Document:

EX-10.22

 Exhibit 10.22 

SEPARATION AND RESTRICTIVE COVENANT AGREEMENT 

This Separation and Restrictive Covenant Agreement (this “Agreement”) by and between Hancock Holding Company, a Mississippi
corporation (the “Company”), and Richard T. Hill (“Executive”) is dated as of December 30, 2014. 

WHEREAS, Executive is employed by the Company as Chief Retail Banking Officer; 

WHEREAS, in connection with the Company’s elimination of the position of Chief Retail Banking Officer, the Executive’s employment
with the Company shall terminate effective December 31, 2014 (the “Termination Date”); and 
 WHEREAS, the Company and
Executive have reached a mutual agreement relating to Executive’s termination and his agreement to be bound by certain restrictive covenants following his termination, and they wish to set forth their mutual agreement as to such terms and
conditions as set forth herein; 
 NOW, THEREFORE, the Company and Executive hereby agree as follows: 

1. Termination. Effective as of the Termination Date, Executive has been terminated and shall cease serving as Chief Retail
Banking Officer of the Company, and in any other position he then holds as an officer or member of the board of directors of any of the Company’s subsidiaries or affiliates. Executive agrees to execute such documents and take such other actions
as the Company may request to reflect such terminations. 
 2. Compensation Matters. 

(a) Compensation through December 31, 2014. While employed as Chief Retail Banking Officer through the Termination Date, Executive
shall continue to receive his current base salary ($375,000) and be eligible to participate in the Company’s employee benefit plans on the same basis as other senior executives of the Company. Executive shall receive payment for all earned but
unused vacation. Subject to Executive’s continued employment through the Termination Date, Executive shall be eligible to be awarded a bonus under the Company’s Executive Incentive Plan (the “EIP”) for the fiscal year
ending December 31, 2014, as determined by the Compensation Committee of the Board of Directors of the Company (the “Board”) based on the Company’s actual performance for the Company’s 2014 fiscal year and otherwise
in accordance with the EIP and the Company’s customary practices. Any such bonus shall be payable in a lump sum in cash at the same time as 2014 annual bonuses are paid to other EIP participants. 

(b) Compensation Upon Termination/General Release of Claims. 

(i) Equity Compensation. Subject to Executive’s continued employment through the Termination Date and the execution of and
effectiveness of the Release (as defined in Section 4), effective as of the effective date of the Release (as set forth in Paragraph 10 of the Release), the restricted stock awards granted to Executive during fiscal years 2010 through 2013
shall vest on a pro-rata basis as set forth in Schedule A attached hereto. Effective as of the Termination Date, Executive’s outstanding stock options (whether vested or unvested) and performance share awards shall be forfeited and
terminate immediately for no consideration and he shall have no further rights with respect thereto. 
 (ii) Nonqualified Deferred
Compensation Plan. For purposes of this Section 2(b)(ii), all capitalized terms not otherwise defined herein shall have the meaning set forth in the Company’s Nonqualified Deferred Compensation Plan (the “NQDC Plan”).
Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and, as such, all payments under the NQDC Plan as a result of Executive’s separation from service on the
Termination Date shall be subject to the six-month 

 
delay of payment in accordance with the terms of the NQDC Plan. Following the Termination Date, the account balances in Executive’s Deferral Account and Executive’s Company Restoration
Matching Account under the NQDC Plan shall become payable in accordance with the terms of the NQDC Plan. In addition, Executive and the Company agree that the portion of Executive’s Supplemental Contribution Account under the NQDC Plan that
would be vested as of the Termination Date (which vested amount is equal to approximately $893,699 as of November 18, 2014 and will increase or decrease through the payment date based on Executive’s deemed investment elections) and the
amount attributable to the vested portion of the Supplemental Contribution Account as of the payment date shall become payable in accordance with the terms of the NQDC Plan following the Termination Date. Subject to Executive’s continued
employment through the Termination Date, his compliance with the Restrictive Covenants and the execution and effectiveness of the Release, the portion of Executive’s Supplemental Contribution Account that would be unvested as of the Termination
Date, which Executive and the Company agree is equal to approximately $223,424 as of November 18, 2014 and includes the Supplemental Contribution for fiscal year 2014 (such amount, subject to increase or decrease through the payment date based
on Executive’s deemed investment elections, the “Discretionary NQDC Amount”), shall vest in full as of the Termination Date and, subject to Section 2(f), the Discretionary NQDC Amount as of the payment date shall become
payable following the Termination Date in accordance with the terms of the NQDC Plan. Except as set forth in this Section 2(b)(ii), Executive shall have no further rights under the NQDC Plan. 

(c) Restrictive Covenant Payment. Subject to Executive’s continued employment through the Termination Date, his compliance with
the Restrictive Covenants and the execution and effectiveness of the Release, Executive shall, subject to Section 2(f), be entitled to a lump sum cash payment in an amount equal to two years of Executive’s base salary as in effect on the
Termination Date ($750,000) (the “Covenant Payment”), which amount shall be payable in a lump in cash no later than January 30, 2015. 

(d) Automobile. No later than the Termination Date, the Company shall take the necessary action to transfer to Executive good,
unencumbered title of the automobile provided to Executive as of the date hereof. 
 (e) Outplacement Services. The Company shall
provide Executive, at the Company’s sole expense, outplacement services during the one-year period following the termination of Executive’s employment at a cost not to exceed $25,000, the provider of which shall be selected by Executive in
Executive’s sole discretion. 
 (f) Forfeiture and Recoupment Remedies. Notwithstanding anything contained herein to the
contrary, if at any time Executive violates the Restrictive Covenants (as defined in Section 3) (i) at any time prior to the payment date of the Discretionary NQDC Amount or the payment date of the Covenant Payment, the Discretionary NQDC
Amount and the Covenant Payment shall each (to the extent then unpaid) be automatically forfeited and become non-payable or (ii) at any time following the payment date of the Discretionary NQDC Amount or the payment date of the Covenant
Payment, Executive shall repay (to the extent previously paid and, if unpaid, the forfeiture provision in clause (i) shall apply) the full amount of each of the Discretionary NQDC Amount and the Covenant Payment to the Company within 30 days
following Executive’s receipt of written notice from the Company of such violation, which notice shall specify in reasonable detail the facts allegedly constituting such violation. In addition, with respect to any incentive compensation paid or
payable to Executive under the terms of the Company’s plans, the Company shall continue to have any rights and remedies available under the Company’s clawback policy as in effect on the Termination Date, which policy is annexed hereto as
Exhibit C. 
 (g) Other Vested Benefits. Except as provided in this Agreement, Executive shall not be entitled to any other
compensation or benefits from the Company or its subsidiaries or affiliates, other than for vested benefits under the terms of the Company’s retirement and welfare benefit plans of general applicability (excluding for this purpose benefits
under any severance plan or policy of, or severance agreement with, the Company to which Executive shall have no entitlement). 
 (h)
Schedules A and B. Schedule B attached hereto is an estimated calculation of certain cash benefits to be provided to Executive under this Agreement. The Company represents and warrants that the calculations reflected on Schedule A are, and
those reflected on Schedule B are in all material respects, accurate and made in accordance with the provisions of the applicable plans to which they relate and all legal requirements. 

 
Executive acknowledges and understands that, except for the amount reflected for the Restrictive Covenant Payment, the amounts shown Schedule B are estimates and that the actual payment amount
may increase or decrease as a result of the executive’s deemed investment elections under the NQDC Plan, and that, in any event, the final determination of the bonus under the EIP is based on performance and is subject to action and approval of
the Company’s compensation committee. 
 3. Restrictive Covenants. In consideration of the foregoing, including without
limitation, the Discretionary NQDC Amount and the Covenant Payment, Executive hereby agrees to be bound by the covenants set forth in Sections 3(a) through 3(e), which are referred to herein collectively as the “Restrictive
Covenants”). 
 (a) Confidential Information. At all times during his employment by the Company and thereafter, Executive
will not, for or on behalf of himself or any other person or entity, directly or indirectly, (i) use for Executive’s own benefit or the benefit of such other person or entity or to the detriment of the Company or (ii) disclose to any
other party any Trade Secrets or Confidential Information of the Company or any subsidiary of the Company. For purposes of this Agreement, (A) “Confidential Information” means information of the Company or of any subsidiary of
the Company which is non-public, proprietary, and confidential in nature but is not a Trade Secret and (B) “Trade Secrets” means information relating to the Company’s business or the business of any subsidiary of the
Company which derives economic value, actual or potential, from not being generally known to other persons; and, in the case of both Confidential Information and Trade Secrets, such information is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy or confidentiality. Confidential Information and Trade Secrets may include but are not limited to, technical or non-technical data, formulae, patterns, compilations, programs, devices, methods, techniques,
drawings, processes, financial data and lists of actual or potential customers or suppliers. The foregoing restrictions shall not apply to Confidential Information and Trade Secrets that (i) come into the public domain through no fault of
Executive, (ii) are available to Executive from a source other than the Company or any of its subsidiaries, which source is not known by Executive to be under any obligation of confidentiality to the Company or any such subsidiary,
(iii) are compelled to be disclosed pursuant to legal process, but in that event Executive will, if permitted by legal requirements, provide advance notice to the Company of his proposed compliance with such process. 

