Document:

Severance Agreement between the Registrant and Richard Heaps

 Exhibit 10.37 
 

 
 SEVERANCE AGREEMENT 
 THIS AGREEMENT is entered into as of September 4, 2008, by and between RICHARD
HEAPS (the “Employee”) and SELECTICA, INC., a Delaware corporation (the “Company”). 
  

	 	1.	TERMINATION BENEFITS. 

 (a) Qualifying
Terminations. Severance benefits shall be provided under this Agreement only if one of the following Paragraphs applies: 
 (i) Change in Control. The Company is subject to a Change in Control before the Employee’s employment terminates and, within 12 months thereafter, a Separation occurs for any reason; or 
 (ii) No Change in Control. Paragraph (i) above does not apply and a Separation occurs because the Company terminates the
Employee’s employment for a reason other than Cause or Permanent Disability. 
 (b) Release. Subsection (a) above
notwithstanding, severance benefits shall be provided under this Agreement only if the Employee has executed a general release of all known and unknown claims that the Employee may then have against the Company, using the form attached hereto as
Exhibit A and without making alterations (the “Release”), and has agreed not to prosecute any legal action or other proceeding based on such claims. However, the Employee shall not be required to release any claims that the Employee
may have against the Company arising under (i) any indemnification agreement between the Employee and the Company or (ii) any rights to indemnification, advancement of expenses or repayment arising under the Company’s Certificate of
Incorporation, the Company’s Bylaws or the indemnification provisions of applicable State statutes, in each case as currently in effect or as subsequently amended. The Company shall deliver the completed Release to the Employee within 10
business days after his Separation. The Employee shall execute and return the Release within the period set forth in Exhibit A. 
 (c)
Severance Pay. If Subsection (a) above applies, then the Employee shall be entitled to receive severance payments from the Company for the period of six months following his Separation. (Such period is referred to below as the
“Continuation Period”). Such severance payments shall be equal to the Employee’s base salary at the annual rate in effect at the time of his Separation, prorated to reflect the actual length of the Continuation Period. Such severance
payments shall be made in installments in accordance with the Company’s standard payroll procedures and shall commence within 30 days after the Employee returns the release described in Subsection (b) above. For purposes of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each installment payment under this Subsection (c) is hereby designated as a separate payment. 

 The preceding paragraph notwithstanding, if the Company determines that the Employee is a “specified
employee” under Section 409A(a)(2)(B)(i) of the Code and the regulations thereunder at the time of his Separation, then (i) the severance payments under this Subsection (c), to the extent not exempt from Section 409A of the Code,
shall commence during the seventh month after the Employee’s Separation and (ii) the installments that otherwise would have been paid during the first six months following the Employee’s Separation shall be paid in a lump sum when
such severance payments commence. 
 (d) Health Insurance. If Subsection (a) above applies, and if the Employee elects to
continue health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for the Employee and, if applicable, the Employee’s dependents following the Employee’s Separation, then the Company shall pay
the employer portion of the monthly premium under COBRA for the Employee and, if applicable, such dependents until the earliest of (i) the close of the Continuation Period, (ii) the expiration of the Employee’s continuation coverage
under COBRA or (iii) the date when the Employee receives substantially equivalent health insurance coverage in connection with new employment or self-employment. Should COBRA be unavailable due to Company’s inability to provide adequate
insurance coverage, then the Employee shall receive a lump sum payment equal to the COBRA costs the Company would have incurred on the Employee’s behalf. Such payment shall be made within 30 days after the Employee returns the release described
in Subsection (b) above. 
 (e) Definition of “Cause” For purposes of this Agreement, “Cause” shall mean:

 (i) An unauthorized use or disclosure by the Employee of the Company’s confidential information or trade secrets,
which use or disclosure causes material harm to the Company; 
 (ii) A material breach by the Employee of any agreement
between the Employee and the Company; 
 (iii) A material failure by the Employee to comply with the Company’s written
policies or rules; 
 (iv) The Employee’s conviction of, or plea of “guilty” or “no contest” to, a
felony under the laws of the United States or any State thereof; 
 (v) The commission of any act of fraud, embezzlement or
dishonesty by the Employee; 
 (vi) The Employee’s gross negligence or intentional misconduct; 
 (vii) A continuing failure by the Employee to perform assigned duties after receiving written notification of such failure from the
Company; or 
  

