Document:

Exhibit 10.1

 

SEPARATION AND RELEASE
AGREEMENT

 

This SEPARATION AND
RELEASE AGREEMENT (“Separation Agreement”) is made and entered into by and between Anne Martin-Vachon (“Employee”)
and the EVINE Live Inc., a Minnesota corporation (the “Company”).

 

WHEREAS, Employee has been employed
by the Company as President since August 1, 2018;

 

WHEREAS, Employee and the Company
have agreed that Employee’s employment with the Company will end effective January 1, 2019 as a result of Employee’s
voluntary resignation (the “Separation Date”).

 

WHEREAS, Employee and
the Company have agreed to conclude their employment relationship amicably, but mutually recognize that such a relationship may
give rise to potential claims or liabilities.

 

WHEREAS, based on the
foregoing, Employee and the Company desire to enter into this Separation Agreement to effect the termination of Employee’s
employment with the Company on the terms and conditions set forth herein.

 

NOW, THEREFORE, Employee
and the Company agree as follows:

 

1.          Separation
Date.  Except as provided in this Separation Agreement, all benefits and privileges of employment end as of the Separation
Date.

 

2.          Consideration.  As
consideration for Employee’s promises and obligations under this Separation Agreement:

 

a.           Unpaid
Salary, Unpaid Business Expenses.  The Company shall promptly pay to Employee (i) any unpaid salary up through the
Separation Date and (ii) all of Employee’s unreimbursed business expenses, including all expenses associated with her Minnesota
Apartment (as defined below), incurred by her through the Separation Date.  

 

b.           Separation
Payment.  The Company will issue Employee the following payments:  (i) payments equal in the aggregate
to Employee’s regular base compensation for four and one-half (4.5) months and totaling Two Hundred Forty-Three Thousand
Seven Hundred Fifty Dollars ($243,750), payable biweekly in nine (9) equal installments in accordance with the Company’s
regular payroll cycle (“Installment Payments”); and (ii) an additional Payment of Eight Thousand One Hundred Fifty-Two
Dollars and Fifty-Six Cents ($8,152.56) (“Additional Payment”).  The Installment Payments and Additional
Payment, collectively, shall be referred to herein as the “Separation Payment”.  The first Installment Payment
and the Additional Payment will be paid on a regularly scheduled payroll date within thirty (30) days following the expiration
of the rescission and revocation periods described in Section 5 below. Each Installment Payment and the Additional Payment
will be paid in a lump sum, less applicable deductions and withholdings.  

 

     

     

    

 

c.           Attorney’s
Fees.  Upon Employee’s submission of supporting documentation to the Company, the Company shall promptly reimburse
Employee for reasonable attorney’s fees incurred with respect to Employee’s offer letter dated May 29, 2018 (“Offer
Letter”), which fees shall not exceed Seven  Thousand Five Hundred Dollars ($7,500.00).

 

d.           Waiver
of Certain Contractual Rights.  The Company waives all rights: (i) to seek repayment from Employee of the relocation
benefits provided to her in accordance with the provisions in the Offer Letter, (ii) to seek repayment from Employee of her $25,000
sign-on bonus in accordance with the provisions set forth in the Offer Letter (and including any document entitled or referred
to as the "Sign-on Bonus Repayment Agreement"), and (iii) to enforce its rights under Section 7(a) of the Evine Live
Inc. Protective Covenants Agreement executed by Employee on June 5, 2018 (“Non-Competition Covenant”).  

 

For the avoidance of
doubt, the Company and Employee agree that, to the greatest extent permissible by law,  (A) other than the Non-Competition
Covenant, Employee remains bound by all provisions of the Protective Covenants Agreement, including but not limited to Section
7(b)-(d) (the “Non-Solicitation and Non-Interference Covenants”); and (B) Employee remains bound by all provisions
of the Assignment and Confidentiality Agreement signed by Employee on or about July 1, 2018, and that all such surviving contractual
covenants are hereby incorporated by reference into this Separation Agreement. (Hereinafter, the Protective Covenants Agreement
and the Assignment and Confidentiality Agreement shall be jointly referred to as the “Employment Agreements”.)

 

d.           Moving
Costs.  In connection with Employee’s relocation from her leased residence in Minnesota (“Minnesota Apartment”)
to her permanent residence in Canada (“Canadian Residence”), within thirty (30) days of the Separation Date the Company
shall:  (i) select, arrange, and pay actual costs to a maximum of Fifteen Thousand Dollars ($15,000.00) for a moving
service to return Employee’s personal effects held at the Minnesota Apartment, inclusive of home furnishings, clothing, and
one automobile, to her Canadian Residence or another Canadian location selected in the discretion of Employee; and (ii) upon
receipt of supporting documentation, promptly reimburse Employee for all costs levied by Employee’s landlord in connection
with the early termination of Employee’s lease of the Minnesota Apartment; provided, however, that in the event that
Employee’s landlord returns any funds to Employee resulting from its mitigation efforts (“Mitigation Funds”),
Employee will promptly issue a payment to the Company in an amount equal to such Mitigation Funds.

 

3.         Release
of Claims.  As an inducement to the Company to enter into this Separation Agreement and in exchange for the consideration
provided for in this Separation Agreement, Employee hereby settles any and all claims that Employee has or may have against the
Company and its predecessors, successors, assigns, related companies, officers, employees, agents, assigns, insurers, representatives,
counsel, administrators, and/or directors (the “Released Parties”) as a result of the Company’s hiring of Employee,
Employee’s employment with the Company, the cessation of Employee’s employment with the Company, or any act, occurrence,
or omission occurring prior to the Separation Date.

