Document:

Warrant

 Exhibit 10.13 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS, AND ARE RESTRICTED
SECURITIES AS THAT TERM IS DEFINED UNDER RULE 144 PROMULGATED UNDER THE ACT. THESE SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED, DISTRIBUTED OR OTHERWISE DISPOSED OF IN ANY MANNER UNLESS THEY ARE REGISTERED UNDER THE ACT AND ANY
APPLICABLE SECURITIES LAWS, OR UNLESS THE REQUEST FOR TRANSFER IS ACCOMPANIED BY AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH DISPOSITION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 
 THE REGISTERED HOLDER OF THIS WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN
THIS WARRANT, EXCEPT AS HEREIN PROVIDED. 
 VOID AFTER 5:00 P.M. EASTERN TIME, NOVEMBER 30, 2017 

WARRANT 

TO PURCHASE SHARES OF COMMON STOCK OF 
 AVANTAIR, INC. 
 1. Warrant. 

THIS CERTIFIES THAT, for good and valuable consideration, duly paid by or on behalf of EarlyBirdCapital, Inc.
(“Holder”), as registered owner of this Warrant, to Avantair, Inc. (“Company”), Holder is entitled, subject to the provisions of Section 2 hereof, at any time or from time to time at or before 5:00 p.m.,
Eastern Time on November 30, 2017 (“Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 250,000 shares of the Company’s common stock, par value $0.0001 per share
(“Common Stock”). If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms
herein. This Warrant is initially exercisable at $0.50 per share of Common Stock purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 and Section 10 hereof, the rights granted by this Warrant,
including the exercise price and the number of shares of Common Stock to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted
exercise price, depending on the context, of a share of Common Stock. The term “Securities” shall mean the shares of Common Stock issuable upon exercise of this Warrant. The Securities issuable upon exercise of this Warrant are not
subject to any obligation of the Company to be registered for resale under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration statement. 

 2. Exercise. 
 2.1 Exercise. In order to exercise this Warrant, the notice of exercise form attached hereto as Exhibit A must be duly executed, completed and delivered to the Company with this Warrant to
its principal office and payment of the Exercise Price for the securities being purchased in cash by wire transfer as indicated by the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern
time, on the Expiration Date, this Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. Upon valid exercise of this Warrant (and delivery of any required payment in immediately
available funds), the Company shall cause to be delivered to the Holder, as soon as practicable, certificates evidencing the shares of Common Stock issuable upon such exercise. In the event such exercise would result in a fractional share being
delivered to the Holder, such fractional share shall be rounded down to the nearest whole share. The Company shall provide ten (10) days’ prior written notice of any liquidation, winding up or dissolution of the Company or a Liquidation
(as defined in the Company’s Certificate of Incorporation, as amended) of the Company (each, a “Liquidation Event”) to the Holder, so that the Holder shall have a reasonable opportunity to exercise the Warrant prior to the
Liquidation Event in accordance with this Section 2.1. 
 2.2 Issue Tax. The issuance of certificates for the shares
of Common Stock underlying this warrant upon the exercise of this Warrant shall be made without charge to the Holder for any issue tax in respect thereof. 
 2.3 Legend. Each certificate for Securities purchased under this Warrant shall bear a legend as follows, unless such Securities have been registered under the Securities Act. 

“THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.” 
 3. Transfer. 

3.1 General Restrictions. The registered Holder of this Warrant, by his acceptance hereof, agrees that he will not sell, transfer
or assign or hypothecate this Warrant to anyone other than an Affiliate of the Holder in compliance with, or pursuant to an exemption from, applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company
the assignment form attached hereto as Exhibit B duly executed and completed, together with this Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company

