Document:

Document

Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

RED RIVER BANCSHARES, INC.
AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT
This Amended and Restated Change in Control Agreement (“Agreement”) is made and entered into effective as of August 12, 2021 (the “Effective Date”), by and between Red River Bancshares, Inc. (the “Company”), a Louisiana corporation with its principal office in Alexandria, Louisiana, and [Executive] (the “Officer”).  This Agreement amends and restates that certain Change in Control Agreement by and between the Company and the Officer, dated January 14, 2014 (the “Original Agreement”).
WITNESSETH:
WHEREAS, the Company is the parent bank holding company of Red River Bank (the “Bank”), a Louisiana state banking corporation with its principal office in Alexandria, Louisiana; 
WHEREAS, the Officer is employed as the [Executive’s Title] of the Bank;
WHEREAS, in order to induce the Officer to remain in the employ of the Bank, particularly in the event of a threat or the occurrence of a Change in Control, the Company entered into the Original Agreement with Officer in order to provide the Officer with certain benefits in the event of a Change in Control; and
WHEREAS, the parties desire to amend and restate the Original Agreement in order to conform with industry norms and best practices.
NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements contained herein, the Company and the Officer hereby agree as follows: 
ARTICLE 1
DEFINITIONS
1.1.Definitions.  The following terms shall have the definitions set forth below for purposes of this Agreement.
(a)“Base Salary” means the Officer’s annual base salary in effect at the time of the Officer’s termination of employment; provided, however, that for purposes of calculating the Severance Benefit pursuant to Section 2.1, “Base Salary” shall be determined without regard to any reduction that would provide the Officer a basis to terminate employment for Good Reason. 
(b)“Cause” when used herein concerning the termination of the Officer’s employment by the Bank, shall mean a finding by the Board of Directors of any of the following: (1) Officer’s misuse of drugs (including alcohol), which materially affects his ability to perform duties outlined herein; (2) Officer’s conviction, guilty plea or no contest plea to any felony or any other crime involving breach of trust, dishonesty, or moral turpitude; (3) the willful engagement by Officer in disloyal conduct which is materially and demonstrably injurious to the Bank; (4) Officer’s engagement in gross negligence, willful misconduct or harassment (including but not limited to sexual harassment or sexual abuse, whether or not such harassment occurs in the course of Officer’s performance of Officer’s job duties); (5) Officer’s violation of state or federal securities or banking laws; (6) Officer’s refusal to cooperate with a legitimate internal, regulatory, or law enforcement investigation; (7) Officer’s material breach of this Agreement, or otherwise failing to perform obligations as set forth in this Agreement, after notice and a reasonable 

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

opportunity (not to exceed thirty (30) days) to correct such actions; or (8) Officer has been prohibited from engaging in the business of banking by any applicable government agency or regulatory body.  For purposes of this Agreement, Officer shall not be deemed to be in breach of this Agreement for his failure to substantially perform his duties under this Agreement where such failure results because Officer has become disabled within the meaning of Section 1.1(e).

(c)“Change in Control” shall mean and shall be deemed to have occurred for purposes of this Agreement as of the first date on which any of the following occur:
(i)a change during any 12-month period in the ownership of the capital stock of the Bank or the Company, whereby a corporation, partnership, other entity, person, or group acting in concert (a “Person”) , as described in Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), acquires, directly or indirectly, beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a number of shares of capital stock of the Bank or the Company, as the case may be, which constitutes more than fifty percent (50%) of the combined voting power of the Bank’s or the Company’s then outstanding capital stock entitled to vote generally in the election of directors;
(ii)the consummation of any merger, consolidation, share exchange or reorganization plan involving the Bank or the Company, as the case may be, in which the Bank or the Company, as applicable, is not the surviving entity, unless the shareholders of the Bank or the Company as the case continue to hold beneficial ownership in the surviving entity of a number of shares which constitutes at least fifty percent (50%) of the total value or voting power of the surviving entity;
(iii)the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions during a 12-month period, of more than 50% of the assets of the Bank or the Company to any Person; provided, however, that there is no Change in Control if assets are transferred to an entity that is controlled by the shareholders of the Bank or the Company immediately after the transfer, nor is it a Change in Control if the Bank or Company transfers assets to:
(A)    a shareholder of the Bank or of the Company (immediately before the asset transfer) in exchange for or with respect to the shareholder’s capital stock in the Bank or the Company;
(B)    an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Bank or the Company; or
(iv)a change in the effective control of the Company whereby a majority of the persons who were members of the Board of Directors of the Company are, within a twelve (12) month period, replaced by individuals whose appointment or election to the Company’s Board of Directors is not endorsed by a majority of the Company’s Board of Directors prior to such appointment or election; 
provided, that the following events shall not constitute a Change in Control:
(I)    the acquisition by a Person who already owns more than fifty percent (50%) of the total fair market value or of the combined voting power of the Bank’s or of the Company’s outstanding capital stock,