 

    	 	-2-	 

     

    

 

For the consideration
expressed herein, Employee, on behalf of herself and her heirs, successors, representatives, and assigns, hereby releases and discharges
the Released Parties from any and all claims, causes of action, liabilities, damages, and right to relief of any kind that Employee
has or ever had against the Released Parties, known or unknown, by reason of any matter or fact giving rise to this Separation
Agreement.  Employee’s release of claims is intended to extend to and includes, among other things, claims of any
kind arising under or based upon Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.; the Americans
with Disabilities Act, 42 U.S.C. § 12101 et seq.; the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.;
the Employment Retirement Income Security Act, 29 U.S.C. § 1001 et seq.; the Age Discrimination in Employment Act,
29 U.S.C. § 621 et seq.; the Minnesota Human Rights Act; the Women’s Economic Security Act; the Minnesota Equal
Pay for Equal Work Law, Minn. Stat. §§ 181.66–181.71; Minn. § 181.81; Minn. Stat. § 176.82; Minn.
Stat. §§ 181.931, 181.932, 181.935; Minn. Stat. §§ 181.940–181.944; Minn. Stat. §§ 181.950–181.957;  Minn.
Stat. §§ 181.961–181.966, and any other federal, state, or local law, rule, or regulation prohibiting employment
discrimination or otherwise relating to employment; and any claims based upon any other theory, whether legal or equitable, arising
from or related to any matter or fact arising out the events giving rise to this Separation Agreement.  

 

Employee’s release
of claims is intended to extend to and includes, among other things, claims of any kind arising under or based upon all severance
benefits from the Company and eligibility under the Company’s other severance plans and arrangements (including, but not
limited to, benefits under the Evine Live Inc. Executives’ Severance Benefit Plan dated July 25, 2016 and any predecessor
or successor versions of such plan).  Employee agrees that if a court, arbitrator, or other entity awards a benefit under
one of the Company’s other severance plans and arrangements, that the Employee will forfeit such award or return the amount
to the Company.

 

Employee also
agrees and understands that she is giving up any and all other claims, whether
grounded in contract or tort theories, including but not limited to: wrongful discharge; breach of contract (including any claims
for unpaid compensation); tortious interference with contractual relations; promissory estoppel; detrimental reliance; breach of
the implied covenant of good faith and fair dealing; breach of express or implied promise; breach of manuals or other policies;
breach of fiduciary duty; assault; battery; fraud; false imprisonment; invasion of privacy; intentional or negligent misrepresentation;
defamation, including libel, slander, discharge defamation and self-publication defamation; discharge in violation of public policy;
whistleblower; intentional or negligent infliction of emotional distress; and claims for punitive damages or attorneys’ fees
or any other theory, whether legal or equitable.

 

    	 	-3-	 

     

    

 

Notwithstanding anything
contained herein to the contrary, this Separation Agreement does not release or waive Employee’s claims that (i) may not
be released or waived as a matter of law; (ii) are based on events, occurrences, or omissions that occur after the Separation Date;
(iii) are based on Employee’s enforcement of the Company’s obligations as set forth in this Separation Agreement, (iv)
are with respect to or relate to the Company’s obligation under its articles of incorporation and by-laws and the Minnesota
Business Corporations Act (“MBCA”) to indemnify Employee as an officer of the Company, and/or (v) relate to any already
vested benefits under the terms of any of the Company’s benefit plans (excluding the Company’s severance plans and
arrangements such as, but not limited to, the Evine Live Inc. Executives’ Severance Benefit Plan dated July 25, 2016).  Similarly,
nothing in this Separation Agreement prevents Employee from challenging the validity of this Separation Agreement or from filing
any non-legally waivable claim with the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations
Board (“NLRB”) or comparable state or local agency or participating in any investigation or proceeding conducted by
the EEOC, NLRB or comparable state or local agency; however, Employee agrees and understands that the Separation Agreement waives
all claims and rights to monetary or other recovery for any legal claims to the fullest extent permitted by law.

 

This release of claims
does not prohibit Employee from reporting possible violations of federal law or regulation to any governmental agency or entity,
including but not limited to the Department of Justice, the Securities and Exchange Commission (“SEC”), the Congress,
and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal
law or regulation.  Nothing in this Separation Agreement requires Employee to seek prior authorization of the Company
to make any such reports or disclosures, and Employee does not need and is not required to notify the Company that she has made
any such reports or disclosures.  This Separation Agreement is not intended to and does not restrict Employee from seeking
or obtaining an SEC whistleblower award.

 

4.          Consideration
Period and Advice to Consult with Counsel.  Employee is hereby informed that the terms of this Separation Agreement
shall be open for acceptance and execution by her for a period of twenty-one (21) days, during which time she may consult with
an attorney and consider whether to accept this Separation Agreement. Changes to this Separation Agreement, whether material or
immaterial, will not restart the running of this twenty-one (21) day acceptance period.  During this time, the Company
advises and encourages Employee to consult with an attorney of her choice.  To receive the consideration provided for
in this Separation Agreement, Employee must return a signed and dated original copy of this Separation Agreement to: Lori Riley,
Evine, c/o Human Resources Department, 6740 Shady Oak Road, Eden Prairie, MN  55344.  

 

5.          Revocation
and Rescission Rights.  Employee is hereby informed of her right to revoke her release of claims, insofar as it extends
to potential claims under the Age Discrimination in Employment Act, by informing the Company of her intent to do so within seven
(7) calendar days following Employee’s signing of this Separation Agreement.  Employee is also informed of her
right to rescind (revoke) her release of claims, insofar as it extends to potential claims under the Minnesota Human Rights Act
(“MHRA”), by informing the Company of her intent to do so within fifteen (15) calendar days following her signing of
this Separation Agreement. The 7-day revocation period and the 15-day rescission period shall run concurrently.  Any
such revocation or rescission must be made in writing and delivered by hand or by certified mail, return receipt requested, postmarked
on or before the last day of the applicable revocation or rescission period to the Company representative identified to in Section 4
above.

