Document:

Exhibit

Exhibit 10.1

SEPARATION AGREEMENT
This Separation Agreement (this “Agreement”) is entered into by and among Richard J. Frecker II (“Executive”), Hertz Global Holdings, Inc. (“Holdings”) and The Hertz Corporation (together with their subsidiaries and divisions, “Hertz,” the “Company” or the “Companies”), on March 22, 2019.  Reference is made to the Hertz Global Holdings, Inc. Severance Plan for Senior Executives, as amended (the “Severance Plan”), and all capitalized terms used in this Agreement and not otherwise defined herein are as defined in the Severance Plan.  
In consideration of the mutual promises, covenants and agreements in this Agreement, which Executive and the Companies agree constitute good and valuable consideration, the parties stipulate, and mutually agree, as follows:
1.Resignation from Offices and Directorships.  Effective March 31, 2019, (the “Resignation Date”), Executive resigns from his position as Executive Vice President, General Counsel and Secretary of the Companies, as well as from all director, officer or other positions he holds on behalf of the Companies (which for the avoidance of doubt, and in conformity with the definition of “Companies,” shall include Holdings, The Hertz Corporation and all of their subsidiaries and divisions).  Executive agrees to sign all appropriate documentation, if any, prepared by the Companies to facilitate these resignations; provided that Executive understands that such resignations are self-effectuating and are effective on the Resignation Date.  
2.    Employment Status/Separation.  Executive and the Companies mutually agree that Executive shall remain employed by the Companies through April 30, 2019 (the “Termination Date”), during which time he shall be entitled to the same compensation and benefits in effect for him as of the Resignation Date, and that the cessation of Executive’s employment shall be treated as a “Qualifying Termination” for purposes of the Severance Plan.  The parties further agree that, except as otherwise provided in this Agreement, neither Executive nor the Companies shall have any further rights, obligations or duties under any other agreement or arrangement, relating to severance payments and benefits due to Executive, as of (or after) the date of this Agreement.
3.    Accrued Obligations and Vested Benefits.  Executive is entitled to receive the following accrued obligations:  (a) in satisfaction of the provisions of Section 4.01 of the Severance Plan, all Base Salary earned or accrued but not yet paid through the Termination Date, and payment for any earned but unused vacation days accrued through the Termination Date, which payments shall be made to Executive no later than the next regularly-scheduled payroll date after the Termination Date; and (b) reimbursement for any and all business expenses incurred prior to the Termination Date, subject to the terms of the Company’s reimbursement policy.  In addition, the Companies acknowledge and agree that, without regard to this Agreement, Executive is vested in respect of (x) equity awards which were granted under the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan as reflected in the attached Schedule A, and (y) his vested account balance under The Hertz Corporation Income Savings Plan and The Hertz Corporation Supplemental Income Savings Plan and (z) his vested benefit under The Hertz Corporation Account Balance Defined Benefit Pension Plan. 

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4.    Severance Benefits.  Provided that Executive signs and does not timely revoke this Agreement pursuant to Section 19, and provided further that after, but within 2 days of the Termination Date Executive re-executes this Agreement, solely to ensure the effective waiver of all claims to the Termination Date (the “Re-Execution”), and does not timely revoke such re-executed Agreement pursuant to Section 19, and complies with the terms of this Agreement, the Company shall provide Executive with the following severance payments and benefits, in full satisfaction of all termination obligations the Companies may have to Executive:
(a)    Severance Payment.  In satisfaction of the provisions of Section 4.02(b) of the Severance Plan, the Company shall pay Executive an amount in cash equal to $745,000.00, less applicable deductions and deductions required by law, to be paid to Executive in equal installments on Holdings’ regular payroll cycles during the 18-month period commencing on the first payroll date following the Effective Date (as defined in Section 19).   
(b)    Outplacement.  In satisfaction of the provisions of Section 4.02(c) of the Severance Plan, the Company shall pay Executive an amount equal in cash to $25,000.00, less applicable deductions and deductions required by law, in a lump sum on the first regular payroll date following the Effective Date. 
(c)    Health Plan Coverage.  In satisfaction of the provisions of Section 4.02(d) of the Severance Plan, the Company shall provide Executive and his eligible family members with continued medical, dental and accident insurance benefits under the applicable benefit programs of the Companies (the “health and welfare benefits”).  If Executive makes timely application for such health and welfare benefits pursuant to Executive’s benefit continuation rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall pay the premiums for such coverage to the same extent paid by the Company immediately prior to the Termination Date for the first 18 months following the Termination Date, or the date on which Executive becomes eligible for comparable health and welfare benefits through a new employer, whichever is earlier.  Executive’s right to the Company’s payment of COBRA premiums as set forth herein is contingent on his agreement to inform the Company if he becomes eligible for comparable health and welfare benefits through a new employer before the expiration of 18 months following the Termination Date.  If Executive becomes eligible for such coverage and fails to timely inform the Company, the Company will be entitled to recover from him all premiums paid on his behalf hereunder.  For the avoidance of doubt, the Company and Executive agree that the premiums paid for the benefit of Executive by the Company hereunder shall be taxed as imputed income to Executive.  
(d)    Equity-Based Awards.  Executive acknowledges that all compensatory awards denominated in common stock of Holdings held by him as of the date hereof, excluding the options referenced in Section 3, shall be forfeited upon the Termination Date.  The options referenced in Section 3 shall remain exercisable in accordance with their terms until the earlier of (a) the 90th day following the Termination Date (or, if later, the expiration of any blackout period in effect with respect to such options on such 90th day) and (b) any cancelation or termination in connection with a change in control, or the term of the option, each as provided in the applicable award agreement.

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(e)    Transition Cooperation and Payment.  Provided Executive cooperates to provide to his successor an effective transition of duties and responsibilities in the 30 days prior to the Termination Date, the Company shall pay Executive an amount equal in cash to $125,000.00, less applicable deductions and deductions required by law, in a lump sum on the first regular payroll date following the Effective Date. 
(f)    Executive acknowledges and agrees that the consideration set forth or referenced in Section 3 and this Section 4 constitute satisfaction and accord for any and all compensation and benefits due and owing to him pursuant to any plan, agreement or other arrangements relating to his employment with the Companies and termination thereof; provided, however, for the avoidance of doubt, Executive shall remain entitled to coverage under the Company’s health and welfare plans in accordance with the terms thereof through the Termination Date.  Executive acknowledges and agrees that, unless he enters into this Agreement, he would not otherwise be entitled to receive the consideration set forth in this Section 4.
5.    Waiver and Release.
(a)    In exchange for receiving the compensation and benefits described in Section 4 above, Executive does for himself and his heirs, executors, administrators, successors and assigns,  hereby release, acquit, and forever discharge and hold harmless the Companies and each of their divisions, subsidiaries and affiliated companies, and their respective successors, assigns, officers, directors, shareholders holding more than 5% of Holdings’ outstanding common stock as of the Termination Date (and such shareholders’ affiliates), shareholders holding 5% or less of Holdings’ outstanding common stock as of the Termination Date, employees, benefit and retirement plans (as well as trustees and administrators thereof) and agents, past and present (the “Released Parties”), of and from any and all actions, causes of action, claims, demands, attorneys’ fees, compensation, expenses, promises, covenants, and damages of whatever kind or nature, in law or in equity, which Executive has, had or could have asserted, known or unknown (the “Claims”), at common law or under any statute, rule, regulation, order or law, whether federal, state or local, or on any grounds whatsoever, including, without limitation, any and all claims for any additional severance pay, vacation pay, bonus or other compensation, including, but not limited to, under the Severance Plan, or any other applicable severance plan or agreement; any and all claims of discrimination or harassment based on race, color, national origin, ancestry, religion, marital status, sex, sexual orientation, disability, handicap, age or other unlawful discrimination; any and all claims arising under Title VII of the Federal Civil Rights Act; the Federal Civil Rights Act of 1991; the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the New Jersey Law Against Discrimination; the Florida Civil Rights Act; or under any other state, federal, local or common law, with respect to any event, matter, claim, damage or injury arising out of his employment relationship with the Companies and/or the separation of such employment relationship, and/or with respect to any other claim, matter or event, from the beginning of the world to the date of Executive’s execution of this Agreement.    

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(b)    Executive understands that nothing contained in this Agreement limits his ability to communicate with, or file a complaint or charge with, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission (“SEC”), the Department of Justice (“DOJ”) or any other federal, state or local governmental agency or commission (collectively, “Governmental Agencies”), or otherwise participate in any investigation or proceeding that may be conducted by Governmental Agencies, including providing documents or other information without notice to the Company; provided, however, that Executive may not disclose Company information that is protected by the attorney client privilege, except as expressly authorized by law.  In the event any claim or suit is filed on Executive’s behalf against any of the Released Parties by any person or entity, including, but not limited to, by any Governmental Agency, Executive waives any and all rights to recover monetary damages or injunctive relief in his favor; provided, however, that this Agreement does not limit Executive’s right to receive an award from the SEC or DOJ for information provided to the SEC or DOJ.
6.    Exceptions to Release.  Executive does not waive or release (a) any Claims under applicable workers’ compensation or unemployment laws; (b) any rights which cannot be waived as a matter of law; (c) the rights to enforce the terms of this Agreement; (d) any Claim for indemnification Executive may have under applicable laws, under the applicable constituent documents (including bylaws and certificates of incorporation) of any of the Companies, under any applicable insurance policy any of the Companies may maintain, or any under any other agreement he may have with any of the Companies, with respect to any liability, costs or expenses Executive incurs or has incurred as a director, officer or employee of any of the Companies; (e) any Claim Executive may have to obtain contribution as permitted by law in the event of entry of judgment against Executive as a result of any act or failure to act for which Executive and any of the Companies are jointly liable; (f) any Claim to his vested account balance under The Hertz Corporation Income Savings Plan or The Hertz Corporation Supplemental Income Savings Plan, or to his vested benefit under the Hertz Corporation Account Balance Defined Benefit Pension Plan, or to coverage under the Company’s health and welfare plans in accordance with the terms thereof through the Termination Date; or (g) any Claim that arises after the date this Agreement is executed.
7.    Restrictive Covenants.  
(a)    Executive acknowledges and agrees that in the course of his employment with the Companies, Executive has acquired Confidential Information and that such information has been disclosed to Executive in confidence and for his use only during and with respect to his employment with the Company.  At no time following the Termination Date shall Executive, without the prior written consent of the Company, use, divulge, disclose or make accessible to any other person, firm, partnership, corporation or other entity any Confidential Information except when required to do so by a court of competent jurisdiction, by any administrative body or legislative body (including a committee thereof) with jurisdiction to order Executive to divulge, disclose or make accessible such information.  Executive also acknowledges and agrees that he has obligations in addition to those set forth in this Agreement to, among other things, maintain strict confidentiality with respect to information encompassed by the attorney/client 