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

(II)    the acquisition of shares of capital stock of the Bank or the Company by the Bank or the Company or any of their subsidiaries or Affiliates;
(III)    the acquisition of shares of capital stock of the Bank or the Company by any employee benefit plan (or trust) sponsored or maintained by the Bank or the Company; 
(IV)    any transfer of shares of capital stock by gift, devise or descent by a stockholder to a member of such stockholder’s family or to a trust established or maintained for the benefit of a stockholder or any member of his family; or
(V)    the acquisition of shares of capital stock by any officer or employee of the Bank or the Company pursuant to any stock option plan established by the Bank or the Company.
Notwithstanding the above, if the Officer resigns for Good Reason or is terminated involuntarily, other than for Cause (or due to death or Disability), during the three (3) month period prior to a Change in Control, such Change in Control must also constitute a “change in the ownership”, “change in effective control”, and/or a “change in the ownership of a substantial portion of assets” of the Bank or the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), to the extent necessary to avoid the imposition of taxes under Section 409A.
(d)“Code” means the Internal Revenue Code of 1986, as amended.
(e)“Disability” means (i) the inability of the Officer to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of more than twelve (12) months, or (ii) the receipt of income replacement benefits for a period of more than three (3) months under a Bank-sponsored or Company-sponsored accident and health plan covering the Officer due to medically determinable physical or mental impairment which is expected to result in death or is expected to last for a continuous period of more than twelve (12) months. Medical determination of Disability may be made by either the Social Security Administration or by the provider of disability insurance covering employees or directors of the Bank, provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the request of the Plan Administrator, the Officer must submit proof to the Plan Administrator of the occurrence of such disability or, as applicable, the Social Security Administration’s or the provider’s determination. In the event a dispute arises between Officer and the Plan Administrator concerning Officer’s physical or mental ability to continue or return to the performance of his duties, Officer shall submit to examination by a competent physician mutually agreeable to both parties.  The physician’s opinion as to Officer’s capability to perform his duties will be final and binding.  
(f)“Good Reason” means (i) the assignment to Officer of duties that are materially inconsistent with Officer’s position, authority, duties or responsibilities, or any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities; (ii) the Company requiring Officer, without his consent, to be based at any office or location that is materially different geographically from the main office in Alexandria, Louisiana; or (iii) failure of the Company to provide the Officer with the Base Salary and bonus opportunity at least commensurate with the highest Base Salary and the bonus award received by the Officer within the one-year period preceding the Change in Control, unless such failure is the result of an across-the-board reduction applicable to all Company executives (which includes, for 

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

the avoidance of doubt, similarly situated executives of the acquiring company) of less than 10%..  Notwithstanding the foregoing, the Officer shall not have the right to terminate employment hereunder for Good Reason unless (1) within 30 days of the initial existence of the condition or conditions giving rise to such right, or if later, within 30 days after the Change in Control, Participant provides written notice to the Company of the existence of such condition or conditions, and (2) the Company fails to remedy such condition or conditions within 30 days following the receipt of such written notice (the “Cure Period”). If any such condition is not remedied within the Cure Period, Participant must terminate Participant's employment with the Company within a reasonable period of time, not to exceed sixty (60) days, following the end of the Cure Period.  
ARTICLE 2
CHANGE IN CONTROL BENEFITS
2.1.If the events set forth in Section 2.2 below occur, the Company or the Bank (or both, depending on the apportionment of services provided by Officer during his employment) shall (1) pay to the Officer, in cash, a lump sum amount equal to two hundred percent (200%) of the sum of (a) the Officer’s Base Salary plus (b) the average of the annual bonuses received by the Officer during the three prior years, or if the Officer has served for less than three years, the average of  the annual bonuses received during such lesser period (such lump sum being the “Severance Benefit”), , and (2) from the date the events set forth in Section 2.2 below occur, the Bank shall pay Officer an amount equal to 100% of the Applicable COBRA Premium on the 15th day of each month during the COBRA Continuation Period (the “COBRA Benefits”).  For purposes of this section, the “Applicable COBRA Premium” means the monthly amount paid by the Bank and the Officer under the Bank’s group medical plan for the same type and level of coverage that Officer and/or his eligible dependents maintained immediately prior to the Officer’s termination date set forth in Section 2.2, and “COBRA Continuation Period” means the applicable continuation coverage period determined under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, as applied to Officer’s reason for termination.  The Bank may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.  Notwithstanding any provision of this Agreement to the contrary, neither the Company nor the Bank shall be required to pay any benefit under this Agreement if, upon the advice of counsel, the Bank determines that the payment of such benefit would be prohibited by 12 C.F.R. Part 359 or any successor regulations regarding employee compensation promulgated by any regulatory agency having jurisdiction over the Company, the Bank or its affiliates.  Except as otherwise provided in Sections 5.11 and 5.12(c), and subject to the condition set forth in Section 5.5, the Severance Benefit shall be paid to the Officer on the sixtieth (60th) day following the Officer’s termination date set forth in Section 2.2 (or, if later, the effective date of the Change in Control).
2.2.The Officer shall become entitled to the Severance Benefit and the COBRA Benefits if there occurs a Change in Control and within three (3) months prior to the Change in Control or within twenty-four (24) months after the Change in Control, the Officer’s employment is involuntarily terminated, other than for Cause (or due to death or Disability) or the Officer terminates his employment for Good Reason.  For purposes of this Section 2.2 and any other provision in this Agreement, any “termination of employment” shall mean that the Officer has incurred a separation of service (within the meaning of Section 409A of the Code and the guidance and regulations issued thereunder) and ceases to be employed by the Bank and/or the Company for any reason.