 

    	 	-4-	 

     

    

 

If Employee exercises
her right to revoke or rescind any portion of her release of claims under this Section 5, the Company may, at its option, either
nullify this Separation Agreement in its entirety, or keep it in effect in all respects other than as to that portion of the release
of claims that Employee has revoked.  Employee agrees and understands that if the Company chooses to nullify the Separation
Agreement in its entirety, the Company will have no obligations under this Separation Agreement.

 

6.          Mutual
Non-Disparagement.  Except in the context of a proceeding with the EEOC, NLRB, or other comparable state or local
government agency; in compelled sworn testimony; or as otherwise may be required by law, Employee agrees that she will not disparage
the Company, any person known to Employee to be one of the Company’s current or former employees, directors, officers, agents,
contractors, vendors, or the Company’s management or services.  Except in the context of a proceeding with the
EEOC, NLRB, or other comparable state or local government agency; in compelled sworn testimony; or as otherwise may be required
by law, the Company agrees that it will not disparage Employee; provided, however, that the Company shall not be held in
breach of this non-disparagement provision based on the statements of any employee who lacks actual knowledge of this provision,
provided, however, that the Company shall ensure that all current directors and executives of the Company are informed of
and have actual knowledge of this provision.

 

7.          Cooperation
Covenant.  Upon reasonable notice and request by the Company, and with reasonable accommodation to Employee’s
business and personal schedule, Employee will make herself available:  (a) to consult with the Company regarding business
matters in which she was involved while employed by the Company, and (b) in connection with any public filing required of the Company,
or any litigation or investigation involving the Company, as to which she has or may have relevant knowledge in connection with
her employment with the Company, to be interviewed, review documents or things, give testimony, or engage in reasonable activities
and otherwise cooperate with the Company (collectively, “Cooperation Activities”).  In performing any such
Cooperation Activities, Employee agrees that any information that she provides will be truthful and substantially complete to the
best of her knowledge.  Employee further agrees to promptly notify the Company of any third-party requests for information
(whether made informally, by subpoena, or otherwise) concerning matters that relate to the Company and/or her actions as an employee
of the Company, such that the Company will have a reasonable opportunity to intervene at its discretion in order protect its business
and legal interests in connection with any such request.  The Company will make reasonable efforts within its control
to provide Employee with two weeks’ notice of any request for Cooperation Activities and will promptly reimburse Employee
for reasonable expenses (inclusive of travel, lodging, meals, and incidentals) and any actual lost wages (if any) incurred in meeting
her obligations under this provision.

 

    	 	-5-	 

     

    

 

8.          Company
Confidential Information and Property.  

 

a.          Employee
agrees that in the course of her employment with the Company, she had access to and acquired confidential and proprietary information
belonging to the Company (“Confidential Information”).  Confidential Information includes (i) information
received by the Company from third parties under confidentiality agreements, (ii) communications subject to the attorney-client
and work-product privileges; and (iii) trade secrets and technical, business or financial information belonging to the Company
and its affiliates (including, but not limited to, customer information, account records, supplier/vendor information, product
information, research and development information, pricing and profitability information, confidential plans for the creation or
disposition of products, product development plans, marketing strategies and techniques, business ideas or practices, and other
confidential financial data and plans).  

 

b.          Employee
understands and agrees that such Confidential Information has been disclosed to her in confidence and for the use of the Company,
and that the misappropriation or other unauthorized disclosure of this Confidential Information would be contrary to the interests
of the Company.  

 

c.          Except
as set forth in Sections 8(e) and 8(f) below, Employee agrees: (i) that she will maintain the Company’s Confidential Information
in strict confidence at all times; and (ii) she will not make use of this Confidential Information on her own behalf, or on behalf
of any third party, unless required to do so under compulsion of law or legal process

 

d.          Employee
affirms that all originals and all copies of the Company’s records, correspondence and documents, and all other property
and assets of the Company, created or obtained by Employee as a result of or in the course of or in connection with Employee’s
employment with the Company which are in Employee’s possession or control, whether confidential or not, have been returned
to the Company before she signed the Separation Agreement.

 

e.          Employee
understands that under the U.S. Defend Trade Secrets Act of 2016, she will not be held criminally or civilly liable under any U.S.
federal or state trade secret law for the disclosure of a trade secret that is made in confidence to government officials, either
directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a suspected violation
of law, or in a complaint or other document filed in a lawsuit or other proceeding, provided such filing is made under seal.

 

f.           Notwithstanding
anything contained herein to the contrary, it will not be a violation of this Section 8 for Employee to use or disclose Confidential
Information (i) when required to do so by a court of law, by any governmental agency having supervisory authority over the business
of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order
her to divulge, disclose or make accessible such information, (ii) that becomes generally known to the public or trade provided
Employee was not the initial source of such Confidential Information that becomes generally known to the public or trade, or (iii)
to Employee’s spouse, attorney and/or her personal tax and financial advisors as reasonably necessary or appropriate to advance
her tax, financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure
or use of confidential and proprietary information by an Exempt Person shall be deemed to be a breach of this Section 8 by Employee.

 

    	 	-6-	 

     

    

 

9.          Passwords
and Password-Protected Documents.  Employee agrees that, prior to signing this Separation Agreement, Employee has
delivered all passwords in use by Employee at the time of Employee’s termination, a list of any documents that Employee has
created or of which Employee is otherwise aware are password-protected, and the password(s) necessary to access such password-protected
documents.

 

10.        Termination.  The
Company may terminate this Separation Agreement in the event that Employee commits a material breach of this Separation Agreement.  Such
termination shall be effective upon receipt of notice to Employee provided in writing by the Company.  Upon such termination
for such material breach, the Company shall, in addition to all legal damages and equitable relief to which it may be entitled,
be relieved of its obligations hereunder.

