Document:

Agreement and Plan of Merger

 Exhibit 10.1 
  
 AGREEMENT AND PLAN OF MERGER 
  

THIS AGREEMENT AND PLAN OF MERGER (“Agreement”) is made as of September 29, 2004, between IBERIABANK Corporation (“IBKC”) and
American Horizons Bancorp, Inc. (“AHB”). 
  
 RECITALS

  
 1. Each of AHB and IBKC is a registered bank holding
company under the Bank Holding Company Act of 1956 (the “BHC Act”). 
  
 2. The Board of Directors of each of AHB and IBKC believes that the transactions described in this Agreement are in the best interests of each such party and its shareholders. 
  
 3. By virtue of the reorganization that is effectuated by this Agreement, (a)
AHB will be merged with and into IBERIABANK Acquisition Corporation (“IBAC”), a wholly-owned subsidiary of IBKC (the “Merger”), and (b) as a result of the foregoing Merger, except as provided in this Agreement, the then
outstanding shares of AHB common stock will be converted into shares of IBKC common stock, par value $1.00 per share (“IBKC Common Stock”), and cash. 
  

4. The Merger is subject to prior approval of, among others, the shareholders of AHB and the Board of Governors of the Federal Reserve System (the
“Federal Reserve”), and the prior satisfaction of certain other conditions set forth in this Agreement. 
  
 5. The parties intend that the reorganization contemplated by this Agreement qualify for federal income tax purposes as a tax-free reorganization under
the Internal Revenue Code of 1986 (the “Code”). 
  
 AGREEMENT 
  
 In consideration of the foregoing
and of the mutual warranties, representations, covenants and agreements set forth herein, and for other good and valuable consideration the receipt and sufficiency of which are acknowledged, the parties to this Agreement agree as follows:

  
 ARTICLE 1: Merger and Closing 
  
 1.1 Merger. Subject to Article 5, at the Effective Time, as defined
below, AHB will merge with and into IBAC pursuant to the Agreement of Merger in the form of Exhibit A (the “Merger Agreement”). 
  
 1.2 Time and Place of Closing. (a) The closing of the Merger (the “Closing”) will take place on a mutually agreed upon Business Day no
later than the end of the month in which occurs the last of (i) the date that is the required number of days after the date of the order of the Federal Reserve approving the Merger pursuant to the BHC Act, (ii) the effective date (including
expiration of any applicable waiting period) of the order of the final federal or state regulatory 

 agency approving the Merger or the expiration of all required waiting periods after the filing of all required notices to
all federal or state regulatory agencies required to consummate the Merger, and (iii) the date on which the shareholders of AHB approve this Agreement; or such other date as the parties hereto may mutually agree. “Business Day” means
Monday through Friday of each week, except a legal holiday recognized as such by the U.S. Government or any day on which banking institutions in the State of Louisiana are authorized or obligated to close. If all conditions in Article 5 hereof are
satisfied, or waived by the party entitled to grant such waiver, at the Closing (i) the parties shall each provide to the others such proof of satisfaction of the conditions in Article 5 as the party whose obligations are conditioned upon such
satisfaction may reasonably request, (ii) the certificates, letters and opinions required by Article 5 shall be delivered, (iii) the appropriate officers of the parties shall execute, deliver and acknowledge the Merger Agreement, and (iv) the
parties shall take such further action including (without limitation) filing the Merger Agreement as is required to consummate the transactions contemplated by this Agreement and the Merger Agreement. 
  
 (b) If on any date established for the Closing all conditions in Article 5
hereof have not been satisfied or waived by each party entitled to grant such waiver, then either party, on one or more occasions, may declare a delay in the Closing of such duration, not exceeding ten (10) Business Days, as the declaring party may
select, but no such delay shall extend beyond the last date set forth in Section 6.1(c), and no such delay shall interfere with the right of either party to declare a termination pursuant to Article 6. The place of Closing shall be at the office of
IBKC set forth in Section 7.1. 
  
 1.3 Effective Date and
Time. The Merger Agreement will be filed with the Secretary of State of Louisiana before or concurrently with the Closing, and the Merger will be effective on the date and time (the “Effective Time”) specified in the filings.

  
 ARTICLE 2: Conversion of AHB Common Stock 
  
 2.1 Conversion of AHB Common Stock. 
  
 (a) Except for shares of AHB Common Stock as to which dissenters’
rights have been perfected and not withdrawn or otherwise forfeited (“Dissenters’ Shares”) under the Louisiana Business Corporation Law (the “BCL”), and as otherwise provided herein, at the Effective Time each outstanding
share of AHB Common Stock will be converted into the “Merger Consideration” which shall mean: 
  
 (i) (A)3771 (the “Exchange Ratio”) shares of IBKC Common Stock (to the nearest ten-thousandth of a share) to be exchanged for
each share of AHB Common Stock and cash (without interest) payable with respect to any fractional share of IBKC Common Stock (as determined below); or 
  
 (B) if the average of the closing prices of the IBKC Common Stock as reported on the Nasdaq Stock Market on each of the ten (10) trading
days ending five (5) Business Days prior to the Effective Time (the “Market Value”) is greater than $59.02 per share, the Exchange Ratio shall equal the quotient (to the nearest ten-thousandth of a share) obtained by dividing $22.25 by the
Market Value; or 
  

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 (C) if the Market Value is less than $56.00 per share, the Exchange Ratio shall equal
the quotient (to the nearest ten-thousandth of a share) obtained by dividing $21.11 by the Market Value; plus 
  
 (ii) the right to receive a cash payment (without interest) to be determined as follows: (A) Schedule 2.1 identifies all loans,
funded and unfunded commitments, and letters of credit to certain individual and related AHB borrowers (“Obligations”) and sets out beside each Obligation an amount herein referred to as a “Cash Credit”, with all such Cash
Credits totaling an aggregate of $1,588,862 as of the date of this Agreement (the “Cash Consideration”); 
  
 (B) For Obligations that have been cancelled, paid in full or sold in their entirety by AHB prior to the fifth Business Day before the
Closing (the “Calculation Date”) for a price not less than the total amount of the Obligations then outstanding, the entire Cash Credit with respect thereto shall be included in the Cash Consideration; 
  
 (C) For Obligations that remain outstanding as of the
Calculation Date, that portion of the Cash Credit determined by multiplying the Cash Credit times a fraction, the denominator of which is the total amount of the Obligations set forth in Schedule 2.1 and the numerator of which is the amount
by which the balance of the Obligations on the Calculation Date is less than such total amount, shall be included in the Cash Consideration; 
  
 (D) For Obligations that are sold in their entirety by AHB after the Calculation Date and prior to the Closing for a price not less than
the Obligation amount then outstanding less the net Cash Credit resulting from the reduction of the Obligation amount set forth in Schedule 2.1, the net Cash Credit shall be included in the Cash Consideration; 
  
 (E) No Cash Credit shall be available for any portion of an
Obligation that is charged off, and no Cash Credit shall be available if, without the prior consent of IBKC, any material collateral securing an Obligation is released other than in connection with the full payment or sale of the entire Obligation;
and 
  
 (F) At the Closing, each AHB
shareholder’s fractional interest in all then outstanding shares of AHB Common Stock shall be multiplied by the Cash Consideration. 
  
 (b) Shares of AHB Common Stock that are held by AHB and any AHB subsidiary (other than shares held in a fiduciary capacity other than for AHB and any AHB
subsidiary) shall not be considered to be outstanding and shall be cancelled (and not converted) by virtue of the Merger at the Effective Time and without any further action by any party. 
  
 (c) If before the Effective Time, IBKC should split or combine the IBKC Common Stock, or pay a stock dividend in IBKC Common
Stock, or otherwise change the IBKC Common Stock into any other securities, or make any other dividend or distribution in respect of the IBKC Common Stock (other than normal cash dividends as the same may be adjusted from time to time in accordance
with or not in violation of this Agreement), then the Exchange Ratio will be appropriately adjusted to reflect such split, combination, dividend or other distribution or change. 
  

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 (d) In lieu of issuing any fractional share of IBKC Common Stock, each holder of AHB Common Stock who
would otherwise be entitled thereto, after aggregating into whole shares all fractional shares of IBKC Common Stock to which such holder is entitled by virtue of the Merger, upon surrender of the certificate(s) which represented AHB Common Stock,
will receive cash (without interest) equal to such fractional share multiplied by the Market Value. 
  
 (e) After the Effective Time, each holder of AHB Common Stock (other than Dissenters’ Shares), upon surrender of such holder’s certificates in
accordance herewith, will be entitled to receive the Merger Consolidation into which such holder’s shares have been converted, less any applicable tax withholding. Until then, each certificate for AHB Common Stock will represent the number of
whole shares of IBKC Common Stock and cash into which the shares of AHB Common Stock represented thereby were converted, except that IBKC may refuse to pay any dividend or other distribution payable to holders of any unsurrendered certificate for
AHB Common Stock until surrender. Whether or not a certificate for AHB Common Stock is surrendered, after the Effective Time it will not represent any interest in any person other than IBKC. 
  
 (f) As soon as practicable after the Effective Time, but in no event later
than ten (10) Business Days following the Effective Time, IBKC or IBKC’s stock transfer agent shall mail to each holder of record of an AHB Common Stock certificate or certificates a form of letter of transmittal (which shall specify that
delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the certificates to the stock transfer agent) and instructions for use in effecting the surrender of the certificates in exchange for the
Merger Consideration into which the shares of AHB Common Stock represented by such certificate or certificates shall have been converted pursuant to this Section 2.1. Upon proper surrender of a certificate for exchange and cancellation to the stock
transfer agent, together with a properly completed letter of transmittal, duly executed, the holder of such certificate shall be entitled to receive in exchange therefore, as applicable, (i) a certificate representing that number of shares of IBKC
Stock to which such former holder of AHB Common Stock shall have become entitled pursuant to this Agreement and the Merger Agreement and (ii) a check representing that amount of cash to which such former holder of AHB Common Stock shall have become
entitled pursuant to this Agreement and the Merger Agreement. 
  
 2.2 AHB Stock Options. Each option to purchase shares of AHB Common Stock which remains unexercised immediately prior to the Effective Time, whether or not then vested or exercisable, shall be cancelled and all rights thereunder
shall be extinguished. As consideration for such cancellation, AHB shall enter into an agreement with each holder of an option to purchase AHB Common Stock to make a cash payment immediately prior to the Effective Time to each such holder of an
amount determined by multiplying each share of AHB Common Stock subject to such holder’s AHB option by each of the Exchange Ratio and the Market Value and then subtracting the aggregate exercise price of such AHB Option. 
  

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 2.3 Exchange of Certificates. Each holder of AHB Common Stock (other than holders of
Dissenters’ Shares), upon surrender of his or her stock certificate to IBKC together with a completed letter of transmittal in the form provided by IBKC, will be entitled to receive his or her Merger Consideration, less any applicable tax
withholding. 
  
 ARTICLE 3: Representations and Warranties

  
 3.1 Mutual Representations and Warranties. Each
party represents and warrants to the other, to the extent pertaining to itself, its subsidiaries, and/or its business or affairs, that: 
  
 (a) Organization; Qualification. It is a business corporation duly organized and validly existing under the BCL, is a bank holding company within
the meaning of the BHC Act, has all requisite corporate power and authority to own and lease its property and to carry on its business as currently being conducted and is qualified and in good standing wherever the failure to so qualify would have a
Material Adverse Effect. As used in this Agreement, the term “Material Adverse Effect” shall mean, an event, change, violation, circumstance or effect, individually or when taken together, that is or is reasonably likely to (i) be
materially adverse to the financial condition, assets, capitalization, management, business, prospects or results of operations of such party and its subsidiaries, taken as a whole, or (ii) to materially impair the authority or ability of such party
to perform its obligations under this Agreement or to consummate the Merger or the other transactions contemplated by this Agreement; provided, however, that in no event shall any of the following, alone or in combination, be taken into account in
determining whether there has been or will be a Material Adverse Effect with respect to any party: (v) any effect resulting from changes in generally accepted accounting principles (“GAAP”) or regulatory accounting requirements generally
applicable to banks or their holding companies, (w) any direct effects of compliance with the terms and conditions of this Agreement on the operating performance of such party, including expenses incurred by such party in consummating the
transactions contemplated by this Agreement, (x) any effect resulting from the announcement or pendency of the Merger, (y) any effect resulting from actions or omissions of a party taken with the prior informed consent of the other parties in
contemplation of the transactions contemplated hereby, or (z) any effect that results from changes affecting the banking industry, either generally or in Northeast Louisiana, or the United States or Louisiana economies generally (which changes in
each case do not disproportionately affect such entity in any material respect). 
  
 (b) Corporate Authorization; No Conflicts. Subject to any required shareholder and regulatory approvals, all acts required for the due and valid authorization, execution, delivery and performance of this
Agreement and consummation of the Merger have been validly taken. Subject to required shareholder and regulatory approvals, this Agreement is its binding obligation, enforceable in accordance with its terms, except to the extent limited by
bankruptcy and other similar laws and court decisions affecting the enforcement of creditors’ rights generally and by general equitable principles. Neither the execution, delivery or performance of this Agreement nor the consummation of the
Merger will (i) violate, conflict with, or breach any provisions of, (ii) constitute, or with notice or lapse of time or both would constitute, a default under, (iii) result in the termination of or accelerate the performance required by, or (iv)
result in the creation of any encumbrance upon any of its material assets under, its or its subsidiaries’ (“subs”) articles of incorporation, by-laws or any material instrument to or by 
  

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 which it or its subs or any material portion of its or its subs, assets is bound; or (v) violate any order, writ,
injunction, decree, statute, rule or regulation of any governmental body (“Law”) applicable to it or its subs or any material portion of its assets. 
  

(c) Broker’s or Finder’s Fees. No person is entitled to any commission, broker’s, finder’s or financial advisory fee from it
or its subsidiary bank in connection with the Merger other than Chaffe & Associates, Inc., whose engagement letters with AHB have been delivered to IBKC. 
  
 (d) Community Reinvestment Act; Fair Lending. It and its subsidiary bank each has complied in all material respects with the Community Reinvestment
Act (“CRA”) and the rules and regulations thereunder, has a CRA rating of not less than “satisfactory”, and has received no material criticism from regulators with respect to discriminatory lending practices or compliance with
fair lending laws. 
  
 (e) Accuracy of Statements. Nothing
herein or in any information furnished or to be furnished by it pursuant hereto, contains or will contain, as of the date hereof, the effective date of the Registration Statement (defined in Section 4.2), the date of the Proxy Statement (defined in
Section 4.2) and the date of Closing, when taken together, an untrue statement of a material fact or an omission of a material fact necessary to make the statements contained therein, in light of the circumstances in which made, not misleading.

  
 3.2 Additional AHB Representations and Warranties. AHB
represents and warrants to IBKC that: 
  
 (a) Capital Stock;
Other Interests. AHB’s authorized capital stock consists of 10,000,000 shares of AHB Common Stock, of which 2,036,920 shares are issued and outstanding and 15,458 shares are held in its treasury. All outstanding shares of AHB Common Stock
and all outstanding shares of the capital stock of the Bank, have been duly authorized and are validly issued, fully paid and non-assessable. Except as set forth in Schedule 3.2(a), there are no stock options or other rights (including
conversion rights) outstanding to acquire, or any obligation to issue, sell or deliver any of such rights or any shares of, its or Bank’s capital stock. Neither AHB nor the Bank has any equity or voting interest exceeding 1% in any entity other
than its interest in the Bank, of which it directly or indirectly owns all of the shares outstanding, free and clear of any liens, equities or encumbrances whatsoever. 
  
 (b) Financial Statements and Reports. AHB has delivered to IBKC (i) its audited balance sheets as of December 31,
2002 and 2003, and its unaudited balance sheet as of June 30, 2004, and the related audited and unaudited statements of income, shareholders’ equity and cash flows (“Operating Statements”) for the respective years and six months then
ended, the related notes thereto, and the report of its independent public accountants with respect thereto in the case of annual financial statements (collectively, the “Financial Statements”), (ii) all call reports made by the Bank to
any regulatory agency and all reports made by AHB to the Federal Reserve since, and to the extent permitted by law all examination reports with respect to AHB or the Bank or made by any regulatory authority since, December 31, 2000, and (iii) its
reports and proxy statements sent to shareholders in 2001 and thereafter. The Financial Statements have been, and the financial statements delivered pursuant to Section 4.7 will be, prepared in 
  

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 conformity with GAAP applied consistently with prior periods, and present and will present fairly, in conformity with
GAAP, AHB’s consolidated results of operations for the respective periods covered thereby, and its consolidated financial condition as of the respective dates thereof. All reports referred to in clause (ii) above have been filed on the
appropriate form and prepared in all material respects in accordance with the requirements of the regulating agency. AHB and the Bank do not have, nor are any of their assets subject to, any material liability or obligation of any kind, whether
absolute, accrued, contingent, known, unknown, matured or unmatured, that is not reflected and adequately reserved against in the latest balance sheet forming part of the Operating Statements (the “Latest Balance Sheet”). 
  
 (c) Loan and Investment Portfolios. All loans, discounts and financing
leases in which AHB or the Bank is lessor (“Credits”) reflected on the Latest Balance Sheet (i) were, at the time and under the circumstances made, made for adequate consideration in the ordinary course of business, (ii) are evidenced by
instruments that are true and genuine, (iii) are enforceable in accordance with their terms and (iv) if secured, have been secured by valid perfected security interests. Accurate lists of all such Credits and of AHB’s and the Bank’s
investment portfolio as of the Latest Balance Sheet date have been made available to IBKC. 
  
 (d) Loss Reserves. Each allowance for losses on Credits and other real estate owned reflected on the Latest Balance Sheet is adequate in accordance with applicable regulatory guidelines and GAAP in all material
respects, and there are no circumstances reasonably likely to require in accordance with such guidelines or GAAP a future material increase in any provisions for such losses or a material decrease in any of such allowances. Each such allowance after
the Latest Balance Sheet date will be adequate in accordance with such guidelines and GAAP in all material respects. 
  
 (e) No Material Adverse Effect. Since the Latest Balance Sheet date, there has been no circumstance known to management of AHB and the Bank that
has had, or can reasonably be anticipated to have, a Material Adverse Effect. 
  
 (f) Absence of Certain Changes or Events. AHB and the Bank have not, since the Latest Balance Sheet date (except as set forth below), nor will have, without the consent of IBKC’s chief executive officer or
his designee or as permitted in Section 7.2 of this Agreement, from the date hereof through the Closing: 
  
 (i) (A) since July 31, 2004, borrowed or loaned (including any extension, modification or renewal of an existing loan) any money in excess
of $250,000, or pledged any of its credit in excess of $250,000, (B) mortgaged or otherwise subjected any asset to any encumbrance or liability, (C) transferred any of its loans or other assets in excess of $50,000, or (D) incurred any material
liability or obligation of any kind whatsoever, whether accrued, contingent, known, unknown, matured or unmatured; 
  
 (ii) experienced any material change in asset concentrations as to customers or industries or in the nature and source of its liabilities
or in the mix of interest-bearing and non-interest bearing deposits; 
  

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 (iii) had knowledge or reason to believe that any material labor unrest exists among, or
that anyone has attempted to organize, any of its employees; or that any customer having deposits in excess of $500,000 or loans in excess of $1,000,000 or trust assets in excess of $500,000 has terminated or intends to terminate such
customer’s relationship with the Bank; 
  
 (iv) failed to operate its business in the ordinary course consistent with past practices, to preserve its business organization substantially intact or to preserve the goodwill of its customers and others with whom it has material business
relations; 
  
 (v) incurred or suffered any
material loss not adequately reserved against on the Latest Balance Sheet or waived any material right; 
  
 (vi) other than in the ordinary course of business consistent with past practices, canceled any material debt owed to it or any of its
material claims, or paid any of its noncurrent obligations or liabilities; 
  
 (vii) since July 31, 2004, made any capital expenditure or deployed insurance proceeds in excess of $10,000, or opened or renovated any ATM or branch office; 
  
 (viii) except as set forth in Section 4.6(l), paid or agreed
to accrue or pay any money to any of its present or former directors, officers or other employees except pursuant to current pay schedules, or increased the compensation (including salaries, fees, bonuses, profit sharing, fringe benefits, incentive,
pension, retirement or other similar payments) of any such person; 
  
 (ix) changed any accounting practice used in preparing the Financial Statements except as required by GAAP; 
  
 (x) made any Credit which has not been (A) at the time and under the circumstances made, made for adequate consideration in the ordinary
course of business, (B) evidenced by instruments that are true and genuine, (C) enforceable in accordance with its terms, and (D) fully reserved against in an amount sufficient to provide for all net charge-offs reasonably anticipated in the
ordinary course; 
  
 (xi) acquired any business
or assets of any business or stock of any business other than in connection with the Credits; or 
  
 (xii) made any commitment to do any of the foregoing. 
  
 (g) Taxes. Each of AHB and the Bank has timely filed all required tax returns, tax information
returns and reports required to be filed, paid all taxes, interest payments and penalties that were due (whether shown on such returns or otherwise), made (and will make) adequate provision for payment of all taxes accruable for all periods ending
on or before the Closing (other than those being contested in good faith that have been disclosed to IBKC in Schedule 3.2(g)), and are not delinquent in the payment of any material amount of tax or governmental charge of any nature. No audit,

  

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 examination or investigation is currently being conducted or threatened, and no material unpaid tax
deficiencies or additional liabilities have been proposed or assessed, by any taxing authority; no agreements for extension of time for the assessment of any tax have been made by or on behalf of AHB or the Bank; and no position has been taken by
AHB with respect to material tax matters which if known by the Internal Revenue Service or the Louisiana Department of Revenue would be reasonably likely to be contested or disputed by either or both of such bodies. AHB has, and will through the
Closing Date, withhold all federal and state taxes payable by employees who exercise AHB stock options. Schedule 3.2(f) contains accurate and complete descriptions of any excess loss accounts, deferred intercompany transactions and AHB’s
tax basis in the Bank. 
  
 (h) Assets.

  
 (i) Except with respect to assets disposed of
for adequate consideration in the ordinary course after the Latest Balance Sheet date in accordance with past practices and, to the extent the value of an asset disposed of exceeds $5,000, disclosed in Schedule 3.2(h), each of AHB and the
Bank have good and merchantable title to all material assets reflected on the Latest Balance Sheet or acquired thereafter, free of all restrictions, liens and encumbrances except for (A) encumbrances that secure debt properly reflected on the Latest
Balance Sheet or which secure deposits of public funds; (B) liens for taxes accrued but not yet payable; (C) liens arising as a matter of law in the ordinary course with respect to obligations incurred after the Latest Balance Sheet date that are
not delinquent or are being contested in good faith; (D) such imperfections of title and encumbrances as do not materially detract from the value or materially interfere with the present use or merchantability of any such asset; and (E) capital
leases and leases, if any, to third parties for fair and adequate consideration. AHB and the Bank each owns, or has valid leasehold interests in, all material assets used in its business. 
  