(b) Non-Competition Covenant. While employed by the Company and thereafter until December 31, 2016, Executive is prohibited from,
directly or indirectly, owning, managing, being employed by or providing services as an independent contractor, in any capacity, to any enterprise that competes with the Company with respect to the Company Business as conducted in the Geographic
Area. For purposes of this Agreement, (i) “Company Business” means all services and activities similar to all services and activities currently conducted by the Company, including without limitation, commercial and branch
banking, international banking, brokerage services, institutional and government banking, credit cards, consumer finance, mortgage and personal and corporate trust services and (ii) “Geographic Area” means any parish in the
State of Louisiana or county in the State of Mississippi listed in Exhibit A. Notwithstanding the foregoing, Executive shall not be prohibited from being engaged, in any capacity, as a real estate broker, provided he complies with
Section 3(c) below. 
 (c) Non-Solicitation of Customers and Employees. While employed by the Company and thereafter until
December 31, 2016, Executive is prohibited from, directly or indirectly, soliciting or inducing customers, vendors, suppliers, licensors and employees to cease their relationship with the Company, and also from, directly or indirectly, hiring
any employee or other person retained by the Company or its subsidiaries or affiliates; provided that this covenant shall apply only to the extent that such solicitation or inducement relates, directly or indirectly, to the Company Business
as conducted in the Geographic Area. 
 (d) Non-Disparagement. At all times during his employment and thereafter, Executive will
refrain from publicly making any statement, verbal or otherwise, relating to the Company and its directors, officers, employees, agents, advisors or representatives, Executive’s employment with the Company or Executive’s termination of
employment with the Company, including the reasons for or any of the events or circumstances surrounding such termination of employment, that could reasonably be understood as disparaging or damaging the reputation of the Company or its directors,
officers, employees, agents, advisors or representatives; provided, however, that the foregoing shall not be deemed to prevent or impair Executive from filing pleadings and briefs and truthfully testifying in any legal or administrative
proceeding or truthfully responding to inquiries or requests for information by any regulator or auditor. The Company shall comparably refrain, mutatis mutandis. 

 (e) Return of Property and Materials. Upon the earlier of (i) demand by the Company
prior to the Termination Date and (ii) the Termination Date, Executive shall immediately return to the Company all property of the Company or any of its subsidiaries and all materials relating to the Company’s business, the business of any
of its subsidiaries, or Executive’s employment hereunder, including all copies thereof, whether provided by the Company to Executive or prepared or otherwise obtained by Executive, including without limitation all materials containing any Trade
Secrets or Confidential Information of the Company or any of its subsidiaries; any credit cards and security identification passes; all materials relating to the customers of the Company or any of its subsidiaries; all computers, communication
devices or other electronic equipment, hardware, software and storage media provided by the Company or any of its subsidiaries; all other memoranda, correspondence, records and notes of the Company or its subsidiaries relating to their business.
Nothing stated herein shall prohibit Executive from retaining copies of any and all agreements between himself and the Company, and documents reflecting benefit plans or agreements which he is provided by the Company and any documents reflecting
payments made to or from him to the Company. Notwithstanding the foregoing, Executive may retain one copy of his date book and appointment calendar, which may be used by him only to defend against any allegation of wrongdoing on his part or to
refresh his memory in connection with any legal process. 
 (f) Reasonableness. Executive acknowledges that the restrictions set
forth herein are necessary to prevent the use and disclosure of the Confidential Information and Trade Secrets and to otherwise protect the legitimate business interests and goodwill of the Company. Executive further acknowledges that all of the
restrictions in this Agreement are reasonable in all respects, including duration, geographic scope and scope of activity. Executive agrees that the existence of any claim or cause of action by Executive against the Company, whether predicated on
this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and restrictions set forth in this Agreement. Executive agrees that he will be able to earn a livelihood without violating the Restrictive
Covenants, including without limitation the non-competition covenant contained in Section 3(b). 
 (g) Enforcement. Executive
acknowledges that his violation of any of the Restrictive Covenants will cause immediate, substantial and irreparable harm to the Company which cannot be adequately redressed by monetary damages alone. If Executive breaches or threatens to breach
the Restrictive Covenants, in addition to the forfeiture and recoupment remedies provided for in Section 2(f), the Company shall be entitled to temporary and permanent injunctive relief from a court of competent jurisdiction, without posting
any bond or other security and without the necessity of proof of actual damage, in addition to, and not in lieu of, other such remedies as may be available to the Company for such breach, including the recovery of monetary damages. If any portion of
the Restrictive Covenants contained herein, or the application thereof, is construed to be invalid or unenforceable, the other portions of the Restrictive Covenants or the application thereof shall not be affected and shall be given full force and
effect without regard to the invalid or unenforceable portions to the fullest extent possible. If any covenant or agreement in the Restrictive Covenants is held to be unenforceable because of the duration or scope or geographic scope thereof, then
the court making such determination shall have the power to reduce the duration and limit the duration or scope or geographic scope thereof, and the Restrictive Covenants shall then be enforceable in their reduced form. For purposes of the
Restrictive Covenants, references to the Company shall include its affiliates and subsidiaries. 
 4. Release of Claims. In
consideration of the entering into of this Agreement and the payments and benefits provided for in Section 2, Executive agrees to execute a general release in favor of the Company in the form attached hereto as Exhibit B (the
“Release”). Executive must execute the Release, if at all, during the 21-day period after the Termination Date and, if Executive fails to execute the Release within such period (or revokes the Release prior to it becoming
effective), Executive’s entitlement to the payments and benefits under this Agreement that are conditioned on the effectiveness of the Release shall be forfeited. 

5. Successors. This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by
Executive other than by will or the laws of descent and distribution. Should 

 
Executive die or become mentally disabled on or following the Termination Date, this Agreement will be enforceable by his legal representative. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns. 
 6. Amendment. This Agreement may be amended, modified or changed only by
a written instrument executed by Executive and the Company. 
 7. Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of Louisiana, without reference to principles of conflict of laws. The Company and Executive hereby irrevocably consent to jurisdiction in the federal or state courts sitting in the
State of Louisiana for resolution of any claim or dispute arising hereunder, and such shall be the exclusive forum for the resolution of such claim or dispute. 

8. Taxes. Notwithstanding any other provision of this Agreement, the Company may withhold from any amounts payable under this
Agreement, or any other benefits received pursuant hereto, any Federal, state and/or local taxes as shall be required to be withheld under any applicable law or regulation, or, as applicable, may impute income for tax purposes, to the extent
required with respect to any benefits under this Agreement. 
 9. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed an original, and said counterparts shall constitute but one and the same instrument. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. 
 10. Notices. Any notices required or permitted hereunder shall be addressed to the Company
at its corporate headquarters, 2510 14th Street, Gulfport, Mississippi 39501, attention: General Counsel, or to Executive at 6952 N. Fieldgate Ct., Baton Rouge, Louisiana 70808, as the case may
be, and deposited, postage prepaid, in the United States mail. Either party may, by notice to the other given in the manner aforesaid, change his or its address for future notices. 