 

11.        Equitable
and Extraordinary Relief.   Because damages alone are not an adequate remedy for any breach of Sections 6, 7, and
8 of this Separation Agreement, or the provisions of the Employment Agreements reaffirmed in Section 2(d) above, the Company shall
have the right, without posting a bond, to enforce said provisions by seeking injunctive relief, specific performance, or other
equitable or extraordinary relief.

 

12.        Non-Assignability.  Employee
understands and agrees that this Separation Agreement is personal to Employee.  The duties, rights, and obligations set
forth herein may not be delegated or assigned by Employee to any other person without prior written consent of the Company.  The
Company’s rights and obligations hereunder may be assigned to any successor following a sale of the Company or of the Company’s
assets or any other transaction involving a change in control.

 

13.        Representations
and Warranties.  Employee represents and warrants that Employee is not aware of any facts or circumstances that might
justify a claim against the Released Parties for any violation of the Family and Medical Leave Act (“FMLA”) or the
Fair Labor Standards Act (“FLSA”) or comparable state statutes.  Subject to Section 2(a) above, Employee
further represents and warrants that she has received any and all wages and/or commissions for work performed and any and all FMLA
leave to which Employee may have been entitled.

 

Employee also represents
and warrants that she is not aware of any facts that would establish, tend to establish, or in any way support an allegation that
any employee, officer, or director of the Company has engaged in conduct that she believes could violate any other federal, state
or local law.

 

    	 	-7-	 

     

    

 

14.        Governing
Law; Severability.  This Separation Agreement shall be governed by the laws of the State of Minnesota without regard
to the choice of law provisions of any jurisdiction, unless superseded by federal law.  If any part of this Separation
Agreement is construed to be invalid and/or unenforceable, such part shall be modified to achieve the objective of the parties
to the fullest extent permitted and the balance of this Separation Agreement shall remain in full force and effect.  The
language of all parts of this Separation Agreement shall be construed as a whole, according to its fair meaning, and not strictly
for or against any of the parties.

 

15.        Choice
of Venue.  Any action between Employee and the Company relating to Employee’s employment or termination of
employment with the Company, including, without limitation, actions relating to or arising under this Separation Agreement shall
be filed and adjudicated exclusively in the state and federal courts of the State of Minnesota, and Employee and the Company hereby
consent to the jurisdiction of such courts for any such action and further waive any objection to the convenience of the forum
or venue.

 

16.        Section
409A Compliance.  To the extent possible, it is intended that the Separation Payment under this Separation Agreement
is to be exempt from section 409A of the Internal Revenue Code, accompanying regulations, and guidance (collectively “section 409A”),
by reason of the short-term deferral rule (26 C.F.R. § 1.409A-1(b)(4)), or one of the separation pay exceptions (26 C.F.R.
§ 1.409A-1(b)(9)).  To the extent that the Separation Payment under this Separation Agreement is subject to
section 409A, this Separation Agreement shall be interpreted in a manner that complies with section 409A.  For example,
the term “termination” shall be interpreted to mean a separation from service under section 409A and if Employee is
a specified employee the six (6) month delay rule for a payment made based on separation from service shall apply (if applicable)
with payments due accrued until the end of the six (6) month period.  In addition, each payment and benefit shall be
treated as a separate payment for purposes of section 409A, as allowed under 26 C.F.R. § 1.409A-2(b)(2)(iii).  Notwithstanding
the foregoing, although the intent is to comply with section 409A, Employee shall be responsible for all taxes and penalties under
this Separation Agreement (the Company and its employees shall not be responsible for such taxes and penalties.   To
the extent that any provision hereof is modified in order to comply with section 409A, such modification shall be made in good
faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Employee and the
Company of the applicable provision without violating the provisions of section 409A. In no event whatsoever shall the Company
be liable for any additional tax, interest or penalty that may be imposed on Employee by section 409A or damages for failing to
comply with section 409A.

 

17.        Entire
Agreement.  Except as otherwise stated herein, this Separation Agreement and the documents referenced herein contain
the entire agreement between Employee and the Company with respect to Employee’s employment and separation from employment
and there are no promises or understandings outside of this Separation Agreement and the documents referenced herein with respect
to Employee’s employment or separation from employment with the Company.  Any modification of or addition to this
Separation Agreement must be in a writing signed by Employee and an appropriate representative of the Company.

 

    	 	-8-	 

     

    

 

18.        Indemnification.
The Company shall indemnify Employee as an officer of the Company in accordance with its obligations under the Company’s
articles of incorporation and by-laws and the MBCA.  

 

19.        No
Offset.  There shall be no offset against amounts due to Employee under this Separation Agreement on account of any
compensation attributable to any subsequent employment that Employee may obtain.

 

20.        Controlling
Document.  If any provision of any agreement, plan, program, policy, arrangement or other written document between
or relating to the Company and Employee conflicts with any provision of this Separation Agreement, the provisions of this Separation
Agreement shall control and prevail.

 

21.        Waiver.  The
waiver by either party of a breach by the other party of any provision of this Separation Agreement shall not operate or be construed
as a waiver of any subsequent breach.

 

22.        Headings;
Counterparts and Electronic Signatures.  The headings of the sections contained in this Separation Agreement are
for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Separation
Agreement.  This Separation Agreement may be executed in any number of counterparts, each of which when so executed shall
be deemed an original, and the counterparts together shall constitute one and the same agreement.  A copied, scanned,
or faxed signature shall be treated the same as an original.

 

    	 	-9-	 

     

    

 

23.        Employee
Representation.  EMPLOYEE AFFIRMS THAT SHE HAS READ THIS SEPARATION AGREEMENT.  EMPLOYEE ACKNOWLEDGES THAT
SHE WAS PROVIDED WITH A REASONABLE AND SUFFICIENT PERIOD OF TIME TO CONSIDER WHETHER OR NOT TO ACCEPT THIS SEPARATION AGREEMENT
PRIOR TO SIGNING IT.  EMPLOYEE AGREES THAT THE PROVISIONS OF THIS SEPARATION AGREEMENT ARE UNDERSTANDABLE TO HER, THAT
SHE HAS ENTERED INTO THIS SEPARATION AGREEMENT FREELY AND VOLUNTARILY, AND THAT SHE HEREBY IS ADVISED TO CONSULT WITH AN ATTORNEY
PRIOR TO SIGNING THIS SEPARATION AGREEMENT.