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privilege or the work product doctrine and that such obligations continue indefinitely after Executive’s employment with the Company.  
(b)    Executive acknowledges and agrees that, subject to the limitations set forth in Section 11(b) of this Agreement, on and after the Termination Date, Executive shall continue to be bound by the provisions of Article V of the Severance Plan and restrictive covenants set forth herein.  Without limiting the generality of the foregoing, Executive acknowledges and agrees that the term “Competitive Business” (as defined in Section 5.02 of the Severance Plan) includes entities engaged in the ride-sharing business, including, without limitation, Uber Technologies Inc. and Lyft, Inc.  
(c)    Notwithstanding the foregoing, nothing in this this Agreement or any other agreement between Executive and the Companies shall prevent any communications by Executive with Governmental Agencies without notice to the Companies, any response or disclosure by Executive compelled by legal process or required by applicable law, or any bona fide exercise by Executive of any shareholder rights that may not be waived under applicable law that he may otherwise have.
(d)    Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and is made solely for the purpose of reporting or investigating a suspected violation of law. The same immunity will be provided for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
8.    Fiduciary Duties.  Executive will retain his fiduciary responsibilities to the Companies to the extent provided by law.  In addition, Executive agrees to continue to abide by applicable provisions of the principles and guidelines set forth in the Hertz Standards of Business Conduct, the terms of which are incorporated herein, including, but not limited to, the restrictions on insider trading and use of Company assets and information contained therein.  
9.    Representations of Executive.
(a)    Executive declares and represents that he has not filed or otherwise pursued any charges, complaints, lawsuits or claims of any nature against the Companies or any of their subsidiaries, affiliates or divisions, arising out of or relating to events occurring prior to and through the date of this Agreement, with any Governmental Agency or court with respect to any matter covered by this Agreement, and Executive has no knowledge of any fact or circumstance that he would reasonably expect to result in any such Claim against the Companies in respect of any of the foregoing.  Except as provided in Section 5(b) or 6 of this Agreement, and subject to the provisions thereof, Executive agrees herein not to bring suit against the 

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Companies for events occurring prior to the date of this Agreement and not to seek damages from the Companies by filing a claim or charge with any Governmental Agency or court.
(b)    Executive further declares and represents that through the Termination Date he has not:  (i) engaged in any conduct that constitutes willful gross neglect or willful gross misconduct with respect to his employment duties with the Companies which has resulted or will result in material economic harm to any of the Companies; (ii) knowingly violated the Hertz Standards of Business Conduct or any similar policy; (iii) facilitated or engaged in, and has no knowledge of, any financial or accounting improprieties or irregularities of any of the Companies; or (iv) knowingly made any incorrect or false statements in any of his certifications relating to filings of the Companies required under applicable securities laws or management representation letters, and has no knowledge of any incorrect or false statements in any of the Companies’ filings required under applicable securities laws; in either of the case of clause (iii) or (iv) of this Section 9(b), except with respect to any information that has been provided through the Termination Date by a third-party auditor in an oral or written report to both Executive and the Board (or any committee thereof).  Executive further acknowledges and agrees that the Companies are entering into this Agreement in reliance on the representations contained in this Section 9(b), which representations constitute terms of this Agreement.
10.    Future Employment.  Executive agrees that he will not at any time in the future seek employment with Hertz and waives any right that may accrue to him from any application for employment that he may make notwithstanding this provision.   
11.    Non-Compete.  
(a)    Executive expressly agrees that for eighteen (18) months following his execution of this Agreement (the “Restriction Period”), he shall not directly or indirectly become associated, as an owner, partner, shareholder (other than as a holder of not in excess of five percent (5%) of the outstanding voting shares of any publicly traded company), director, officer, manager, employee, agent, consultant, or otherwise, with any car rental or comparable company that competes with the business, or for the customer base, of Hertz.  This paragraph of this Agreement shall not be deemed to restrict association with any enterprise that conducts unrelated business or that has material operations outside of the geographic area that encompasses Hertz’s customer base (or where Hertz had plans at the date of this Agreement) for so long as Executive’s role, whether direct or indirect (e.g., supervisory), is solely with respect to such unrelated business or other geographic area (as the case may be).  
(b)    The parties acknowledge and agree that nothing in this Agreement is intended or shall be construed as a restriction on Executive’s working for or being associated with a law firm as long as Executive does not provide legal services to a “Competitive Business” (as defined in Section 5.02 of the Severance Plan).  
12.    Non-Solicitation.  Executive expressly agrees that for the Restriction Period, he shall not directly or indirectly employ or seek to employ, or solicit or contact or cause others to solicit or contact with a view to engage or employ, any person who is or was a managerial level employee of any of the Companies as of the date of this Agreement, or at any time during the 

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twelve (12)-month period preceding such date. This paragraph of this Agreement shall not be deemed to be violated solely by placing an advertisement or other general solicitation or serving as a reference.
13.    Reasonableness and Modification.  Executive acknowledges that the restrictions contained in the “Non-Compete” and “Non-Solicitation” provisions of this Agreement are reasonable and necessary to protect the legitimate interests of the Companies, and that any violation of any such restriction will result in irreparable injury to the applicable Companies.  Executive represents and agrees that his experience and capabilities are such that the restrictions contained in the “Non-Compete” and “Non-Solicitation” provisions of this Agreement will not prevent him from obtaining employment or otherwise earning a living at the same general level of economic benefit as is currently the case. 
The parties agree that if any portion of the provisions of the “Non-Compete” and “Non-Solicitation” provisions of this Agreement is held to be unenforceable for any reason, including but not limited to the duration of such provision, the territory being covered thereby, or the type of conduct restricted therein, a Court is authorized and directed to modify the duration, geographic area, and/or other terms of such provisions to the maximum benefit of the Companies as permitted by law, and, as so modified, said provision shall then be enforceable.  The period of time during which the provisions of the “Non-Compete” and “Non-Solicitation” provisions of this Agreement shall apply shall be extended by the length of time during which Executive is deemed to be in breach of any such term.
14.    Nondisparagement/References.  The parties agree not to make negative comments about or otherwise disparage one another, including, in the case of the Companies, the Companies’ respective officers, directors, or other employees who reported directly to Executive, or who hold the titles of Executive Vice President or higher, or shareholders holding more than 5% of Holdings’ outstanding common stock as of the Termination Date (and such shareholders’ affiliates), in any manner reasonably likely to be harmful to them or their business, business reputation or personal reputation.  The parties shall not assist, encourage, discuss, cooperate, incite, or otherwise confer with or aid any others in discrediting one another, or the related persons referenced in this Section 14 or in pursuit of a claim or other action against the other, except as required by law.  Executive shall direct any employment inquiries or requests for references to Chief Human Resources Officer, The Hertz Corporation, 8501 Williams Road, Estero, Florida 33928.  Nothing contained in this Section 14 shall prevent any party from (a) making truthful statements in any judicial, arbitration, governmental, or other appropriate forum for adjudication of disputes between the parties or in any response or disclosure by any party compelled by legal process or required by applicable law or (b) exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934). 
15.    Cooperation.  During the 18-month period following the Termination Date, Executive agrees to reasonably cooperate with the Companies in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Companies which relate to events or occurrences that occurred while Executive was 

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employed by the Companies and of which Executive has relevant knowledge.  Executive’s reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available for telephone conferences with outside counsel and/or personnel of the Companies, being available for interviews, depositions and/or to act as a witness on behalf of the Company, if reasonably requested, and at the Board’s reasonable request responding to any inquiries about the particular matter.  Executive further agrees to reasonably and truthfully cooperate with the Company in connection with any investigation or review by any federal, state or local regulatory authority relating to events or occurrences that transpired while Executive was employed with the Company and of which Executive has relevant knowledge.  The Companies shall promptly pay (or promptly reimburse) Executive for any and all reasonable out-of-pocket expenses incurred by Executive in connection with such cooperation, and a reasonable hourly rate determined by the Company to Executive for all time provided pursuant to this Section 15 in excess of 25 hours.
16.    Miscellaneous.
(a)    Denial of Wrongdoing.  The parties understand and agree that this Agreement shall not be considered an admission of liability or wrongdoing by any party, and that the parties deny any liability, and nothing in this Agreement can or shall be used, by or against any party with respect to claims, defenses or issues in any litigation or proceeding, except to enforce this Agreement itself.  The Companies deny committing any wrongdoing or violating any legal duty with respect to Executive’s employment or the termination of his employment.
(b)    Entire Agreement.  Executive further declares and represents that no promise, inducement, or agreement not herein expressed or referred to has been made to him.  Except as otherwise specifically provided in this Agreement, this instrument (including the exhibits hereto) constitutes the entire agreement between Executive and the Companies and supersedes all prior agreements and understandings, written or oral, including, without limitation the Severance Plan.  This Agreement may not be changed unless the change is in writing and signed by Executive and an authorized representative of each of Holdings and The Hertz Corporation.  Parol evidence will be inadmissible to show agreement by and between the parties to any term or condition contrary to or in addition to the terms and conditions contained in this Agreement.  This Agreement shall be interpreted and construed in accordance with Executive’s obligations as a licensed attorney and applicable rules of professional conduct relating to the practice of law, and nothing in this Agreement shall be deemed to expand or contract Executive’s ethical and professional duties under those rules.  This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which together constitute one and the same agreement, whether delivered in person, by mail, by e-mail or by facsimile.  For avoidance of doubt, nothing in this Agreement shall limit the application of the Company’s Compensation Recovery Policy (or any successor or replacement policy) to any compensation, payments or benefits payable or paid to Executive pursuant to this Agreement or any other arrangement, agreement or plan. 
(c)    Severability.  Executive understands and agrees that should any provision of this Agreement be declared or be determined by any court to be illegal or invalid, the validity 