  
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shall immediately transfer this Warrant on the books of the Company and shall execute and deliver a new Warrant or Warrants of like tenor to the appropriate assignee(s) expressly evidencing the
right to purchase the aggregate number of shares of Common Stock purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 
 For purposes of this Section 3.1, an “Affiliate” of any Person means any other Person which, directly or indirectly, is in Control of, is Controlled by, or is under common Control
with such Person. When used with respect to any Person, “Control” means the power, directly or indirectly, to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or
otherwise, and the term “Controlled” has a meaning correlative to the foregoing. A “Person” is an individual or a corporation, association, partnership, limited liability company, joint venture, organization, firm,
business, trust, or any other entity or unincorporated organization, domestic or foreign, including a municipality, county, state, body politic or other government (including any federal or foreign government), dependency or colony, or any
subdivision or agency thereof. For purposes of this Section 3.1, an “Affiliate” shall also include (i), in the case of a trust, a trustor, settlor or beneficiary thereof, (ii), in the case of a partnership or limited liability
company, a partner or member thereof, and (iii), in the case of an individual, a spouse or descendant thereof, a trust for the benefit of any such Persons, a partnership or limited liability company comprised of any such Persons, and an executor or
administrator for any such Persons or their estates. 
 3.2 Restrictions Imposed by the Securities Act. This Warrant and
the Securities underlying this Warrant shall not be transferred unless and until either (i) the Company has received the opinion of counsel for the Holder that such securities may be sold pursuant to an exemption from registration under the
Securities Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, or (ii) a registration statement relating to such securities has been filed by the Company and declared
effective by the Securities and Exchange Commission. 
 4. New Warrants to be Issued. 

4.1 Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Warrant for cancellation, together with the duly executed exercise or assignment form and funds (or conversion equivalent) sufficient to pay
any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Warrant of like tenor to this Warrant in the name of the Holder evidencing the right of the Holder to purchase the aggregate number of
shares of Common Stock and Warrants purchasable hereunder as to which this Warrant has not been exercised or assigned. 
 4.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant and of reasonably satisfactory indemnification, the Company shall execute and deliver a new Warrant of
like tenor and date. Any such new Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 

  
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 5. Reserved. 
 6. Adjustments 
 6.1 Adjustments to Exercise Price and Number of
Securities. The Exercise Price and the number of shares of Common Stock underlying this Warrant shall be subject to adjustment from time to time as hereinafter set forth: 
 6.1.1 Stock Dividends - Recapitalization, Reclassification, Split-Ups. If, after the date hereof, and subject to the provisions of Section 6.2 below, the number of outstanding shares of Common
Stock is increased by a stock dividend on the Common Stock payable in shares of Common Stock or by a split-up, recapitalization or reclassification of shares of Common Stock or other similar event, then, at the close of business on the effective
date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be increased in proportion to such increase in outstanding shares. 
 6.1.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.2, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination or reclassification of shares of Common Stock or other similar event, then, upon the effective date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be decreased in proportion to such decrease in
outstanding shares. 
 6.1.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable
upon the exercise of this Warrant is adjusted, as provided in this Section 6.1, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of this Warrant immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable
immediately thereafter. 
 6.1.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or which solely affects the par value of such shares of Common Stock, or in the case of any merger or consolidation of the
Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in
the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Warrant shall have the right
thereafter (until the expiration of the right of exercise of this Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or other transfer, by a Holder of the number of shares of Common Stock of the
Company obtainable upon exercise of this Warrant immediately prior to such event; and if any reclassification also results in a 

