Document:

Employment Agreement

 

 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this “Agreement”) is entered into this 20th day of October, 2006, (the “Effective Date”) by and between Mike Fitzpatrick
(“Employee”), an individual, and Motive, Inc., a Delaware corporation (“Motive”). In consideration of the mutual promises expressed herein, Employee and Motive have agreed to the following terms and
conditions. 
 1. EFFECTIVE DATE AND TERM. This Agreement will be effective as of
the Effective Date and will remain in effect for a term of one year, unless earlier terminated in accordance with Section 4 or Section 5. Continued employment beyond the one-year term of this Agreement will not result in automatic renewal
of this Agreement. Rather, to renew this Agreement, Motive and Employee must state their intention to renew this Agreement in writing signed by both Motive and Employee. 
 2. DUTIES. Motive agrees to employ Employee as its Chief Financial Officer or in such other capacity as Motive may require. Employee agrees to continue to work for Motive as its Chief Financial Officer
or in such other capacity as Motive may require and to perform the duties normally associated with that position and such other duties as Motive may assign to Employee. Employee agrees that Employee will abide by all of Motive’s policies,
procedures, and directives as may be adopted, modified, or issued by Motive from time to time. Without limiting the generality of the foregoing, Employee will be expected to use his reasonable best efforts to perform the necessary due diligence to
be able to execute representation letters and certifications with respect to Motive’s financial statements and period reports filed with the United States Securities and Exchange Commission. 
 3. COMPENSATION AND BENEFITS. While Employee is actively employed by Motive pursuant to this Agreement,
Employee will be entitled to the following compensation and benefits: 
 (a) Base Salary. Motive will pay Employee a Base Salary
(“Base Salary”) at a monthly rate of $16,666.67 ($200,000 annually), less applicable withholdings and deductions. Employee’s Base Salary shall be subject to review and potential adjustment, as determined by
Motive. Base Salary shall not include any payment or other benefit which is denominated as or is in the nature of a bonus, incentive payment, profit-sharing payment, retirement or pension accrual, insurance benefit, other fringe benefit or expense
allowance, whether or not taxable to Employee as income. The term Base Salary shall include any increase therein for the purposes of this agreement. 
 (b) Vacation. Employee shall accrue vacation commensurate with Employee’s position. The accrual and carry-over (if any) of Employee’s vacation shall be in accordance with Motive’s regular
vacation accrual practices, as such practices are adopted, modified, or implemented from time to time. 
 (c) Benefits. Subject to
applicable eligibility requirements, Employee shall be invited to participate in the same benefit plans or fringe benefit policies that are generally available to any of its senior level executive employees. 
 (d) Bonuses. Employee shall be eligible to receive an annual Target Bonus of up to $60,000, less applicable withholdings and deductions (the
“Target Bonus), based on the achievement of individual and company performance objectives which shall be established by Motive or its Board of Directors. 
 (e) Stock Options. In connection with the execution of this Agreement, Motive is granting to Employee 100,000 stock options according to
Motive’s Amended and Restated Equity Incentive Plan. Employee shall acquire a vested interest in twelve (12) equal quarterly installments, commencing on December 31, 2006 and continuing thereafter on each succeeding
March 31st, June 30th, September 30th
and December 31st, provided, however, that the stock shall vest automatically and entirely upon a
Change in Control. This stock option grant, and any other stock options or restricted stock granted to Employee, shall be governed by the terms of the agreement accompanying the grant, Motive’s Amended and Restated Equity Incentive Plan, and
other applicable plan documents. 
  