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of the remaining parts, terms or provisions shall not be affected thereby, and said invalid part, term or provision shall be deemed not a part of this Agreement.
(d)    Successors and Assigns.  This Agreement shall be binding upon Holdings, The Hertz Corporation and Executive and their respective heirs, personal representatives, successors and assigns.  Executive may not assign any of his rights or obligations hereunder.  Holdings and The Hertz Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform all of the Company’s obligations set forth in this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or assign had taken place.  In the event of the death of Executive prior to the payment of all amounts by the Company pursuant to this Agreement, the Company shall make any remaining payments to Executive’s estate in a single lump-sum payment within 60 days following his death.  
(e)    Governing Law; Consent to Jurisdiction.  Notwithstanding the terms of Section 10.17 of the Severance Plan, this Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the internal laws of the State of Delaware without giving effect to the conflict of laws rules thereof to the extent that the application of the law of another jurisdiction would be required thereby. Each party hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of the City of the Company’s headquarters and the Federal courts of the United States of America, in each case located in (or located nearest to) the City of the Company’s headquarters, solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the transactions contemplated hereby and thereby. Each party hereby waives and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof, or any such document or in respect of any such transaction, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this agreement or any such document may not be enforced in or by such courts. Each party hereby consents to and grants any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agrees that the mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 16(g) or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.  Notwithstanding the foregoing, in the event of a breach or threatened breach of any provision of this Agreement, including, but not limited to, Sections 7, 8, 11, 12, 13, 14 and 15 of this Agreement, Executive agrees that the Company shall be entitled to seek injunctive or other equitable relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, and damages would be inadequate and insufficient.  The existence of this right to injunctive and other equitable relief shall not limit any other rights or remedies that the Company may have at law or in equity including, without limitation, the right to monetary, compensatory and punitive damages.  
(f)    Waiver of Jury Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH 

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PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT. Each party certifies and acknowledges that (i) no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) each such party understands and has considered the implications of this waiver, (iii) each such party makes this waiver voluntarily, and (iv) each such party has been induced to enter into this agreement by, among other things, the mutual waivers and certifications in this Section 16(f).
(g)    Notice.  Any notice or other communication required or permitted to be delivered under this Agreement shall be (i) in writing, (ii) delivered personally by courier service or certified or registered mail, first-class postage prepaid and return receipt requested, (iii) deemed to have been received on the date of delivery or on the third business day after the mailing thereof, and (iv) addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):
(A)    if to either of the Companies, to them at:
The Hertz Corporation 
8501 Williams Road 
Estero, Florida  33928 
Attention:  Chief Human Resources Officer 
Facsimile:  866-999-3798
(B)    if to Executive, to him at his last known home address as shown on the records of the Company.
(h)    Counterparts.  This Agreement may be executed by the parties hereto, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
17.    Tax Matters.
(a)    Withholding.  All payments and benefits provided hereunder shall be subject to tax withholdings required by applicable law and other standard payroll deductions.
(b)    Code Section 409A.
(i)    Compliance.  The intent of the parties is that payments and benefits under this Agreement be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder, and all notices, rulings and other guidance issued by the Internal Revenue Service interpreting the same (collectively, “Section 409A”) so as to avoid the additional tax and penalty interest provisions contained therein and, accordingly, to the maximum extent permitted under Section 409A, this Agreement 

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shall be interpreted to maintain exemption from or compliance with its requirements.  In no event whatsoever shall the Company be liable for any tax, interest or penalties that may be imposed on Executive by Section 409A or any damages for failing to comply with Section 409A, except for any such additional taxes and interest or damages that result from the Company’s failure to comply with the terms of this Agreement or those of any plan or award agreement referred to herein.
(ii)    Termination as Separation from Service.  The termination of Executive’s employment on the Termination Date constitutes a “separation from service” within the meaning of Section 409A for purposes of any provision of this Agreement or other arrangement providing for the payment of any amounts or benefits subject to Section 409A upon or following a “separation from service” within the meaning of Section 409A, and for purposes of any such provision of this Agreement, references to a “resignation from employment,” “termination,” “terminate,” “termination of employment” or like terms shall also refer to Executive’s “separation from service” on the Termination Date. 
(iii)    Payments for Reimbursements, In-Kind Benefits.  All reimbursements for costs and expenses under this Agreement shall be paid in no event later than the end of the calendar year following the calendar year in which Executive incurs such expense.  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (A) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (B) the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, however, that the foregoing clause (B) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Internal Revenue Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.
(iv)    Installments as Separate Payments.  If, under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment. 
(v)    Six-Month Delay.  Notwithstanding the foregoing provisions of this Agreement, if, as of the Termination Date, Executive is a Specified Employee, then, except to the extent that this Agreement does not provide for a “deferral of compensation” within the meaning of Section 409A, the following shall apply: (1) no payments shall be made, and no benefits shall be provided to Executive, in each case that would constitute “deferred compensation” within the meaning of Section 409A, during the period beginning on the Termination Date and ending on the six-month anniversary of such date or, if earlier, the date of Executive’s death, and (2) on the first business day of the first month following the month in which occurs the six-month anniversary of the Termination Date or, if earlier, Executive’s death, the Company shall make a one-time, lump-sum cash payment to Executive in an amount equal to the sum of (x) the amounts otherwise payable to Executive under this Agreement during the period described in clause (1) above and (y) the amount of interest on the foregoing at the 

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applicable federal rate for instruments of less than one year.  For avoidance of doubt, no portion of the severance payable to Executive under this Agreement shall be delayed due to the preceding sentence because such payments are either exempt as “short-term deferrals” or “separation pay” under Section 409A, and the remaining payments are made after the six-month window described in clause (1) of the preceding sentence.
(c)    Code Section 162(q).  With respect to Section 162(q) of the Internal Revenue Code of 1986, as amended, nothing in this Agreement shall be interpreted or construed as requiring nondisclosure with respect to any sexual harassment or sexual abuse that may be a subject of the release contained herein.
18.    Acceptance; Consideration of Agreement.  Executive further acknowledges that he has been provided twenty-one (21) days to consider and accept this Agreement and the re-executed Agreement from the date it was first given to him, although he may accept it at any time within those twenty-one (21) days.
19.    Revocation.  Executive further acknowledges that he understands that he has seven (7) days after signing this Agreement to revoke it by delivering to Murali Kuppuswamy, Chief Human Resources Officer, The Hertz Corporation, 8501 Williams Road, Estero, Florida 33928, written notification of any such revocation within the seven (7)-day period.  Executive also acknowledges that he has seven (7) days after Re-Execution to revoke the re-executed Agreement by the same means.  If Executive does not revoke this Agreement or his Re-Execution, this Agreement will become effective and irrevocable by him on the eighth day after the Re-Execution (the “Effective Date”).  If Executive revokes this Agreement or his Re-Execution, Executive hereby acknowledges and agrees that this Agreement and the re-executed Agreement shall be null and void and of no further force and effect, and his termination of employment shall be treated as a resignation by him without good reason for all purposes.
20.    Legal Counsel.  Executive acknowledges that he understands that he has the right to consult with an attorney of his choice at his expense to review this Agreement and has been encouraged by the Companies to do so.
IN WITNESS HEREOF, and intending to be legally bound, I, Richard J. Frecker II, have hereunto set my hand.
[rest of page intentionally left blank]

Page 12

Exhibit 10.1

WITH MY SIGNATURE HEREUNDER, I, RICHARD J. FRECKER II, ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND UNDERSTAND ALL OF ITS TERMS, INCLUDING THE FULL AND FINAL RELEASE OF CLAIMS SET FORTH ABOVE.
I, RICHARD J. FRECKER II, FURTHER ACKNOWLEDGE THAT I HAVE VOLUNTARILY ENTERED INTO THIS AGREEMENT AND THE RE-EXECUTED AGREEMENT; THAT I HAVE NOT RELIED UPON ANY REPRESENTATION OR STATEMENT, WRITTEN OR ORAL, NOT SET FORTH IN THIS AGREEMENT OR THE RE-EXECUTED AGREEMENT; THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO HAVE THIS AGREEMENT REVIEWED BY MY ATTORNEY; AND THAT I HAVE BEEN ENCOURAGED BY HERTZ TO DO SO.
I, RICHARD J. FRECKER II, ALSO ACKNOWLEDGE THAT (1) I HAVE BEEN AFFORDED 21 DAYS TO CONSIDER THIS AGREEMENT AND THE RE-EXECUTED AGREEMENT, (2) I HAVE 7 DAYS AFTER SIGNING THIS AGREEMENT AND THE RE-EXECUTED AGREEMENT TO REVOKE IT BY DELIVERING TO MURALI KUPPUSWAMY, AS SET FORTH ABOVE, WRITTEN NOTIFICATION OF MY REVOCATION, AND (3) IF I REVOKE THIS AGREEMENT OR THE RE-EXECUTED AGREEMENT (A) IT SHALL BE NULL AND VOID AND NONE OF HERTZ OR ANY OF ITS AFFILIATES SHALL HAVE ANY OBLIGATIONS TO ME UNDER THIS AGREEMENT OR THE RE-EXECUTED AGREEMENT, AND (B) HERTZ SHALL HAVE NO OBLIGATIONS TO ME OTHER THAN AS IF I HAD RESIGNED VOLUNTARILY AND (TO THE EXTENT APPLICABLE) WITHOUT GOOD REASON FOR PURPOSES OF THE SEVERANCE PLAN OR OTHERWISE.

	
					
	/s/Richard J. Frecker II
	 
	 

	Richard J. Frecker II
	 
	 

	Date:
	March 22, 2019
	 
	 

	 
	 
	 
	 

	THE HERTZ CORPORATION
	 
	HERTZ GLOBAL HOLDINGS, INC.