  
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change in shares of Common Stock covered by Sections 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2, 6.1.3 and this Section 6.1.4. The provisions of
this Section 6.1.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 6.1.5 Changes in Form of Warrant. This form of Warrant need not be changed because of any change pursuant to this Section, and Warrants issued after such change may state the same Exercise Price
and the same number of shares of Common Stock and Warrants as are stated in the Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Warrants reflecting a required or permissive change shall not
be deemed to waive any rights to a prior adjustment or the computation thereof. 
 6.2 Fractional Interest. The Company
shall not be required to issue fractional shares of Common Stock upon the exercise of this Warrant. If any fractional share of Common Stock would, except for the provisions of the first sentence of this Section 6.2, be deliverable upon such
exercise, the Company, in lieu of delivering such fractional share, shall pay to the exercising Holder an amount in cash equal to the Market Price of such fractional share of Common Stock on the date of exercise. “Market Price” as
of a particular date shall mean the following: (a) if the Common Stock is then listed on a national stock exchange, the closing sale price of one share of Common Stock on such exchange on the last trading day prior to the Valuation Date;
(b) if the Common Stock is then quoted on the OTC Bulletin Board or such similar quotation system or association, the closing sale price of one share of Common Stock on the OTC Bulletin Board or such other quotation system or association on the
last trading day prior to the Valuation Date or, if no such closing sale price is available, the average of the high bid and the low asked price quoted thereon on the last trading day prior to the Valuation Date; or (c) if the Common Stock is
not then listed on a national stock exchange or quoted on the OTC Bulletin Board or such other quotation system or association, the fair market value of one share of Common Stock as of the Valuation Date, as determined in good faith by the Board of
Directors of the Company and the Warrantholder. 
 7. Reservation and Listing. The Company hereby represents and warrants that there may
not be reserved out of the authorized and unissued shares of Common Stock, sufficient shares to provide for the exercise of the rights of purchase represented by this Warrant. UNLESS AND UNTIL SUFFICIENT SHARES OF COMMON STOCK ARE AUTHORIZED FOR
THE EXERCISE OF THIS WARRANT, THIS WARRANT SHALL NOT BE EXERCISABLE. The Company shall use best efforts to obtain stockholder approval to increase the number of authorized shares of Common Stock so that a sufficient number of shares of Common
Stock shall be reserved so that all Securities issued upon due exercise of this Warrant shall be, at the time of delivery of the certificates for such Securities, duly authorized, validly issued, fully paid and non-assessable shares of Common Stock
of the Company. The Company covenants and agrees that, upon exercise of the Warrants and payment of the Exercise Price therefor, all shares of Common Stock and other securities issued upon such exercise shall be duly and validly issued, fully paid
and non-assessable and not subject to preemptive rights of any shareholder. As long as the Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all shares of Common Stock issuable upon exercise of the
Warrants to be listed (subject to official notice of issuance) or quoted on the OTC Bulletin Board or such other market on which the Common Stock is then listed and/or quoted. 

  
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 8. Certain Notice Requirements. 

8.1 Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or
consent or as having any rights whatsoever as a shareholder of the Company. 
 8.2 Notice of Change in Exercise Price.
The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 or Section 10 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s President and Chief Financial Officer. 

8.3 Transmittal of Notices. All notices, requests, consents and other communications under this Warrant shall be in writing and
shall be deemed to have been duly made on the date of delivery if delivered personally or sent by overnight courier, with acknowledgment of receipt by the party to which notice is given, or on the fifth day after mailing if mailed to the party to
whom notice is to be given, postage prepaid and properly addressed as follows: (i) if to the registered Holder of this Warrant, to the address of such Holder as shown on the books of the Company on the date of the communication, or (ii) if
to the Company, to its principal executive office on the date of the communication. 
 9. Miscellaneous. 

9.1 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit
or affect the meaning or interpretation of any of the terms or provisions of this Warrant. 
 9.2 Entire Agreement. This
Warrant, together with that certain Note and Warrant Purchase Agreement dated as of November 28, 2012 by and among the Company and Holders, as the same may be amended and/or restated from time to time (the “Note and Warrant Purchase
Agreement”), constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof, and this Warrant shall be subject to Sections 5.2, 6.1, 6.3, 6.8 and 6.11 of the Note and Warrant Purchase Agreement. 

9.3 Binding Effect. This Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Warrant or any provisions herein
contained. 
 9.4 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of
this Warrant shall be determined in accordance with the provisions of the Note and Warrant Purchase Agreement. 

  
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 9.5 Waiver, Etc. The failure of the Company or the Holder to at any time enforce any
of the provisions of this Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce
each and every provision of this Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom
or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 

9.6 Amendments, Modifications and Waivers. Provisions of this Warrant may be amended, modified or waived only in accordance with
Section 6.8 of the Note and Warrant Purchase Agreement. 
 10. Anti Dilution Rights. 

(a) Adjustments to Exercise Price for Diluting Issues. 