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

2.3.Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Bank or its affiliates to Officer or for Officer’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and would, but for this section be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (a) the Net Benefit (as defined below) to Officer of the Covered Payments after payment of the Excise Tax to (b) the Net Benefit to Officer if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax.  Only if the amount calculated under (a) above is less than the amount under (b) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”).  “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.
Any such reduction shall be made in accordance with Section 409A of the Code and the regulations thereunder (collectively, “Section 409A”), and in the following order: (a) cash payments that do not constitute nonqualified deferred compensation subject to Section 409A, (b) cash payments that do constitute nonqualified deferred compensation subject to Section 409A, (c) equity-based payments and acceleration of equity, and (d) other non-cash benefits.  To the extent any such payment is to be made over time (e.g., in installments, etc.), the payments shall be waived in reverse chronological order.
Any determination required under this section shall be made in writing in good faith by an independent accounting firm selected by the Bank (the “Accountants”).  The Bank and Officer shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this section.  For purposes of making the calculations and determinations required by this section, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code.  The Accountants’ determinations shall be final and binding on the Bank and Officer.  The Bank shall be responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this section.
ARTICLE 3
CONFIDENTIALITY
The Officer and the Company agree that the terms of this Agreement as well as the discussions preliminary to, or relating to, this Agreement will be kept strictly confidential, except as disclosure is required by law or deemed appropriate by the Company’s counsel.
ARTICLE 4
AMENDMENT AND TERMINATION OF AGREEMENT
This Agreement may be amended or terminated only by a written agreement executed by the Company and the Officer; provided, however, that this Agreement will terminate automatically upon the termination of the Officer’s employment prior to a Change in Control, except as provided in Section 2.2(b).  Notwithstanding the foregoing, the termination of this Agreement will not reduce or eliminate the benefits accrued hereunder prior to such date.

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

ARTICLE 5
GENERAL
5.1.Severability.  If any term or other provision of this Agreement is held to be illegal, invalid or unenforceable by any rule of law or public policy, (a) such term or provision will be fully severable and this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision were not a part hereof; (b) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by such illegal, invalid or unenforceable provision or by its severance from this Agreement; and (c) there will be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and still be legal, valid and enforceable.  If any provision of this Agreement is so broad as to be unenforceable, the provision will be interpreted to be only as broad as is enforceable.
5.2.Successors; Binding Agreement.  This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and the Company shall require any successors and assigns to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place.  Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Officer, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution, in which case, the Agreement may be enforceable only to the extent provided herein.
5.3.Non-exclusivity of Rights.  Nothing in this Agreement shall prevent or limit the Officer’s continuing or future participation in any benefit, bonus, incentive or other plans, programs, policies or practices, provided by the Company or the Bank and for which the Officer may qualify, nor shall anything herein limit or otherwise affect such rights as the Officer may have under any other agreements with the Company or the Bank.
5.4.Reimbursement of Certain Expenses.  The Bank shall reimburse Officer for all reasonable and documented expenses, including without limitation attorney’s fees, incurred by Officer in seeking to enforce Officer’s rights under this Agreement.
5.5.Full Satisfaction; Waiver and Release.  As a condition to receiving the payments and benefits hereunder, the Officer shall execute and not revoke a document in customary form, releasing and waiving any and all claims, causes of actions and the like against the Company, the Bank and its respective successors, shareholders, officers, trustees, agents and employees, regarding all matters relating to the Officer’s service as an employee of the Bank or any affiliates and the termination of such relationship.  Such claims include, without limitation, any claims arising under Age Discrimination in Employment Act of 1967, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991, as amended; the Equal Pay Act of 1963; the Americans With Disabilities Act of 1990; the Family and Medical Leave Act of 1993, as amended; the Employee Retirement Income Security Act of 1974, as amended; or any other federal, state or local statute or ordinance, but exclude any claims that arise out of an asserted breach of the terms of this Agreement or current or future claims related to the matters described in this Section 5.5.  Such release shall survive the termination of this Agreement.
5.6.No Guarantee of Employment.  Nothing in this Agreement shall be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Company or the Bank shall continue to employ, retain or engage the Officer.  This Agreement shall not affect in any way the right of the Company or the Bank to terminate the employment or engagement of the Officer at any time and for any reason whatsoever and to remove the Officer from any position with the Company or the Bank. 

