Document:

2014.9.30-EX10.1

Exhibit 10.1
ENTERPRISE FINANCIAL SERVICES CORP
AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT  

WHEREAS, Enterprise Financial Services Corp (“Company”), a Delaware corporation, and Frank H. Sanfilippo (“Executive”) entered into a certain Executive Employment Agreement between Company and Executive, dated effective as of December 1, 2004, as amended by a certain First Amendment to Executive Employment Agreement, dated December 19, 2008 (as so amended, the “Original Agreement”); and 
WHEREAS, Executive desires to remain employed with the Company, and the Company desires to secure Executive’s continued employment upon the terms and subject to the conditions set forth below.
NOW, THEREFORE, the Original Agreement is amended and restated effective as of  August 8, 2014 (the “Amendment Date”) as follows:
1.Employment.  Subject to the terms and conditions set forth in this Agreement, the Company hereby employs Executive for the Employment Term as hereafter defined.  During the Employment Term, Executive shall have such duties and responsibilities as directed by the Company, including taking positions with Subsidiaries (as defined below) of the Company, including Enterprise Bank & Trust (“Enterprise Bank”).  Initially, Executive shall serve as Executive Vice President, Enterprise Bank, Chief Operating Officer.  Executive shall comply with all policies and procedures of the Company generally applicable to Executive.  Executive hereby accepts such employment and agrees to serve the Company in such capacities for the term of this Agreement.

2.Term of Employment.  Except as otherwise provided herein, the term of Executive’s employment with the Company shall be for a term commencing on the Effective Date and ending upon termination of employment as hereafter provided (the “Employment Term”).  
 
3.Devotion to Duties.  Executive agrees that during the Employment Term he will devote all of his skill, knowledge, commercial efforts and working time to the conscientious and faithful performance of his duties and responsibilities to the Company (except for (i) permitted vacation time and absence for sickness or similar disability and (ii) to the extent that it does not interfere with the performance of Executive’s duties hereunder:  (A) such reasonable time as may be devoted to the fulfillment of Executive’s civic and charitable activities and (B) such reasonable time as may be necessary from time to time for personal financial matters).  Executive will use his best good faith efforts to promote the success of the Company’s business and will cooperate fully with the management of the Company in the advancement of the best interests of the Company.  If requested by the Company, Executive will agree to serve as a director or officer of any of the Company’s Subsidiaries without additional compensation.

4.Compensation of Executive.

4.1Base Salary.  During the Employment Term, in addition to the other compensation provided in this Agreement, the Company shall pay to Executive as compensation for the services to be performed by the Executive a base salary, which as of the Amendment Date, shall be at a rate of $250,000.00 per year (the “Base Salary”). The Base Salary may be adjusted from time to time in the sole discretion of the Company, but shall not be reduced below $250,000.00 per year without Executive’s written consent.

4.2Targeted Incentives. In addition to the compensation set forth elsewhere in this Section 4, Executive shall be eligible to participate in the Company’s long term incentive plan and short term incentive 

plan (collectively, “Targeted Incentives”) as determined by the Company from time to time.  Such participation shall be governed by the terms and subject to the conditions of such plans, as may be in effect from time to time, including without limitation conditions as to performance targets, length of service and clawback policies.  Unless otherwise expressly indicated in any agreement or plan governing a Targeted Incentive, and except as provided in Sections 5.2 and 5.3, Executive shall not be eligible to receive any Targeted Incentive unless Executive is employed with the Company on the date such Targeted Incentive is paid.  Unless otherwise expressly provided in the terms governing any Targeted Incentives, and except as provided in Sections 5.2 and 5.3, all Targeted Incentives earned by Executive will be paid not later than March 15 of the calendar year immediately following the calendar year to which the Targeted Incentive relates.  

4.3Benefits.  Executive shall be entitled to participate, during the Employment Term, in other regular employee benefit plans generally established by the Company for its full-time employees, including without limitation, any savings and profit sharing plan, incentive stock plan, dental and medical plans, life insurance and disability insurance, and non-qualified deferred compensation plans, such participation to be as provided in said employee benefit plans in accordance with the terms and conditions thereof as in effect from time to time and subject to any applicable waiting period.  Executive shall also be entitled to paid vacation during each year of the Employment Term in accordance with the Company’s vacation policy, but in no event shall such vacation be less than four weeks per calendar year. Vacation not used in any year shall be forfeited and not carried over to any subsequent year.  

4.4Reimbursement of Expenses.  The Company will provide for the payment or reimbursement of all reasonable and necessary expenses incurred by the Executive in connection with the performance of his duties under this Agreement in accordance with the Company’s expense reimbursement policy, as such may change from time to time. 

5.Termination of Employment.  

5.1General.  Notwithstanding any other provisions of this Agreement, Executive shall constitute an at-will employee and the Company may terminate Executive’s employment at any time, with or without Cause (as defined below), immediately upon written notice.  Executive may also terminate Executive’s employment at any time either for or not for Constructive Termination (as defined below), immediately upon written notice. Upon any termination of Executive’s employment, Executive shall, within thirty (30) days after such termination, be paid all accrued salary, bonus compensation to the extent earned, any benefits under any plans of the Company in which Executive is a participant to the full extent of the Executive’s rights under such plans, accrued vacation pay for the year in which termination occurs, and any appropriate business expenses incurred by Executive reimbursable by the Company in connection with his duties hereunder, all to the date of termination, but, except as provided in Section 5.2 or 5.3 below, Executive shall not be paid any other compensation or reimbursement of any kind including without limitation, severance compensation.  Vested deferred compensation, pension plan, and profit sharing plan benefits will be paid in accordance with the terms of the applicable plans or agreements.

5.2Termination Other Than for Cause.  Notwithstanding any other provisions of this Agreement, the Company or Executive may effect a “Termination Other Than for Cause,” as hereinafter defined, at any time upon giving written notice to the other party of such termination.