	 
	 
	 
	 
	 

	By:
	/s/Murali Kuppuswamy
	 
	By:
	/s/Murali Kuppuswamy

	 
	 
	 

	Name:
	Murali Kuppuswamy
	 
	Name:
	Murali Kuppuswamy

	 
	 
	 
	 
	 

	Title:
	Executive Vice President and Chief Human Resources Officer
	 
	Title:
	Executive Vice President and Chief Human Resources Officer

	 
	 
	 
	 
	 

	Date:
	March 22, 2019
	 
	Date:
	March 22, 2019

Schedule A
Vested Equity as of Termination Date

	
			
	Option Awards

	

Grant Date
	Number of Securities Underlying Unexercised Vested Option Award
	

Option Exercise Price

	03/01/2011
	898
	$57.86

	02/17/2015
	1,605
	$93.09

	03/02/2017
	6,415
	$22.19

	03/02/2018
	2,942
	$17.73

Page 13EX-10.1

 Exhibit 10.1 

Employment Agreement – Mr. Wilson 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of March 20, 2019 by and between Millar Wilson
(“Executive”) and Amerant Bank, N.A., a national banking association (the “Bank”). 
 WHEREAS, the Bank
desires to employ Executive on the terms and conditions set forth herein; and 
 WHEREAS, Executive desires to be employed by the Bank on
such terms and conditions. 
 NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, and other
good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	1.	 TERM 

Executive’s employment hereunder shall be effective as of March 20, 2019 (the “Effective Date”) and shall continue
until the third anniversary of the Effective Date, unless terminated earlier pursuant to Section 5 of this Agreement; provided that, on such third anniversary of the Effective Date and on each annual anniversary of the
Effective Date thereafter (such third anniversary date and each annual anniversary thereafter, a “Renewal Date”), this Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive
periods of one (1) year each, unless either party provides written notice to the other party of its intention not to extend the term of this Agreement at least ninety (90) days prior to the applicable Renewal Date. The period during which
Executive is employed by the Company hereunder is hereinafter referred to as the “Employment Term.” 
  

	2.	 POSITION AND DUTIES  

 

	 	2.1	 POSITION 

During the Employment Term, Executive shall serve as the Chief Executive Officer of the Bank, reporting to the Board of Directors of the Bank
(the “Bank Board”), and shall serve in the same office on behalf of the Bank’s parent corporation, Mercantil Bank Holding Corporation, a Florida corporation, which, together with its subsidiaries, shall be defined as the
“Company” (except for purposes of Sections 4, 5 or 6 hereof or as the context otherwise requires herein where it shall just refer to Mercantil Bank Holding Corporation). In such position, Executive shall have such duties, authority
and responsibility as shall be determined from time to time by the Bank Board, which duties, authority and responsibility shall be customary for persons occupying such positions in companies of like size and type. 

 

	 	2.2	 DUTIES 

During the Employment Term, Executive shall devote his best efforts and his full business time and attention to the performance of
Executive’s duties hereunder on behalf of the Bank, the Company and their respective affiliates (except for permitted vacation periods and reasonable periods of illness or other incapacity) and will not engage in any other business, profession
or occupation for compensation or otherwise which would conflict or materially interfere with the performance of such services either directly or indirectly without the prior written consent of the Bank Board and the Company Board. Notwithstanding
the foregoing, nothing herein shall preclude Executive from (a) performing services for such other companies as the Company may designate or permit (which permission shall not be unreasonably withheld), (b) serving, with the prior written
consent of the Bank Board and the Company Board, which consent shall not be unreasonably withheld, as an officer or member of the boards of 

 
directors or advisory boards (or their equivalents in the case of entities that are not corporations) of noncompeting businesses, charitable, educational or civic organizations, trade
associations or Reserve Banks or their branches, (c) engaging in charitable activities and community affairs and (d) managing Executive’s personal investments and affairs; provided, however, that the activities set forth
in clauses (a) through (d) shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the performance of Executive’s duties and responsibilities hereunder. During the Employment Term, Executive
shall perform Executive’s duties and responsibilities to the best of Executive’s abilities in a diligent, trustworthy, businesslike and efficient manner. 
  

	3.	 PLACE OF PERFORMANCE 

During the Employment Term, the principal place of Executive’s employment shall be the Company’s principal office in Coral Gables,
Florida; provided that, Executive will be required to travel, from time to time, on Company business during the Employment Term. 
  

	4.	 COMPENSATION AND BENEFITS 

 

	 	4.1	 BASE SALARY 

During the Employment Term, the Bank shall pay Executive an annual base salary (as of the Effective Date, at a rate of $800,000.00) in periodic
installments in accordance with the Bank’s normal payroll practices, but no less frequently than monthly. Executive’s base salary shall be reviewed at least annually by the Compensation Committee (the “Compensation
Committee”) of the Company’s Board of Directors (the “Company Board”), and the Compensation Committee may, but shall not be required to, increase (but not decrease) Executive’s base salary during the Employment
Term. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary”. 
  

	 	4.2	 ANNUAL BONUS 

For each completed calendar year of the Employment Term, Executive shall have the opportunity to earn an annual bonus payable by the Bank (the
“Annual Bonus”) at the discretion of the Company Board or the Compensation Committee. 
  

	 	4.3	 EQUITY AWARDS 

During the Employment Term, Executive will be eligible to be considered to receive grants of equity-based awards commensurate with
Executive’s position and responsibilities with the Bank and the Company. The amount, terms and conditions of any equity-based award will be determined by the Company Board or the Compensation Committee, in its sole discretion, in accordance
with the terms of the Company’s equity incentive plan in effect from time to time. 
  

	 	4.4	 EMPLOYEE BENEFITS 

During the Employment Term, Executive shall be eligible to participate in all employee benefit plans, practices and programs maintained by the
Bank or the Company, as in effect from time to time (but excluding, except as hereinafter provided in Section 5, any severance pay program or policy of the Bank or the Company), on a basis which is no less favorable than is
provided to other similarly situated executives of the Bank or the Company, to the extent consistent with applicable law and the terms of the applicable plans, practice or program. The Bank and the Company reserve the right to amend or cancel any
employee benefit plan, practice or program at any time in its sole discretion, subject to the terms of such employee benefit plan and applicable law. 

  
 2 

	 	4.5	 VACATION 

During the Employment Term, Executive shall be eligible for 30 days of paid vacation per calendar year (which shall be prorated for partial
years) in accordance with the Bank’s vacation policies, as in effect from time to time. 
  

	 	4.6	 BUSINESS EXPENSES 

During the Employment Term, Executive shall be eligible for reimbursement of all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder in accordance with the Bank’s and the
Company’s expense reimbursement policies and procedures for senior executives. If any reimbursements or in-kind benefits provided by the Bank or the Company pursuant to this Agreement would constitute
deferred compensation for purposes of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), such reimbursements or
in-kind benefits shall be subject to the following rules: (a) the amounts to be reimbursed, or the in-kind benefits to be provided, shall be determined pursuant to
the terms of the applicable benefit plan, policy or agreement and shall be limited to Executive’s lifetime and the lifetime of Executive’s eligible dependents; (b) the amounts eligible for reimbursement, or the in-kind benefits provided, during any calendar year may not affect the expenses eligible for reimbursement, or the in-kind benefits provided, in any other calendar year;
(c) any reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (d) Executive’s right to an
in-kind benefit or reimbursement is not subject to liquidation or exchange for cash or another benefit. 
  

	 	4.7	 INDEMNIFICATION 

Executive shall be entitled to indemnification with respect to the Executive’s services provided hereunder pursuant to Florida law, the
terms and conditions of the Bank’s and the Company’s articles of association or incorporation and/or by-laws, and, if applicable, the Bank’s and the Company’s standard indemnification
agreement for directors and officers as executed by the Bank or the Company, and Executive. Executive shall be entitled to coverage under the Company’s Directors’ and Officers’ (“D&O”) insurance policies that it
may hold now or in the future to the same extent and in the same manner (i.e., subject to the same terms and conditions) that the Bank’s and the Company’s other executive officers are entitled to coverage under any of the Company’s
D&O insurance policies that it may have.
  

	5.	 TERMINATION OF EMPLOYMENT 

Notwithstanding anything in this Agreement to the contrary, Executive shall be an at-will employee of
the Bank and the Company, and the Employment Term and Executive’s employment hereunder may be terminated by either the Bank or the Company, or Executive for any reason or no reason at any time; provided, however, that, unless
otherwise provided herein, Executive shall be required to give the Bank and the Company at least sixty (60) days’ advance written notice of any termination of Executive’s employment by Executive. Upon termination of Executive’s
employment during the Employment Term, Executive shall be eligible to receive the compensation and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits from the
Bank or the Company or any of their affiliates. If Executive terminates his employment with the Bank or the Company or if the Bank or the Company terminates Executive’s employment, Executive shall automatically be deemed to have terminated his
employment with the other entity and their respective affiliates, absent a written agreement to the contrary. 

  
 3 

	 	5.1	 TERMINATION FOR CAUSE OR WITHOUT GOOD REASON 

(a) The Employment Term and Executive’s employment hereunder may be terminated by the Bank or the Company for Cause, or by Executive
without Good Reason. If the Employment Term and Executive’s employment are terminated by the Bank or the Company for Cause, or by Executive without Good Reason, then: 

(i) Executive shall be eligible to receive any accrued but unpaid Base Salary and any accrued but unused vacation, in each case, as of the end
of the Employment Term, which shall be paid on the Termination Date (as defined in Section 5.6 of this Agreement); 

(ii) Executive shall be eligible to receive reimbursement for unreimbursed business expenses properly incurred by Executive prior to the
Termination Date, which shall be subject to and paid in accordance with the Bank or the Company’s respective expense reimbursement policy and Section 4.6 of this Agreement; 

(iii) Executive shall be eligible to receive such employee benefits, if any, as to which Executive may be eligible under the Bank’s and
the Company’s employee benefit plans as of the Termination Date; provided that, in no event shall Executive be eligible to any payments in the nature of severance or termination payments except as specifically provided herein; and 

(iv) Executive shall retain all rights, if any, to indemnification and D&O liability insurance provided under
Section 4.7 of this Agreement. 
 The items set forth in Sections 5.1(a)(i) through 5.1(a)(iii) are
referred to collectively in this Agreement as the “Accrued Amounts”. 
 (b) For purposes of this Agreement,
“Cause” shall mean: 
 (i) Executive’s willful failure to perform Executive’s material duties (other than any
such failure resulting from incapacity due to physical or mental illness); 
 (ii) Executive’s willful failure to comply with any valid
and legal directive of the Bank Board or the Company Board; 
 (iii) Executive’s engagement in dishonesty, illegal conduct or
misconduct, which is, in each case, materially injurious to the Company or its affiliates; 
 (iv) Executive’s embezzlement,
misappropriation or fraud, whether or not related to Executive’s employment with the Bank or the Company; 
 (v) Executive’s
commission of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude; 

