Document:

Exhibit

SEPARATION AND CONSULTING AGREEMENT

This Separation and Consulting Agreement (the “Agreement”) is entered into as of March 16, 2020 (the “Effective Date”), by and between Alberto Peraza (“Peraza”), Alberto Peraza, LLC (“Peraza LLC”) and Amerant Bank, N.A., a national banking association (the “Bank”) and the Bank’s parent corporation, Amerant Bancorp, Inc., a Florida corporation f/k/a Mercantil Bank Holding Corporation, which, together with its subsidiaries, is hereby defined as the “Company”.

WHEREAS, Bank and Peraza are parties to an Employment Agreement entered into as of March 20, 2019 (“Employment Agreement”).

WHEREAS, Peraza submitted a resignation letter to the Company on February 28, 2020 expressing his desire to voluntarily resign as Co-President and Chief Financial Officer of the Bank effective as of March 16, 2020 (“Resignation Date”).

WHEREAS, Peraza desires to assist the Bank with a smooth transition from March 17, 2020 through April 28, 2020 through an entity he has created Alberto Peraza, LLC (the “Transition Period”). 

NOW THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, and other good and valuable consideration receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

		
	1.
	Termination of Employment and Resignation as Officer: Peraza hereby acknowledges his termination of employment with the Bank effective as of the Resignation Date. Peraza further acknowledges entering into the Employment Agreement and hereby reaffirms his obligations as set forth therein, including all commitments that survive the Resignation Date. Peraza further agrees that he hereby resigns from his positions as an Officer of the Company and its subsidiaries as set forth in paragraph 5.8 of the Employment Agreement. Except as otherwise set forth herein, nothing in this Agreement is intended to modify, amend, cancel or supersede the Employment Agreement.

		
	2.
	Consulting Services:  The Bank agrees to engage Peraza LLC and Peraza agrees to make himself available to provide support to the Company’s Chairman of the Board, Chief Executive Officer, and other key personnel and agrees to continue to abide by the Bank’s policies and procedures. Peraza agrees to assist the Bank during the Transition Period by providing consulting services, including but not limited to generally supporting finance and accounting activities, supporting the transition of responsibilities to the interim CFO and being available for questions and issues that may arise (“Services”).

		
	3.
	Compensation for Services: In consideration of the Services to be provided, the Bank agrees to pay a lump sum of $250,000.00 (two-hundred fifty thousand) on April 30, 2020 to Peraza LLC. The Bank will not withhold any taxes, social security or other payroll deductions from this fee. 

		
	4.
	Independent Contractor: The relationship of Peraza and the Bank during the Transition Period will be that of an independent contractor. Nothing in this Agreement is intended to, or should be construed to create a partnership, joint venture, agency or employment relationship of any kind. Peraza understands and agrees that as he is no longer a Bank employee, he will not be eligible for or entitled to receive any Bank employee benefits 

1

of any kind, including but not limited to, health insurance, worker’s compensation insurance, life insurance, and retirement plans.  As a consultant, Peraza will have no authority to bind or represent the Company.

		
	5.
	Term: This Agreement will be in effect during the Transition Period. Any agreement to extend or modify the term must be in writing and signed by both parties.

		
	6.
	Confidential Information and Other Records and Property: Peraza and Peraza LLC agree not to use or disclose any confidential or proprietary information or materials of the Company. Any work product or material developed during Peraza’s or Peraza LLC’s performance of the Services will be the sole and exclusive property of the Company and shall be returned upon termination of this Agreement. Peraza further acknowledges and reaffirms the confidentiality covenants contained in the Employment Agreement and agrees that notwithstanding his termination of employment these covenants shall remain in full force and effect. Promptly upon the termination of this Agreement, Peraza and Peraza LLC shall return all of the confidential information to the Bank as more specifically set forth in paragraph 7.10(b) of the Employment Agreement. Notwithstanding these obligations, the Bank agrees that Peraza may keep his Bank issued I-pad, cellular phone and phone number.