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

5.7.APPLICABLE LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE PARTIES SUBJECT TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF LOUISIANA WITHOUT REGARD TO THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.
5.8.Headings.  When a reference is made in this Agreement to a Section, such reference will be to a Section of this Agreement unless otherwise indicated.  The headings contained in this Agreement are for convenience of reference only and will not affect in any way the meaning or interpretation of this Agreement.  The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision in this Agreement.  References to a person are also to such person’s permitted successors or assigns. 
5.9.Entire Agreement.  This Agreement constitutes the full understanding of the parties, a complete allocation of risks between them and a complete and exclusive statement of the terms and conditions of their agreement relating to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, that may exist between the parties with respect thereto.
5.10.Multiple Counterparts.  For the convenience of the parties hereto, this Agreement may be executed in one or more counterparts, each of which will be deemed an original, and all counterparts hereof so executed by the parties hereto, whether or not such counterpart will bear the execution of each of the parties hereto, will be deemed to be, and will be construed as, one and the same Agreement.  A telecopy or facsimile transmission of a signed counterpart of this Agreement will be sufficient to bind the party or parties whose signature(s) appear thereon.
5.11.Waiver.  No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel to enforce any provision of this Agreement, except by written instrument signed by the party charged with such waiver or estoppel.
5.12.Section 409A. 
(a)General.  It is the intention of both the Company and the Officer that the benefits and rights to which the Officer could be entitled pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”) or an exemption therefrom, to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.  If the Officer or the Company believes, at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section 409A (with the most limited possible economic effect on the Officer and on the Company).  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Officer by Section 409A or damages for any payments or benefits that fail to comply with Section 409A.  
(b)Distributions on Account of Separation from Service.  If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Officer’s employment shall be made unless and until the Officer incurs a “separation from service” within the meaning of Section 409A.

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

(c)Six Month Delay for Specified Employees.
(i)If the Officer is a “specified employee”, then no payment or benefit that is payable on account of the Officer’s “separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that is six months after the Officer’s “separation from service” (or, if earlier, the date of the Officer’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A.  Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.  
(ii)For purposes of this provision, the Officer shall be considered to be a “specified employee” if, at the time of his or her separation from service, the Officer is a “key employee”, within the meaning of Section 416(i) of the Code, of the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code) any stock in which is publicly traded on an established securities market or otherwise.
(d)No Acceleration of Payments.  Neither the Company nor the Officer, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.
(e)Treatment of Each Installment as a Separate Payment and Timing of Payments.  For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Officer is entitled under this Agreement shall be treated as a separate payment.  In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company. 
5.13    Restrictions Upon Funding.  The Company shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Agreement.  Officer or any successor-in-interest to Officer shall be and remain simply a general creditor of the Company in the same manner as any other creditor having a general unsecured claim.  The Company intends this Agreement to be an unfunded, unsecured promise to pay on the part of the Company.  At no time shall Officer have or be deemed to have any lien nor right, title or interest in or to any specific investment or to any assets of the Company.  If the Company elects to invest in a life insurance, disability or annuity policy upon the life of Officer, Officer shall assist the Company by freely submitting to a physical examination and supplying such additional information necessary to obtain such insurance or annuities.

[Signature Page Follows]

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Exhibit 10.2
Composite Form of Amended and Restated Change in Control 
Agreement for Mses. Carriere and Salazar

[Signature Page to Change in Control Agreement]
IN WITNESS WHEREOF, the Company and the Officer have executed this Agreement this 12th day of August, 2021.
OFFICER:

/s/ Executive 
[Executive]

THE COMPANY:

RED RIVER BANCSHARES, INC.

By: /s/ R. Blake Chatelain
Name: R. Blake Chatelain
Title:       President and Chief Executive Officer

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Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

SUPPLEMENTAL EXECUTIVE
RETIREMENT BENEFITS AGREEMENT

This Supplemental Executive Retirement Benefits Agreement (this “Agreement”) is made as of the 1st day of October, 2004, by and between Red River Bank, a Louisiana banking corporation (“Bank”), and [Executive], an individual (“Executive”).

RECITALS

A.Executive is a valued employee of Bank.

B.Bank desires to retain Executive as an employee of Bank and believes that Executive’s long term contribution to the business of Bank is not fully reflected in the compensation of the Executive.

C.Bank desires to provide for the post-retirement needs of its employees in a responsible manner.

D.Bank desires to make available to Executive certain supplemental retirement benefits, and Executive desires to enter into an arrangement for such supplemental retirement benefits.

AGREEMENT

NOW, THEREFORE, the parties hereto, for and in consideration of the foregoing and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, do agree as follows:

1.Supplemental Retirement Benefits. Bank hereby establishes an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of Bank (the “Retirement Account”). The Retirement Account shall be an unsecured liability of Bank to Executive, payable only as provided herein from the general funds of Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Bank and does not have priority of payment over any other general obligation of Bank.

2.Payment of Benefits.

(a)On-Time Retirement. If Executive remains in the continual full-time employment of Bank (except for such breaks in service prescribed by law, such as the Family and Medical Leave Act, or as otherwise agreed in a writing expressly authorized by the Board of Directors of Bank) until the Full Benefits Date (as defined in Exhibit A hereto), then upon the date (the “Retirement Date”) on or after the Full Benefits Date on which Executive’s  employment with the Bank is terminated for any reason other than For Cause (as hereinafter defined), Bank shall pay to Executive the Full Benefit (as defined in Exhibit A hereto) annually, payable in monthly installments beginning on the first business day of the first calendar month after the Retirement Date and on the first business day of each month thereafter until (but including) the fifteenth (15th) anniversary of the Retirement Date.