 (ii) Except for financing leases in which AHB or the Bank is
lessor listed in Schedule 3.2(h), (A) each lease of any real property or any material personal property to which AHB or the Bank is a party is valid and in full force and effect in accordance with its terms in all material respects; (B) all
rents and other amounts due thereunder have been paid; (C) there exists no default, or event which with the giving of notice, the lapse of time or both would become a default, thereunder; and (D) the Merger will not constitute a default or a cause
for termination or modification of any such lease. 
  
 (iii) Each of AHB and the Bank has no obligation to sell or otherwise dispose of any substantial part of its assets or to sell or dispose of any of its assets except in the ordinary course consistent with past practices. 
  
 (i) Legal Proceedings and Compliance with Laws. (i)
There are no claims, actions, suits, proceedings, arbitrations or investigations (“Actions”) pending or threatened, nor does AHB or the Bank have knowledge of a basis for any Action, in any court or before any governmental body or
arbitration panel or otherwise, against AHB or the Bank; (ii) each of AHB and the Bank has complied with all Laws, and is not in default in any material respect under, and has not been charged or threatened with or come under investigation
concerning any material violation of, any Law; and (iii) there 
  

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 are no material uncured violations, or violations with respect to which material refunds or restitution
may be required, cited in any report to AHB or the Bank as a result of examination by any regulatory authority, nor is AHB subject to any written agreement, memorandum or order with or by any regulatory authority. 
  
 (j) Benefit Plans. 
  
 (i) Schedule 3.2(j) lists all (A) pension,
retirement, profit sharing, deferred compensation, stock option, stock ownership, severance pay, vacation, bonus, and incentive plans or arrangements, (B) medical, vision, dental or other health plans, policies or arrangements, (C) life, health or
disability plans, policies or arrangements, (D) employment, retention or severance contracts or arrangements and (E) fringe benefits or perquisites, provided or which may be provided by AHB or the Bank, to any present or past employee, director or
the spouse or beneficiaries thereof (collectively, the “Benefits”). True and complete copies of all Benefit documents and written agreements established or maintained and currently in force during the preceding five years, together with
copies of any tax determination letters, trust agreements, summary plan descriptions, insurance contracts, investment management agreements established or maintained during the preceding five years and the three most recent annual reports on form
series 5500 with respect to any plan or arrangement have been made available to IBKC. 
  
 (ii) Except for the plans identified as such on Schedule 3.2(j) (the “Plans”), each of AHB and the Bank has not at any
time sponsored, maintained or contributed to any employee benefit plan that is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”), in which any employee is or was a participant. All contributions required by it have
been made, all insurance premiums required have been paid and each Plan has been maintained and administered in all material respects in compliance with its terms and all applicable laws. No transaction has occurred that could result in the
imposition of a tax or penalty under the Code or ERISA; there is no matter relating to any such Plan pending or threatened, nor, to its and Bank’s knowledge, are there any circumstances that could lead to (other than routine filings such as
qualification determination filings) proceedings before, or administrative actions by, any governmental agency; there are no Actions pending or threatened (including, without limitation, breach of fiduciary duty actions, but excluding routine
uncontested claims for benefits) against any such Plan or its assets. Each of AHB and the Bank has complied in all material respects with the reporting and disclosure requirements of ERISA and the Code. No Plan is a multi-employer plan within the
meaning of ERISA. A favorable determination letter has been issued by the IRS with respect to each Plan intended to be qualified under Code Section 401(a), the IRS has taken no action to revoke any such letter and nothing has occurred which would
cause the loss of such qualification. Each of AHB and the Bank has not sponsored, maintained or made contributions to any arrangement (A) subject to ERISA Title IV or to Code Section 412, (B) providing for post-retirement medical benefits, (C) that
is a “multiple employer welfare arrangement” as defined in ERISA Section 3(40), or (D) that provides benefits through a “voluntary employees’ beneficiary association” as defined in ERISA Section 501(c)(9). 
  

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 (iii) All group health plans of AHB and the Bank to which Code Section 4980B(f) or ERISA
Section 601 applies are in full compliance with the continuation coverage requirements of Code Section 4980B(f) and ERISA Section 601 and any prior violations of such Sections have been cured. 
  
 (iv) Except as provided in Section 4.13 and Section 4.17 and
disclosed in Schedule 3.2(j), the Merger will not (A) result in the imposition of any obligation or liability on AHB, the Bank or IBKC to provide Benefits or make any payment to any of its current or former employees, (B) result in a
prohibited transaction as such term is used in Code Section 4975 or ERISA Section 406, or (C) result in a payment or required payment from AHB or the Bank, or IBKC as a result of the Merger, that would be characterized as an “excess parachute
payment” within the meaning of Code Section 280G(b)(1). 
  
 (k) Insurance. Each of AHB and the Bank maintains in force insurance policies and bonds in such amounts and against such liabilities and hazards as are customary for institutions of its size and type. Each of
AHB and the Bank is not now liable, nor will AHB become liable, for any material retroactive premium adjustment. All policies are in full force and effect, and neither AHB nor the Bank has received any notice of a material premium increase or
cancellation with respect to any of AHB or the Bank’s insurance policies or bonds now in effect. Within the last three years, neither AHB nor the Bank has been refused any insurance sought or has reason to believe that its existing insurance
coverage cannot be renewed upon terms as favorable as those presently in effect. 
  
 (l) Commitments. Except as set forth on the Schedule 3.2(l): 
  
 (i) neither AHB nor the Bank is a party to any (A) collective bargaining agreement; (B) agreement, contract
or commitment (“Commitment”) with any employee not terminable at will without penalty by AHB or the Bank; (C) obligation of guaranty or indemnification except, if entered into in the ordinary course with respect to customers, letters of
credit, guaranties of endorsements and guaranties of signatures and except for provisions of applicable law or provisions of AHB’s and the Bank’s Articles of Incorporation and By-laws relating to indemnification of directors and officers,
as to which there is no pending or threatened claim; (D) commitment which will or may reasonably be expected to have a Material Adverse Effect; or (E) commitment limiting AHB’s or the Bank’s freedom to engage in any line of business or to
compete with any person with respect to an activity permitted to AHB and the Bank by applicable law. 
  
 (ii) Schedule 3.2(l) lists each material Commitment (except usual and customary instruments entered into in the ordinary course
with respect to loans, lines of credit, letters of credit, depositor agreements, certificates of deposit and similar banking activities, and routine maintenance agreements) to which AHB or the Bank is a party. Neither AHB nor the Bank has in any
material respect breached, nor is there any pending or threatened claim that AHB or the Bank has breached, any of the terms of any of its material Commitments. 
  

 11 

 (m) Authorizations. Each of AHB and the Bank has all licenses, franchises, permits
and other authorizations (“Authorizations”) necessary for the continued conduct of AHB’s and the Bank’s business without interference or interruption. The Bank’s deposits are insured by the FDIC to the extent provided by
law, and there are no pending or threatened Actions to revoke or modify that insurance or for relief under 12 U.S.C. §1818. 
  
 (n) Corporate Documents. AHB has delivered to IBKC copies of AHB’s and the Bank’s Articles of Incorporation and by-laws
and has made available all of AHB’s and the Bank’s corporate minutes, other than minutes related to the negotiation or consideration of this Agreement. All of the foregoing and all of its stock transfer records are current, complete and
correct in all material respects. 
  
 (o)
Certain Transactions. No past or present director, executive officer or five percent shareholder of AHB or the Bank has, since January 1, 2000, engaged in any transaction or series of transactions which, if AHB or the Bank had been subject to
Section 14(a) of the Securities Exchange Act of 1934 (the “34 Act”) at all times since that date, would be required to be disclosed pursuant to Item 404 of Regulation S-K of the Securities and Exchange Commission (“SEC”).

  
 (p) Environmental Matters. 

 
 (i) Each of AHB and the Bank are in material compliance
with, and have obtained all required Authorizations under, any applicable Environmental Requirement (as hereinafter defined) in connection with the operation of its businesses and ownership of its properties, including, without limitation, all
immovable property currently owned or leased by AHB and the Bank, the banking premises and all improvements and fixtures thereon, properties acquired by foreclosure or in settlement of loans, properties which the Bank has or is judged to have
managed or supervised or participated in the management of, and properties in which the Bank holds a security interest securing a loan recorded on the books of the Bank; and is in compliance in all material respects with all terms of such
Authorizations and with all applicable Environmental Requirements. There are no past or present circumstances related in any manner to AHB or the Bank or to the properties that did or would, in any material respect, violate or prevent compliance
with any Environmental Requirement, or give rise to any material Environmental Liability, as hereinafter defined. Neither AHB nor the Bank has received any request for information by any governmental authority with respect to the condition, use or
operation of any of its properties, nor has AHB nor the Bank received any notice of any kind from any governmental authority or other person with respect to any violation of a claimed or potential Environmental Liability of any kind under any
Environmental Requirement (including, without limitation, any letter, notice or inquiry from any person or governmental entity informing AHB or the Bank that either is or may be liable in any way under any Environmental Requirement or requesting
information to enable such a determination to be made). There is no Action pending or threatened by any person against AHB or the Bank, or any prior owner of any of the properties and relating to the properties, relating in any way to any
Environmental Requirement or seeking to impose any Environmental Liability. Neither AHB nor the Bank is subject to any material Environmental Liability not adequately reserved against on the Latest Balance Sheet. 
  

 12 

 (ii) No Hazardous Materials exists on, about or within any of the properties of AHB or
the Bank, nor have any Hazardous Materials previously existed on, about or within or been used, generated, stored, transported, disposed of, on or released from any of such properties, except as disclosed in Schedule 3.2(p). The use that AHB
and the Bank make and intend to make of their respective properties will not result in the use, generation, storage, transportation, accumulation, disposal or release of any Hazardous Material on, in or from any of the properties. 
  
 (iii) “Environmental Requirement” means all Laws
relating to the protection of human health or the environment. “Environmental Liability” means any liability or obligation (of any kind whatsoever, whether absolute or contingent, accrued or unaccrued, known or unknown) arising under any
Environmental Requirement or under any other liability theory relating to release or threatened release into the environment, of any hazardous materials, pollutant, contaminant, chemical, or industrial, toxic or hazardous substance or waste.
“Hazardous Material” means any pollutant, contaminant, chemical, or toxic or hazardous substance, constituent, material or waste, or any other chemical, substances, constituent or waste including, without limitation, petroleum, including
crude oil or any fraction thereof, or any petroleum product, but does not include normal quantities of any chemical used in the ordinary course of business of such party as office or cleaning supplies. 
  
 (q) Fairness Opinion. AHB has received an oral opinion from Chaffe
& Associates, Inc., AHB’s financial advisor, to the effect that the Merger Consideration is fair to AHB’s shareholders from a financial point of view. AHB shall deliver to IBKC a written copy of such opinion. 
  
 3.3 Additional IBKC Representations and Warranties. IBKC represents
and warrants to AHB that: 
  
 (a) Capital Stock; Other
Interests. IBKC’s authorized capital stock consists of 25,000,000 shares of IBKC Common Stock, of which 8,649,777 shares are issued and outstanding, and 1,772,117 shares are held in its treasury, and 5,000,000 shares of preferred stock, par
value $1.00 per share, of which none are issued and outstanding. All outstanding shares of IBKC Common Stock have been duly authorized and are validly issued, fully paid and non-assessable. 
  
 (b) Financial Statements and Reports. IBKC has delivered to AHB (i)
its audited balance sheet as of December 31, 2003, and its unaudited balance sheet as of June 30, 2004 and the related audited and unaudited statements of income, shareholders’ equity and cash flows (“Operating Statements”) for the
respective years and six months then ended, the related notes thereto, and the report of its independent public accountants with respect thereto with respect to annual statements (collectively, the “Financial Statements”), (ii) all call
reports made by IBERIABANK to any regulatory agency and all reports made by IBKC to the Federal Reserve since, and to the extent permitted by law all examination reports with respect to IBKC 
  

 13 

 and IBERIABANK or made by any regulatory authority since, December 31, 2000, and (iii) its reports or proxy statements
filed with the SEC since January 1, 2001 and thereafter. The Financial Statements have been and the financial statements delivered pursuant to Section 4.7 will be prepared in conformity with generally accepted accounting principles
(“GAAP”) applied consistently with prior periods, and present and will present fairly, in conformity with GAAP, its results of operations for the respective periods covered thereby, and its financial condition as of the respective dates
thereof. All reports referred to in clauses (ii) and (iii), above, have been filed on the appropriate form and prepared in all material respects in accordance with the requirements of the regulating agency. IBKC and IBERIABANK do not have, nor are
any of their assets subject to, any material liability or obligation of any kind, whether absolute, accrued, contingent, known, unknown, matured or unmatured, that is not reflected and adequately reserved against in the latest balance sheet forming
part of the Operating Statements (the “Latest Balance Sheet”). 
  
 (c) Absence of Certain Changes or Events. Since the Latest Balance Sheet date, there has been no circumstance known to management of IBKC and IBERIABANK that has had, or can reasonably be anticipated to have, a
Material Adverse Effect. 
  
 (d) Taxes. IBKC has timely
filed all required tax returns, tax information returns and reports required to be filed, paid all taxes, interest payments and penalties that were due, made (and will make) adequate provision for payment of all taxes accruable for all periods
ending on or before the Closing Date (other than those being contested in good faith that have been disclosed to AHB in Schedule 3.3(d)), and are not delinquent in the payment of any material amount of tax or governmental charge of any
nature. No audit, examination or investigation is currently being conducted or threatened, and no material unpaid tax deficiencies or additional liabilities have been proposed, by any taxing authority; and no agreements for extension of time for the
assessment of any tax have been made by or on behalf of IBKC or IBERIABANK. 
  
 (e) Legal Proceedings and Compliance with Laws. (i) There are no claims, actions, suits, proceedings, arbitrations or investigations (“Actions”) pending or threatened, nor does IBKC or IBERIABANK have
knowledge of a basis for any Action, in any court or before any governmental body or arbitration panel or otherwise, against it and IBERIABANK; (ii) Each of it and IBERIABANK has complied with and is not in default in any material respect under, and
has not been charged or threatened with or come under investigation concerning any material violation of, any Law; and (iii) There are no material uncured violations, or violations with respect to which material refunds or restitution may be
required, cited in any report to it or IBERIABANK as a result of examination by any regulatory authority, nor is it subject to any written agreement, memorandum or order with or by any regulatory authority. 
  
 (f) Authorizations. Each of IBKC and IBERIABANK has all licenses,
franchises, permits and other authorizations (“Authorizations”) necessary for the continued conduct of its and IBERIABANK’s business without interference or interruption. IBERIABANK’s deposits are insured by the FDIC to the
extent provided by law, and there are no pending or threatened Actions to revoke or modify that insurance or for relief under 12 U.S.C. §1818. 
  
 (g) Corporate Documents. IBKC has delivered to AHB copies of its and 
  

 14 

 IBERIABANK’s articles of incorporation and by-laws and has made available all of its and IBERIABANK’s corporate
minutes, other than minutes related to the negotiation or consideration of this Agreement, and stock transfer records. All of the foregoing and all of its reports and other information filed with the SEC are current, complete and correct in all
material respects. 
  
 3.4 Accuracy and Completeness of
Information Provided. The information with respect to IBKC included in the Registration Statement, including information incorporated by reference, will be true in all material respects, and the Registration Statement will not omit to state any
information about IBKC necessary to a complete understanding of the information presented or necessary to an understanding of the business prospects and financial condition of IBKC. From the date that the Proxy Statement is delivered to the
shareholders of AHB until the Closing Date, IBKC will provide AHB with notice of any event that causes the statements made in the Proxy Statement to be materially false or incomplete or which would cause the Proxy Statement to have a material
omission with respect to information presented about IBKC, including without limitation prompt notice of any circumstances that has had or is reasonably likely to have a Material Adverse Effect. 
  
 ARTICLE 4: Covenants and Agreements 
  
 Each party covenants and agrees with the other as follows: 
  
 4.1 Cooperation and Best Efforts. Subject to the terms and conditions
of this Agreement and the fiduciary duties of its Board of Directors and officers under applicable law, IBKC and AHB each agrees to use, and to cause its subsidiaries to use, its reasonable best efforts to take, or cause to be taken, all actions,
and to do, or cause to be done, all things, necessary, proper or advisable under applicable laws and regulations to consummate, make effective, and plan systems and branch conversions, as soon as practicable after the date of this Agreement, the
transactions contemplated by this Agreement, including, without limitation, using its best efforts to lift or rescind any injunction or restraining order or other order adversely affecting the ability of any party hereto to consummate the
transactions contemplated hereby. Each of IBKC and AHB shall use, and shall cause each of its subsidiaries to use, its best efforts to obtain consents of all third parties and governmental bodies necessary or desirable for the consummation of the
transactions contemplated by this Agreement. This Section 4.1 shall not require either IBKC or AHB to waive any condition to such party’s obligation to consummate the Merger. 
  
 4.2 Registration and Proxy Statement. IBKC will prepare, and within ten (10) Business Days after receipt by it from
AHB of all information about AHB necessary to be included therein (which IBKC agrees to request of AHB within five (5) Business Days from the date of this Agreement), file a registration statement (the “Registration Statement”), and
cooperate with AHB in AHB’s preparation of its proxy statement (the “Proxy Statement”), which shall be part of the Registration Statement, for the purpose of registering the IBKC Common Stock to be issued hereunder and submitting this
Agreement to AHB’s shareholders for approval, and AHB will as promptly as practicable after the date hereof furnish all information relating to it and its subsidiaries as IBKC may reasonably request for inclusion in the Registration Statement;
provided that the form and content of the Proxy Statement shall be reasonably acceptable to AHB. Each party agrees to pay one-half of the expenses of preparing and filing the Registration Statement and Proxy Statement (other than the fees and the
expenses of IBKC’s and AHB’s professional advisors) and the expenses of printing and mailing the Proxy Statement. 
  

 15 

 4.3 Press Releases. Prior to the Effective Time, IBKC shall be solely responsible for the form,
substance and timing of any press release or other public disclosure materially related to this Agreement or any other transaction contemplated hereby; provided, however, that (i) prior to any public announcement, IBKC shall consult with AHB as to
the form and substance of any such press release or other public disclosure; (ii) nothing in this Section 4.3 shall be deemed to prohibit AHB from making any communication with its employees or shareholders, following consultation with IBKC
regarding the substance of any such communications; and (iii) nothing in this Section 4.3 shall be deemed to prohibit any party hereto from making any disclosure which its counsel deems necessary or advisable in order to satisfy such party’s
disclosure obligations imposed by Law. 
  
 4.4
Investigations. Each party will provide the other and its authorized representatives reasonable access during all reasonable times to its and its subsidiary bank’s premises, properties, books and records, and furnish such information
respecting its and its subsidiary bank’s business as the other party may from time to time reasonably request, except as restricted by Law. If this Agreement is terminated for any reason, each party will return without retaining copies thereof
(except for one copy for use in defending itself in any dispute between them), all non-public materials obtained pursuant hereto and will destroy all work papers derived therefrom or prepared based on such information (except for one copy for use as
stated above). For two years following such termination, each party will keep such information obtained from the other party confidential, except as may be required by law, and not use it in connection with its business and shall cause its
employees, agents and representatives to do the same, in each case unless such information has become publicly available through no fault of the receiving party. 
  
 4.5 Preservation of Business. AHB will use its reasonable best efforts to preserve the possession and control of all
of AHB’s and the Bank’s assets (other than those consumed or disposed of for value in the ordinary course), and the goodwill of customers and others having business relations with them, and will do nothing knowingly to impair their ability
to keep and preserve their business as it exists on the date hereof. From the date hereof until the Effective Time, the Bank (i) shall consult with IBERIABANK in establishing the rates paid by the Bank on its deposit accounts, (ii) shall meet with
IBERIABANK biweekly to review conduct of its loan approval process, and (iii) shall notify IBERIABANK (A) of all loans proposed to be originated in excess of $100,000 and (B) of any proposed change to the Obligations identified in Schedule
2.1 hereto. 
  
 4.6 Conduct of Business. AHB will, and
will cause the Bank to, conduct its business only in the ordinary course consistent with past practices. In addition, except as otherwise provided herein, neither AHB nor the Bank will, whether or not in the ordinary course, without the prior
consent of IBKC’s chief executive officer or his designee: 
  
 (a) cause or permit a breach of any of its covenants or cause or permit any representation or warranty of it to become untrue, as if each such representation and warranty were continuously made from the date hereof; 
  

 16 

 (b) declare, pay or make any dividend or distribution on, or reclassify or acquire, or issue (except upon
exercise of options outstanding on the date of this Agreement) or sell or grant options or other rights to acquire any additional shares of or any securities or obligations convertible into or exchangeable for, its capital stock; except that if the
Closing does not occur on or before March 31, 2005, the Cash Consideration to be paid at Closing shall be increased by an amount equal to 817,138 times the Exchange Ratio, multiplied by the aggregate per share cash dividends declared by IBKC with a
record date between January 1, 2005 and April 1, 2005. 
  
 (c)
amend its Articles of Incorporation or by-laws, or adopt or amend any resolution or agreement concerning indemnification of its directors or officers; 
  
 (d) place or suffer to exist on any of its assets or properties any mortgage, pledge, lien, charge or other encumbrance, except those of the character
described in Section 3.2(h)(i), or, other than in the ordinary course of business consistent with past practices, or as disclosed in Schedule 4.6(d), cancel any material indebtedness to it or any material claims which it may have had, or
waive any right of substantial value or discharge or satisfy any material noncurrent liability; 
  
 (e) enter into any new line of business or merge or consolidate with another entity, or sell or otherwise dispose of a substantial part of its assets, or
sell or dispose of any of its assets other than sales of Credits for not less than book value or of any asset held as other real estate or other foreclosed assets for an amount not less than 90% of its book value at the Latest Balance Sheet date;

  
 (f) violate in any material respect any Law; 
  
 (g) fail to pay, or to make adequate provision in all material respects for
the payment of, all taxes, interest payments and penalties due and payable (and/or accruable for all periods or portions of periods up to the Effective Date) to any taxing authority, except those being contested in good faith by appropriate
proceedings and for which sufficient reserves have been established; 
  
 (h) acquire investment securities; 
  
 (i) charge off
(except as may otherwise be required by law or by regulatory authorities or by GAAP consistently applied) any material Credit, or make or enter into any commitments to make any Credit which varies materially from its written credit policies, copies
of which have been made available to IBKC; 
  
 (j) issue or
deliver any AHB Common Stock certificate to replace any certificate claimed to be lost, destroyed or stolen without requiring an indemnity agreement and a bond from a solvent insurance company, in favor of IBKC and AHB and their respective transfer
agents against any loss resulting from the issuance or delivery of such replacement certificate; 
  
 (k) reduce its reserve for loan losses below the amount recorded on its Financial Statements at June 30, 2004, except as may be required by Law,
regulatory authority or GAAP; 
  

 17 

 (l) increase or change the salary or benefits of any of its employees (unless such change is required by
applicable Law or, in the opinion of counsel, is necessary or advisable to maintain the tax qualification of any plan under which retirement benefits are provided), increase fees or benefits to any of its directors, pay any bonus to any of its
employees or directors, enter into any employment agreement, change current officers’ titles, or enter into any other transaction other than normal banking transactions with any director, officer, employee or affiliate, except that AHB shall as
of the date of this Agreement begin to accrue a year-end bonus to eligible employees (“Eligible Employees”) not to exceed $338,700 (the “Year-End Bonus”). AHB may pay up to 25% of the Year-End Bonus to Eligible Employees prior to
December 25, 2004. Eligible Employees shall also receive the remaining 75% of the Year-End Bonus upon the conversion of the Bank’s processing systems unless they voluntarily terminate their employment with IBKC prior to that time. 