(i) Special Definitions. For purposes of this Section 10(a), the following definitions shall apply:

 (A) “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise
acquire either Common Stock or Convertible Securities. 
 (B) “Convertible Securities” shall
mean any evidences of indebtedness, shares, or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 
 (C) “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Section 10(a)(ii), deemed to be issued) by the Company after the date hereof,
other than the following (collectively, “Excluded Shares”): 
 (1) shares of Common Stock
issued or issuable to officers, employees or directors of, or consultants to, the Company pursuant to a stock purchase or option plan or other compensatory stock arrangements approved by the Board of Directors of the Company; 

(2) grants or issuances of Common Stock, Options or Convertible Securities to lenders, equipment lessors or other
financing sources in connection with providing the Company with financing and the shares of Common Stock issued or issuable upon conversion of any such Convertible Securities or exercise of any Options; 

(3) shares of Common Stock issued or issuable upon conversion of any Convertible Securities or exercise of any Options in
each case outstanding on the date hereof, on the terms existing on the date hereof; 

  
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 (4) shares of Common Stock issued solely in consideration for the
acquisition (by merger or otherwise) of assets of, or equity interests in, another entity; 
 (5) any other
shares of Common Stock, which shares are expressly determined to be Excluded Shares by the Holder; 
 (6) any
shares of Common Stock and warrants issued pursuant to the Restricted Stock Agreement by and between the Company and affiliates of Lorne Weil dated as of September 28, 2012, as amended from time to time including without limitation Amendment
No. 1 thereto, and any shares of Common Stock issuable upon exercise of such warrants; 
 (7) the Amended
and Restated Warrant dated as of September 28, 2012 issued to Lorne Weil, as amended from time to time including without limitation Amendment No. 1 to Amended and Restated Warrant (as so amended, the “LW Warrant”), and any
shares of Common Stock issuable upon exercise of the LW Warrant; 
 (8) any Notes and Warrants issued under the
Note and Warrant Purchase Agreement or shares of Common Stock issuable upon conversion or exercise thereof and any convertible notes having a conversion price that is greater than or equal to the Conversion Price (as defined in the Notes (as defined
in the Note and Warrant Purchase Agreement)), the shares of Common Stock issuable upon conversion of such convertible notes, any warrants having an exercise price that is greater than or equal to the Exercise Price, and the shares of Common Stock
issuable upon exercise of such warrants; 
 (9) shares of Common Stock issued or issuable by reason of a
dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by Section 6; and 
 (10) grants or issuances of Common Stock, Options or Convertible Securities to suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions
approved by the Board of Directors of the Company. 

  
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 (ii) Issue of Securities Deemed Issue of Additional Shares of Common
Stock. 
 (A) Options and Convertible Securities. If the Company at any time or from time to time
after the date hereof shall issue any Options or Convertible Securities (excluding any Options or Convertible Securities which are Excluded Shares) or shall fix a record date for the determination of holders of any class of securities entitled to
receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto without regard to any provisions contained therein for a subsequent adjustment of such number)
issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of
such issuance or, in case such a record date shall have been fixed, as of the close of business on such record date; provided, however, that Additional Shares of Common Stock shall not be deemed to have been issued unless the
consideration per share (determined pursuant to Section 10(a)(iv) hereof) of such Additional Shares of Common Stock would be less than 75% of the applicable Exercise Price in effect on the date of and immediately prior to such issuance (the
“Anti-dilution Threshold”), or such record date, as the case may be; provided, further, that in any such case in which Additional Shares of Common Stock are deemed to be issued: 

(1) no further adjustment in the applicable Exercise Price shall be made upon the subsequent issuance of Convertible
Securities or shares of Common Stock upon the exercise of such Options or conversion or exchange of such Convertible Securities; 
 (2) if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase or decrease in the consideration payable to the Company, or any increase or
decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange thereof, the applicable Exercise Price computed upon the original issuance thereof (or upon the occurrence of a record date with respect thereto),
and any subsequent adjustments based thereon, shall, upon any such increase or decrease becoming effective, be recomputed to reflect such increase or decrease insofar as it affects such Options or the rights of conversion or exchange under such
Convertible Securities; 
 (3) upon the expiration of any such Options or any rights of conversion or exchange
under such Convertible Securities which shall not have been exercised, the applicable Exercise Price computed upon the original issuance thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments based
thereon, shall, upon such expiration, be recomputed as if: 
 (I) In the case of Convertible Securities
convertible into or exchange for, or Options to purchase, Common Stock, the only Additional Shares of Common Stock issued were the shares of 

