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  Exhibit 10.1.7    
    

 
    EIGHTH AMENDMENT, CONSENT AND WAIVER TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT    
    

        This EIGHTH AMENDMENT, CONSENT AND WAIVER TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of May 8, 2019
(this "Agreement"), is made by and among HALCÓN RESOURCES CORPORATION, a corporation duly formed and existing under the laws of the State
of Delaware (the "Borrower"), each of the undersigned guarantors (the "Guarantors", and together with
the Borrower, the "Loan Parties"), each of the undersigned Lenders party to the Credit Agreement referenced below, and JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the "Administrative Agent"). Capitalized terms
used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement. Unless otherwise indicated, all section references in this Agreement refer to the applicable
section of the Credit Agreement. 

 
 

PRELIMINARY STATEMENTS

        A.    Reference
is made to that certain Amended and Restated Senior Secured Revolving Credit Agreement dated as of September 7, 2017 (as amended, restated, amended and
restated, modified or otherwise supplemented prior to the date hereof, the "Credit Agreement") among the Borrower, each of the Lenders party thereto and
the Administrative Agent. 

        B.    The
Borrower has informed the Administrative Agent and the Lenders that the Borrower anticipates defaulting on the Total Net Indebtedness Leverage Ratio Financial
Covenant set forth in Section 9.01(a) of the Credit Agreement for the fiscal quarter ended March 31, 2019 (such potential default, the "Leverage Ratio
Default"). Any Leverage Ratio Default will result in an Event of Default under Section 10.01(d) of the Credit Agreement. 

        C.    The
Borrower has requested that the Administrative Agent and the Majority Lenders waive any Default or Event of Default directly resulting from the Leverage Ratio
Default, subject to the terms and conditions herein (the "Lender Waiver Request"). 

        D.    The
Borrower has requested and the Administrative Agent and the Majority Lenders party hereto have agreed to modify certain provisions of the Credit Agreement as set
forth herein. 

        E.    The
Administrative Agent and the Majority Lenders have agreed to the Lender Waiver Request subject to the terms and conditions herein. 

        F.     In
consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto hereby agree as follows: 

        Section 1.    Amendment to the Credit Agreement.    

        (a)    Amendment to Section 1.02.    The following defined terms are hereby amended or added in the appropriate
alphabetical order as follows: 

        "Applicable Margin" means, for any day, with respect to any ABR Loan or Eurodollar Loan or the Commitment Fee Rate, as the case may be,
the rate per annum set forth in the Borrowing Base Utilization Percentage grid below based upon the Borrowing Base Utilization Percentage then in
effect: 

 

 
 

													
	Level

 
	 	Borrowing Base

Utilization Percentage 	 	Eurodollar

Loans 	 	ABR Loans 	 	Commitment

Fee Rate 	 
	 1
	 	> 90%	 	 	3.75	%	 	2.75	%	 	0.50	%
	 2
	 	> 75% £ 90%	 	 	3.50	%	 	2.50	%	 	0.50	%
	 3
	 	> 50% £ 75%	 	 	3.25	%	 	2.25	%	 	0.50	%
	 4
	 	> 25% £ 50%	 	 	3.00	%	 	2.00	%	 	0.50	%
	 5
	 	£ 25%	 	 	2.75	%	 	1.75	%	 	0.50	%

 

 

 

        Each
change in the Applicable Margin or Commitment Fee Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the
effective date of the next such change; provided, however, that if at any time the Borrower fails to
deliver a Reserve Report pursuant to Section 8.12(a), then the "Applicable Margin" and
"Commitment Fee Rate" mean the rate per annum set forth on the grid when the Borrowing Base Utilization
Percentage is at its highest level. 

        "Consolidated Cash Balance" means, at any time, (a) the aggregate amount of cash and cash equivalents, marketable securities,
treasury bonds and bills, certificates of deposit, investments in money market funds, commercial paper and Cash Equivalents, in each case, owned by (either directly or indirectly), credited to the
account of or that would otherwise be required to be reflected as an asset on the balance sheet of the Borrower and its Restricted Subsidiaries less (b) the sum of (i) any cash or Cash
Equivalents earmarked to pay payroll, payroll taxes, other taxes, employee wage and benefit payments and trust and fiduciary obligations, (ii) any cash or Cash Equivalents earmarked to pay
royalty obligations, working interest obligations, suspense payments, severance taxes, or other obligations of the Borrower or any Restricted Subsidiary to third parties and for which the Borrower or
such Restricted Subsidiary has issued checks or has initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within fifteen (15) days in order to make such
payments), (iii) other amounts for which the Borrower or such Restricted Subsidiary has issued checks or has initiated wires or ACH transfers but which have not yet been subtracted from the
balance in the relevant account of the Borrower or such Restricted Subsidiary, (iv) while and to the extent refundable, any cash or Cash Equivalents of the Borrower or any Restricted Subsidiary
constituting purchase price deposits held in escrow pursuant to a binding and enforceable purchase and sale agreement with a third party containing customary provisions regarding the payment and
refunding of such deposits, (v) restricted cash or Cash Equivalents of the Borrower or any Restricted Subsidiary associated with plugging and abandonment liabilities, indemnities and other
similar obligations arising in connection with acquisitions and divestures of Oil and Gas Properties, (vi) the cash proceeds of any Borrowings to the extent such amounts are expected to be used
within three (3) Business Days of such Borrowing for purposes permitted by the terms of the Credit Agreement, (vii) any restricted cash or Cash Equivalents maintained for purposes of
securing credit card reimbursement obligations in an amount not to exceed $100,000 at any time and (viii) any refundable deposits held by unaffiliated third parties made in connection with
transactions in the ordinary course of business. 