			
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 (f) Directors’ and Officers’ Insurance Coverage. Employee shall have the benefit of such
directors’ and officers’ insurance coverage as Motive shall from time to time obtain, but in no event less than that provided to any other director or officer of Motive. 
 (g) Professional Associations/Accreditation. Company shall reimburse Employee for fees related to his Certified Public Accountants license(s) and
for membership in both the Illinois CPA Society and the AICPA. 
 4. TERMINATION. This Agreement and Employee’s
employment may be terminated by either party at any time and for any reason, subject to the following provisions: 
 (a) Termination by
Employee. Employee agrees that if Employee intends to terminate this Agreement or Employee’s employment for any reason, Employee will give Motive at least 30 days’ advance written notice of such termination. 
 (i) If Employee terminates Employee’s employment and this Agreement for Good Reason and gives Motive the requisite notice of termination, and
subsequently executes (within a reasonable period of time) a mutually agreeable release, Motive shall pay Employee severance in accordance with the terms of Section 4(c). 
 (ii) If Employee terminates Employee’s employment and this Agreement but does not satisfy any or all of the other conditions of Section 4(a)(i)
above for any reason, Employee shall only be entitled to receive payment for Employee’s Base Salary (less applicable deductions and withholdings) through the actual date this Agreement is terminated and payment for unused vacation (less
applicable deductions and withholdings) that has accrued as of the actual date this Agreement is terminated and shall not be entitled to receive any other payment from Motive of any kind under this Agreement or otherwise. 
 (iii) Notwithstanding the provision for payment in a lump sum in Section 4©, any severance payment due to Employee’s termination of employment for Good Reason shall be delayed until the date
that is six months after the date of separation from service with Motive, unless an immediate payment is permitted pursuant to regulations issued pursuant to section 409A of the Internal Revenue Code of 1986, as amended. Interest (at the prime rate)
shall be paid on any amount deferred past Employee’s date of termination in accordance with this clause (iii). 
 (b) Termination by
Motive. Motive may terminate this Agreement and Employee’s employment at any time, with or without Cause and with or without notice. 
 (i) If Motive terminates Employee’s employment and this Agreement without Cause and Employee subsequently executes (within a reasonable period of time) a mutually agreeable release, Motive shall pay Employee severance in accordance
with the terms of Section 4(c) below. 
 (ii) Notwithstanding any other provision of this Agreement, Motive may terminate this Agreement
and Employee’s employment for Cause without advance notice, payment, or penalty of any kind. In such a case, Employee shall only be entitled to receive payment for Base Salary (less applicable deductions and withholdings) through the actual
date this Agreement is terminated and shall not be entitled to receive any further payment of any kind from Motive under this Agreement or otherwise. 
 (c) Severance. If Motive is required to pay Employee severance by the express terms of Section 4(a)(i) or 4(b)(i) above, Motive shall pay to Employee in a lump sum an amount equal to 
 (i) Employee’s aggregate Base Salary, less applicable withholdings and deductions, for a period of six months, or for a period equal to the number
of months remaining in the term of this Agreement, whichever is greater; plus 
 (ii) A prorated portion of Employee’s Target Bonus
based upon the number of full calendar quarters that Employee was actively employed during the year of termination and assuming for purposes thereof that full achievement of all performance targets or metrics were met by both Employee and Motive
during such year. 
  

			
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 Employee understands and agrees that Motive shall not be obligated to pay Employee severance of any kind
except as required by Section 4(a)(i) or 4(b)(i) and as described in this Section 4(c) and Section (5). 
 (d) Release
Required. Employee understands that, notwithstanding any other provision of this Agreement, if Employee does not execute a mutually agreeable, fully enforceable release, Employee shall not be entitled to any severance payment of any kind
following the termination of this Agreement or Employee’s employment for any reason. 
 (e) Good Reason. For purposes of this
Agreement, “Good Reason” exists if: 
 (i) Motive (or its successor) relocates Employee’s primary work
location by more than fifty (50) miles, such that Employee is required to relocate Employee’s permanent residence to continue rendering duties under this Agreement, and Employee does not consent to such relocation; 
 (ii) Motive (or its successor) reduces (1) Employee’s Base Salary or (2) the maximum Target Bonus, without Employee’s written
consent. 
 (iii) Motive (or its successor) prevents Employee from participating in the same benefit plans or fringe benefit policies in
which other similarly situated employees of Motive (or its successor) are invited to participate, subject to applicable eligibility requirements; or 
 (iv) Motive (or its successor) requires Employee to devote the majority of Employee’s time to the performance of duties that are materially and substantially inconsistent with the status of Employee’s
position with Motive, Employee provides the Board with written notice of Employee’s objection to said duties within thirty (30) days of said duties being required of Employee, and Motive fails to cure the problem within thirty
(30) days of the date the Board receives Employee’s written notice; 
 (v) Any material breach of this Agreement by Motive,
provided that Employee provides the Board with written notice of such breach, and Motive fails to cure such breach within thirty (30) days of the date the Board receives Employee’s written notice. 
 (f) Cause. For purposes of this Agreement, “Cause” exists if: 
 (i) Employee is determined by Motive’s Board of Directors (or the Compensation Committee thereof) to have engaged in any act of misconduct,
including but not limited to drunkenness, dishonesty, repeated absenteeism without good cause, or sexual, racial or age discrimination, during the course and scope of his employment with Motive which resulted in injury to the business, reputation or
goodwill of Motive; 
 (ii) Employee is determined by Motive’s Board of Directors (or the Compensation Committee thereof) to have
willfully failed to attend to his duties under this Agreement; 
 (iii) Employee is determined by Motive’s Board of Directors (or the
Compensation Committee thereof) to have breached his fiduciary duties to Motive or to have committed any act of fraud or embezzlement against Motive; 
 (iv) Employee pleads guilty to or is convicted of any crime involving moral turpitude; or 
 (v) any breach or breaches of this Agreement by Employee occurs, which breaches are (1) singularly or in the aggregate, material, and (2) not cured within 15 days of written notice of such breach or breaches to Employee from
Motive. 
  