 
 (m) enter into any contract or series of related contracts over $5,000,
whether or not in the ordinary course of business; or 
  
 (n)
commit to do any of the foregoing. 
  
 4.7 Investigation and
Confidentiality. 
  
 (a) Prior to the Effective Time, IBKC
and AHB will keep the other party advised of all material developments relevant to its business and to the consummation of the Merger and may make or cause to be made such investigation, if any, of the business, properties, operations and financial
and legal condition of the other party and its subsidiaries as such party reasonably deems necessary or advisable to familiarize itself and its advisors with such business, properties, operations and condition; provided, however, that such
investigation shall be reasonably related to the transactions contemplated hereby and shall not interfere unnecessarily with normal operations. IBKC and AHB each agrees to furnish to the other party and the other party’s respective advisors
with such financial and operating data and other information with respect to its business, properties and employees as the other party shall from time to time reasonably request. No investigation by one party shall affect the representations and
warranties of the other party and, subject to Section 6.2 of this Agreement, each such representation and warranty shall survive any such investigation. Each party agrees to furnish the other party with all information necessary to expedite
pre-conversion planning and implementation including, but not limited to, data processing, file layout, product mapping, customer identification and notification, and other conversion related activities. Each party shall maintain the confidentiality
of all confidential information furnished to it by the other party in accordance with the terms of the confidentiality agreement dated August 11, 2004, between the parties (the “Confidentiality Agreement”). 
  
 (b) Notwithstanding anything herein to the contrary, except as reasonably
necessary to comply with applicable securities law, each party to this Agreement (and each employee, representative, or other agent of such party) may (i) consult any tax advisor regarding the U.S. federal income tax treatment or tax structure of
the transaction and (ii) disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are
provided to the taxpayer relating to such tax treatment and tax structure. For this purpose, “tax structure” is limited to any facts relevant to the U.S. federal income tax of the transaction and does not include information relating to
the identity of the parties. 
  

 18 

 4.8 Additional Information. Each party will provide the other (i) with prompt notice of any
circumstance that has had or is reasonably likely to have a Material Adverse Effect, (ii) as soon as available, true, correct and complete copies of monthly and any other financial statements and other documents of the type referred to in Section
3.2(b), and (iii) promptly upon its dissemination, any report sent to its shareholders. 
  
 4.9 AHB Shareholder Approval. AHB shall call a shareholders meeting to be held as soon as reasonably practicable after the Registration Statement becomes effective for the purpose of considering and voting upon
the Merger. In connection with the shareholders meeting (i) AHB shall mail the Proxy Statement to its shareholders, (ii) each party shall furnish to the other party all information concerning it and its subsidiaries that the other party may
reasonably request in connection with the Proxy Statement, (iii) the Board of Directors of AHB shall, subject to its fiduciary duties under applicable law, recommend to its shareholders the approval of this Agreement and the Merger Agreement and
cause AHB to use its reasonable best efforts to obtain such shareholder approval. 
  
 4.10 Prohibited Negotiations. 
  
 (a) AHB agrees that, from the date of this Agreement until the earlier of the Effective Time or the termination of this Agreement, neither it nor any of its subsidiaries or affiliates, nor any of the officers and directors of it or its
subsidiaries or affiliates shall, and that it shall cause its and its subsidiaries’ and affiliates’ employees, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its subsidiaries)
not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any Acquisition Proposal, (ii) have any discussion with or provide any confidential information or data to any person relating to
an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or
recommend, any Acquisition Proposal or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into any letter of intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar
agreement or propose publicly or agree to do any of the foregoing related to any Acquisition Proposal. 
  
 (b) AHB agrees that it will, and will cause its officers, directors and representatives to, immediately cease and cause to be terminated any activities,
discussions or negotiations existing as of the date of this Agreement with any parties conducted heretofore with respect to any Acquisition Proposal informing them that the Board of Directors no longer seeks the making of any Acquisition Proposals.

  
 (c) AHB agrees that it will use its best efforts to promptly
inform its directors, officers, key employees, agents and representatives of the obligations undertaken in this Section. 
  
 (d) Notwithstanding the foregoing provisions above, if any person after the date of this Agreement submits to AHB’s Board of Directors an
unsolicited, bona fide, written 
  

 19 

 Acquisition Proposal, and AHB’s Board of Directors reasonably determines in good faith, after receipt of advice from
outside legal counsel and prompt notice of such Acquisition Proposal to IBKC, that the failure to engage in discussions with such person concerning such Acquisition Proposal would likely cause the Board of Directors to breach its fiduciary duties to
AHB and its shareholders, and after consultation with a financial advisor, then, in such case, (i) AHB may (A) furnish information about its business to such person under protection of an appropriate confidentiality agreement containing customary
limitations on the use and disclosure of all non-public written or oral information furnished to such person, provided that AHB must contemporaneously furnish to IBKC all such non-public information furnished to such person and (B) negotiate and
participate in discussions and negotiations with such person; and (ii) if the AHB Board of Directors determines that such an Acquisition Proposal is a Superior Proposal (defined below), the AHB Board of Directors may (subject to the provisions of
this Section) withdraw or adversely modify its approval or recommendation of the Merger and recommend such Superior Proposal or (B) terminate this Agreement, in each case, (i) at any time after five Business Days following IBKC’s receipt of
written notice (a “Notice of Superior Proposal”) advising it that AHB’s Board of Directors has received a Superior Proposal, identifying the person submitting the Superior Proposal, specifying the material terms and conditions of such
Superior Proposal and enclosing a copy of the Acquisition Proposal, and (ii) subject to IBKC’s Right of First Refusal (defined below). If IBKC elects not to exercise the Right of First Refusal, AHB shall provide IBKC with a final written notice
of acceptance before accepting any Superior Proposal. For purposes of this Agreement, “Superior Proposal” means any unsolicited, bona fide, written Acquisition Proposal for consideration consisting of cash (not subject to a financing
contingency) and/or securities, and otherwise on terms which AHB’s Board of Directors determines (based on the written advice of Chaffe & Associates, Inc. or other financial advisor selected by the Board of AHB) are more favorable to
AHB’s shareholders (in their capacities as shareholders) from a financial point of view than the Merger after giving effect to AHB’s Right of First Refusal. For the purposes of this Section, an Acquisition Proposal shall be “bona
fide” if the Board of Directors of AHB reasonably determines that the person submitting such Acquisition Proposal is reasonably certain to consummate such Acquisition Proposal on the terms proposed. 
  
 (e) IBKC shall have the right for five (5) Business Days after receipt of a
Notice of Superior Proposal to submit an Acquisition Proposal on terms not less favorable to AHB than the terms of the Superior Proposal, which right of IBKC shall be paramount to the rights of the person submitting the Superior Proposal
(“Right of First Refusal”). If IBKC fails to exercise such Right of First Refusal within the time herein specified, AHB shall be at liberty to accept the Superior Proposal. 
  
 (f) As used herein the term “Acquisition Proposal” means any proposal or offer with respect to any of the
following (other than the transactions contemplated hereunder) involving AHB or any of its subsidiaries: (i) any merger, consolidation, share exchange, business combination or other similar transaction; (ii) any sale, lease, exchange, mortgage,
pledge, transfer or other disposition of 20% or more of its consolidated assets in a single transaction or series of transactions; (iii) any tender offer or exchange offer for 20% or more of the outstanding shares of its capital stock or the filing
of a registration statement under the Securities Act in connection therewith; or (iv) any public announcement to engage in any of the foregoing. 
  

 20 

 4.11 Further Cooperation. AHB will cooperate with IBKC in connection with planning for the
efficient and orderly combination of the parties and the operation of IBKC and Bank after the Merger, and in preparing for the consolidation of appropriate functions to be effective at and after the Effective Time, provided that this covenant shall
not require any action that, in the opinion of AHB’s chief executive officer or his designee, would not be in the best interest of AHB or Bank if the Merger were not consummated. 
  
 4.12 Regulatory Filings. IBKC will promptly prepare and file all regulatory filings required to be made with respect
to the Merger. 
  
 4.13 Indemnification and Insurance.

  
 (a) IBKC acknowledges that, by virtue of the Merger, IBAC
will succeed to the indemnification obligations of AHB. IBKC will indemnify the directors, former directors, officers and former officers of AHB to the full extent permitted by AHB’s Articles of Incorporation and Bylaws or required by
applicable law, as in effect on the date hereof. All rights to indemnification and exculpation from liabilities for acts or omissions occurring at or prior to the Effective Time now existing in favor of the current or former directors and officers
of AHB and its subsidiaries as provided in their respective organizational documents and any existing indemnification agreements or arrangements of AHB and its subsidiaries, as disclosed in Schedule 4.13(a), shall survive the Merger and shall
continue in full force and effect in accordance with their terms. 
  
 (b) IBKC and IBERIABANK will, to the extent permitted by applicable Law, indemnify and hold harmless AHB and the Bank, and each of their respective directors, officers, employees and agents, and each controlling person of AHB within the
meaning of the Securities Act of 1933 (the “1933 Act”), against any claims, suits, proceedings, investigations or other actions (“Claims”), and any related losses, damages, costs, expenses, liabilities or judgments, whether
joint, several or solidary, insofar as they arise out of or are based upon an untrue statement or alleged untrue statement of a material fact made in the Registration Statement or the Proxy Statement, or an omission or alleged omission therefrom of
a material fact necessary in order to make that statements made therein, in light of the circumstances under which they were made, not misleading, and will reimburse each such person promptly as incurred for legal and other expenses reasonably
incurred in connection with investigating or defending any such Claims; provided, that IBKC and IBERIABANK will not be liable to AHB, the Bank or an indemnified person to the extent that any such Claim arises out of or and in conformity with
information furnished to IBKC and IBERIABANK, with respect to AHB or the Bank, by AHB or the Bank or, with respect to any indemnified person, by that person. 
  
 (c) Any indemnified person wishing to claim indemnification under Section 4.13, upon learning of any claim, shall notify IBKC and IBERIABANK thereof in
writing as promptly as is practicable; provided, however, that failure to so notify IBKC and IBERIABANK shall not relieve IBKC and IBERIABANK from any liability that would otherwise arise under this Section 4.13 except to the extent such failure
prejudices IBKC and IBERIABANK. IBKC and IBERIABANK shall have the right to assume the defense thereof and shall not be liable for any expenses subsequently incurred by such indemnified person in connection with the defense thereof, except that if
IBKC and IBERIABANK do not assume or continue to pursue such 
  

 21 

 defense, or counsel for the indemnified person advises in writing that issues raise conflicts of interest between IBKC
and IBERIABANK and the indemnified person, then the indemnified person may retain counsel satisfactory to such person (and reasonably satisfactory to IBKC) at IBKC’s and IBERIABANK’s expense; provided, however, that (i) IBKC and IBERIABANK
shall not be obligated to pay for more than one counsel for all indemnified persons in any jurisdiction except as may be required due to conflicts of interest; (ii) the indemnified persons will cooperate (to the extent reasonably appropriate under
the circumstances) in the defense of any such claim; and (iii) IBKC and IBERIABANK shall not be liable for any settlement effected without the prior written consent of IBKC, which consent may be withheld unless such settlement is reasonable in light
of such claims, actions, suits, proceedings or investigations against, and defenses available to such indemnified person. 
  
 (d) AHB will, for total premiums not to exceed $28,386, purchase a continuation of its current directors and officers liability insurance for a coverage
period of three (3) years after the Merger. 
  
 (e) If IBKC and
IBERIABANK or any of their successors or assigns (i) reorganizes or consolidates with or merges into or enters into another business combination transaction, with any other person or entity and is not the resulting, continuing or surviving
corporation or entity of such reorganization, consolidation, merger or transaction, or (ii) liquidates, dissolves or transfers all or substantially all of its properties and assets to any person or entity, then, and in each such case, proper
provisions will be made so that such surviving corporation or transferee and its successors and assigns assume the obligations of IBKC and IBERIABANK set forth in this Agreement. 
  
 (f) The provisions of this Section 4.13 are intended to be for the benefit of, and shall be enforceable by, persons entitled
to indemnification hereunder or his or her heirs and personal representatives. 
  
 4.14 Benefits to Employees. As soon as practicable after the Effective Time, IBKC shall seek to provide the employees of AHB and the Bank who remain employed after the Effective Time (collectively, the
“Transferred Bank Employees”) with similar types and levels of employee benefits maintained by IBKC and IBERIABANK for their similarly situated employees, based upon functional responsibilities. The Transferred Bank Employees shall be
given credit under each employee benefit plan, policy, program and arrangement maintained by IBKC and IBERIABANK after the Closing for their service with AHB and the Bank (including American Bank prior to the merger of American Bank into the Bank)
prior to the Closing for all purposes, including severance, vacation and sick leave, including eligibility to participate, vesting, satisfying any waiting periods, evidence of insurability requirements, seniority or the application of any
pre-existing condition limitations, other than benefit accrual under a defined benefit plan (as defined in Section 3(35) of ERISA); provided, however, that accrued vacation taken subsequent to the Effective Time may be subject to such limitations as
IBKC and IBERIABANK may reasonably require. Upon IBKC’s request, AHB shall terminate its 401(k) Plan prior to the Effective Time. Any employee of AHB at the Effective Time who is not retained by IBKC shall receive a severance payment as if he
or she were an employee of IBKC for the entire time he or she was an employee of AHB. 
  

 22 

 4.15 Agreement of Affiliates. AHB shall deliver to IBKC, no later than thirty (30) days after the
date of this Agreement, a letter identifying each person whom it reasonably believes is an “affiliate” of AHB for purposes of Rule 145 under the 1933 Act. Thereafter and until the Effective Time, AHB shall identify to IBKC each additional
person whom AHB reasonably believes to have thereafter become an “affiliate”. AHB shall use its best efforts to cause each person who is identified as an “affiliate” of AHB pursuant to the two (2) immediately preceding sentences
to deliver to IBKC, prior to the Effective Time, a written agreement, substantially in the form of Exhibit B. 
  
 4.16 Listing of IBKC Common Stock. IBKC shall before the Closing take such action as is required so that the IBKC Common Stock to be issued to
shareholders of AHB is approved for listing and quotation on the Nasdaq National Market. 
  
 4.17 Letter of Transmittal. As soon as practicable but in no event more than ten (10) Business Days after the Effective Time, IBKC will send to all former shareholders of AHB identified on a list provided to it
by AHB a letter of transmittal, and will deliver the IBKC Common Stock to which each such former shareholder is entitled promptly upon receipt from such shareholder of a properly completed letter of transmittal and the appropriate stock
certificates, duly endorsed if required. 
  
 4.18 Employee
Contracts. IBKC will (i) honor each of AHB’s or the Bank’s contracts with its employees listed on Schedule 4.18, and each employee who is a party to any such contract shall be deemed to be a third-party beneficiary of this
Section; provided, however, that no payments or benefits to officers of AHB and the Bank in connection with the Merger shall constitute an excess parachute payment under Section 280G of the Code. 
  
 4.19 Shareholder Support Commitments. AHB has delivered, or will
deliver, to IBKC Shareholder Support Commitments from the directors and executive officers of AHB in substantially the form of Exhibit C. 
  
 4.20 Organization of IBAC. IBKC shall cause IBAC to be organized under the laws of Louisiana. The Board of IBAC shall approve this Agreement and
the Merger, whereupon IBAC shall become a party to, and be bound by, this Agreement, and IBKC shall adopt and ratify this Agreement in its capacity as the sole shareholder of IBAC. 
  
 4.21 Board of Directors and Management of IBAC. At the Effective Time, by virtue of the Merger, the Board of
Directors of IBAC shall consist of those persons serving as directors of IBKC immediately prior to the Effective Time, and the officers of IBAC shall consist of those persons serving as officers of IBKC immediately prior to the Effective Time.

  
 4.22 Bank Merger. AHB will, and will cause the Bank to,
take such action as IBKC shall deem necessary or advisable so that, on a date and at a time as soon as practicable after the Effective Time determined by IBKC, the Bank will merge into IBERIABANK. 
  
 4.23 Employment, Consulting and Insurance Agreements. Prior to the
Closing: (i) Van E. Pardue will enter into an Employment Agreement substantially in the form of Exhibit D, and (ii) William E. Pratt will enter into a Consulting Agreement substantially in the form of Exhibit E and an agreement for
health insurance coverage substantially in the form of Exhibit F. 
  

 23 

 ARTICLE 5: Conditions of Closing 
  
 5.1 Conditions of All Parties. The parties’ obligations to effect the Merger are subject to the following
conditions: 
  
 (a) Approvals. (i) AHB’s shareholders
shall have duly approved this Agreement, (ii) all statutory requirements for the Merger shall have been fulfilled, including the passage of any waiting period, and all appropriate governmental authorizations, including the authorization of the
Federal Reserve, shall have been received, and (iii) any consents required under any contracts of IBKC or AHB shall have been received. AHB shall have furnished to IBKC certified copies of resolutions duly adopted by its shareholders evidencing
shareholder approval of the Agreement. Holders of not more than 10% of the outstanding AHB Common Stock shall have statutory rights of dissent and appraisal pursuant to the BCL. 
  
 (b) No Restraining Action. No proceeding shall have been threatened or instituted before a court or other
governmental body to restrain or prohibit the Merger or to obtain damages or other relief in connection with the execution of this Agreement or the Merger; and no governmental body shall have given notice to any party that the Merger would violate
any law or that it intends to begin proceedings to restrain consummation of the Merger. 
  
 (c) Representations, Warranties and Covenants. Each of the other party’s representations and warranties shall have been accurate on the date hereof, shall have remained accurate from and after such date
and shall be accurate in all material respects through the Closing, with the same effect as though made at such date, except to the extent of changes permitted by the terms hereof, and the other party shall have performed in all material respects
all obligations required to be performed by it at or before to the Closing. In addition, each party shall have delivered to the other a certificate dated as of the Closing and signed by its chief executive and chief financial officers that, except
as specified therein, they do not know, and have no reasonable grounds to know, of any material inaccuracy or failure of any representation, warranty or covenant made by it herein. The representations and warranties shall not, however, survive the
Closing and no party or any of its directors, officers or employees shall retain any liability except for fraud or false or misleading statements made intentionally, knowingly, or recklessly in connection with such representations and warranties.

  
 5.2 Certificates. Each party shall have delivered to
the other party a certificate, dated as of the time of the Closing and signed on its behalf by its chief executive officer and its chief financial officer, to the effect that (i) the conditions of its obligations under this Agreement with respect to
it have been satisfied and (ii) no Material Adverse Effect has occurred from the date of the latest Balance Sheet to the Closing, all in such reasonable detail as the other party shall request. 
  
 5.3 Tax Opinion. The parties shall have obtained a written opinion of
Castaing Hussey & Lolan LLC, addressed to the parties and reasonably satisfactory to their respective counsel, dated the date of the Closing, subject to the customary representations and assumptions, and substantially to the effect that (i) the
Merger will be treated for Federal income tax purposes as a reorganization within the meaning of Section 368 (a)(1)(A) of the Code, and IBKC, IBAC and AHB will each be a party to the reorganization within the meaning of Section 368(b) of the

  

 24 

 Code; (ii) no gain or loss will be recognized by IBKC or AHB as a result of the Merger; (iii) a shareholder of AHB who
receives both IBKC Common Stock and cash in exchange for all of his or her shares of AHB Common Stock generally will recognize gain, but not loss, to the extent of the lesser of: (1) the excess, if any, of (a) the sum of the aggregate fair market
value of the IBKC Common Stock received (including any fractional share of IBKC Common Stock deemed to be received and exchanged for cash) and the amount of cash received over (b) the shareholder’s aggregate tax basis in the shares of AHB
Common Stock exchanged in the Merger; and (2) the amount of cash received; (iv) the aggregate tax basis of the IBKC Common Stock received by shareholders of AHB, who exchange all of their AHB Common Stock in the Merger will equal such
shareholders’ aggregate tax basis in the shares of AHB Common Stock being exchanged, reduced by any amount allocable to a fractional share interest of IBKC Common Stock for which cash is received and by the amount of any cash consideration
received, and increased by the amount of taxable gain, if any, recognized by such shareholder in the Merger; (v) the holding period of the shares of IBKC Common Stock received in the Merger will include the period during which the shares of AHB
Common Stock surrendered in exchange therefore were held, provided such shares of AHB Common Stock were held as capital assets at the Effective Time. 
  
 5.4 Legal Opinions. Each party shall have received an opinion from counsel for the other party, dated as of the Effective Time, with respect to
such matters and in substantially the form of Exhibits G and H. 
  
 5.5 Updated Fairness Opinion. AHB shall have received from Chaffe & Associates, Inc., its updated written opinion, dated not more than three (3) Business Days of the date of the Proxy Statement, confirming the opinion delivered
to AHB pursuant to Section 3.2(q). 
  
 5.6 Employment,
Consulting and Insurance Agreements. Van E. Pardue shall have entered into an Employment Agreement substantially in the form of Exhibit D. William E. Pratt shall have entered into a Consulting Agreement substantially in the form of
Exhibit E and an agreement for health insurance coverage substantially in the form of Exhibit F. No payments or benefits to officers of AHB and the Bank in connection with the Merger shall constitute an excess parachute payment under
Section 280G of the Code. 
  
 5.7 AHB Commitments. AHB
shall have fulfilled its prior commitments to IBKC regarding the resolution of certain corporate matters, as set forth in correspondence between the parties dated September 23, 2004. 
  
 5.8 Waiver of Conditions. Any condition to a party’s obligations hereunder may be waived by it, other than those
in Sections 5.1(a) and (b). 
  
 ARTICLE 6: Termination

  
 6.1 Termination. This Agreement may be terminated
at any time before the Effective Time: 
  
 (a) Mutual
Consent. By the mutual consent of the parties. 
  

 25 

 (b) Material Breach. By either party in the event of a material breach by the other party of any
representation, warranty or covenant herein, which in either case can not be cured by the earlier of (i) thirty (30) days after written notice of such breach is delivered to the breaching party, (ii) the Effective Time or (iii) the date set forth in
subparagraph (c)(i) or (c)(iii) below. 
  
 (c) Abandonment.
By either party if (i) all conditions to Closing in Article 5 have not been met or waived by March 31, 2005, or (ii) any such condition cannot be met by such date and has not been waived by the party in whose favor it runs, or (iii) the Merger has
not occurred by such date; provided, however, that IBKC may, at its option, extend such date until June 30, 2005, if the conditions to Closing in Section 5.1(a)(ii) have not been met or waived by March 31, 2005; provided; however, that IBKC has (i)
complied with its obligation to file promptly all required regulatory applications, (ii) not received a formal final denial of any required regulatory approval, and (iii) has conducted good faith negotiations with any regulatory body concerning a
proposed divestiture in connection with the Merger. 
  