(b)Early Termination. If Executive voluntarily resigns from full-time employment with Bank before the Full Benefits Date, or if Bank discharges Executive from full-time employment with Bank for any reason other than For Cause before the Full Benefits Date, Bank shall pay to Executive the 
1

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

Limited Benefit (as hereinafter defined) annually, payable in monthly installments beginning on the Full Benefits Date, and thereafter on the first business day of each month thereafter until (but including) the fifteenth (15th) anniversary of the Full Benefits Date. For the purposes of this Agreement, the “Limited Benefit” shall be the amount set forth on Exhibit A corresponding to the year in which Executive’s employment terminates.

(c)Disability. If Executive becomes Substantially Disabled (as hereinafter defined) and Executive’s full-time employment with Bank is terminated by Bank prior to the Full Benefits Date as a result, Bank shall pay to Executive the Limited Benefit annually, payable monthly beginning on the first business day of the calendar month that is thirty (30) days after Substantial Disability is determined. For purposes of this Agreement, the term “Substantial Disability” shall mean the substantial physical or mental impairment of Executive which materially diminishes Executive’s ability to perform the services theretofore performed by Executive, for a period of six months or more, taking into consideration compliance by Bank with the reasonable accommodation provisions of the Americans with Disabilities Act. The determination of whether Executive is “Substantially Disabled” shall be made by a licensed physician selected by Bank.

(d)Discharge for Cause. Any other provision of this Agreement to the contrary notwithstanding, if Executive’s employment by Bank is terminated as a result of, or in connection with: (i) regulatory suspension or removal of Executive from duty with Bank; (ii) gross and consistent dereliction of duty by Executive; (iii) breach of fiduciary duty involving personal profit by Executive; (iv) willful violation of any banking law or regulation; or (v) conviction of a felony or crime of moral turpitude (any of the foregoing referred to herein as “For Cause”), then Executive shall not be entitled to any supplemental retirement benefits provided for in this Agreement and this Agreement may be terminated by Bank without any liability whatsoever. The obligation of Bank to make any payments contemplated under this Agreement shall be suspended during the pendency of any indictment, information or similar charge regarding a felony or crime of moral turpitude, during any regulatory or other adjudicative proceeding concerning regulatory suspension or removal or, for a reasonable time (not to exceed ninety days), while the board of directors of Bank seeks to determine whether Executive could have been terminated For Cause even though Executive may have previously retired, resigned, become Substantially Disabled or been discharged other than For Cause. If during such period the board of directors determines that the Executive could have been discharged For Cause, this subsection (d) shall be applicable as if the Executive had been discharged For Cause.

(e)Death of Executive. Any provision of this Agreement to the contrary notwithstanding, this Agreement shall automatically terminate upon the death of Executive and neither Executive nor Executive’s estate shall be entitled to any benefits hereunder (or, to the extent that the payment of benefits had already commenced at the time of Executive’s death, neither Executive nor Executive’s estate shall be entitled to any further benefits).

(f)Benefits Mutually Exclusive. Under no circumstances will Executive become  entitled to more than one of the Full Benefit or the Limited Benefit.

3.Intent of Parties. Bank and Executive intend that this Agreement shall primarily provide supplemental retirement benefits to Executive as a member of a select group of management or highly compensated employees of Bank for purposes of the Employee Retirement Income Security Act of 1974, as may be amended (“ERISA”).

4.ERISA Provisions.

(a)The following provisions in this Agreement are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (ERISA).
2

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

(b)The “Named Fiduciary” is Bank.

(c)The general corporate funds of Bank are the basis of payment of benefits under this Agreement.

(d)For claims procedure purposes, the “Claims Manager” shall be the Chief Executive Officer of the Bank or such other person named from time to time by notice to Executive.

(i)If for any reason a claim for benefits under this Agreement is denied by Bank, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, pertinent references to the Agreement section on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his/her claim, all written in a manner calculated to be understood by the claimant for this purpose: 
(1)The claimant’s claim shall be deemed filed when presented orally or in writing to the Claims Manager.
(2)The Claims Manager’s explanation shall be in writing delivered to the claimant within 90 days of the date the claim is filed.

(ii)The claimant shall have 60 days following his/her receipt of the denial of   the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his/her representative may submit pertinent documents and written issues and comments.

(iii)The Claims Manager shall decide the issue on review and furnish the claimant with a copy within 60 days of receipt of the claimant’s request for review of his/her claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such 60 days, the claim shall be deemed denied on review.

(e)The Claims Manager has discretionary authority to determine eligibility for benefits.

5.Funding by Bank.

(a)Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement. Executive shall be and remain an unsecured general creditor of Bank with respect to Bank’s obligations hereunder. Executive shall have no property interest in the Retirement Account or any other rights with respect thereto.