			
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 (g) Cooperation. Upon the termination of Employee’s employment for any reason, Employee
agrees to cooperate with Motive in transitioning Employee’s responsibilities and duties as directed by Motive. 
 (h) Death. In
the event Employee dies, this Agreement shall terminate as of the end of the month during which his death occurs, with no obligation for payment of any additional amounts. 
 (i) Disability. If Employee, due to physical or mental illness, becomes so disabled as to be unable to perform substantially all of
Employee’s duties for a continuous period of four months, either party may by notice terminate Employee’s employment effective as of the last day of the calendar month during which such notice is given, with no obligation for payment of
any additional amounts. 
 5. CHANGE IN CONTROL SEVERANCE
BENEFITS. 
 (a) Change in Control. For purposes of this Agreement, a “Change in Control” shall
mean: 
 (i) The consummation of a merger or consolidation of Motive with or into another entity or any other corporate reorganization, if
persons who were not stockholders of Motive immediately prior to such merger, consolidation or other reorganization beneficially own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the
outstanding securities of each of (1) the continuing or surviving entity and (2) any direct or indirect parent corporation of such continuing or surviving entity; or 
 (ii) The sale, transfer or other disposition of all or substantially all of Motive assets; or 
 (iii) A change in the composition of the Board of Motive, as a result of which fewer than 50% of the incumbent directors are directors who either
(1) had been directors of Motive on the date 12 months prior to the date of the event that may constitute a Change in Control (the “original directors”) or (2) were elected, or nominated for election, to the Board
with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved; or 

(iv) Any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of Motive representing at least 50% of the total voting power represented by Motive’s then outstanding voting securities. For purposes of this Paragraph (d), the term “person” shall have the
same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Parent or Subsidiary and (2) a
corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the Common Shares of the Company. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same
proportions by the persons who held Motive’s securities immediately before such transaction. 
 (b) Immediately following a Change in
Control, in lieu of any severance payments described in Section 4(c), Motive shall pay to Employee, contingent on Employee signing a Release, a lump-sum amount equal to: 
 (i) Employee’s aggregate Base Salary, less applicable withholdings and deductions, for a period of six months, or for a period equal to the number of
months remaining in the term of this Agreement, whichever is greater; plus 
 (ii) Employee’s Target Bonus for the year of termination
assuming for purposes thereof that full achievement of all performance targets or metrics were met by both Employee and Motive during such year. 
  

			
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 6. EMPLOYEE WARRANTIES AND INDEMNITY.

 (a) No Conflict. Employee represents and warrants that Employee is free to enter into the terms of this Agreement and that Employee
has no obligations to any other legal entity or otherwise that are inconsistent with any of its provisions. 
 (b) No Disclosure, Misuse,
or Removal. Employee further represents and warrants that Employee: 
 (i) has not and will not disclose to Motive any confidential
business information or trade secrets belonging to any other legal entity; 
 (ii) will not and does not intend to use any confidential
business information or trade secrets belonging to any other legal entity in connection with Employee’s employment with Motive; and 
 (iii) has not removed any books, papers, or records belonging to any other legal entity, including, without limitation, any documents containing any confidential business information, business plans, confidential customer information,
or confidential or proprietary information about any other legal entity’s products or services. 
 (c) Indemnification. Employee
further agrees that in the event of a breach of the foregoing representations and warranties, Employee will indemnify Motive for any and all liability and losses including, without limitation, damages payable to third parties, consequential losses,
lost profits, costs and attorneys’ fees, that Motive may incur as a result of such breach. 
 7. ARBITRATION. Motive and
Employee expressly agree that any dispute between them arising out of or relating to this Agreement or its termination or any other aspect of Employee’s relationship with Motive or the termination of that relationship (including any contract or
tort claims, or claimed violations of statute) shall be settled by binding arbitration administered by the American Arbitration Association under its National Rules for the Resolution of Employment Disputes, and judgment upon the award rendered by
the arbitrator(s) may be entered in any court with jurisdiction. The terms of this Section 6 survive the termination of this Agreement by either party for any reason. 
 8. MISCELLANEOUS 
 (a)
Entire Agreement. This Agreement embodies the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, if any, between the parties regarding the subject matter
hereof. To the extent there is any conflict between the provisions of this Agreement and any of Motive’s personnel and/or payroll policies, the terms of this Agreement shall control. 
 (b) Modification. Both parties agree that neither has the authority to modify or amend this Agreement unless the modification or amendment is in
writing and signed by both of them. 
 (c) Notice To Employee. Notice to Employee shall have occurred and be effective when:
(i) Employee receives actual notice, whether in writing or otherwise; and/or (ii) when a written notice is mailed via certified mail to Employee’s then-current address as reflected in Motive’s records. 
 (d) Notice To Motive. Notice to Motive shall have occurred and be effective when: (i) the Board receives written notice; and/or
(ii) when a written notice is delivered via certified mail to Motive’s then-current address. 
 (e) Severability. If any
provision of this Agreement is declared or found to be illegal, unenforceable or void, the remainder of this Agreement shall remain valid and enforceable to the extent feasible. 
 (f) No Waiver. Any waiver of any term of this Agreement by Motive shall not operate as a waiver of any other term of this Agreement, nor shall any
failure to enforce any provision of this Agreement operate as a waiver of Motive’s right to enforce any other provision of this Agreement. 
  