 (d)
Board Recommendation. By IBKC if AHB’s Board shall or shall have resolved, after IBKC has elected not to exercise its Right of First Refusal provided for in Section 4.10(e), if applicable, to (i) withdraw, modify or change its
recommendation to its shareholders of this Agreement or the Merger, (ii) recommend to its shareholders (A) any merger, consolidation, share exchange, or other similar transaction (other than the Merger), (B) any sale, lease, or other disposition of
all or substantially all of its assets, or (C) any acquisition, by any person or group, of the beneficial ownership of a majority or more of any class of its capital stock; or (iii) announce a proposal, plan or intention to do any of the foregoing
or agreement to engage in any of the foregoing. 
  
 (e)
Approvals. By either party if (i) this Agreement is disapproved by the shareholders of AHB, or (ii) any agency whose approval is required for the Merger denies any application for such approval or notifies such party that it intends to impose
conditions to its approval that are not reasonably acceptable to such party, including, but not limited to, a condition requiring IBKC to divest deposits or other assets. 
  
 6.2 Effect of Termination; Survival. 
  
 (a) Upon its termination pursuant to this Article 6, this Agreement shall be void and of no effect, and there shall be no
liability by reason of this Agreement, or its termination, on the part of any party or its directors, officers, employees, agents or shareholders except for (i) any liability of a party arising out of an intentional breach of any representation,
warranty or covenant herein prior to the termination date unless such breach was required by law or by a bank or bank holding company regulatory authority or (ii) any covenant that survives pursuant to the following sentence. The following
provisions shall survive any termination of this Agreement and the Effective Time: the last two sentences of Section 4.4, Section 6.2 and Article 7. 
  
 (b) If this Agreement is terminated by IBKC pursuant to subsection (b) or (d) of Section 6.1, if a breach by AHB under Section 6.1(b) is intentional, and
within fifteen (15) months after the date of such termination AHB, without IBKC’s prior written consent, accepts an 
  

 26 

 Acquisition Proposal, then AHB shall pay IBKC $1,000,000 upon consummation of such Acquisition Proposal. A breach by AHB
under Section 6.1(b) shall be intentional if such breach results from any action or inaction by AHB or its representatives which AHB or its representatives knew, or should have known, would constitute, or cause, such breach. 
  
 (c) In the event this Agreement is terminated as a result of IBKC’s or
AHB’s intentional failure to satisfy any of its representations, warranties or covenants set forth herein, IBKC or AHB shall reimburse the other party for its reasonable out-of-pocket expenses relating to the Merger in an amount not to exceed
$50,000, which amount shall not be deemed an exclusive remedy or liquidated damages. 
  
 ARTICLE 7: Miscellaneous 
  
 7.1 Notices. Any notice, communication, waiver or consent (“Notice”) required or permitted to be given in connection herewith must be in writing and may be given to the person to be notified by (i) depositing it in the U.
S. mail, postage prepaid and registered or certified with return receipt requested, (ii) delivering it to such person, or (iii) sending it by a national commercial courier service for same- or next-day delivery, provided such delivery is confirmed
in writing by the courier. Notice is effective upon delivery. A party delivering Notice shall try to obtain a receipt. For purposes of Notice, the addresses of the parties shall, until changed by Notice, be as follows: 
  

			
	 If to IBKC:
 IBERIABANK Corporation
 200 West Congress Street
 Lafayette, LA 70501
 Attention: Daryl G. Byrd
	  	 With copies to:
 Edward B. Crosland, Jr.,
Esq.
 Cozen O’Connor
 1667 K Street, N.W., Suite
500
 Washington, DC 20006

		
	 If to AHB:
 American Horizons Bancorp, Inc.
 300 Washington Street, Suite 100
 Monroe, LA 71201
 Attention: William E. Pratt
	  	 With copies to:
 Anthony J. Correro, III,
Esq.
 Correro Fishman Haygood Phelps
 Walmsley & Casteix,
L.L.P.
 201 St. Charles Avenue, 46th Fl.
 New Orleans, LA
70170-4600

  
 7.2 Waivers;
Consents. Failure by a party to enforce any right hereunder is not a waiver of such right unless it is an express written waiver executed by its chief executive officer or a person designated in writing by its chief executive officer. Waiver of
any one right is not a waiver of any other right or of any continuation of the violation waived, and a consent to an action or inaction is not a consent to any other action or inaction, including an action or inaction that was the same as the action
or inaction to which consent was given. 
  
 7.3 Expenses.
Except as provided in Sections 4.2 and 6.2(c), regardless whether the Merger is consummated, all expenses incurred in connection herewith will be borne by the party incurring them. 
  

 27 

 7.4 Headings. The headings herein are included solely for reference and shall not be considered in
the interpretation or construction of this Agreement. 
  
 7.5
Exhibits and Schedules. The exhibits and schedules hereto are incorporated herein by this reference and expressly made a part hereof. 
  
 7.6 Integrated Agreement. This Agreement, the exhibits and schedules hereto and all other papers delivered in accordance herewith constitute the
entire agreement of the parties with respect to the subject matter hereof, all prior agreements being superseded hereby. 
  
 7.7 Choice of Law. This Agreement’s validity and construction and the determination of the rights and duties of the parties shall be governed
by the laws of the United States and those of Louisiana applicable to contracts made and to be performed wholly within such State. 
  
 7.8 Parties in Interest. This Agreement shall bind and inure to the benefit of the parties and their respective successors and assigns, except that
neither party may transfer or assign it without the other party’s prior consent, including any transfer or assignment by operation of law. Nothing herein shall be construed to give anyone other than the parties any rights, except as expressly
provided for herein. 
  
 7.9 Amendment; Waivers. This
Agreement or any exhibit or schedule may be amended or restated at any time by (i) the parties, by mutual agreement approved by their Boards, except that the consideration to shareholders of AHB shall not be amended after approval of the Merger
Agreement by AHB’s shareholders or (ii) by the parties’ chief executive officers or their designees to correct typographical errors or to change erroneous references or cross references, or in any other manner not material to the substance
of the Merger provided, however, that no amendment shall be effective unless reduced to writing and executed by all parties to this Agreement. The waiver by any party hereto of a breach of or noncompliance with any provision of this Agreement will
not operate or be construed as a continuing waiver or a waiver of any other or subsequent breach or noncompliance hereunder. 
  
 7.10 Counterparts. This Agreement may be executed in one or more counterparts, which taken together shall constitute one and the same instrument.

  

 28 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date on the first page hereof.

  

							
	 IBERIABANK CORPORATION
	 	AMERICAN HORIZONS BANCORP, INC.
				
	 By:
	 	 /s/ Daryl G. Byrd

	 	By:	 	 /s/ William E. Pratt

	 	 	 Daryl G. Byrd
	 	 	 	William E. Pratt
	 	 	 President
	 	 	 	Vice President
	
	 IBAC has joined as a party to this Agreement on this      day of
            , 2004.

			
	 	 	 	 	 IBERIABANK ACQUISITION CORPORATION

				
	 	 	 	 	 By:
	 	  

	 	 	 	 	 	 	President

  

 29 

 EXHIBIT A 
  

AGREEMENT OF MERGER 
  
 THIS AGREEMENT OF MERGER (“Agreement”) is made as of             ,
2004, between IBERIABANK Acquisition Corporation (“IBAC”) and American Horizons Bancorp, Inc. (“AHB”), in connection with the Agreement and Plan of Merger, dated as of
            , 2004 (the “Plan”), between IBAC and IBERIBANK Corporation on the one hand and AHB on the other hand. Capitalized terms not defined herein shall have their
respective meanings set forth in the Plan. 
  
 ARTICLE 1: TERMS
OF MERGER 
  
 1.1 Merger. Subject to the terms and
conditions hereof, at the Effective Time (defined herein), AHB shall be merged with and into IBAC, a wholly-owned subsidiary of IBKC (the “Merger”), in accordance with, and with the effect provided in, the Louisiana Business Corporation
Law (the “BCL”). 
  
 1.2 Assumption of Rights and
Liabilities. At the Effective Time and thereafter, all the rights and property, real, personal, and mixed, of AHB, shall be deemed to be transferred to and vested in IBAC without further act or deed; and the title to any real estate, or any
interest therein, vested in IBAC shall not revert or be in any way impaired by reason of the Merger. All liabilities and obligations of AHB of every kind and description shall be assumed by IBAC, and IBAC shall be bound thereby in the same manner
and to the same extent that AHB was so bound at the Effective Time. 
  
 ARTICLE 2: MANNER OF CONVERTING SHARES 
  
 2.1
Conversion of AHB Common Stock. 
  
 (a) Except for shares
of AHB Common Stock as to which dissenters’ rights have been perfected and not withdrawn or otherwise forfeited (“Dissenters’ Shares”) under the BCL, and as otherwise provided herein, at the Effective Time each outstanding share
of AHB Common Stock will be converted into the “Merger Consideration” which shall mean: 
  
 (i) (A) .3771 (the “Exchange Ratio”) shares of IBKC Common Stock (to the nearest ten-thousandth of a share) to be exchanged for
each share of AHB Common Stock and cash (without interest) payable with respect to any fractional share of IBKC Common Stock (as determined below); or 
  
 (B) if the average of the closing prices of the IBKC Common Stock as reported on the Nasdaq Stock Market on each of the ten (10) trading
days ending five (5) Business Days prior to the Effective Time (the “Market Value”) is greater than $59.02 per share, the Exchange Ratio shall equal the quotient (to the nearest ten-thousandth of a share) obtained by dividing $22.25 by the
Market Value; or 
  
 (C) if the Market Value is
less than $56.00 per share, the Exchange Ratio shall equal the quotient (to the nearest ten-thousandth of a share) obtained by dividing $21.11 by the Market Value; plus 
  

 A-1 

 (ii) the right to receive a cash payment (without interest) to be determined as follows:
(A) Schedule 2.1 identifies all loans, funded and unfunded commitments, and letters of credit to certain individual and related AHB borrowers (“Obligations”) and sets out beside each Obligation an amount herein referred to as a
“Cash Credit”, with all such Cash Credits totaling an aggregate of $1,588,862 as of the date of this Agreement (the “Cash Consideration”); 
  

(B) For Obligations that have been cancelled, paid in full or sold in their entirety by AHB prior to the fifth Business Day before the
Closing (the “Calculation Date”) for a price not less than the total amount of the Obligations then outstanding, the entire Cash Credit with respect thereto shall be included in the Cash Consideration; 
  
 (C) For Obligations that remain outstanding as of the
Calculation Date, that portion of the Cash Credit determined by multiplying the Cash Credit times a fraction, the denominator of which is the total amount of the Obligations set forth in Schedule 2.1. and the numerator of which is the amount
by which the balance of the Obligations on the Calculation Date is less than such total amount, shall be included in the Cash Consideration; 
  
 (D) For Obligations that are sold in their entirety by AHB after the Calculation Date and prior to the Closing for a price not less than
the Obligation amount then outstanding less the net Cash Credit resulting from the reduction of the Obligation amount set forth in Schedule 2.1, the net Cash Credit shall be included in the Cash Consideration; 
  
 (E) No Cash Credit shall be available for any portion of an
Obligation that is charged off, and no Cash Credit shall be available if, without the prior consent of IBKC, any material collateral securing an Obligation is released other than in connection with the full payment or sale of the entire Obligation;
and 
  
 (F) At the Closing, each AHB
shareholder’s fractional interest in all then outstanding shares of AHB Common Stock shall be multiplied by the Cash Consideration. 
  
 (b) Shares of AHB Common Stock that are held by AHB and any AHB subsidiary (other than shares held in a fiduciary capacity other than for AHB and any AHB
subsidiary) shall not be considered to be outstanding and shall be cancelled (and not converted) by virtue of the Merger at the Effective Time and without any further action by any party. 
  
 (c) If before the Effective Time, IBKC should split or combine the IBKC Common Stock, or pay a stock dividend in IBKC Common
Stock, or otherwise change the IBKC Common Stock into any other securities, or make any other dividend or distribution in respect of the IBKC Common Stock (other than normal cash dividends as the same may be adjusted from time to time in accordance
with or not in violation of this Agreement), then the Exchange Ratio will be appropriately adjusted to reflect such split, combination, dividend or other distribution or change. 
  

 A-2 

 (d) In lieu of issuing any fractional share of IBKC Common Stock, each holder of AHB Common Stock who
would otherwise be entitled thereto, after aggregating into whole shares all fractional shares of IBKC Common Stock to which such holder is entitled by virtue of the Merger, upon surrender of the certificate(s) which represented AHB Common Stock,
will receive cash (without interest) equal to such fractional share multiplied by the Market Value. 
  
 (e) After the Effective Time, each holder of AHB Common Stock (other than Dissenters’ Shares), upon surrender of such holder’s certificates in
accordance herewith, will be entitled to receive the Merger Consolidation into which such holder’s shares have been converted, less any applicable tax withholding. Until then, each certificate for AHB Common Stock will represent the number of
whole shares of IBKC Common Stock and cash into which the shares of AHB Common Stock represented thereby were converted, except that IBKC may refuse to pay any dividend or other distribution payable to holders of any unsurrendered certificate for
AHB Common Stock until surrender or if such dividend or distribution has reverted in full ownership to IBKC under its Articles of Incorporation. Whether or not a certificate for AHB Common Stock is surrendered, after the Effective Time it will not
represent any interest in any person other than IBKC. 
  
 ARTICLE 3: EFFECTIVENESS 
  
 3.1
Effectiveness. Consummation of the Merger is conditioned upon the approval of this Agreement by the Board of Governors of the Federal Reserve System and necessary filings with the Louisiana Secretary of State, and the other conditions set
forth in the Plan. The Merger shall become effective on the date and at the time this Agreement is filed with the Secretary of State of Louisiana (the “Effective Time”). 
  
 3.2 Additional Actions. If, after the Effective Time, IBAC shall believe any act to be necessary or desirable to
carry out the purposes of this Agreement, AHB and its proper officers and directors shall be deemed to have granted to IBAC an irrevocable power of attorney to do any such act, and the proper officers and directors of IBAC are fully authorized in
the name of AHB to take any and all such action. 
  
 ARTICLE 4: MISCELLANEOUS 
  
 4.1 Amendment.
This Agreement or any exhibit or schedule may be amended or restated at any time by (i) the parties, by mutual agreement approved by their Boards, except that the consideration to shareholders of AHB shall not be amended after approval of the Plan
by AHB’s shareholders or (ii) by the parties’ chief executive officers or their designees to correct typographical errors or to change erroneous references or cross references, or in any other manner not material to the substance of the
Merger; provided, however, that no amendment shall be effective unless reduced to writing and executed by all parties to this Agreement. The waiver by any party hereto of a breach of or noncompliance with any provision of this Agreement will not
operate or be construed as a continuing waiver or a waiver or any other or subsequent breach or noncompliance hereunder. 
  

 A-3 

 4.2 Termination. Prior to the Effective Time, this Agreement may be terminated, and the Merger
abandoned, as set forth in the Plan, and shall terminate on any termination of the Plan. 
  
 4.3 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
together shall constitute one and the same instrument. 
  
 4.4
Governing Law. This Agreement’s validity and construction and the determination of the rights and duties of the parties shall be governed by the laws of the United States and those of Louisiana applicable to contracts made and to be
performed wholly within such State. 
  
 THE BOARD OF DIRECTORS
OF IBERIABANK ACQUISITION CORPORATION 
  

			
	
	  	

		
	
	  	

		
	
	  	

		
	
	  	

  
 THE BOARD OF
DIRECTORS OF AMERICAN HORIZONS BANCORP, INC. 
  

			
	
	  	

		
	
	  	

		
	
	  	

		
	
	  	

  

 A-4 

 CERTIFICATE OF SECRETARY 
 OF IBERIABANK ACQUISITION CORPORATION 
  
 I hereby certify that the foregoing Agreement was duly approved, without alteration or amendment, by the required vote of the Board of Directors and
stockholders of IBERIABANK Acquisition Corporation 
  
 Certificate dated
                    , 2004. 
  

	
	  

	 Secretary

  
 CERTIFICATE OF
SECRETARY 
 OF AMERICAN HORIZONS BANCORP, INC. 
  
 I hereby certify that the foregoing Agreement was duly approved, without alteration or amendment, by the required vote of
the Board of Directors and stockholders of American Horizons Bancorp, Inc. 
  
 Certificate dated                     , 2004. 
  

	
	  

	 Secretary

  

 A-5 

 EXECUTION BY CORPORATIONS 
  
 Considering the approval of this Agreement, as certified above, this Agreement is executed by such corporations, acting
through their respective Presidents, this         day of                     , 2004.

  

							
	IBERIABANK ACQUISITION CORPORATION	 	AMERICAN HORIZONS BANCORP, INC.
				
	 By:
	 	  

	 	 By:
	 	  

	 Its:
	 	 President
	 	 Its:
	 	 President

  

 A-6 

 ACKNOWLEDGMENT AS TO 
 IBERIABANK ACQUISITION CORPORATION 
  
 STATE OF LOUISIANA 
  
 PARISH OF LAFAYETTE

  
 BEFORE ME, the undersigned authority, personally came and
appeared                              who, being duly sworn, declared and acknowledged before me that
he is the President of IBERIABANK Acquisition Corporation and that in such capacity he was duly authorized to and did execute the foregoing Agreement on behalf of such corporation, for the purposes therein expressed and as his and such
corporation’s free act and deed. 
  

	
	  

	Appearer

  
 Sworn to and subscribed before
me 
 this             day of
                , 2004. 
  

	
	  

	Notary Public

  

 A-7 

 ACKNOWLEDGMENT AS TO 
 AMERICAN HORIZONS BANCORP, INC. 
  
 STATE
OF LOUISIANA 
  
 PARISH OF OUACHITA 
  
 BEFORE ME, the undersigned authority, personally came and appeared
                            , who, being duly sworn, declared and acknowledged before me that he is
the President of American Horizons Bancorp, Inc. and that in such capacity he was duly authorized to and did execute the foregoing Agreement on behalf of such corporation, for the purposes therein expressed and as his and such corporation’s
free act and deed. 
  

	
	  

	Appearer

  
 Sworn to and subscribed before
me 
 this             day of
            , 2004. 
  

	
	  

	Notary Public

  

 A-8Amended and Restated Credit Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED CREDIT AGREEMENT 
  
 among 
  
 BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 
  
 as Borrower, 
  
 SUNTRUST BANK, as Administrative Agent and Structuring Agent, 
  
 and the BANKS named herein 
  
 As of September 29, 2004 

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page

	 SECTION 1.
	 	DEFINITIONS AND ACCOUNTING	 	 
			
	 1.1
	 	Defined Terms	 	1
	 1.2
	 	Accounting	 	8
			
	 SECTION 2.
	 	THE LOANS	 	 
			
	 2.1
	 	Loans	 	8
	 2.2
	 	Loans Pursuant to Notice	 	8
	 2.3
	 	Voluntary Reduction of Commitments	 	8
	 2.4
	 	Prepayment and Conversions	 	9
	 2.5
	 	Interest	 	9
	 2.6
	 	Lending Offices	 	9
	 2.7
	 	Several Obligations; Remedies Independent	 	9
	 2.8
	 	Notes	 	10
	 2.9
	 	Business Day Payments	 	10
	 2.10
	 	Extension of Commitments and Replacement of Banks	 	10
	 2.11
	 	Repayment	 	12
			
	 SECTION 3.
	 	THE FEES	 	 
			
	 3.1
	 	Facility Fee	 	12
	 3.2
	 	Agency Fee	 	12
			
	 SECTION 4.
	 	THE PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS; ETC	 	 
			
	 4.1
	 	Payments.	 	12
	 4.2
	 	Pro Rata Treatment	 	12
	 4.3
	 	Computations	 	13
	 4.4
	 	Minimum Amounts	 	13
	 4.5
	 	Certain Notices	 	13
	 4.6
	 	Non-Receipt of Funds by the Agent	 	13
	 4.7
	 	Sharing of Payments	 	14
			
	 SECTION 5.
	 	YIELD, CAPITAL MAINTENANCE AND TAX PROVISIONS	 	 
			
	 5.1
	 	Additional Costs	 	14
	 5.2
	 	Limitation on Types of Loans	 	15
	 5.3
	 	Illegality	 	15

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	 	Page

	 5.4
	 	Treatment of Affected Loans	 	16
	 5.5
	 	Taxes	 	16
			
	 SECTION 6.
	 	CONDITIONS PRECEDENT	 	 
			
	 6.1
	 	Conditions to Restatement and Initial Credit Extension	 	18
	 6.2
	 	Initial and Subsequent Credit Extensions	 	19
			
	 SECTION 7.
	 	REPRESENTATIONS AND WARRANTIES	 	 
			
	 7.1
	 	Organization	 	19
	 7.2
	 	Authorization; No Conflict; Binding Effect	 	19
	 7.3
	 	Financial Statements	 	19
	 7.4
	 	Taxes	 	20
	 7.5
	 	Liens	 	20
	 7.6
	 	Adverse Contracts	 	20
	 7.7
	 	Regulation U	 	21
	 7.8
	 	Litigation and Contingent Liabilities	 	21
	 7.9
	 	Subsidiaries	 	21
	 7.10
	 	Bank Holding Company	 	21
	 7.11
	 	ERISA	 	21
	 7.12
	 	Environmental Laws	 	22
	 7.13
	 	FDIC Insurance	 	22
	 7.14
	 	Investigations	 	22
			
	 SECTION 8.
	 	COVENANTS	 	 
			
	 8.1
	 	Existence, Mergers, Etc	 	22
	 8.2
	 	Reports, Certificates and Other Information	 	23
	 8.3
	 	Inspection	 	24
	 8.4
	 	Financial Requirements	 	24
	 8.5
	 	Indebtedness	 	25
	 8.6
	 	Liens	 	25
	 8.7
	 	Taxes	 	26
	 8.8
	 	Guaranties	 	26
	 8.9
	 	Investments and Loans	 	26

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	 	Page

	 8.10
	 	Capital Structure and Dividends	 	26
	 8.11
	 	Maintenance of Properties	 	27
	 8.12
	 	Insurance	 	27
	 8.13
	 	Use of Proceeds	 	27
	 8.14
	 	Compliance with Laws	 	28
			
	 SECTION 9.
	 	EVENTS OF DEFAULT	 	 
			
	 9.1
	 	Events of Default	 	28
	 9.2
	 	Remedies	 	30
			
	 SECTION 10.
	 	THE AGENT	 	 
			
	 10.1
	 	Appointment, Powers and Immunities	 	30
	 10.2
	 	Reliance by Agent	 	30
	 10.3
	 	Defaults	 	31
	 10.4
	 	Rights as a Bank	 	31
	 10.5
	 	Indemnification	 	31
	 10.6
	 	Non-Reliance on Agent and other Banks	 	31
	 10.7
	 	Failure to Act	 	32
	 10.8
	 	Resignation of Agent	 	32
			
	 SECTION 11.
	 	MISCELLANEOUS	 	 
			
	 11.1
	 	Waiver	 	32
	 11.2
	 	Notices	 	32
	 11.3
	 	Expenses, Etc	 	33
	 11.4
	 	Amendments, Etc	 	33
	 11.5
	 	Successors and Assigns	 	33
	 11.6
	 	Assignments and Participations	 	33
	 11.7
	 	Survival	 	34
	 11.8
	 	Captions	 	35
	 11.9
	 	Counterparts	 	35
	 11.10
	 	Jurisdiction, Service of Process	 	35
	 11.11
	 	Set-off	 	35
	 11.12
	 	Governing Law	 	35
	 11.13
	 	Waiver of Jury Trial	 	36

  

 -iii- 

 AMENDED AND RESTATED CREDIT AGREEMENT 
  
 AMENDED AND RESTATED CREDIT AGREEMENT dated as of September 29, 2004 among BOSTON PRIVATE FINANCIAL HOLDINGS, INC., a
Massachusetts corporation (the “Borrower”), each of the banks named on the signature pages hereto under the caption “Banks” (individually, a “Bank” and, collectively, the “Banks”) and
SUNTRUST BANK, as administrative agent and structuring agent for the Banks. 
  