(a)Subject to the conditions of Section 5.2(b) and Section 6, in the event Executive’s employment is terminated in a Termination Other Than for Cause, provided that such termination constitutes a Separation from Service as defined in Section 6.1, in addition to payments contemplated 

by Section 5.1, the Company shall pay Executive as severance compensation (the “Severance Compensation”): (i) an amount equal to one year of Executive’s Base Salary at the rate payable at the time of such termination; plus (ii) an amount equal to any annual cash Targeted Incentives for the year in which such termination occurs as though all “target levels” of performance for such year are fully and completely achieved. Subject to the conditions specified in Section 5.2(b), the Severance Compensation will be payable in a single lump sum cash payment subject to applicable taxes and withholdings, on the 60th day after Executive’s Separation from Service.

(b)Payment of the Severance Compensation shall be subject to and conditioned upon Executive’s compliance with the terms, provisions and conditions contained in this Agreement in Sections 8, 9 and 10 and shall be subject to and conditioned upon Executive’s execution of a release and waiver, within sixty (60) days after Executive’s Separation from Service of all claims with respect to Executive’s employment against the Company, its Affiliates and their respective officers and directors in a form mutually acceptable to the Company and Executive (the “Release”).  

5.3Termination Upon a Change in Control.  
(a)    Subject to the conditions of Section 5.3(b) and Section 6, in the event Executive’s employment is terminated in a Termination Upon a Change in Control (as defined below), provided that such termination constitutes a Separation from Service as defined in Section 6.1, in addition to payments contemplated by Section 5.1, Executive shall be paid the sum of the following amounts (the “Change in Control Compensation”): (i) an amount equal to two years of Executive’s Base Salary at the rate payable at the time of such termination of employment; plus (ii) an amount equal to any annual cash Targeted Incentives for the year in which such termination occurs as though all “target levels” of performance for such year are fully and completely achieved.  Subject to the conditions specified in Section 5.3(b), the Change in Control Compensation will be payable in a single lump sum cash payment subject to applicable taxes and withholdings, on the 60th day after Executive’s Separation from Service.
(b)    Payment of the Change in Control Compensation shall be subject to and conditioned upon Executive’s compliance with the terms, provisions and conditions contained in this Agreement in Sections 8, 9 and 10 and shall be subject to and conditioned upon Executive’s execution of a Release within sixty (60) days after Executive’s Separation from Service.  
5.4Definitions.
(a)    “Affiliate” with respect to any Person, means any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also a Subsidiary.
(b)    “Cause” means the occurrence of any of the following: (i) an order of any federal or state regulatory authority having jurisdiction over the Company which prohibits Executive from performing, or renders it impracticable for Executive to perform, his duties under this Agreement, (ii) the willful failure of Executive substantially to perform his duties hereunder (other than any such failure due to Executive’s Disability); (iii) a willful breach by Executive of any material provision of this Agreement or of any other written agreement with the Company or any of its Affiliates; (iv) Executive’s commission of a crime that constitutes a felony or other crime of moral turpitude or criminal fraud; (v) chemical or alcohol use which materially and adversely affects Executive’s 

performance of his duties under this Agreement; (vi) any act of disloyalty or breach of responsibilities to the Company by the Executive which is intended by the Executive to cause material harm to the Company; (vii) misappropriation (or attempted misappropriation) of any of the Company’s funds or property; or (viii) Executive’s material violation of any Company policy applicable to Executive.
(c)    “Change in Control” means the date on which any of the following has occurred:
(i)    any Person, other than one or more of the directors of the Company on the Effective Date of this Agreement or any Person that any such director Controls (as defined below), becomes the beneficial owner of 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors of the Company (the “Company Outstanding Voting Securities”); 
(ii)    any Person becomes the beneficial owner of 50% or more of the combined voting power of the then outstanding voting securities of Enterprise Bank entitled to vote generally in the election of directors of Enterprise Bank; 
(iii)    consummation of a reorganization, merger or consolidation (a “Business Combination”) of the Company, unless, in each case, following such Business Combination (1) all or substantially all of the Persons who were the beneficial owners, respectively, of the Company Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, a majority of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company resulting from such Business Combination, (2) no Person (excluding any company resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company resulting from such Business Combination except to the extent such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the Company Board resulting from the Business Combination are Continuing Directors (as hereinafter defined) at the time of the execution of the definitive agreement, or the action of the Company Board, providing for such Business Combination;
(iv)    consummation of the sale, other than in the ordinary course of business, of more than 50% of the combined assets of the Company and its Subsidiaries in a transaction or series of related transactions during the course of any twelve-month period; or
(v)    the date on which Continuing Directors (as hereinafter defined) cease for any reason to constitute at least a majority of the Company Board.

As used in this Section 5.4(c), the definitions of the terms “beneficial owner” and “group” shall have the meanings ascribed to those terms in Rule 13(d)(3) under the Securities Exchange Act of 1934.  
(d)    “Company Board” means the Board of Directors of the Company.
(e)    “Constructive Termination” means the termination of Executive’s employment by the Executive by reason of (1) the Company’s material breach of this Agreement which remains uncured for a period of thirty (30) days following Executive’s notice of such breach given to the Company, (2) the assignment of Executive without his consent to a position, responsibilities or duties of a 