			
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 (g) Successors. Employee’s obligations under the Agreement will be binding upon
Employee’s heirs, executors, assigns, and administrators and will insure to the benefit of Motive, its subsidiaries, successors, and assigns. 
 (h) Survival. Employee’s obligations under this Agreement will be binding upon Employee’s heirs, executors, assigns, and administrators and will inure to the benefit of Motive, its subsidiaries, successors, and assigns.

 (i) Proper Construction. The language of all parts of this Agreement shall in all cases be construed as a whole according to its
fair meaning, and not strictly for or against any of the parties. Moreover, the paragraph headings used in this Agreement are intended solely for convenience of reference and shall not in any manner amplify, limit, modify or otherwise be used in the
interpretation of any of the provisions hereof. 
 9. CHOICE OF LAW AND VENUE. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF TEXAS. BOTH PARTIES EXPRESSLY CONSENT TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN TEXAS. THE PARTIES FURTHER AGREE THAT THE EXCLUSIVE VENUE FOR THE RESOLUTION OF ANY DISPUTE
RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT SHALL BE IN THE STATE AND FEDERAL COURTS LOCATED IN TRAVIS COUNTY, TEXAS. 
 IN WITNESS
WHEREOF, Employee and Motive have executed this Agreement: 
  

							
	 MOTIVE:
	  	EMPLOYEE:
				
	By:	  	 /s/ Alfred T. Mockett
	  	 By:
	  	 /s/ Mike Fitzpatrick

	Date:	  	 October 20, 2006
	  	 Date:
	  	 October 20, 2006

	Printed Name:	  	 Alfred T. Mockett
	  	 Printed Name:
	  	 Mike Fitzpatrick

	Title:	  	 Chairman and CEO
	  		  	

  

			
	 Fitzpatrick Employment Agreement
	  	Page 6 of 6Exhibit 10.1

 Exhibit 10.1 
 AGREEMENT 
 THIS AGREEMENT (the “Agreement”) is executed as of the
18th day of October, 2006, and is by and among ELAM P. HOLLEY, JR. (“Holley”), THE PEOPLES
BANCTRUST COMPANY, INC. (the “Company”) and THE PEOPLES BANK AND TRUST COMPANY (the “Bank”). 
 RECITALS

 WHEREAS, Holley has been an employee of the Bank for more than 33 years, has served as CEO, President and as a Senior Executive
Officer of the Bank, and has been a member of the Board of Directors (“Board”) of the Company and the Bank for more than 18 years; and 
 WHEREAS, Holley, the Company and the Bank have agreed that Holley will (i) resign from his position as an officer and employee of the Company and the Bank, (ii) resign as a member of the Board of each of the Company and the
Bank, (iii) perform consulting services for the Company and the Bank, and (iv) enter into certain covenants with the Company and the Bank; and 
 WHEREAS, in exchange for the foregoing all in accordance with the terms of this Agreement, the Company and the Bank have agreed to provide Holley with certain payments and other benefits. 
 NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual agreements, covenants and promises contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holley, the Company and the Bank hereby agree as follows: 
 1. Resignation as Officer and Director. In consideration for the payments and other commitments herein, effective on the eighth day following the execution of this Agreement for purposes of Section 7 (the “Effective
Date”), Holley will resign as an officer, employee, and a director of the Company and the Bank, effective October 18, 2006 (the “Resignation Date”). 
 2. Compensation and Benefits. The Company and the Bank shall pay to Holley within seven (7) days after the Resignation Date all salary due to Holley as of the Resignation Date. In addition, in
consideration of the agreements and commitments provided for in this Agreement, including, without limitation, the consulting services to be provided, the affirmative covenants given, and the waiver and release contained herein, the Company and Bank
agree that the Bank will provide to Holley the following additional benefits: 
 (a) Continued Payments Equivalent to
Salary. For the period from the Resignation Date through April 15, 2007 (the “Payment Term”), the Bank will pay to 

  

			
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Holley or to Holley’s estate amounts equal to his base salary, payable on the same dates as regular payments of salary to officers of the Bank.