 WHEREAS, the Borrower, the Banks and The Northern Trust Company, as agent, are parties to a Credit Agreement dated October 31, 2003 (the “Existing Credit Agreement”); and 
  
 WHEREAS, the parties wish to amend the Existing Credit Agreement to provide,
among other things, for increased Commitments and a substitution of SunTrust Bank, as administrative and structuring agent, for The Northern Trust Company, as agent; 
  
 NOW, THEREFORE, the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 
  
 SECTION 1. DEFINITIONS AND ACCOUNTING 
  
 1.1 Defined Terms. As used herein, the following terms shall have the
following meanings (terms defined in this Section 1.1 or in other provisions of this Agreement in the singular to have correlative meanings when used in the plural and vice versa): 
  
 “Agent” means SunTrust Bank, as administrative agent and structuring agent, together with its successors in
such capacity. 
  
 “Agreement” shall mean this
Credit Agreement, as amended, modified, or supplemented from time to time. 
  
 “Applicable Margin” shall mean, for any day, the applicable of the following percentages per annum in effect with respect to such day as the ratio of Indebtedness of the Borrower to Tier 1 Capital
then in effect: 
  

											
	 	  	Level I

	 	 	Level II

	 	 	Level III

	 
	 Ratio
	  	<15	%	 	3	15	% but £ 30%	 	>30	%
	 Federal Funds Rate
	  	+1.25	%	 	 	+1.50	%	 	+1.75	%
	 Base Rate
	  	-1.00	%	 	 	-0.75	%	 	-0.50	%

  
 For purposes of
determining the Applicable Margin, the Indebtedness to Tier 1 Capital ratio shall be calculated by the Borrower as provided in Section 8.4(b), based upon the most recent financial statements delivered pursuant to Section 8.2(a) or
(b) and after giving effect to the proposed borrowing and proposed use of funds, if to be paid within seven days, as at the time 

 of each borrowing and shall be reported to the Agent pursuant to a certificate executed by an Authorized Officer of the
Borrower and delivered concurrently with the notice of borrowing under Section 6.2 hereof. The Applicable Margin shall be adjusted, if necessary, effective on the borrowing date; provided, that if such certificate is not delivered
concurrently with the notice of borrowing, then the Applicable Margin for Level III shall apply until the date such certificate is actually delivered and unless it indicates that a lower Applicable Margin is applicable. Until adjusted as described
above, commencing on the date of this Agreement, the Applicable Margin shall equal the percentage specified for Level II. Each rate set forth in the above table shall be increased by 0.25% per annum at any time that Borrower is not “well
capitalized” calculated on a consolidated basis for the Borrower and its Subsidiaries in a manner consistent with the calculation for a bank under the Federal Deposit Insurance Corporation Improvement Act of 1991 and any regulations issued
thereunder (including 12 C.F.R. § 565.4), amended as supplemented from time to time; provided, however, that for the purpose of this sentence only “well capitalized” will be determined, including the Forward Contract as Tier One
Capital. 
  
 “Authorized Officer” shall mean,
with respect to the giving of a notice of borrowing pursuant to Section 2.2, each of the Persons named on Schedule 2 and any other Person identified in a notice from a Person who is then an Authorized Officer to the Agent as being an
“Authorized Officer.” Any “Authorized Officer” shall cease to be such at any time that a Person who is an Authorized Officer shall provide notice to the Agent that the named Authorized Officer has ceased to be an Authorized
Officer; provided, that the Agent shall be fully protected in accepting and acting on borrowing notices or other notices from any Person who is an Authorized Officer prior to actual receipt of notice of such cessation and such notices shall bind the
Borrower. 
  
 “Base Rate” shall mean the higher
of (i) the per annum rate which SunTrust publicly announces from time to time to be its prime lending rate, as in effect from time to time, and (ii) the Federal Funds Rate, as in effect from time to time, plus one-half of one percent (.50%).
SunTrust’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate charged to customers. Sun Trust may make commercial loans or other loans at rates of interest at, above or below the SunTrust’s
prime lending rate. Each change in the SunTrust’s prime lending rate shall be effective from and including the date such change is publicly announced as being effective. 
  
 “Base Rate Loans” shall mean Loans the interest rates on which are determined on the basis of the Base
Rate. 
  
 “Business Day” shall mean any day other
than a Saturday, Sunday or other day on which commercial banks in Atlanta, Georgia are authorized or required by law to close. 
  
 “Capital Lease Obligations” shall mean, as to any Person, the obligations of such Person which are required to be accounted for as
capital leases on a balance sheet of such Person under GAAP and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
  

 2 

 “Change of Control” shall mean, with respect to any Person, an event or series of events
by which: 
  
 (a) any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of 30% or more of the equity securities of such Person entitled to vote for members of the board of directors or equivalent governing body of such Person on a fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right); or 
  
 (b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of such Person ceases to be composed of individuals (i) who were members of the
board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred in clauses (i) and (ii) above constituting at the
time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of
that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one
or more directors by or on behalf of the board of directors). 
  
 “Code” shall mean the Internal Revenue Code of 1986 as amended from time to time. 
  
 “Commitment” shall mean, as to each Bank, the obligation of such Bank to make Loans to the Borrower under this Agreement in an aggregate
amount not at any time exceeding the amount set forth opposite the name of such Bank in the “Commitment” column in Schedule 1 or, where the context so requires, the amount of such obligation, as the same may be reduced from time to
time pursuant to Section 2.3. 
  
 “Convert,” “Conversion” and “Converted” shall refer to a conversion pursuant to Section 2.4 hereof of Loans of one type into Loans of another type. 
  
 “Credit Extension” shall mean the making of any Loan.

  
 “Default” shall mean an Event of Default or
an event that with notice or lapse of time or both would become an Event of Default. 
  
 “Dollars” and “$” shall mean lawful money of the United States of America. 
  

 3 

 “Environmental Laws” shall mean all federal, state, and local laws, including statutes,
regulations, ordinances, codes, rules, and other governmental restrictions and requirements, relating to the discharge of air pollutants, water pollutants, or process waste water or otherwise relating to the environment or hazardous substances or
the treatment, processing, storage, disposal, release, transport, or other handling thereof, including, but not limited to, the federal Solid Waste Disposal Act, the federal Clean Air Act, the federal Clean Water Act, the federal Resource
Conservation and Recovery Act, the federal Hazardous Materials Transportation Act, the federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the federal Toxic Substances Control Act, regulations of the Nuclear
Regulatory Agency, and regulations of any state department of natural resources or state environmental protection agency, in each case as now or at any time hereafter in effect. 
  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974 as amended from time to time.

  
 “ERISA Affiliate” shall mean any corporation
or trade or business that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower or is under common control (within the meaning of Section 414(c) of the Code) with the Borrower.

  
 “Event of Default” shall have the meaning
attributed thereto in Section 9 hereof. 
  
 “Fed
Funds Rate Loans” shall mean Loans the interest rates on which are determined on the basis of rates referred to in the definition of “Fed Funds Rate.” 
  
 “Fed Funds Rate” shall mean the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers. The Fed Funds Rate shall be determined by the Agent on the basis of reports by federal funds brokers to, and published daily by, the Federal Reserve Bank of New York in the
Composite Closing Quotations for U.S. Government Securities. If such publication is unavailable or the Fed Funds Rate is not set forth therein, the Fed Funds Rate shall be determined on the basis of any other source reasonably selected by the Agent.
The Fed Funds Rate applicable each day shall be the Fed Funds Rate reported as applicable to federal funds transactions on that date. In the case of Saturday, Sunday, or legal holiday, the Fed Funds Rate shall be the rate applicable to federal funds
transactions on the immediately preceding day for which the Fed Funds Rate is reported. 
  
 “Forward Contract” shall mean the forward sale agreement pursuant to which an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated has agreed to borrow and sell 2.3 million shares of
the Borrower’s common stock. In the first quarter of 2004, the Borrower sold 700,000 shares of the 2.3 million shares available in the forward sale agreement; leaving 1.6 million shares available for future sale. The forward sale agreement
provides for settlement on a settlement date or dates to be specified at the discretion of the Borrower until December 11, 2004 (or thereafter upon extension of such date) at an initial forward sale price of $22.89 per shares. The forward sale price
will be increased based on an interest factor that is based on the federal funds rate, less a spread, and decreased for subsequent dividends by the Borrower. 
  

 4 

 “FR Report Y-9C” shall mean the “Consolidated Financial Statements for Bank Holding
Companies-FR Y-9C” submitted by the Borrower as required by Section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844) and Section 225.5(b) of Regulation Y (12 CFR 225.5(b)), or any successor or similar replacement report. 
  
 “FR Report Y9-LP” shall mean the “Parent Company Only
Financial Statements for Large Bank Holding Companies-FR Y-9LP” submitted by the Borrower as required by Section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844) and Section 225.5(b) of Regulation Y (12 CFR 22.5(b)), or any successor or
similar replacement report. 
  
 “GAAP” shall mean
generally accepted accounting principles as in effect from time to time. 
  
 “Guarantee” shall mean (a) a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable under
or with respect to, the Indebtedness, other obligations, net worth, working capital, or earnings of any Person, (b) a guarantee of the payment of dividends or other distributions upon the stock or other equity interests of any Person, or (c) an
agreement to purchase, sell, or lease (as lessee or lessor) property or services primarily for the purpose of enabling a debtor to make payment of such debtor’s obligations or to assure a creditor against loss, including causing a bank or other
financial institution to issue a letter of credit or other similar instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of business. The terms “Guarantee” and
“Guaranteed” shall have correlative meanings. 
  
 “Hedging Transaction” of any Person shall mean any transaction (including an agreement with respect thereto) now existing or hereafter entered into between such Person and any counterparty, including without limitation any
Bank or affiliate of any Bank, that is a rate swap, basis swap, forward rate transaction, commodity swap, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collateral transaction, forward transaction, currency
swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates,
foreign currencies, commodity prices, equity prices or other financial measures. The amount of any obligation under a Hedging Agreement at any time shall be calculated in accordance with GAAP, but may be calculated on a mark –to-market basis,
as determined by the Agent. 
  
 “Indebtedness”
shall mean, as to any Person: (a) obligations created, issued, or incurred by such Person in respect of deposits taken or for borrowed money (whether by loan or by the issuance and sale of certificates of deposit or debt securities or the sale of
property to another Person subject to an understanding, contingent or otherwise, to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than
trade accounts payable (other than for borrowed money) arising in the ordinary course of business so long as such trade accounts payable are not past due; (c) obligations of others secured by a Lien on the property of such Person, whether or not the
respective obligations so secured have been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other 
  

 5 

 financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; and (f) Indebtedness
of others Guaranteed by such Person. In determining Indebtedness of the Borrower, Trust Indebtedness and Trust Guaranties shall be excluded. 
  
 “Lending Office” shall mean, for each Bank, the lending office of such Bank designated on Schedule 1 hereto or such other office
of such Bank as such Bank may from time to time specify to the Agent and the Borrower as the office by which its Loans are to be made and maintained. 
  
 “Level” shall mean any of the three ratio ranges applicable to the Indebtedness to Tier One Capital ratio as set forth in the table
contained in the definition of “Applicable Margin”. 
  
 “Lien” shall mean, with respect to any property of any Person, any mortgage, lien, pledge, charge, security interest, or encumbrance of any kind in respect thereof, including the interest of a vendor or lessor under any
conditional sale, security lease, or other title retention agreement with respect to any property purchased, leased, or otherwise held by such Person. 
  
 “Loan” shall mean a Loan made on or before the Revolving Credit Commitment Termination Date pursuant to Section 2.2. 

 
 “Majority Banks” shall mean at any time at least two
Banks holding at least 51% of the unpaid principal amount of the Loans; provided, that if no Loan is then outstanding, “Majority Banks” shall mean at least two Banks having at least 51% of the aggregate amount of the Commitments.

  
 “Margin Stock” shall mean margin stock within
the meaning of Regulations U and X. 
  
 “Multiemployer
Plan” shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been made by the Borrower or any ERISA Affiliate as a “contributing sponsor (within the meaning of Section 4001(a)(13) of
ERISA.) 
  
 “Nonperforming Loans” shall have the
meaning attributed thereto in Section 8.4(c). 
  
 “Notes” shall mean the promissory notes provided for by Section 2.8 hereof. 
  
 “PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

  
 “Percentage” shall mean, as to each Bank, the
percentage set forth in the “Percentage” column opposite the name of such Bank in Schedule 1, as the same may be amended in accordance with this Agreement. 
  
 “Person” shall mean any individual, corporation, company, limited liability company, voluntary association,
partnership, trust, estate, unincorporated organization, or government (or any agency, instrumentality, or political subdivision thereof). 
  
 “Plan” shall mean an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA. 
  

 6 

 “Post-Default Rate” shall mean a rate per annum equal to 2% above the Base Rate.

  
 “Quarterly Dates” shall mean the last
Business Day of each March, June, September, and December. 
  
 “Regulations D, U, and X” shall mean, respectively, Regulations D, U, and X of the Board of Governors of the Federal Reserve System (or any successor), as the same may be amended or supplemented from time to time.

  
 “Regulatory Change” shall mean any change
after the date of this Agreement in federal, state, or foreign law or regulations (including, without limitation, Regulation D) or the adoption, modification, or making after such date of any interpretation, guideline, directive, or request applying
to a Bank (whether or not having the force of law) by any court or governmental, regulatory, or monetary authority. 
  
 “Revolving Credit Commitment Termination Date” shall mean September 28, 2005, as such date may be extended pursuant to Section
2.10. 
  
 “Subsidiary” shall mean any Person
(a) of which at least a majority of the outstanding shares of stock or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other governing body of such Person (irrespective of
whether any other class of stock or other ownership interests might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Borrower or (b) that is a Subsidiary Bank.

  
 “Subsidiary Bank” shall mean each Subsidiary,
which is a banking institution. 
  
 “SunTrust”
means SunTrust Bank. 
  
 “Tier 1 Capital” means
the same as that determined under the capital formula used by the Federal Reserve Board. 
  
 “Total Credits” shall mean at any time the sum of the aggregate outstanding principal amount of Loans. 
  
 “Trust Guarantee” shall mean any guarantee of the Borrower of the Trust Preferred Securities, which guarantee is subordinate and junior
in right of payment to the prior payment of the obligations of the Borrower hereunder and under the Notes on terms satisfactory to the Majority Banks. 
  
 “Trust Indebtedness” shall mean Indebtedness of the Borrower payable to the Trust Issuer or its transferees (a) which is due not earlier
than the date thirty (30) years after its issuance, (b) which may not be redeemed earlier than five (5) years after issuance and (c) the payment of which is subordinate and junior in right of payment to the prior payment of the obligations of the
Borrower hereunder and under the Notes on terms satisfactory to the Majority Banks. 
  
 “Trust Issuer” shall mean a wholly-owned Subsidiary of the Borrower. 
  

 7 

 “Trust Preferred Securities” shall mean preferred securities issued by the Trust Issuer
(a) which are subject to mandatory redemption not earlier than the date thirty (30) years after issuance and (b) which may not be optionally redeemed earlier than five (5) years after issuance. 
  
 “type” means a type of Loan, i.e. either a Federal Funds
Rate Loan or a Base Rate Loan. 
  
 1.2 Accounting. Unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters
required to be furnished to the Agent or the Banks hereunder shall be prepared in accordance with GAAP applied on a basis consistent with the audited consolidated financial statements of the Borrower and its Subsidiaries referred to in Section
7.3(a) hereof (except for changes concurred with by the Majority Banks). 
  
 SECTION 2. THE LOANS 
  
 2.1
Loans. 
  
 (a) Each Bank severally agrees, on the terms
and subject to the conditions of this Agreement (including without limitation Section 2.1(c)), to make loans to the Borrower during the period from and including the date hereof to and including the Revolving Credit Commitment Termination
Date in an aggregate principal amount at any one time outstanding up to but not exceeding the amount of such Bank’s Commitment as then in effect. Subject to the terms of this Agreement, during such period the Borrower may borrow, repay, and
reborrow the amount of the Commitments from time to time in effect by means of Base Rate Loans and Fed Funds Rate Loans and may Convert Loans of one type into Loans of another type. 
  
 (b) Loans may be borrowed pursuant to Section 2.2, upon notice given by the Borrower. 
  
 (c) Anything in this Agreement to the contrary notwithstanding, the Banks
shall have no obligation to make any Loans if, after giving effect thereto, the Total Credits would exceed the aggregate amount of the Commitments. 
  
 2.2 Loans Pursuant to Notice. The Borrower may, subject to the terms and conditions of this Agreement, borrow Loans by notice given by an
Authorized Officer to the Agent in accordance with Section 4.5(a). Loans made pursuant to this Section 2.2 on any day shall be in an aggregate amount not less than that specified in Section 4.4 and shall consist of Loans of the same
type. Not later than 2:30 p.m. Atlanta time on the date specified for each borrowing under this Section 2.2, each Bank shall make available the amount of the Loan to be made by it on such date to the Agent, from such account as it shall
specify, in immediately available funds, for the account of the Borrower. The amount so received by the Agent shall, subject to the terms and conditions of this Agreement, be made promptly available to the Borrower by depositing the same, in
immediately available funds, in an account of the Borrower maintained at the Agent. 
  
 2.3 Voluntary Reduction of Commitments. The Borrower shall have the right to terminate or reduce the aggregate amount of the unused Commitments at any time or from time to time, provided that: (i) the Borrower
shall give notice of each such termination or reduction as 
  

 8 

 provided in Section 4.5 hereof; (ii) each partial reduction shall be in an aggregate amount at least equal to
$5,000,000 and in integral multiples of $5,000,000; (iii) the aggregate amount of Commitments shall not be reduced below the Total Credits then outstanding; (iv) no such reduction shall cause the Commitment of any Bank to be reduced below the
outstanding principal amount of Loans made by such Bank; and (v) Commitments once terminated or reduced may not be reinstated. 
  
 2.4 Prepayment and Conversions. Subject to Section 5.5 hereof, the Borrower shall have the right to prepay the principal of the Loans or to
Convert Loans of one type into Loans of another type at any time, provided that: (a) the Borrower shall give the Agent notice of each such prepayment or Conversion, as provided in Section 4.4 hereof; and (b) prepayments shall be in a minimum
principal amount of $1,000,000 and in integral multiples of $1,000,000. 
  
 2.5 Interest. 
  
 (a) The Borrower promises to
pay to the Agent for the account of each Bank interest on the unpaid principal amount of each Loan made by such Bank for the period from and including the date of such Loan to, but excluding, the date such Loan shall be paid in full, (i) while such
Loan is a Base Rate Loan, for each day at a rate per annum equal to the sum of the Base Rate as in effect on such day plus the Applicable Margin; and (ii) while such Loan is a Fed Funds Rate Loan for each day, at a rate per annum equal to the sum of
the Fed Funds Rate as in effect on such day plus the Applicable Margin. 
  
 (b) Notwithstanding the foregoing, the Borrower will pay to the Agent for the account of the Person entitled thereto interest at the Post-Default Rate on (i) any principal of any Loan and (ii) (to the fullest extent permitted by law) any
interest or other amount payable by the Borrower hereunder or under any Note which shall not be paid in full when due (whether at stated maturity, by acceleration or otherwise), for each day during the period from and including the due date thereof
to but excluding the date the same is paid in full. 
  
 (c)
Accrued interest shall be payable in (i) in the case of Base Rate Loans, quarterly in arrears on the Quarterly Dates and on the Revolving Credit Commitment Termination Date, (ii) in the case of Fed Funds Rate Loans, monthly in arrears on the last
Business Day of the month and on the Revolving Credit Commitment Termination Date, and (iii) in the case of any Loan, upon the payment or prepayment thereof or the Conversion of such Loan to a Loan of another type (but only on the principal amount
so paid, prepaid, or Converted); provided, that interest payable at the Post-Default Rate shall be payable from time to time on demand and interest on any Loan that is Converted into a Base Rate Loan pursuant to Section 5.4 hereof shall be
payable on the date of Conversion (but only to the extent so Converted). 
  
 2.6 Lending Offices. The Loans made by each Bank shall be made and maintained at such Bank’s Lending Office for Loans of such type. 
  
 2.7 Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the
failure of any Bank to make any Loan on the date specified therefor shall not relieve any other Bank of its obligation to make the Loan to be made by it on such date, but neither any Bank nor the Agent shall be responsible for the failure of any
other 
  

 9 

 Bank to make any Loan. The amounts payable by the Borrower at any time hereunder and under the Notes to the Agent and
each Bank shall be a separate and independent debt, and the Agent and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the Notes, and it shall not be necessary for any other Bank or the Agent to consent
to, or be joined as an additional party in, any proceedings for such purposes. 
  
 2.8 Notes. The obligation of the Borrower to pay principal of and interest on the Loans made by each Bank hereunder shall be evidenced by a single promissory note of the Borrower payable to such Bank in
substantially the form of Exhibit A hereto. The date, amount, and type of each Loan made by each Bank, and the date and amount of each payment made on account of the principal thereof, shall be recorded by such Bank on its books and, prior to any
transfer of any Note evidencing such Loan held by it, endorsed by such Bank on the schedule attached to such Note or any continuation thereof; provided, however, that any failure to so record shall not affect the Borrower’s obligations under
this Agreement or the Notes. 
  
 2.9 Business Day Payments.
If the due date of any amount payable hereunder shall fall on a day, which shall not be a Business Day, the due date of such amount shall be postponed to the next Business Day thereafter. 
  
