Document:

EX-10.3

 Exhibit 10.3 

PLEDGE AND SECURITY AGREEMENT 

dated as of August 28, 2013 

between 
 AMERIS
BANCORP, as Grantor 
 and 

NEXBANK SSB, as Lender 

 PLEDGE AND SECURITY 

AGREEMENT 
 This PLEDGE
AND SECURITY AGREEMENT, dated as of August 28, 2013 (as it may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), by and among Ameris Bancorp, a Georgia corporation (the
“Borrower”), each Additional Grantor (as herein defined) (along with the Borrower, each, a “Grantor”), and NexBank, SSB, as lender (together with its successors and permitted assigns, the “Lender”).

 RECITALS: 

WHEREAS, reference is made to that certain Loan Agreement, dated as of the date hereof (as it may be amended, restated, supplemented or
otherwise modified from time to time, the “Loan Agreement”), by and between Borrower and Lender; 
 WHEREAS, in
consideration of the extensions of credit and other accommodations of Lender as set forth in the Loan Agreement, Grantor has agreed to secure Grantor’s obligations under the Loan Documents as set forth herein; and 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and for other good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged, Grantor and Lender agree as follows: 
 SECTION 1. DEFINITIONS; GRANT
OF SECURITY. 
 1.1 General Definitions. In this Agreement, the following terms shall have the following meanings: 

“Additional Grantors” shall have the meaning assigned in Section 7.2. 

“Agreement” shall have the meaning set forth in the preamble. 

“Borrower” shall have the meaning set forth in the preamble. 

“Cash Proceeds” shall have the meaning assigned in Section 9.6.  

“Collateral” shall have the meaning assigned in Section 2.1. 

“Collateral Account” shall mean any account established by the Lender. 

“Collateral Records” shall mean books, records, ledger cards, files, correspondence, customer lists, supplier lists,
blueprints, technical specifications, manuals, computer software and related documentation, computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any time evidence or
contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon. 

“Control” shall mean: (1) with respect to any Deposit Accounts, control within the meaning of Section 9-104 of the
UCC, (2) with respect to any Securities Accounts, Security Entitlements, Commodity Contract or Commodity Account, control within the meaning of Section 9-106 

  
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of the UCC, (3) with respect to any Uncertificated Securities, control within the meaning of Section 8-106(c) of the UCC, (4) with respect to any Certificated Security, control
within the meaning of Section 8-106(a) or (b) of the UCC, (5) with respect to any Electronic Chattel Paper, control within the meaning of Section 9-105 of the UCC, (6) with respect to Letter of Credit Rights, control within
the meaning of Section 9-107 of the UCC and (7) with respect to any “transferable record” (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or in Section 16
of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction), control within the meaning of Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or in Section 16 of the Uniform
Electronic Transactions Act as in effect in the jurisdiction relevant to such transferable record. 
 “Controlled Foreign
Corporation” shall mean “controlled foreign corporation” as defined in the Internal Revenue Code. 

“Grantor” shall have the meaning set forth in the preamble. 

“Insurance” shall mean all insurance policies covering any or all of the Collateral (regardless of whether the Lender is the
loss payee thereof). 
 “Lender” shall have the meaning set forth in the preamble. 

“Loan Agreement” shall have the meaning set forth in the recitals. 

“Pledge Supplement” shall mean any supplement to this Agreement in substantially the form of Exhibit A. 

“Pledged Stock” shall mean all shares of capital stock in the Bank owned by Grantor, as described on Schedule 5.2(I)
under the heading “Pledged Stock” (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such shares and any interest of Grantor in the entries on the books of the issuer of such
shares or on the books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of such shares. 
 “Secured Obligations” shall have the
meaning assigned in Section 3.1. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time
in the State of Texas; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial
Code as enacted and in effect in a jurisdiction other than the State of Texas, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating
to such perfection, priority or remedies. 
 “United States” or “U.S.” shall mean the United States of
America. 
 1.2 Definitions; Interpretation. 

(a) In this Agreement, the following capitalized terms shall have the meaning given to them in the UCC (and, if defined in more than one
Article of the UCC, shall have the meaning given in Article 9 thereof): Certificated Security, Proceeds, Collateral Support and Supporting Obligations. 

  
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 (b) All other capitalized terms used herein (including the preamble and recitals hereto) and not
otherwise defined herein shall have the meanings ascribed thereto in the UCC or Loan Agreement, as applicable. The incorporation by reference of terms defined in the Loan Agreement shall survive any termination of the Loan Agreement until this
Agreement is terminated as provided in Section 10 hereof. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section,
Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided. The use herein of the word “include” or “including”, when following
any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language
(such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of
such general statement, term or matter. The terms lease and license shall include sub-lease and sub-license, as applicable. If any conflict or inconsistency exists between this Agreement and the Loan Agreement, the Loan Agreement shall govern. All
references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC. 

SECTION 2. GRANT OF SECURITY. 
 2.1
Grant of Security. The Grantor hereby grants to the Lender a security interest in and continuing lien on all of Grantor’s right, title and interest in, to and under the following personal property of the Grantor, in each case whether now or
hereafter existing or in which the Grantor now has or hereafter acquires an interest and wherever the same may be located (all of which being hereinafter collectively referred to as the “Collateral”): 

 

	 	(a)	Pledged Stock; 

  

	 	(b)	to the extent not otherwise included above, all Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing; and 

 

	 	(c)	to the extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing. 

SECTION 3. SECURITY FOR OBLIGATIONS; GRANTOR REMAINS LIABLE. 

3.1 Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or
performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Obligations of Grantor arising under the Loan Documents (the “Secured Obligations”). 

3.2 Continuing Liability Under Collateral. Notwithstanding anything herein to the contrary, (i) Grantor shall remain liable for
all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Lender, (ii) Grantor shall remain liable under each of the agreements included in the Collateral, including, without
limitation, any agreements relating to Pledged Stock, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and the Lender shall have no obligation or liability under
any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Lender have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any
obligation to take any action to collect or enforce any rights under 

  
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any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Stock, and (iii) the exercise by the Lender of any of its rights hereunder shall
not release Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral. 
 SECTION 4. CERTAIN PERFECTION
REQUIREMENTS 
 4.1 Delivery Requirements. 