        "Eighth Amendment Effective Date" means May 8, 2019. 

        (b)    Amendment to Section 3.04.    Section 3.04(c)(vi) is hereby added to read in its entirety as
follows: 

        (vi)    Application in Connection with Consolidated Cash Balance.    If (A) the Borrower has outstanding
Borrowings or reimbursement obligations in respect of Letters of Credit that are outstanding and (B) the Consolidated Cash Balance exceeds $5,000,000 as of the close of business on Wednesday of
any calendar week (or if such day is not a Business Day, then the immediately succeeding Business Day), then the Borrower shall, within two Business Days, (1) prepay the Borrowings in an
aggregate principal amount equal to such excess and (2) if any excess remains after prepaying all of the Borrowings as a result of outstanding LC Exposure, pay to the Issuing Bank an amount
equal to the outstanding LC Disbursements as provided in Section 2.09(e). Any failure to comply with this Section 3.04(c)(vi) shall
constitute an immediate Event of Default. 

        (c)    Amendment to Section 6.02.    Section 6.02(d) is hereby added to read in its entirety as follows: 

        (d)   (i)
The Consolidated Cash Balance immediately prior to such Borrowing and (ii) the pro forma Consolidated Cash
Balance, immediately after giving effect to such Borrowing, shall not exceed $5,000,000. 

2

 

        (d)    Amendment to Section 6.02.    Section 6.02(e) is hereby added to read in its entirety as follows: 

        (e)   The
Administrative Agent shall have been provided a budget (including projected cash flows of the Loan Parties) covering the 13-week period following the Eighth
Amendment Effective Date, which shall be in form substantially consistent with similar historical reporting delivered by the Borrower to the Administrative Agent prior to the Eighth Amendment
Effective Date and reasonably acceptable to the Administrative Agent (including as may be updated from time to time, the "Budget"). 

        (e)    Amendment to Section 8.01.    Section 8.01(u) is hereby added to read in its entirety as follows: 

        (u)    Status Reports:    The Borrower and its advisors shall reasonably cooperate in good faith with the
Administrative Agent and its advisors regarding potential financing alternatives and shall provide updates and reasonably detailed information regarding such potential financing alternatives and the
Borrower's pursuit of various go-forward scenarios, including a potential sale of select assets and merger and acquisition options (any such alternatives or scenarios, the
"Proposed Transaction"), and such other information regarding the operations, business affairs and financial condition of any Loan Party as reasonably
requested by the Administrative Agent or its advisors. The Borrower agrees to deliver periodic reports via teleconference with the Administrative Agent and its advisors of such
process on Thursday of every other week, beginning on May 16, 2019, or more frequently as reasonably requested by the Administrative Agent; 

        (f)    Amendment to Section 8.01.    Section 8.01(v) is hereby added to read in its entirety as follows: 

        (v)    Agreements with Respect to Budget and Reporting Matters.    The Borrower hereby agrees (i) to deliver,
on Thursday of every other week, beginning on Thursday, May 16, 2019, an updated accounts payable aging of both the Borrower and the Restricted Subsidiaries in substantially similar form as the
accounts payable agings delivered by the Borrower to the Administrative Agent prior to the Eighth Amendment Effective Date, (ii) to deliver on Thursday of every fourth (4th) week, beginning on
Thursday June 13, 2019, an updated Budget, in substantially similar form as the initial Budget delivered by the Borrower to the Administrative Agent pursuant to  Section 6.02(e), and
(iii) that the aggregate disbursements on a cumulative basis for the four-week period ending on the Sunday
immediately prior to the date of delivery of such updated Budget, beginning on June 9, 2019, will not exceed the amount set forth in the Budget by more than 20% for such four-week period.
Additionally, the Borrower agrees to deliver via teleconference with the Administrative Agent and its advisors at such times and as set forth in  Section 8.01(u), a reconciliation of actual weekly
cash flow (including actual disbursements) to the previously delivered Budget. 

        Section 2.    Waivers.    

        (a)   The
Borrower hereby requests, and the Administrative Agent and the Lenders signatory hereto hereby agree, the Lender Waiver Request shall remain effective from the
Effective Date until the occurrence of a Termination Event (as defined below). 

        (b)   For
purposes of this Agreement, "Termination Event" means the earliest to occur of: 

            i.  May 31,
2019, unless the bid date for a Proposed Transaction shall have occurred on or before such date; 

           ii.  July 1,
2019, provided that the Termination Event shall automatically be extended to August 1, 2019, unless prior to such time Lenders comprising the
Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders, in their sole and absolute discretion, do not agree to such automatic extension; 

          iii.  August 1,
2019; and 

3

 

          iv.  any
Event of Default (other than the Leverage Ratio Default) under the Credit Agreement. 

        (c)    Termination Event.    Each Loan Party acknowledges and agrees that, upon the occurrence of a Termination Event,
the waiver of the Majority Lenders and the Administrative Agent set forth in Section 2(a) above shall automatically cease and be of no further
force or effect (without the need for notice or any other action on the part of the Administrative Agent or the Lenders). Each Loan Party expressly acknowledges and agrees that the effect of such
Termination Event will permit the Administrative Agent and the Lenders, subject to the terms of, and to the extent then permitted under, the applicable Loan Documents, to exercise all rights and
remedies available under the applicable Loan Documents to the extent any Event of Default has occurred and is continuing (notwithstanding this Agreement). 