materially lesser status or degree of responsibility than his position, responsibilities or duties as of the Effective Date, following notice by Executive of his refusal to consent to such position, responsibilities or duties (which must be given within thirty (60) days of such assignment) and the Company’s refusal to modify such position or responsibility so that it is no longer of lesser status or degree of responsibility than his position, responsibilities or duties as of the Effective Date or (3) the requirement by the Company that Executive’s primary residence be based anywhere other than the St. Louis, Missouri metropolitan area, without Executive’s consent.
(f)    “Continuing Directors” means, as of any date of determination, (i) any member of the Company Board on the Effective Date of this Agreement, (ii) any person who has been a member of the Company Board for the two years immediately preceding such date of determination, or (iii) any person who was nominated for election or elected to the Company Board with the affirmative vote of the greater of (A) a majority of the Continuing Directors who were members of the Company Board at the time of such nomination or election or (B) at least four Continuing Directors but excluding, for purposes of this clause (iii), any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies by or on behalf of a Person other than the Company Board.
(g)    “Control” means, with respect to any Person, the possession, directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise.
(h)    “Disability” means, in the reasonable judgment of the Company, Executive (i) has failed to perform his duties under this Agreement on account of illness or physical or mental incapacity, and (ii) such illness or incapacity continues for a period of more than 90 consecutive days, or 90 days during any 180 day period.  
(i)    “Person” means any natural person, firm, partnership, limited liability company, association, corporation, company, trust, business trust, governmental authority or other entity.
(j)    “Subsidiary” means, with respect to any Person, each corporation or other Person in which the first Person owns or Controls, directly or indirectly, capital stock or other ownership interests representing 50% or more of the combined voting power of the outstanding voting stock or other ownership interests of such corporation or other Person.
(k)    “Termination Other Than for Cause” means (i) any termination by the Company of Executive’s employment with the Company other than a termination for Cause, a termination by reason of Disability, a termination on account of death, a voluntary termination by Executive (other than a Constructive Termination) or a Termination Upon a Change of Control or (ii) a termination by Executive of Executive’s employment with the Company by reason of a Constructive Termination, provided that such termination constitutes a Separation from Service as defined in Section 6.1.
(l)    “Termination Upon a Change in Control” means a Termination Other Than for Cause which occurs within (i) three (3) months prior to and in contemplation of a Change in Control or (ii) one year following a Change in Control, provided that such termination constitutes a Separation from Service as defined in Section 6.1.     

6.409A.  The following provisions shall apply notwithstanding any other provisions herein to the contrary:

6.1Separation From Service.  Any amount that (i) is payable upon termination of Executive’s employment with the Company under any provision of this Agreement, and (ii) is subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), shall not be paid unless and until the Executive has Separated from Service.  As used in this Agreement, the terms “Separated from Service” and “Separation from Service” shall have the meaning specified in Treasury Regulation Section 1.409A-1(h).

6.2Specified Employee.  If Executive is a “specified employee” (within the meaning  of Section 409A) of Company at the time of his termination of employment and if payment of severance compensation to the Executive is on account of an “involuntary separation from service” (as defined in Treasury Regulation Section 1.409A-1(n)), Executive shall be paid such severance compensation during the six (6) month period immediately following the date of his Separation from Service as otherwise provided under Section 5 for such six -month period except that the total amount of such payments shall not exceed the lesser of the amount specified under (i) Treasury Regulation Section 1.409A-1(9)(iii)(A)(1) or (ii) Treasury Regulation Section 1.409A-1(9)(iii)(A)(2).  To the extent such amounts otherwise payable during such six-month period exceed the amounts payable under the immediately preceding sentence, such excess amounts shall not be paid during such six-month period, but instead shall be paid in a single sum on the first regular payroll date of Company immediately following the six (6) month anniversary of the date of Executive’s Separation from Service.  If Executive is a specified employee and Executive’s Separation from Service is not an involuntary separation from service as defined in Treasury Regulation Section 1.409A-1(n), then any severance compensation and any other amount due to Executive under this Agreement that is subject to Section 409A and that would otherwise have been paid during the six (6) month period immediately following the date of Executive’s Separation from Service shall be paid in a single sum on the first payroll date of Company immediately following the six month anniversary of Executive’s Separation from Service.  Amounts, the payment of which are deferred under this Section, shall be increased by interest at the prime rate as of the date of Executive’s Separation from Service as published in the Wall Street Journal from the date such amounts would have been paid but for this provision and such accumulated interest shall also be paid to the Executive on the first payroll date of Company immediately following the six month anniversary of Executive’s Separation from Service.
Notwithstanding the provisions of this Section 6, the Company has no responsibility or obligation to Executive with respect to any tax that may be incurred by Executive pursuant to Section 409A.

6.3Savings Clause.  All payments under the Agreement are intended to be exempt from Section 409A as short-term deferrals.  In the event that any provision of the Agreement is deemed to be subject to Section 409A, the Company shall operate the Agreement in accordance with the requirements set forth in Section 409A.  If any provision of the Agreement does not comply with the requirements of Section 409A, the Company, in exercise of its sole discretion and without consent of the Executive, may amend or modify the Agreement in any manner to the extent necessary to meet the requirements of Section 409A.

7.Death of Executive.  In the event Executive dies before amounts are paid to him under this Agreement, such amounts shall be paid to his designated beneficiary or beneficiaries, or if there are no designated beneficiary or beneficiaries, to his estate.

8.Confidentiality; Non-Disparagement.  