  
 4 

 (vi) Executive is or becomes a person described in Federal Deposit Insurance Act
(“FDI Act”), Section 19(a)(1)(A) who has not received the Federal Deposit Insurance Corporation’s (“FDIC”) prior consent to participate in the Bank’s or the Company’s affairs under the “FDIC
Statement of Policy for Section 19 of the FDI Act” or any successor thereto; 
 (vii) Executive’s willful violation of a
material policy or code of conduct of the Bank or the Company, including its Insider Trading Policy or Code of Ethics; or 
 (viii)
Executive’s material breach of any material obligation under this Agreement, including, but not limited to, Section 7 of this Agreement, or any other written agreement between Executive and the Bank or the Company,
including any restrictive covenant agreement. 
 Termination of Executive’s employment shall not be deemed to be for Cause unless and
until the Bank and/or the Company delivers to Executive a copy of a resolution duly adopted by the Bank Board, finding that Executive has engaged in the conduct described in any of clauses (i) through (viii) above, after having afforded
Executive a reasonable opportunity to appear (with counsel) before the Bank Board and the Company Board in all cases other than a termination pursuant to clauses (iv), (v) and (vi). Except for a failure, breach or refusal which, by its nature,
cannot reasonably be expected to be cured, Executive shall have thirty (30) business days from the delivery of written notice by the Bank or the Company within which to cure any acts constituting Cause; provided, however, that if
the Bank or the Company reasonably expects irreparable injury from a delay of thirty (30) business days, the Bank or the Company may give Executive notice of such shorter period within which to cure as is reasonable under the
circumstances, which may include suspension, or the termination of Executive’s employment without notice and with immediate effect. In the event the Bank or the Company provides notice of less than thirty (30) days, Executive shall be paid
his Base Salary for the remainder of the thirty (30) day period. 
 For purposes of this Section 5.1(b), no
act or failure by Executive shall be considered “willful” if such act is done by Executive in the good faith belief that such act is or was in the best interests of the Bank or the Company or one or more of their businesses. 

 

	 	(c)	 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following, in each case during the Employment Term without Executive’s written consent: 

  

	 	(i)	 A material reduction in Executive’s Base Salary; 

 

	 	(ii)	 A relocation of Executive’s principal place of employment as of the Effective Date by more than fifty
(50) miles; 

  

	 	(iii)	 Any material breach by the Company of any material provision of this Agreement; 

 

	 	(iv)	 The Company’s failure to obtain an agreement from any successor to the Company to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; or 

 

	 	(v)	 A material diminution in Executive’s title, duties or responsibilities (other than temporarily while
Executive is physically or mentally incapacitated). 

 Executive cannot terminate Executive’s employment for Good
Reason unless Executive has provided written notice to the Bank or the Company of the existence of the circumstances providing grounds for termination for Good Reason within sixty (60) days of the initial existence of such grounds and the Bank
or the Company has had at least thirty (30) days from the date on which such notice is 

  
 5 

 
provided to cure such circumstances. If Executive does not terminate Executive’s employment for Good Reason within one hundred eighty (180) days after the first occurrence of the
applicable grounds, then Executive will be deemed to have waived Executive’s right to terminate for Good Reason with respect to such grounds. 
  

	 	5.2	 TERMINATION WITHOUT CAUSE OR FOR GOOD REASON 

The Employment Term and Executive’s employment hereunder may be terminated by Executive for Good Reason or by the Bank or the Company
without Cause. In the event of such termination, Executive shall be entitled to receive the Accrued Amounts and, subject to Executive’s compliance with Sections 6, 7 and 8 of this Agreement, Executive’s timely
execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors, in a form to be provided by the Bank or the Company (the “Release”), and such Release becoming effective within
either twenty-eight (28) or fifty-two (52) days, as applicable and as specified by the Bank or the Company, following the Termination Date (such 28-day or 52-day period, the “Release Execution Period”), Executive shall be entitled to receive the following compensation and benefits: 

(a) One and a half (1.5) times the sum of (i) Executive’s Base Salary and (ii) the average of the Annual Bonuses earned for the
three (3) full years preceding the year in which the Termination Date occurs or, if less than three (3) years, the greater of (A) the average of the Annual Bonuses earned for all full years preceding the year in which the Termination
Date occurs, or (B) if less than one year, Executive’s target Annual Bonus in effect for the year in which the Termination Date occurs, which sum shall be payable in substantially equal installments over a period of eighteen
(18) months (the “Severance Period”) in accordance with the Bank’s normal payroll practices; provided that any installment payment under this Section 5.2(a) that is not made during the period
following Executive’s termination Without Cause or termination for Good Reason because Executive has not executed the Release, shall be paid to Executive in a single lump sum on the first payroll date following the last day of the Release
Execution Period. 
 (b) If Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of
1985 (“COBRA”), the Bank shall reimburse Executive for the portion of Executive’s monthly COBRA payment that is equal to the amount the Bank paid as a monthly premium for Executive’s and any of the Executive’s
dependents’ participation in such plan immediately prior to Executive’s termination (the “COBRA Benefit”). The Bank shall make any such reimbursement within thirty (30) days following receipt of evidence from
Executive of Executive’s payment of the COBRA Benefit. Executive shall be eligible to receive such reimbursement until the earliest of: (i) the eighteen (18) month anniversary of the Termination Date; (ii) the date Executive is
no longer eligible to receive COBRA continuation coverage; and (iii) the date on which Executive either receives or becomes eligible to receive substantially similar coverage from another employer. To the extent the medical benefits provided
for in this Section 5.2(b) are not permissible after termination of employment under the terms of the health plans of the Company then in effect (and cannot be provided through the Bank’s direct payment of the COBRA
Benefit), the Bank shall provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive was to be reimbursed for the COBRA Benefit.
Executive shall bear full responsibility for applying for COBRA continuation coverage, and the Bank shall have no obligation to provide Executive such coverage if the Executive fails to elect COBRA benefits in a timely fashion; and 

  
 6 

 (c) The treatment of any outstanding equity awards held by Executive immediately prior to
the Termination Date shall be determined in accordance with the terms of the applicable equity plan and award agreements. 
 It is expressly
understood that the Company’s payment and reimbursement obligations under this Section 5.2 shall cease in the event Executive breaches any of the agreements in Section 6,
Section 7 or Section 8 hereof. 
  

	 	5.3	 TERMINATION DUE TO DEATH OR DISABILITY 

(a) The Employment Term and Executive’s employment hereunder shall terminate automatically upon Executive’s death during the
Employment Term, and the Bank or the Company may terminate the Employment Term and Executive’s employment hereunder on account of Executive’s Disability (as defined below). 

(b) If Executive’s employment is terminated during the Employment Term on account of Executive’s death or Disability, Executive (or
Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following compensation: 
 (i) The
Accrued Amounts (which amounts shall be paid in accordance with Section 5.1); 
 (ii) A lump sum cash payment
equal to the product of (A) the Annual Bonus, if any, that Executive would have earned for the calendar year in which the Termination Date occurs based on achievement of the applicable performance goals for such year and (B) a fraction,
the numerator of which is the number of days Executive was employed by the Bank and the Company during the year of termination and the denominator of which is the number of days in such year (the “Pro Rata Bonus”). This amount, if
any, shall be paid on the date that annual bonuses are paid to similarly situated executives, but in no event later than March 15 of the year following the end of the calendar year in which the Termination Date occurs; and 

(iii) The treatment of any outstanding equity awards held by Executive immediately prior to the Termination Date shall be determined in
accordance with the terms of the applicable equity plan and award agreements. 
 Notwithstanding any other provision contained herein, all
payments made in connection with Executive’s Disability shall be provided in a manner which is consistent with federal and state law. 

(c) For purposes of this Agreement, “Disability” shall mean (i) Executive’s inability, due to physical or mental
incapacity, to substantially perform Executive’s duties and responsibilities with the Company or any subsidiary (including the Bank) for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred
twenty (120) consecutive days, or (ii) Executive’s eligibility to receive long-term disability benefits under the Bank’s long-term disability plan. 

  
 7 

	 	5.4	 CHANGE IN CONTROL TERMINATION 

(a) Notwithstanding any other provision contained herein, if Executive’s employment hereunder is terminated by Executive for Good Reason
or by the Bank or the Company without Cause (other than on account of Executive’s death or Disability), in each case twenty-four (24) months following a Change in Control, Executive shall be entitled to receive: 

(i) The Accrued Amounts (which amounts shall be paid in accordance with Section 5.1) and, subject to
Executive’s compliance with Sections 6, 7 and 8 of this Agreement and Executive’s execution of a Release which becomes effective within the Release Execution Period, Executive shall be entitled to receive a lump
sum payment on the first payroll date following the last day of the Release Execution Period equal to 2.99 times the sum of (A) Executive’s Base Salary and (B) the average of the Annual Bonuses earned for the three (3) full years
preceding the year in which the Termination Date occurs, or, if less than three (3) years, the greater of (I) the average of the Annual Bonuses awarded for all full years preceding the year in which the Termination Date occurs, or
(II) if less than one (1) year, Executive’s target Annual Bonus in effect for the year in which the Termination Date occurs; provided that, if the Release Execution Period begins in one taxable year and ends in another taxable
year, payment shall not be made until the beginning of the second taxable year. 
 (ii) If Executive timely and properly elects continuation
coverage under COBRA, the Bank shall reimburse Executive for the monthly COBRA Benefit. The Bank shall make any such reimbursement within thirty (30) days following receipt of evidence from Executive of Executive’s payment of the COBRA
Benefit. Executive shall be eligible to receive such reimbursement until the earliest of: (A) the eighteen (18) month anniversary of the Termination Date; (B) the date Executive is no longer eligible to receive COBRA continuation
coverage; and (C) the date on which Executive either receives or becomes eligible to receive substantially similar coverage from another employer. To the extent the medical benefits provided for in this Section 5.4(b)
are not permissible after termination of employment under the terms of the health plans of the Bank then in effect (and cannot be provided through the Bank’s direct payment of the COBRA Benefit), the Bank shall provide Executive with an
equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive was to be reimbursed for the COBRA Benefit. Executive shall bear full responsibility for
applying for COBRA continuation coverage, and the Bank shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion. 

(iii) Any outstanding equity awards held by Executive immediately prior to the Termination Date shall immediately vest upon the termination of
Executive’s employment under this Section 5.4(a) in accordance with the terms of the applicable equity plan and award agreements. 