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 (viii) A failure by the Employee to cooperate in good faith with a governmental or
internal investigation of the Company or its directors, officers or employees, if the Company has requested the Employee’s cooperation. 
 (f) Definition of “Change in Control.” For purposes of this Agreement, “Change in Control” shall mean: 
 (i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger,
consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (A) the continuing or surviving entity and (B) any
direct or indirect parent corporation of such continuing or surviving entity; 
 (ii) The sale, transfer or other disposition
of all or substantially all of the Company’s assets; 
 (iii) A change in the composition of the Company’s Board of
Directors (the “Board”), as a result of which fewer than 50% of the incumbent directors are directors who either: 
 (A) Had been directors of the Company on the date 24 months prior to the date of such change in the composition of the Board (the “Original Directors”); or 
 (B) Were appointed to the Board, or nominated for election to the Board, with the affirmative votes of at least a majority of the
aggregate of (I) the Original Directors who were in office at the time of their appointment or nomination and (II) the directors whose appointment or nomination was previously approved in a manner consistent with this Subparagraph (B); or

 (iv) Any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under
the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities. For purposes of this
Paragraph (iv), the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of such Act but shall exclude (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or
of a Parent or Subsidiary and (B) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the common stock of the Company. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that
will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
  

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 (g) Definition of “Permanent Disability.” For purposes of this Agreement,
“Permanent Disability” shall mean the Employee’s inability to perform the essential functions of the Employee’s position, with or without reasonable accommodation, for a period of at least 120 consecutive days because of a
physical or mental impairment. 
 (h) Definition of “Separation.” For purposes of this Agreement,
“Separation” shall mean a “separation from service,” as defined in the regulations under Section 409A of the Code. 
  

	 	2.	PARACHUTE PAYMENTS. 

 (a) Scope of
Limitation. This Section 2 shall apply only if an independent accredited accounting firm selected by the Employee (the “Accounting Firm”) determines that the after-tax value of all Payments (as defined below) to the
Employee, taking into account the effect of all federal, state and local income taxes, employment taxes and excise taxes applicable to the Employee (including the excise tax under Section 4999 of the Code), will be greater after the application
of this Section 2 than it was before the application of this Section 2. If this Section 2 applies, it shall supersede any contrary provision of this Agreement. 
 (b) Basic Rule. In the event that the Accounting Firm determines that any payment or transfer by the Company to or for the benefit of the
Employee (a “Payment”) would be nondeductible by the Company for federal income tax purposes because of the provisions concerning “excess parachute payments” in Section 280G of the Code, then the aggregate present value of
all Payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this Section 2, the “Reduced Amount” shall be the amount, expressed as a present value, which maximizes the aggregate present value of the
Payments without causing any Payment to be nondeductible by the Company because of Section 280G of the Code. 
 (c) Reduction of
Payments. Any reduction under Subsection (b) above shall be applied first to Payments that constitute “deferred compensation” (within the meaning of Section 409A of the Code and the regulations thereunder). If there is
more than one such Payment, then such reduction shall be applied on a pro rata basis to all such Payments. Subject to the foregoing rules, the Employee may elect, in the Employee’s sole discretion, which and how much of the Payments
shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of the Employee’s election within 10 business days of receipt of
notice. If no such election is made by the Employee within such 10-day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments
equals the Reduced Amount) and shall notify the Employee promptly of such election. For purposes of this Section 2, a present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the
Accounting Firm under this Section 2 shall be binding upon the Company and the Employee and shall be made within 10 business days of the date when a Payment becomes payable or transferable. As promptly as practicable following such
determination and the 

  

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elections hereunder, the Company shall pay or transfer to or for the benefit of the Employee such amounts as are then due to the Employee and shall promptly
pay or transfer to or for the benefit of the Employee in the future such amounts as become due to the Employee. 
 (d) Overpayments and
Underpayments. As a result of uncertainty in the application of Section 280G of the Code at the time of an initial determination by the Accounting Firm hereunder, it is possible that Payments will have been made by the Company that
should not have been made (an “Overpayment”) or that additional Payments that will not have been made by the Company could have been made (an “Underpayment”), consistent in each case with the calculation of the Reduced Amount
hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Employee that the Accounting Firm believes has a high probability of success, determines that an
Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Employee that the Employee shall repay to the Company, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the
Code; provided, however, that no amount shall be payable by the Employee to the Company if and to the extent that such payment would not reduce the amount that is subject to taxation under Section 4999 of the Code. In the event that the
Accounting Firm determines that an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the Employee, together with interest at the applicable federal rate provided in
Section 7872(f)(2) of the Code. 
 (e) Related Corporations. For purposes of this Section 2, the term
“Company” shall include affiliated corporations to the extent determined by the Accounting Firm in accordance with Section 280G(d)(5) of the Code. 
 (f) Fees of Accounting Firm and Required Data. The Company shall pay all fees, expenses and other costs associated with retaining the Accounting Firm for the purposes described in this Section 2. The
Company shall provide to the Accounting Firm all data in the Company’s possession or under its control that the Accounting Firm reasonably requires for the purposes described in this Section 2. 
  