11. Entire Agreement. This Agreement sets forth the entire agreement of the Company and Executive with respect to the subject matter
hereof and shall supersede any other understandings or agreements between the parties with respect to the subject matter hereof. 
 12.
Severability. If any term or provision of this Agreement is held to be invalid or unenforceable in any respect, the parties agree that they intend for any court so construing this Agreement to reform, modify, or limit such provision
temporally, spatially, or otherwise so as to render it valid and enforceable to the fullest extent allowed by law. Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision
hereof, and the remainder of this Agreement shall not be affected thereby and each such remaining term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

13. D&O Insurance and Indemnification. The Company and its subsidiaries, as applicable, will continue to provide the same levels of
corporate indemnification and director and officer insurance with respect to Executive covering actions of Executive while serving as a director or officer of the Company or such subsidiary, as the levels being provided as of the Effective Date, and
in no event less than that provided to other executives of the Company. 
 14. Furnishings. Executive shall be permitted to remove
the photographs in his offices, which are has personal property. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, Executive has hereunto set Executive’s hand and, pursuant to the
authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

			
	HANCOCK HOLDING COMPANY
		
	By:		  

			Name:
			Title:
	
	  

	Richard T. Hill

 SCHEDULE A 

RESTRICTED STOCK AWARDS 
  

																	
	 Grant Date
	  	Restricted Shares
Granted &
Outstanding	 	  	Full Months
Elapsed for
Proration	 	  	Vested Restricted
Shares	 	  	Forfeited
Restricted Shares	 
					
	 November 16, 2010
	  	 	1,890	  	  	 	49	  	  	 	1,544	  	  	 	346	  
					
	 November 21, 2011
	  	 	2,780	  	  	 	37	  	  	 	1,714	  	  	 	1,066	  
					
	 November 15, 2012
	  	 	3,205	  	  	 	25	  	  	 	1,335	  	  	 	1,870	  
					
	 November 21, 2013
	  	 	3,144	  	  	 	13	  	  	 	681	  	  	 	2,463	  

 SCHEDULE B 

ESTIMATED CASH PAYMENTS UNDER AGREEMENT 
  

											
	 1.
		 Estimated Bonus Under Executive Incentive Plan – 2014 EIP paid in February 2015 (under Section 2(a))
						$	225,000	  
				
	 2.
		 Non-Qualified Deferred Compensation (“NQDC”) Plan Acceleration of vesting of SERP (under Section 2(b)(ii) – The
“Discretionary NQDC Amount”
								
			 Total Balance under NQDC Plan at November 18, 2014
		$	1,117,123	  				
			 Vested Balance at November 18, 2014
		$	893,699	  				
		  		  	  
	  
	 	  			
			 Discretionary NQDC Amount
						$	223,424	  
				
	 3.
		 Restricted Covenant Payment (2x Base Salary paid within 30 days of termination) (under Section 2(c))
						$	750,000	  
		  		  				  	  
	  
	 
				
			 Total Estimated Cash Payments
						$	1,198,424	  

 Executive shall also receive title to the Ford Taurus that was provided to him prior to his termination in connection with his
employment and will be provided, at the Company’s expense, outplacement services for a one-year period not to exceed a cost of $25,000. 

 EXHIBIT A 

GEOGRAPHIC AREA FOR NON-COMPETITION 

AND NON-SOLICITATION COVENANTS 
  

	•	 	Acadia Parish, Louisiana 

  

	•	 	Allen Parish, Louisiana 

  

	•	 	Ascension Parish, Louisiana 

  

	•	 	Assumption Parish, Louisiana 

  

	•	 	Avoyelles Parish, Louisiana 

  

	•	 	Beauregard Parish, Louisiana 

  

	•	 	Bienville Parish, Louisiana 

  

	•	 	Bossier Parish, Louisiana 

  

	•	 	Caddo Parish, Louisiana 

  

	•	 	Calcasieu Parish, Louisiana 

  

	•	 	Caldwell Parish, Louisiana 

  

	•	 	Cameron Parish, Louisiana 

  

	•	 	Catahoula Parish, Louisiana 

  

	•	 	Claiborne Parish, Louisiana 

  

	•	 	Concordia Parish, Louisiana 

  

	•	 	De Soto Parish, Louisiana 

  

	•	 	East Baton Rouge Parish, Louisiana 

  

	•	 	East Carroll Parish, Louisiana 

  

	•	 	East Feliciana Parish, Louisiana 

  

	•	 	Evangeline Parish, Louisiana 

  

	•	 	Franklin Parish, Louisiana 

  

	•	 	Grant Parish, Louisiana 

  

	•	 	Iberia Parish, Louisiana 

  

	•	 	Iberville Parish, Louisiana 

	•	 	Jackson Parish, Louisiana 

  

	•	 	Jefferson Davis Parish, Louisiana 

  

	•	 	Jefferson Parish, Louisiana 

  

	•	 	Lafayette Parish, Louisiana 

  

	•	 	Lafourche Parish, Louisiana 

  

	•	 	La Salle Parish, Louisiana 

  

	•	 	Lincoln Parish, Louisiana 

  

	•	 	Livingston Parish, Louisiana 

  

	•	 	Madison Parish, Louisiana 

  

	•	 	Morehouse Parish, Louisiana 

  

	•	 	Natchitoches Parish, Louisiana 

  

	•	 	Orleans Parish, Louisiana 

  

	•	 	Ouachita Parish, Louisiana 

  

	•	 	Plaquemines Parish, Louisiana 

  

	•	 	Pointe Coupee Parish, Louisiana 

  

	•	 	Rapides Parish, Louisiana 

  

	•	 	Red River Parish, Louisiana 

  

	•	 	Richland Parish, Louisiana 

  

	•	 	Sabine Parish, Louisiana 

  

	•	 	St. Bernard Parish, Louisiana 

  

	•	 	St. Charles Parish, Louisiana 

  

	•	 	St. Helena Parish, Louisiana 

  

	•	 	St. James Parish, Louisiana 

  

	•	 	St. John The Baptist Parish, Louisiana 

  

	•	 	St. Landry Parish, Louisiana 

  

	•	 	St. Martin Parish, Louisiana 

	•	 	St. Mary Parish, Louisiana 

  

	•	 	St. Tammany Parish, Louisiana 

  

	•	 	Tangipahoa Parish, Louisiana 

  

	•	 	Tensas Parish, Louisiana 

  

	•	 	Terrebonne Parish, Louisiana 

  

	•	 	Union Parish, Louisiana 

  

	•	 	Vermilion Parish, Louisiana 

  

	•	 	Vernon Parish, Louisiana 

  

	•	 	Washington Parish, Louisiana 

  

	•	 	Webster Parish, Louisiana 

  

	•	 	West Baton Rouge Parish, Louisiana 

  

	•	 	West Carroll Parish, Louisiana 

  

	•	 	West Feliciana Parish, Louisiana 

  

	•	 	Winn Parish, Louisiana 

  

	•	 	Forrest County, Mississippi 

  

	•	 	Hancock County, Mississippi 

  

	•	 	Harrison County, Mississippi 

  

	•	 	Hinds County, Mississippi 

  

	•	 	Jackson County, Mississippi 

  

	•	 	Lamar County, Mississippi 

  

	•	 	Lee County, Mississippi 

  

	•	 	Madison County, Mississippi 

  

	•	 	Pearl River County, Mississippi 

  

	•	 	Rankin County, Mississippi 

  

	•	 	Stone County, Mississippi 

 EXHIBIT B 

GENERAL RELEASE OF CLAIMS 
 1. I,
Richard T. Hill, for and in consideration of certain payments to be made and certain benefits to be provided to me under the Separation and Restrictive Covenant Agreement, dated as of December 30, 2014 (the “Agreement”) with
Hancock Holding Company (the “Company”) on the date this general release of claims in favor of the Company (the “General Release”) becomes irrevocable, and conditioned upon such payments and provisions, and subject
to the provisions of Paragraphs 2, 3, and 4 below, do hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past or present officers, directors, stockholders, employees
and agents, their respective successors and assigns, heirs, executors and administrators, partners, joint ventures, predecessors, insurers, agents, representatives, attorneys, adjustors and independent contractors, the pension and employee benefit
plans of the Company, or of its past or present subsidiaries or affiliates, and the past or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included within the term the
“Company”), acting in any capacity whatsoever with respect to the Company or Company Business (as defined in the Agreement), of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in
law or in equity, whether known or unknown, which I ever had, now have, or hereafter may have, or which my heirs, personal representatives, successors, signs, attorneys, and executors or administrators hereafter may have with respect to me, by
reason of any matter, cause or thing whatsoever from the beginning of my employment with the Company to the date of these presents and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any
way to my employment relationship and the termination of my employment relationship with the Company, including but not limited to: (a) any and all claims for monetary damages which have been asserted, could have been asserted, or could be
asserted now or in the future under the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended, the Older Workers Benefit Protection Act of 1990 (“OWBPA”), Title VII of the Civil Rights Act of 1964, as
amended, and the Americans with Disabilities Act of 1990, as amended; (b) any and all claims under any federal, state or local laws, including any claims under the Louisiana Employment Discrimination Law, as amended, the Rehabilitation Act of
1973, 29 USC §§ 701 et seq., as amended, the WARN Act, the Family and Medical Leave Act, and the Executive Retirement Income Security Act of 1974, 29 USC §§ 301 et seq., as amended, and any state human rights act; (c) any
and all other claims under any local statutes under which I can waive my rights; (d) any and all claims pursuant to any contracts between the Company and me; (e) any common law claims now or hereafter recognized; (f) all claims for
counsel fees and costs; and (g) all claims for incentive compensation awards under any plan or payroll practice, along with any claims under any state wage and hour laws. 