8.1Executive agrees to hold in strict confidence and not disclose all non-public information concerning any matters affecting or relating to the business of the Company, its Subsidiaries and Affiliates, including without limiting the generality of the foregoing non-public information concerning their manner of operation, business or other plans, data bases, marketing programs, protocols, processes, computer programs, client lists, marketing information and analyses, operating policies or manuals or other data (the “Confidential Information”).  Executive agrees that he will not, directly or indirectly, use any Confidential Information for the benefit of any person, business, legal entity other than the Company or disclose or communicate any of the Confidential Information in any manner whatsoever other than to the directors, officers, employees, agents and representatives of the Company who need to know such information, who shall be informed by Executive of the confidential nature of the Confidential Information and directed by Executive to treat the Confidential Information confidentially.  Upon the Company’s request, Executive shall return all information furnished to him related to the business of the Company without retaining any copies in electronic or other form.  The above limitations on use and disclosure shall not apply to information which Executive can demonstrate:  (a) was known to Executive before receipt thereof from the Company; (b) is learned by Executive from a third party entitled to disclose it; or (c) becomes known publicly other than through Executive; (d) is disclosed by Executive upon authority of the Board or any committee of the Board; (e) is disclosed pursuant to any legal requirement or (f) is disclosed pursuant to any agreement to which the Company or any of its Subsidiaries or Affiliates is a party.  The parties hereto stipulate that all such information is material and confidential and gravely affects the effective and successful conduct of the business of the Company and the Company’s goodwill, and that any breach of the terms of this Section 8 shall be a material breach of this Agreement.

8.2Executive further agrees that, during the Employment Term and thereafter (regardless of the reason for such termination), Executive will not make any disparaging or  derogatory statement, oral or written, to any third party which is or is likely to be materially detrimental to the goodwill of the Company or any of its Subsidiaries or Affiliates.  Nothing herein shall prevent Executive from testifying truthfully in connection with any litigation, arbitration or administrative proceeding.

9.Use of Proprietary Information.  Executive recognizes that the Company possesses a proprietary interest in all of the Confidential Information and has the exclusive right and privilege to use, protect by copyright, patent or trademark, manufacture or otherwise exploit the processes, ideas and concepts described therein to the exclusion of Executive, except as otherwise agreed between the Company and Executive in writing.  Executive expressly agrees that any products, inventions, discoveries or improvements made by Executive, his agents or affiliates, during the Employment Term, based on or arising out of the Confidential Information shall be the property of and inure to the exclusive benefit of the Company.  Executive further agrees that any and all products, inventions, discoveries or improvements developed by Executive (whether or not able to be protected by copyright, patent or trademark) in the scope of his employment, or involving the use of the Company’s time, materials or other resources, shall be promptly disclosed to the Company and shall become the exclusive property of the Company.  Upon any termination of Executive’s employment or engagement with the Company, Executive shall immediately return all Confidential Information (and all tangible embodiments thereof) possessed by Executive to the Company.  
10.Restrictive Covenants.

10.1Non-Competition.  Because of Executive’s unique and specialized position within Company and Executive’s access to and familiarity with Company’s Confidential business methodologies, Executive agrees that, during the Employment Term and for a period of one year following a termination of Executive’s employment for any reason (the “Non-Compete Period”), Executive shall not, without the prior written 

consent of the Company, directly or indirectly, own, manage, operate, control, be connected with as an officer, employee, partner, consultant or otherwise, or otherwise engage or participate in (except as an employee of the Company, or its Affiliates) any Person engaged in the operation, ownership or management of a bank, trust company, bank holding company, wealth management or financial services business within the Metropolitan Statistical Areas of St. Louis, Kansas City, Phoenix, Arizona or any other city in which the Company or any of its Affiliates has an office at the time of such termination.  Notwithstanding the foregoing, the ownership by Executive of less than 1% of any class of the outstanding capital stock of any corporation conducting such a competitive business which is regularly traded on a national securities exchange or in the over-the-counter market shall not be a violation of the foregoing covenant.  

10.2Non-Solicitation.  
(a)    During the Employment Term and continuing during the Non-Compete Period, Executive shall not, except on behalf of or with the prior written consent of the Company, directly or indirectly, whether alone or in association, or combination with any other Person, or as an officer, director, shareholder, member, manager, employee, agent, independent contractor, consultant, advisor, joint venturer, partner or otherwise and whether or not for pecuniary benefit:

(i)    solicit, take away, attempt to take away, divert, attempt to divert, engage in business with, contract with or in any way interfere with the relationship between any Protected Customer (as defined below) and the Company or its Affiliates.

(ii)    (1) hire or employ any other employee of the Company, (2) entice, solicit, recruit or induce any other employee of the Company or its Affiliates to leave such employ or (3) otherwise interfere with the employment of any other employee of the Company or its Affiliates.
(b)    Before Executive becomes employed by or becomes a consultant for a Person during the Non-Compete Period, Executive shall inform such Person of the provisions of this Section 10.2.  Provided, however, that nothing contained herein shall prevent such Person employing Executive from continuing to provide services to any individual or other entity that was a customer of the Person prior to the date of the termination of Executive’s employment with the Company.  Company may advise any third party with whom Executive may consider, establish or contract a relationship, including but not limited to an employment relationship of this Agreement and its terms, and the Company shall have no liability for so acting.
(c)    For purposes of this Agreement, “Protected Customer” means any Person and its/his/her Affiliate (i) for whom the Company or any of its Affiliates has provided financial services, including without limitation wealth management, sales of tax credits, investment, banking, trust, insurance or other financial services provided by the Company or any of its Affiliates within the twenty-four month period prior to the termination of Executive’s employment with the Company or (ii) to whom the Executive on behalf of the Company or any of its Affiliates had made a proposal to provide any of the above financial services at any time within twelve (12) months preceding the termination of Executive’s employment with the Company. 

10.3Saving Provision.  The parties hereto agree that, in the event a court of competent jurisdiction shall determine that the geographical, durational or other elements of this covenant are unenforceable, such determination shall not render the entire covenant unenforceable. Rather, the excessive aspects of the covenant shall be reduced to the threshold which is enforceable, and the remaining aspects shall not be 

affected thereby.  The parties intend that the restrictions of this Section 10 be given the construction that renders their provisions valid and enforceable to the maximum extent possible under applicable law.