With respect to any Certificated Securities included in the Collateral, Grantor shall deliver to the Lender the Security Certificates
evidencing such Certificated Securities duly indorsed by an effective indorsement (within the meaning of Section 8-107 of the UCC), or accompanied by share transfer powers or other instruments of transfer duly endorsed by such an effective
endorsement, in each case, to the Lender or in blank. 
 4.2 Control Requirements. 

With respect to any Uncertificated Security included in the Collateral (other than any Uncertificated Securities credited to a Securities
Account), Grantor shall cause the issuer of such Uncertificated Security to notify the Lender of any Uncertificated Security included in the Collateral. Upon the request of the Lender, the Grantor shall enter into an agreement with the Lender, such
agreement in form and substance reasonably satisfactory to the Lender, pursuant to which such issuer agrees to comply with the Lender’s instructions with respect to such Uncertificated Security without further consent by Grantor. 

4.3 Timing and Notice. With respect to any Collateral in existence on the Effective Date, Grantor shall comply with the requirements of
Section 4 on the date hereof and, with respect to any Collateral hereafter owned or acquired, Grantor shall comply with such requirements within 30 (thirty) days of Grantor acquiring rights therein. Grantor shall promptly inform the
Lender of its acquisition of any Collateral for which any action is required by Section 4 hereof. 
 SECTION 5. REPRESENTATIONS AND
WARRANTIES. Grantor hereby represents and warrants, on the Effective Date and on each date an Advance is made (including the Initial Advance), that: 

5.1 Grantor Information and Status. 

(a) Schedule 5.1(A) and (B) sets forth, as of the Effective Date, under the appropriate headings: (1) the full legal
name of Grantor, (2) all trade names or other names under which Grantor currently conducts business, (3) the type of organization of Grantor, (4) the jurisdiction of organization of Grantor, (5) its organizational identification
number, if any, and (6) the jurisdiction where the chief executive office or its principal place of business is located. 
 (b) except
as provided on Schedule 5.1(C), it has not changed its name, jurisdiction of organization or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) and has not done business under any other
name, in each case, within the past five (5) years; 
 (c) it has been duly organized and is validly existing as an entity of the type
as set forth opposite its name on Schedule 5.1(A) solely under the laws of the jurisdiction as set forth opposite its name on Schedule 5.1(A) and remains duly existing as such. It has not filed any certificates of dissolution or
liquidation, any certificates of domestication, transfer or continuance in any other jurisdiction; and 
 (d) Grantor is not a
“transmitting utility” (as defined in Section 9-102(a)(80) of the UCC). 

  
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 5.2 Collateral Identification, Special Collateral. 

(a) Schedule 5.2 sets forth as of the Effective Date under the appropriate headings all of Grantor’s Pledged Stock; 

(b) none of the Collateral constitutes, or is the Proceeds of, (1) Farm Products, (2) As-Extracted Collateral, (3) Manufactured
Homes, (4) timber to be cut, or (5) aircraft, aircraft engines, satellites, ships or railroad rolling stock; and 
 (c) all
information supplied by Grantor with respect to any of the Collateral (in each case taken as a whole with respect to any particular Collateral) is accurate and complete in all material respects. 

5.3 Ownership of Collateral and Absence of Other Liens. 

It owns the Collateral purported to be owned by it or otherwise has the rights it purports to have in each item of Collateral and, as to all
Collateral whether now existing or hereafter acquired, developed or created (including by way of lease or license), will continue to own or have such rights in each item of the Collateral (except as otherwise permitted by the Loan Agreement), in
each case free and clear of any and all Liens, rights or claims of all other Persons, including, without limitation, liens arising as a result of Grantor becoming bound (as a result of merger or otherwise) as debtor under a security agreement
entered into by another Person other than, in the case of priority only, any Permitted Liens. 
 5.4 Status of Security Interest.

 (a) upon the filing of financing statements naming Grantor as “debtor” and the Lender as “secured party” and
describing the Collateral in the filing offices set forth opposite Grantor’s name on Schedule 5.4 hereof (as such schedule may be amended or supplemented from time to time), the security interest of the Lender in all Collateral that can
be perfected by the filing of a financing statement under the Uniform Commercial Code as in effect in any jurisdiction will constitute a valid, perfected, first priority Lien subject, in the case of priority only, to any Permitted Liens with respect
to Collateral. Each agreement purporting to give the Lender Control over any Collateral is effective to establish the Lender’s Control of the Collateral subject thereto; and 

(b) no authorization, consent, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or
any other Person is required for either (i) the pledge or grant by Grantor of the Liens purported to be created in favor of the Lender hereunder or (ii) the exercise by Lender of any rights or remedies in respect of any Collateral (whether
specifically granted or created hereunder or created or provided for by applicable law), except (A) for the filings contemplated by clause (a) above, (B) those that have been obtained prior to the date of determination and (C) as
may be required, in connection with the disposition of any Pledged Stock, by laws generally affecting the offering and sale of Securities. 

5.5 Reserved. 

  
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 5.6 Pledged Stock. 

(a) it is the record and beneficial owner of the Pledged Stock free of all Liens, rights or claims of other Persons and there are no
outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any Pledged Stock; 

(b) no consent of any Person including any other general or limited partner, any other member of a limited liability company, any other
shareholder or any other trust beneficiary is necessary in connection with the creation, perfection or first priority status of the security interest of the Lender in any Pledged Equity Interests or the exercise by the Lender of the voting or other
rights provided for in this Agreement or the exercise of remedies in respect thereof except such as have been obtained. 
 SECTION 6.
COVENANTS AND AGREEMENTS. 
 Grantor hereby covenants and agrees that: 

6.1 Grantor Information and Status. 

(a) Without limiting any prohibitions or restrictions on mergers or other transactions set forth in the Loan Agreement, it shall not change
Grantor’s name, identity, corporate structure (e.g. by merger, consolidation, change in corporate form or otherwise), principal place of business, chief executive office, organizational identification number, type of organization or
jurisdiction of organization unless it shall have (a) notified the Lender in writing at least ten (10) days prior to any such change or establishment, identifying such new proposed name, identity, corporate structure, principal place of
business, chief executive office, jurisdiction of organization or trade name and providing such other information in connection therewith as the Lender may reasonably request and (b) taken all actions necessary to maintain the continuous
validity, perfection and the same or better priority of the Lender’s security interest in the Collateral granted or intended to be granted and agreed to hereby, which in the case of any merger or other change in corporate structure shall
include, without limitation, executing and delivering to the Lender a completed Pledge Supplement together with all Supplements to Schedules thereto, upon completion of such merger or other change in corporate structure confirming the grant of the
security interest hereunder. 
 6.2 Ownership of Collateral and Absence of Other Liens. 