(b) For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following: 

(i) any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either
(A) the 

  
 8 

 
then-outstanding shares of Common Stock of any class (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding Voting
Securities (as defined below) (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change in Control: (1) any
acquisition directly from the Company, (2) any acquisition by the Company which reduces the number of Outstanding Company Voting Securities and thereby results in any person acquiring beneficial ownership of more than 35% of the Outstanding
Company Voting Securities; provided, that, if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities
beneficially owned by such person, a Change in Control of the Company shall then occur, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (4) an acquisition by an
underwriter temporarily holding securities pursuant to a bona fide public offering of such securities, (5) an acquisition pursuant to a Business Combination (as defined in Section 5.4(b)(iii)(A), (B) or (C) below), or
(6) a transaction (other than the one described in paragraph (iii) below) in which Company Voting Securities are acquired from the Company, if a majority of the directors comprising the Incumbent Board approve a resolution providing
expressly that the acquisition pursuant to this clause (6) does not constitute a Change in Control of the Company under this paragraph (i); or (7) any acquisition pursuant to a transaction that complies with
Section 5.4(b)(iii) below; 
 (ii) individuals who, as of the Effective Date, constitute the Company Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Company Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination
for election by the Stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such individual is named as a
nominee for director, without objection to such nomination) shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Company Board; 

(iii) consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any
of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions, or the acquisition of assets or securities of another entity by the Company or any of its subsidiaries
(each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of voting common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding 

  
 9 

 
Voting Securities, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or
all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from
such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the
entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a
majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the
time of the execution of the initial agreement or of the action of the Company Board providing for such Business Combination; or 
 (iv)
approval by the Stockholders of a complete liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a Change in Control
shall (i) not occur unless such transaction constitutes a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under
Section 409A and (ii) exclude the sale by the selling shareholder named in the preliminary prospectus dated November 26, 2018 included in the Company’s Registration Statement on Form S-1
filed with the United States Securities and Exchange Commission (File No. 333-227744) in connection with the Company’s initial public offering (“IPO”) but shall not exclude
any Person that acquires Common Stock in the IPO or otherwise and is described in Section 5.4(b)(i). 
  

	 	5.5	 NOTICE OF TERMINATION 

Any termination of Executive’s employment hereunder by the Bank or the Company or by Executive during the Employment Term (other than
termination pursuant to Section 5.3(a) on account of Executive’s death) shall be communicated by written notice of termination (“Notice of Termination”) sent to the other party hereto in accordance
with Section 21. The Notice of Termination shall specify: 
 (a) The termination provision of this Agreement relied
upon; 
 (b) To the extent applicable, the facts and circumstances claimed to provide a basis for termination of Executive’s employment
under the provision so indicated; and 
 (c) The applicable Termination Date. 

  
 10 

	 	5.6	 TERMINATION DATE 

The Executive’s Termination Date shall be: 

(a) If Executive’s employment hereunder terminates on account of Executive’s death, the date of Executive’s death; 

(b) If Executive’s employment hereunder is terminated on account of Executive’s Disability, the date that Executive is notified of
the Bank Board’s or the Company Board’s determination that Executive has a Disability; 
 (c) If the Bank or the Company terminates
Executive’s employment hereunder, the date the Notice of Termination is delivered to Executive or such later date specified in the Notice; and 

(d) If Executive terminates Executive’s employment hereunder with or without Good Reason, the date specified in the Executive’s
Notice of Termination, which shall be no less than sixty (60) days following the date on which the Notice of Termination is delivered; provided that the Bank or the Company may waive all or any part of the sixty (60) day notice period for
no consideration by giving written notice to Executive and for all purposes of this Agreement, Executive’s Termination Date shall be the date determined by the Bank or the Company. 

Notwithstanding anything contained herein, the Termination Date shall not occur until the date on which Executive incurs a “separation from service”
within the meaning of Section 409A. 
  

	 	5.7	 MITIGATION 

In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to
Executive under any of the provisions of this Agreement, and except as provided in Section 5.2(b), any amounts payable pursuant to this Section 5 shall not be reduced by compensation Executive
earns on account of employment with another employer. 
  

	 	5.8	 RESIGNATION OF ALL OTHER POSITIONS 

Upon termination of Executive’s employment hereunder for any reason, Executive shall be deemed to have resigned from all positions that
Executive holds as a Bank and Company officer or member of the Bank Board or the Company Board (or a committee thereof), and as an officer, director and employee of any of their affiliates. 

 

	 	5.9	 SECTION 280G 

(a) Executive shall bear all expense of, and be solely responsible for, any excise tax imposed by Section 4999 of the Code (such excise
tax being the “Excise Tax”); provided, however, that any payment or benefit received or to be received by Executive (whether payable under the terms of this Agreement or any other plan, arrangement or agreement with
the Company or an affiliate of the Company (collectively, the “Payments”) that would constitute a “parachute payment” within the meaning of Section 280G of the Code, shall be reduced to the extent necessary so that no
portion thereof shall be subject to the Excise Tax, but only if, by reason of such reduction, the net after-tax benefit received by Executive shall exceed the “net
after-tax benefit” that would be received by Executive if no such reduction was made. 

  
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 (b) The “net after-tax benefit”
shall mean (i) the Payments which Executive receives or is then entitled to receive from the Company that would constitute “parachute payments” within the meaning of Section 280G of the Code, less (ii) the amount of all
federal, state and local income and employment taxes payable by Executive with respect to the foregoing calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to Executive (based on the rate in effect
for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Tax imposed with respect to the payments and benefits described in clause (b)(i) above. 

(c) All determinations under this Section 5.9 will be made by an actuarial firm, accounting firm, law firm, or
consulting firm experienced and generally recognized in 280G matters (the “280G Firm”) that is chosen by the Company prior to a change in ownership or control of a corporation (within the meaning of Treasury regulations under
Section 280G of the Code). The 280G Firm shall be required to evaluate the extent to which payments are exempt from Section 280G as reasonable compensation for services rendered before or after the Change in Control. All fees and expenses
of the 280G Firm shall be paid solely by the Company or its successor. The Company will direct the 280G Firm to submit any determination it makes under this Section 5.9 and detailed supporting calculations to both Executive
and the Company as soon as reasonably practicable. 
 (d) If the 280G Firm determines that one or more reductions are required under this
Section 5.9, such Payments shall be reduced in the order that would provide the Executive with the largest amount of after-tax proceeds (with such order, to the extent permitted by
Section 280G of the Code and Section 409A, designated by Executive, or otherwise determined by the 280G Firm) to the extent necessary so that no portion thereof shall be subject to the Excise Tax, and the Company shall pay such reduced
amount to Executive. Executive shall at any time have the unilateral right to elect to forfeit any equity award in whole or in part. 
 (e)
As a result of the uncertainty in the application of Section 280G at the time that the 280G Firm makes its determinations under this Section 5.9, it is possible that amounts will have been paid or distributed to the
Executive that should not have been paid or distributed (collectively, the “Overpayments”), or that additional amounts should be paid or distributed to the Executive (collectively, the “Underpayments”). If the 280G
Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or Executive, which assertion the 280G Firm believes has a high probability of success or is otherwise based on controlling precedent
or substantial authority, that an Overpayment has been made, Executive must repay the Overpayment to the Company, without interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by
Executive to the Company unless, and then only to the extent that, the deemed loan and payment would either (i) reduce the amount on which Executive is subject to tax under Section 4999 of the Code or (ii) generate a refund of tax
imposed under Section 4999 of the Code. If the 280G Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the 280G Firm will notify Executive and the Company of that determination, and
the Company will promptly pay the amount of that Underpayment to Executive without interest. 

  
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 (f) The parties will provide the 280G Firm access to and copies of any books, records, and
documents in their possession as reasonably requested by the 280G Firm, and otherwise cooperate with the 280G Firm, in connection with the preparation and issuance of the determinations and calculations contemplated by this
Section 5.9. For purposes of making the calculations required by this Section 5.9, the 280G Firm may rely on reasonable, good faith interpretations concerning the application of Sections 280G and
4999 of the Code. 
  

	6.	 COOPERATION 

The parties agree that certain matters in which Executive will be involved during the Employment Term may necessitate Executive’s
cooperation in the future. Accordingly, following the termination of Executive’s employment for any reason, to the extent reasonably requested by the Bank Board and/or the Company Board and subject to Executive’s professional commitments,
Executive shall cooperate with the Bank and the Company in connection with matters arising out of Executive’s service to the Bank and the Company; provided that, the Bank or the Company shall make reasonable efforts to minimize
disruption of Executive’s other activities. The Bank or the Company shall pay Executive a reasonable per diem and reimburse Executive for reasonable expenses incurred in connection with such cooperation. 

 

	7.	 COMPETITIVE ACTIVITY; CONFIDENTIALITY; NON-SOLICITATION

  

	 	7.1	 ACKNOWLEDGEMENTS AND AGREEMENTS 

Executive hereby acknowledges and agrees that in the performance of Executive’s duties to the Company, the Bank and their respective
subsidiaries and affiliates, Executive will be brought into frequent contact with existing and potential customers of the Company throughout the world. Executive also agrees that trade secrets and confidential information of the Company, more fully
described in Section 7.10 of this Agreement, gained by Executive during Executive’s association with the Company, have been developed by the Company through substantial expenditures of time, effort and money and
constitute valuable and unique property belonging solely to the Company. Executive further understands and agrees that the foregoing makes it necessary for the protection of the Company’s business (as defined in
Section 7.6) that Executive not compete with the Company during the period of Executive’s employment with the Company and not compete with the Company for a reasonable period thereafter, as further provided in this
Section 7. 
  

	 	7.2	 COVENANTS DURING EMPLOYMENT 

During Executive’s employment with the Company, Executive will not compete with the Company anywhere in the world. In accordance with this
restriction, but without limiting its terms, during Executive’s employment with the Company, Executive will not: 
 (a) enter into or
engage in any business which competes with the Company’s business; 
 (b) solicit customers, business, patronage or orders for, or sell,
any products or services in competition with, or for any business that competes with, the Company’s business; 
 (c) divert, entice or
otherwise take away any customers, business, patronage or orders of the Company or attempt to do so; or 

  
 13 

 (d) promote or assist, financially or otherwise, any person, firm, association, partnership,
corporation or other entity engaged in any business which competes with the Company’s business. 
  