	 	3.	EMPLOYMENT AT WILL. 

 The Employee’s employment
with the Company shall be “at will,” meaning that either the Employee or the Company shall be entitled to terminate the Employee’s employment at any time and for any reason, with or without Cause. Any contrary representations that may
have been made to the Employee shall be superseded by this Agreement. This Agreement shall constitute the full and complete agreement between the Employee and the Company on the “at will” nature of the Employee’s employment, which may
only be changed in an express written agreement signed by the Employee and a duly authorized officer of the Company. 
  

	 	4.	SUCCESSORS. 

 (a) Company’s Successors.
This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, reorganization, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets.
For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets that becomes bound by this Agreement. 
  

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 (b) Employee’s Successors. This Agreement and all rights of the Employee hereunder shall
inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. This Agreement and all rights and obligations of the Employee
hereunder are personal to the Employee and may not be transferred or assigned by the Employee at any time; provided that Employee may assign the Employee’s rights hereunder pursuant to any property settlement resulting from the dissolution of
the Employee’s marriage on the condition that such rights shall be conditioned upon Employee’s performance of the Employee’s obligations hereunder as if no such assignment had occurred. 
  

	 	5.	ARBITRATION. 

 (a) Scope of Arbitration
Requirement. The parties hereby waive their rights to a trial before a judge or jury and agree to arbitrate before a neutral arbitrator any and all claims or disputes arising out of this Agreement or the Release and any and all claims arising
from or relating to the Employee’s employment with the Company, including (but not limited to) claims against any current or former employee, director or agent of the Company, claims of wrongful termination, retaliation, discrimination,
harassment, breach of contract, breach of the covenant of good faith and fair dealing, defamation, invasion of privacy, fraud, misrepresentation, constructive discharge or failure to provide a leave of absence, claims regarding commissions, stock
options or bonuses, infliction of emotional distress or unfair business practices, or any tort or tort-like causes of action. 
 (b)
Exceptions. The foregoing notwithstanding, the only claims that may be resolved in any appropriate forum (including courts of law) are (i) claims concerning workers’ compensation benefits and (ii) claims concerning unemployment
insurance. 
 (c) Procedure. The arbitrator’s decision shall be written and shall include the findings of fact and law that
support the decision. The arbitrator’s decision shall be final and binding on both parties, except to the extent applicable law allows for judicial review of arbitration awards. The arbitrator may award any remedies that would otherwise be
available to the parties if they were to bring the dispute in court. The arbitration shall be conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association; provided, however, that
the arbitrator shall allow the discovery authorized by the California Arbitration Act or the discovery that the arbitrator deems necessary for the parties to vindicate their respective claims or defenses. The arbitration shall take place in Santa
Clara County or, at the Employee’s option, the County in which the Employee primarily worked with the Company at the time when the arbitrable dispute or claim first arose. 
 (d) Costs. The parties shall share the costs of arbitration equally, except that the Company shall bear the cost of the arbitrator’s fee and
any other type of expense or cost that the Employee would not be required to bear if the Employee were to bring the dispute or claim in court. Both the Company and the Employee shall be responsible for their own attorneys’ fees, and the
arbitrator may not award attorneys’ fees unless a statute or contract at issue specifically authorizes such an award. 
  

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	 	6.	MISCELLANEOUS PROVISIONS. 

 (a) Notice.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage
prepaid. In the case of the Employee, mailed notices shall be addressed to the Employee at the home address that the Employee most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its
corporate headquarters, and all notices shall be directed to the attention of its Secretary. 
 (b) Entire Agreement. This Agreement
supersedes and replaces any prior agreements, representations or understandings, whether written, oral or implied, between the Employee and the Company with respect to the subject matter hereof. 
 (c) Modifications and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by the Employee and by an authorized officer of the Company (other than the Employee). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other
party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (d)
Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law. 
 (e) Choice of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of California (except their provisions governing the choice of law). If any provision of this
Agreement becomes or is deemed invalid, illegal or unenforceable in any jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the extent necessary to conform to applicable law so as
to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect.
Should there ever occur any conflict between any provision contained in this Agreement and any present or future statute, law, ordinance or regulation, then the latter shall prevail, but the provision of this Agreement affected thereby shall be
curtailed and limited only to the extent necessary to bring it into compliance with applicable law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation. 
 (f) Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but both of which together shall
constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by
its duly authorized officer, as of the day and year first above written. 
  