        Section 3.    Conditions to Effective Date.    This Agreement shall not become effective until the date of
satisfaction or waiver of the following conditions (the "Effective Date"): 

        (a)   The
Administrative Agent shall have received from the Loan Parties, the Administrative Agent and the Majority Lenders duly executed counterparts (in such number as may
be reasonably requested by the Administrative Agent) of this Agreement. 

        (b)   After
giving effect to this Agreement, all representations and warranties of the Loan Parties contained herein and in the other Loan Documents shall be true and correct
in all material respects as of the Effective Date (except for those representations and warranties expressly relating to an earlier date, in which case, such representations and warranties shall be
true and correct in all material respects on and as of such earlier date). 

        (c)   The
Administrative Agent shall have received, to the extent invoiced one (1) day prior to the Effective Date (except as otherwise reasonably agreed by the
Borrower), reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement (including but not limited to
the reasonable fees and disbursements incurred by counsel and financial advisors to the Administrative Agent). 

        The
Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

        Section 4.    Fees and Expenses.    The Borrower agrees to pay all reasonable out-of-pocket costs and expenses
incurred by the Administrative Agent and the Lenders (including but not limited to the reasonable fees and disbursements incurred by counsel and financial advisors to the Administrative Agent) in
connection with this Agreement and any other documents prepared in connection herewith as set forth in Section 12.03 of the Credit Agreement. 

        Section 5.    Loan Document.    This Agreement is a Loan Document. 

        Section 6.    RELEASE.    THE BORROWER
AND EACH GUARANTOR, IN CONSIDERATION OF THE ADMINISTRATIVE AGENT'S AND THE UNDERSIGNED LENDERS' EXECUTION AND DELIVERY OF THIS AGREEMENT AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, UNCONDITIONALLY, FREELY, VOLUNTARILY AND, AFTER CONSULTATION WITH COUNSEL AND BECOMING FULLY AND ADEQUATELY INFORMED AS TO THE RELEVANT FACTS,
CIRCUMSTANCES AND CONSEQUENCES, RELEASES, WAIVES AND FOREVER DISCHARGES (AND FURTHER AGREES NOT TO ALLEGE, CLAIM OR PURSUE) ANY AND ALL CLAIMS, RIGHTS, CAUSES OF ACTION, COUNTERCLAIMS OR DEFENSES OF
ANY KIND WHATSOEVER, IN CONTRACT, IN TORT, IN LAW OR IN EQUITY, WHETHER KNOWN OR UNKNOWN, DIRECT OR DERIVATIVE, WHICH THE BORROWER, EACH GUARANTOR OR ANY PREDECESSOR, SUCCESSOR OR ASSIGN MIGHT
OTHERWISE HAVE OR MAY HAVE AGAINST  

4

 

 THE ADMINISTRATIVE AGENT, THE LENDERS, THEIR PRESENT OR FORMER SUBSIDIARIES AND AFFILIATES OR ANY OF THE FOREGOING'S OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS OR OTHER REPRESENTATIVES OR AGENTS IN
EACH CASE ON ACCOUNT OF ANY CONDUCT, CONDITION, ACT, OMISSION, EVENT, CONTRACT, LIABILITY, OBLIGATION, DEMAND, COVENANT, PROMISE, INDEBTEDNESS, CLAIM, RIGHT, CAUSE OF ACTION, SUIT, DAMAGE, DEFENSE,
CIRCUMSTANCE OR MATTER OF ANY KIND WHATSOEVER WHICH EXISTED, AROSE OR OCCURRED AT ANY TIME PRIOR TO THE EFFECTIVE DATE RELATING TO THE LOAN DOCUMENTS, THIS AGREEMENT AND/OR THE TRANSACTIONS
CONTEMPLATED THEREBY OR HEREBY. THE FOREGOING RELEASE SHALL SURVIVE THE TERMINATION OF THE LOAN DOCUMENTS AND THIS AGREEMENT.

        Section 7.    Representations and Warranties; No Event of Default.    Each Loan Party represents and warrants
to the Lenders that on and as of the Effective Date, after giving effect to this Agreement, (a) all of the representations and warranties of each Loan Party set forth in Article VII of
the Credit Agreement and in each other Loan Document are true and correct in all material respects, except to the extent such representations and warranties expressly relate to an earlier date, in
which case they shall be true and correct in all material respects as of such earlier date, (b) there exists no Other Violations (as defined below) and (c) neither the execution,
delivery or performance by any Loan Party of this Agreement, nor
compliance by it with the terms and provisions hereof (i) will contravene in any material respect any provision of any law, statute, rule or regulation or any order, writ, injunction or decree
of any court or Governmental Authority, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in
the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Instruments) upon any of the property or assets of any Loan Party or any of its
Restricted Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to
which any Loan Party or any of its Restricted Subsidiaries is a party or by which it or any its property or assets is bound or to which it may be subject, or (iii) will violate any provision of
the certificate or articles of incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent constitutional, organizational and/or formation documents), as
applicable, of any Loan Party or any of its Restricted Subsidiaries. 