 2.10 Extension of Commitments and Replacement of Banks. 
  
 (a) The Borrower may request an extension of the Revolving Credit Commitment Termination Date by submitting a request for
extension to the Agent and each Bank (other than a Bank excluded from such request as provided in the next to last sentence of this paragraph) (each such request being an “Extension Request”) no more than sixty (60) days or less than 45
days prior to the then existing Revolving Credit Commitment Termination Date. The Agent and each Bank receiving such an Extension Request may, in accordance with such Extension Request but in the absolute and sole discretion of the Agent and such
Bank, agree to extend the Revolving Credit Commitment Termination Date by delivering to the Borrower and the Agent an irrevocable notice (a “Consent Notice”) to such effect, which consent shall specifically refer to this Section
2.10 and which shall be given no later than thirty (30) days prior to the then existing Revolving Credit Commitment Termination Date (the period between the receipt of the Extension Notice and the 30-day deadline for response being referred to
as the “Consent Period”). The new Revolving Credit Commitment Termination Date shall be no more than 364 days after the current Revolving Credit Commitment Termination Date. No Extension Request shall be effective with respect to a
Bank (i) that, by a notice (a “Withdrawal Notice”) to the Borrower and the Agent during the Consent Period, declines to consent to such extension or (ii) that has failed to respond to the Borrower and the Agent within the Consent
Period or (iii) that was excluded from the Borrower’s Extension Request (each such Bank giving a Withdrawal Notice or failing to respond in a timely manner or being excluded from the Borrower’s Extension Request being called a
“Withdrawing Bank”). So long as no Default exists, the Borrower may elect to exclude any Bank from its request for extension of the Revolving Credit Termination Date pursuant to this Section 2.10(a) by providing a notice to
such effect to the Agent and the Banks. If the Agent is a Withdrawing Bank, it will resign as Agent pursuant to the terms of Section 10.8. 
  

 10 

 The Agent shall promptly notify the existing Banks of any Bank that becomes a Withdrawing Bank. If such
notice is received by any Bank within three (3) Business Days prior to the end of the Consent Period or after the Consent Period has expired, such Bank shall be permitted to give a Withdrawal Notice to the Borrower and the Agent within three (3)
Business Days following such notice and shall thereafter be deemed a Withdrawing Bank for purposes of this Section 2.10. Otherwise, such Bank will be required to comply with the provisions of this Section 2.10 with respect to the time
to provide a Withdrawal Notice. 
  
 (b) The Borrower may replace
any Withdrawing Bank during the 25-day period (the “Replacement Period”) commencing at the end of the Consent Period and ending on (and including) the date five days before the Revolving Credit Commitment Termination Date then in effect,
provided, that (i) no Default shall have occurred and be continuing, (ii) the Bank being replaced has been paid in full of all its Loans, including principal and interest, and other amounts due to it hereunder, (iii) the aggregate amount of the
Commitments shall remain unchanged following such replacement, (iv) any such replacement bank assumes all the rights and obligations of a “Bank” hereunder pursuant to such accession documentation as the Agent shall specify pursuant to
Section 2.10(d), and (v) the Agent shall have consented to such replacement bank, which consent shall not be unreasonably withheld. 
  
 (c) If the Agent does not timely provide a Consent Notice as to an Extension Request, or if there is a Withdrawing Bank and the Borrower does not find a
replacement bank which satisfies all the conditions stated in Section 2.10(b) by the end of the Replacement Period, the Revolving Credit Commitment Termination Date shall not be extended, any Withdrawing Bank shall continue to be a Bank
hereunder, and the Commitments shall expire on the Revolving Credit Commitment Termination Date as provided herein without giving effect to any extension. If all of the Banks and the Agent provide a Consent Notice with respect to an Extension
Request and there is no Withdrawing Bank, or if all of the Banks (other than any Withdrawing Bank) and the Agent give a Consent Notice and each Withdrawing Bank is replaced by a replacement bank during the Replacement Period and all the conditions
stated in Section 2.10(b) shall be satisfied with respect to such replacement bank, then the Revolving Credit Commitment Termination Date shall be extended in accordance with the relevant Extension Request, the Commitments shall be extended
accordingly, and any Withdrawing Bank shall be discharged from its Commitment and any other obligation as a Bank which arises after the date which would have been the Revolving Credit Commitment Termination Date but for such extension. 

 
 (d) Any replacement bank may become a “Bank” under this
Agreement by executing and delivering to the Borrower and the Agent an accession agreement in form and substance satisfactory to the Agent and the Borrower and such related documentation as shall be satisfactory in form and substance to the Borrower
and the Agent, pursuant to which such bank shall assume the rights, privileges, duties, and obligations of a “Bank” hereunder. Upon the effectiveness of any such accession agreement and related documentation, the acceding bank shall become
a “Bank” for all purposes of this Agreement having the Commitments specified in such accession agreement. 
  
 (e) The Agent shall promptly provide a copy of each accession agreement to each of the Banks. 
  

 11 

 (f) If any Loans shall be outstanding at the time an accession agreement becomes effective, the Borrower
shall repay such portion of such Loans and borrow an equal principal amount of new Loans from the Bank which has acceded so that after giving effect to such prepayment and borrowing the Loans are held pro rata among the Banks in accordance with the
Commitments. The Banks shall make disbursements among themselves to give effect to such prepayment and borrowing pursuant to instructions from the Agent. The Borrower shall pay accrued interest to the date of prepayment on any Loans so prepaid.

  
 2.11 Repayment. All principal amounts on the Loans
shall be payable on the Revolving Credit Commitment Termination Date, or, if sooner, as provided in Section 9.2. 
  
 SECTION 3. THE FEES 
  
 3.1 Facility Fee. The Borrower shall pay to the Agent for the account of each Bank a facility fee on the amount of such Bank’s Commitment, for
the period from and including the date of this Agreement to, but not including the earlier of the date such Commitment is terminated or the Revolving Credit Commitment Termination Date, at the rate per annum of 0.25%. The accrued facility fee in
respect of the Commitments shall be payable in arrears on each Quarterly Date and on the earlier of the date the Commitments are terminated or the Revolving Credit Commitment Termination Date. 
  
 3.2 Agency Fee. The Borrower shall pay to the Agent for the account of
the Agent such agency fee as shall be set forth in a letter agreement dated the date of this Agreement between the Agent and the Borrower. 
  
 SECTION 4. THE PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS; ETC. 
  
 4.1 Payments. 
  
 (a) Except to the extent otherwise provided herein, all payments and prepayments of principal, interest, fees, and other amounts to be made by the
Borrower under this Agreement and the Notes shall be made in Dollars, in immediately available funds, without deduction, set-off, or counterclaim, to the Agent at such account as it may specify, not later than 12:00 p.m. Atlanta time on the date on
which such payment shall become due (each such payment made after such time to be deemed to have been made on the next succeeding Business Day). 
  
 (b) Each payment received by the Agent under this Agreement or any Note for the account of a Bank shall be paid promptly to such Bank, in immediately
available funds, for the account of such Bank’s Applicable Lending Office for the Loan in respect of which such payment is made. 
  
 4.2 Pro Rata Treatment. Except to the extent otherwise provided herein: (a) the borrowing from the Banks of Loans under Section 2.2 hereof
shall be made from the Banks, and the payment of the facility fee under Section 3 hereof shall be made for the account of the Banks, and each reduction of the Commitments pursuant to Section 2.3 hereof shall be applied to the
Commitments of the Banks, pro rata according to the amounts of their respective Percentages; (b) the making and Conversion of Loans of a particular type (other than Conversions provided for by Section 5.4 hereof) shall be pro rata among the
Banks according to the amounts of their 
  

 12 

 respective Percentages; (c) each payment or prepayment of principal by the Borrower shall be made for the account of the
Banks pro rata in accordance with the respective unpaid principal amounts of the Loans held by the Banks; and (d) each payment of interest on Loans by the Borrower shall be made for the account of the Banks pro rata in accordance with the amounts of
interest due and payable to the respective Banks. 
  
 4.3
Computations. Interest and fees shall be computed on the basis of a year of 360 days and actual days elapsed (including the first day but excluding the last day) occurring in the period for which payable. 
  
 4.4 Minimum Amounts. Except for Conversions or prepayments made
pursuant to Section 5.4 hereof, each borrowing pursuant to Section 2.2, Conversion, and prepayment of principal of Loans shall be in an amount at least equal to $1,000,000 and in integral multiples of $1,000,000 (prepayments or
Conversions of or into Loans of different types to be deemed separate Conversions and prepayments for purposes of the foregoing, one for each type). 
  
 4.5 Certain Notices. 
  
 (a) Notices by the Borrower to the Agent of voluntary reductions of the Commitments, borrowings, Conversions and prepayments of Loans and of type of Loans
shall be irrevocable and shall be effective only if received by the Agent not later than 12:00 p.m. Atlanta time on the number of Business Days prior to the date of the relevant reduction, borrowing, Conversion or prepayment or the first day of such
Interest Period specified below: 
  

			
	 Notice

	  	Business
Days Prior

	 Reduction of Commitments
	  	five
	 Borrowing or prepayment of, or Conversions of Loans
	  	same day

  
 (b) Each notice of
reduction of the Commitments shall specify the amount of such reduction. Each notice of borrowing, Conversion, or prepayment shall specify the Loans to be borrowed, Converted, or prepaid and the amount (subject to Section 4.4 hereof) and type
of the Loans to be borrowed, Converted, or prepaid and the date of Conversion, or prepayment (which shall be a Business Day). The Agent shall promptly notify the Banks of the contents of each such notice. 
  
 (c) In the event that the Borrower fails to select the type of Loan, such
Loan will be made as a Base Rate Loan; provided, that the Borrower shall continue to have the right to Convert any such Loan on the terms and conditions of this Agreement. 
  
 4.6 Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by a Bank or the Borrower (the
“Payor”) prior to the date on which the Payor is scheduled to make a payment to the Agent (a “Required Payment”), which notice shall be effective upon receipt, that the Payor does not intend to make the Required
Payment to the Agent, the Agent may assume that the Required Payment has been made and may in reliance upon such assumption (but shall 
  

 13 

 not be required to) make the amount thereof available to the intended recipient(s) on such date and, if the Payor has not
in fact made the Required Payment to the Agent, the recipient(s) of such payment shall, on demand, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such
amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (if the recipient is the Borrower) the Base Rate for such day, and (if the recipient is a Bank) the Fed Funds Rate for such day as
determined by the Agent; and if such recipient(s) shall fail promptly to make such payment, the Agent shall be entitled to recover such amount, on demand, from the Payor, together with interest as aforesaid at the Base Rate (if the Payor is the
Borrower) or the Fed Funds Rate (if the Payor is a Bank). 
  
 4.7
Sharing of Payments. If any Bank shall obtain payment in any manner whatsoever of any principal of or interest on any Loan or any other amount due hereunder or under the Notes and, as a result of such payment, such Bank shall have received a
greater percentage of the principal or interest or such other amount then due hereunder or under the Notes by the Borrower to such Bank than the percentage received by any other Banks, it shall promptly purchase from such other Banks participations
in the Loans made by such other Banks in such amounts and make such other adjustments from time to time as shall be equitable to the end that all the Banks shall share the benefit of such excess payment pro rata in accordance with the unpaid
principal and/or interest on the Loans held by each of the Banks. To such end all the Banks shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be
restored. 
  
 SECTION 5. YIELD, CAPITAL MAINTENANCE AND TAX PROVISIONS 

 
 5.1 Additional Costs. 
  
 (a) The Borrower shall pay directly to each Bank from time to time on demand
such amounts as such Bank may determine to be necessary to compensate it for any costs which such Bank determines are attributable to its making or maintaining of any Fed Funds Rate Loans or its obligation to make any Fed Funds Rate Loans hereunder,
or any reduction in any amount received or receivable by such Bank hereunder in respect of any Fed Funds Rate Loans or such obligation (such increases in costs and reductions in amounts received or receivable being herein called “Additional
Costs”), resulting from any Regulatory Change which: 
  
 (i) changes the basis of taxation of any amounts payable to such Bank under this Agreement or its Note (other than taxes on the overall net income of such Bank or its Lending Office imposed by the United States of America or by the
jurisdiction in which such Bank has its principal office or such Lending Office); 
  
 (ii) imposes, modifies, or deems applicable any reserve, special deposit, or similar requirements relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Bank or the
Commitment of such Bank in respect of Fed Funds Rate Loans; or 
  

 14 

 (iii) imposes any other condition affecting this Agreement or its Note (or any of such extensions of
credit or liabilities) or Commitment in respect of Fed Funds Rate Loans. 
  
 (b) Without limiting the effect of the foregoing provisions of this Section 5.1 (but without duplication), the Borrower shall pay directly to each Bank from time to time on demand such amounts as such Bank may
determine to be necessary to compensate such Bank or any Person controlling such Bank for any increased costs which it determines are attributable to the maintenance by such Bank or such Person (or any Lending Office) of capital in respect of such
Bank’s Commitment or Loans as a result of any Regulatory Change, such compensation to include, without limitation, an amount equal to any reduction of the rate of return on assets or equity of such Bank or such Person (or any Lending Office) to
a level below that which such Bank or such Person (or any Lending Office), taking into account their policies concerning capital adequacy, could have achieved but for such Regulatory Change. 
  
 (c) Each Bank will notify the Borrower of any event occurring after the date
of this Agreement that will entitle such Bank to compensation under paragraph (a) or (b) of this Section 5.1 as promptly as practicable. Together with the delivery of such notice, the relevant Bank will furnish to the Borrower a
certificate setting forth the basis and amount of each request by such Bank for compensation under paragraph (a) or (b) of this Section 5.1. Determinations and allocations by any Bank for purposes of this Section 5.1 of
the effect of any Regulatory Change, law, regulation, or request of any central bank or other monetary authority and computations of amounts payable set forth in the certificate referred to in the preceding sentence shall be made in good faith and
shall be rebuttably presumptive evidence of the matters set forth in such certificates. 
  
 5.2 Limitation on Types of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of the Fed Funds Rate for any Fed Funds Rate Loans: 
  
 (a) the Agent determines (which determination shall be conclusive) that
quotations of interest rates for the relevant deposits referred to in the definition of “Fed Funds Rate” are not being provided in the relevant amounts for purposes of determining the Fed Funds Rate for such day, as provided herein; or

  
 (b) any Bank determines (which determination shall be
conclusive) and notifies the Agent that the relevant rates of interest referred to in the definition of “Fed Funds Rate” are not likely to adequately cover the cost of such Bank of making or maintaining its Fed Funds Rate Loans; then with
respect to Loans of the affected type, the Agent shall give the Borrower and each Bank prompt notice thereof, and so long as such condition remains in effect, the affected Banks shall be under no obligation to make Loans of the affected type and the
Borrower shall either prepay each affected Bank’s Loans of the affected type or Convert such Loans to a type which are not so affected in accordance with Section 2.4 hereof. 
  
 5.3 Illegality. Notwithstanding any other provision of this Agreement, in the event that because of any Regulatory
Change it becomes unlawful for any Bank or its Lending Office to honor its obligation to make or maintain Fed Funds Rate Loans, then such Bank shall promptly notify the Borrower thereof (with a copy to the Agent) and such Bank’s obligation to

  

 15 

 make or to Convert Loans into, the affected type of Loans or to make or Convert the affected type of Loans shall be
suspended until such time as such Bank may again make and maintain the affected type of Loans (in which case the provisions of Section 5.4 hereof shall be applicable). 
  
 5.4 Treatment of Affected Loans. 
  

(a) If the obligation of any Bank to make, or to Convert Loans into, Fed Funds Rate Loans is suspended pursuant to Section 5.2 or 5.3
hereof (such Loans being called “Affected Loans” in this Section 5.4), such Bank’s Affected Loans shall be automatically Converted into Base Rate Loans and, unless and until such Bank gives notice as provided below that the
circumstances specified in Section 5.2 or 5.3 hereof which gave rise to such Conversion no longer exist: 
  
 (i) to the extent that such Bank’s Affected Loans have been so Converted, all payments and prepayments of principal which would otherwise be applied
to such Bank’s Affected Loans shall be applied instead to its Base Rate Loans; and 
  
 (ii) all Loans which would otherwise be made by such Bank as Affected Loans shall be made instead as Base Rate Loans and all Loans of such Bank which would otherwise be Converted into Affected Loans shall remain as
Base Rate Loans. 
  
 (b) If such Bank gives notice to the Borrower
(with a copy to the Agent) that circumstances specified in Section 5.2 or 5.3 hereof which gave rise to the Conversion of such Bank’s Affected Loans pursuant to this Section 5.4 no longer exist (which such Bank agrees to do
promptly upon such circumstances ceasing to exist) at a time when Affected Loans are outstanding, such Bank’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding
Affected Loans to the extent necessary so that, after giving effect thereto, all Affected Loans are held pro rata (as to principal amounts, types and Interest Periods) in accordance with the Commitments. 
  
 5.5 Taxes. The Borrower covenants and agrees that: 
  
 (a) All payments on account of the principal of and interest on the Loans
and all other amounts payable by the Borrower under or in respect of this Agreement or the Notes or the letter agreement referred to in Section 3.2 hereof, including amounts payable under paragraph (c) of this Section 5.5 shall
be made free and clear of and without reduction by reason of any present or future income, stamp and other taxes, levies, deductions, charges and withholdings whatsoever imposed, assessed, levied or collected by any state, nation or other
governmental authority (other than taxes on the overall net income of such Bank or its Lending Office imposed by the United States of America or the jurisdiction in which such Bank has its principal office or such Lending Office, such excluded taxes
being called “Excluded Taxes”), or any political subdivision or taxing authority thereof or therein (each, a “Taxing Authority”), and interest thereon and penalties with respect thereto, if any, on or in respect of
(i) this Agreement, the Notes, the Commitments, the Loans or the letter agreement referred to in Section 3.2 hereof, (ii) the registration, notarization or other formalization of any thereof, (iii) any payments of principal, interest,
charges, fees or other amounts made on, under or in respect thereof, or (iv) any of the income, profits or revenues of the Agent, any Bank or any Lending Office as a 
  

 16 

 result of the transactions contemplated hereby other than Excluded Taxes (collectively, “Taxes”), all of
which will be paid by the Borrower, for its own account, prior to the date on which penalties attach thereto. 
  
 (b) The Borrower will indemnify the Agent and each Bank against, and reimburse the Agent and each Bank on demand for, any Taxes and any loss, liability,
claim or expense, including interest, penalties and legal fees, which the Agent or any Bank may incur at any time arising out of or in connection with any failure of the Borrower to make any payment of Taxes when due. 
  
 (c) In the event that the Borrower is required by applicable law, decree or
regulation to deduct or withhold any Taxes from any amount payable on, under or in respect of this Agreement or the Notes or the letter agreement referred to in Section 3.2 hereof, the Borrower shall withhold such amount and pay it to the
relevant Taxing Authority and shall pay to the Agent or the Banks such additional amount as may be required, after such deduction or withholding, to enable the Agent or the Banks to receive from the Borrower an amount equal to the full amount stated
to be payable under this Agreement or the Notes or the letter agreement referred to in Section 3.2 hereof. 
  
 (d) The Borrower shall furnish to the Agent original or certified copies of tax receipts in respect of any withholding of Taxes required under this
Section 5.5 within thirty (30) days after the date of the payment of interest or other amount in respect of which any withholding was required to be made, and the Borrower shall promptly furnish to the Agent any other information, documents
and receipts that the Agent may require, in its sole discretion from time to time, to establish to its satisfaction that full and timely payment has been made of all Taxes required to be paid hereunder. 
  
 (e) The covenants and agreements of the Borrower under this Section 5.5
shall survive the repayment of the Loans and payment of other amounts payable under this Agreement, the Notes and the letter agreement referred to in Section 3.2 hereof. 
  
 (f) At least five Business Days prior to the first date on which interest or fees are payable hereunder for the account of
any Bank, each Bank that is not incorporated under the laws of the United States of America or a state thereof agrees that it will deliver to each of the Borrower and the Agent two duly completed copies of United States Internal Revenue Service Form
W-8BEN, W-8ECI or W-8IMY, certifying in either case that such Bank is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes. Each Bank which is so obligated to
deliver a Form W-8BEN, W-8ECI or W-8IMY further undertakes to deliver to each of the Borrower and the Agent two additional copies of such form (or a successor form) on or before the date that such form expires or becomes obsolete or after the
occurrence of any event requiring a change in the most recent form so delivered by it, and such amendments thereto or extensions or renewals thereof as may be reasonably requested by the Borrower or the Agent, in each case certifying that such Bank
is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior
to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which 
  

 17 

 would prevent such Bank from duly completing and delivering any such form with respect to it and such Bank advises the
Borrower and the Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. 
  
 SECTION 6. CONDITIONS PRECEDENT 
  
 6.1 Conditions to Restatement and Initial Credit Extension. The restatement of the Existing Credit Agreement and the obligation of each Bank to
make its initial Loan hereunder is subject to the receipt by the Agent of the following documents and payments, each of which documents shall be satisfactory to the Banks in form and substance: 
  
 (a) Corporate Action. Certified copies of the articles of
incorporation and by-laws of the Borrower and all corporate action taken by the Borrower authorizing this Agreement and the Notes and the borrowing by the Borrower hereunder (including a certificate setting forth the resolutions of the Board of
Directors of the Borrower authorizing the transactions contemplated hereby of the secretary or assistant secretary of the Borrower). 
  
 (b) Good Standing Certificate. Good Standing Certificates for Boston Private Bank & Trust Company, Westfield Capital Management Company, L.L.C.
and Borel Private Bank & Trust Company, dated a date satisfactory to the Banks. 
  
 (c) Incumbency. A certificate of the secretary or an assistant secretary of the Borrower naming and setting forth the specimen signature of each of the officers of the Borrower (i) who is authorized to sign on
its behalf this Agreement or the Notes and (ii) who is (A) an Authorized Officer or (B) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and
giving notices and other communications (other than notices required to be given by an Authorized Officer) in connection with this Agreement and the transactions contemplated hereby. 
  
 (d) Officer’s Certificate. A certificate of an Authorized Officer of the Borrower dated the date of the initial
Credit Extension to the effect that on and as of such date: (i) no Default shall have occurred and be continuing; and (ii) the representations and warranties made by the Borrower in Section 7 hereof are true and correct with the same force
and effect as if made on and as of such date. 
  
 (e)
Officer’s Certificate – Material Agreements. A certificate of an Authorized Officer of the Borrower dated the date of the initial Credit Extension to the effect that no material agreements of the Borrower restrict the incurrence of
Indebtedness by the Borrower. 
  
 (f) Opinion of Counsel of
Borrower. An opinion of counsel of the Borrower, substantially in the form of Exhibit B hereto. 
  
 (g) Notes. The Notes, duly completed and executed. 
  
 (h) Approvals. Certified copies of any filings, authorizations, approvals, licenses, consents or registrations necessary in order for the Borrower
to execute, deliver and perform this Agreement or the Notes. 
  

 18 

 (i) Fee Letter and Payments. An executed copy of the letter agreement referred to in Section
3.2, payment of any agency fee then due under that letter agreement, and payment of any other fee which is then due and payable pursuant to this Agreement. 
  

(j) Other Documents. Such other documents as the Agent or any Bank may reasonably request. 
  
 6.2 Initial and Subsequent Credit Extensions. The obligation of each
Bank to make any Loan (including its initial Loan) is subject to the further conditions precedent that, both immediately prior to such Credit Extension and also after giving effect thereto: (a) no Default shall have occurred and be continuing; and
(b) the representations and warranties made by the Borrower in Section 7 hereof shall be true and correct on and as of the date of such Credit Extension with the same force and effect as if made on and as of such date. Each notice of
borrowing given by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in clauses (a) and (b) in the preceding sentence. 
  
