have been executed, or a regulatory application with respect to one or more such Dispositions or a QTE have been filed, but the
          transactions effecting such Disposition or QTE are pending and have not yet been consummated, the term shall be extended and shall terminate immediately after the consummation or termination of the last of all such transactions that were pending
          on the sixth anniversary of the date hereof.

      Section 6.2   No Fiduciary Duties.  The relationship of the Manager to the Company and the Managed Subsidiaries is as an independent contractor and nothing in this Agreement shall be construed
          to impose on the Manager an express or implied fiduciary duty.  Nothing in this Agreement shall limit the Manager’s obligation to perform its duties in accordance with Section 14.1 of the Management Services Agreement.

      Section 6.3   Effect of Termination. Termination of this Agreement shall not affect the right of the Manager to receive any unpaid amounts or consideration due under this Agreement earned prior
          to such termination, subject to applicable law.

      Section 6.4   Notices. Any notice under this Agreement shall be sufficient in all respects if given in writing and delivered in person or by commercial courier providing proof of delivery and
          addressed as follows or addressed to such other person or address as such Party may designate in writing for receipt of such notice.

      If to the Company or the Managed Subsidiaries:

      125 West 55th Street

        15th Floor

        New York, New York, 10019

        Attention: Norman Brown, Lead Independent Director

      With a copy to:

      White & Case LLP

        1221 Avenue of the Americas

        New York, NY  10020

        Attention: Morton Pierce, Esq.; Michelle Rutta, Esq.

      
        13

        
          

      

      If to the Manager:

      Macquarie Infrastructure Management (USA) Inc.

        125 West 55th Street

        15th Floor

        New York, New York, 10019

        Attention: David Fass, President

      With a copy to:

      Skadden, Arps, Slate, Meagher & Flom LLP

        1440 New York Avenue, NW

        Washington, DC 20005

        Attention: Katherine D. Ashley, Esq.

      Section 6.5   Captions. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their
          construction or effect.

      Section 6.6   Assignment.  This Agreement may not be assigned by any Party without the prior written consent of the other Parties; provided that, if any Party assigns the Management Services
          Agreement to an assignee, such Party shall simultaneously assign this Agreement to the same assignee (and the assignment hereof in such case shall not require the prior written consent of any other Party).  This Agreement will be binding upon and
          shall inure to the benefit of the Parties and their respective successors and permitted assigns.

      Section 6.7   Applicable Law. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to conflict of law principles.

      Section 6.8   Jurisdiction. Each Party irrevocably submits to the exclusive jurisdiction of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware
          (or, only if the Delaware Court of Chancery lacks jurisdiction over a particular matter, any state or federal court within the State of Delaware, and any appellate courts thereof), for the purposes of any dispute arising out of this Agreement or
          the transactions contemplated hereby (and each such party agrees that no such dispute relating to this Agreement or the transactions contemplated hereby shall be brought by it except in such courts). Each Party irrevocably and unconditionally
          waives (and agrees not to plead or claim) any objection to the laying of venue of any proceeding arising out of this Agreement or the transactions contemplated hereby in the Delaware Court of Chancery or any state appellate court therefrom within
          the State of Delaware (or, only if the Delaware Court of Chancery lacks jurisdiction over a particular matter, any state or federal court within the State of Delaware, and any appellate courts thereof) or that any such proceeding brought in any
          such court has been brought in an inconvenient forum. Each Party further agrees that any final and non-appealable judgment against a party in connection with any proceeding shall be conclusive and binding on such Party and that such award or
          judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or
          judgment.

      
        14

        
          

      

      Section 6.9   Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN
          RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
          (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY IN CONNECTION WITH ANY SUCH AGREEMENTS, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A
          COPY OF THIS SECTION 6.9 WITH THE COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

      Section 6.10   Amendment. This Agreement may only be amended, or its provisions modified or waived, in a writing signed by the Party against which such amendment, modification or waiver is
          sought to be enforced.

      Section 6.11   Severability. Each provision of this Agreement is intended to be severable from the others so that if, any provision or term hereof is illegal or invalid for any reason
          whatsoever, such illegality or invalidity shall not affect the validity of the remaining provisions and terms hereof; provided, however, that the provisions governing payment of the Disposition Payments described in Article III hereof (and any
          other provisions referenced therein) are not severable.