(b)Notwithstanding anything herein to the contrary, Bank has no obligation whatsoever to purchase or maintain an actual life insurance policy with respect to Executive or otherwise. If Bank determines in its sole discretion to purchase a life insurance policy referable to the life of Executive, neither Executive nor Executive’s beneficiary shall have any legal or equitable ownership interest in, or lien on, such policy or any other specific funding or any other investment or to any asset of Bank. Bank, in its sole discretion, may determine the exact nature and method of funding (if any) of the obligations under this 
3

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

Agreement. If Bank elects to fund its obligations under this Agreement, in whole or in part, through the purchase of a life insurance policy, mutual funds, disability policy, annuity, or other security, Bank reserves the right, in its sole discretion, to terminate such method of funding at any time, in whole or in  part.

(c)If Bank, in its sole discretion, elects to invest in a life insurance, disability or annuity policy on the life of Executive, Executive shall assist Bank, from time to time, promptly upon the request of Bank, in obtaining such insurance policy by supplying any information necessary to obtain such policy as well as submitting to any physical examinations required therefor. Bank shall be responsible for the payment of all premiums with respect to any whole life, variable, or universal life insurance, disability or annuity policy purchased in connection witl1 this Agreement unless otherwise expressly agreed.

6.[Intentionally Omitted]

7.Competition with Bank. Anything in this Agreement to the contrary notwithstanding (but  subject to the following proviso), if Executive, directly or indirectly, at any time after the execution of this Agreement, owns, manages, operates, joins, controls or participates in or is employed by or gives consultation or advice to or extends credit to (other than through insured deposits) or otherwise is connected in any manner, directly or indirectly with, any  bank, financial institution, firm, person, sole proprietorship, partnership, corporation, company or other entity (other than the Bank or entities controlled or under common control with the Bank) that provides financial services, including, without limitation, retail or commercial lending services, and has an office in the State of Louisiana, then Bank shall have the option, in its sole and absolute discretion, to terminate Executive’s right to receive any benefits under this Agreement (and, to the extent Executive may already have begun receiving benefits hereunder, terminate Executive’s right to receive any further benefits hereunder); provided, however, that nothing in this Section 7 shall prohibit Executive from owning less than one percent (1%) of the outstanding shares of any company whose common stock is publicly traded. Any termination of benefits by Bank under the Section 7 shall be made by delivering written notice to Executive specifying the reason for such termination and the effective date of such termination.

8.Employment of Executive; Other Agreements. The benefits provided for herein for Executive are supplemental retirement benefits and shall not be deemed to modify, affect or limit any salary or salary increases, bonuses, profit sharing or any other type of compensation of Executive in any manner whatsoever. No provision contained in this Agreement shall in any way affect, restrict or limit any existing employment agreement between Bank and Executive, nor shall any provision or condition contained in this Agreement create specific employment rights of Executive or limit the right of Bank to discharge Executive with or without cause. Except as otherwise provided therein, nothing contained in this Agreement shall affect the right of Executive to participate in or be covered by or under any qualified or non-qualified pension, profit sharing, group, bonus or other supplemental compensation, retirement or fringe benefit plan constituting any part of Bank’s compensation structure whether now or hereinafter existing.

9.Confidentiality. In further consideration of the mutual promises contained herein, Executive agrees that the terms and conditions of this Agreement, except as such may be disclosed in financial statements and tax returns, or in connection with estate planning, are and shall forever remain confidential until the death of Executive and Executive agrees that he/she shall not reveal the terms and conditions contained in this Agreement at any time to any person or entity, other than his/her financial and professional advisors unless required to do so by a court of competent jurisdiction.

10.Leave of Absence. Bank may, in its sole discretion, permit Executive to take a leave of absence for a period not to exceed one year. Any such leave of absence must be approved by the board of directors of Bank and reflected in its minutes. During this time, Executive will still be considered to be in the employ of Bank for purposes of this Agreement.
4

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

11.Withholding. Executive is responsible for payment of all taxes applicable to compensation  and benefits paid or provided to Executive under this Agreement, including federal and state income tax withholding, except Bank shall be responsible for payment of all employment (FICA) taxes due to be paid by Bank pursuant to Internal Revenue Code § 3121(v) and regulations promulgated thereunder (i.e., FICA taxes on the present value of payments hereunder which are no longer subject to vesting). Executive agrees that appropriate amounts for withholding may be deducted from the cash salary, bonus or other payments due to Executive by Bank. If insufficient cash wages are available or if Executive so desires, Executive may remit payment in cash for the withholding amounts.

12.Miscellaneous Provisions.

(a)Counterparts. This Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission of an executed counterpart.

(b)Construction. As used in this Agreement, the neuter gender shall include the masculine and the feminine, the masculine and feminine genders shall be interchangeable among themselves and each with the neuter, the singular numbers shall include the plural, and the plural the singular. The term “person” shall include all persons and entities of every nature whatsoever, including, but not limited to, individuals, corporations, partnerships, governmental entities and associations. The terms “including,” “included,” “such as” and terms of similar import shall not imply the exclusion of other items not specifically enumerated.