10.4Equitable Relief.  Executive acknowledges that the extent of damages to the Company from a breach of Sections 8, 9 and 10 of this Agreement would not be readily quantifiable or ascertainable, that monetary damages would be inadequate to make the Company whole in case of such a breach, and that there is not and would not be an adequate remedy at law for such a breach.  Therefore, Executive specifically agrees that the Company is entitled to injunctive or other equitable relief (without any requirement to post any bond or other security) from a breach of Sections 8, 9 and 10 of this Agreement, and hereby waives and covenants not to assert against a prayer for such relief that there exists an adequate remedy at law, in monetary damages or otherwise.

10.5    Tolling.  Executive agrees that, in the event of a breach of any of the provisions of this Section 10, the time period specified in such provisions shall be extended by the number of days between the date of such breach and the date such breach is enjoined or other relief is granted to the Company by a court of competent jurisdiction.  It is the intention of the parties that the Company shall enjoy the faithful performance by Executive of the covenants specified in this Section 10 for the full time periods specified herein.

10.6    Reasonableness of Restrictive Covenants.  Executive recognizes that as an employee and/or officer of the Company, (i) Executive has and will have substantial customer contacts, perform special and unique duties and services for the Company and acquire Confidential Information, (ii) the Confidential Information is the property of the Company and the use, misappropriation, or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to the Company; and it is essential to the protection of the Company’s good will and to the maintenance of the Company’s competitive position that the Confidential Information be kept secret, and (iii) the Company has a valid, protectable right and business interest in preserving the relationships described in this Agreement.  The Company and Executive further agree that but for Executive’s agreement to the provisions of Sections 8, 9 and 10 of this Agreement, Executive would not be eligible for continued employment by the Company on an “at will” basis and for no definite term and the Company would not make available or continue to make available to Executive the Confidential Information.  Executive further agrees that: (A) the covenants and agreements contained herein are reasonable and necessary in order to protect the legitimate business interests of the Company and (B) the enforcement of such covenants would not unreasonably impair Executive’s ability to earn a livelihood.

11.Assignment.  This Agreement is personal to Executive and shall not be assignable by him.

12.Entire Agreement.  This Agreement and any agreements entered into after the date hereof under any of the Company’s benefit plans or compensation programs as described in Section 4 contain the complete agreement concerning the employment arrangement between the parties, including without limitation severance or termination pay, and shall, as of the Effective Date, supersede all other agreements or arrangements between the parties with regard to the subject matter hereof, including without limitation the Original Agreement.

13.Binding Agreement.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.  The obligations of the Company under this Agreement shall not be terminated by reason of any liquidation, dissolution, bankruptcy, cessation of business or similar event relating to the Company.  This Agreement shall not be terminated by reason of any merger, consolidation or reorganization of the Company, but shall be binding upon and inure to the benefit of the surviving or resulting entity.

14.Modification.  No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless reduced to writing and duly executed by the party to be charged therewith and no evidence of any waiver or modification shall be offered or received in evidence of any proceeding, arbitration, or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties thereunder, unless such waiver or modification is in writing, duly executed as aforesaid.

15.Severability.  All agreements and covenants contained herein are severable, and in the event any of them shall be held to be invalid or unenforceable by any court of competent jurisdiction, this Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein.

16.Manner of Giving Notice.  All notices, requests and demands to or upon the respective parties hereto shall be sent by hand, certified mail, overnight air courier service, in each case with all applicable charges paid or otherwise provided for, addressed as follows, or to such other address as may hereafter be designated in writing by the respective parties hereto:
To Company:                        To Executive: at his current
Enterprise Bank & Trust                residential address on file with
150 North Meramec                    the Company.
Clayton, Missouri  63105
Attention:    President
and Corporate Secretary

Such notices, requests and demands shall be deemed to have been given or made on the date of delivery if delivered by hand or by telecopy and on the next following date if sent by mail or by air courier service.  
17.Remedies.  In the event of a breach of this Agreement, the non-breaching party shall be entitled to such legal and equitable relief as may be provided by law, and shall further be entitled to recover all costs and expenses, including reasonable attorneys’ fees, incurred in enforcing the non-breaching party’s rights hereunder.

18.Headings.  The headings have been inserted for convenience only and shall not be deemed to limit or otherwise affect any of the provisions of this Agreement.

19.Choice of Law.  It is the intention of the parties hereto that this Agreement and the performance hereunder be construed in accordance with, under and pursuant to the laws of the State of Missouri without regard to the jurisdiction in which any action or special proceeding may be instituted.

20.Taxes.  The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment and social insurance taxes, as shall be required by law.

21.Voluntary Agreement; No Conflicts.  Executive hereby represents and warrants to the Company that he is legally free to accept and perform his employment with the Company, that he has no obligation to any other person or entity that would affect or conflict with any of Executive’s obligations pursuant to such employment, and that the complete performance of the obligations pursuant to Executive’s employment will not violate any order or decree of any governmental or judicial body or contract by which Executive is bound.  The Company will not request or require, and Executive agrees not to use, in the course 

of Executive’s employment with the Company, any information obtained in Executive’s employment with any previous employer to the extent that such use would violate any contract by which Executive is bound or any decision, law, regulation, order or decree of any governmental or judicial body.

22.Term of Agreement; Survival of Certain Provisions.  The provisions of this Agreement shall survive in accordance with their respective terms.  Without limiting the foregoing, the terms of Sections 8, 9 and 10 shall survive and remain in effect in accordance with their terms following any termination of this Agreement or the termination or expiration of the Employment Term for any reason whatsoever.

23.Venue.      In the event of litigation arising out of or in connection with this Agreement, the parties hereto agree to submit to the jurisdiction of the state courts located in the County of St. Louis, Missouri.

[The remainder of this page is intentionally blank.  The next page is the signature page.]