(a) except for the security interest created by this Agreement, it shall not create or suffer to exist any Lien upon or with respect to any of
the Collateral, other than Permitted Liens, and Grantor shall defend the Collateral against all Persons at any time reasonably claiming any interest therein; 

(b) upon Grantor or any officer of Grantor obtaining knowledge thereof, it shall promptly notify the Lender in writing of any event that could
reasonably be expected to diminish the value of the Collateral or any portion thereof, the ability of Grantor or the Lender to dispose of the Collateral or any portion thereof, or the rights and remedies of the Lender in relation thereto, including,
without limitation, the levy of any legal process against the Collateral or any portion thereof; and 
 (c) it shall not sell, transfer or
assign (by operation of law or otherwise) or exclusively license to another Person any Collateral except as otherwise permitted by the Loan Agreement. 

6.3 Status of Security Interest. 

(a) Grantor shall maintain the security interest of the Lender hereunder in all Collateral as valid, perfected, first priority Liens (subject
to Permitted Liens). 

  
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 (b) Notwithstanding the foregoing, Grantor shall not be required to take any action to perfect
any Collateral to the extent that the Grantor, in consultation with the Lender, reasonably determines that the cost of obtaining a security interest in such Collateral exceeds the practical benefit thereof to the Lender. 

6.4 Pledged Stock. 

(a) Except as provided in the next sentence, in the event Grantor receives any dividends, interest or distributions on any Pledged Stock, upon
the merger, consolidation, liquidation or dissolution of any issuer of any Pledged Stock, then (a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further
action and (b) Grantor shall promptly take all steps, if any, necessary to ensure the validity, perfection, priority and, if applicable, control of the Lender over such Collateral and pending any such action Grantor shall be deemed to hold such
dividends, interest, distributions, securities or other property in trust for the benefit of the Lender and shall segregate such dividends, distributions, Securities or other property from all other property of Grantor. Notwithstanding the
foregoing, so long as no Event of Default shall have occurred and be continuing, the Lender authorizes Grantor to retain all ordinary cash dividends and distributions paid consistent with the past practice of the issuer and all scheduled payments of
interest; 
 (b) Voting. 

(i) So long as no Event of Default shall have occurred and be continuing, except as otherwise provided under the covenants and
agreements relating to Pledged Stock in this Agreement or elsewhere herein or in the Loan Agreement, Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Pledged Stock or
any part thereof for any purpose not inconsistent with the terms of this Agreement or the Loan Agreement; and 
 (ii) Upon
the occurrence and during the continuation of an Event of Default: 
  

	 	(1)	all rights of Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall upon notice from the Lender cease and all such
rights shall thereupon become vested in the Lender who shall thereupon have the sole right to exercise such voting and other consensual rights; and 

  

	 	(2)	in order to permit the Lender to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to
receive hereunder: (x) Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Lender all proxies, dividend payment orders and other instruments as the Lender may from time to time reasonably request and
(y) Grantor acknowledges that the Lender may utilize the power of attorney set forth in Section 8.1. 

  
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 SECTION 7. FURTHER ASSURANCES; ADDITIONAL GRANTORS. 

7.1 Further Assurances. 

(a) Grantor agrees that from time to time, at the expense of Grantor, that it shall promptly execute and deliver all further instruments and
documents, and take all further action, that may be necessary, or that the Lender may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted
hereby or to enable the Lender to exercise and enforce its rights and remedies hereunder with respect to any Collateral. 
 (b) Grantor
hereby authorizes the Lender to file a Record or Records, including, without limitation, financing or continuation statements and amendments and supplements to any of the foregoing, in any jurisdictions and with any filing offices as the Lender may
determine, in its sole discretion, are necessary to perfect or otherwise protect the security interest granted to the Lender herein. Such financing statements may describe the Collateral in the same manner as described herein or may contain an
indication or description of collateral that describes such property in any other manner as the Lender may determine, in its sole discretion, is necessary to ensure the perfection of the security interest in the Collateral granted to the Lender
herein. 
 (c) Grantor hereby authorizes the Lender to modify this Agreement after obtaining Grantor’s approval of or signature to such
modification by amending Schedule 5.2 (as such schedule may be amended or supplemented from time to time) to include reference to any right, title or interest in any existing United States registration and issuance of and application for
Patents, Trademarks and Copyrights of Grantor or any United States registration and issuance of and application for Patents, Trademarks and Copyrights acquired or developed by Grantor after the execution hereof or to delete any reference to any
right, title or interest in any United States registration and issuance of and application for Patents, Trademarks and Copyrights in which Grantor no longer has or claims any right, title or interest. 

7.2 Additional Grantors. From time to time subsequent to the date hereof, additional Persons may become parties hereto as additional
Grantors (each, an “Additional Grantor”), by executing a Pledge Supplement. Upon delivery of any such Pledge Supplement to the Lender, notice of which is hereby waived by Grantor, each Additional Grantor shall be a Grantor and shall
be as fully a party hereto as if Additional Grantor were an original signatory hereto. Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor
by any election of Lender not to cause any Subsidiary of Borrower to become an Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other Person becomes
or fails to become or ceases to be a Grantor hereunder. 
 SECTION 8. LENDER APPOINTED ATTORNEY-IN-FACT. 