      Section 6.12   Entire Agreement. This Agreement constitutes the sole and entire agreement of the Parties with regard to the subject matter of this Agreement, and any written or oral agreements,
          statements, promises, negotiations or representations not expressly set forth in this Agreement are of no force and effect.  In the event of a conflict between the terms of this Agreement and the Management Services Agreement, the terms of this
          Agreement shall control.

      [Remainder of Page Left Intentionally]

      
        15

        
          

      

      
        

        

        IN WITNESS WHEREOF, the Company, the Managed Subsidiaries and the Manager have
            caused this Agreement to be executed as of the day and year first above written.

          

          

        	
                MACQUARIE INFRASTRUCTURE CORPORATION

              	 	
                MACQUARIE INFRASTRUCTURE

                  MANAGEMENT (USA) INC.

              
	 	 	 	 	 
	
                By:

              	 	 	 	
                By:

              	 	 
	 	
                Name: Norman Brown

              	 	 	
                Name: David Fass

              
	 	
                Title: Lead Independent Director

              	 	 	
                Title: President

              
	 	 	 	 	 
	
                By:

              	 	 	 	
                By:

              	 	 
	 	
                Name: Christopher Frost

              	 	 	
                Name: Raul Narciso

              
	 	
                Title: Chief Executive Officer

              	 	 	
                Title: Vice President

              
	 	 	 	 	 
	
                MIC OHANA CORPORATION

              	 	 	 
	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 
	 	
                Name: Christopher Frost

                Title: Chief Executive Officer

              	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 	 
	 	
                Name: Liam Stewart

                Title: Chief Financial Officer

              	 	 	 

        

        

        
          
            

        

        
        
          
             

            

            	
                     

                  	
                     EXHIBIT A

                    

                  	 

          

          
          

          

        

         

        

        
          A - 1 

          
            

        

        
          If at any time during the period between the date of this Agreement and the occurrence of a QTE, any change in the number of the
            Fully Diluted Shares shall occur as a result of any cancellation or forfeiture of the right to receive shares of Company Common Stock under the Company’s equity incentive plans or issuance of shares of Company Common Stock (other than in
            connection with any buy back, reclassification, recapitalization, stock split (including reverse stock split) or any stock dividend thereon with a record date during such period) (any such reduction or issuance, an “Adjusting Event”), including, without limitation, (a) in connection with the refinancing of the Company’s 2.00% Convertible Senior Notes due
            October 2023 or the refinancing of indebtedness of the Company, (b) in connection with the bona fide acquisition by the Company or any of its Subsidiaries of assets or an entity, (c) to the Manager pursuant to the Management Agreement or (d) to
            employees of the Company or its Subsidiaries in connection with the Company’s equity incentive plans, the values set forth under “Cumulative Proceeds,” “Cumulative Disposition Payment Amount” and “Cumulative Net Proceeds” in Table A-1 above
            shall be adjusted by multiplying such value by the ratio as determined by dividing the Fully Diluted Shares at the time of the calculation of the Disposition Payment by the Fully Diluted Shares as of the date hereof.  For example, Table A-2
            immediately below sets forth the adjusted values for “Cumulative Proceeds,” “Cumulative Disposition Payment Amount” and “Cumulative Net Proceeds” based on a 10% increase in the Fully Diluted Shares as a result of an Adjusting Event.  The
            Proceeds for each Disposition shall be equitably adjusted to account for changes in the number of Fully Diluted Shares after such Disposition for purposes of the Cumulative Proceeds calculations for subsequent Dispositions.  For example, if
            there is a Disposition with Proceeds of $1,000,000,000 and then a 10% increase in Fully Diluted Shares occurs due to a subsequent Adjusting Event, the Proceeds for such prior Disposition shall be deemed to be $1,100,000,000 when incorporated
            into the Cumulative Proceeds calculations for a subsequent Disposition.  This Proceeds adjustment shall be updated at each subsequent Disposition to reflect all Adjusting Events up to that point.