			
	 /s/ Richard Heaps

	
	SELECTICA, INC.
		
	By	 	 /s/ Brenda Zawatski

	Title:	 	Co-Chair

  

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 EXHIBIT A 
 FORM OF RELEASE 
 SELECTICA, INC. 
 1740 TECHNOLOGY DRIVE 
 SAN JOSE, CA 95110 
                     , 20     
 Mr. Richard Heaps 
 Dear Richard: 
 This letter (the “Agreement”) confirms the agreement between you and Selectica, Inc. (the “Company”) regarding the termination of your employment with the Company. 
 1. Termination Date. Your employment with the Company will terminate on
                    , 20     (the “Termination Date”). 
 2. Effective Date and Rescission. You have up to 21 days after you received this Agreement to review it. You are advised to consult an attorney of
your own choosing (at your own expense) before signing this Agreement. Furthermore, you have up to seven days after you signed this Agreement to revoke it. If you wish to revoke this Agreement after signing it, you may do so by delivering a letter
of revocation to me. If you do not revoke this Agreement, the eighth day after the date you signed it will be the “Effective Date.” Because of the seven-day revocation period, no part of this Agreement will become effective or enforceable
until the Effective Date. 
 3. Salary and Vacation Pay. On the Termination Date, the Company will pay you
$             (less all applicable withholding taxes and other deductions). This amount represents all of your salary earned through the Termination Date and all of your accrued but unused
vacation time or PTO. You acknowledge that, if you did not execute this Agreement, you would not be entitled to receive any additional money from the Company. The only payments and benefits that you are entitled to receive from the Company in the
future are those specified in this Agreement. 
 4. Severance Benefits. In consideration of executing this Agreement, you will receive
from the Company the severance payments and other benefits described in Section 1 of the Severance Agreement dated September 4, 2008, between you and the Company (the “Severance Agreement”). 
 5. Release of Claims. In consideration of receiving the severance payments and other benefits described in Section 1 of the Severance
Agreement, you waive, release and promise never to assert any claims or causes of action, whether or not now known, against the 

  

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Company or its predecessors, successors or past or present subsidiaries, parent, stockholders, directors, officers, employees, consultants, attorneys,
agents, assigns and employee benefit plans with respect to any matter, including (without limitation) any matter related to your employment with the Company or the termination of that employment, including (without limitation) claims to
attorneys’ fees or costs, claims of wrongful discharge, constructive discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of
discrimination or harassment based on sex, age, race, national origin, disability or any other basis under Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, the Age Discrimination in Employment Act of 1967,
the Americans with Disabilities Act and all other laws and regulations relating to employment. However, this release bars only those claims that arose prior to the execution of this Agreement. Execution of this Agreement does not bar: 
 (a) Any claim that arises hereafter; 
 (b) Any claim arising under any indemnification agreement between you and the Company, as amended; 
 (c) Any claim to indemnification or advancement of expenses arising under the Company’s Certificate of Incorporation, as amended, or the Company’s Bylaws, as amended; or 
 (d) Any claim to indemnification or advancement of expenses arising under applicable State statutes. 
 6. Waiver. You expressly waive and release any and all rights and benefits under Section 1542 of the California Civil Code (or any analogous
law of any other State), which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor.” 
 7. Promise Not To Sue. You agree that you will never, individually
or with any other person, commence, aid in any way (except as required by legal process) or prosecute, or cause or permit to be commenced or prosecuted, any action or other proceeding based on any claim that has been released pursuant to
Section 5 above. 
 8. No Admission. Nothing contained in this Agreement will constitute or be treated as an admission by you or
the Company of liability, any wrongdoing or any violation of law. 
 9. Proprietary Information and Inventions Agreement. At all times
in the future, you will remain bound by your Proprietary Information and Inventions Agreement with the Company. 
 10. Company
Property. You represent that you have returned to the Company all property that belongs to the Company, including (without limitation) copies of documents that belong to the Company and files stored on your computers) that contain information
belonging to the Company. 
  