8.1 Power of Attorney. Grantor hereby irrevocably appoints the Lender (such appointment being coupled with an interest) as
Grantor’s attorney-in-fact, with full authority in the place and stead of Grantor and in the name of Grantor, the Lender or otherwise, from time to time in the Lender’s discretion to take any action and to execute any instrument that the
Lender may deem reasonably necessary to accomplish the purposes of this Agreement, including, without limitation, the following: 
 (a)
Reserved; 

  
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 (b) upon the occurrence and during the continuance of any Event of Default, to ask for, demand,
collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 

(c) upon the occurrence and during the continuance of any Event of Default, to receive, endorse and collect any drafts or other instruments,
documents and chattel paper in connection with clause (b) above; 
 (d) upon the occurrence and during the continuance of any Event of
Default, to file any claims or take any action or institute any proceedings that the Lender may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Lender with respect to any of the
Collateral; 
 (e) to prepare and file any UCC financing statements against Grantor as debtor; 

(f) Reserved; 
 (g) to take or
cause to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed
upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Lender in its sole discretion, any such payments made by the Lender to become obligations of Grantor
to the Lender, due and payable immediately without demand; and 
 (h) generally to sell, transfer, lease, license, pledge, make any
agreement with respect to or otherwise deal with any of the Collateral, upon the occurrence and during the continuation of any Event of Default, as fully and completely as though the Lender were the absolute owner thereof for all purposes, and to
do, at the Lender’s option and Grantor’s expense, at any time or from time to time, all acts and things that the Lender deems reasonably necessary to protect, preserve or realize upon the Collateral and the Lender’s security interest
therein in order to effect the intent of this Agreement, all as fully and effectively as Grantor might do. 
 8.2 No Duty on the Part of
Lender. The powers conferred on the Lender hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon the Lender to exercise any such powers. The Lender shall be accountable only for amounts that it
actually receives as a result of the exercise of such powers, and neither the Lender nor any of its officers, directors, employees or agents shall be responsible to Grantor for any act or failure to act hereunder, except for their own gross
negligence bad faith or willful misconduct. 
 SECTION 9. REMEDIES. 

9.1 Generally. 

(a) If any Event of Default shall have occurred and be continuing, the Lender may exercise in respect of the Collateral, in addition to all
other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of the Lender on default under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or
satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously: 

(i) require Grantor to, and Grantor hereby agrees that it shall at its expense and promptly upon request of the Lender
forthwith, assemble all or part of the Collateral as directed by the Lender and make it available to the Lender at a place to be designated by the Lender that is reasonably convenient to both parties; 

  
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 (ii) enter onto the property where any Collateral is located and take possession
thereof with or without judicial process; 
 (iii) prior to the disposition of the Collateral, store, process, repair or
recondition the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Lender deems appropriate; and 

(iv) without notice except as specified below or under the UCC, sell, assign, lease, license (on an exclusive or nonexclusive
basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Lender’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price
or prices and upon such other terms as the Lender may deem commercially reasonable. 
 (b) The Lender may be the purchaser of any or all of
the Collateral at any public or private (to the extent the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in accordance
with the UCC and the Lender shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of
the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Lender at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of Grantor,
and Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Grantor
agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ notice to Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable
notification. The Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to which it was so adjourned. Grantor agrees that it would not be commercially unreasonable for the Lender to dispose of the Collateral or any portion thereof by using Internet
sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Grantor hereby waives any claims against the Lender arising by
reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Lender accepts the first offer received and does not offer such
Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Grantor shall be liable for the deficiency and the fees of any attorneys employed by the
Lender to collect such deficiency. Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the Lender, that the Lender has no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this Section shall be specifically enforceable against Grantor, and Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants
except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable prior to their stated maturities. Nothing in this Section shall in any way limit the rights of the Lender hereunder. 

  
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 (c) The Lender may sell the Collateral without giving any warranties as to the Collateral. The
Lender may specifically disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(d) The Lender shall have no obligation to marshal any of the Collateral. 

9.2 Application of Proceeds. Except as expressly provided elsewhere in this Agreement, all proceeds received by the Lender in the event
that an Event of Default shall have occurred and not otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section 16.1 of the Loan Agreement and in respect of any sale of, any collection
from, or other realization upon all or any part of the Collateral shall be applied in full or in part by the Lender against, the Secured Obligations in the following order of priority: first, to the payment of all costs and expenses of such
sale, collection or other realization, including reasonable compensation to the Lender and its agents and counsel, and all other expenses, liabilities and advances made or incurred by the Lender in connection therewith, and all amounts for which the
Lender is entitled to indemnification hereunder and all advances made by the Lender hereunder for the account of the Grantor, and to the payment of all costs and expenses paid or incurred by the Lender in connection with the exercise of any right or
remedy hereunder or under the Loan Agreement, all in accordance with the terms hereof or thereof; second, to the extent of any excess of such proceeds, to the payment of all other Secured Obligations; and third, to the extent of any
excess of such proceeds, to the payment to or upon the order of the Grantor or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 

9.3 Securities Law Considerations. Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and
applicable state securities laws, the Lender may be compelled, with respect to any sale of all or any part of the Pledged Stock conducted without prior registration or qualification of such Pledged Stock under the Securities Act and/or such state
securities laws, to limit purchasers to those who will agree, among other things, to acquire the Pledged Stock for their own account, for investment and not with a view to the distribution or resale thereof. Grantor acknowledges that any such
private sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding
such circumstances, each Grantor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Lender shall have no obligation to engage in public sales and no obligation to delay the sale of
any Pledged Stock for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should,
agree to so register it. If the Lender determines to exercise its right to sell any or all of the Pledged Stock, upon written request, Grantor shall and shall cause each issuer of any Pledged Stock to be sold hereunder, each partnership and each
limited liability company from time to time to furnish to the Lender all such information as the Lender may request in order to determine the number and nature of interest, shares or other instruments included in the Pledged Stock which may be sold
by the Lender in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

9.4 Cash Proceeds. If any Event of Default shall have occurred and be continuing, all proceeds of any Collateral received by Grantor
consisting of cash, checks and other near-cash items (collectively, “Cash Proceeds”) shall be held by Grantor in trust for the Lender, segregated from other funds of Grantor, and shall, upon the exercise of remedies by the Lender,
be turned over to the Lender in the exact form received by Grantor (duly indorsed by such Grantor to the Lender, if required) and held by the Lender in the Collateral Account. Any Cash Proceeds received by the Lender (whether from a Grantor or
otherwise) may, in the sole discretion of the Lender, (A) be held by the Lender as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Lender
against the Secured Obligations then due and owing. 