          Furthermore, if at any time during the period between the date of this Agreement and the occurrence of a QTE, any change in the
            number of the Fully Diluted Shares occurs as a result of an event other than an Adjusting Event (in any case, a “Non-Adjusting
              Event”), and thereafter there is an Adjusting Event, the Fully Diluted Shares at the time of the calculation will be adjusted as necessary to provide to the Parties the same economic effect as contemplated by this Agreement as if the
            Non-Adjusting Event had not occurred.  For example, if there is a 100% increase in Fully Diluted Shares subsequent to a Disposition (from 86,599,870 to 173,199,740) due to a Non-Adjusting Event, and then a further 10% increase in Fully Diluted
            Shares to 190,519,714 occurs due to a subsequent Adjusting Event, the Fully Diluted Shares for the purposes of these calculations will be assumed to be 95,259,857 (i.e. a 10% adjustment to the original 86,599,870 before the Non-Adjusting Event
            occurred).

          
            A - 2 

            
              

          

          

        

        
          Hypothetical Example (in USD$)

          This example assumes that the fully diluted shares outstanding for each Disposition below is equal to Fully Diluted Shares.

          

          

          First, the Company receives Proceeds of $2,000 million from the sale of assets.

          
            	
                    ●

                  	
                    In that case, a Disposition Payment of $58.2 million ($2,000 million x 0.0291) would be payable.

                  

          

          Second, the Company receives Proceeds of $1,500 million from the sale of assets (for a total Cumulative Proceeds of $3,500 million).

          
            	
                    ●

                  	
                    The Cumulative Disposition Payment would increase to $112.7 million, which is interpolated based on the range of Cumulative Proceeds and Disposition Payment % of Cumulative Proceeds
                      provided, as follows:

                  

          

          
            	
                    o

                  	
                    $3,500 million less $3,488.6 million or $11.4 million, divided by

                  

          

          
            	
                    o

                  	
                    $3,588.1 million less $3,488.6 million or $99.5 million, multiplied by

                  

          

        

         

        

        
          A - 3 

          
            

        

        
          
            	
                    o

                  	
                    3.46% less 3.19% or 0.27%, plus

                  

          

          
            	
                    o

                  	
                    3.19%, multiplied by

                  

          

          
            	
                    o

                  	
                    $3,500

                  

          

          
            	
                    ●

                  	
                    The Disposition Payment payable for the second Disposition would be $54.5 million (the difference between $112.7 million and the $58.2 million already paid).

                  

          

          Third, the remainder of the Company is sold for Proceeds of $1,500 million (for a total Cumulative Proceeds of $5,000 million).

          
            	
                    ●

                  	
                    The Cumulative Disposition Payment would increase to $305.0 million (the product of $5,000 million and 0.061).

                  

          

          The Disposition Payment payable would be $192.3 million (the difference between $305.0 million and the $112.7 million already paid).

           

          

          

        

      

    

  

   
  A - 4Exhibit

Exhibit 10.1

ORIGIN BANK
EXECUTIVE SUPPLEMENTAL INCOME AGREEMENT
This Executive Supplemental Income Agreement (the “Agreement”) is made and entered into this 29th day of October 2019, by and between Origin Bank (the “Bank”), a Louisiana state bank with its principal office located in Choudrant, Louisiana, and Martin Lance Hall (the “Executive”).

Article 1
Benefits Tables
The following tables describe the benefits payable to the Executive upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for death, each benefit described is in lieu of any other benefit herein.
Table A: Distribution Age Benefit
	
				
	Distribution Event
	Amount of Benefit
	Form of Benefit
	Timing of Benefit Distribution

	Executive’s attainment of sixty (60) years of age (“Distribution Age”).
	An annual amount equal to ten percent (10%) of the Executive’s annualized base salary, as provided by the Bank’s payroll department, for the calendar year in which the Executive attains their Distribution Age.
	Annual distribution of the annual benefit provided in the Table A, Amount of Benefit column.
	The annual payments shall begin within thirty (30) days following the Executive’s attainment of Distribution Age and shall continue annually for a period of six (6) Agreement Plan Years. Annual distributions two (2) through six (6) shall occur within thirty (30) days following January 1st of each Agreement Plan Year commencing with the Agreement Plan Year in which the Executive attains their Distribution Age.