		
	7.
	Release of Claims: In consideration for the payment and promises contained herein, Peraza unconditionally releases and discharges the Company and its affiliates, subsidiaries, successors, assigns, employees, agents, officers, and directors from any and all claims, demands, liabilities and causes of action of any kind or nature, whether known or unknown, or suspected or unsuspected, which Peraza now owns or holds, or has owned or held against the Company, including any and all claims, demands, liabilities, or causes of action which arise out of, or are in any way connected with, Peraza’s employment with, or the termination of Peraza’s employment with, the Bank, or which arise out of or are in any way connected with any loss, damage, or injury whatsoever to Peraza resulting from any act or omission by or on the part of the Bank committed prior to and up to and including the date of termination of this Agreement.  Included in the claims, demands, liabilities, and causes of action being released and discharged by this Agreement are all claims under Title VII of the Civil Rights Act, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act; the Older Workers’ Benefit Protection Act; the Equal Pay Act; the Fair Labor Standards Act; the Employee Retirement Income Security Act (ERISA) (other than any benefits now vested); the Americans with Disabilities Act; the Rehabilitation Act; Chapter 760, Florida Statutes; and any and all other laws, statutes, ordinances, treaties, rules, or regulations of the United States of America, or any state, county, municipality, or political subdivision thereof.

		
	8.
	Governing Law; Venue:  This Agreement (including any claim or controversy arising out of or relating to this Agreement) shall be governed by the laws of the State of Florida, without regard to conflicts of law principles that would result in the application of any law other than the law of the State of Florida. BOTH PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER IN CONTRACT, STATUTE, TORT, OR OTHERWISE) RELATING TO THIS AGREEMENT.

		
	9.
	Severability.  The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest 

2

extent permitted by law.  Furthermore, to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

		
	10.
	Assignment; Waiver; Entire Agreement.  This Agreement is personal to Peraza and Peraza LLC and is not assignable. The Bank may transfer or assign this Agreement to any successor or assign. No failure or delay by the Bank in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or privilege preclude any other or further exercise thereof.  This Agreement constitutes the entire agreement of the parties regarding the subject matter, and supersedes all prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. There are no commitments, understandings or covenants between the parties other than as set forth in this Agreement and the Employment Agreement.  This Agreement may not be clarified, modified, changed or amended except in writing signed by each of the signatories hereto or their other authorized representatives.

		
	11.
	Notice: Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally, by registered or certified mail, return receipt requested, via electronic mail or overnight carrier to the parties. If by electronic mail to Peraza at [omitted] or to the Bank at legal@amerantbank.com.

		
	12.
	Headings. The headings used in this Agreement are intended solely for the convenience of reference, and should not in any manner amplify, limit, modify or otherwise be used in the interpretation of any of the provisions of this Agreement.

		
	13.
	Construction. The parties have participated jointly in the negotiation and drafting of this Agreement and have had the opportunity to be represented by counsel at their election.  If an ambiguity or question of intent or interpretation arises, this Agreement is to be construed as if drafted jointly by the parties and there is to be no presumption or burden of proof favoring or disfavoring any party because of the authorship of any provision of this Agreement.

		
	14.
	Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall be one and the same document. The exchange of copies of this Agreement and of signature pages by facsimile transmission, PDF or other electronic file shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile, PDF or other electronic file shall be deemed to be their original signatures for all purposes.  

[Signatures appear on the following page]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

        

3

	
	
	/s/ Alberto Peraza

	Alberto Peraza

	
	
	/s/ Alberto Peraza

	Alberto Peraza, LLC

	By: Alberto Peraza

            
AMERANT BANK, N.A.    

	
	
	By: /s/ Millar Wilson

	Name: Millar Wilson

	Title: Vice Chairman & CEO

   

AMERANT BANCORP, INC.

	
	
	By: /s/ Millar Wilson

	Name: Millar Wilson

	Title: Vice Chairman & CEO

   

4Exhibit 10.13

    PROMISSORY NOTE

    

    

    	
            Principal

            $8,000,000.00

          	
            Loan Date

            11-20-2019

          	
            Maturity

            11-20-2020

          	
            Loan No.

            72957158-40000

          	
            Call / Coll

            C / 3

          	
            Account

            72957158

          	
            Officer

            TWG

            

          	
            Initials

          
	 	
            References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.

            Any item above containing "***" has been omitted due to text length limitations.

          	 

    

    

    	
            Borrower:

          	
            UTG, INC.