2. If any claim is not subject to release, to the extent permitted by law, I waive any right or ability to be a class or collective action
representative or to otherwise participate in any putative or certified class, collective or multi-party action proceeding, based on such a claim in which the Company is a party. 

3. The General Release shall not apply to (a) any entitlements under the terms of the Agreement or under any other plans or programs of
the Company in which I participated and under which I have vested benefits to which I am entitled consistent with the terms of the plans, other than under any Company separation or severance plan or programs; (b) rights to indemnification I may
have under the charter, bylaws, or similar instruments of the Company or any of its subsidiaries, applicable law, or under any directors’ and officers’ liability insurance policy; and (c) any right I may have to obtain indemnification
or contribution in the event of the entry of judgment against me as a result of any act or failure to act for which both I and the Company or any of its officers, directors or employees are jointly responsible. Further, notwithstanding the
foregoing, this General Release is not intended to interfere with my right to file a charge with an administrative agency in connection with any claim I may have against the Company. However, by executing this Agreement, I hereby waive my right to
recover, and agree not to seek any damages, remedies or other relief for myself in any proceeding I may bring before such agency or in any proceeding brought by such agency on my behalf. 

 4. The foregoing shall in no event apply to any claims that, as a matter of applicable law, are
not waivable. The Company and I agree that nothing in this General Release or the Agreement prevents or prohibits me from: (a) making any disclosure of relevant and necessary information or documents in connection with any charge, action,
investigation, or proceeding relating to this General Release or the Agreement, or as required by law or legal process; (b) participating, cooperating, or testifying in any charge, action, investigation, or proceeding with, or providing
information to, any self-regulatory organization, governmental agency or legislative body, and/or pursuant to the Sarbanes-Oxley Act or Dodd-Frank Act; (c) filing, testifying, participating in or otherwise assisting in a proceeding relating to
an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; (d) challenging the knowing and voluntary nature of the
release of ADEA claims pursuant to the OWBPA; or (e) filing in good faith for and receiving any workers’ compensation benefits from the Company’s workers’ compensation carrier for any compensable injuries incurred during my
employment. To the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling the disclosure of any such information or documents, I agree to give prompt written notice to the Company so as to permit the
Company to protect its interests in confidentiality to the fullest extent possible. To the fullest extent provided by law, I agree and acknowledge, however, that I am waiving any right to recover monetary damages in connection with any such charge,
action, investigation or proceeding. To the extent I receive any monetary relief in connection with any such charge, action, investigation or proceeding, the Company will be entitled to an offset for the benefits made pursuant to this General
Release, to the fullest extent provided by law. 
 5. The Company and I further agree that the Equal Employment Opportunity Commission
(“EEOC”) and comparable state or local agencies have the authority to carry out their statutory duties by investigating charges, issuing determinations, and filing lawsuits in Federal or state court in their own name, or taking any
action authorized by the EEOC or comparable state or local agencies. I retain the right to participate in any such action and to seek any appropriate non-monetary relief. I retain the right to communicate with the EEOC and comparable state or local
agencies and such communication can be initiated by me or in response to the government and such right is not limited by the non-disparagement and confidentiality provisions of the Agreement. The Company and I agree that communication with employees
plays a critical role in the EEOC’s enforcement process because employees inform the agency of employer practices that might violate the law. For this reason, the right to communicate with the EEOC is a right that is protected by federal law
and neither the General Release nor the Agreement prohibit or interfere with those rights. Notwithstanding the foregoing, I agree to waive any right to recover monetary damages in any charge, complaint or lawsuit filed by me or by anyone else on my
behalf. 
 6. Subject to the limitations of Paragraphs 2, 3, and 4, I expressly waive all rights afforded by any statute which expressly
limits the effect of a release with respect to unknown claims. I understand the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims. 

7. I hereby agree and recognize that my employment with the Company was permanently and irrevocably severed on December 31, 2014 (the
“Termination Date”) and the Company has no obligation, contractual or otherwise to me to hire, rehire or reemploy me in the future. I acknowledge that the terms of the Agreement provide me with payments and benefits which are in
addition to any amounts to which I otherwise would have been entitled. 
 8. I hereby agree and acknowledge that the payments and benefits
provided by the Company are to bring about an amicable resolution of my employment arrangements and are not to be construed as an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by the Company and
that the Agreement was, and this General Release is, executed voluntarily to provide an amicable resolution of my employment relationship with the Company. 

9. I hereby certify that I have read the terms of this General Release, that I have been advised by the Company to discuss it with my
attorney, that I have received the advice of counsel and that I understand its terms and effects. I acknowledge, further, that I am executing this General Release of my own volition with a full understanding of its terms and effects and with the
intention of releasing all claims recited herein, subject to the limitations herein, in exchange for the consideration described in the Agreement, which I acknowledge is satisfactory to me. None of the Company or any of its employees, agents,
representatives or attorneys has made any representations to me concerning the terms or effects of this General Release other than those contained herein. 

 10. I hereby acknowledge that I may accept this General Release by signing it and returning it to
the Company, care of Rudi Thompson, Chief Human Resources Officer, Hancock Holding Company, One Hancock Plaza, 2510 14th Street, Gulfport, Mississippi 39501, within 21 days of the Termination Date (or receipt of the General Release, if later). After
executing this General Release, I hereby acknowledge that I will have seven days to revoke this General Release (the “Revocation Period”) by indicating my desire to do so in writing delivered to Rudi Thompson, Chief Human Resources
Officer at the address above (or by electronic mail delivery in “pdf” form to rudi.thompson@hancockbank.com or by fax to 228-868-4627 by no later than 5:00 p.m. C.S.T. on the seventh day after the date I sign this General Release.
If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. In the event that I revoke this General Release, the Company shall not provide me with
the payments and benefits described in Section 2 of the Agreement that are conditioned upon the effectiveness of this General Release. The “effective date” of this General Release shall be the eighth day after I sign this General
Release. 
 11. I hereby further acknowledge that the terms of Section 3 of the Agreement shall continue to apply and that I will abide
by and fully perform such obligations.
 Intending to be legally bound hereby, I execute the foregoing General Release this
    day of January, 2015. 
  

					
			
					
	  
 Witness
				  
 Richard T. Hill

 EXHIBIT C 

CLAWBACK POLICY 
 The Board adopted a
Clawback Policy that provides the authority to recover a bonus or other incentive compensation paid to any Named Executive Officer or executive officer in appropriate circumstances where there has been a material restatement of the Company’s
financial results. 
 If, in the opinion of the independent directors of the Board, the Company’s financial results are restated due in whole or in
part to intentional fraud or misconduct by one or more of the Company’s executive officers, the independent directors have the discretion to use their best efforts to remedy the fraud or misconduct and prevent its recurrence. The Company’s
independent directors may, based upon the facts and circumstances surrounding the restatement, direct that the Company recover all or a portion of any bonus or incentive compensation paid, or cancel the stock-based awards granted, to an executive
officer. In addition, the independent directors may also seek to recoup any gains realized with respect to equity-based awards, including stock options and restricted stock units, regardless of when issued. 