  
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Common Stock, if any, actually issued upon the exercise of such Options or the conversion or exchange of such Convertible Securities and the consideration received therefor was the consideration
actually received by the Company for the issuance of all such Options, whether or not exercised, plus the consideration actually received by the Company upon such exercise, or for the issuance of all such Convertible Securities which were actually
converted or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange; and 
 (II) In the case of Options for Convertible Securities only the Convertible Securities, if any, actually issued upon the exercise thereof that were issued at the time of issuance of such Options, and the
consideration received by the Company for the Additional Shares of Common Stock deemed to have been then issued was the consideration actually received by the Company for the issuance of all such Options, whether or not exercised, plus the
consideration deemed to have been received by the Company (determined pursuant to Section 10(a)(iv) upon the issuance of the Convertible Securities with respect to which such Options were actually exercised); 

(4) no readjustment pursuant to clause (2) or (3) above shall have the effect of increasing the applicable
Exercise Price to an amount which exceeds the lower of (I) the applicable Exercise Price on the original adjustment date or (II) the applicable Exercise Price that would have resulted from any issuance of Additional Shares of Common Stock
between the original adjustment date and such readjustment date; 
 (5) in the case of any Options which expire
by their terms not more than thirty (30) days after the date of issuance thereof, no adjustment of the applicable Exercise Price shall be made until the expiration or exercise of all such Options, whereupon such adjustment shall be made in the
same manner provided in clause (3) above; and 
 (6) if such record date shall have been fixed and such
Options or Convertible Securities are not issued on the date fixed therefor, the adjustment previously made in the applicable Exercise Price which became effective on such record date shall be canceled as of the close of business on such record
date, and thereafter the applicable Exercise Price shall be adjusted pursuant to this Section 10(a) as of the actual date of their issuance. 

  
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 (iii) Adjustment of Exercise Price Upon Issuance of Additional Shares of
Common Stock. 
 (A) If the Company shall issue Additional Shares of Common Stock (including, without
limitation, Additional Shares of Common Stock deemed to be issued pursuant to Section 10(a)(ii) but excluding Additional Shares of Common Stock deemed to be issued pursuant to Section 10(a)(iii)(B)(I)), without consideration or for a
consideration per share less than the applicable Anti-dilution Threshold in effect on the date of and immediately prior to such issuance, then and in such event, such applicable Exercise Price shall be reduced, concurrently with such issuance, to a
price (calculated to the nearest cent) determined by multiplying such applicable Exercise Price by a fraction which is equal to (I) the sum of (a) the number of shares of Common Stock outstanding immediately prior to such issue plus
(b) the number of shares of Common Stock which the aggregate consideration received or deemed to have been received by the Company for the total number of Additional Shares of Common Stock so issued would purchase at such applicable
Anti-dilution Threshold divided by (II) the sum of (x) number of shares of Common Stock outstanding immediately prior to such issuance plus (y) the number of Additional Shares of Common Stock so issued or deemed to be issued. 

(B) For the purposes of Section 10(a)(iii) hereof, (I) all shares of Common Stock issuable upon conversion of
the Company’s preferred stock (“Convertible Preferred Stock”) and upon exercise of Options or conversion or exchange of Convertible Securities which are part of the Excluded Shares, outstanding immediately prior to any issuance
of Additional Shares of Common Stock, or any event with respect to which Additional Shares of Common Stock shall be deemed to be issued, shall be deemed to be outstanding; and (II) immediately after any Additional Shares of Common Stock are deemed
issued pursuant to Section 10(a)(ii), such Additional Shares of Common Stock shall be deemed to be outstanding. 
 (C) Notwithstanding anything to the contrary contained herein, the applicable Exercise Price in effect at the time Additional Shares of Common Stock are issued or deemed to be issued shall not be reduced
pursuant to Section 10(a)(iii) hereof at such time if the amount of such reduction would be an amount less than $0.01, but any such amount shall be carried forward and reduction with respect thereto made at the time of and together with any
subsequent reduction which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or more. 
 (iv) Determination of Consideration. For purposes of this Section 10(a), the consideration received by the Company for the issuance of any Additional Shares of Common Stock shall be computed
as follows: 
 (A) Cash and Property. Such consideration shall: 

(1) insofar as it consists of cash, be computed at the aggregate amounts of cash received by the Company excluding
amounts paid or payable for accrued interest or accrued dividends; 

  
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 (2) insofar as it consists of property other than cash, be computed at the
fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and 

(3) if Additional Shares of Common Stock are issued together with other shares or securities or other assets of the
Company for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (1) and (2) above, as determined in good faith by the Board of Directors. 