 

	Dated:  January 1, 2019	 /s/ Anne Martin-Vachon	 
	 	 	 
	 	Anne Martin-Vachon	 
	 	 	 
	Dated:  January 1, 2019	EVINE Live Inc. 	 
	 	 	 
	 	By	/s/ Robert Rosenblatt	 
	 	 	 	 
	 	Its 	Chief Executive Officer	 

 

    	 	-10-EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SERVICES AND
COVENANT AGREEMENT 
 THIS SERVICES AND COVENANT AGREEMENT (this “Agreement”), dated as of June 11, 2018, is
entered into by and between Cadence Bancorporation, a Delaware corporation (“Parent”), and Joseph W. Evans (the “Advisor”), to be effective upon the occurrence of the Effective Time (as defined in the Agreement and
Plan of Merger, dated as of May 11, 2018 (the “Merger Agreement”), by and between Parent and State Bank Financial Corporation, a Georgia corporation (the “Company”)). If the Effective Time does not occur, this
Agreement shall be null and void ab initio and of no further force and effect. All capitalized terms that are not defined in this Agreement shall have the meanings ascribed to such terms in the Merger Agreement. 

WHEREAS, the Advisor has invaluable knowledge and expertise regarding the business of the Company; 

WHEREAS, due to the Advisor’s knowledge and expertise, Parent wishes to have the cooperation of, access to, and services of the Advisor
following the Effective Time; 
 WHEREAS, the covenants set forth herein, including without limitation the nonsolicitation and
noncompetition covenants set forth in Section 5, are being entered into in connection with and for the purpose of furthering the transactions contemplated by the Merger Agreement, and the Advisor’s willingness to enter
into this Agreement is a material consideration for Parent in connection with Parent’s willingness to enter into the Merger Agreement; and 

WHEREAS, Parent and the Advisor have mutually agreed that the Advisor shall serve as Vice Chairman of the Board of Directors of Parent (the
“Parent Board”) and a member of the Board of Directors (the “Parent Bank Board”) of Cadence Bank, N.A., a national banking association (“Parent Bank”). 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Parent and the Advisor
hereby agree as follows: 
 1. Termination of Employment; Initial Payment. 

(a) Termination of Employment. Effective as of the date on which the Effective Time occurs (the “Effective Date”), the
Advisor shall cease to be an employee of Parent, the Company, and their respective affiliates (as defined in the Merger Agreement). 
 (b)
Initial Payment. In full satisfaction of the obligations under the Second Amended and Restated Employment Agreement, effective as of June 1, 2017 (the “Prior Agreement”), by and among the Company, State Bank and Trust
Company, a Georgia banking corporation (the “Company Bank”), and the Advisor, subject to the execution, delivery, and non-revocation of a general release of claims in favor of Parent in the
form attached hereto as Exhibit A and in consideration for the restrictive covenants in the Prior Agreement as expanded by this Agreement, the Advisor shall receive (i) $700,000, payable in a lump sum on the Effective
Date (the “Severance Payment”), and (ii) a monthly cash payment equal to the employee’s premiums under the Consolidated Omnibus Budget Reconciliation Act of 1985, as 

 
amended (“COBRA”), for up to 24 months following the Effective Date in accordance with Section 3.3.2 of the Prior Agreement, in each case, subject to
Sections 6 and 7(b). The Advisor shall not be entitled to any additional severance in connection with the Advisor’s termination of employment as of the Effective Date or other benefits under any plan or policy
of Parent, the Company, or their respective affiliates, other than in respect of (A) Company equity awards granted prior to the date hereof, which shall be treated as provided in the applicable award agreements and the Merger Agreement,
(B) any vested rights under any tax-qualified benefit plans of the Company and the Split-Dollar Agreement, dated as of December 1, 2012, by and between the Company Bank and the Advisor, and
(C) any rights to continuation coverage under COBRA at the Advisor’s expense. 
 (c) Withholding. Notwithstanding
Section 8(a), Parent or its applicable affiliate may deduct from each payment of compensation payable under this Section 1 all amounts required to be deducted and withheld in accordance with
applicable federal, state, and local income tax, employment tax, and other withholding requirements. 
 2. Term. The Advisor shall
render advisory services, on the terms and subject to the conditions set forth in this Agreement, for the period beginning on the Effective Date and ending on the first anniversary of the Effective Date, unless earlier terminated in accordance with
Section 4 (the “Term”). 
 3. Services; Remuneration. 

(a) Advisory Services. During the Term, the Advisor shall provide general advisory services as requested by the Chief Executive Officer
of Parent Bank (the “CEO”) with respect to the business of Parent, including (i) maintaining and developing new relationships with customers and clients, (ii) advising with respect to community relations issues and
building new relationships in Parent’s market area, (iii) continuing to be available to attend and make speeches at team member, industry, customer, and community events, and (iv) assisting on specific projects for Parent with respect
to its business and the integration of the Company, each as may be reasonably requested by the CEO. 
 (b) Advisor Fee; Expense
Reimbursement; Office. In consideration for agreeing to provide the services set forth in Section 3 and for the restrictive covenants set forth in the Prior Agreement, as expanded by Section 5,
during the Term, the Advisor shall be paid an annual advisory fee of $100,000 (the “Advisor Fee”), payable in equal monthly installments in arrears no later than the fifth business day of each calendar month, with the first and last
such payments to be prorated as necessary to reflect a period of service that is less than a full month. Parent shall reimburse the Advisor pursuant to Parent’s reimbursement policies as in effect from time to time for reasonable business
expenses incurred by the Advisor in connection with the performance of the services described in this Section 3. During the Term, Parent shall provide the Advisor with an office in Atlanta, Georgia. 