	 	7.3	 COVENANTS FOLLOWING TERMINATION 

For a period of 18 months following the termination of Executive’s employment for any reason, Executive will not: 

(a) enter into or engage in any business which competes with the Company’s business within the Restricted Territory (as defined in
Section 7.7); 
 (b) solicit customers, business, patronage or orders for, or sell, any products and services in
competition with, or for any business, wherever located, that competes with, the Company’s business within the Restricted Territory; 

(c) divert, entice or otherwise take away any customers, business, patronage or orders of the Company within the Restricted Territory, or
attempt to do so; or 
 (d) promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other
entity engaged in any business which competes with the Company’s business within the Restricted Territory. 
  

	 	7.4	 INDIRECT COMPETITION 

(a) For the purposes of Sections 7.2 and 7.3 inclusive, but without limitation thereof, Executive will be in violation thereof if
Executive engages in any or all of the activities set forth therein directly as an individual on Executive’s own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any firm,
association, partnership, corporation or other entity, or as a stockholder of any corporation in which Executive or Executive’s spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than five percent (5%)
of the outstanding stock or Voting Securities. 
 (b) For purposes of this Agreement, “Voting Securities” shall have the
meaning provided in Board of Governors of the Federal Reserve System Regulation Y, §225.2(q). As of the Effective Date, the Company’s only Voting Securities were its outstanding shares of Class A Common Stock. 

 

	 	7.5	 THE COMPANY 

For the purposes of this Section 7, the Company shall include the Bank and any and all direct and indirect
subsidiaries, parents, affiliated, or related companies of the Company for which Executive worked or had responsibility at the time of termination of Executive’s employment and at any time during the two (2) year period prior to such
termination. 
  

	 	7.6	 THE COMPANY’S BUSINESS 

For the purposes of this Agreement, the “Company’s business” means the business of banking, fiduciary, trust and custody
services (“Fiduciary Services”), securities, insurance brokerage, investment management, advice and services (“Investment Management”), payments, money transmissions,

  
 14 

 
lending, extending credit, deposit taking, whether domestic, international or both, and all services incidental thereto; providing services similar to or the same as the services that Executive
provided for the Company and/or its affiliates for his own benefit of for the benefit of any person or entity engaged in the business of banking, Fiduciary Services, Investment Management, payments and money transmissions, lending, extending credit
or deposit taking, whether domestic, international or both; and includes managing, operating, controlling, participating in and carrying on personal and commercial banking services, Investment Management, and Fiduciary Services, domestic,
international or both, directly and indirectly, including through affiliates, joint ventures and third parties. 
  

	 	7.7	 RESTRICTED TERRITORY 

For the purposes of this Agreement, the “Restricted Territory” shall mean: (a) the geographic area(s) within a fifty
(50) mile radius of any and all Company location(s) in, to, or for which Executive worked, to which Executive was assigned or had any responsibility (either direct or supervisory) at the time of termination of Executive’s employment and at
any time during the two (2) year period prior to such termination and (b) all of the specific customer accounts, whether within or outside of the geographic area described in (a) above, with which Executive had any contact or for
which Executive had any responsibility (either direct or supervisory) at the time of termination of Executive’s employment and at any time during the two (2) year period prior to such termination. 

 

	 	7.8	 EXTENSION 

If it shall be judicially determined that Executive has violated any of Executive’s obligations under
Section 7.3, then the period applicable to each obligation that Executive shall have been determined to have violated shall automatically be extended by a period of time equal in length to the period during which such
violation(s) occurred. 
  

	 	7.9	 NON-SOLICITATION 

Executive will not, directly or indirectly, at any time during the period of Executive’s employment or for 18 months thereafter, attempt
to disrupt, damage, impair or interfere with the Company’s business by raiding any of the Company’s employees or soliciting any of them to resign from their employment by the Company, or by disrupting the relationship between the Company
and any of its consultants, agents, representatives or vendors. Executive acknowledges that this covenant is necessary to enable the Company to maintain a stable workforce and remain in business. 

 

	 	7.10	 FURTHER COVENANTS 

(a) Executive will keep in strict confidence, and will not, directly or indirectly, at any time during or after Executive’s employment
with the Company, disclose, furnish, disseminate, make available or, except in the course of performing Executive’s duties of employment, use any trade secrets or confidential business and technical information of the Company or their
customers, vendors, joint venturers, and third parties with whom they do business, without limitation as to when or how the Executive may have acquired such information. Such confidential information shall include, without limitation, the
Company’s unique selling, origination and servicing methods and business techniques, training, service and business manuals, promotional materials, and other training and instructional materials, vendor and product information, customer and
prospective customer lists, other customer and prospective customer information and other business information. Executive specifically acknowledges that all such confidential information, 

  
 15 

 
whether reduced to writing, maintained on any form of electronic media, or maintained in Executive’s mind or memory and whether compiled by the Company, and/or Executive, derives independent
economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information,
that such information is the sole property of the Company and that any retention and use of such information by the Executive during Executive’s employment with the Company (except in the course of performing Executive’s duties and
obligations to the Company) or after the termination of Executive’s employment shall constitute a misappropriation of the Company’s trade secrets. Nothing in this Agreement prevents Executive from providing, without prior notice to the
Company, information to governmental or administrative authorities regarding possible violations of law or otherwise testifying or participating in any investigation or proceeding by any governmental or administrative authorities regarding possible
violations of law. 
 (b) Executive agrees that upon termination of Executive’s employment with the Company, for any reason, Executive
shall return to the Company, in good condition, all property of the Company, including, without limitation, any laptop, cell phone, keys, keycards, access devices and codes, work papers, reports, drawings, photographs, negatives, prototypes, and the
originals and all copies of any materials which contain, reflect, summarize, describe, analyze or refer or relate to any items of information listed in Section 7.10(a) of this Agreement, whether in hard copy or generated
and maintained on any form of electronic media. In the event that such items are not so returned, the Company will have the right to charge Executive for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching
for, taking, removing and/or recovering such property. 
 (c) The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides
that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal. In addition, the DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret
information in the court proceeding, if the individual (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order. 

 

	 	7.11	 DISCOVERIES AND INVENTIONS; WORK MADE FOR HIRE 

(a) Executive agrees that upon conception and/or development of any idea, discovery, invention, improvement, software, writing or other
material or design that: (i) relates to the business of the Company, or (ii) relates to the Company’s actual or demonstrably anticipated research or development, or (iii) results from any work performed by the Executive for the
Company, Executive will assign to the Company or the Bank so as the Company may direct the entire right, title and interest in and to any such idea, discovery, invention, improvement, software, writing or other material or design. Executive has no
obligation to assign any idea, discovery, invention, improvement, software, writing or other material or design that the Executive conceives 

  
 16 

 
and/or develops entirely on Executive’s own time without using the Company’s equipment, supplies, facilities, or trade secret information, unless the idea, discovery, invention,
improvement, software, writing or other material or design: (A) relates to the business of the Company, or (B) relates to the Company’s actual or demonstrably anticipated research or development, or (C) results from any work
performed by Executive for the Company. Executive agrees that any idea, discovery, invention, improvement, software, writing or other material or design that relates to the business of the Company or relates to the Company’s actual or
demonstrably anticipated research or development which is conceived or suggested by Executive, either solely or jointly with others, within one (1) year following termination of the Executive’s employment with the Company shall be presumed
to have been so made, conceived or suggested in the course of such employment with the use of the Company’s equipment, supplies, facilities, and/or trade secrets. 

(b) In order to determine the rights of Executive and the Company in any idea, discovery, invention, improvement, software, writing or other
material, and to insure the protection of the same, Executive agrees that during the Executive’s employment, and for one (1) year after termination of Executive’s employment with the Company, the Executive will disclose immediately
and fully to the Company any idea, discovery, invention, improvement, software, writing or other material or design conceived, made or developed by Executive solely or jointly with others. The Company agrees to keep any such disclosures
confidential. Executive also agrees to record descriptions of all work in the manner directed by the Company and agrees that all such records and copies, samples and experimental materials will be the exclusive property of the Company. Executive
agrees that at the request of and without charge to the Company, but at the Company’s expense, the Executive will execute a written assignment of the idea, discovery, invention, improvement, software, writing or other material or design to the
Company and will assign to the Company any application for letters patent or for trademark registration made thereon, and to any common-law or statutory copyright therein; and that Executive will do whatever
may be necessary or desirable to enable the Company to secure any patent, trademark, copyright, or other property right therein in the United States and in any foreign country, and any division, renewal, continuation, or continuation in part
thereof, or for any reissue of any patent issued thereon. In the event the Company is unable, after reasonable effort, and in any event after ten (10) business days, to secure Executive’s signature on a written assignment to the Company of
any application for letters patent or to any common-law or statutory copyright or other property right therein, whether because of the Executive’s physical or mental incapacity or for any other reason
whatsoever, the Executive irrevocably designates and appoints the Corporate Secretary of the Company as Executive’s attorney-in-fact to act on Executive’s
behalf to execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of such letters patent, copyright or trademark. 

(c) Executive acknowledges that, to the extent permitted by law, all work papers, reports, documentation, drawings, photographs, negatives,
tapes and masters therefor, prototypes and other materials (hereinafter, “items”) (including, without limitation, any and all such items generated and maintained on any form of electronic media) generated by Executive during
Executive’s employment with the Company shall be considered a “work made for hire” and that ownership of any and all copyrights in any and all such items shall belong to the Company. The item will recognize the Company as the
copyright owner, will contain all proper copyright notices, e.g., “(creation date) Amerant Bank, N.A., All Rights Reserved,” and will be in condition to be registered or otherwise placed in compliance with registration or other statutory
requirements throughout the world. 

  
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	 	7.12	 COMMUNICATION OF CONTENTS OF AGREEMENT 

During Executive’s employment with the Company and for two years thereafter, Executive will communicate the contents of this
Section 7 of this Agreement to any person, firm, association, partnership, corporation or other entity that Executive intends to be employed by, associated with, or represent. 