          	 	
            Lender:

          	
            INB NATIONAL ASSOCIATION

            

          
	 	
            5250 SOUTH SIXTH STREET

          	 	 	
            MAIN BRANCH

          
	 	
            SPRINGFIELD, IL 62703

          	 	 	
            322 E. CAPITOL

          
	 	 	 	 	
            SPRINGFIELD, IL 62701

          
	 	 	 	 	 
	
             

            Principal Amount:  $8,000,000.00

          	
             

            Interest Rate:  4.040%

          	
             

            Date of Note:  November 20, 2019

          

    

    

    
      

      

      PROMISE TO PAY.  UTG, INC. ("Borrower") promises to pay to ILLINOIS NATIONAL
        BANK ("Lender"), or order, in lawful money of the United States of America, the principal amount of Eight Million & 00/100 Dollars ($8,000,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal
        balance of each advance, calculated as described in the "INTEREST CALCULATION METHOD" paragraph using an interest rate of 5.125%.  Interest shall be calculated from the date of each advance until repayment of each advance.  The interest rate may
        change under the terms and conditions of the "INTEREST AFTER DEFAULT" section.

      PAYMENT.  Borrower will pay this loan in one payment of all outstanding
        principal plus all accrued unpaid interest on November 20, 2020.  In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning December 20, 2019, with all subsequent interest payments
        to be due on the same day of each month after that.  Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection costs; and then to any late
        charges.  Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing.

      INTEREST CALCULATION METHOD.  Interest on this Note is computed on a 365/365
        simple interest basis; that is, by applying the ratio of the interest rate over the number of days in a year (366 during leap years), multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is
        outstanding.  All interest payable under this Note is computed using this method.

      PREPAYMENT; MINIMUM INTEREST CHARGE.  In any event, even upon full prepayment of this Note, Borrower understands that Lender is entitled to a minimum interest charge of $50.00.  Other than Borrower's obligation to pay any minimum interest charge, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due.  Early payments will
        not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments of accrued unpaid interest.  Rather, early payments will reduce the principal balance due.  Borrower agrees not to send Lender
        payments marked "paid in full", "without recourse", or similar language.  If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount
        owed to Lender.  All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment
          constitutes "payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to:  Illinois National Bank, 322 E. Capitol Springfield, IL  62701.

      LATE CHARGE.  If a payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly
          scheduled payment or $25.00, whichever is greater.

      INTEREST AFTER DEFAULT.  Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by 4.000 percentage points.  However, in no event will the interest rate exceed the
        maximum interest rate limitations under applicable law.

      DEFAULT.  Each of the following shall constitute an event of default ("Event of Default") under this Note:

      Payment Default.  Borrower fails to make any payment when due under this Note.

      Other Defaults.  Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term,
        obligation, covenant or condition contained in any other agreement between Lender and Borrower.

      Default in Favor of Third Parties.  Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person
        that may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents.

      False Statements.  Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents is false or misleading in any material respect, either
        now or at the time made or furnished or becomes false or misleading at any time thereafter.

      Insolvency.  The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of
        creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

      Creditor or Forfeiture Proceedings.  Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental
        agency against any collateral securing the loan.  This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender.  However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to
        the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the
        creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

      Events Affecting Guarantor.  Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation
        party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

      Change In Ownership.  Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

      Adverse Change.  A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired.

      Insecurity.  Lender in good faith believes itself insecure.

      Cure Provisions.  If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be
        cured if Borrower, after Lender sends written notice to Borrower demanding cure of such default:  (1)  cures the default within ten (10) days; or  (2)  if the cure requires more than ten (10) days, immediately initiates steps which Lender deems in
        Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

      LENDER'S RIGHTS.  Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount.

      ATTORNEYS' FEES; EXPENSES.  Lender may hire or pay someone else to help collect this Note if Borrower does not pay.  Borrower will pay Lender that amount.  This includes, subject to any limits under applicable law,
        Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including attorneys' fees, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals.  If not
        prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law.

      JURY WAIVER.  Lender and Borrower hereby waive the right to any jury trial
        in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other.

      GOVERNING LAW.  This Note will be governed by federal law applicable to
        Lender and, to the extent not preempted by federal law, the laws of the State of Illinois without regard to its conflicts of law provisions.  This Note has been accepted by Lender in the State of Illinois.

      CHOICE OF VENUE.  If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of SANGAMON County, State of Illinois.