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 11. Severability; Modifications. If any term of this Agreement is held to be invalid, void or
unenforceable, the remainder of this Agreement will remain in full force and effect and will in no way be affected, and the parties will use their best efforts to find an alternate way to achieve the same result. This Agreement may be modified only
in a written document signed by you and a duly authorized officer of the Company. 
 12. Choice of Law; Arbitration. This Agreement
will be construed and interpreted in accordance with the laws of the State of California (other than their choice-of-law provisions). The arbitration requirement described in Section 5 of the Severance Agreement will also apply to this
Agreement. 
 13. Execution. This Agreement may be executed in counterparts, each of which will be considered an original, but all of
which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature. 
 Please indicate your agreement with the above terms by signing below. 
  

			
	Very truly yours,
	
	SELECTICA, INC.
		
	By:	 	  

	Title:	 	  

 I agree to the terms of this Agreement, and i am voluntarily signing this release of all claims. I
acknowledge that I have read and understand this Agreement, and I understand that i cannot pursue any of the claims and rights that I have waived in this Agreement at any time in the future. 
  

	
	  

	                         Signature of
                    

			
		
	Dated:	 	  

  

 11Separation Agreement - Larry R. Mathews

 Exhibit 10.1 
 RENASANT CORPORATION 
 SEPARATION AGREEMENT 
 THIS SEPARATION AGREEMENT (the “Agreement”) is made effective as of February 11, 2009, between Renasant Corporation and each of its
subsidiaries and affiliates (collectively, the “Company”) and Larry R. Mathews (“Executive”). 
 1. Separation from
Employment: Effective as of February 11, 2009, Executive hereby voluntarily resigns his employment with the Company (his “Separation Date”). 
 2. Final Wages: The Company shall pay to Executive any base compensation accrued but unpaid as of his Separation Date as soon as practicable thereafter. 
 3. Mutual Obligations: Provided that Executive executes a General Waiver and Release in the from and at the time prescribed under paragraph 4
hereof and such release becomes irrevocable in accordance with its terms: 
  

	 	a.	Executive acknowledges that on account of his voluntary resignation hereunder, the Company’s obligations under that certain Employment Agreement by and between Executive and
the Company dated July 14, 2004 (his “Employment Agreement”), are extinguished, in their entirety, without the payment of compensation or benefits, and that he is not otherwise entitled to severance or similar amounts under any
separate plan, policy or program maintained by the Company. 

  

	 	b.	The Company acknowledges that on account of Executive’s voluntary resignation hereunder, Executive’s obligations under his Employment Agreement are extinguished, in their
entirety, except as set forth herein. 

 4. Severance Amount: Provided that Executive executes a General Wavier and
Release in the form attached hereto as Exhibit A during the 21 days following his Separation Date and such General Waiver and Release becomes irrevocable in accordance with its terms, the Company shall pay or provide to Executive: 

 

	 	a.	His base compensation at the periodic rate in effect as of his Separation Date, to be paid as of each of the Company’s regularly scheduled pay dates during the period
commencing as of his Separation Date and ending as of December 31, 2009; provided that the initial payment thereof shall be no earlier than the date on which Executive’s General Waiver and Release is irrevocable in accordance with its
terms; 

  

	 	b.	A monthly amount equal to the dues payable with respect to Executive’s membership in the Greystone Golf and Country Club, such amount to be paid during the period specified in
subparagraph a hereof; and 

  

	 	c.	Title to that certain 2006 Toyota Avalon currently in his possession, to be transferred as of the date on which Executive’s Waiver and Release shall become irrevocable.

 Notwithstanding the foregoing, if during the Restricted Period, Executive is employed in, or engages in, the Business in the Territory, any
payments required under subparagraphs a and b hereof shall cease. Executive agrees that he shall promptly inform the Company of any such employment and that he shall reimburse to the Company the amount of any payment made hereunder with respect to
the period after such employment commences. For this purpose, the term “Restricted Period” means the period 