        Section 8.    Reaffirmation.    Each Loan Party confirms and agrees that each Loan Document to which such Loan
Party is a party is, and the obligations of such Loan Party contained in the Credit Agreement, this Agreement or in any other Loan Document to which it is a party are, and shall continue to be, in
full force and effect and are hereby ratified and confirmed in all respects, in each case as modified by this Agreement. For greater certainty and without limiting the foregoing, each Loan Party
hereby confirms that the existing security interests granted by it in favor of the Administrative Agent for the benefit of the Lenders, the Issuing Bank and the other secured parties pursuant to the
Loan Documents in the collateral described therein shall continue to secure the Secured Obligations as and to the extent provided in the Loan Documents. 

        Section 9.    Entire Agreement.    This Agreement, the Credit Agreement, and the other Loan Documents
constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal,
among the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a consent or
waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement or the other Loan Documents nor alter, modify, amend, or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or the other Loan Documents all of which are ratified and affirmed in all respects and shall continue in full force and effect. 

5

 

        Section 10.    Limitation of Waivers.    The consent, waiver and agreement contained herein, shall not be a
consent, waiver or agreement by the Administrative Agent or the Lenders of any Defaults or Events of Default, as applicable, which may exist (excluding, for the avoidance of doubt, the Leverage Ratio
Default) or which may occur in the future under the Credit Agreement or any other Loan Document, or any future defaults of the same provision waived hereunder (collectively,
"Other Violations"). Similarly, nothing contained in this Agreement shall directly or indirectly in any way whatsoever: (a) impair, prejudice or
otherwise adversely affect the Administrative Agent's or the Lenders' right at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any
other Loan Document, as the case may be, with respect to any Other Violations, (b) amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or
instrument (except as expressly provided herein), or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the
Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument, as applicable. Nothing in this letter shall be construed to be a consent
by the Administrative Agent or the Lenders to any Other Violations. 

        Section 11.    GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; WAIVER OF JURY
TRIAL.    SECTION 12.09 OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT MUTATIS
MUTANDIS AND SHALL APPLY HERETO.    

        Section 12.    Severability.    In the event any one or more of the provisions contained in this Agreement
should be held invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein, to the full extent permitted by
applicable law, shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect
the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal, or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal, or unenforceable provisions 

        Section 13.    Counterparts.    This Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement
by facsimile transmission or other means of electronic transmission (e.g., "pdf") shall be as effective as delivery of a manually signed counterpart of this Agreement. 

[SIGNATURES
BEGIN NEXT PAGE] 

6

        IN
WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first written above. 

 

 
 

							
	 BORROWER:
	 	 HALCÓN RESOURCES CORPORATION
	 
	 	 By:
	 	  /s/ DAVID S. ELKOURI

 
	 
	 	 	 	Name:	 	David S. Elkouri
	 
	 	 	 	Title:	 	 Executive Vice President and Chief Legal Officer
	 GUARANTORS:
	 	   HALCÓN HOLDINGS, INC.

HALCÓN RESOURCES OPERATING, INC.

HALCÓN ENERGY PROPERTIES, INC.

HALCÓN PERMIAN, LLC

HALCÓN OPERATING CO., INC.

HALCÓN FIELD SERVICES, LLC

	 
	 	 By:
	 	  /s/ DAVID S. ELKOURI

 
	 
	 	 	 	Name:	 	David S. Elkouri
	 
	 	 	 	Title:	 	 Executive Vice President and Chief Legal Officer

 

 

 

 
 

							
	 
	 	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and Lender
	 
	 	 By:
	 	  /s/ DARREN VANEK

 
	 
	 	 	 	Name:	 	Darren Vanek
	 
	 	 	 	Title:	 	Authorized Officer

 

 

 

 
 

							
	 
	 	 BMO HARRIS BANK N.A.

as a Lender
	 
	 	 By:
	 	  /s/ JAMES V. DUCOTE

 
	 
	 	 	 	Name:	 	James V. Ducote
	 
	 	 	 	Title:	 	Managing Director

 

 

 

 
 

							
	 
	 	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as a Lender
	 
	 	 By:
	 	  /s/ KATHERINE SCALZO

 
	 
	 	 	 	Name:	 	Katherine Scalzo
	 
	 	 	 	Title:	 	 Director

 

 

 

 
 

							
	 
	 	 NATIXIS, NEW YORK BRANCH,

as a Lender
	 
	 	 By:
	 	  /s/ VIKRAM NATH

 
	 
	 	 	 	Name:	 	Vikram Nath
	 
	 	 	 	Title:	 	 Director
	 
	 	 By:
	 	  /s/ V. DU MARS

 
	 
	 	 	 	Name:	 	V. Du Mars
	 
	 	 	 	Title:	 	 Managing Director

 

 

 

 
 

							
	 
	 	 ROYAL BANK OF CANADA,

as a Lender
	 
	 	 By:
	 	  /s/ JAY T. SARTAIN

 
	 
	 	 	 	Name:	 	Jay T. Sartain
	 
	 	 	 	Title:	 	 Authorized Signatory

 

 

 

 
 

							
	 
	 	 GOLDMAN SACHS LENDING PARTNERS LLC,

as a Lender
	 
	 	 By:
	 	  /s/ JAMIE MINIERI

 
	 
	 	 	 	Name:	 	Jamie Minieri
	 
	 	 	 	Title:	 	 Authorized Signatory

 

 