The remedies that may be sought by the independent directors are subject to a number of conditions, including, that: (1) the bonus or incentive
compensation to be recouped was calculated based upon the financial results that were restated, (2) the executive officer in question engaged in the intentional misconduct, and (3) the bonus or incentive compensation calculated under the
restated financial results is less than the amount actually paid or awarded. 
 In addition, the independent directors may take other disciplinary action,
including, without limitation: (1) adjustment of future compensation of the executive officer, (2) termination of the executive officer’s employment, (3) pursuit of any and all remedies available in law and/or Equity in any
jurisdiction, and (4) pursuit of such other action as may fit the circumstances of the particular case. The independent directors may take into account penalties or punishments imposed by third parties, such as law enforcement agencies,
regulators or other authorities. The independent directors’ power to determine the appropriate punishment for the wrongdoers is in addition to, and not in replacement of, remedies imposed by such entities and is in addition to any right of
recoupment against the Co-CEOs or CFO under Section 304 of the Sarbanes-Oxley Act of 2002. 
 Presented to and approved by the Hancock Holding Company
Compensation Committee April 26, 2012.EX-10.6

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), dated as of February 24, 2015, is entered into by and between Merrimack
Pharmaceuticals, Inc., a Delaware corporation with a place of business at One Kendall Square, Suite B7201, Cambridge, Massachusetts 02139 (the “Company”), and Peter N. Laivins, an individual residing at 22 Bridle Lane, Scituate, MA
02066 (the “Employee”). 
 RECITALS 

WHEREAS, the Company desires to continue to employ the Employee as Head of Development; and 

WHEREAS, the Employee desires to continue such employment upon the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of the parties herein contained, the parties
hereto agree as follows: 
 1. Term of Employment. Subject to the terms and
conditions hereinafter set forth, the Company hereby employs the Employee, and the Employee hereby enters into the employment of the Company, for an employment term commencing on the date set forth above and, unless earlier terminated in accordance
with the provisions set forth in Section 10, continuing until December 31, 2015. This Agreement shall renew automatically for successive one (1) year terms, unless either party shall give the other notice of non-renewal in
accordance with Section 10. Both the initial term of this Agreement and any annual renewal term of this Agreement shall be referred to as the “Term of Employment.” The Employee’s Base Salary (as defined below) for any
renewal term shall be as agreed by the parties, provided that (i) the Base Salary shall in no event be less than the Base Salary the Employee received in the immediately preceding term, and (ii) in the absence of an agreement otherwise,
the Employee’s Base Salary shall be the same as the Base Salary he received in the immediately preceding term. 
 2.
Position. During the Term of Employment, the Employee shall serve as Head of Development of the Company and in such additional position(s) as he and the Company shall agree. 

3. Scope of Employment. During the Term of Employment, the Employee shall be responsible for the performance of
all financial, managerial and administrative duties customarily performed by a Head of Development, together with such other duties as the Chief Executive Officer and the Employee shall agree. The Employee shall be accountable to the Chief Executive
Officer and shall perform and discharge, faithfully, diligently and to the best of his ability, his duties and responsibilities hereunder. The Employee shall devote substantially all of his working time and efforts to the business and affairs of the
Company and its affiliates. 

 4. Compensation. As full compensation for all services
to be rendered by the Employee during the Term of Employment, the Company will provide to the Employee, and the Employee will accept, the following: 

(a) Base Salary. During the Term of Employment, the Employee shall receive a salary of $273,071 per calendar year, less all applicable
taxes and withholdings (the “Base Salary”), paid in installments in accordance with the Company’s regularly established payroll procedure. The Employee’s Base Salary shall be reviewed annually by the Company’s Board
of Directors (the “Board”) and may be adjusted from time to time in accordance with normal business practices and taking into account then-current market factors, but in no event shall the Employee’s salary be less than the
base salary the Employee received from the Company in the immediately preceding year. 
 (b) Bonus. During the Term of Employment,
the Employee shall be eligible to receive a discretionary annual performance and retention bonus of up to 35% of his then current Base Salary, at a time and under circumstances determined by the Board, in its sole discretion. In order to receive the
discretionary annual performance bonus, the Employee must be an active employee of the Company on the date any bonus is determined and no discretionary annual bonus shall be considered earned before such date. Such discretionary bonus, if any, shall
be paid no later than sixty (60) days following the date on which the Board approves such bonus. 
 (c) Stock Options; Equity
Grants. The Employee shall be eligible to receive option grants or other equity grants at times and under circumstances determined by the Board, in its sole discretion. 

(d) Vacation. The Employee shall be eligible for vacation time in accordance with the Company’s Paid Time Off Policy contained
within the Company’s Employee Handbook, as amended and/or superseded from time to time. 
 (e) Insurance. The Employee shall be
entitled to participate in, and receive benefits under, all Company sponsored insurance and benefit programs (i.e. health, dental, life, and disability) available to senior management employees of the Company, subject to and on a basis consistent
with the terms, conditions and overall administration of such programs. 
 (f) Other Benefits. The Employee shall be entitled to
participate in, and receive benefits under, all Company employee benefit plans and arrangements (including but not limited to 401(k) and similar programs), available to senior management employees of the Company, subject to and on a basis consistent
with the terms, conditions and overall administration of such plans, policies and arrangements. 
 5. Expenses.
The Employee shall be entitled to reimbursement by the Company for all reasonable expenses actually incurred by him on the Company’s behalf in the course of his employment by the Company, upon the prompt presentation by the Employee, from
time to time, of an itemized account of such expenditures together with all supporting vouchers and receipts. All expense reimbursements shall be subject to the terms set forth in Section 5 of Exhibit C. 

6. Restrictive Covenants. 

(a) Non-Competition. The Employee agrees that, during the Term of Employment and any Severance Period (as defined below), and for a
period of one (1) year thereafter, he will not engage, directly or indirectly, in any business that competes with the business of the Company. For purposes of this paragraph, a business competes with the business

  
 2 

 
of the Company if it is engaged in the research, development, production, sales or marketing of any diagnostic or therapeutics process or product that is directed at any molecular targets or
related to any therapeutic candidate compound that the Company developed, produced or sold, or planned to develop, produce or sell, while the Employee was employed with the Company. The Employee will be deemed to be directly or indirectly engaged in
a competitive business if he is engaged in such competitive business as proprietor, partner, joint venturer, stockholder (other than the holder of less than two percent (2%) of the outstanding shares of any publicly owned corporation),
director, officer, manager, member, employee, consultant, independent contractor, adviser, marketer, or agent or if he otherwise controls such business. 

(b) Non-Solicitation. The Employee agrees with the Company that during the Term of Employment and any Severance Period, and for a
period of one (1) year thereafter, he will not, directly or indirectly, solicit, entice away, employ, hire or otherwise interfere with the Company’s relationship with any officer, employee, consultant or agent of the Company. 

(c) Waiver. The Company may waive the prohibitions of Sections 6(a) or (b) hereof without waiving any other provisions of this
Agreement 
 (d) Validity. In the event any provision of Section 6(a) or 6(b) hereof shall to any extent be held to be invalid
or unenforceable by reason of geographic or business scope or the duration thereof, such invalidity or enforceability shall attach only to such provision to the extent of such invalidity, and shall not affect or render invalid or unenforceable any
other provision of this Agreement and, in such event, such provision shall be deemed to be modified to such extent as may be necessary to cause the geographic or business scope or duration thereof to be valid and enforceable to the maximum extent
permitted by law. 
 (e) Pre-existing Obligations. The Employee agrees that the restrictive covenants contained herein do not cancel
or modify the Employee’s obligations under the Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement attached hereto as Exhibit A and executed on the date hereof, except to the extent set forth in Section 14.

 7. Confidential Information. While employed by the Company and thereafter, the Employee shall not, directly
or indirectly, use any Confidential Information (as hereinafter defined) other than pursuant to his employment by and for the benefit of the Company, or disclose any such Confidential Information to anyone outside of the Company whether by private
communication, public address, publication or otherwise or to anyone within the Company who has not been authorized to receive such information, except as directed in writing by the Board. For purposes of this Section 7, “Confidential
Information” means all trade secrets, proprietary information, and other data and information, in any form, belonging to the Company or any of its clients, customers, consultants, licensees or affiliates, that is held in confidence by the
Company. Confidential Information includes but is not limited to computer software, business plans and arrangements, customer lists, marketing materials, financial information, research, and any other information identified or treated as
confidential by the Company or any of its clients, customers, consultants, licensees or affiliates. Notwithstanding the foregoing, Confidential Information does not include information which the Company has voluntarily disclosed to the public
without restriction, or which is otherwise known to the public at large through no fault of the Employee. The Employee further acknowledges and reaffirms his 

  
 3 

 
obligation to keep confidential and not to disclose any and all Confidential Information that he has acquired or will acquire during the course of his employment with the Company, as is stated
more fully in the Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement attached hereto as Exhibit A and executed on the date hereof. 

8. Developments. As a condition of the Employee’s employment with the Company and the promises contained
herein, the Employee acknowledges and reaffirms his obligations, as stated more fully in the Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement attached hereto as Exhibit A and executed on the date hereof, except to
the extent set forth in Section 14. 
 9. Injunctive Relief. The parties hereto recognize that irreparable
damage will result to the Company and its business and properties if the Employee fails or refuses to perform his obligations under Section 6(a), 6(b), 7 or 8 hereof, and that the remedy at law for any such failure or refusal will be
inadequate. Accordingly, in addition to any other remedies and damages available, the Company shall be entitled to injunctive relief, and the Employee may be specifically compelled to perform his obligations thereunder. 