Table B: Benefit Available Prior to Executive’s Distribution Age
	
				
	Distribution Event
	Amount of Benefit
	Form of Benefit
	Timing of Benefit Distribution

	Executive’s Voluntary Separation from Service.
	The Vested Benefit of the Accrued Liability Balance determined as of the effective date of Executive’s Voluntary Separation from Service.
	Lump sum.

	Payment shall be made within thirty (30) days following the Executive’s Voluntary Separation from Service.

	Executive’s Involuntary Separation from Service other than Termination for Cause.
	One hundred percent (100%) of the Accrued Liability Balance determined as of the effective date of the Executive’s Involuntary Separation from Service.
	Lump sum.

	Payment shall be made within thirty (30) days following the Executive’s Involuntary Separation from Service.

	Executive’s Involuntary Separation from Service (other than Termination for Cause) within twenty-four (24) months following a Change in Control.
	The Present Value of the Distribution Age Benefit set forth on Table A, determined as of the effective date of Executive’s Separation from Service.
	Lump sum.

	Payment shall be made within thirty (30) days following the effective date of Executive’s Separation from Service.

	Executive’s Disability.
	One hundred percent (100%) of the Accrued Liability Balance determined as of the effective date of the Executive’s Disability.
	Lump sum.

	Payment shall be made within thirty (30) days following the effective date of the Executive’s Disability.

1

Table C: Death Benefit
	
				
	Distribution Event
	Amount of Benefit
	Form of Benefit
	Timing of Benefit Distribution

	This Agreement does not provide a pre-Distribution Age death benefit.
	This Agreement does not provide a pre-Distribution Age death benefit.
	This Agreement does not provide a pre-Distribution Age death benefit.
	This Agreement does not provide a pre-Distribution Age death benefit.

	Executive’s death following Executive’s attainment of their Distribution Age.
	Remaining installment payments, if any, due under the Distribution Age Benefit set forth on Table A.
	Installment payments.

	Remaining installment payments, if any, due under the Distribution Age Benefit set forth on Table A, with such payments made to Beneficiary and continuing on the same schedule and duration as if the Executive had lived.

Article 2
Purpose
The purpose of this Agreement is to further the growth and development of the Bank by providing Executive with supplemental income, to encourage Executive’s productive efforts on behalf of the Bank and the Bank’s shareholders, and to align the interests of the Executive and those shareholders. The Bank promises to make certain payments to the Executive upon some qualifying event pursuant to the terms of this Agreement.

Article 3
Definitions and Construction
It is intended that this Agreement comply and be construed in accordance with Section 409A of the Internal Revenue Code (the "Code") and the guidance and regulations issued thereunder. It is also intended that the Agreement be “unfunded” and maintained for a select group of management or highly compensated employees of the Bank, for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and not be construed to provide income to the Executive under Code prior to actual receipt of benefits.
Where the following words and phrases appear in the Agreement, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary:
		
	3.1
	“Accrued Liability Balance” shall mean the amount accrued by the Bank to fund the future benefit expense associated with this Agreement. The Bank shall account for this benefit using Generally Accepted Accounting Principles, regulatory accounting guidance of the Bank’s primary federal regulator, and other applicable accounting guidance. Accordingly, the Bank shall establish a liability account for the Executive into which appropriate accruals shall be made using a discount rate equal to four percent (4%).

		
	3.2
	“Board” shall mean the Board of Directors of the Bank.

		
	3.3
	“Change in Control” shall mean a change in ownership or control of the Bank as defined in Treasury Regulation §1.409A-3(i)(5) or any subsequently applicable published authority or guidance.

		
	3.4
	“Disability” shall mean Executive, while actively employed by the Bank: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees of the Bank, provided that the definition of Disability applied under such Disability insurance program complies with the requirements of Section 409A. Upon the request of the Agreement Administrator, the Executive must submit proof to the Agreement Administrator of Social Security Administration’s or the provider’s determination.

2

		
	3.5
	“Effective Date” shall mean October 29, 2019.