 SECTION 7. REPRESENTATIONS AND WARRANTIES 
  
 To induce the Agent and the Banks to enter into this Agreement and make Credit Extensions, the Borrower represents and warrants to the Agent and the Banks
that: 
  
 7.1 Organization. The Borrower is a corporation
duly existing under the laws of the State of Massachusetts; each Subsidiary (including without limitation, each Subsidiary Bank) is duly existing under the laws of the jurisdiction of its organization; the Borrower and each Subsidiary are duly
qualified, in good standing and authorized to do business in each jurisdiction where the failure to so qualify would have a material adverse impact on the consolidated assets, condition or prospects of the Borrower or such Subsidiary and the
Borrower and each Subsidiary have all necessary power and authority to own their properties and to carry on their businesses as now being conducted. 
  
 7.2 Authorization; No Conflict; Binding Effect. The borrowing of Loans, the execution and delivery of the Notes, and the performance by the
Borrower of its obligations under this Agreement and the Notes are within the Borrower’s corporate powers, have been authorized by all necessary corporate action, have received all necessary governmental approvals (if any shall be required),
and do not and will not contravene or conflict with any provision of law or of the charter or by-laws of the Borrower or any Subsidiary or of any agreement binding upon the Borrower or any Subsidiary. This Agreement is, and each Note upon its
execution and delivery will be, legal, valid and binding obligations of the Borrower that are enforceable in accordance with their respective terms. 
  
 7.3 Financial Statements. The Borrower has supplied copies of the following financial or other statements to each of the Banks: 
  
 (a) The Borrower’s audited consolidated financial statement and
management prepared consolidating income statement and balance sheet as at December 31, 2003. 
  
 (b) The Borrower’s unaudited consolidated financial statement and management prepared consolidating income statement and balance sheet as at June 30, 2004. 
  

 19 

 (c) Copy of the Call Report furnished to the FDIC with respect to each Subsidiary Bank, as of June 30,
2004. 
  
 Such statements have been prepared in conformity with GAAP applied on a
basis consistent with that of the preceding fiscal year or period, as the case may be, and accurately present the financial condition of the Borrower and its Subsidiaries as at such dates and the results of their operations for the respective
periods then ended subject, in the case of such interim statements, to normal year-end adjustments and the provision of footnotes. Since June 30, 2004, no material, adverse change in the business, properties, assets, operations, condition, or
prospects of the Borrower or any Subsidiary has occurred. There are no known contingent liabilities of the Borrower or any Subsidiary, which are known to be in an aggregate amount in excess of $1,000,000 (excluding loan commitments, letters of
credit, and other contingent liabilities incurred in the ordinary course of the banking business) that are not disclosed or reflected in such financial statements or on Schedule 7.3. 
  
 7.4 Taxes. The Borrower and each Subsidiary have filed or caused to be
filed all federal, state, and local tax returns, if any, which, to the knowledge of the Borrower or such Subsidiary, are required to be filed, and have paid or have caused to be paid all taxes, including those shown on such returns or on any
assessment received by them, to the extent that such taxes have become due (except for current taxes not delinquent and taxes being contested in good faith and by appropriate proceedings and as to which no foreclosure, distraint, sale, or similar
proceedings have been commenced). The Borrower and each Subsidiary have set up reserves in accordance with GAAP, which are adequate for the payment of additional taxes for years, which have not been audited by the respective tax authorities.

  
 7.5 Liens. None of the assets owned, leased or
otherwise held by the Borrower or any Subsidiary is subject to any Lien, except: (a) current taxes not delinquent or taxes being contested in good faith and by appropriate proceedings; (b) liens arising in the ordinary course of business for sums
not due or sums being contested in good faith and by appropriate proceedings, but not involving any deposits or loans or borrowed money or the deferred purchase price of property or services; (c) to the extent specifically shown in the financial
statements referred to in Section 7.3; (d) liens in favor of the Agent for the benefit of the Banks; (e) liens and security interests securing deposits of public funds, repurchase agreements, Federal funds purchased, trust assets, and other
similar liens granted in the ordinary course of the banking business; and (f) liens permitted by Section 8.6; provided, that at no time shall any stock of Subsidiary Banks be subject to a Lien. 
  
 7.6 Adverse Contracts. Neither the Borrower nor any Subsidiary is a
party to any agreement or instrument or subject to any charter or other corporate restriction, nor is it subject to any judgment, decree or order of any court or governmental body, that may have a material and adverse effect on the business, assets,
liabilities, financial condition, operations, or business prospects of the Borrower and its Subsidiaries taken as a whole or on the ability of the Borrower to perform its obligations under this Agreement or any Note. Neither the Borrower nor any
Subsidiary has, nor with reasonable diligence should have had, knowledge of or notice that it is in default in the performance, observance or fulfillment of any of the obligations, covenants, or conditions contained in any such agreement,
instrument, restriction, judgment, decree, or order. 
  

 20 

 7.7 Regulation U. The Borrower is not engaged principally in, nor is one of the Borrower’s
important activities, the business of extending credit for the purpose of purchasing or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time
hereinafter in effect. 
  
 7.8 Litigation and Contingent
Liabilities. No litigation (including derivative actions), arbitration proceedings, or governmental proceedings are pending or threatened against the Borrower or any Subsidiary that would (singly or in the aggregate), if adversely determined,
have a material and adverse effect on the financial condition, continued operations, or prospects of the Borrower or any Subsidiary, except as set forth in Schedule 7.8. 
  
 7.9 Subsidiaries. The Borrower’s only Subsidiary Banks and all other Subsidiaries as of the date of this
Agreement are listed in Schedule 7.9 to this Agreement. 
  
 7.10 Bank Holding Company. The Borrower has complied in all material respects with all federal, state and local laws pertaining to bank holding companies, including without limitation the Bank Holding Company Act of 1956, as amended,
and there are no conditions precedent or subsequent to its engaging in the business of being a registered bank holding company. 
  
 7.11 ERISA. 
  
 (a) The Borrower and the ERISA Affiliates and the plan administrator of each Plan covering any employees of the Borrower or any Subsidiary have fulfilled
in all material respects their respective obligations under ERISA and the Code with respect to such Plan and such Plan is currently in compliance with the applicable provisions of ERISA and the Code. 
  
 (b) With respect to each Plan covering any employees of the Borrower or any
Subsidiary, there has been no (i) “reportable event” within the meaning of Section 4043 of ERISA and the regulations thereunder which is not subject to the provision for waiver of the 30-day notice requirement to the PBGC; (ii) failure to
make or properly accrue any contribution which is due to any Plan; (iii) action under Section 4041 of ERISA to terminate any Plan; (iv) withdrawal from any Plan with two or more contributing sponsors or the termination of any such Plan resulting in
liability pursuant to Section 4063 or 4064 of ERISA; (v) institution by PBGC of proceedings to terminate any Plan, or the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a
trustee to administer, any Plan; (vi) the imposition of liability pursuant to Sections 4062(e), 4069 or 4212(c) of ERISA; (vii) complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Plan which is a
Multiemployer Plan that is in reorganization or insolvency pursuant to Sections 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under Sections 4041A or 4042 of ERISA; (viii) prohibited transaction described in Section 406 of
ERISA or 4975 of the Code which could give rise to the imposition of any material fines, penalties, taxes or related charges; (ix) assertion of a claim (other than routine claims for benefits) against any Plan (other than a Multiemployer Plan) which
could reasonably be expected to be successful; (x) receipt from the Internal Revenue Service of notice of the failure of any Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Plan to fail to qualify
for exemption from taxation under Section 501(a) of the Code, if applicable; or (xi) imposition of a Lien pursuant to Section 401(a)(29) or 412(n) of the Code or Section 302(f) of ERISA. 
  

 21 

 7.12 Environmental Laws. 
  
 (a) The Borrower and each of its Subsidiaries have obtained all permits, licenses and other authorizations which are
required under all Environmental Laws and are in compliance in all respects with all applicable Environmental Laws. 
  
 (b) On or prior to the date hereof, no notice, demand, request for information, citation, summons or order has been issued, no complaint has been filed,
no penalty has been assessed and no investigation or review is pending or, to the best of the knowledge of the Borrower, threatened by any governmental or other Person with respect to any alleged or suspected failure by the Borrower or any of its
Subsidiaries to comply in any material respect with any Environmental Laws. 
  
 (c) There are no material Liens arising under or pursuant to any Environmental Laws on any of the property owned or leased by the Borrower or any of its Subsidiaries. 
  
 (d) There are no conditions existing currently or anticipated to exist during
the term of this Agreement which would subject the Borrower or any of its Subsidiaries or any of their property to any material Lien, damages, penalties, injunctive relief, or cleanup costs under any Environmental Laws or which require or are likely
to require cleanup, removal, remedial action, or other responses by the Borrower and its Subsidiaries pursuant to Environmental Laws. 
  
 7.13 FDIC Insurance. The deposits of each Subsidiary Bank of the Borrower are insured by the FDIC and no act has occurred which would adversely
affect the status of such Subsidiary Bank as an FDIC insured bank. 
  
 7.14 Investigations. Neither the Borrower nor any Subsidiary is under investigation by, or is operating under the restrictions imposed by or agreed to with, any regulatory authority, other than routine examination(s) by regulatory
authorities having jurisdiction over Borrower or such Subsidiary. 
  
 SECTION 8.
COVENANTS 
  
 The Borrower agrees that, so long as the
Commitments are in effect and until payment in full of the Loans and all other amounts payable by the Borrower hereunder and under the Notes the Borrower will, and will cause each Subsidiary to: 
  
 8.1 Existence, Mergers, Etc. Preserve and maintain its corporate,
partnership or joint venture (as applicable) existence; take all steps to become and remain duly qualified, validly existing in good standing and authorized to do business in each jurisdiction where failure to do so might have a material adverse
effect on the consolidated assets, condition or prospects of the Borrower and its Subsidiaries; and not liquidate, dissolve, or merge or consolidate with or into any other Person, or sell, lease, transfer or otherwise dispose of all or a substantial
part of its assets other than in the ordinary course of business, as now conducted except that: 
  
 (a) Any Subsidiary may merge or consolidate with or into Borrower (as long as the Borrower is the surviving entity) or any one or more wholly-owned
Subsidiaries of Borrower; and 
  

 22 

 (b) Any Subsidiary may sell, lease, transfer or otherwise dispose of any of its assets to Borrower or one
or more wholly-owned Subsidiaries. 
  
 8.2 Reports,
Certificates and Other Information. Furnish (or cause to be furnished) to each Bank: 
  
 (a) Interim Reports. Within forty-five (45) days after the end of each of the first three quarters of each fiscal year of the Borrower, a copy of the Borrower’s Form 10-Q as filed with the Securities and
Exchange Commission. 
  
 (b) Audit Report. Within ninety
(90) days after the end of each fiscal year of the Borrower, a copy of an annual report of the Borrower and its Subsidiaries prepared on a consolidating and consolidated basis and in conformity with GAAP applied on a basis consistent with the
consolidated financial statements of the Borrower and its Subsidiaries referred to in Section 7.3(a), duly audited, as to the consolidated financial statements, by independent certified public accountants of recognized standing satisfactory
to the Agent, accompanied by an opinion without significant qualification. 
  
 (c) FDIC Call Reports/Non-Performing Loans. Within 45 days after the end of each quarter of each fiscal year of each Subsidiary Bank, a copy of the Call Report furnished to the FDIC with respect to such quarter
by such Subsidiary Bank. If the foregoing Call Report does not state the amount of all loans made by such Subsidiary Bank that are 90 days or more past due (either principal or interest), in non-accrual status, or listed as “other
restructured” or “other real-estate owned” in any reports to regulatory authorities, then the Borrower will furnish or cause such Subsidiary Bank to furnish each Bank with a schedule of all such loans. 
  
 (d) Federal Reserve Reports. Promptly upon filing with the Federal
Reserve Bank, each FR Report Y-9C and FR Report Y9-LP. 
  
 (e)
Certificates. Contemporaneously with the furnishing of a copy of each annual report and of each quarterly statement provided for in Sections 8.2(a) and (b), a certificate dated the date of such annual report or such quarterly
statement and signed by either the President, the Chief Financial Officer or the Treasurer of the Borrower to the effect that no Default has occurred and is continuing, or, if there is any such Default, describing it and the steps, if any, being
taken to cure it, and containing a computation of, and showing compliance with, any financial ratio or restriction contained in this Agreement. 
  
 (f) Reports to SEC and to Shareholders. Notice of each filing and report made by the Borrower or any Subsidiary with or to any securities exchange
or the Securities and Exchange Commission  , except in respect of any single shareholder, and of each communication from the Borrower or any Subsidiary to shareholders generally, promptly upon the filing or making thereof and copies of any
of the foregoing at the request of any Bank. 
  

 23 

 (g) Notice of Default, Litigation, Environmental and ERISA Matters. Immediately upon learning of
the occurrence of any of the following, written notice describing the same and the steps being taken by Borrower or any Subsidiary affected in respect thereof: (i) the occurrence of a Default, which notice shall specify such Default and state that
it is a “Notice of Default”; (ii) the institution of, or any adverse determination in, any litigation, arbitration or governmental proceeding which is material to Borrower or any Subsidiary on a consolidated basis; (iii) the occurrence of
a reportable event under, or the institution of steps by the Borrower or any Subsidiary to withdraw from, or the institution of any steps to terminate, any employee benefit plans as to which the Borrower or any of its Subsidiaries may have any
liability and which may have a material adverse impact on the ability of the Borrower to repay the Loans in full on a timely basis; (iv) the issuance of any cease and desist order, memorandum of understanding, cancellation of insurance, or proposed
disciplinary action from the FDIC or other regulatory entity; or (v) the commencement of any investigation of the Borrower or any of its Subsidiaries, other than routine bank examinations. 
  
 (h) Other Information. From time to time such other information,
financial or otherwise, concerning the Borrower or any Subsidiary as the Agent or any Bank may reasonably request. 
  
 8.3 Inspection. Permit the Agent or any Bank and its agents at any time during normal business hours to inspect their properties and to inspect and
make copies of their books and records, any such inspection to be at the expense of the Borrower if a Default has occurred and is continuing. 
  
 8.4 Financial Requirements. 
  
 (a) Tier One Capital. Maintain at all times a minimum consolidated Tier One Capital equal to at least $125,000,000 at all times. 
  
 (b) Indebtedness to Tier One Capital. Not permit the Borrower’s
total Indebtedness (specifically excluding the Indebtedness of the Borrower’s Subsidiaries and specifically excluding the deferred purchase price of any acquisition payable solely in stock) at any time to exceed forty percent (40%) of its
consolidated Tier One Capital; provided that, for the purpose of calculating Tier One Capital in this clause (b) only, for the period through December 31, 2004, amounts available through the sale of shares under the Forward Contract shall be
included in Tier one Capital, as if so sold. 
  
 (c)
Nonperforming Assets. Not permit all assets of any Subsidiary Bank and other Subsidiaries classified as “non-performing” (which shall include all loans in non-accrual status (“Non Performing Loans”), more than ninety (90)
days past due in principal or interest, restructured or renegotiated, or listed as “other restructured” or “other real estate owned”) on the FDIC or other regulatory agency call report to at any time exceed two and one quarter
percent (2.25%) of all loans and “other real estate owned” of the Borrower and its Subsidiaries. 
  
 (d) Loan Loss Reserves Ratio. Cause the Borrower and its Subsidiaries to maintain on a consolidated basis at all times a ratio of loan loss
reserves to Nonperforming Loans of at least 100%. 
  

 24 

 (e) Return on Average Assets. Cause the Borrower’s consolidated net income to be at least
0.80% of its consolidated average assets, each calculated as of the last day of each fiscal quarter for the four fiscal quarters then ending. 
  
 (f) Well Capitalized. Cause each Subsidiary Bank to remain at all times “well capitalized” for purposes of the Federal Deposit Insurance
Corporation Improvement Act of 1991 and any regulations issued thereunder (including 12 C.F.R. §565.4), as amended or supplemented from time to time and cause the Borrower to be “well capitalized” at each fiscal quarter end and
“well capitalized” or “adequately capitalized” at all other times calculated on a consolidated basis consistent with the calculation for a bank under said Act and regulations. 
  
 8.5 Indebtedness. Not incur, permit to remain outstanding, assume or
in any way become committed for indebtedness in respect of borrowed money (specifically including but not limited to indebtedness in respect of money borrowed from financial institutions but excluding deposits), except: (i) indebtedness incurred
under this Agreement; (ii) indebtedness in respect of borrowed money existing on the date of this Agreement shown on Schedule 8.5; (iii) indebtedness in respect of borrowed money of the Subsidiary Banks arising in the ordinary course of the
banking business of the Subsidiary Banks, including indebtedness to the Borrower and to any Federal Home Loan Bank; (iv) indebtedness of the Borrower having maturities and terms, and which is subordinated to the payment of the Notes in a manner
approved in writing by the Majority Banks; (v) indebtedness relating to liens permitted by Section 8.6; (vi) other indebtedness of the Borrower to a Subsidiary subordinated in writing to the prior payment in full of the Loans in form and
substance satisfactory to the Majority Banks; (vii) indebtedness of a Subsidiary to the Borrower or another Subsidiary; (viii) Capital Lease Obligations so long as before and after giving effect thereto Borrower is in compliance with Sections
8.4; (ix) short-term working capital Indebtedness (having maturities of 120 days or less) of Subsidiaries up to a maximum principal amount of $2,000,000; (x) the deferred purchase price of any acquisition made after the date hereof; and (xi) the
Trust Indebtedness and the Trust Guarantees. 
  
 8.6 Liens.
Not create, suffer or permit to exist any lien or encumbrance of any kind or nature upon any of their assets now or hereafter owned or acquired (specifically including but not limited to the capital stock of any of the Subsidiary Banks), or acquire
or agree to acquire any property or assets of any character under any conditional sale agreement or other title retention agreement, but this Section 8.6 does not apply to: (i) liens existing on the date of this Agreement and listed on
Schedule 8.6; (ii) liens of landlords, contractors, laborers or supplymen, tax liens, or liens securing performance or appeal bonds, or other similar liens or charges arising out of the Borrower’s business, provided that tax liens are
removed before related taxes become delinquent and other liens are promptly removed, in either case unless contested in good faith and by appropriate proceedings, and as to which adequate reserves have been established and no foreclosure, sale or
similar proceedings have commenced; (iii) liens in favor of the Agent for the benefit of the Banks; (iv) liens on the assets of any Subsidiary arising in the ordinary course of the business of such Subsidiary, including liens to secure Indebtedness
to any Federal Home Loan Bank; (v) liens on assets of Subsidiaries in connection with the acquisition of property by way of purchase money mortgage, conditional sale or other title retention agreement, capitalized lease or other deferred payment
contract, and attaching only to the property being acquired, if the Indebtedness secured thereby does not exceed 100% of the fair market value of such property at the time of acquisition thereof; and (vi) liens on assets of the Borrower with a value
not in excess of $250,000. 
  

 25 

 8.7 Taxes. Pay and discharge all taxes, assessments and governmental charges or levies imposed
upon them, upon their income or profits or upon any properties belonging to them, prior to the date on which penalties attach thereto, and all lawful claims for labor, materials and supplies when due, except that no such tax, assessment, charge,
levy or claim need be paid which is being contested in good faith by appropriate proceedings as to which adequate reserves have been established, and no foreclosure, sale or similar proceedings have commenced. 
  
 8.8 Guaranties. Not assume, guarantee, endorse or otherwise become or
be responsible in any manner (whether by agreement to purchase any obligations, stock, assets, goods or services, or to supply or loan or any portion thereof any funds, assets, goods or services, or otherwise) with respect to the obligation of any
other person or entity, except: (i) by the endorsement of negotiable instruments for deposit or collection in the ordinary course of business, issuance of letters of credit or similar instruments or documents in the ordinary course of business; (ii)
the guaranty of obligations of a Subsidiary (other than with respect to leases) up to the maximum dollar amount of $5,000,000, (iii) the guaranty of obligations of a Subsidiary with respect to real estate operating leases, (iv) the guaranty of
obligations of a Subsidiary with respect to leases (other than real estate operating leases) up to a maximum dollar amount of $10,000,000, (v) the Trust Guarantee, and (vi) except as permitted by this Agreement. 
  
 8.9 Investments and Loans. Not make any loan, advance,
extension of credit or capital contribution to, or purchase or otherwise acquire for a consideration, evidences of indebtedness, capital stock or other securities of any legal entity, except that the Borrower and any Subsidiary may: 
  
 (a) purchase or otherwise acquire and own short-term money market items;

  
 (b) invest, by way of purchase of securities or capital
contributions, in the Subsidiary Banks or any other Person or Persons, and upon the Borrower’s purchase or other acquisition of more than 50% of the stock of any bank, such bank thereupon becomes a “Subsidiary Bank” for all purposes
under this Agreement; 
  
 (c) invest, by way of loan, advance,
extension of credit (whether in the form of lease, conditional sales agreement, or otherwise), purchase of securities, capital contributions, or otherwise, in Subsidiaries; and 
  
 (d) in the case of the Trust Issuer, purchase the Trust Indebtedness and, in the case of the Borrower, issue the Trust
Guarantee. 
  
 Nothing in this Section prohibits the Borrower or any Subsidiary
Bank from making loans, advances, or other extensions of credit in the ordinary course of banking upon substantially the same terms as heretofore extended by them in such business or upon such terms as may at the time be customary in the banking
business. 
  
 8.10 Capital Structure and Dividends.
Not purchase or redeem, or obligate itself to purchase or redeem, any shares of the Borrower’s capital stock, of any class, issued and 
  

 26 

 outstanding from time to time, or any partnership, joint venture or other equity interest in the Borrower or any
Subsidiary; or declare or pay any dividend (other than dividends payable in its own common stock or to the Borrower) or make any other distribution in respect of such shares or interest other than to the Borrower; provided, however, Trust Issuers
may make payments to holders of Trust Preferred Securities and the Borrower may declare and pay cash dividends to holders of the stock of the Borrower, so long as such dividends in any fiscal quarter do not exceed an amount equal to 35% of one
fourth of the Borrower’s consolidated net income for the immediately preceding four fiscal quarters and so long as no Default exists at the time of such payment or dividend or will occur as a result of giving effect to such payment or dividend.
The Borrower will continue to own, directly or indirectly, the same (or greater) percentage of the stock and partnership, joint venture, or other equity interest in each Subsidiary that it held on the date of this Agreement, and no Subsidiary will
issue any additional stock or partnership, joint venture or other equity interests, options or warrants in respect thereof, or securities convertible into such securities or interests, other than to the Borrower. Notwithstanding the foregoing the
Borrower may transfer up to 20% of the ownership of Westfield Capital Management, L.L.C. to its managers. 
  
 8.11 Maintenance of Properties. Maintain, or cause to be maintained, in good repair, working order and condition, all their properties (whether
owned or held under lease), and from time to time make or cause to be made all needed and appropriate repairs, renewals, replacements, additions, and improvements thereto, so that the business carried on in connection therewith may be properly and
advantageously conducted at all times. 
  
 8.12 Insurance.
Maintain insurance in responsible companies in such amounts and against such risks as is required by law and such other insurance, in such amount and against such hazards and liabilities, as is customarily maintained by bank holding companies and
banks similarly situated. Each Subsidiary Bank shall have its deposits insured by the FDIC. 
  