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Exhibit 10.1.7

EIGHTH AMENDMENT, CONSENT AND WAIVER TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

PRELIMINARY STATEMENTSExhibit

Exhibit 10.1

AMENDED AND RESTATED 
EXECUTIVE SALARY CONTINUATION PLAN
THIS PLAN, made and entered into this 1st day of May, 2008, by and between Community Trust Bank, a bank organized and existing under the laws of the State of Louisiana (hereinafter referred to as the "Bank"), and Drake D. Mills, an Executive of the Bank (hereinafter referred to as the "Executive"), a member of a select group of management and highly compensated employees of the Bank, shall amend and restate the Executive Salary Continuation Agreement effective January 1, 2004.
WHEREAS, the Executive has been and continues to be a valued Executive of the Bank; and
WHEREAS, the purpose of this Plan is to further the growth and development of the Bank by providing the Executive with supplemental retirement income, and thereby encourage the Executive's productive efforts on behalf of the Bank and the Bank's shareholders, and to align the interests of the Executive and those shareholders; and
WHEREAS, it is the desire of the Bank and the Executive to enter into this Plan under which the Bank will agree to make certain payments to the Executive at retirement or the Executive's Beneficiary in the event of the Executive's death pursuant to this Plan; and
ACCORDINGLY, it is intended that the Plan be "unfunded" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("BRISA'') and not be construed to provide income to the participant or beneficiary under the Internal Revenue Code of 1986, as amended (the "Code"), particularly Section 409A of the Code and guidance or regulations issued thereunder, prior to actual receipt of benefits; and
NOW THEREFORE, it is agreed as follows:
		
	I.
	EFFECTIVE DATE

The Effective Date of this Plan shall be May 1, 2008.
		
	II.
	FRINGE BENEFITS

The salary continuation benefits provided by this Plan are granted by the Bank as a fringe benefit to the Executive and are not part of any salary reduction plan or an arrangement deferring a bonus or a salary increase. The Executive has no option to take any current payment or bonus in lieu of these salary continuation benefits except as set forth hereinafter.
		
	III.
	DEFINITIONS

		
	A.
	Beneficiary:

The Executive shall have the right to name a Beneficiary of the Death Benefit. The Executive shall have the right to name such Beneficiary at any time prior to the Executive's death and submit it to the Plan Administrator (or Plan Administrator's representative) on the form provided. Once received and acknowledged by the Plan Administrator, the form shall be effective. The Executive may change a Beneficiary designation at any time by submitting a new form to the Plan Administrator. Any such change shall follow the same rules as for the original Beneficiary designation and shall automatically supersede the existing Beneficiary form on file with the Plan Administrator.
If the Executive names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Plan Administrator, must be signed by that Executive's spouse and returned to the Plan Administrator.
If the Executive dies without a valid Beneficiary designation on file with the Plan Administrator, death benefits shall be paid to the Executive’s estate.
If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person's property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. 

1

Any distribution of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such distribution amount.
		
	B.
	Change in Control:

"Change in Control" shall mean a change in ownership or control of the Bank as defined in Treasury Regulation Section 1.409A-3(i) (5) or any subsequently applicable Treasury Regulation
		
	C.
	Disability or Disabled:

"Disability or Disabled" shall mean the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering executives of the Bank, provided that the definition of Disability applied under such Disability insurance programs complies with the requirements of Section 409A. Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration's or provider's determination.
		
	D.
	Discharge For Cause:

The term "For Cause" shall mean any of the following that result in an adverse effect on the Bank: (i) the conviction of a felony or gross misdemeanor involving fraud or dishonesty; (ii) the willful violation of any banking law, rule, or banking regulation (other than a traffic violation or similar offense); (iii) an intentional failure to perform stated duties; or (iv) a breach of fiduciary duty involving personal profit. If a dispute arises as to discharge "For Cause," such dispute shall be resolved by arbitration as set forth in this Plan.
		
	E.
	Normal Retirement Age:

"Normal Retirement Age" shall mean the date on which the Executive attains age sixty-five (65).
		
	F.
	Plan Year:

Any reference to "Plan Year" shall mean a calendar year from January 1st to December 31st. In the year of implementation, the term "Plan Year" shall mean the period from the Effective Date to December 31st of the year of the Effective Date.
		
	G.
	Restriction on Timing of Distribution:

Notwithstanding any provision of this Plan to the contrary, distributions hereunder may not commence earlier than six (6) months after the date of a Separation from Service, as that term is used under Section 409A if, pursuant to Internal Revenue Code Section 409A, the Executive is considered a "specified employee" of the Bank under Internal Revenue Code Section 416(i), if any stock of the Bank is publicly traded on an established securities market or otherwise. In the event a distribution is delayed pursuant to this paragraph, the originally scheduled payment shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first day of the seventh month.
		
	H.
	Retirement Date:

"Retirement Date" shall mean the later of the Executive's Normal Retirement Age or Separation from Service.
		
	I.
	Separation from Service:

2

"Separation from Service" shall mean the Executive has experienced a termination of employment with the Bank. For purposes of this Plan, whether a termination of employment or service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an Executive or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an Executive or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been providing services to the Bank less than 36 months). Facts and circumstances to be considered in making this determination include, but are not limited to, whether the Executive continues to be treated as an Executive for other purposes (such as continuation of salary and participation in Executive benefit programs), whether similarly situated service providers have been treated consistently, and whether the Executive is permitted, and realistically available, to perform services for other service recipients in the same line of business. The Executive will be presumed not to have separated from service where the level of bona fide services performed continues at a level that is fifty percent (50%) or more of the average level of service performed by the Executive during the immediately preceding thirty-six (36) month period.
		