		
	3.6
	“Involuntary Separation from Service” shall mean the Bank’s termination of the Executive’s employment at any time before the Distribution Age, other than Termination for Cause, due to death or in connection with or following a Change in Control. A Separation from Service for “Good Reason” will also be treated as an Involuntary Separation from Service, provided such Separation from Service meets the necessary “safe harbor” conditions as set forth under Section 409A of the Code.

		
	3.7
	“Agreement Plan Year” shall mean each twelve (12) month periods commencing on January 1st and ending on December 31st. The initial Agreement Plan Year shall commence on the effective date of the Agreement and end on December 31st.

		
	3.8
	“Present Value” shall mean the distribution amount under this Agreement discounted to present value using the four percent (4%) discount rate the Bank is using for accrual purposes.

		
	3.9
	“Separation from Service” shall mean that the Executive has retired or otherwise has a termination of employment with the Bank. For purposes of this Agreement, whether a termination of employment or service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated that no further services would be performed after a certain date, or that the level of bona fide services the Executive would perform after such date (whether as an Executive or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an Executive or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been providing services to the Bank less than 36 months). Facts and circumstances to be considered in making this determination include, but are not limited to, whether the Executive continues to be treated as an Executive for other purposes (such as continuation of salary and participation in Executive benefit programs), whether similarly situated service providers have been treated consistently, and whether the Executive is permitted, and realistically available, to perform services for other service recipients in the same line of business. An Executive will be presumed not to have separated from service where the level of bona fide services performed continues at a level that is fifty percent (50%) or more of the average level of service performed by the Executive during the immediately preceding thirty-six (36) month period. A Separation from Service will not be deemed to have occurred while the Executive is on military leave, sick leave, or other bona fide leave of absence, provided Executive has the right to reemployment under an applicable statute or by contract.

		
	3.10
	“Termination for Cause” or “Cause” shall have the meaning set forth in the employment agreement by and between the Bank and the Executive as in effect at the time of a determination of Termination for Cause, and if no such employment agreement shall be in place or in effect at such time, “Termination for Cause” or “Cause” shall mean the Executive’s Separation from Service for:

		
	(a)
	Gross negligence or gross neglect of duties to the Bank; or

		
	(b)
	Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Bank; or

		
	(c)
	Fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy committed in connection with the Executive's employment and resulting in a material adverse effect on the Bank.

		
	3.11
	”Unforeseeable Emergency” shall mean a severe financial hardship to the Executive resulting from an illness or accident of the Executive, the Executive’s spouse, the Executive’s dependent loss of the Executive’s property due to casualty, other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Executive. The imminent foreclosure of or eviction from the service provider’s primary residence may constitute an Unforeseeable Emergency. In addition, the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication, may constitute an Unforeseeable Emergency. Finally, the need to pay for the funeral expenses of a spouse or a dependent may also constitute an Unforeseeable Emergency. At all times this definition shall be construed in accordance with the definition under Section 409A. If the Executive seeks to terminate any current deferral elections or re-start the deferral election, it must be done in accordance with Section 409A.

3

		
	3.12
	“Vested Benefit” shall mean a percentage of the applicable Table B Benefit available prior to the Executive’s attainment of their Distribution Age, (as shown under “Amount of Benefit”) earned by the Executive, based on the following:

	
		
	Total Years of Service
	Vested Percentage

	1
	0%

	2
	0%

	3
	0%

	4
	0%

	5
	0%

	6
	20%

	7
	40%

	8
	60%

	9
	80%

	10
	100%

		
	3.13
	“Voluntary Separation from Service” shall mean the Executive voluntarily Separates from Service with the Bank prior to the Executive’s Distribution Age, other than due to death, in connection with or following a Change in Control, or following a written determination by the Bank that the Executive will be terminated for Cause.

		
	3.14
	“Year of Service” shall mean each fully completed consecutive 12-month period commencing on the Effective Date of this Agreement during which the Executive is actively employed on a full-time basis with the Bank.