(c) Sole Consideration. Except as specifically provided herein and except for the compensation payable to the Advisor in respect of the
Advisor’s services on the Parent Board and Parent Bank Board as in effect from time to time, the Advisor shall be entitled to no other compensation or benefits from Parent with respect to the advisory services, shall not be eligible to
participate in or accrue benefits under any employee benefit plans of Parent and its affiliates, and shall not be credited with service or age credit for purposes of eligibility, vesting, or benefit accrual under any employee benefit plan of Parent
or its affiliates. 

  
 -2- 

 (d) Separation from Service. Parent confirms that it is currently expected that the
Advisor’s duties as an advisor shall not exceed 20% of the average level of bona fide services performed by the Advisor as an employee during the Advisor’s employment with the Company during the
36-month period immediately preceding the Effective Date, consistent with the parties’ intent that such termination of employment upon the Effective Date shall constitute a “separation from
service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 4.
Termination. 
 (a) Termination. Either Parent or the Advisor may terminate the Term at any time and for any reason (or no
reason) by providing the other party with 30 days’ advance written notice of such termination. 
 (b) Payments upon
Termination. Upon termination of the Term for any reason, Parent shall pay to the Advisor any earned but unpaid Advisor Fees for the services rendered prior to the date of termination and shall reimburse the Advisor for any business expenses
incurred prior to such termination and for which the Advisor would be entitled to reimbursement pursuant to Section 3(b), in each case, within 10 business days following the date of termination. In addition, upon a
termination of the Term by Parent without Cause (as defined below), the Advisor shall receive the unpaid Advisor Fees that the Advisor would have received had the Advisor continued to perform services under this Agreement for the original Term, to
be paid at the times as such Advisor Fees would have been paid had the Advisor continued to perform services under this Agreement, subject to the Advisor’s continued compliance with the restrictive covenants set forth in
Section 5 through the applicable payment dates. 
 (c) Definition of Cause. For purposes of this Agreement,
“Cause” means (i) a material breach of the terms of this Agreement by the Advisor, including, without limitation, failure by the Advisor to perform the Advisor’s duties and responsibilities in the manner and to the extent
required under this Agreement, which breach remains uncured after the expiration of 30 days following the delivery of written notice of such breach to the Advisor by Parent; (ii) conduct by the Advisor that (A) constitutes fraud,
dishonesty, gross malfeasance of duty, or conduct grossly inappropriate to the Advisor’s office and (B) is demonstrably likely to lead to material injury to Parent or resulted or was intended to result in direct or indirect gain to or
personal enrichment of the Advisor; (iii) conduct resulting in the conviction of the Advisor of a felony; or (iv) conduct by the Advisor that results in the permanent removal of the Advisor from his position as a service provider of Parent
pursuant to a written order by any regulatory agency with authority or jurisdiction over Parent or Parent Bank. 

  
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 5. Restrictive Covenants. 

(a) Nondisclosure. 
 (i)
Ownership of Information. All Parent Information (as defined below) received or developed by the Advisor while employed by Parent or its affiliates will remain the sole and exclusive property of Parent or such affiliate. For all purposes of
this Section 5, references to Parent and its affiliates shall include the Company and its affiliates and any predecessor or successor entities. 

(ii) Obligations of the Advisor. The Advisor agrees (A) to hold Parent Information in strictest confidence, and (B) not to
use, duplicate, reproduce, distribute, disclose, or otherwise disseminate Parent Information or any physical embodiments thereof and may in no event take any action causing, or fail to take any action necessary to prevent, any Parent Information
from losing its character or ceasing to qualify as Confidential Information or a Trade Secret. If the Advisor is required by law to disclose any Parent Information, the Advisor shall not make such disclosure unless (and then, only to the extent
that) the Advisor has been advised by independent legal counsel that such disclosure is required by law and then only after prior written notice is given to Parent when the Advisor becomes aware that such disclosure has been requested and is
required by law. This Section 5(a) shall survive for a period of 12 months following termination of this Agreement with respect to Confidential Information, and shall survive termination of this Agreement for so long
as is permitted by the then-current Georgia Trade Secrets Act of 1990, O.C.G.A. §§ 10-1-760 to 767, with respect to Trade Secrets. Nothing contained
herein shall limit the Advisor’s obligations as an officer and director of Parent and its affiliates. 
 (iii) Delivery upon Request
or Termination. Upon request by Parent, and in any event upon termination of the Advisor’s service to Parent, the Advisor shall promptly deliver to Parent all property belonging to Parent and its affiliates, including, without limitation,
all Parent Information then in the Advisor’s possession or control. 
 (b) Noncompetition. The Advisor agrees that, for a period
of 24 months following the Effective Date (the “Restricted Period”), the Advisor shall not (except on behalf of or with the prior written consent of Parent), within the Area (as defined below), either directly or indirectly, on
the Advisor’s own behalf or in the service or on behalf of others, whether as an employee, director, consultant, independent contractor, or in any other capacity that involves duties and responsibilities similar to those undertaken for Parent
or its affiliates, engage in any business that is the same as or essentially the same as the Business (as defined below); provided, however, that this Section 5(b) shall not preclude the Advisor from engaging
in any of the activities historically conducted by Bankers Capital Group, LLC, which include the acquisition of less than bank-quality debt, private equity investments, and investment fund sponsorship. 

(c) Nonsolicitation of Customers. The Advisor agrees that, during the Restricted Period, the Advisor shall not (except on behalf of or
with the prior written consent of Parent), on the Advisor’s own behalf or in the service or on behalf of others, solicit, divert, or appropriate or attempt to solicit, divert, or appropriate, directly or by assisting others, any business from
any of Parent’s or its affiliates’ customers, including actively sought prospective customers, with whom the Advisor has or had material contact during the last 12 months of the Advisor’s employment with or service to Parent and
its affiliates, for purposes of providing products or services that are competitive with those provided by Parent or its affiliates. 