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first stated above.
ENTERPRISE FINANCIAL SERVICES CORP

By:   /s/ Peter Benoist                                    
              Peter Benoist
Title:     President & CEO                                                     
EXECUTIVE:

          /s/ Frank H. Sanfilippo                                                        
             Frank H. Sanfilippo2014.9.30-EX10.2

EMPLOYMENT SEPARATION AND RELEASE AGREEMENT

This Employment Separation and Release Agreement (the “Agreement”) is made and entered into by and between ENTERPRISE BANK & TRUST, a Missouri banking corporation (the “Company”), the principal business address of which is 150 North Meramec Avenue, St. Louis, MO 63105, and Richard C. Leuck (“Executive”).

WHEREAS, Executive is currently employed by the Company as President, Consumer Banking and Branch Distribution; 

WHEREAS, the Company has determined to eliminate the Executives position resulting in an involuntary termination of Executive without cause; and 

WHEREAS, the Company and Executive desire to sever the employment relationship between them in a manner mutually beneficial to both parties;

NOW, THEREFORE, for and in consideration of the premises and of the mutual covenants and promises set forth herein, the adequacy of which is acknowledged by each of the parties, it is hereby agreed as follows.

Effective Date

This Agreement, being delivered to Executive on September 29, 2014, must be executed by Executive and returned to the Company on or before October 20, 2014, in order to become effective.  After such delivery to the Company, the Agreement shall become effective upon the eighth day following the date on which it is executed by Executive, without Executive having exercised his revocation right described on page 5 below (the “Effective Date”).  The Effective Date shall be not later than October 28, 2014.

Termination of Employment

The Company and Executive agree that nothing contained in this Agreement is an admission by any party hereto of any wrongdoing, either in violation of an applicable law or otherwise, and that nothing in this Agreement is to be construed as such by any person.  Employee’s employment with the Company shall terminate September 30, 2014 (the "Termination Date").  On the Company's next regular payday following the Termination Date, Executive shall be paid his accrued, unused Paid Time Off and Sick Pay.

Severance Pay

Executive's agreement to the obligations set forth in this Agreement is a required condition to certain of the Company's obligations set forth in this Agreement.  In consideration of the Executive's agreement to the obligations set forth herein, the Company shall pay to Executive the following (collectively the “Severance Payments”).

(a)       Executive will be paid twenty-four (24) months of severance pay at Executive's base salary as in effect as of the end of the most recent quarter prior to termination, plus an amount each year equal to the average of his bonus compensation for the two years preceding termination.  The total amount to be paid to Executive pursuant to the immediately preceding sentence is $656,396.00.  Such amount shall be paid in accordance with the Company's standard payroll procedures over a period ending on September 30, 2016 (the "Severance Period") and in accordance with relevant provisions of the Enterprise Banking Key Executive Employment Agreement executed by Executive on October 16, 2002, 

and amended by the parties on December 31, 2008 (including without limitation Section 22 thereof), as follows:  (i) $164,099.04, which equals the total payments that are required to be delayed as a result of the application of Code §409A (the “409A-Delayed Payments”) shall be paid to Executive on the Company’s first regular payroll date that occurs after March 31, 2015, (ii) an installment payment of $13,674.92 shall be paid to Executive on each regular semimonthly payroll date during the period beginning April 1, 2015and ending September 15, 2016 (for a total of thirty-five (35) semimonthly installments of such amount), and (iii) a final payment of $13,674.76 shall be made to Executive on September 30, 2016.  In addition to and at the same time as the payment described in clause (i) of the immediately preceding sentence, Company shall pay to Executive an amount (the “Interest Payment”) equal to the accrued interest on the 409A-Delayed Payments.  Such interest shall be calculated using the prime rate of interest as of the Termination Date as published in The Wall Street Journal (the “Prime Rate”).  The Prime Rate shall be divided by 365 to determine the daily rate of interest (the “Daily Rate”) that will be applied to calculate the interest due on each 409A-Delayed Payment.  The interest due on each 409A-Delayed Payment shall be calculated by multiplying the Daily Rate by the number of days in the period beginning on the day after the payment would have been made but for Code §409A-mandated delay and ending on the day the 409A-Delayed Payment is actually paid to Executive as described in clause (i) above.  The total Interest Payment shall be the sum of the amounts calculated pursuant to the immediately preceding sentence.     
(b)      All restricted stock units issued to Executive under the Restricted Stock Unit Agreements executed by Executive on May 3, 2012 and May 8, 2013 (the “RSU Agreements”) that, as of the Termination Date, have not vested and have not yet been converted to shares of Enterprise Financial Services Corp stock shall, as of the Termination Date, become immediately 100% vested and shall be converted to shares of Enterprise Financial Services Corp stock and delivered to Executive in accordance with the terms and conditions of the RSU Agreements and the Enterprise Financial Services Corp 2002 Stock Incentive Plan. 
(c)    Should Executive elect to continue coverage under the Company's health insurance plan, the Company will pay the employer portion of the premium for a period of three (3) months from the Termination Date.

(d)    The Company will pay for four (4) weeks of outplacement services during the Severance Period. Details of the outplacement provider and instructions for enrolling will be provided to Executive upon the execution of the Settlement and General Release agreement.

Executive agrees that Executive is not otherwise entitled to the Severance Payments and that the payment which constitutes adequate consideration for the obligations undertaken by him pursuant to this Agreement.  Except as specifically stated herein, Executive shall not accrue any benefits after the Effective Date, and no other amounts (other than any vested benefits accrued by Executive under any qualified retirement plan maintained by the Company), are due Executive by the Company.  Any amounts due and owing the Company from Executive pursuant to the secured interest only note between the parties may be offset from the Severance Payments if not paid when due under such note.