Article 4
Distributions During Lifetime
		
	4.1
	Hardship Distribution. The Bank will permit early withdrawals for an Unforeseeable Emergency under certain circumstances arising as a result of events beyond the control of the Executive. The Executive may submit an application for an in-service early withdrawal due to an Unforeseeable Emergency to the Board of Directors. If, in the discretion of the Board, the Executive is permitted to take an early withdrawal due to an Unforeseeable Emergency, the Board shall make a distribution to such Executive from the Vested Benefit of the Accrued Liability Balance determined as of the effective date of the Unforeseeable Emergency. Such distribution shall be paid in one (1) lump sum payment within thirty (30) days after the Board determines that the Executive is permitted to take an early withdrawal due to an Unforeseeable Emergency. The amount of such lump sum payment shall be limited to the amount reasonably necessary to meet the Executive’s requirements to the extent such emergency is not relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Executive’s assets, (to the extent the liquidation of such assets will not cause severe financial hardship) or by cessation of deferrals, as applicable.

		
	4.2
	Restriction on Timing of Distributions. Notwithstanding anything to the contrary contained herein and solely to the extent necessary to avoid penalties under Section 409A, distributions under this Agreement may not commence earlier than six (6) months after a Separation from Service (as described under the “Separation from Service” provision herein) if, pursuant to Internal Revenue Code Section 409A, the Executive hereto is considered a “Specified Employee” of a publicly-traded company. In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first day of the seventh month.

		
	4.3
	Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Executive prior to receipt due to a failure of this Agreement to meet the requirements of 

4

Code Section 409A, the Executive may petition the Agreement Administrator for a distribution of that portion of the amount the Bank has accrued with respect to the Bank’s obligations hereunder that is required to be included in the Executive’s income. Upon the grant of such petition, which grant shall not be unreasonably withheld, the Bank shall distribute to the Executive immediately available funds in an amount equal to the portion of the amount the Bank has accrued with respect to the Bank’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the Executive’s petition is granted. Such a distribution shall effect and reduce the Executive’s benefits to be paid under this Agreement.
		
	4.4
	Change in Form or Timing of Distributions. Any change to the form or timing of distributions hereunder shall be considered made only when it becomes irrevocable under the terms of the Agreement. Any change will be considered irrevocable not later than thirty (30) days following acceptance of the change by the Agreement Administrator and must comply with the following rules:

		
	(1)
	The change may not accelerate the time or schedule of any distribution, except as provided in Code Section 1.409A-3(j)(4);

		
	(2)
	The subsequent deferral election may not take effect until at least twelve (12) months after the date on which the election is made;

		
	(3)
	The payment (except in the case of death, Disability, or Unforeseeable Emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and

		
	(4)
	In the case of a payment made at a specified time, the election must be made not less than twelve (12) months before the date the payment is scheduled to be paid.

Article 5
Beneficiary
		
	5.1
	Beneficiary. Executive shall have the right to name a beneficiary (“Beneficiary”) of the death benefit, if any, described in Article 1 herein. Executive shall have the right to name such Beneficiary at any time prior to Executive’s death and submit it to the Agreement Administrator (or Agreement Administrator’s representative) on the form provided. Once received and acknowledged by the Agreement Administrator, the form shall be effective. The Executive may change a Beneficiary designation at any time by submitting a new form to the Agreement Administrator. Any such change shall follow the same rules as for the original Beneficiary designation and shall automatically supersede the existing Beneficiary form on file with the Agreement Administrator.

		
	5.2
	Failure to Designate a Beneficiary. If Executive dies without a valid Beneficiary designation on file with the Agreement Administrator, the Executive’s surviving spouse, if any, shall become the designated Beneficiary. If Executive has no surviving spouse, death benefits shall be paid to the personal representative of Executive’s estate.

		
	5.3
	Facility of Distribution. If the Agreement Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Agreement Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Agreement Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount.

Article 6
General Limitations
		
	6.1
	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if Executive’s Separation from Service with the Bank is considered a Termination for Cause.

5

		
	6.2
	Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Executive is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

		
	6.3
	Suicide or Misstatement. The Bank shall not pay any benefit under this Agreement if the Executive commits suicide within three (3) years after the date of this Agreement. In addition, the Bank shall not pay any benefit under this Agreement if the Executive has made any material misstatement of fact on an employment application or resume provided to the Bank, or on any application for any benefits provided by the Bank to the Executive.