 (b) Additional Compensation. The Bank will pay to Holley or to Holley’s estate: $100,000 on or before
July 31, 2007; and $100,000 on or before July 31,2008. 
 (c) Insurance and Medical Benefits. The Company
and the Bank will continue to provide and pay the premium for family health and dental insurance for Holley and his wife, substantially similar to his coverage as an employee of the Bank prior to the Resignation Date for a period from the
Resignation Date to the earliest of (i) Holley’s obtaining medical coverage from a subsequent employer substantially similar to the coverage previously provided, or (ii) the expiration of the Payment Term. 
 (d) Automobile. The ownership of the Bank car being used by Holley shall be transferred to him by the Effective Date,
following which time the Company and the Bank shall have no further rights to the vehicle, and no further obligations for maintenance, insurance, or upkeep of the vehicle. 
 (e) Resignation Benefits. Holley shall receive the benefits provided by: (i) the Pension Plan in accordance with the
terms of such plan; and (ii) the Executive Supplemental Retirement Plan that he would have received under such plan if he had continued as an active employee of the Bank and until he had attained the Normal retirement age (as defined in such
plan) and to the extent necessary such plan shall be amended to effect this result. Except as otherwise provided in this Section 2, Holley’s participation in the benefit or incentive plans, programs and arrangements offered to officers or
employees of the Company, the Bank, and their respective subsidiaries and affiliates shall cease as of the Resignation Date. 
 (f) Expense of Counsel. The Company and the Bank have advised Holley to consult with an attorney of his choosing prior to signing this Agreement. On the Resignation Date, the Company shall pay Holley’s attorneys’
fees related to this Agreement not to exceed $10,000. 
 (g) Options. Vesting of all outstanding options granted
to Holley under the stock option plans of the Company shall cease as of the Resignation Date. Options which are vested and outstanding as of the date of this Agreement shall be exercisable as specified and provided for in the applicable stock option
plan and grant agreement. The parties acknowledge and agree that the period for exercise is (i) up to three months after the Resignation Date for options granted under the 1992 Stock Option Plan, and (ii) within one year after the
Resignation Date for options granted under the 1999 Stock Option Plan. After the Resignation Date, Holley shall not be eligible for the grant of additional options under the stock option plans of the Company. 
  

			
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 3. Consultation. 
 (a) Engagement; Term; Compensation. From the Resignation Date until October 1, 2008 (the “Consulting Term”),
the Company and the Bank hereby engage Holley to perform consulting services for the Company or the Bank on the terms set forth in this Section 3. Holley acknowledges and agrees that the consideration and fees for such services are covered by
the amounts set forth in Section 2. 
 (b) Services. During the Consulting Term, Holley shall perform such
reasonable consulting services relating to the business of the Company or the Bank as the Company’s or the Bank’s Board may expressly request from time to time. Holley shall make himself available to the Company and the Bank at reasonable
times during the Consulting Term to perform the consulting services. The Company or the Bank shall reimburse Holley for all reasonable expenses incurred and paid by Holley in performing the requested consulting services, provided that Holley
delivers to the Company or to the Bank a reasonably detailed description of and supporting documentation for such expenses. Holley shall reasonably cooperate with the Company, its subsidiaries and affiliates on such matters as are reasonably
requested of Holley with respect to any management transition matters or in connection with any legal or administrative action or proceeding, governmental investigation or similar matter involving the Company, its subsidiaries or affiliates.
Notwithstanding the foregoing services to be performed by Holley, Holley shall not be required to perform any services that would conflict with or interfere with, his employment relationship with any future employer. It is expressly understood and
agreed that Holley may seek employment with, or may acquire all or a part of, other banks or financial institutions that may be in competition with the Company and the Bank, or which Company or Bank at that time are considering acquiring, or
previously have considered acquiring. If Holley determines, in Holley’s reasonable discretion, that Holley’s obligations under this Section 3 interfere with Holley’s then current employment or Holley’s ability to obtain
employment, Holley may, upon thirty (30) days’ written notice to the Company and to the Bank, terminate this Section 3. Such termination shall not affect the rights or obligations of Holley or the rights or obligations of the Company
or the Bank under any other provision of this Agreement including, without limitation, the obligation of the Company and the Bank to pay the compensation and the benefits under Section 2 and Holley’s obligations under Section 4, each
of which shall continue until October 1, 2008. 
 (c) Independent Contractor Status. It is understood and
agreed that pursuant to this Section 3, (i) Holley is engaged by the Company and the Bank and shall perform the consulting services as an independent contractor, and not as an employee, and (ii) the Company and the Bank will not have
control over or supervisory power as to the manner or method of Holley’s performance of the consulting services. Neither the Company nor the Bank will withhold any amount from the compensation paid to Holley pursuant to Section 2. Holley
alone shall be responsible for the determination and payment of any and all income, self-employment and other taxes attributable to the 