(c)Severability. If any provision of this Agreement or the application thereof to any person or circumstance shall be held to be invalid, illegal, unenforceable or inconsistent with any present or future law, ruling, rule or regulation of any court, governmental or regulatory authority having jurisdiction over the subject matter of this Agreement, such provision shall be rescinded or modified in accordance with such law, ruling, rule or regulation and the remainder of this Agreement or the application of such provision to the person or circumstances other than those as to which it is held inconsistent shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

(d)Governing Law. This Agreement is made in the State of Louisiana and shall be governed in all respects and construed in accordance with the laws of the State of Louisiana, without regard to its conflicts of law principles, except to the extent superseded by the Federal laws of the United States.

(e)Binding Effect. This Agreement is binding upon the parties, their respective successors, assigns, heirs and legal representatives. Without limiting the foregoing this Agreement shall be binding upon any successor of Bank whether by merger or acquisition of all or substantially all of the assets or liabilities of Bank. This Agreement may not be assigned by any party without the prior written consent of each other party hereto. This Agreement has been approved by the Board of Directors of Bank and Bank agrees to maintain an executed counterpart of this Agreement in a safe place as an official record of Bank.

(f)No Trust. Nothing contained in this Agreement and no action taken pursuant to the provisions of this Agreement shall create or be construed to create a trust of any kind, or a fiduciary relationship between Bank and Executive, Executive’s designated beneficiary or any other person.

(g)Assignment of Rights. None of the payments provided for by this Agreement shall be subject to seizure for payment of any debts or judgments against Executive or any beneficiary; nor 
5

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

shall Executive or any beneficiary have any right to transfer, modify, anticipate or encumber any rights or benefits hereunder; provided, however, that the undistributed portion of any benefit payable hereunder shall at all times be subject to set-off for debts owed by Executive to Bank.

(h)Entire Agreement. This Agreement (together with its exhibits, which are incorporated herein by reference) constitutes the entire agreement of the parties with respect to the subject matter hereof and all prior or contemporaneous negotiations, agreements and understandings, whether oral or written, are hereby superseded, merged and integrated into this Agreement.

(i)Notice. Any notice to be delivered under this Agreement shall be given in writing and delivered by hand, or by first class, certified or registered mail, postage prepaid, addressed to the Bank or the Executive, as applicable, at the address for such party set forth below or such other address designated by notice.

Red River Bank
1412 Centre Court Drive, Suite 301
Alexandria, LA 71301
Attn: Chief Executive Officer

[Executive information]

(j)Non-waiver. No delay or failure by either party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right.

(k)Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.

(l)Amendment. No amendments or additions to this Agreement shall be binding unless in writing and signed by both parties; provided, however, that Bank shall have the right to unilaterally amend this Agreement to the extent necessary to obtain favorable tax treatment under Section 409A of the Internal Revenue Code of 1986, as amended. No waiver of any provision contained in this Agreement shall be effective unless it is in writing and signed by the party against whom such waiver is asserted.

(m)Seal. The parties hereto intend this Agreement to have the effect of an agreement executed under the seal of each.

6

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

IN WITNESS WHEREOF, the parties hereto have executed, or caused to be executed, this Agreement as of the day and year first above written.

BANK:

RED RIVER BANK

By: /s/ R. Blake Chatelain
Its: President/CEO

EXECUTIVE:

/s/ Executive
Executive

STATE OF LOUISIANA    )

RAPIDES PARISH    )

I, the undersigned, a notary public in and for said parish in said state, hereby certify that R. Blake Chatelain, whose name as President/CEO of Red River Bank, a Louisiana banking corporation, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of said instrument, he/she, as such officer and with full authority, executed the same voluntarily for and as the act of said corporation.

Given under my hand and official seal this 4th day of February, 2005.

/s/ Sheila A. Bardwell________________________________
      Notary Public

    My commission expires: At Death

[NOTARIAL SEAL]

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

STATE OF LOUISIANA    )
RAPIDES PARISH    )
I, the undersigned, a notary public in and for said parish in said state, hereby certify that [Executive], whose name is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of said instrument, he/she executed the same voluntarily on the day the same bears date.

Given under my hand and official seal this 4th day of February, 2005.

/s/ Sheila A. Bardwell________________________________
    Notary Public

    My commission expires: At Death

[NOTARIAL SEAL]

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

Exhibit A

Vesting Schedule – Isabel Carriere

“Full Benefit” = $74,250

“Full Benefits Date” = May 13, 2031

						
	Year	Limited Benefit
	October 1, 2004 to September 30, 2005	2,688
	October 1, 2005 to September 30, 2006	5,376
	October 1, 2006 to September 30, 2007	8,063
	October 1, 2007 to September 30, 2008	10,751
	October 1, 2008 to September 30, 2009	13,439
	October 1, 2009 to September 30, 2010	16,127
	October 1, 2010 to September 30, 2011	18,814
	October 1, 2011 to September 30, 2012	21,502
	October 1, 2012 to September 30, 2013	24,190
	October 1, 2013 to September 30, 2014	26,878
	October 1, 2014 to September 30, 2015	29,566
	October 1, 2015 to September 30, 2016	32,253
	October 1, 2016 to September 30, 2017	34,941
	October 1, 2017 to September 30, 2018	37,629
	October 1, 2018 to September 30, 2019	40,317
	October 1, 2019 to September 30, 2020	43,005