Article 7
Administration of Agreement
		
	7.1
	Agreement Administrator. The Bank shall be the Agreement Administrator, unless the Bank appoints a committee to be the Agreement Administrator. The Bank may appoint a Committee (“Committee”) of one or more individuals in the employment of Bank for the purpose of discharging the administrative responsibilities of the Bank under the Agreement. The Bank may remove a Committee member for any reason by giving such member ten (10) days’ written notice and may thereafter fill any vacancy thus created. The Committee shall represent the Bank in all matters concerning the administration of this Agreement; provided however, the final authority for all administrative and operational decisions relating to the Agreement remains with the Bank.

		
	7.2
	Authority of Agreement Administrator. The Agreement Administrator shall have full power and authority to adopt rules and regulations for the administration of the Agreement, provided they are not inconsistent with the provisions of this Agreement, and Section 409A of the Code, to interpret, alter, amend or revoke any rules and regulations so adopted, to enter into contracts on behalf of the Bank with respect to this Agreement, to make discretionary decisions under this Agreement, to demand satisfactory proof of the occurrence of any event that is a condition precedent to the commencement of any payment or discharge of any obligation under the Agreement, and to perform any and all administrative duties under this Agreement.

		
	7.3
	Recusal. An individual serving as Agreement Administrator may be eligible to participate in the Agreement, but such person shall not be entitled to participate in discretionary decisions under Article 7 relating to such person’s own interests in the Agreement.

		
	7.4
	Agents. In the administration of this Agreement, the Agreement Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank.

		
	7.5
	Binding Effect of Decisions. The decision or action of the Agreement Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement.

		
	7.6
	Indemnity of Agreement Administrator. The Bank shall indemnify and hold harmless any party contracted for the purposes of assisting the Agreement Administrator in performing its duties under this Agreement against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by such contracted party.

		
	7.7
	Bank Information. To enable any party contracted for the purposes of assisting the Agreement Administrator in performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such contracted party on all matters relating to the date and circumstances of any event triggering a benefit hereunder.

		
	7.8
	Annual Statement. Any party contracted for the purposes of assisting the Agreement Administrator in performing its duties under this Agreement shall provide to the Bank, on the schedule set forth in the Administrative Services Contract, a statement setting forth the benefits to be distributed under this Agreement.

6

Article 8
Claims and Review Procedures
		
	8.1
	Claims and Review. If the Executive, Beneficiary or his or her representative is denied all or a portion of an expected benefit for any reason and the Executive, Beneficiary or his or her representative desires to dispute the decision of the Administrator, he or she must file a written notification of his or her claim with the Administrator. The Agreement, being established as a “top-hat plan” within the meaning of DOL Reg. §2520.104-23, requires all claims for benefits hereunder be made pursuant to those claims procedure requirements under DOL Reg. §2560.503-1, as amended from time to time. Executive, Beneficiary or his or her representative may file with the Administrator a written claim for benefits, if the Executive, Beneficiary or his or her representative disputes the Administrator’s determination regarding a benefit. The Administrator under this Article 8 will provide a separate written document to Executive, Beneficiary or his or her representative explaining the Agreement’s claims procedures and which by this reference is incorporated into the Agreement. Such documentation shall be written in manner that is in a culturally and linguistically appropriate manner to the party receiving the documentation.

Article 9
Amendments and Termination
		
	9.1
	Amendments. This Agreement may be amended only by a written agreement signed by the Bank and the Executive. However, the Bank may unilaterally amend this Agreement to conform to written directives to the Bank from its auditors or bank regulators or to comply with legislative changes or tax law, including without limitation Section 409A of the Code and any and all Treasury regulations and guidance promulgated thereunder.

		
	9.2
	Termination – Generally. This Agreement may be terminated only by a written agreement signed by the Bank and the Executive. Except as provided in Section 9.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after such termination, benefit distributions will be made at the earliest distribution event permitted under Table A or Table B, or as otherwise permitted under this Agreement.