  

			
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compensation for consulting services that he receives from the Company or the Bank. To the extent that the Internal Revenue Service, or applicable state
revenue agency, determines that the Company or the Bank failed to withhold taxes on any payment to Holley under Section 2, Holley agrees to reimburse the Company and the Bank for such payments including any tax or penalties due. The parties
acknowledge that tax withholding may apply to the amounts received under the Executive Supplemental Retirement Plan and that the Company and the Bank are responsible for any such obligation. 
 4. Affirmative Covenants. 
 (a) Standstill. During the Consulting Term, Holley will not, without the prior approval or written consent of the Company’s Board of Directors, (i) enter into or agree, offer, seek or propose
to enter into or otherwise be involved in or part of, directly or indirectly, any merger, acquisition transaction or other business combination relating to the Company or any of its subsidiaries or any of their respective assets; (ii) make, or
in any way participate in, directly or indirectly, any “solicitation” of “proxies” (as such terms are used in the proxy rules under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) to vote, or seek
to advise or influence any person with respect to the voting of, any voting securities of the Company or any of its subsidiaries or of any successor thereto or person in control thereof, (iii) form, join or in any way participate in a
“group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any voting securities of the Company or any of its subsidiaries or of any successor thereto or person in control thereof; (iv) seek or propose,
alone or in concert with others, to control or influence the management, Board of Directors or policies of the Company; (v) directly or indirectly enter into any discussions, negotiations, arrangements or understandings with any other person
with respect to any of the foregoing activities or propose any of such activities to any other person; (vi) directly or indirectly advise, encourage, assist, act as a financing source for or otherwise invest in any other person in connection
with any of the foregoing; or (vii) publicly disclose any intention, plan or arrangement inconsistent with the foregoing. 
 (b) Voting of Shares. During the Consulting Term, Holley will vote all shares of the Company common stock held by him of record or beneficially for nominees of the Board of Directors for election to the Board of the Company.

 (c) Confidentiality. Holley will not at any time use, divulge, convey or publish any secret or confidential
information, knowledge or data of the Company, the Bank, its subsidiaries or affiliates, including information, knowledge or data of third parties as to which the Company, its subsidiaries or affiliates are under an obligation of confidentiality
(such as confidential customer financial information), obtained by Holley in the course of his employment with the Company and/or the Bank or his consulting activities under this Agreement except where required to do so by a court of law, by a
governmental agency having supervisory authority over the business of the Company, its subsidiaries or affiliates, or by any administrative or legislative body with jurisdiction 

  

			
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over Holley. Such confidential information does not include information, knowledge or data that becomes publicly known other than through a breach of this
Agreement by Holley. 
 (d) Notice and Opportunity to Cure. In the event the Company or the Bank believes Holley
to be in violation of any provision of this Agreement, the Company or the Bank shall provide prompt written notice to Holley of the basis for such belief and Holley shall have thirty (30) days to cure the alleged breach; provided, however, that
if the breach is such that it cannot be cured, or if substantial damage caused by the breach has already occurred, the opportunity to cure shall not be applicable. 
 (e) Remedies. In the event an alleged violation of any provision of this Agreement that is not, or cannot be, cured as
provided in Section 4(d), Holley acknowledges and agrees that the remedies of the Company and the Bank at law for a breach of any of the provisions of this Agreement would be inadequate, and the Company and the Bank would suffer irreparable
damages as a result of such breach. In the event of such a breach by Holley, the Company and the Bank shall be entitled to bring an action in any court of competent jurisdiction for equitable relief in the form of specific performance, temporary
restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available as their sole remedy, except as otherwise provided in the next sentence. In addition, the Company or the Bank shall be permitted to
recover actual damages not to exceed the future payments made or to be made under Section 2(b) which are remaining from date of notice to Holley by the Company or the Bank of the breach, or if the notice of the breach occurs after all such
payments have been received, not to exceed the amount of the last scheduled payment. 
 5. Release. 
 (a) For and in consideration of the agreements by the parties as contained herein, the sufficiency of which is hereby acknowledged,