General Release

Executive, in consideration of the Severance Payments, and with the intent of binding Executive, Executive’s heirs, personal representatives, administrators, successors, and assigns, hereby releases, acquits and forever discharges the Company and all its present, former, and future officers, directors, Executives, agents, attorneys, divisions, subsidiaries, predecessors, successors, related companies, shareholders, partners, and members of all of them, personal representatives, and assigns, from and against any and all claims, charges, demands, rights of action, liabilities (including attorneys’ fees and costs actually incurred), 

judgments, jury verdicts, or lawsuits arising on or before the Effective Date, including but not limited to:  (l) any and all claims relating to alleged discrimination or otherwise relating to terms and conditions of Executive’s employment, including but not limited to, any and all actions arising under Title VII, the Age Discrimination in Employment Act,  the Missouri Human Rights Act, 42 U.S.C. §1981, COBRA, The Older Workers’ Benefit Protection Act (OWBPA), Employment Retirement Income Security Act (ERISA), Family Medical Leave Act (FMLA), Fair Labor Standard Act (FLSA), Missouri Workers’ Compensation Act,  the Americans with Disabilities Act, the Genetic Information Non-Discrimination Act (GINA), and any and all other local State or Federal laws or regulations; (2) any and all actions for breach of contract, violation of public policy, promissory estoppel, fraud, negligence, wrongful or retaliatory discharge, defamation, intentional infliction of emotional distress, and/or other personal or business injury; (3) any and all rights to or claims for compensation (including, but not limited to, salary, severance pay,  paid time off pay, bonuses, incentives, pension, insurance, or any other employment or fringe benefits or compensation of any kind whatsoever) except as provided for in this Agreement, rights to or claims for liquidated damages, rights to or claims for reinstatement, rights to or claims for contract, compensatory, exemplary or punitive damages, rights to or claims for injunctive relief, rights to or claims for front pay, rights to or claims for expenses, costs, or attorneys’ fees;  (4) any and all claims under any and all employment agreements or offer letters Executive has had with or received from the Company; and (5) any and all claims for losses or damages of whatsoever kind or nature which Executive now has or has ever had, both known or unknown, or which Executive’s heirs, personal representatives, administrators, successors, and assigns hereinafter can, shall, or may have, both known or unknown, against the Company and/or all its present, former and future officers, directors, Executives, agents, attorneys, divisions, subsidiaries, predecessors, successors, related companies, administrators, personal representatives, and assigns.  Executive hereby expressly waives the benefit of any statute or rule of law, which, if applied to this Agreement, would otherwise exclude from its binding effect any claims not now known by Executive to exist.  Executive further acknowledges, understands and agrees that any claims Executive may have against the Company are hereby released and waived for all purposes and all times. 

Executive further explicitly waives all required notices under any state or federal WARN act, all rights to future employment with the Company, and agrees not to apply for employment with the Company.  This release expressly extends to all claims based on the present and future effects of past acts of the Company.  

Executive further agrees that neither he nor any person, organization or any other entity acting on his behalf has filed or will file, claim or sue, or cause or permit to be filed, any other complaints, claim or grievance against the Company at any time hereafter involving any matter occurring in the past up to the date of this Agreement, and agrees that the Company’s obligation to make the payments and benefits referred to herein shall terminate immediately, and Executive shall (i) repay to the Company any money paid pursuant to this Agreement; (ii) pay all costs incurred by the Company, including reasonable attorneys’ fees, in defending against such a claim; and (iii) pay all other damages awarded by a court of competent jurisdiction.

This Agreement shall not limit, in any way, Executive’s right to file a charge or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission.  Executive agrees that Executive has waived Executive’s right to monetary or other recovery from any claim pursued with the Equal Employment Opportunity Commission or any other federal, state or local administrative agency on Executive’s behalf arising out of or related to Executive’s employment with and/or separation from employment with the Company.

Nothing in this Agreement shall be construed to mean that Executive is waiving or releasing claims to enforce this Agreement, claims for workers’ compensation benefits, claims for unemployment benefits, claims for any vested benefits owed to Executive, claims for any vested rights Executive may have under any retirement plan of the Company, claims for rights under COBRA or claims arising after the date Executive 

executes this Agreement. 

Executive understands and agrees that the General Release above applies to and includes all known, suspected, unknown or unsuspected claims, consequences or results.  

Executive represents and warrants that, to the best of Executive’s knowledge and except as specifically described in this Agreement, Executive possesses no federal or state leave claims, Fair Labor Standards Act (“FLSA”) claims, or workers’ compensation claims against the Released Parties.  Executive further represents and warrants that Executive has received any and all compensation pursuant to state and federal wage and hour laws and any and all leave pursuant to the FMLA or any other federal or state law to which Executive may have been entitled as an Executive of the Company, and that Executive is not currently aware of any facts or circumstances constituting a violation of any federal or state leave laws, the FLSA, or of any workers’ compensation statute.

Age Claim Waiver

Executive understands that there is included within the release given by Executive in the immediately preceding section a release and waiver of all rights and claims Executive may have under the Age Discrimination in Employment Act, 29 U.S.C. §621 et seq. (the “ADEA”).  In order to comply with the Act, the Company hereby advises Executive as follows:

(a)    Executive has the right, and is encouraged to, consult with an attorney prior to executing this Agreement.

(b)    The waiver and release of rights and claims under the ADEA pertains only to rights and claims arising on or before the Effective Date of this Agreement, but not to rights and claims under the ADEA that arise after the Effective Date of this Agreement.

(c)    Executive shall have a period of twenty-one (21) days after the date on which this Agreement is delivered to Executive to consider whether or not to execute it.  Executive acknowledges receipt of this Agreement on September 29, 2014.

(d)    Notwithstanding any other provisions hereof, this Agreement shall not become effective until 7 days have passed following the date on which it is executed by Executive.  During said 7-day period, Executive may revoke this Agreement by notice in writing to the Company, in which case this Agreement shall be null and void and unenforceable by either party and Executive shall not be entitled to receive the Severance Payments from the Company.  Notice pursuant to this section shall be directed to Lorie White, 1281 N. Warson Road, St. Louis, MO  63132. 