 
commencing on Executive’s Separation Date and ending as of December 31, 2009; “Business” means commercial banking or the lending of
money, to the extent actively engaged in by the Alabama division of the Company during the Restricted Period; “Territory” means the counties of Jefferson, Madison, Morgan, and Shelby, Alabama. 
 5. Equity Compensation: Executive acknowledges that restricted stock awarded to him under the Company’s 2001 Long-Term Incentive Plan (the
“LTIP”) with respect to services to be performed during the Company’s 2009 fiscal year, shall be forfeited and cancelled as of his Separation Date. 
 Any stock options granted to Executive under the LTIP that are vested and remain unexercised as of his Separation Date shall remain exercisable during the 60-day period following his Separation Date in accordance with
their terms. Executive acknowledges that options not vested as of his Separation Date, if any, shall be cancelled and forfeited to the Company as of such date. Options otherwise exercisable hereunder that remain unexercised at the conclusion of such
60-day period shall be cancelled and forfeited to the Company at the conclusion of such period. 
 6. Other Benefits and Compensation:
Except as may be expressly provided herein, this Agreement is not intended to affect, increase or restrict Executive’s benefits, rights and coverages under the separate employee benefit plans, policies and programs generally maintained by the
Company for the benefit of its employees or officers in which Executive participated as of his Separation Date, including any contribution that may be due to Executive under the terms of the Company’s tax-qualified retirement plan with respect
to Executive’s compensation paid or accrued during the Company’s 2008 fiscal year; provided that Executive acknowledges that he is not entitled to a bonus under the Company’s Annual Incentive Plan for services that he performed
in 2008, that he will not be entitled to a bonus under such plan with respect to any services that he has performed during 2009, and that any amount paid pursuant to paragraph 3 hereof shall not be taken into account for purposes of any contribution
to any such plan or be eligible for deferral thereunder. 
 7. Executive’s Covenants: During the Restricted Period, Executive
shall not, directly or indirectly, knowingly: 
  

	 	a.	Solicit or contact for business purposes any existing customer of the Company, or solicit or contact for business purposes any prospective customer of the Company, in either case
for the purpose of competing with the Business; 

  

	 	b.	Induce, or attempt to induce, any employee, agent or consultant of the Company to violate any covenant to which Executive is otherwise bound hereunder; 

  

	 	c.	Interfere with any existing agreements or other arrangements to which the Company is a party, or interfere with any proposed agreement or arrangement to which the Company may be a
party; or 

  

	 	d.	Induce, or attempt to induce, solicit, offer or aid others to offer employment or engagement as a consultant or agent to any one who is a full-time employee, agent or consultant of
the Company as of his Separation Date. 

 In addition, during the Restricted Period and at all times thereafter, Executive shall not disclose
to any person, except as may be required by law, any non-public information concerning the business, clients or affairs of the Company for any reason or purpose whatsoever. Executive shall further not make any use 

  

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of such non-public information for his own purpose or for the benefit of anyone else, except the Company. 
 8. Return of Property: Except as provided herein, Executive shall promptly return to the Company all of the property of the Company, including,
without limitation, equipment, computers, fax machines, portable telephones, printers, software, credit cards, manuals, customer lists, financial data, letters, notes, notebooks, reports and copies of any of the above and any confidential
information that is in the possession or under the control of Employee. 
 9. Nondisparagement: As a material inducement to the
Company to enter into this Agreement, Executive agrees that he will not: 
  

	 	a.	Publicly criticize or disparage the Company, or privately criticize or disparage the Company, in any manner intended or reasonably calculated to result in public embarrassment to,
or injury to the reputation of, the Company in any community in which the Company is engaged in business; or 

  

	 	b.	Damage the property of the Company or otherwise engage in any misconduct which is injurious to the business or reputation of the Company. 

 Notwithstanding the foregoing, Executive shall not be deemed in breach of the covenants contained herein solely by reason of testimony compelled by process of law.

 Likewise, the Company agrees that it will not publicly or privately criticize or disparage Executive in a manner intended or reasonably
calculated to result in embarrassment to, or injury to the reputation of, Executive in the community, except that the Company shall report Executive’s separation on Form 8-K and as otherwise may be required under applicable law. 
 10. No Participation in Claims: Executive waives any right to in any way voluntarily assist any individual or entity in commencing or prosecuting
any action or proceeding including, but not limited to, any administrative claims, charges or complaints and/or any lawsuit against the Company, or to in any way voluntarily participate or cooperate in any such action or proceeding, except to
the extent such waiver may be prohibited by law or as to an employment discrimination claim prosecuted by another employee or administrative body. 
 11. Representations: By execution of this Agreement, Executive represents that no claim, charge, complaint or action by Executive against the Company exists in any forum or form. In the event any such claim, charge, complaint or
action has been filed, Executive shall not be entitled to recover any monies or other relief therefrom. 
 12. Tax Withholding: The
Company may withhold from any amount payable hereunder all Federal, state, city or other income or employment taxes that may be required by law to be withheld. 
 13. Separate Advice: Executive acknowledges that neither the Company nor its directors, officers or employees has provided him with advice about the terms and conditions of this Agreement, including the
taxation of payments hereunder, and that neither the Company nor its directors, officers or employees has any obligation to do so. Executive acknowledges that he has been advised to consult his own counsel prior to the execution of this Agreement
and he represents that he has done so. As a result, Executive agrees that he shall hold the Company, including its directors, officers and employees, harmless from any liability, including any income or excise tax liability or liability for
interest, arising from the payment of any amount or the transfer of any property hereunder. 
  