 (i) the Company and the Bank do hereby and for their respective successors and assigns irrevocably and unconditionally
release, acquit and forever discharge Holley, his heirs, executors, administrators and assigns (the “Holley Releasees”) of and from any and all claims, actions, causes of action, demands, rights, damages, costs and all other expenses
whatsoever (collectively “claims”), arising prior to or on the date hereof in any way out of the employment relationship between Holley and the Company or the Bank which the Company or the Bank now has, owns, or holds, or claims to have,
own, or hold, or which the Company or the Bank at any time heretofore had, owned, or held, or claimed to have, own, or hold, or which the Company or the Bank at any time hereafter (based on any occurrence, action, or omission, federal, state or
common law, tort, contract or otherwise, and whether or not a 

  

			
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“continuing violation,” on or before the date of this Agreement) may have, own, or hold, or claim to have, own, or hold, against each or any of the
Holley Releasees, and 
 (ii) Holley does hereby and for his heirs, personal representatives, administrators, and assigns
KNOWINGLY, VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY RELEASE, ACQUIT, AND FOREVER DISCHARGE the Company, the Bank, each subsidiary and affiliate of the Company, their officers, directors, agents, servants, and successors (“the
Releasees”), of and from any and all claims, actions, causes of action, demands, rights, damages, costs and all other expenses whatsoever (collectively “claims”), arising prior to or on the date hereof in any way, whether out of the
employment relationship between Holley and the Company or the Bank or otherwise, which Holley now has, owns, or holds, or claims to have, own, or hold, or which Holley at any time heretofore had, owned, or held, or claimed to have, own, or hold, or
which Holley at any time hereafter (based on any occurrence, action, or omission, federal, state, or common law, tort, contract or otherwise, and whether or not a “continuing violation,” on or before the Effective Date of this Agreement)
may have, own, or hold, or claim to have, own, or hold, against each or any of the Releasees, whether arising under Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991 and otherwise, 42 U.S.C. § 2000e et
seq.; the Civil Rights Act of 1866, 42 U.S.C. § 1981 as amended by the Civil Rights Act of 1991; the Civil Rights Act of 1870, 42 U.S.C. § 1983; the Equal Pay Act, 29 U.S.C. § 206(d) et seq.; the Age
Discrimination in Employment Act, 29 U.S.C. § 621 et seq.; the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 as amended by the Civil Rights Act of 1991; the Employee Retirement Income Security Act; the False
Claims Act; the Rehabilitation in Employment Act, 29 U.S.C. § 793 et seq.; Executive Order No. 11246 and/or 11375, other federal law, the Alabama Age Discrimination Law, the retaliatory discharge statute codified at Ala. Code
section 25-5-11.1, every other state statutory or court-made or administrative laws, and/or any other basis whatsoever, whether or not characterized as violations continuing in nature. Such claims and rights hereby KNOWINGLY AND VOLUNTARILY RELEASED
AND WAIVED include, but are not limited to, all claims arising under federal law including, but not limited to, the Age Discrimination in Employment Act of 1967, as amended; the Civil Rights Act of 1964, as amended; the Rehabilitation Act of 1973,
as amended; the Americans With Disabilities Act, as amended; and all other federal laws, regulations, and executive orders listed above or otherwise covered by this paragraph. 
 (b) Neither the negotiation nor execution of this Agreement shall constitute nor be construed as constituting any admission of unlawful
acts or omissions, nor of any wrongdoing of any kind on the part of the parties hereto, and none of the parties are aware of any such acts, omissions or wrongdoing. 
 (c) The releases included in this Section shall not include: (i) any claims for and rights to benefits to which Holley may be
entitled under any benefit plans and claims or rights arising under the terms of this Agreement or after the date of the execution of this Agreement; or (ii) any claims of the Company or the Bank arising from 

  

			
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the obligations of Holley under this Agreement, representations of Holley set forth in this Agreement, or arising after the date of execution of this
Agreement. 
 6. Acknowledgements. Holley acknowledges and agrees that (i) he was supplied with a complete copy of this
Agreement and was thereby advised by the Company and the Bank to consult with an attorney before executing this Agreement and has, in fact, consulted with his own attorney with respect to all provisions of this Agreement; (ii) he has been given
at least 21 days within which to consider this Agreement, (iii) if he executes this Agreement before 21 days after receiving it, he has done so knowingly and voluntarily with the express intent of waiving any remaining portion of the 21-day
period and, (iv) Holley is waiving rights and claims in exchange for consideration in addition to anything of value to which he is already entitled. Holley further declares and acknowledges that no representation made by any of the Releasees,
or by anyone on behalf of the Releasees, has induced Holley to sign this Agreement. 
 7. Revocation Period. It is understood
and agreed that for a period of seven (7) days following the execution of this Agreement, Holley may revoke the same by written notice either by U.S. Mail, postage prepaid, or by hand delivery, in either event delivered and received within
seven (7) days of execution to: 
 The Peoples BancTrust Company, Inc. 
 310 Broad Street 
 Selma, Alabama 36701