  
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 (d) Nonsolicitation of Employees. The Advisor agrees that, during the Restricted
Period, the Advisor shall not on the Advisor’s own behalf or in the service or on behalf of others, solicit, recruit, or hire away or attempt to solicit, recruit, or hire away, directly or by assisting others, any employee of Parent or its
affiliates, whether or not such employee is a full-time employee or a temporary employee of Parent or its affiliates and whether or not such employment is pursuant to written agreement and whether or not such employment is for a determined period or
is at will. Notwithstanding the foregoing, this Section 5(d) shall not apply to Cindy Cline. In addition, a general advertisement for employment that is not targeted at any employee of Parent or its affiliates shall not
constitute a breach of the Advisor’s obligations under this Section 5(d). 
 (e) Nondisparagement. The
Advisor shall not at any time make any written or oral statements, representations, or other communications that disparage the business or reputation of Parent or any of its affiliates, or any officer, director, employee, stockholder, agent, or
representative of, or consultant to, Parent or any such affiliate, other than to the extent necessary to respond in an appropriate and truthful manner to any legal process or give appropriate and truthful testimony in a legal or regulatory
proceeding. Parent shall instruct its directors and executive officers (as such term is defined in Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) not to at any time make any written or oral statements, representations, or other communications that disparage the business or reputation of the Advisor, other than to the extent necessary to respond in an appropriate and truthful
manner to any legal process or give appropriate and truthful testimony in a legal or regulatory proceeding. Nothing in this Section 5(e) is intended to (i) prevent either party from conferring in confidence with its
legal representatives, or (ii) prevent either party from responding publicly to incorrect, disparaging, or derogatory public statements to the extent reasonably necessary to correct or refute such statements. 

(f) Remedies. The Advisor agrees that the covenants contained in this Section 5 are of the essence of this
Agreement; that each of the covenants is reasonable and necessary to protect the business, interests, and properties of Parent and its affiliates; and that irreparable loss and damage will be suffered by Parent and its affiliates should the Advisor
breach any of the covenants. Therefore, the Advisor agrees and consents that, in addition to all the remedies provided by law or in equity, the Advisor shall be entitled to a temporary restraining order and temporary and permanent injunctions to
prevent a breach or contemplated breach of any of the covenants. Parent and the Advisor agree that all remedies available to Parent or the Advisor, as applicable, shall be cumulative. In addition, if the Advisor fails to comply with any of the
covenants contained in this Section 5 and such failure shall not be cured to the reasonable satisfaction of Parent within 30 days after receipt of written notice thereof from Parent, then Parent shall thereupon be
relieved of liability for all obligations then remaining under Sections 1, 3(b), and 4(b). 

  
 -5- 

 (g) Exceptions. The foregoing provisions of this Section 5
shall not prevent or limit the Advisor from complying with any applicable law or with the directive of any court or administrative body or agency having the legal authority to compel testimony from or the production of documents by the Advisor;
provided, however, that the Advisor shall, to the extent not prohibited by law, (i) promptly notify Parent of any such intended disclosure prior to such disclosure, (ii) at the written request of Parent, diligently contest
such disclosure at the expense of Parent, and (iii) at the written request of Parent, seek to obtain, at the expense of Parent, such confidential treatment as may be available under applicable laws for any information so disclosed.
Notwithstanding any provision of this Agreement to the contrary (including this Section 5), nothing contained herein is intended to, or shall be interpreted in a manner that does, limit or restrict the Advisor from
exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the Exchange Act). 
 (h) Certain
Definitions. For purposes of this Agreement, the following terms have the meanings set forth below. 
 “Area” means the
geographic area within the boundaries of the Atlanta-Sandy Springs-Roswell, Georgia metropolitan statistical area (“MSA”), the Athens-Clarke County, Georgia MSA, the Gainesville, Georgia MSA, the Savannah, Georgia MSA, the Macon,
Georgia MSA, the Warner Robins, Georgia MSA, and the Augusta-Richmond County, Georgia MSA. 
 “Business” mean the business
conducted by Parent and its affiliates, which is the business of banking, including the solicitation of time and demand deposits and the making of residential, consumer, commercial and corporate loans. 

“Confidential Information” means data and information relating to the Business and its affiliates (which does not rise to the
status of a Trade Secret) that is or has been disclosed to the Advisor or of which the Advisor became aware as a consequence of or through the Advisor’s relationship to Parent or its affiliates and which has value to Parent or its affiliates
and is not generally known to its competitors. Without limiting the foregoing, Confidential Information shall include: (i) all items of information that could be classified as a trade secret pursuant to Georgia law; (ii) the names,
addresses, and banking requirements of the customers of Parent and its affiliates and the nature and amount of business done with such customers; (iii) the names and addresses of employees and other business contacts of Parent and its
affiliates; (iv) the particular names, methods, and procedures utilized by Parent and its affiliates in the conduct and advertising of its business; (v) application, operating system, communication, and other computer software and
derivatives thereof, including, without limitation, sources and object codes, flow charts, coding sheets, routines, subrouting, and related documentation and manuals of Parent and its affiliates; and (vi) marketing techniques, purchasing
information, pricing policies, loan policies, quoting procedures, financial information, customer data, and other materials or information relating to Parent and its affiliates’ manner of doing business. 

“Parent Information” means Confidential Information and Trade Secrets. 

“Trade Secrets” means information, without regard to form, including, but not limited to, technical or nontechnical data,
formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product plans, or lists of actual or potential customers or suppliers that (i) derives economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy. 