	IV.
	RETIREMENT BENEFIT

Upon attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to Two Hundred Sixty-Four Thousand Forty and 00/100ths Dollars ($264,040.00). For each year that the Executive or the Executive's Beneficiary shall receive a benefit, said benefit amount shall be increased by one and one-half percent (1.5%) from the previous year's benefit amount. Said benefit shall be paid in equal annual installments until the death of the Executive. Said payment shall be made the first day of the month following Separation from Service.
		
	V.
	DEATH BENEFIT

In the event the Executive should die at any time after the Effective Date of this Plan, the Bank will pay the accrued balance on the date of death, of the Executive's Accrued Liability Retirement Account in one (1) lump sum to the Executive's Beneficiary. Said payment due hereunder shall be made within sixty (60) days of the Executive's death.
		
	VI.
	BENEFIT ACCOUNTING/ACCRUED LIABILITY RETIREMENT ACCOUNT

The Bank shall account for this benefit using the regulatory accounting principles of the Bank's primary federal regulator. The Bank shall establish an Accrued Liability Retirement Account for the Executive on the books of the Bank into which appropriate reserves shall be accrued.
		
	VII.
	VESTING

The Executive shall be ten percent (10%) vested in the Accrued Liability Retirement Account, for each year of employment with the Bank, from the Effective Date of the original Plan (February 7, 2001), to a maximum of one hundred percent (100%).
		
	VIII.
	TERMINATION PRIOR TO NORMAL RETIREMENT AGE

Subject to Paragraph IX, in the event that the employment of the Executive shall terminate prior to the Normal Retirement Age, by the Executive's voluntary action, or by the Executive's discharge by the Bank without cause, the Bank shall pay to the Executive an amount of money equal to the balance of the Executive's Accrued Liability Retirement Account on the date of Separation from Service, multiplied by the Executive's cumulative vested percentage. Such balance shall be paid in three (3) annual installments, commencing the first day of the month following Separation from Service, and continuing on the following anniversary date thereof, until said annual installments are paid in full.
		
	IX.
	DISCHARGE FOR CAUSE

Notwithstanding anything to the contrary, in the event the Executive shall be discharged for Cause at any time, this Plan shall terminate and all benefits provided herein shall be forfeited.
		
	X.
	DISABILITY OR DISABLED

In the event the Executive becomes Disabled prior to the Executive's Normal Retirement Age, the Executive shall become one hundred percent (100%) vested in the balance of the Accrued Liability Retirement Account. Said balance shall be paid in a lump sum, thirty (30) days following the Executive's Disability.

3

		
	XI.
	CHANGE IN CONTROL

Upon a Change in Control, the Executive shall become one hundred percent (100%) vested in the Retirement Benefit. The Executive shall receive the Retirement Benefit as if the Executive had been continuously employed by the Bank until the Executive's Normal Retirement Age. Such benefit shall be paid in accordance with Paragraph IV, commencing on the first day of the month following the Executive's Normal Retirement Age.
		
	XII.
	RESTRICTIONS ON FUNDING

The Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Plan. The Executive, their Beneficiary, or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation.
The Bank reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Plan or to refrain from funding the same and to determine the extent, nature and method of such funding. Should the Bank elect to fund this Plan, in whole or in part, through the purchase of life insurance, mutual funds, Disability policies or annuities, the Bank reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall any Executive be deemed to have any lien, right, title or interest in any specific funding investment or assets of the Bank.
If the Bank elects to invest in a life insurance, Disability or annuity policy on the life of the Executive, then the Executive shall assist the Bank by freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance or annuities.
		
	XIII.
	MISCELLANEOUS

		
	A.
	Alienability and Assignment Prohibition:

Neither the Executive nor any Beneficiary under this Plan shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or the Executive's Beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise.
		
	B.
	Amendment or Revocation:

Subject to Paragraph XV, during the lifetime of the Executive, this Plan may be amended or revoked at any time or times, in whole or in part only, by the mutual written consent of the Executive and the Bank. Any such amendment shall not be effective to decrease or restrict the Executive's accrued benefit under this Plan, determined as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause the Plan to violate Internal Revenue Code Section 409A.
		
	C.
	Applicable Law:

The validity and interpretation of this Plan shall be governed by the laws of the State of Louisiana.
		
	D.
	Binding Obligation of the Bank and any Successor in Interest:

The Bank shall not merge or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or person until such bank, firm or person expressly agrees, in writing, to assume and discharge the duties and obligations of the Bank under this Plan. This Plan shall be binding upon the parties hereto, their successors, assignees, beneficiaries, heirs and personal representatives.
		
	E.
	Gender:

Whenever in this Plan words are used in the masculine or neutral gender, they shall be read and construed as in the masculine, feminine or neutral gender, whenever they should so apply.
		
	F.
	Headings:

4

Headings and subheadings in this Plan are inserted for reference and convenience only and shall not be deemed a part of this Plan.
		
	G.
	Not a Contract of Employment:

This Plan shall not be deemed to constitute a contract of employment between the parties hereto, nor shall any provision here of restrict the right of the Bank to discharge the Executive, or restrict the right of the Executive to terminate employment.
		