  
 11 

 SECTION 10. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. 

This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the payment in
full of all Secured Obligations (other than contingent obligations that survive the termination of the Loan Agreement), be binding upon Grantor, its successors and assigns, and inure, together with the rights and remedies of the Lender hereunder, to
the benefit of the Lender and its successors, transferees and assigns. Without limiting the generality of the foregoing, but subject to the terms of the Loan Agreement, Lender may assign or otherwise transfer any Loans held by it to any other
Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lender herein or otherwise. Upon the payment in full of all Secured Obligations (other than contingent obligations that survive the
termination of the Loan Agreement), the security interest granted hereby shall automatically terminate hereunder and of record and all rights to the Collateral shall revert to the Grantor. Upon any such termination the Lender shall, at the
Grantor’s expense, execute and deliver to the Grantor or otherwise authorize the filing of such documents as the Grantor shall reasonably request, including financing statement amendments to evidence such termination. Upon any disposition of
property permitted by the Loan Agreement, the Liens granted herein shall be deemed to be automatically released and such property shall automatically revert to the Grantor with no further action on the part of any Person. The Lender shall, at the
Grantor’s expense, execute and deliver or otherwise authorize the filing of such documents as Grantor shall reasonably request, in form and substance reasonably satisfactory to the Lender, including financing statement amendments to evidence
such release. 
 SECTION 11. STANDARD OF CARE; LENDER MAY PERFORM. 

The powers conferred on the Lender hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to
exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Lender shall have no duty as to any Collateral or as to the
taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Lender shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if
such Collateral is accorded treatment substantially equal to that which the Lender accords its own property. Neither the Lender nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon
all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Grantor or otherwise. If Grantor fails to perform any agreement contained herein, the
Lender may itself perform, or cause performance of, such agreement, and the expenses of the Lender incurred in connection therewith shall be payable by Grantor under Section 7.5 of the Loan Agreement. 

SECTION 12. MISCELLANEOUS. 
 Any notice
required or permitted to be given under this Agreement shall be given in accordance with Section 17.16 of the Loan Agreement. No failure or delay on the part of the Lender in the exercise of any power, right or privilege hereunder or
under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other power, right or privilege. All rights and remedies existing under this Agreement and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision
in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions 

  
 12 

 
or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All covenants hereunder shall be given independent effect so
that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default
or an Event of Default if such action is taken or condition exists. This Agreement shall be binding upon and inure to the benefit of the Lender and the Grantor and its respective successors and assigns. Grantor shall not, without the prior written
consent of the Lender given in accordance with the Loan Agreement, assign any right, duty or obligation hereunder. This Agreement and the other Loan Documents embody the entire agreement and understanding between the Grantor and the Lender and
supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Loan Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of
the parties. There are no unwritten oral agreements between the parties. This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are
physically attached to the same document. 
 Irrespective of the place of execution and/or delivery, this Agreement shall be governed by,
and shall be construed in accordance with, the laws of the State of Texas. 

  
 13 

 THE PROVISIONS OF THE LOAN AGREEMENT UNDER THE HEADINGS “JURISDICTION” AND
“WAIVER OF JURY TRIAL” ARE INCORPORATED HEREIN BY THIS REFERENCE AND SUCH INCORPORATION SHALL SURVIVE ANY TERMINATION OF THE LOAN AGREEMENT. 

[Signature page follows.] 

  
 14 

 IN WITNESS WHEREOF, Grantor and the Lender have caused this Agreement to be duly executed and delivered by their
respective officers thereunto duly authorized as of the date first written above. 
  

					
	AMERIS BANCORP
		
	By:	 	 /s/ Edwin W. Hortman, Jr.

		 	Name:	 	Edwin W. Hortman, Jr.
		 	Title:	 	President & CEO
	
	 NEXBANK, SSB,
 as
Lender

		
	By:	 	 /s/ Matt Siekielski

		 	Name:	 	Matt Siekielski
		 	Title:	 	Chief Operating Officer

 [Signature Page to Pledge and Security Agreement] 

 SCHEDULE 5.1 

TO PLEDGE AND SECURITY AGREEMENT 

GENERAL INFORMATION 
  

	(A)	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Principal Place of Business and Organizational Identification Number of Grantor: 

 

									
	 Full Legal Name
	  	 Type of

Organization
	  	Jurisdiction
of
Organization	  	 Chief Executive

Office/Principal Place of

Business
	  	Organization
I.D. #
					
	 Ameris Bancorp
	  	Corporation	  	Georgia	  	 310 First Street SE

Moultrie, Georgia 31768
	  	J510292

  

	(B)	Other Names (including any Trade Name or Fictitious Business Name) under which Grantor currently conducts business: 

N/A 
  

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Principal Place of Business and Corporate Structure within past five (5) years: 

N/A 

  
 1 

 SCHEDULE 5.2 

TO PLEDGE AND SECURITY AGREEMENT 

COLLATERAL IDENTIFICATION 
  

	(A)	Pledged Stock: 

  

																					
	 Grantor
	  	Stock Issuer	  	Class of
Stock	  	Certificated
(Y/N)	  	Stock
Cert.
No.	  	Par
Value	 	  	No. of
Pledged
Shares	 	  	% of Outstanding
Stock of the Stock
Issuer	 
								
	 Ameris Bancorp
	  	Ameris Bank	  	Common	  	Y	  	1140	  	$	5.00	  	  	 	150,000	  	  	 	100	% 

  
 2 

 SCHEDULE 5.4 TO 

PLEDGE SECURITY AGREEMENT 
 FINANCING STATEMENTS:

  

			
	 Grantor
	  	 Filing Jurisdiction(s)

		
	Ameris Bancorp	  	Clerk of the Superior Court of any Georgia countyEX-10.25

 EX 10.25 

 
 

 
 RESTRICTED STOCK UNIT AGREEMENT 

 