10. Early Termination. 

(a) Death and Disability. In the event of the Employee’s death during the Term of Employment, this Agreement shall terminate
immediately. If, during the Term of Employment, the Employee shall be unable for a period of more than any three (3) consecutive months or for periods aggregating more than twenty-six (26) weeks in a twelve (12) month period to
perform the services provided for herein as a result of any illness or disability, the Company may terminate the Employee’s employment hereunder. The Employee shall be considered unable to perform the services provided for herein if and
whenever the Company reasonably determines, based upon the results of a medical examination performed by a mutually agreed-upon professional, that he is mentally or physically incapable of performing his duties hereunder. 

(b) Termination for Cause. The Employee may be terminated by the Company without notice for “Cause.” The following, as
determined by the Board in its reasonable judgment, shall constitute “Cause” for termination: 
 (i) Failure to Perform
Duties. The Employee’s material failure to perform (other than by reason of illness or disability) his duties to the Company, or his material negligence in the performance of his duties and/or responsibilities to the Company, provided that
the Employee shall have had prior written notice and a reasonable opportunity of not less than thirty (30) days to correct any deficiency in such performance; 

(ii) Breach of Employment Agreement. The Employee’s material breach of this Agreement; 

(iii) Misconduct. The Employee’s conviction for or plea of nolo contendere or guilty to any crime involving fraud,
embezzlement or moral turpitude; or 

  
 4 

 (iv) Harmful Conduct. Any conduct of the Employee that is materially harmful to the
business, interests or reputation of the Company, provided that the Employee shall have had prior written notice and a reasonable opportunity of not less than ten (10) days to correct any such conduct. 

(c) Termination By Company Without Cause. The Employee may be terminated by the Company without “Cause” upon delivery of
written notice to the Employee. In the event the Employee is terminated without “Cause,” the Employee shall be entitled to receive the severance benefits set forth in Section 10(f) or 10(g), as applicable. The Company’s decision
not to renew the Term of Employment shall constitute a termination without “Cause.” 
 (d) Termination by the Employee for Good
Reason. This Agreement may be terminated by the Employee for “Good Reason” (as defined below), upon thirty (30) days’ prior written notice to the Company, provided that the Company shall have the opportunity to cure the
asserted Good Reason within the thirty (30) day period. The Employee shall have “Good Reason” to terminate this Agreement in the event that the Company, without the express written consent of the Employee: (i) causes a
material diminution of the Employee’s authority, duties or responsibilities; (ii) materially breaches this Agreement, including, without limitation, by materially reducing the Employee’s Base Salary or (iii) relocating the
Employee’s place of business by more than thirty (30) miles from the Company’s current Cambridge, Massachusetts office. In the event the Employee terminates his employment for Good Reason, the Employee shall be entitled to the
severance benefits set forth in Section 10(f) or 10(g), as applicable. 
 (e) Effect of Early Termination. Except for a
termination by the Company without “Cause” or by the Employee for “Good Reason,” in the event of any early termination of the Term of Employment, the Company’s obligations under this Agreement shall immediately cease and the
Employee shall be entitled to only the Employee’s Base Salary and employment benefits which have accrued and to which the Employee is entitled to through the date of such termination, including any bonus that may have been awarded but not yet
paid. These accrued salary and benefits shall be paid on or about the date of termination. The Employee shall not be entitled to any other compensation or consideration, including any bonus not yet awarded that the Employee may have been eligible
for had his Term of Employment not ceased, except as otherwise set forth in this Section 10(e). In the event of an early termination of the Term of Employment due to the Employee’s disability, as set forth in Section 10(a), the
Employee will be eligible to receive a pro rata amount of any bonus he would have received had his Term of Employment not ceased (determined in the manner set forth in the penultimate sentence of Section 10(f)), which bonus shall be paid within
thirty (30) days of the date of the Employee’s termination. 
 (f) Severance Benefits Prior to a Change in Control. If the
Term of Employment is terminated by the Company without “Cause” (as that term is defined in Section 10(b)) or by the Employee for “Good Reason” (as that term is defined in Section 10(d)), in each case prior to a Change
in Control (as that term is defined in Exhibit B), the Employee shall be entitled to receive his Base Salary and all other employment benefits accrued through the effective date of such termination, which shall be paid on or about the date of
termination. In addition, provided the Employee executes and allows to become binding a severance agreement and release of claims drafted by and satisfactory to the Company (the “Release”) on or before the

  
 5 

 
sixtieth (60th) day after the date of termination, then beginning on the first regularly scheduled payroll that is sixty (60) days
following the date of termination (such date, the “Payment Commencement Date”), for a period of nine (9) months (or twelve (12) months if the Employee was employed by the Company for at least five (5) consecutive
years immediately prior to such date of termination) (the “Severance Period”), the Company shall: (i) pay to the Employee his base salary in accordance with the Company’s regularly established payroll procedure,
(ii) pay for coverage under any benefit plans provided pursuant to Section 4(e), provided the Employee is eligible for and elects to continue receiving such benefits pursuant to the federal “COBRA” law, 29 U.S.C. § 1161 et.
seq., and provided further that the Employee continues to pay the applicable share of the premium for such coverage that is paid for active and similarly situated employees who receive the same type of coverage, and (iii) to the extent allowed
by applicable law and the applicable plan documents, continue to provide the Employee with such benefits as described in Section 4(f), subject to and on a basis consistent with the terms, conditions and overall administration of such plans. In
addition, the Company shall pay to the Employee, on the Payment Commencement Date, a pro-rata bonus equal to (A) the average of the Employee’s annual bonus payments over each of the three (3) years prior to the year of termination
(or, if the Employee is an executive officer, such lesser period during which the Employee served as an executive officer of the Company) multiplied by (B) a fraction, the numerator of which is the number of days during the year during which
the Employee remained employed by the Company and the denominator of which is 365. The distribution of all severance benefits under this Section 10(f) shall be subject to the provisions of Exhibit C. 

(g) Severance Benefits After a Change in Control. If the Term of Employment is terminated by the Company without “Cause” (as
that term is defined in Section 10(b)) or by the Employee for “Good Reason” (as that term is defined in Section 10(d)), in each case within the eighteen (18) month period following a Change in Control (as that term is
defined in Exhibit B), the Employee shall be entitled to receive his Base Salary and all other employment benefits accrued through the effective date of such termination, which shall be paid on or about the date of termination. In addition,
provided the Employee executes and allows to become binding the Release on or before the Payment Commencement Date, the Company shall: (i) pay to the Employee on the Payment Commencement Date a lump sum amount equal to thirty-six
(36) months of his Base Salary; (ii) pay to the Employee on the Payment Commencement Date a bonus equal to (A) three (3) multiplied by (B) the average of the Employee’s annual bonus payments over each of the three
(3) years prior to the year of termination (or, if the Employee is an executive officer, such lesser period during which the Employee served as an executive officer of the Company); (iii) accelerate the vesting of all outstanding Company
stock options, restricted stock or other equity awards granted to the Employee; (iv) pay for coverage under any benefit plans provided pursuant to Section 4(e) for a period of eighteen (18) months following the Employee’s date of
termination, provided the Employee is eligible for and elects to continue receiving such benefits pursuant to the federal “COBRA” law, 29 U.S.C. § 1161 et. seq., and provided further that the Employee continues to pay the applicable
share of the premium for such coverage that is paid for active and similarly situated employees who receive the same type of coverage; and (v) to the extent allowed by applicable law and the applicable plan documents, continue for a period of
eighteen (18) months following the Employee’s date of termination to provide the Employee with such benefits as described in Section 4(f), subject to and on a basis consistent with the terms, conditions and overall administration of
such plans. The distribution of all severance benefits under this Section 10(g) shall be subject to the provisions of Exhibit C. 

  
 6 

 11. Absence of Restrictions. The Employee represents and warrants
that he is not a party to any commitment or undertaking by which he is subject to any restriction or limitation upon his entering into this Agreement or performing the services required of him hereunder. 

12. Amendments. Any amendment to this Agreement, including any extension or renewal of the Term of Employment,
shall be made in writing and signed by the parties hereto. 
 13. Applicable Law. This Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of Massachusetts (without reference to the conflict of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision of this
Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a
court. The Company and the Employee each hereby irrevocably waives any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 

14. Entire Agreement. This Agreement, together with the Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement attached hereto as Exhibit A and executed on the date hereof, constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether
written or oral, relating to the subject matter of these agreements; provided however that the Employee and the Company agree that Section 4(a) of the Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement is superseded by
this Agreement. 
 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
both parties and their respective successors and assigns, including any corporation with which or into which the Company may be merged or which may succeed to its assets or business; provided, however, that the obligations of the Employee are
personal and shall not be assigned by him. 
 16. Acknowledgment. The Employee states and represents that he has
had an opportunity to fully discuss and review the terms of this Agreement with an attorney. The Employee further states and represents that he has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all
of the terms and conditions hereof, and signs his name of his own free act. 
 17. Miscellaneous. 