	H.
	Opportunity to Consult with Independent Advisors:

The Executive acknowledges that he has been afforded the opportunity to consult with independent advisors of his choosing including, without limitation, accountants or tax advisors and legal counsel regarding both the benefits granted to him under the terms of this Plan and the: (i) terms and conditions which may affect the Executive's right to these benefits; and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state taxes, Section 280G of the Code, Section 409A of the Code and guidance or regulations thereunder, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which in any of the foregoing instances the Executive acknowledges and agrees shall be the sole responsibility of the Executive notwithstanding any other term or provision of this Plan. The Executive further acknowledges and agrees that the Bank shall have no liability whatsoever related to any such personal tax effects or other personal costs, expenses, or liabilities applicable to the Executive and further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal representative, agents, successor and assign to claim or assert liability on the part of the Bank related to the matters described above in this paragraph. The Executive further acknowledges that he has read, understands and consents to all of the terms and conditions of this Plan, and that he enters into this Plan with a full understanding of its terms and conditions.
		
	I.
	Partial Invalidity:

If any term, provision, covenant, or condition of this Plan is determined by an arbitrator or a court, as the case may be, to be invalid, void, or unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid, void, or unenforceable, and the Plan shall remain in full force and effect notwithstanding such partial invalidity.
		
	J.
	Permissible Acceleration Provision:

Under Treasury Regulation Section l.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Plan allows all permissible payment accelerations under l.409A-3(j)(4) that include but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are allowed as permitted by statute or regulation.
		
	K.
	Subsequent Changes to Time and Form of Payment:

The Bank may permit subsequent changes to the time and form of payment. Any such change shall be considered made only when it becomes irrevocable under the terms of the Plan. Any subsequent time and form of payment changes will be considered irrevocable not later than thirty (30) days following acceptance of the change by the Plan Administrator, subject to the following rules:
a.    the subsequent change may not take effect until at least twelve (12) months after the date on which the change is made;
b.    the payment (except in the case of death, disability, or unforeseeable emergency) upon which the change is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and
c.    in the case of a payment made at a specified time, the change must be made not less than twelve (12) months before the date the payment is scheduled to be paid.

5

		
	L.
	Tax Withholding:

The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Plan. The Executive acknowledges that the Bank's sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies).
		
	XIV.
	ADMINISTRATIVE AND CLAIMS PROVISIONS

		
	A.
	Plan Administrator:

The "Plan Administrator" of this Plan shall be Community Trust Bank. As Plan Administrator, the Bank shall be responsible for the management, control and administration of the Plan. The Plan Administrator may delegate to others certain aspects of the management and operation responsibilities of the Plan including the employment of advisors and the delegation of ministerial duties to qualified individuals.
		
	B.
	Claims Procedure:

		
	a.
	Filing a Claim for Benefits:

Any insured, Beneficiary, or other individual, ("Claimant") entitled to benefits under this Plan will file a claim request with the Plan Administrator. The Plan Administrator will, upon written request of a Claimant, make available copies of all forms and instructions necessary to file a claim for benefits or advise the Claimant where such forms and instructions may be obtained. If the claim relates to disability benefits, then the Plan Administrator shall designate a sub-committee to conduct the initial review of the claim (and applicable references below to the Plan Administrator shall mean such sub-committee).
		
	b.
	Denial of Claim:

A claim for benefits under this Plan will be denied if the Bank determines that the Claimant is not entitled to receive benefits under the Plan. Notice of a denial shall be furnished the Claimant within a reasonable period of time after receipt of the claim for benefits by the Plan Administrator. This time period shall not exceed more than ninety (90) days after the receipt of the properly submitted claim. In the event that the claim for benefits pertains to disability, the Plan Administrator shall provide written notice within forty-five (45) days. However, if the Plan Administrator determines, in its discretion, that an extension of time for processing the claim is required, such extension shall not exceed an additional ninety (90) days. In the case of a claim for disability benefits, the forty-five (45) day review period may be extended for up to thirty (30) days if necessary due to circumstances beyond the Plan Administrator's control, and for an additional thirty (30) days, if necessary. Any extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render the determination on review.
		
	c.
	Content of Notice:

The Plan Administrator shall provide written notice to every Claimant who is denied a claim for benefits which notice shall set forth the following:
		
	(i.)
	The specific reason or reasons for the denial;

		
	(ii.)
	Specific reference to pertinent Plan provisions on which the denial is based;

		
	(iii.)
	A description of any additional material or information necessary for the Claimant to perfect the claim, and any explanation of why such material or information is necessary; and

		
	(iv.)
	Any other information required by applicable regulations, including with respect to disability benefits.

		
	d.
	Review Procedure:

The purpose of the Review Procedure is to provide a method by which a Claimant may have a reasonable opportunity to appeal a denial of a claim to the Plan Administrator for a full and fair review. The Claimant, or his duly authorized representative, may:

6

		
	(i.)
	Request a review upon written application to the Plan Administrator. Application for review must be made within sixty (60) days of receipt of written notice of denial of claim. If the denial of claim pertains to disability, application for review must be made within one hundred eighty (180) days of receipt of written notice of the denial of claim;

		
	(ii.)
	Review and copy (free of charge) pertinent Plan documents, records and other information relevant to the Claimant's claim for benefits;

		
	(iii.)
	Submit issues and concerns in writing, as well as documents, records, and other information relating to the claim.