 

	 	7.13	 RELIEF 

Executive acknowledges and agrees that the remedy at law available to the Company for breach of any of Executive’s obligations under this
Agreement would be inadequate. Executive therefore agrees that, in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted, without the need for posting a bond
or other security, in any proceeding which may be brought to enforce any provision contained in Sections 7.2, 7.3, 7.9, 7.10, 7.11 and 7.12 inclusive, of this Agreement, without the necessity of proof of actual damage. 

 

	 	7.14	 REASONABLENESS 

Executive acknowledges that Executive’s obligations under this Agreement are reasonable in the context of the nature of the Company’s
business and the competitive injuries likely to be sustained by the Company if Executive were to violate such obligations and that these obligations do not place an undue burden on Executive. It is the parties’ desire and intent that the
provisions of this Agreement shall be enforced to the fullest extent legally-permissible. Accordingly, if any particular provision(s) of this Agreement shall be adjudicated to be invalid or unenforceable, the court may modify or sever such
provision(s), such modification or deletion to apply only with respect to the operation of such provision(s) in the particular jurisdiction in which such adjudication is made. In addition, if any one or more of the provisions contained in this
Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, such provisions shall be construed by limiting and reducing them, so as to be enforceable to the extent compatible with the
applicable law as they shall then appear. The remaining provisions of this Agreement shall remain in full force and effect. 
  

	8.	 NON-DISPARAGEMENT 

Executive agrees and covenants that Executive will not at any time make, publish or communicate to any person or entity or in any public forum
any defamatory or disparaging remarks, comments or statements concerning the Company, the Bank, their respective subsidiaries and affiliates, or its businesses, or any of its employees, officers, and existing and prospective customers, suppliers,
investors and other associated third parties. 
 This Section 8 does not, in any way, restrict or impede Executive
from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided
that such compliance does not exceed that required by the law, regulation or order. Executive shall (if lawful) promptly provide written notice of any such order to the Bank Board and the Company Board, as applicable. In addition, this
Section 8 does not in any way restrict or impede Executive from making good faith statements in internal performance discussions or reviews or denying false statements made by others. 

  
 18 

	9.	 ACKNOWLEDGEMENT 

Executive acknowledges and agrees that the services to be rendered by Executive to the Company are of a special and unique character; that the
Executive will obtain knowledge and skill relevant to the Company’s industry, customers and potential customers, markets, methods of doing business and marketing strategies by virtue of Executive’s employment; and that the restrictive
covenants and other terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Company. 

Executive further acknowledges that the amount of Executive’s compensation reflects, in part, the Executive’s obligations and the
Company’s rights under Sections 7 and 8 of this Agreement; that Executive has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein in connection herewith; that Executive
will not be subject to undue hardship by reason of the Executive’s full compliance with the terms and conditions of Sections 7 and 8 of this Agreement or the Company’s enforcement thereof. 

 

	10.	 REMEDIES 

If, at the time of enforcement of any of the obligations in Section 7, a court shall hold that the duration, scope,
or area restrictions are unreasonable, the parties agree that the maximum duration, scope, or area reasonable, as determined by the court, shall be substituted and that the court shall enforce the obligations as modified. 

In the event of a breach or threatened breach by the Executive of Sections 7 and 8 of this Agreement, Executive hereby consents and
agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the
necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages or other available forms of relief. In addition, in the event of an alleged breach or violation by Executive of the obligations in Section 7, the
non-compete period shall be tolled until such breach or violation has been cured. 
  

	11.	 SETTLEMENT OF DISPUTES 

Any and all disputes and controversies arising under or in connection with this Agreement may, upon mutual written agreement between the
parties, be settled by individual arbitration conducted before one arbitrator sitting in the State of Florida, or such other location agreed by the parties hereto, in accordance with the rules for resolution of employment disputes of JAMS in effect
as of the date of this Agreement. The determination of the arbitrator shall be made within thirty days following the close of the hearing on any dispute or controversy and shall be final and binding on the parties, unless otherwise agreed by the
parties. The Company maintains its rights to pursue and enforce its rights and remedies at law or in equity, including temporary and permanent injunctive relief and restraining orders. To the extent permitted by applicable law and the applicable
arbitration rules, the non-prevailing party shall reimburse the prevailing party for all reasonable fees of professionals and experts and other costs and fees incurred by the prevailing party in connection
with any dispute resolution (whether it be litigation or arbitration) relating to the interpretation or enforcement of any provision of this Agreement. 

  
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	12.	 PUBLICITY 

During the Employment Term, Executive hereby consents to any and all reasonable and customary uses and displays, by the Company and its agents,
representatives and licensees, of the Executive’s name, voice, likeness, image, appearance and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television
programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other printed and electronic forms and media throughout the world, at any time during the period
of Executive’s employment by the Company, for all legitimate commercial and business purposes of the Company (“Permitted Uses”), without royalty, payment or other compensation to Executive. 

 

	13.	 GOVERNING LAW; JURISDICTION AND VENUE 

This Agreement, for all purposes, shall be construed in accordance with the laws of Florida without regard to conflicts of law principles.
Subject to Section 11, any action or proceeding by either of the parties to enforce this Agreement shall be brought in any state or federal court of competent jurisdiction in the Federal Southern District of Florida, unless
Executive’s employment is located in a different jurisdiction. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in
such venue. In any such proceeding, each of the parties hereby knowingly and willingly waives and surrenders such party’s right to trial by jury and agrees that such litigation shall be tried to a judge sitting alone as the trier of both
fact and law, in a bench trial, without a jury. 
  

	14.	 ENTIRE AGREEMENT 

Unless specifically provided otherwise herein, this Agreement contains all of the understandings and representations and warranties between
Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter; provided, however,
that if Executive and the Company enter into a separate restrictive covenant agreement and the provisions of that agreement conflict with the provisions in this Agreement, the provision that entitles the Company to the broadest relief under
applicable law shall control. The parties mutually agree that this Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of this Agreement. 

 

	15.	 MODIFICATION AND WAIVER 

No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by Executive
and by an individual authorized by the Bank Board and the Company Board. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be
deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver
thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. 
  

	16.	 SEVERABILITY 

Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of
this Agreement shall be held as unenforceable and thus 

  
 20 

 
stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a
part hereof and treated as though originally set forth in this Agreement. 
 The parties expressly agree that this Agreement as modified by
a court as provided in Sections 10 and 15 shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable
provisions had not been set forth herein. 
  

	17.	 CAPTIONS 

Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement
is to be construed by reference to the caption or heading of any section or paragraph. 
  

	18.	 COUNTERPARTS 

This Agreement may be executed in separate counterparts (including facsimile and other electronically transmitted counterparts), each of which
shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
  

	19.	 SECTION 409A 

This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance
with Section 409A and any such exemption thereunder. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an
applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as (i) separation pay due to an involuntary separation from service or (ii) a short-term deferral shall be excluded from
Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of
employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with
Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with
Section 409A. 
 Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in
connection with the termination of Executive’s employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is determined to be a “specified employee”
as defined in subsection (a)(2)(b)(i) of Section 409A, then such payment or benefit shall not be paid until the first payroll date to occur following the six (6) month anniversary of the Termination Date (the “Specified Employee
Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date (with interest at the
Applicable Federal Rate from the scheduled payment date to the date of payment), and thereafter any remaining payments shall be paid without delay in accordance with their original schedule. 

  
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	20.	 SUCCESSORS AND ASSIGNS 

This Agreement is personal to Executive and shall not be assignable by Executive. Any purported assignment by Executive shall be null and void
ab initio. The Bank may transfer or assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, operation of law or otherwise) to all or substantially all of the business or assets of the Bank.
Executive hereby consents to the assignment by the Bank of all of its rights and obligations hereunder. This Agreement shall inure to the benefit of the Bank and its successors and assigns, provided such transferee or successor assumes the
liabilities of the Bank hereunder. 
  

	21.	 NOTICE 

Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally, sent by registered
or certified mail, return receipt requested, sent via electronic mail, or sent by reputable overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice): 

If to the Bank: 
 Attn: Corporate Secretary 

220 Alhambra Circle 
 Coral Gables, Florida 33134 

Email: itrujillo@mercantilcb.com 
 If to Executive, to such
address as shall most currently appear on the records of the Bank. 
 Any notice under this Agreement shall be deemed to have been given
when so delivered (or in the case of electronic mail, when electronic evidence of transmission is received). 
  

	22.	 REPRESENTATIONS OF EXECUTIVE 

Executive represents and warrants to the Company that: (a) Executive’s employment with the Company and/or the execution, delivery,
and performance of this Agreement by Executive do not and shall not conflict with, breach, violate, or cause a default under any contract, agreement, instrument, order, judgment, decree or regulatory action to which the Executive is a party or by
which Executive is bound; and (b) Executive is not a party to or bound by any employment agreement, non-compete agreement, confidentiality agreement, or other post-employment obligation with any other
person or entity that would limit the Executive’s job duties or obligations with the Company in any way. 
  

	23.	 WITHHOLDING 

The Bank shall have the right to withhold from any amount payable hereunder any federal, state, local and foreign taxes in order for the Bank
to satisfy any withholding tax obligation it may have under any applicable law or regulation. Notwithstanding any other provision of this Agreement, the Bank does not guarantee any particular tax result for Executive with respect to any payment
provided to Executive hereunder, and Executive shall be solely responsible for any taxes imposed on Executive with respect to any such payment. 

  
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	24.	 SURVIVAL 

Upon any expiration or other termination of this Agreement: (a) each of Sections 7, 8, 9, 10, 11
(Arbitration) and 12 through 25 shall survive such expiration or other termination; and (b) all of the other respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent
necessary to carry out the intentions of the parties under this Agreement. 
  

	25.	 ACKNOWLEDGEMENT OF FULL UNDERSTANDING 

EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE ACKNOWLEDGES
AND AGREES THAT EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT. 

  
 23 

 Employment Agreement – Mr. Wilson 

IN WITNESS WHEREOF, Executive and the undersigned duly authorized officers of the Bank and the Company have executed this Agreement as of the
date first above written. 
  

			
	 
	Millar Wilson
		
	Dated:	 	
                 

	
	AMERANT BANK, N.A.
		
	By:	 	 
	 NAME:
 TITLE:
	 	
		
	Dated:	 	
	
	 MERCANTIL BANK HOLDING CORPORATION

		
	By:	 	 
	 NAME:
 TITLE:
	 	
		
	Dated:	 	 

 [Signature Page to Mr. Wilson’s Employment Agreement] 

  
 24

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