(a) No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A
waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion. 

(b) The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or
substance of any section of this Agreement. 

  
 7 

 (c) In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable,
the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
 IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 
  

							
	COMPANY:				MERRIMACK PHARMACEUTICALS, INC.
				
					By:		 /s/ Robert J. Mulroy

							Robert J. Mulroy
							President and Chief Executive Officer
			
	EMPLOYEE:				 /s/ Peter N. Laivins

					Peter N. Laivins

  
 8 

 Exhibit A 

Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement 

 NON-DISCLOSURE, DEVELOPMENTS, NON-COMPETITION 

AND NON-SOLICITATION AGREEMENT 

This Non-Disclosure, Developments, Non-Competition and Non-Solicitation Agreement (the “Agreement”), dated as of February 24,
2015, is entered into by and between Merrimack Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Peter N. Laivins (the “Employee”). 

In consideration of the Employee’s employment with the Company and for other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the Employee, the Employee hereby agrees as follows: 
 1. Condition of Employment. 

The Employee acknowledges that his/her employment and the continuance of that employment with the Company is contingent upon his/her agreement
to sign and adhere to the provisions of this Agreement. The Employee further acknowledges that the nature of the Company’s business is such that protection of its proprietary and confidential information is critical to its survival and success.

 2. Proprietary and Confidential Information. 

(a) The Employee agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning
the Company and its operations and business or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company. By way of illustration, but not limitation, Proprietary Information
may include models, systems, software and codes, or systems, software and codes in the course of development, or planned or proposed systems, software or codes, customer, prospect and supplier lists, contacts at or knowledge of customers or
prospective customers, customer accounts and other customer financial information, strategic partners and/or collaborators, price lists and all other pricing, marketing and sales information, projections, results relating to the Company or any
customer or supplier of the Company, databases, modules, products, programs, product improvements, product enhancements and/or developments, designs, specifications, processes, methods, techniques, operations, projects, plans, chemical compounds,
chemical or biological materials, engineering data, clinical or technological data, research data, financial data, personnel information, and other confidential agreements or documents (including, without limitation, clinical trial protocols and
unpublished patent applications). The Employee will not disclose any Proprietary Information to others outside the Company or use the same for any unauthorized purposes without written approval by an officer of the Company, either during or at any
time after his/her employment with the Company, unless and until such Proprietary Information has become public knowledge without fault by the Employee. While employed by the Company, the Employee will use the Employee’s best efforts to prevent
publication or disclosure of any confidential or Proprietary Information. 
 (b) The Employee agrees that all Company Property (as defined
below), whether created by the Employee or others, that shall come into the Employee’s custody or possession shall be and is the sole and exclusive property of the Company to be used only in the

 
performance of the Employee’s duties for the Company. “Company Property” means any and all written, photographic or any other record containing Proprietary Information and
shall include, but not be limited to, all agreements, notes, disks, files, letters, memoranda, reports, records, lists, data, drawings, sketches, notebooks, program listings, specifications, software programs, software code, computers and other
electronic equipment, documentation, or other equipment or materials of any nature and in any form, containing Proprietary Information. Upon the earliest of the Employee’s termination or a request from the Company, the Employee will return to
the Company any and all Company Property in the Employee’s custody or possession without retaining any copies thereof (including, without limitation, any electronic copy) and without using or allowing others to improperly use such Company
Property. 
 (c) The Employee acknowledges that the Employee’s obligations with regard to Proprietary Information that are set out in
Sections 2(a) and (b) extend to all information, know-how, records and tangible property of customers of the Company or suppliers to the Company or of any third party who may have disclosed or entrusted the same to the Company or to the
Employee in the course of the Company’s business. 
 3. Developments. 

(a) The Employee will make full and prompt disclosure to the Company of all inventions, ideas, concepts, improvements, discoveries, methods,
techniques, tools, formula, developments, enhancements, modifications, databases, processes, software and works of authorship, whether patentable or not, that are created, made, conceived or reduced to practice by the Employee or under the
Employee’s direction or jointly with others during the Employee’s employment by the Company, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as
“Developments”). 
 (b) The Employee agrees to assign and does hereby assign to the Company (or any person or entity
designated by the Company) all of the Employee’s right, title and interest in and to all Developments and all related intellectual property rights. Except as, and solely to the extent that, it may be necessary for the Employee to
perform the Employee’s duties and fulfill the Employee’s obligations in the course of the Employee’s employment with the Company, the Company does not grant the Employee, and the Employee agrees that he/she will not receive,
any license or right to use any Development or related intellectual property right. The Employee hereby also waives all claims to moral rights in any Developments. However, this Section 3(b) shall not apply to Developments that do not relate to
the present or planned business or research and development of the Company and that are made and conceived by the Employee not during normal working hours, not on the Company’s premises and not using the Company’s tools, devices, equipment
or Proprietary Information. This Section 3(b) also shall not apply to any inventions that the Employee conceived of prior to the Employee’s employment with the Company, which invention(s) the Employee shall disclose on Exhibit A
attached hereto. IF THERE ARE ANY SUCH INVENTIONS TO BE EXCLUDED UNDER THIS AGREEMENT, THE EMPLOYEE SHALL INITIAL HERE; OTHERWISE IT WILL BE DEEMED THAT THERE ARE NO SUCH EXCLUSIONS.    The Employee understands that, to the
extent this Agreement shall be construed in accordance with the laws of any state that precludes the requirement in an employee agreement to assign certain classes of inventions made by an employee, this Section 3(b) shall be interpreted not to
apply to any invention that a court 

  
 2 

 
rules and/or the Company agrees falls within such classes. To the extent allowed by law, the Employee hereby grants to the Company an exclusive (even unto the Employee), irrevocable, fully paid
up, worldwide license to make, use and sell any and all inventions for which assignment cannot be effected. 
 (c) The Employee agrees to
cooperate fully with the Company, both during and after the Employee’s employment with the Company, with respect to the procurement, maintenance and enforcement of all copyrights, trademarks, patents and other intellectual property rights (both
in the United States and foreign countries) relating to any Development. The Employee shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignment of priority
rights and powers of attorney, that the Company may deem necessary or desirable in order to protect and enforce its rights and interests in any Development. The Employee further agrees that if the Company is unable, after reasonable effort, to
secure the signature of the Employee on any such papers, any executive officer of the Company shall be entitled to execute any such papers as the agent and the attorney-in-fact of the Employee, and the Employee hereby irrevocably designates and
appoints each executive officer of the Company as the Employee’s agent and attorney-in-fact for all countries worldwide to execute any such papers on the Employee’s behalf, and to take any and all actions as the Company may deem necessary
or desirable in order to protect its rights and interests in any Development, under the conditions described in this sentence. Should the Company engage in litigation to enforce any such intellectual property rights, the Employee agrees to appear
and testify at no charge, but at the Company’s expense. 
 4. Non-Competition and Non-Solicitation. 

While the Employee is employed by the Company and for a period of twelve (12) months following the Employee’s termination or
cessation of employment for any reason (voluntarily or involuntarily), the Employee will not, directly or indirectly: 
 (a) Engage in any
business or enterprise (whether as an owner, partner, officer, employee, director, investor, lender, consultant, independent contractor or otherwise, except as the holder of not more than 1% of the combined voting power of the outstanding stock of a
publicly held company) that is competitive with the Company’s business, including, without limitation, any business or enterprise that develops, designs, produces, markets or sells any pharmaceutical product designed to treat cancer or renders
any product or service competitive with any product or service developed, designed, produced, marketed or sold or planned to be developed, designed, produced, marketed or sold by the Company while the Employee was employed by the Company; 

(b) Either alone or in association with others, recruit, solicit, hire or engage as an independent contractor, or attempt to recruit, solicit,
hire or engage as an independent contractor, any person who was employed by the Company or engaged as an independent contractor for the Company at any time during the period of the Employee’s employment with the Company, except for an
individual whose employment with or service for the Company has been terminated for a period of six (6) months or longer; and/or 

  
 3 

 (c) Either alone or in association with others, service, solicit, divert or take away, or attempt
to service, solicit, divert or take away, the business or patronage of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company that were contacted, solicited or served by the Employee while the
Employee was employed by the Company or about which the Employee had access to Proprietary Information in the course of his/her employment with the Company. 