 Attention: Chairman of the Board of Directors 
 Holley further understands and agrees that during said seven (7) day revocation period this Agreement shall not become effective or enforceable. Holley further understands and agrees that in the event this Agreement is revoked by
Holley, or someone acting on his behalf, within the seven (7) day revocation period discussed above, then the Company and the Bank shall be relieved of all obligations to pay Holley the consideration stated above. If Holley does not exercise
his rights under this Section 7, the Company and the Bank are bound by all the terms of this Agreement from the date of execution. 
 8. Indemnification. Nothing contained in this Agreement shall affect or impair any rights Holley may have to indemnification to the full extent provided in the charter or bylaws of the Company or the Bank or pursuant to all
applicable directors’ and officers’ liability insurance policies maintained by the Company or by the Bank. The Company will indemnify Holley as a director and officer of the Company and the Bank to the fullest extent authorized by the
Company’s Articles of Incorporation and Alabama law, including the advancement expenses. 
 9. Return of Property and
Documents. On or before the Resignation Date, Holley will return to the Bank all property of the Company and the Bank, including, 

  

			
	Page 7	  	
		  	

 
without limitation, all credit cards, reports, sketches, formulae, source codes, computer programs and similar items, memoranda, customer lists, and all
other materials and all copies thereof relating in any way to the Bank’s business and in any way obtained by Holley during the period of his employment which are in his possession or control. Holley may retain and have title to the computer
currently in Holley’s office and a desk and file cabinet located in a storage work area adjoining Holley’s office which shall be Holley’s responsibility to move in a timely fashion. All of the Bank’s or the Company’s
property and information shall be removed by Bank personnel from the computer, and if that is not possible, an equivalent computer will be furnished. 
 10. Financial, Regulatory, and Other Disclosures. The Company and the Bank do not believe that there are accounting or other financial irregularities involving the Company or the Bank. Holley represents
to the Company and to the Bank that Holley, at the time this Agreement is executed, does not have actual knowledge, memory and understanding of any accounting irregularities, cause for a restatement or adjustment to financial statements or
regulatory issues of the Company or of the Bank, except for items already revealed or known to the Company and the Bank. 
 11.
Successors; Binding Agreement. 
 (a) This Agreement shall be binding upon and shall inure to the benefit of the
Company, the Bank and their respective subsidiaries, successors and assigns and any person, firm, corporation or other entity which succeeds to all or substantially all of the business, assets or property of the Company or the Bank. 
 (b) This Agreement shall be binding upon and inure to the benefit of Holley and be enforceable by his legal representatives, personal
representatives, administrators, heirs, successors, distributees, devisees and legatees. If Holley should die while any amounts are due and payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid to his designated
beneficiary or, if there be no such designated beneficiary, to his estate. 
 12. Notices. All notices and other communications
in connection with this Agreement shall be in writing and shall be deemed to have been duly given upon personal delivery or receipt when sent by certified mail, return receipt requested, postage prepaid, or a nationally recognized overnight courier
service that provides written proof of delivery, addressed to the respective addresses last given by each party to the other; provided, however, that all notices or communications to the Company and the Bank shall be directed to the attention of the
Chairman of the Board of the Company. 
 13. Severability. In the event that any one or more of the provisions of this
Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
  

			
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 14. Entire Agreement/Amendment. This Agreement contains the entire agreement between the
parties with respect to the subject matter hereof. There are no oral or written restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set
forth herein and therein. The terms of this Agreement may not be amended except in writing signed by Holley, the Company and the Bank. 
 15. No Waiver. The failure of any party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter
to insist upon strict adherence to that term or any other term of this Agreement. 
 16. Counsel Representation - Neutral Construction
of Terms. Holley and the Company and the Bank collectively acknowledge that each has been represented by separate counsel in connection with the negotiation and drafting of this Agreement. Accordingly, no terms shall be construed for or
against any party based upon the drafting of this Agreement by any party or his or its counsel. 
 17. Governing Law. Except to
the extent preempted by Federal law, this Agreement shall be governed by and construed in accordance with the laws of the State of Alabama, without regard to conflicts of laws principles thereof. 
 18. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above. 
  

	
	
	/s/ Elam P. Holley, Jr.
	Elam P. Holley, Jr.

 [SIGNATURES CONTINUED ON NEXT PAGE] 
  

			
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	THE PEOPLES BANCTRUST COMPANY, INC.
		
	BY:	 	/s/ Don J. Giardina
		 	Don J. Giardina
		 	President and Chief Executive Officer
	
	THE PEOPLES BANK AND TRUST COMPANY
		
	BY:	 	/s/ Don J. Giardina
		 	Don J. Giardina
		 	President and Chief Executive Officer

  

			
	Page 10

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