 8.13 Use of Proceeds. 
  
 (a) Margin Regulations. Not use or permit any proceeds of the Loans to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying any margin stock” within
the meaning of Regulations U or X of the Board of Governors of the Federal Reserve System, as amended from time to time. If requested by any Bank, Borrower will furnish to such Bank a statement in conformity with the requirements of Federal Reserve
Form U-1. No part of the proceeds of any Loan will be used for any purpose which violates or is inconsistent with the provisions of Regulation U or X of the Board of Governors. 
  
 (b) Tender Offers and Going Private. Not use (or permit to be used) any proceeds of any Credit Extension to acquire
any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended, or any regulations or rulings thereunder. 
  
 (c) Permitted Uses. The proceeds of the Loans shall be used solely for the liquidity needs of Subsidiaries, capital
investments in Subsidiaries, the funding of acquisitions, stock repurchases and working capital. 
  

 27 

 8.14 Compliance with Laws. Comply and cause each Subsidiary to be in material compliance with all
laws and regulations (whether federal, state or local and whether statutory, administrative, judicial or otherwise) and with every governmental order or similar action (whether administrative or judicial), specifically, including but not limited to
the Bank Holding Company Act of 1956, as amended, and with the existing regulations of the Federal Reserve Board relating to bank holding companies. 
  
 SECTION 9. EVENTS OF DEFAULT 
  
 9.1 Events of Default. One or more of the following events shall constitute an event of default hereunder and under the Notes (each, an
“Event of Default”): 
  
 (a) Nonpayment.
The Borrower shall fail to make any payment of principal when due or any payment of interest, fees or other amounts within five days of when due, payable hereunder or under any Note or the letter agreement referred to in Section 3.2 hereof;

  
 (b) Cross-Default. There shall occur any default, event
of default or termination event with respect to, or any event that might become such with notice or the passage of time or both, or any similar event with respect to, or any event that requires the prepayment of, any Indebtedness or Hedging
Transaction of the Borrower or any Subsidiary in the aggregate amount of $1,000,000 or more or the acceleration of the maturity thereof (or termination thereof in the case of a Hedging Transaction) under the terms of any evidence of Indebtedness or
Hedging Transaction or other agreement issued or assumed or entered into by the Borrower or any Subsidiary, or under the terms of any indenture, agreement or other instrument under which any such Indebtedness or Hedging Transaction in the aggregate
amount of $1,000,000 or more is evidenced, issued, assumed, secured, or guaranteed, and such default, event of default or event shall continue beyond any applicable period of grace; 
  
 (c) Dissolutions, etc. The Borrower or any Subsidiary Bank shall fail to comply with Section 8.1 hereof or the
Borrower or any Subsidiary Bank shall take any corporate action to approve any action or omission that would result in such a failure; 
  
 (d) Warranties. Any representation, warranty, schedule, certificate, financial statement, report, notice, or other writing furnished by or on
behalf of the Borrower or any Subsidiary to the Agent or any Bank is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified; 
  
 (e) Change of Control. A Change of Control of the Borrower shall
occur; 
  
 (f) ERISA. An event or condition specified in
Section 7.11(b) shall occur or exist with respect to any Plan or Multiemployer Plan if as a result of such event or condition, together with all other such events or conditions, the Borrower or any ERISA Affiliate shall incur or in the
opinion of the Majority Banks shall be reasonably likely to incur a liability to a Plan, a Multiemployer Plan or the PBGC (or any combination of the foregoing) which is, in the determination of the Majority Banks, material in relation to the
consolidated financial condition, business, operations or prospects taken as a whole of the Borrower and its Subsidiaries; 
  

 28 

 (g) Judgments. (i) One or more non-interlocutory judgments, non-interlocutory orders, decrees of
arbitration awards is entered against the Borrower or any Subsidiary involving in the aggregate a liability (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) as to any single or
related series of transactions, incidents or conditions, of $1,000,000 or more, and the same shall remain unsatisfied, unvacated and unstayed pending appeal for a period of 10 days after the entry thereof; 
  
 (ii) Any non-monetary judgment, order or decree is entered against the
Borrower or any Subsidiary which does or would reasonably be expected to have a material and adverse effect on the assets, condition or prospects of the Borrower or any Subsidiary, and there shall be a period of 10 consecutive days during which a
stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
  
 (h) Cease and Desist Order or Other Action. The FDIC or any other federal or state regulatory authority shall issue a cease and desist order or
take other action of a disciplinary or remedial nature against the Borrower or any Subsidiary and such order or other action shall have a material adverse effect on the financial condition or continued operations of the Borrower or any Subsidiary or
there shall occur with respect to any Subsidiary Bank any event which is grounds for the required submission of a capital restoration plan under 12 U.S.C. §1831o(e)(2) and the regulations thereunder, as amended; 
  
 (i) Noncompliance with Certain Covenants. The Borrower shall fail to
comply with the provisions of Section 8.4, 8.5, 8.6, 8.9 or 8.10 hereof. 
  
 (j) Noncompliance with this Agreement. The Borrower shall fail to comply with any provision of this Agreement, which failure does not otherwise
constitute an Event of Default, and (if such Event of Default is capable of being cured) such failure shall continue for 10 days; 
  
 (k) Bankruptcy — Filing of Petition. The Borrower or any Subsidiary shall file a petition or answer or consent seeking relief under Title 11
of the United States Code, as now constituted or hereafter amended, or any other applicable federal, state or foreign bankruptcy law or other similar law, or the Borrower or any Subsidiary shall consent to the institution of proceedings thereunder
or the filing of any such petition or to the appointment or taking possession of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official of the Borrower or any Subsidiary or the Borrower or any Subsidiary shall take
any corporate action to approve any of the foregoing; 
  
 (l)
Bankruptcy — Entry of Order for Relief. There shall be entered a decree or order by a court constituting an order for relief in respect of the Borrower or any Subsidiary under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other applicable federal, state or foreign bankruptcy law or other similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official of the Borrower or any Subsidiary or of
any substantial part of their respective properties, or ordering the winding-up of or liquidation of the affairs of the Borrower or any Subsidiary or ordering the merger or consolidation of the Borrower or any Subsidiary with or into any other
entity, and any such decree or order shall continue unstayed and in effect for a period of 30 consecutive days; or 
  

 29 

 (m) Insolvency. The Borrower or any Subsidiary shall become insolvent or shall fail or be unable
to pay its debts as they mature, or shall admit in writing its inability to pay its debts as they mature, or shall make a general assignment for the benefit of its creditors, or shall enter into any composition or similar agreement, or shall suspend
the transaction of all or a substantial portion of its usual business, or any Subsidiary Bank shall have its charter to operate as a bank or savings and loan association revoked, shall be closed by any regulatory authority, or shall cease to have
deposits insured by the FDIC. 
  
 9.2 Remedies. Upon the
occurrence of any Event of Default set forth in subsections (a) through (j) of Section 9.1 and during the continuance thereof, the Agent, on request of the Majority Banks, shall declare the Commitments to be terminated and/or
declare the Loans and any other amounts payable hereunder and under the Notes to the Agent and the Banks to be immediately due and payable, whereupon the Commitments shall be forthwith terminated and/or the Loans and any other amounts payable
hereunder and under the Notes shall forthwith become due and payable. Upon the occurrence of any Event of Default set forth in subsections (k) through (m) of Section 9.1, the Commitments shall be immediately and automatically
terminated and the Loans and any other amounts owed to the Agent and the Banks hereunder and under the Notes shall be immediately and automatically due and payable without action of any kind on the part of Agent or any Bank. The Borrower expressly
waives diligence, presentment, demand, notice, or protest of any kind in connection herewith. 
  
 SECTION 10. THE AGENT 
  
 10.1
Appointment, Powers and Immunities. Each Bank hereby irrevocably appoints and authorizes the Agent to act as its agent hereunder and under the Notes with such powers as are specifically delegated to the Agent by the terms of this Agreement,
together with such other powers as are reasonably incidental thereto. The Agent: (a) shall not have any duties or responsibilities except those expressly set forth in this Agreement, and shall not by reason of this Agreement be a trustee for any
Bank; (b) shall not be responsible to the Banks for any recitals, statements, representations or warranties contained in this Agreement, the Notes, or in any certificate or other documents referred to or provided for in, or received by any of them
under, this Agreement, the Notes, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, any Note or any other document referred to or provided for herein or for any failure by the Borrower or any
other Person to perform any of its obligations hereunder or thereunder; (c) shall not be required to initiate or conduct any litigation or collection proceedings hereunder; and (d) shall not be responsible for any action taken or omitted to be taken
by it hereunder or under any other document or instrument referred to or provided for herein or in connection herewith, except for its own gross negligence or willful misconduct. The Agent may employ agents and attorneys-in-fact and shall not be
responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until a written notice of
the assignment or transfer thereof shall have been filed with the Agent. 
  
 10.2 Reliance by Agent. The Agent shall be entitled to rely upon any certification, notice or other communication (including any thereof by telephone or telecopy) believed by it to be genuine and correct and to
have been signed or sent by or on behalf of the proper Person or 
  

 30 

 Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the
Agent. As to any matters not expressly provided for by this Agreement, the Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by the Majority Banks, and such
instructions of the Majority Banks and any action taken or failure to act pursuant thereto shall be binding on all of the Banks. 
  
 10.3 Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Agent has received notice from
the Borrower or any Bank specifying such Default and stating that such notice is a “Notice of Default.” In the event that the Agent receives such a notice of the occurrence of a Default, the Agent shall give prompt notice thereof to the
Banks. The Agent shall (subject to Section 10.1 and Section 10.7 hereof) take such action with respect to such Default as shall be directed by the Majority Banks, provided that, unless and until the Agent shall have received such
directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Banks. 
  
 10.4 Rights as a Bank. With respect to its Commitment and its Loans,
SunTrust in its capacity as a Bank hereunder shall have the same rights and powers hereunder as any other Bank and may exercise the same as though it were not acting as the Agent, and the term “Bank” or “Banks” shall, unless the
context otherwise indicates, include SunTrust in its individual capacity. SunTrust and its affiliates may (without having to account therefor to any Bank) accept deposits from, lend money to and generally engage in any kind of banking, trust or
other business with the Borrower (and any of its affiliates) as if it were not acting as the Agent, and SunTrust and its affiliates may accept fees (including the agency fee contemplated by Section 3.2) and other consideration from the
Borrower for services in connection with this Agreement or otherwise without having to account for the same to the Banks. 
  
 10.5 Indemnification. The Banks agree to indemnify the Agent (to the extent not reimbursed under Section 11.3 hereof, but without limiting
the obligations of the Borrower under said Section 11.3), ratably in accordance with their respective Percentages, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of this Agreement, the Notes or any other documents contemplated by or referred to herein or the
transactions contemplated hereby (including, without limitation, the costs and expenses which the Borrower is obligated to pay under Section 11.3 hereof but excluding, unless a Default has occurred and is continuing, normal administrative
costs and expenses incident to the performance of its agency duties hereunder) or the enforcement of any of the terms hereof or of any such other documents, provided that no Bank shall be liable for any of the foregoing to the extent they arise from
the gross negligence or willful misconduct of the Agent. 
  
 10.6
Non-Reliance on Agent and other Banks. Each Bank agrees that it has, independently and without reliance on the Agent or any other Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis of
the Borrower and its Subsidiaries and decision to enter into this Agreement and accept its Note and that it will, independently and without reliance upon the Agent or any other Bank, and based on such documents and information as it shall deem
appropriate at the time, continue to make its 
  

 31 

 own analysis and decisions in taking or not taking action under this Agreement and its Note. The Agent shall not be
required to keep itself informed as to the performance or observance by the Borrower of this Agreement or any other document referred to or provided for herein or to inspect the properties or books of the Borrower or any of its Subsidiaries. Except
for notices, reports and other documents and information expressly required to be furnished to the Banks by the Agent hereunder, the Agent shall not have any duty or responsibility to provide any Bank with any credit or other information concerning
the affairs, financial condition or business of the Borrower or any of its Subsidiaries (or any of their affiliates) which may come into the possession of the Agent or any of its affiliates. 
  
 10.7 Failure to Act. Except for action expressly required of the Agent
hereunder, the Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall receive further assurances to its satisfaction from the Banks of their indemnification obligations under Section 10.5 hereof
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. 
  
 10.8 Resignation of Agent. Subject to the appointment and acceptance of a successor Agent as provided below, the Agent may resign at any time by
giving forty-five (45) days’ notice thereof to the Agent, the Banks and the Borrower. Upon any such resignation, the Majority Banks shall have the right to appoint a successor to the resigning Agent. If no successor shall have been so appointed
by the Majority Banks and shall have accepted such appointment within forty-five (45) days after the Agent’s giving of notice of resignation, then the resigning Agent may, on behalf of the Banks, appoint a successor Agent, which shall be a bank
and which has capital, surplus and undivided profits of at least $500,000,000. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the resigning Agent, and the resigning Agent shall be discharged from its duties and obligations hereunder. After the resigning Agent’s resignation hereunder, the provisions of this Section 10 shall
continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Agent. 
  
 SECTION 11. MISCELLANEOUS 
  
 11.1 Waiver. No failure on the part of the Agent or any Bank to exercise, no delay in exercising, and no course of dealing with respect to, any
right, power or privilege under this Agreement or any Note shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
  
 11.2 Notices. Except as otherwise provided in this Agreement, all notices and other communications provided for herein shall be given or made in writing and telecopied, mailed or delivered to the notice address
of the intended recipient set forth on the signature pages hereof, or as to any party, at such other address as shall be designated by such party in a notice to each other party. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when properly transmitted by telecopier or personally delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid. 
  

 32 

 11.3 Expenses, Etc. The Borrower agrees to pay or reimburse each of the Banks and the Agent for:
(a) all reasonable out-of-pocket costs and expenses of the Agent (including, without limitation, the reasonable fees and expenses of Mayer, Brown, Rowe & Maw LLP, special counsel to the Agent) in connection with (i) the negotiation, preparation,
execution and delivery of this Agreement and the Notes and (ii) any amendment, modification or waiver of any of the terms of this Agreement or any of the Notes; (b) all reasonable costs and expenses of the Banks and the Agent (including reasonable
counsels’ fees (which counsel may be employees of the Agent or the Banks)) in connection with any Default and any enforcement or collection proceedings resulting therefrom; and (c) all transfer, stamp, documentary or other similar taxes,
assessments or charges levied by any governmental or revenue authority in respect of this Agreement, the Notes or any other document referred to herein. 
  
 11.4 Amendments, Etc. Except as otherwise expressly provided in this Agreement, any provision of this Agreement may be waived, amended or modified
only by an instrument in writing signed by the Borrower, the Agent and the Majority Banks; provided that no amendment, modification or waiver shall, unless by an instrument signed by the Agent and all of the Banks: (a) increase or extend the term of
the Commitments, except as provided in Section 2.10, or extend the Revolving Credit Commitment Termination Date, (b) extend any date fixed for the payment of any principal of or interest on any Loan or any fee, (c) reduce the amount of any
payment of principal thereof or the rate at which interest is payable thereon or any fee is payable hereunder, (d) alter the terms of this Section 11.4 or of Section 11.6(a), (e) amend the definition of the term “Majority
Banks” or (f) waive any of the conditions precedent set forth in Section 6 hereof. 
  
 11.5 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
  
 11.6 Assignments and Participations. 
  
 (a) The Borrower may not assign its rights or obligations hereunder or under
the Notes without the prior consent of all of the Banks and the Agent. 
  
 (b) No Bank may assign any of its Loans, its Note or its Commitment without the prior consent of the Borrower and the Agent; provided, that (i) any such assignment shall be in the amount of $1,000,000 or an integral multiple of $1,000,000
in excess thereof; (ii) no Bank may assign in the aggregate more than 49% of the greatest amount of its Commitment after the date hereof, (iii) the Bank making such assignment shall pay a processing fee to the Agent in the amount of $2,000, (iv)
such assigning Bank shall also simultaneously assign to such assignee Bank the same proportion of each of its Loans then outstanding (together with the same proportion of its Note then outstanding) and (v) no consent of the Borrower shall be
required in respect of any assignment (A) at any time that an Event of Default shall have occurred and be continuing or (B) to any Bank or affiliate of any Bank. In addition, any Bank may at any time, without the consent of the Borrower or the
Agent, assign all or any portion of its rights under this Agreement and its Note to a Federal Reserve Bank; provided, that no such assignment to a Federal Reserve Bank shall release the transferor Bank from its obligations hereunder. Upon written
notice to the Borrower and the Agent of an assignment permitted by the provisos of the preceding sentence (which notice shall identify the assignee Bank, the amount of the assigning 
  

 33 

 Bank’s Commitment and Loans assigned in detail reasonably satisfactory to the Agent) and upon the effectiveness of
any assignment consented to by the Borrower and the Agent, the assignee shall have, to the extent of such assignment (unless otherwise provided in such assignment with the consent of the Borrower and the Agent), the obligations, rights and benefits
of a Bank hereunder holding the Commitment and Loans (or portions thereof) assigned to it (in addition to the Commitment and Loans, if any, theretofore held by such assignee) and the assigning Bank shall, to the extent of such assignment, be
released from the Commitment (or portions thereof) so assigned. 
  
 (c) A Bank may, with the consent of the Borrower, sell or agree to sell to one or more other Persons a participation in all or any part of any Loan held by it or Loans made or to be made by it, in which event each such participant shall not
have any rights or benefits under this Agreement or any Note (the participant’s rights against such Bank in respect or such participation to be those set forth in the agreement (the “Participation Agreement”) executed by such
Bank in favor of the participant). All amounts payable by the Borrower to any Bank under Section 5 hereof shall be determined as if such Bank had not sold or agreed to sell any participations in such Loan and as if such Bank were funding the
portion of such Loan in which no participations have been sold. In no event shall a Bank that sells a participation be obligated to the participant under the Participation Agreement to take or refrain from taking any action hereunder or under such
Bank’s Note except that such Bank may agree in the Participation Agreement that it will not, without the consent of the participant, agree to (i) the increase or extension of the term, or the extension of the time or waiver of any requirement
for the reduction or termination, of such Bank’s Commitment, (ii) the extension of any date fixed for the payment of principal of or interest on the related Loan or Loans or any fee (if the participant is entitled to any part thereof), (iii)
the reduction of any payment of principal thereof, or (iv) the reduction of the rate at which either interest is payable thereon or (if the participant is entitled to any part thereof) commitment fee is payable hereunder to a level below the rate at
which the participant is entitled to receive interest or a commitment fee (as the case may be) in respect of such participation. 
  
 (d) A Bank may furnish any non-public information concerning the Borrower or any of its subsidiaries in the possession of such Bank from time to time to
actual or prospective assignees and participants; provided that such recipient shall agree with such Bank (on behalf of itself and each of its affiliates, directors, officers, employees and representatives) that (A) the information so furnished will
not be used by it except in connection with this Agreement and (B) it shall use reasonable precautions, in accordance with its customary procedures for handling confidential information and in accordance with safe and sound banking practices, to
keep such information confidential, provided that nothing in such agreement shall limit the disclosure of such information (i) to the extent required by statute, rule, regulation or judicial process, (ii) to its counsel or to counsel for any of the
Banks or the Agent, (iii) to bank examiners, auditors or accountants or other professional advisors, (iv) to the Agent or any other Bank, (v) in connection with any litigation to which the Agent or any one or more of the Banks is a party or (vi) to
the extent such information has become public (other than by its breach of such agreement). 
  
 11.7 Survival. The obligations of the Borrower under Sections 5.1, 5.5 and 11.3 hereof shall survive the repayment of the Loans and the termination of the Commitments. 
  

 34 

 11.8 Captions. The table of contents and captions and Section headings appearing herein are
included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 
  
 11.9 Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing one or more of such counterparts. 
  
 11.10 Jurisdiction, Service of Process. 
  
 (a) Any suit, action or proceeding against the Borrower with respect to this Agreement or the Notes or any judgment entered by any court in respect of any
thereof may be brought in the courts of the State of New York located in Manhattan or in the U.S. District Court for the Southern District of New York as the Agent or any Bank may elect, and the Borrower hereby submits to the non-exclusive
jurisdiction of each such court for the purpose of any such suit, action or proceeding. The Borrower consents to the service of process upon it in any such suit, action or proceeding by regular first class mail addressed to it at its address
specified in Section 11.2. The foregoing shall not, however, limit the right of the Agent or any Bank to serve process in any other manner permitted by law or to commence any suit, action or proceeding or to obtain execution of judgment in
any appropriate jurisdiction. Without limiting the foregoing, the Borrower further agrees that the Agent or any Bank may at their option submit any dispute which may arise in connection with this Agreement or the Notes to any other court having
jurisdiction over the Borrower or the Borrower’s property. 
  
 (b) The Borrower hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes brought in the courts of the
State of New York located in Manhattan or the U.S. District Court for the Southern District of New York, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. 
  
 11.11 Set-off. The Borrower agrees
that in addition to any right of recoupment, set-off, banker’s lien or counterclaim the Agent or any Bank may otherwise have, the Agent and each Bank shall be entitled to offset deposits (including all account balances, whether provisional or
final and whether or not collected or available) and other claims of the Borrower at any of the Agent’s or such Bank’s offices, in Dollars or in any other currency, against any amount payable to the Agent or such Bank hereunder which is
not paid when due (regardless of whether such deposits and other claims are then due). 
  
 11.12 Governing Law. THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK. 
  

 35 

 11.13 Waiver of Jury Trial. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  

 36 

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

			
	 BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

		
	 Address:
	 	 Ten Post Office Square

	 	 	 Boston, Massachusetts 02109

	 Telecopier No.
	 	 (617) 912-4421

	 Attention:
	 	 Walter M. Pressey

	 Telephone No.
	 	 (617) 912-1921

  

 S-1 

			
	 SUNTRUST BANK,

	 as Administrative Agent and Structuring Agent

		
	 By:
	 	  

	 Name:
	 	  

		
	 Address:
	 	 SunTrust Plaza

	 	 	 303 Peachtree Street,          Floor

	 	 	 Atlanta, Georgia 30308

	 Telecopier No.:
	 	 (404) 581-1775

		
	 Attention:
	 	 James Bradshaw

	 	 	 Director

	 Telephone No.:
	 	 (404) 588-7565

  

 S-2 

			
	 BANKS:

	
	 SUNTRUST BANK

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

		
	 Address:
	 	 SunTrust Plaza

	 	 	 303 Peachtree Street-_ Floor

	 	 	 Atlanta, Georgia 30308

	 Telecopier No.:
	 	 (404) 581-1775

		
	 Attention:
	 	 James Bradshaw

	 	 	 Director

		
	 Telephone No.:
	 	 (404) 588-7565

  

 S-3 

			
	 THE NORTHERN TRUST COMPANY

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 Address:
	 	 50 South LaSalle Street

	 	 	 Chicago, Illinois 60675

		
	 Telecopier No.:
	 	 (312) 557-8337

		
	 Attention:
	 	 Thomas E. Bernhardt

	 	 	 Vice President

		
	 Telephone No.:
	 	 (312) 557-1273

  

 S-4

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