		
	9.3
	Agreement Termination Under Section 409A. Notwithstanding anything to the contrary in Section 9.2, this Agreement may be terminated in the following circumstances:

		
	(a)
	Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Trustee and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such terminations;

		
	(b)
	Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Trustee’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or

		
	(c)
	Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Trustee participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downtown in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangements any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement.

7

Article 10
Miscellaneous
		
	10.1
	Binding Effect. This Agreement shall bind the Executive and the Bank, and their beneficiaries, survivors, executors, administrators and transferees.

		
	10.2
	No Guarantee of Employment. This Agreement is not a contract for employment. It does not give the Executive the right to remain as an employee of the Bank, nor does it interfere with the Bank's right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive's right to terminate employment at any time.

		
	10.3
	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

		
	10.4
	Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. The Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority (ies).

		
	10.5
	Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Louisiana, except to the extent preempted by the laws of the United States of America.

		
	10.6
	Unfunded Arrangement. The Executive is a general unsecured creditor of the Bank for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life or other informal funding asset is a general asset of the Bank to which the Executive has no preferred or secured claim.

		
	10.7
	Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor bank.

		
	10.8
	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

		
	10.9
	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

		
	10.10
	Alternative Action. In the event it shall become impossible for the Bank or the Agreement Administrator to perform any act required by this Agreement, the Bank or Agreement Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank.

		
	10.11
	Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any of its provisions.

		
	10.12
	Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never been inserted herein.

8

		
	10.13
	Notice. Any notice or filing required or permitted to be given to the Bank or Agreement Administrator under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

	
	
	Origin Bank

	Attn: Human Resources

	500 South Service Road

	Ruston, LA 71270

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Any notice or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Executive.
		
	10.14
	Right to Setoff. The Bank may, to the extent permitted by applicable law, deduct from and setoff against any amounts payable to an Executive from this Agreement such amounts as may be owed by Executive to the Bank, although the Executive shall remain liable for any part of the Executive’s payment obligation not satisfied through such deduction and setoff. By participating in the Agreement, the Executive agrees to any deduction or setoff under this Section 10.14, which is allowed by law.

		
	10.15
	Limitation on Actions. Executive or Beneficiary who disagrees with a denial of his appealed claim under Article 8 of this Agreement must file any complaint in a federal District Court to dispute such determination (a) within three (3) years of the earlier of the date on which such claim for benefits first accrued or arose under the terms of the Agreement, or (b) within one (1) year after the such claim was denied upon appeal, or deemed denied under Article 8 hereof.

		
	10.16
	No Guarantee of Tax Consequences. While the Agreement is intended to provide tax deferral for Executive, the Agreement is not a guarantee that the intended tax deferral will be achieved. Executive is solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with this Agreement. Neither the Bank nor any of its directors, officers or employees shall have any obligation to indemnify or otherwise hold Executive harmless from any such taxes.

		
	10.17
	Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

		
	10.18
	Opportunity to Consult with Independent Advisors. The Executive acknowledges that he has been afforded the opportunity to consult with independent advisors of his choosing including, without limitation, accountants or tax advisors and counsel regarding both the benefits granted to him under the terms of this Agreement and the (i) terms and conditions which may affect the Executive's right to these benefits, and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state taxes, Section 280G of the Code, Section 409A of the Code, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which in any of the foregoing instances the Executive acknowledges and agrees shall be the sole responsibility of the Executive notwithstanding any other term or provision of this Agreement. The Executive further acknowledges and agrees that the Bank shall have no liability whatsoever related to any such personal tax effects or other personal costs, expenses, or liabilities applicable to the Executive and further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal representatives, agents, successor and assign to claim or assert liability on the part of the Bank related to the matters described above in this Section 10.18. The Executive further acknowledges that he has read, understands and consents to all of the terms and conditions of this Agreement, and that he enters into this Agreement with a full understanding of its terms and conditions.

9

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Agreement as of the date indicated above.
	
				
	EXECUTIVE:
	 
	BANK:
	 

	 
	 
	Origin Bank

	/s/ Martin Lance Hall                         
	 
	By
	/s/ Linda Tuten

	Martin Lance Hall
	 
	Title
	EVP / Chief People & Diversity Officer

10

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