(d) The geographic scope of this Section 4 shall extend to anywhere the Company or any of its subsidiaries is doing business, has done
business or has plans to do business during the Employee’s employment. 
 (e) If any restriction set forth in this Section 4 is
found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum
period of time, range of activities or geographic area as to which it may be enforceable. 
 (f) The Employee agrees that during the
non-competition and non-solicitation period, the Employee will give notice to the Company of each new job, contract assignment or other work (either as an employee, contractor or otherwise) the Employee plans to undertake at least ten
(10) business days prior to beginning any such activity. The notice shall state the name and address of the individual, corporation, association or other entity or organization (the “Entity”) for whom such activity is
undertaken and the Employee’s proposed business relationship or position with the Entity. The Employee further agrees to provide the Company with other pertinent information concerning such business activity as the Company may reasonably
request in order to determine the Employee’s continued compliance with his/her obligations under this Agreement. During the non-competition and non-solicitation period, the Employee agrees to provide a copy of this Agreement to all person and
Entities with whom the Employee seeks to be hired or do business before accepting employment or engagement with any of them. 
 (g) If the
Employee violates any of the provisions of this Section 4, the Employee shall continue to be held by the restrictions set forth in this Section 4 until a period equal to the period of restriction has expired without any violation. 

5. Other Agreements. 
 The Employee hereby
represents that, except as the Employee has disclosed in writing to the Company, the Employee is not bound by the terms of any restrictive covenant agreement with any previous employer or other party relating to the non-disclosure of trade secret or
confidential or proprietary information, non-competition and/or non-solicitation of customers, clients, employees or others. The Employee further represents that the Employee’s performance of all the terms of this Agreement and as an employee
of the Company does not and will not breach any such restrictive covenant agreement, and the Employee will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous
employer or others. 

  
 4 

 6. Employment At Will. 

The Employee acknowledges that this Agreement does not constitute a contract of employment for any period of time and does not modify the
at-will nature of the Employee’s employment with the Company, pursuant to which both the Company and the Employee may terminate the employment relationship at any time, for any or no reason, with or without notice. 

7. General Provisions. 
 (a) Equitable
Relief. The Employee acknowledges that the restrictions contained in this Agreement are necessary for the protection of the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee
agrees that any breach or threatened breach of this Agreement will cause the Company substantial and irrevocable damage that is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the
Company, in addition to such other remedies that may be available, shall have the right to specific performance and injunctive relief without posting a bond, as well as its reasonable attorneys’ fees incurred as a result of any such breach or
threatened breach. The Employee hereby waives the adequacy of a remedy at law as a defense to such relief. 
 (b) Change in
Terms/Conditions of Employment. The Employee agrees that his/her obligations under this Agreement shall continue in full force and effect in the event that the Employee’s job title, responsibilities, reporting structure, work location,
compensation or other conditions of his/her employment with the Company change subsequent to the execution of this Agreement, without the need to execute a new agreement. 

(c) No Conflict. The Employee represents that the execution and performance by the Employee of this Agreement does not and will not
conflict with or breach the terms of any other agreement by which the Employee is bound. 
 (d) Severability. The invalidity or
unenforceability of any provision of this Agreement shall not affect or impair the validity or enforceability of any other provision of this Agreement. 

(e) Waiver; Amendments. No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of
that or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion. Any amendment to or modification of this
Agreement, or any waiver of any provision thereof, shall be in writing and signed by the Company. 
 (f) Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including, without limitation, any corporation or entity with which or into which the Company may be merged or which may succeed to
all or substantially all of its assets or business; provided, however, that the obligations of the Employee are personal and shall not be assigned by the Employee. 

  
 5 

 (g) Governing Law, Forum and Jurisdiction. This Agreement shall be governed by and
construed as a sealed instrument under and in accordance with the laws of the Commonwealth of Massachusetts without regard to conflict of laws provisions. Any action, suit or other legal proceeding that is commenced to resolve any matter arising
under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within Massachusetts), and the Company and the Employee each consents to the
jurisdiction of such a court. The Employee and the Company hereby expressly waive the right to a jury trial for any claim relating to his/her/its rights or obligations under this Agreement, or otherwise relating to the Employee’s employment
or separation from employment with the Company. 
 (h) Captions. The captions of the sections of this Agreement are for
convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 
 (i)
Entire Agreement. This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged in whole or in
part, except by an agreement in writing signed by the Employee and the Company. 
 THE EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ
THIS AGREEMENT AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT. 
 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above. 
  

							
	COMPANY:				MERRIMACK PHARMACEUTICALS, INC.
				
					By:		 /s/ Robert J. Mulroy

							Robert J. Mulroy
							President and Chief Executive Officer
			
	EMPLOYEE:				 /s/ Peter N. Laivins

					Peter N. Laivins

  
 6 

 Exhibit A 

List of Prior Inventions and Original Works of Authorship 
  

					
	 Title
	  	 Date
	  	
Identifying Number or Brief Description

		  		  	
		  		  	
		  		  	

  

					
			
	  
	  	Additional Sheets Attached	  	
			
	Signature of Employee:	  	  
	  	
			
	Printed Name of Employee:	  	  
	  	
			
	Date:	  	  
	  	

 Exhibit B 

Definition of Change in Control 
 A
“Change in Control” shall occur upon the following events, provided, in each case, that such event constitutes a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i): 

(A) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the
Exchange Act) 50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (A), the following acquisitions shall not constitute a Change in Control
Event: (1) any acquisition directly from the Company or (2) any acquisition by any corporation pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (C) of this
definition; 
 (B) a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer
constituting a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of
the Board on the date of this Agreement or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board
was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial
assumption of office occurred 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 or consents, by or on behalf of a person other than the
Board; or 
 (C) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a
sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all
or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring
corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more
subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same 

 
proportions as their ownership of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no
Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding shares of common stock of the
Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership
existed prior to the Business Combination). 

 Exhibit C 

Payments Subject to Section 409A 

Subject to this Exhibit C, severance payments or benefits under this Agreement shall begin only on or after the date of the Employee’s “separation
from service” (determined as set forth below), which occurs on or after the termination of the Employee’s employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to the
Employee under this Agreement: 
 1. It is intended that each installment of the payments provided under this Agreement shall be treated as a separate
“payment” for purposes of Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”). Neither the Company nor the Employee shall have the right to accelerate or defer the delivery of
any such payments or benefits except to the extent specifically permitted or required by Section 409A. 
 2. If, as of the date of the Employee’s
“separation from service” from the Company, the Employee is not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments and benefits shall be made on the dates and terms
set forth in this Agreement. 
 3. If, as of the date of the Employee’s “separation from service” from the Company, the Employee is a
“specified employee” (within the meaning of Section 409A), then: 
 (a) Each installment of the severance payments and
benefits due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the Employee’s separation from service occurs, be paid within the Short-Term Deferral Period (as
defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A- l(b)(4) to the maximum extent permissible under Section 409A and shall be paid at the time set forth in
this Agreement; and 
 (b) Each installment of the severance payments and benefits due under this Agreement that is not described in this
Exhibit C, Section l(c)(i) and that would, absent this subsection, be paid within the six (6) month period following the Employee’s “separation from service” from the Company shall not be paid until the date that is six
(6) months and one (1) day after such separation from service (or, if earlier, the Employee’s death), with any such installments that are required to be delayed being accumulated during the six (6) month period and paid in a lump
sum on the date that is six (6) months and one (1) day following the Employee’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however,
that the preceding provisions of this sentence shall not apply to any installment of severance payments and benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for a
deferral of compensation by reason of the application of Treasury Regulation 1.409A-l(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation
Section 1.409A-l(b)(9)(iii) must be paid no later than the last day of the Employee’s second taxable year following the taxable year in which the separation from service occurs. 

 4. The determination of whether and when the Employee’s separation from service from the Company has
occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-l(h). Solely for purposes of this Exhibit C, Section 4, “Company” shall include all
persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Internal Revenue Code. 
 5. All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A,
including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the
year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 

6. The Company makes no representation or warranty and shall have no liability to you or to any other person if any of the provisions of this Agreement
(including this Exhibit C) are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section. 

7. The Company may withhold (or cause to be withheld) from any payments made under this Agreement, all federal, state, city or other taxes as shall be
required to be withheld pursuant to any law or governmental regulation or ruling.

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