					
	 GRANTEE

NAME
	 	 NUMBER OF

SHARES
	 	 GRANT

DATE

	 «First_Name»

«Last_Name»
	 	«Shares»	 	«Grant_Date»

 WMS Industries Inc., a Delaware corporation (the “Company”), hereby grants to «First_Name»
«Last_Name» (the “Grantee”, also referred to herein as “you”) the number of Restricted Stock Units shown above, effective as of the Grant Date pursuant to the terms of this Restricted Stock Unit Agreement and the 2012
Restatement of the WMS Industries Inc. Amended and Restated Incentive Plan (the “Plan”). Each Restricted Stock Unit represents the obligation of the Company to deliver one share of the Company’s common stock, par value $0.50 per share
(the “Common Stock”) to you at the time provided in this Restricted Stock Unit Agreement, unless earlier terminated as provided herein. 
 By signing this cover sheet, you agree to all of the terms and conditions described in this Restricted Stock Unit Agreement and the Plan. 

 

	
	WMS Industries Inc.
	
	 /s/ Brian R. Gamache

	Brian R. Gamache
	Chief Executive Officer

 Accepted by Employee: 
  

 
 «First_Name»
«Last_Name» 
 PLEASE SIGN BOTH COPIES OF THIS RESTRICTED STOCK UNIT 

AGREEMENT AND 
 RETURN (1) ORIGINALLY EXECUTED COPY WITHIN 15 DAYS TO: 
 WMS
– Legal Department 
 Waukegan Office 

PLEASE RETAIN THE OTHER ORIGINALLY EXECUTED COPY FOR YOUR RECORDS. 

This is not a stock certificate or a negotiable instrument. 

This document constitutes part of a prospectus covering securities 

that have been registered under the Securities Act of 1933. 

RESTRICTED STOCK UNIT AGREEMENT 

 1. Restricted Stock Units/Nontransferability. This Restricted Stock Unit Agreement evidences the
grant to you on the Grant Date set forth on the cover page of «Shares» units of Restricted Stock Units (the “Restricted Stock Units”) under the 2012 Restatement of the WMS Industries Inc. Amended and Restated Incentive Plan
(the “Plan”). Your Restricted Stock Units may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor may the Restricted Stock Units be made subject to execution, attachment or similar process.
Except as may be required by federal income tax withholding provisions or by the tax laws of any state, your interests (and the interests of your beneficiaries, if any) under this Restricted Stock Unit Agreement are not subject to the claims of your
creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated, or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber, charge or otherwise dispose of any
right to benefits payable hereunder shall be void. Your Restricted Stock Units represent an unsecured promise by the Company to issue shares of Common Stock to you in the future. Your rights to your Restricted Stock Units are no greater than that of
other general, unsecured creditors of the Company. 
 2. The Plan. This Restricted Stock Unit Agreement is issued in accordance with and
is subject to and conditioned upon all of the terms and conditions of this Restricted Stock Unit Agreement and the Plan as amended from time to time; provided , however, that no future amendment of the Plan shall, without your consent, materially
and adversely impair any of your rights under the Plan, all of which are incorporated by reference in this Restricted Stock Unit Agreement as if fully set forth herein, except for those amendments necessary or appropriate to effect the assumption of
the Plan by Scientific Games and the conversion of your Restricted Stock Units into restricted stock units with respect to Scientific Games common stock as of the Merger Closing Date, as described in Paragraph 4(a) of this Restricted Stock Unit
Agreement, and related administrative matters (such as, for example, substituting Scientific Games for WMS where appropriate, including Scientific Games and its subsidiaries as a member of the Employer Group, and providing for the board of directors
or compensation committee of Scientific Games or a designee thereof to act as the Committee under the Plan). As used herein, your primary employer (“Employer”), the Company, and their subsidiaries and affiliates are collectively referred
to as the “Employer Group.” Any capitalized, but undefined, term used in this Restricted Stock Unit Agreement shall have the meaning ascribed to it in the Plan. 
 3. Vesting: Issuance of Stock. Your Restricted Stock Units will vest in tranches as follows: 
  

			
	 VESTING
SCHEDULE
	 	 DATE

VESTING

	 25% of Shares
	 	1st Anniversary of Grant
	 25% of Shares
	 	2nd Anniversary of Grant
	 25% of Shares
	 	3rd Anniversary of Grant
	 25% of Shares
	 	4th Anniversary of Grant

  
 2 

 Promptly after your Restricted Stock Units vest, the Company will cause to be issued to you (or your
beneficiary(ies) or personal representative, if you are deceased) in book-entry in the records of the Company’s transfer agent or otherwise in accordance with Scientific Games’ customary practices, shares of Common Stock equal to the
number of vested Restricted Stock Units granted herein. 
 4. Conversion/Change in Control/Accelerated Vesting. On January 30, 2013,
the Company entered into a merger agreement (the “Merger Agreement”) with Scientific Games Corporation (“Scientific Games”) pursuant to which the Company will become a wholly owned subsidiary of Scientific Games (the
“Merger”). 
  

	 	a.	Conversion. On the “Merger Closing Date” (as defined in the Merger Agreement), 50% of each tranche of your Restricted Stock Units will not vest, but
rather will be converted into a number of restricted stock units with respect to Scientific Games common stock that is equal to the number of Restricted Stock Units Stock immediately prior to the Merger Closing Date multiplied by the Incentive Award
Exchange Ratio (rounded down to the nearest whole share). The “Incentive Award Exchange Ratio” is the quotient of (x) the per share closing price of the Company common stock on the Merger Closing Date (or, if such date is not a
trading day, the trading day immediately preceding the Merger Closing Date) divided by (y) the per share closing price of Scientific Games common stock on the Merger Closing Date (or, if such date is not a trading day, the trading day
immediately preceding the Merger Closing Date). Your restricted stock units with respect to Scientific Games common stock will represent the right to receive, in accordance with the terms of the Plan and this Restricted Stock Unit Agreement, the
number of shares of Scientific Games common stock, in accordance with the vesting schedule set forth in Paragraph 3 above. 

 Notwithstanding anything to the contrary set forth in the Plan, your Restricted Stock Units will continue to be subject to Section 11 of the Plan following the Merger Closing Date. 