 3 

 14. Indemnification. The Company shall indemnify Executive with respect to his actions or
inactions taken in his capacity as an officer of the Company, to the fullest extent provided under the Company’s organizational documents and practices in effect as of his Separation Date and in accordance with the indemnification available to
similarly situated officers of the Company as of such date. 
 15. General Provisions: 
  

	 	a.	If any provision of this Agreement is held to be invalid, illegal, or unenforceable, in whole or in part, such invalidity shall not affect any otherwise valid provision, and all
other valid provisions shall remain in full force and effect. 

  

	 	b.	Titles and headings used herein are solely for convenience of reference and do not constitute a part of this Agreement or affect its meaning, interpretation or effect.

  

	 	c.	This Agreement shall be construed and enforced in accordance with the internal laws of the State of Mississippi applicable to contracts made to be performed wholly within such
state. 

  

	 	d.	No term or condition herein shall be deemed to have been waived, nor shall there be an estoppel against the enforcement of any provision of this agreement, except by written
instrument of the party charged with such waiver or estoppel. 

  

	 	e.	This Agreement may not be modified or amended, except by an instrument in writing signed by the parties hereto. 

  

	 	f.	This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior agreement, whether written or oral, with
respect thereto. 

 16. No Admission of Wrongdoing: Executive and the Company agree that neither this Agreement, Exhibit
A hereto, nor the furnishing of the consideration set forth herein shall be deemed or construed at any time for any purpose as an admission by the Company or Executive, as the case may be, of any liability or unlawful conduct of any kind.

 THIS SEPARATION AGREEMENT is executed in multiple counterparts as of the dates set forth below, each of which shall be deemed an
original, to be effective as of the Separation Date designated above. 
  

									
	RENASANT CORPORATION	 		 	EXECUTIVE
					
	By:	 	 /s/ E. Robinson McGraw
	 		 	By:	 	 /s/ Larry R. Mathews

		 	E. Robinson McGraw	 		 		 	Larry R. Mathews
		 	Its: Chief Executive Officer	 		 	Date: February 11, 2009
	Date: February 11, 2009	 		 		 	

  

 4 

 Separation Date: February 11, 2009 
 EXHIBIT A 
 GENERAL WAIVER AND RELEASE 
 This General Waiver and Release (the “Release”) is made in exchange for the consideration offered under Paragraph 4 of the Separation
Agreement entered into between me and Renasant Corporation and each of its subsidiaries and affiliates (collectively, the “Employer”), dated as of the date of my voluntary resignation, effective as of February 11, 2009 (the
“Agreement”) (the “Severance Amount”), the sufficiency of which I hereby acknowledge. 
 1. General Terms and
Conditions. I understand that signing this Release is an important legal act. I acknowledge that I have been advised by the Company to consult an attorney before signing this Release and that I have done so or I have determined that such
consultation is not necessary. I understand that I have 21 calendar days after my Separation Date to consider whether to sign this Release, without alteration, and return it to the Company by first class mail or by hand delivery, and that if I
execute and return this Release before the expiration of the 21-day period, I will be deemed to have waived the balance of the period. 
 2.
Release. In return for the Severance Amount, I release my Employer, including its parents, subsidiaries, affiliates, related companies or entities, employee benefit plans and the directors, officers, employees, agents, administrators
and other persons acting on behalf of each of them, together with their predecessors, successors and assignees (collectively referred to as the “Released Parties”) from all liabilities, demands, claims, actions, causes of action, and suits
of whatsoever nature that I have or may have against the Released Parties arising from or in any way related to my employment with my Company and the termination thereof, whether known or unknown to me, or suspected or unsuspected, or that I have or
may have individually or as a member of any class. I also release the Released Parties from any and all liabilities, demands, claims or suits that I may have against any of the Released Parties arising from any act occurring prior to the execution
of this Waiver and Release, whether known or unknown to me, or suspected or unsuspected, or that I have or may have individually or as a member of any class. 
 3. Further Limitations. Notwithstanding paragraph 2 hereof, this Release does not release any claim that I may have (a) for continuation of health care coverage under COBRA, (b) for benefits
arising from any retirement or welfare plan in which I was a participant during my employment, (c) for any rights arising under this General Waiver and Release or the Agreement, and (d) for any settlement or recovery in my capacity as a
shareholder of the Company. 
 Without limiting the generality of paragraph 2 hereof, it is expressly acknowledged that this Release does
apply to and does release any claim that I may have for discrimination or retaliation under any state workers’ compensation act or other state law prohibiting discrimination or retaliatory discharge, the Age Discrimination in Employment
Act, and/or the Older Workers’ Benefit Protection Act, and/or any other claim that I might assert for unlawful discharge or discrimination for exercising any right under any benefit plan of the Employer. 
 4. General Provisions. 
 a. Should
any of the provisions set forth in this Waiver be determined to be invalid by a court or other tribunal of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of other provisions thereof. 