  
 -6- 

 6. Certain Reduction of Payments. 

(a) Reduced Payments. Notwithstanding any other provision of this Agreement to the contrary, if the aggregate of the payments provided
for in this Agreement and the other payments and benefits that the Advisor has the right to receive from Parent, the Company, and their respective affiliates (the “Total Payments”) would constitute a “parachute payment,”
as defined in Section 280G(b)(2) of the Code, the Advisor shall receive the Total Payments unless the (i) after-tax amount that would be retained by the Advisor (after taking into account all
federal, state, and local income taxes payable by the Advisor and the amount of any excise taxes payable by the Advisor under Section 4999 of the Code that would be payable by the Advisor (the “Excise Taxes”)) if the Advisor
were to receive the Total Payments has a lesser aggregate value than (ii) the after-tax amount that would be retained by the Advisor (after taking into account all federal, state, and local income taxes
payable by the Advisor) if the Advisor were to receive the Total Payments reduced to the largest amount as would result in no portion of the Total Payments being subject to Excise Taxes (the “Reduced Payments”), in which case the
Advisor shall be entitled only to the Reduced Payments. If the Advisor is to receive the Reduced Payments, the reduction shall be made by reducing the Severance Payment. All reasonable fees and expenses of the Accounting Firm shall be borne solely
by Parent. 
 (b) Determinations. All determinations required to be made under this Section 6 and the
assumptions to be utilized in arriving at such determination (including, without limitation, any determination regarding reasonable compensation for pre- or post-change of control services and in respect of
the valuation of noncompetition provisions), shall be made by Golden Parachute Tax Solutions LLC (the “Accounting Firm”), which shall provide the full report of its determinations and any supporting calculations to Parent as soon as
reasonably practicable following the Effective Date. The Accounting Firm shall consult with any compensation consultants, accounting firm, and/or other legal counsel selected by the Advisor in determining which payments to, or for the benefit of,
the Advisor are to be deemed to be parachute payments. In connection with making determinations under this Section 6, the Accounting Firm shall take into account, to the extent applicable, the value of any reasonable
compensation for services to be rendered by the Advisor before or after the applicable change in ownership or control, including the noncompetition provisions applicable to the Advisor under Section 5 and any other
noncompetition provisions that may apply to the Advisor, and Parent and the Advisor shall cooperate in the valuation of any such services, including any noncompetition provisions. In addition, the Advisor shall take all action to mitigate the
application of the Excise Taxes as reasonably requested by Parent. 
 7. Section 409A of the Code. 

(a) General. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from,
Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. For purposes of Section 409A of the Code, the Advisor’s right to receive
any installment payments pursuant to this Agreement shall be treated as a right to receive a series 

  
 -7- 

 
of separate and distinct payments. In no event may the Advisor, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified
deferred compensation. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code, (i) the right to
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or
in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable
year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period
the arrangement is in effect, and (iii) such payments shall be made on or before the last day of the Advisor’s taxable year following the taxable year in which the expense was incurred. 

(b) Specified Employee. Notwithstanding any other provision of this Agreement to the contrary, if the Advisor is considered a
“specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by Parent as in effect on the Effective Date), (i) any payment or other benefit that constitutes
nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Advisor under this Agreement during the six-month period following the Advisor’s
“separation from service” (as determined in accordance with Section 409A of the Code) on account of the Advisor’s separation from service shall be accumulated and paid to the Advisor on the first business day of the seventh month
following the Advisor’s separation from service (the “Delayed Payment Date”). If the Advisor dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to
the personal representative of the Advisor’s estate on the first to occur of the Delayed Payment Date or 30 days after the date of the Advisor’s death. 

8. Miscellaneous. 
 (a)
Status as a Nonemployee. Parent and the Advisor acknowledge and agree that, in performing services pursuant to this Agreement, the Advisor shall be acting and shall act at all times as an independent contractor only and not as an employee,
agent, partner, or joint venturer of or with Parent, the Company, or their respective affiliates and, subject to the Advisor’s compliance with Section 5, the Advisor’s services under
Section 3(a) shall be non-exclusive. The Advisor acknowledges that, except as set forth in Section 1(c), the Advisor is and shall be solely responsible for the payment of
all federal, state, local, and foreign taxes that are required by applicable laws or regulations to be paid with respect to compensation payable hereunder for the Advisor’s services rendered following the Effective Date. 

(b) Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, as applicable, Parent
and the Advisor and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributees, and legatees. This Agreement is personal in nature and the Advisor shall not, without the written consent of
Parent, assign, transfer, or delegate this Agreement or any rights or obligations hereunder. Parent may not assign, transfer, or delegate this Agreement or any rights or obligations hereunder without the written consent of the Advisor. 

  
 -8- 

 (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Georgia without giving effect to principles regarding the conflict of laws. 
 (d) Amendment; Entire
Agreement. No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, waiver, modification, or discharge is agreed to in writing and such writing is signed by the Advisor and Parent. From and after the
Effective Date, this Agreement shall supersede the Prior Agreement, and, except as specifically provided herein, the Advisor shall have no further rights under the Prior Agreement. 

(e) Notice. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or
by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Advisor: 

At the address most recently on the books and records of Parent. 

If to Parent: 
 Cadence
Bancorporation 
 2800 Post Oak Boulevard 

Suite 3800 
 Houston, Texas
77056 
 Attention: Samuel M. Tortorici 
 or to
such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

(f) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified). 

(g) Headings. The headings of this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. 
 (h) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the same instrument. 
 (i) Survival. Upon the expiration or
other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. 

[Signature Page Follows] 

  
 -9- 

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

							
	CADENCE BANCORPORATION
		
	By:	 	 /s/ Jerry W. Powell

		 	Name:	 	Jerry W. Powell
		 	Title:	 	 Executive Vice President and

General Counsel

 
	
	
	 /s/ Joseph W. Evans

	 Joseph W. Evans

  
 [Signature Page to
Services and Covenant Agreement]

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