 

	 	b.	Change in Control. Notwithstanding paragraph 3, on the Merger Closing Date, your right to receive shares of Company common stock shall immediately vest as to the
50% of each tranche of your Restricted Stock Units that does not convert into restricted stock units with respect to Scientific Games common stock pursuant to paragraph 4(a). Notwithstanding the foregoing or anything to the contrary set forth in the
Plan, you hereby agree as a condition to receiving your Restricted Stock Units, that the Merger shall not constitute a “Change in Control” under Section 10 of the Plan for purposes of your Restricted Stock Units that convert pursuant
to paragraph 4(a) and that vesting of such Restricted Stock Units will not accelerate on the Merger Closing Date.  

  
 3 

	 	c.	Acceleration Upon a Termination of Service without Cause or for Good Reason. Notwithstanding paragraph 3, upon a Termination of Service without Cause or for Good
Reason (as defined below), in each case, within one year following the Merger Closing Date your right to the shares of Scientific Games common stock under this Restricted Stock Unit Agreement shall immediately vest as to 100% of the total number of
shares covered by this grant. 

 “Cause” shall have the meaning assigned such term in your employment
agreement or other applicable individual agreement with the Employer Group in effect on the date hereof, if such term is defined in any such agreement, or if the term “cause” is not defined in your agreement or you are not a party to any
such agreement, the definition of Cause shall mean the occurrence of any one of the following events: (i) misconduct in connection with your duties, or failure or refusal to perform your responsibilities; (ii) material breach of an
agreement with the Employer Group including, without limitation, any violation of any agreements concerning confidentiality, trade secrets, inventions, non-solicitation or noncompetition; (iii) violation of any material Employer Group rule,
regulation, procedure or policy (including but not limited to the Company’s Code of Conduct) or any amendment thereto that the Employer Group may adopt during your employment; (iv) any action that is harmful or detrimental to the property,
reputation, goodwill or business of the Employer Group monetarily or otherwise, including, without limitation, any fraud, dishonesty, misappropriation, moral turpitude, or breach of fiduciary duty which involves personal profit or other act of
misconduct; (v) chronic use of alcohol, drugs or other similar substances which affects your work performance; or (vi) conduct by you, whether with respect to your employment or otherwise, which is a felony of any type or otherwise in
violation of the criminal laws of the United States or any State or subdivision thereof (excluding minor violations), as allowed by law, or which is reasonably likely to result in the loss of a gaming license held by any member of the Employer Group
or Scientific Games or any of its Affiliates or in any such entity’s inability to become so licensed. 
 “Good
Reason” shall mean the occurrence of any one of the following events without your written consent: (i) a material diminution in your base salary and annual bonus opportunity; (ii) a material diminution in your authority, duties or
responsibility; (iii) a relocation of your place of employment by more than 50 miles from its current location; or (iv) any action or inaction that constitutes a material breach of any employment agreement between the Employer Group and
you. Notwithstanding anything herein to the contrary, you shall not be treated as having resigned for Good Reason unless one of more conditions set forth in items (i) through (iv) exists and (a) you provide notice to Scientific Games
within 90 days of the existence of the condition, (b) Scientific Games does not remedy the condition within 30 days of receipt of such notice and (c) you terminate your employment within two years following the initial existence of the
condition. 

  
 4 

 For purposes of clarification, you expressly acknowledge and agree that your Restricted
Stock Units will not be covered by any accelerated vesting or payment provisions otherwise applicable under any agreement or arrangement between you and any member of the Employer Group, and the absence of any such acceleration will not constitute
“Good Reason” (or similar concept) or a material breach of your employment agreement if you have one. 
  

	 	d.	Acceleration Upon Death or Disability. Notwithstanding Paragraph 3, your right to receive shares of WMS common stock or Scientific Games common stock under this
Restricted Stock Agreement shall immediately vest as to 100% of the total number of shares covered by this grant upon the occurrence of your Termination of Service on account of your death or permanent and total disability. 

5. Termination. Your Restricted Stock Units will terminate immediately without vesting upon any Termination of Service (other than a Termination
of Service without Cause or for Good Reason, in each case, within one year following the Merger Closing Date, or a Termination of Service on account of your death or permanent and total disability). 

6. Additional Forfeiture. The Compensation Committee of the Board of Directors or, after the Merger, the board of directors or compensation
committee of Scientific Games or a designee thereof may cancel, suspend, withhold or otherwise limit or restrict the delivery of shares of Common Stock under your Restricted Stock Units at any time if you (i) are not in compliance with all
applicable provisions of this Restricted Stock Unit Agreement or the Plan or (ii) engage in any activity inimical, contrary or harmful to the interests of the Employer Group, including, but not limited to: (A) conduct related to your
service or employment for which either criminal or civil penalties against you may be sought, (B) violation of any policies of the Employer Group, including, without limitation, insider trading policies or anti-harassment policies or
(C) participating in a hostile takeover attempt against the Employer Group. 
 7. Restrictive Covenants. As a condition of and in
consideration for your receipt of these Restricted Stock Units and in consideration for «Grant_Reason», you agree with the Company as follows: 
  

	 	(a)	Acknowledgments. You acknowledge that: 

  

	 	(i)	 The Employer Group is engaged in the business of designing, developing, commercializing, promoting, operating and administering both business to
business and business to customer wagering and non-wagering products and services including casino gaming products, on-line gaming products and interactive casual, social and advertising games as well as related social media games, game themes, game
play concepts, gaming systems, gaming platforms, gaming websites, and online game play; manufacturing, selling, leasing and distributing gaming products and services (e.g., without limitation, video and reel spinning slot machines, video poker
games, 

  
 5 

	 	
video lottery terminals, local progressives, wide-area progressive systems and interactive games), related gaming systems hardware, software and platforms, as well as ancillary products
associated with such gaming products and services, including without limitation marketing materials, chairs, and signage (“Business”). All of the foregoing products and services within the scope of the Business may be referred to
individually as “Games” and collectively as “Gaming.” 