 b. I acknowledge that this Release and the Agreement set forth the entire understanding and agreement
between me and the Company concerning the subject matter thereof and that they supersede any prior or contemporaneous oral and/or written agreements or representations, if any, between me and the Company. I further acknowledge that no person has the
authority to vary the terms of this release, except an authorized officer of the Company by means of a written amendment hereto. 
 c. I
acknowledge that I have read this Release, have had an opportunity to ask questions and have it explained to me, and that I understand that this Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including
breach of contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin or disability and any other claims arising prior to the date hereof. 
 d. I further agree that in the event of my material breach of this Release, in addition to any other legal or equitable remedy, the Company shall be
entitled to recover any payments made to me under the Agreement, subject to any restrictions on such recovery or relief as may be imposed under applicable law or as may be required to ensure that this Release is and remains valid and enforceable.

 e. I understand that for a period of seven calendar days following the execution of this Release, I may revoke it by delivering a written
statement to the Company by hand or by registered mail, addressed to the address for the Company specified in the Agreement, in which case the Release will not become effective. In such event, the Company shall have no obligation to provide me the
consideration offered under Paragraph 4 of the Agreement and the Agreement shall be null and void and of no effect. Upon the expiration of such seven-day period, I understand that this Release shall be permanent and irrevocable. 
 f. I agree that absent the execution of this Release, I am not otherwise due the Severance Amount from the Company for services that I have
performed or under any contractual agreement with the Company or in accordance with any severance pay plan or arrangement maintained by the Company. 
  

	
	 /s/ Larry R. Mathews

	Larry R. Mathews

 Date: February 11, 2009 
  

 2 

 GENERAL WAIVER AND RELEASE 
 This General Waiver and Release (the “Release”) is made in exchange for the non-competition and non-solicitation covenants and the other
consideration (“Executive’s Covenants”) offered under that certain Separation Agreement between Renasant Corporation and each of its subsidiaries and affiliates (collectively, the “Employer”) and Larry R. Mathews
(“Executive”) effective as of February 11, 2009, the sufficiency of which is hereby acknowledged. 
 1. Release. In
return for the Executive’s Covenants, Employer hereby releases Executive from all liabilities, demands, claims, actions, causes of action, and suits of whatsoever nature that it has or may have against Executive, whether known or unknown, or
suspected or unsuspected, arising from or in any way related to his employment with Employer and the termination thereof or any other act occurring prior to the execution of this Waiver and Release; provided, however, that this Release
does not release Executive from any liabilities, demands, claims, actions, causes of action, and suits that Employer has or may have against Executive arising out of (a) any illegal or unlawful action or failure to act by Executive,
(b) any action that resulted in Executive receiving a financial benefit to which he was not entitled, or (c) any action, or failure to act, by Executive to the extent that Executive would not be entitled to indemnification with respect to
such action or failure to act under the Bylaws, as amended, of Renasant Corporation because Executive has not met the Standard of Conduct set forth in Section 2 of Article IX of such Bylaws. 
 2. General Provisions. 
 a. Should
any of the provisions set forth in this Waiver be determined to be invalid by a court or other tribunal of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of other provisions thereof. 
 b. Employer acknowledges that this Release sets forth the entire understanding and agreement between Employer and Executive concerning the subject matter
hereof and that it supersedes any prior or contemporaneous oral and/or written agreements or representations, if any, between Employer and Executive. Employer further acknowledge that no person has the authority to vary the terms of this release,
except by means of a written amendment hereto executed by Employer and Executive. 
  

			
	RENASANT CORPORATION
		
	By:	 	 /s/ E. Robinson McGraw

		 	E. Robinson McGraw, President and Chief
		 	Executive Officer

 Date: February 11, 2009

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