(e)    If Executive revokes acceptance of this Agreement, the Company shall have no obligation to pay any part of the Severance Payments described in this Agreement.

(f)    Executive confirms that this Agreement is written in a manner calculated to be understood, and that Executive understands the intended effect of each and every provision of this Agreement.

(g)    Executive has had a reasonable amount of time to consider the terms of this Agreement.

(h)    Executive has decided to accept this Agreement knowingly, voluntarily and without duress or coercion of any kind.

Other Agreements

Executive hereby acknowledges and re-affirms his agreement to Executive's obligations in Section 5 - 9 of the Enterprise Banking Key Executive Employment Agreement executed by Executive on October 16, 2002, and amended by the parties on December 31, 2008 regarding return of company property (Section 5), non-disclosure of confidential information (Section 6), non-competition in the markets of Company's present, former or prospective customers (St. Louis, Kansas City and Phoenix) (Section 8) and non-disparagement (Section 9).  These duties are limited only in this agreement by a definition of non-competition as:   Executive will not engage in commercial banking and/or wealth management, defined as a business that has as one of its focus areas, working with private business owners and their family and employees serving these clients through commercial and consumer banking products and services as well as wealth management offerings with a physical location now or within the next two (2) years in the St. Louis Metropolitan area (defined as St. Louis City, St. Louis County or St. Charles County) and/or the Kansas City Metropolitan area (defined as Jackson County, Missouri or Johnson County, Kansas) and/or the Phoenix Metropolitan area (defined as Maricopa County, Arizona).
 
The provisions of this Agreement shall be in addition to and not supersede or override the terms and conditions of the Restricted Stock Unit Agreements executed by Executive on May 3, 2012 and May 8, 2013 and the Enterprise Banking Key Executive Employment Agreement executed by Executive on October 16, 2002, and amended by the parties on December 31, 2008. 

Confidentiality

As a material inducement to entering into this Agreement, both parties represent and agree that they will keep the terms, amount and fact of this Agreement completely confidential, and will not disclose to any third party the terms and conditions of this Agreement except as may be necessary to establish or assert rights hereunder or as may be required by law or applicable regulation; provided, however, that any party may, on a confidential basis, disclose this Agreement to that party’s spouse, accountants, attorneys, and financial advisors.

General Provisions

Entire Agreement, Amendments.  Other than the Key Executive Agreement and The Stock Unit Agreements, the provisions hereof constitute the entire and only Agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, commitments, representations, understandings, or negotiations, oral or written, and all other communications relating to the subject matter hereof.  No amendment or modification of any provision of this Agreement will be effective unless set forth in a document that purports to amend this Agreement and is executed by all parties hereto.

Acknowledgment.  Executive acknowledges that Executive has read this entire Agreement and fully understands its terms and conditions; that Executive was advised to obtain legal counsel and/or representation to review this Agreement and that Executive has done so; that Executive may revoke this Agreement by written notice to Employer within seven (7) days after his last signature hereon; that no other representations have been made to Executive other than those contained herein; and that Executive enters into this Agreement of Executive’s own free will and choice with no undue influence, fraud, pressure, duress, or coercion by Employer.

Binding Effect; Third Party Beneficiaries.  This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, legal representatives, successors, and assigns.  

Except as expressly set forth herein, this Agreement is not intended to confer any rights or remedies upon any other person or entity.

Assignment.  Neither party shall sell, transfer, assign, nor subcontract any right or obligation hereunder except as expressly provided herein without the prior written consent of each other party.  Any act in derogation of the foregoing shall be null and void.  

Governing Law. The validity, construction, and performance of this Agreement shall be governed by and in accordance with the internal laws of the State of Missouri.

Waivers.  No waiver by any party hereto of any condition or provision of this Agreement to be performed by another party shall be valid unless in writing, and no such valid waiver shall be deemed a waiver of any similar or dissimilar provisions or conditions contained in this Agreement at the same or at any prior or subsequent time.

Notice.  All notices provided for in this Agreement shall be in writing and shall be given either (i) by actual delivery of the notice to the party entitled thereto or (ii) by depositing the same with the United States Postal Service, certified mail, return receipt requested, postage prepaid, to the address of the party entitled thereto.  The notice shall be deemed to have been received in case (i) on the date of its actual receipt by the party entitled thereto and, in case (ii), two days after the date of its deposit with the United States Postal Service.

Severability.  The terms and conditions of this Agreement are severable, and if any provision hereof is found to be in violation or contravention of law, such provision shall, to the extent so found, be deemed not to be a part of this Agreement, and the remainder of this Agreement shall remain in full force and effect.

Specific Performance.  Executive agrees that the Company shall be entitled to obtain specific performance and may sue in any court of competent jurisdiction to enjoin any breach, threatened or actual, of the covenants and promises contained in that Section of this Agreement and shall be entitled; and that, in connection with any such litigation, the Company may also sue to obtain damages for default under or breach of the provision of any of said Section.

Costs and Expenses.  If either party shall commence a proceeding against the other to enforce and/or recover damages for breach of this Agreement, the prevailing party in such proceeding shall be entitled to recover from the other party all reasonable costs, attorneys’ fees and expenses of enforcement and collection of any and all remedies and damages, or all reasonable costs, attorneys’ fees and expenses of defense, as the case may be.  

Headings.  The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

[The remainder of this page is blank.  The next page is the signature page.]

COMPANY:                

ENTERPRISE BANK & TRUST

By:              /s/ Lorie White                                                       

Name:              Lorie White                                                       

Title:                SVP, Human Resources                                 

Date:                September 29, 2014              

EXECUTIVE:

                            
Signature:  /s/ Richard C. Leuck                  

Date:               September 29, 2014

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