  

	 	(ii)	As an integral part of its Business, the Employer Group develops and maintains proprietary, confidential and trade secret information relating to specific Games, Gaming
generally, and any Games being developed, its Business, including, but not limited to, information related to design, product development plans and strategies, techniques for Game design and development, knowledge regarding and plans for the
integration of hardware and software, product maintenance and operations, Game concepts, bonus concepts, product and marketing strategies, mathematical formulas, license agreements, research regarding players’ behavior and trends, Gaming and
Game themes, licensed and non-licensed themes, and strategic marketing. 

  

	 	(iii)	The Employer Group undertakes various efforts and measures to maintain the secrecy and confidentiality of its proprietary, confidential and trade secret information.

  

	 	(iv)	You have or will have access to and knowledge of such proprietary, confidential and trade secret information. 

 

	 	(v)	The scope of the covenants and restrictions on future employment set forth below, including with respect to time, territory and industry are reasonable and fair and are
necessary for the protection of the Employer Group’s proprietary, confidential and trade secret information. 

  

	 	(vi)	The scope of the covenants and restrictions contained herein in no way limit you from utilizing in future employment your general skills and abilities as well as the
general and non-proprietary, non-confidential and non-trade secret information and knowledge that you have or will obtain, acquire and develop in the course of employment with the Employer Group. 

 

	 	(vii)	For a period of one (1) year following your Termination of Service, you would not be able to work for a competing business anywhere in the world without using or
disclosing the proprietary, confidential or trade secret information of the Employer Group, regardless of any measures taken by you or a future employer to protect and preserve the Employer Group’s proprietary, confidential or trade secret
information. 

  

	 	(viii)	You have both general and specific skills and abilities that are beneficial across many industries outside of the Business and which are located throughout the world,
including throughout the United States. 

  
 6 

	 	(b)	Covenants. You hereby covenant and agree that during your employment by the Employer Group and for a period of one (1) year following your Termination of
Service for any reason other than death or disability: 

  

	 	(i)	You shall not engage or participate in, or assist, advise or otherwise be connected with (including as an employee, independent contractor, owner, partner, member,
shareholder, officer, director, advisor, consultant, lender, supplier, agent or otherwise) a business located anywhere in the world which is in competition with the Business; provided, however, that nothing in this Restricted Stock Unit Agreement
shall prevent you from acquiring or owning, as a passive investment, up to one percent (1%) of the outstanding voting securities of an entity engaged in a competing Business which securities are publicly traded in any recognized national
securities market; 

  

	 	(ii)	You shall not solicit or attempt to solicit (i) any person, Employer Group or entity who is or has been a customer of the Employer Group during the one
(1) year period prior to your Termination of Service to do business with any person, company or entity other than the Employer Group, or (ii) solicit for employment or employ any employee of the Employer Group or any person who is or was
employed by the Employer Group during the one (1) year period prior to your Termination of Service, or take any actions which are calculated to persuade any such person to terminate his or her association with the Employer Group.

  

	 	(c)	Injunctive Relief. You acknowledge that any violation or threatened violation by you of the covenants contained in this Restricted Stock Unit Agreement would
cause material and irreparable harm to the Employer Group and that the Employer Group would not have an adequate remedy at law because it will be difficult or impossible to establish the full and precise monetary value of such damage. The Employer
Group agrees that, in addition to any and all other remedies available to it at law or in equity, the Employer Group shall have the right to have your violation or threatened violation of any of the covenants contained herein restrained by equitable
relief, including, but not limited to, a temporary restraining order, a preliminary injunction, a permanent injunction, or such other alternative relief as may be appropriate, without the necessity of the Employer Group posting any bond. In the
event you breach the covenants contained herein, the restricted period applicable to you shall be extended for the period of such breach. 

  

	 	(d)	Indemnification. You agree to indemnify, save and hold harmless the Employer Group from and against any and all claims, damages, losses and expenses (including
reasonable attorneys’ and expert witness fees) resulting from or arising out of any breach by you of this Restricted Stock Unit Agreement, or incurred by the Employer Group in enforcing this Restricted Stock Unit Agreement against you.

  

	 	(e)	Other Limitations. The provisions of this paragraph 7 are in addition to the award forfeiture provisions set forth in Section 11 of the Plan and in no way
modify, amend or change such Plan provisions. 

 8. No Stockholder Rights. You will not have any stockholder rights, such
as rights to vote or to receive dividends or other distributions, with respect to any Restricted Stock Units held by you. As a holder of Restricted Stock Units, you will have only the cash dividend equivalents and adjustment rights provided in this
Restricted Stock Unit Agreement. 
 9. Securities Laws. The Company shall not be obligated to issue any Common Stock pursuant to this
Restricted Stock Unit Agreement if, in the opinion of counsel to the Company, 

  
 7 

 
the shares to be so issued are required to be registered or otherwise qualified under the United States Securities Act of 1933, as amended, or under any other applicable statute, regulation or
ordinance affecting the sale of securities, unless and until such shares have been so registered or otherwise qualified. 
 10. Choice of
Law. This Restricted Stock Unit Agreement shall be governed by and construed and interpreted in accordance with the substantive laws of the State of Delaware, without giving effect to any conflicts of law rule or principle that might require the
application of the laws of another jurisdiction. 
 11. Income Taxes. You agree to comply with the appropriate procedures established by
the Company, from time to time, to provide for payment or withholding of such income or other taxes as may be required by law to be paid or withheld with the vesting of this Restricted Stock Unit. 

12. No Right to Further Grants. Restricted Stock Unit grants are within the discretion of the Plan Administrator, and no such grant entitles you
to any further grants. 
 13. Employment Not Affected. Neither the grant of any Restricted Stock Units, nor any other action taken with
respect to the Restricted Stock Units, shall confer upon the Grantee any right to continue in the employ of the Employer Group or shall interfere in any way with the right of the Employer Group to terminate Grantee’s employment at any time.
Except as may be otherwise limited by another written agreement, the right of the Employer Group to terminate at will the Grantee’s employment with it at any time (whether by dismissal, discharge, retirement or otherwise) is specifically
reserved. 
 14. Interpretations Binding. Plan Administrator interpretations and determinations are binding and conclusive. 

  
 8

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