(B) Options and Convertible Securities. The consideration per share received by the Company for Additional Shares
of Common Stock deemed to have been issued pursuant to Section 10(a)(ii), relating to Options and Convertible Securities, shall be determined by dividing (1) the total amount, if any, received or receivable by the Company as consideration
for the issuance of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent
adjustment of such consideration) payable to the Company upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for
Convertible Securities and the conversion or exchange of such Convertible Securities, by (2) the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a
subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities. 
 (v) No Adjustment of Exercise Price. No adjustment shall be made to the applicable Exercise Price pursuant to this Section 10 if prior to such issuance, the Company receives written notice
from the Holder agreeing that no such adjustment shall be made as the result of the issuance of such Additional Shares of Common Stock. 
 (vi) Changes to Exercise Price. Upon any adjustment to the Exercise Price pursuant to Section 6.1 hereof, any previous anti-dilution adjustments made pursuant to this Section 10 shall be
reflected in the new Exercise Price in the manner set forth in Section 6.1. 
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Blank] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer as of the 30th day of November, 2012. 
  

			
	AVANTAIR INC.
		
	By:	 	 /s/ Stephen M. Wagman

	Name:	 	Stephen M. Wagman
	Title:	 	President

  
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 EXHIBIT A 
 NOTICE OF EXERCISE 
 TO:
                     

(1) The undersigned hereby elects to purchase
                 Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise
price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of lawful money of the
United States. 
 (3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned
or in such other name as is specified below: 
  

 
 The Warrant Shares shall be
delivered to the following DWAC Account Number or by physical delivery of a certificate to: 
  

 
  

 
  

 
 (4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 
 [SIGNATURE OF HOLDER] 
  

			
	Name of Investing Entity:	 	  

			
	Signature of Authorized Signatory of Investing Entity:	 	  

			
	Name of Authorized Signatory:	 	  

			
	Title of Authorized Signatory:	 	  

			
	Date:	 	  

 EXHIBIT B 
 ASSIGNMENT FORM 
 (To assign the foregoing Warrant, execute 

this form and supply required information. 
 Do not use this form to exercise the Warrant.) 
 FOR VALUE RECEIVED,
[                    ] all of or [                ] shares of the
foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

			
	  
	 	whose address is

			
		
	  
	 	.

  

							
	Dated:	 	  
	 	,	 	  

 

							
		 	Holder’s Signature:	 	  
	  	
				
		 	Holder’s Address:	 	  
	  	
				
		 		 	  
	  	

  

			
	Signature Guaranteed:	 	  

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant. 

  
 15EX-10.1

 Exhibit 10.1 

 

			
		  	 COMPOSITE FORM OF CHANGE IN
 CONTROL AGREEMENT FOR MESSRS.
 CHANEY, HAIRSTON,
ACHARY &
 LOPER

 CHANGE IN CONTROL EMPLOYMENT AGREEMENT 

THIS AGREEMENT is made as of the          day of
            , 20        , by and between HANCOCK HOLDING COMPANY, a corporation organized and existing under the laws of the State of
Mississippi (“HHC”) and                 (“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Executive is employed by HHC or
one of its Subsidiaries (HHC and its Subsidiaries are herein referred to, collectively, as the “Company”) in a top executive or key management position having significant authority and responsibility and has made and is expected to make
significant contributions to the profitability, growth and financial strength of the Company; and 
 WHEREAS, HHC, on
behalf of itself, its shareholders and its Subsidiaries, wishes to attract and retain well-qualified executives and key personnel and to assure itself of the continuity of its management; and 