      CONFESSION OF JUDGMENT.  Borrower hereby irrevocably authorizes and empowers any attorney-at-law to appear in any court of record and to confess judgment against Borrower for the unpaid amount of this Note as evidenced
        by an affidavit signed by an officer of Lender setting forth the amount then due, attorneys' fees plus costs of suit, and to release all errors, and waive all rights of appeal.  If a copy of this Note, verified by an affidavit, shall have been
        filed in the proceeding, it will not be necessary to file the original as a warrant of attorney.  Borrower waives the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect.  No single exercise of the
        foregoing warrant and power to confess judgment will be deemed to exhaust the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void; but the power will continue undiminished and may be exercised from
        time to time as Lender may elect until all amounts owing on this Note have been paid in full.  Borrower hereby waives and releases any and all claims or causes of action which Borrower might have against any attorney acting under the terms of
        authority which Borrower has granted herein arising out of or connected with the confession of judgment hereunder.

      RIGHT OF SETOFF.  To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account).  This includes all accounts
        Borrower holds jointly with someone else and all accounts Borrower may open in the future.  However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law.  Borrower authorizes Lender, to
        the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and
        setoff rights provided in this paragraph.

      COLLATERAL.  Borrower acknowledges this Note is secured by a Commercial Pledge Agreement dated November 20, 2013.

      LINE OF CREDIT.  This Note evidences a revolving line of credit.  Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by Borrower or by an
        authorized person.  Lender may, but need not, require that all oral requests be confirmed in writing.  Borrower agrees to be liable for all sums either:  (A)  advanced in accordance with the instructions of an authorized person or  (B)  credited to
        any of Borrower's accounts with Lender.  The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including daily computer print-outs.

      SECURITY INTEREST IN DEPOSIT ACCOUNTS. Borrower grants to Lender a contractual security interest in, and hereby assigns, conveys, delivers, pledges, and transfers to Lender all Borrower's right, title and interest in and
        to, Borrower's deposit accounts with Lender (whether checking, savings, or some other account), including without limitation all deposit accounts held jointly with someone else and all deposit accounts Borrower may open in the future, excluding
        however all IRA and Keogh accounts, and all trust accounts for which the grant of a security interest would be prohibited by law.  Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on this
        Note against any and all such deposit accounts.

      DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $25.00 if Borrower makes a payment on Borrower's loan and the check or preauthorized charge with which Borrower pays is later dishonored.  If your payment is
        returned unpaid, you authorize Illinois National Bank to make a one-time electronic fund transfer from your account to collect a fee of $25.00. .

      LOAN AGREEMENT. This Note is issued in connection with a Business Loan Agreement dated November 2018 between Borrower and Lender and the terms and conditions of said Business Loan Agreement are expressly incorporated
        herein and made a part of this Note by reference.

      UNCONDITIONAL CANCELABLE COMMITMENT. The line of credit feature provided for in this Note and the Related Documents, including the Business Loan Agreement (Asset Based), may be unconditionally cancelable, without cause,
        at any time by the Lender, to the extent permitted by applicable law.

      PRIOR NOTE.  This Promissory Note is a renewal of, extension of, refinancing of, modification of and substitution for Promissory Note from Borrower to Lender dated November 20, 2018 in the original principal amount of
        $8,000,000.00, which was a renewal of, extension of, refinancing of, modification of and substitution for the original Promissory Note dated November 20, 2012 in the original principal amount of $8,000,000.00.

      SUCCESSOR INTERESTS.  The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and
        assigns.

    

    
      GENERAL

          PROVISIONS.  If any part of this Note cannot be enforced, this fact will not affect the rest of the Note.  Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them.  Borrower and any other
        person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor.  Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party
        who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability.  All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or
        guarantor or collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone.  All such parties also agree that
        Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made.  The obligations under this Note are joint and several.

      

    

    

    

    PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE.  BORROWER AGREES TO THE TERMS OF THE NOTE.

    

    

    BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

    

    

    	
            BORROWER:

             

             

            UTG, INC.

          	 	 	 	 	 
	
             

            By:

          	
             

            /s/ James P. Rousey

          	 	
             

            By:

          	
             

            /s/ Theodore C. Miller

          	 
	 	
            JAMES P. ROUSEY, President of UTG, INC.

          	 	 	
            THEODORE C. MILLER, CFO/Secretary of UTG, INC.

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