		
	e.
	Decision on Review:

A decision on review of a denied claim shall be made in the following manner:
		
	(i.)
	The Plan Administrator may, in its sole discretion, hold a hearing on the denied claim. If the Claimant's initial claim is for disability benefits, any review of a denied claim shall be made by members of the Plan Administrator other than the original decision maker(s) and such person(s) shall not be a subordinate of the original decision maker(s). The decision on review shall be made promptly, but generally not later than sixty (60) days after receipt of the application for review. In the event that the denied claim pertains to disability, such decision shall not be made later than forty­ five (45) days after receipt of the application for review. If the Plan Administrator determines that an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day period. In no event shall the extension exceed a period of sixty (60) days from the end of the initial period. In the event the denied claim pertains to disability, written notice of such extension shall be furnished to the Claimant prior to the termination of the initial forty-five (45) day period. In no event shall the extension exceed a period of thirty (30) days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render the determination on review.

		
	(ii.)
	The decision on review shall be in writing and shall include specific reasons for the decision written in an understandable manner with specific references to the pertinent Plan provisions upon which the decision is based.

		
	(iii.)
	The review will take into account all comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination. Additional considerations shall be required in the case of a claim for disability benefits. For example, the claim will be reviewed without deference to the initial adverse benefits determination and, if the initial adverse benefit determination was based in whole or in part on a medical judgment, the Plan Administrator will consult with a health care professional with appropriate training and experience in the field of medicine involving the medical judgment. The health care professional who is consulted on appeal will not be the same individual who was consulted during the initial determination or the subordinate of such individual. If the Plan Administrator obtained the advice of medical or vocational experts in making the initial adverse benefits determination (regardless of whether the advice was relied upon), the Plan Administrator will identify such experts.

		
	(iv.)
	The decision on review will include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the Claimant's claim for benefits.

		
	f.
	Exhaustion of Remedies:

A Claimant must follow the claims review procedures under this Plan and exhaust his or her administrative remedies before taking any further action with respect to a claim for benefits.

7

		
	C.
	Arbitration:

If claimants continue to dispute the benefit denial based upon completed performance of this Plan or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to an Arbitrator for final arbitration. The Arbitrator shall be selected by mutual agreement of the Bank and the claimants. The Arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such Arbitrator with respect to any controversy properly submitted to it for determination.
Where a dispute arises as to the Bank's discharge of the Executive “For Cause," such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder.
		
	XV.
	TERMINATION OR MODIFICATION OF PLAN BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS

The Bank is entering into this Plan upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any of said tax laws, rules or regulations should change and said change has a detrimental effect on this Plan, then the Bank reserves the right to terminate or modify this Plan accordingly. Any such termination or modification shall not be effective to decrease or restrict the Accrued Liability Retirement Account under this Plan, determined as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no amendment shall be made, or if made, shall be effective, if such termination or modification would cause the Plan to violate Internal Revenue Code Section 409A.

8

IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Plan and executed the original thereof effective as of the first day set forth hereinabove, and that, upon execution, each has received a conforming copy.
	
			
	 
	 
	COMMUNITY TRUST BANK

	 
	 
	Ruston, LA

	 
	 
	 

	By: /s/ Vonda B. Madden
	 
	By: /s/ Cary S. Davis                  EVP

	Witness
	 
	(Bank Officer other than Executive)         Title

	 
	 
	 

	By: /s/ Dianne Sullivan
	 
	By: /s/ Drake Mills                    

	Witness
	 
	Drake D. Mills

	 
	 
	 

	 
	 
	 

9

BENEFICIARY DESIGNATION FORM FOR THE 
AMENDED AND RESTATED 
EXECUTIVE SALARY CONTINUATION PLAN
		
	I.
	PRIMARY DESIGNATIONS

		
	A.
	Person(s) as a Primary Designation:

(Please indicate the percentage for each beneficiary.)
		
	1.
	Name:___________________Relationship:___________________SS#:___________________%___________________

Address:____________________________________________________________________________________________
(Street)    (City)    (State)    (Zip)
		
	2.
	Name:___________________Relationship:___________________SS#:___________________%____________________

Address:____________________________________________________________________________________________
(Street)    (City)    (State)    (Zip)
		
	3.
	Name:___________________Relationship:___________________SS#:___________________%___________________

Address:____________________________________________________________________________________________
(Street)    (City)    (State)    (Zip)
		
	4.
	Name:___________________Relationship:___________________SS#:___________________%___________________

Address:____________________________________________________________________________________________
(Street)    (City)    (State)    (Zip)
		
	II.
	ESTATE AND/OR TRUST AS PRIMARY DESIGNATIONS

		
	A.
	Estate as a Primary Designation:

An Estate can still be listed even if there is no will.
My Primary Beneficiary is The Estate of _________________________________as set forth in the Last Will and Testament 
(Insert full name)
dated the                 day of                 , 200   and any codicils thereto.
		
	B.
	Trust as a Primary Designation:

Name of the Trust:     
Execution Date of the Trust:    Name of the Trustee:    
Beneficiary of the Trust:
(please indicate the percentage for each beneficiary):    

Name(s):    

Name(s):    

Is this an Irrevocable Life Insurance Trust?    pYes    pNo
(If yes and this designation is for a Joint Beneficiary Designation Agreement, an Assignment of Rights form must be completed.)

10

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