	October 1, 2020 to September 30, 2021	45,692
	October 1, 2021 to September 30, 2022	48,380
	October 1, 2022 to September 30, 2023	51,068
	October 1, 2023 to September 30, 2024	53,756
	October 1, 2024 to September 30, 2025	56,443
	October 1, 2025 to September 30, 2026	59,131
	October 1, 2026 to September 30, 2027	61,819
	October 1, 2027 to September 30, 2028	64,507
	October 1, 2028 to September 30, 2029	67,195
	October 1, 2029 to September 30, 2030	69,882
	October 1, 2030 to May 12, 2031	72,570

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

Exhibit A

Vesting Schedule – Andrew Cutrer
“Full Benefit” = $38,100

“Full Benefits Date” = October 19, 2038

						
	Year	Limited Benefit
	October 1, 2004 to September 30, 2005	1,119
	October 1, 2005 to September 30, 2006	2,238
	October 1, 2006 to September 30, 2007	3,358
	October 1, 2007 to September 30, 2008	4,477
	October 1, 2008 to September 30, 2009	5,596
	October 1, 2009 to September 30, 2010	6,715
	October 1, 2010 to September 30, 2011	7,835
	October 1, 2011 to September 30, 2012	8,954
	October 1, 2012 to September 30, 2013	10,073
	October 1, 2013 to September 30, 2014	11,192
	October 1, 2014 to September 30, 2015	12,311
	October 1, 2015 to September 30, 2016	13,431
	October 1, 2016 to September 30, 2017	14,550
	October 1, 2017 to September 30, 2018	15,669
	October 1, 2018 to September 30, 2019	16,788
	October 1, 2019 to September 30, 2020	17,907
	October 1, 2020 to September 30, 2021	19,027
	October 1, 2021 to September 30, 2022	20,146
	October 1, 2022 to September 30, 2023	21,265
	October 1, 2023 to September 30, 2024	22,384
	October 1, 2024 to September 30, 2025	23,504
	October 1, 2025 to September 30, 2026	24,623
	October 1, 2026 to September 30, 2027	25,742
	October 1, 2027 to September 30, 2028	26,861
	October 1, 2028 to September 30, 2029	27,980
	October 1, 2029 to September 30, 2030	29,100
	October 1, 2030 to September 30, 2031	30,219
	October 1, 2031 to September 30, 2032	31,338
	October 1, 2032 to September 30, 2033	32,457
	October 1, 2033 to September 30, 2034	33,576
	October 1, 2034 to September 30, 2035	34,696
	October 1, 2035 to September 30, 2036	35,815
	October 1, 2036 to September 30, 2037	36,934
	October 1, 2037 to October 18, 2038	38,053

Exhibit 10.3
Composite Form of Supplemental Executive Retirement Benefits
Agreement for Mses. Carriere and Triche and Mr. Cutrer

Exhibit A

Vesting Schedule – Debbie Triche

“Full Benefit” = $56,700

“Full Benefits Date” = April 14, 2035

						
	Year	Limited Benefit
	October 1, 2004 to September 30, 2005	1,798
	October 1, 2005 to September 30, 2006	3,595
	October 1, 2006 to September 30, 2007	5,393
	October 1, 2007 to September 30, 2008	7,190
	October 1, 2008 to September 30, 2009	8,988
	October 1, 2009 to September 30, 2010	10,786
	October 1, 2010 to September 30, 2011	12,583
	October 1, 2011 to September 30, 2012	14,381
	October 1, 2012 to September 30, 2013	16,179
	October 1, 2013 to September 30, 2014	17,976
	October 1, 2014 to September 30, 2015	19,774
	October 1, 2015 to September 30, 2016	21,571
	October 1, 2016 to September 30, 2017	23,369
	October 1, 2017 to September 30, 2018	25,167
	October 1, 2018 to September 30, 2019	26,964
	October 1, 2019 to September 30, 2020	28,762
	October 1, 2020 to September 30, 2021	30,560
	October 1, 2021 to September 30, 2022	32,357
	October 1, 2022 to September 30, 2023	34,155
	October 1, 2023 to September 30, 2024	35,952
	October 1, 2024 to September 30, 2025	37,750
	October 1, 2025 to September 30, 2026	39,548
	October 1, 2026 to September 30, 2027	41,345
	October 1, 2027 to September 30, 2028	43,143
	October 1, 2028 to September 30, 2029	44,941
	October 1, 2029 to September 30, 2030	46,738
	October 1, 2030 to September 30, 2031	48,536
	October 1, 2031 to September 30, 2032	50,333
	October 1, 2032 to September 30, 2033	52,131
	October 1, 2033 to September 30, 2034	53,929
	October 1, 2034 to April 13, 2035	55,726

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