WHEREAS, HHC recognizes that Executive is a valuable resource and, in the event of a Change in Control (as hereinafter defined) of
HHC, HHC desires to assure itself of Executive’s employment, continued loyalty and services or, in the event Executive is terminated or Executive’s position with the Company is adversely affected as a result thereof, to assure Executive of
adequate severance; and 
 WHEREAS, in the event of a Change in Control of HHC, HHC desires to assure, as much as
possible, that its management team remains intact for a period of time after the Change in Control in order to assure a smooth transition and to increase the value of its franchise to its shareholders; and 

WHEREAS, HHC and Executive are parties to that certain amended and restated Change of Control Employment Agreement, dated
effective        , 20        , (the “Prior Change in Control Agreement”); and 
 WHEREAS, HHC and Executive entered into the Prior Change in Control Agreement to insure that Executive is not practically disabled from discharging his duties upon a Change in Control (as defined
hereinafter); and 
 WHEREAS, the terms of the Prior Change in Control Agreement are superseded by this Agreement.

  
 HHC:
                             
 Executive:                              

 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Term and Operation of Agreement. 

 (a) This Agreement shall be effective and binding as of the date of its execution as first noted above (the “Effective Date”) and this Agreement shall continue in effect until December 31,
2015 (the “Term”). Thereafter, this Agreement will automatically renew on January 1st of each year for successive one-year terms unless not later than October 31st preceding the upcoming renewal date, either HHC or Executive gives the other written notice terminating this Agreement
at the end of the current term. Notwithstanding the preceding, this Agreement shall earlier terminate, automatically, upon Executive’s termination of employment with the Company prior to the end of the Term of this Agreement or any renewal
thereof. In such event, all obligations of either party under this Agreement shall terminate except as otherwise specifically provided herein. 
 (b) Although this Agreement shall become effective and binding as of the Effective Date noted in Section 1(a) above, this Agreement shall not be effective and binding as an Employment Agreement and
the provisions of Sections 2, 3, and 4 of this Agreement shall not be operative unless and until there shall have occurred a Change in Control (as hereinafter defined) during the Term as defined in Section 1(a) or any renewal thereof.

 (c) HHC and Executive acknowledge and agree that Executive’s employment by the Company is at will and that Executive may
resign from employment with the Company at any time, whether before or after this Agreement becomes effective as an Employment Agreement and whether before or after the occurrence of a Change in Control. Executive further acknowledges and agrees
that Executive’s employment is at the pleasure of the Board of Directors (or, to the extent so delegated by such Board of Directors, the Chief Executive Officer) of HHC or the Subsidiary by which Executive is employed and that Executive may be
removed at any time by such Board of Directors (or, to the extent so delegated by such Board of Directors, the Chief Executive Officer). 
  

	2.	Employment. 

 Upon
the occurrence of a Change in Control of HHC, and subject to the terms and conditions of this Agreement, HHC hereby agrees to continue Executive in the employ of the Company, and Executive hereby agrees to remain in the employ of the Company, for
the Employment Period (as hereinafter defined) provided Executive is employed by HHC or a Subsidiary thereof on the day immediately preceding the Closing Date (as hereinafter defined) with respect to the Change in Control. It is hereby acknowledged
and agreed between the parties that, as provided in Section 1(c) above, this Agreement shall not operate to ensure employment, and further, as provided in Section 1(b) above, this Agreement shall not constitute an 

 
 HHC:
                             
 Executive:                              

  
 - 2 -

 
employment agreement unless and until a Change in Control, as defined herein, occurs, and, in the event of a Change in Control, shall operate as an employment agreement only for the Employment
Period. 
  

	3.	Position and Duties. 

 (a) During the Employment Period, Executive shall hold such position and exercise such authority and perform such duties as are commensurate with the position held and authority being exercised and duties
being performed by Executive immediately prior to the Closing Date. Such services shall be performed at the location where Executive was employed immediately prior to the Closing Date or at such other location as HHC or the Subsidiary by which
Executive is employed may reasonably require within a thirty-five (35) mile radius of such location, unless Executive agrees to employment at another location. The position, authority and duties of Executive shall not be deemed to be
commensurate with Executive’s previous position, authority or duties unless, after such Change in Control and throughout the Employment Period, Executive’s position, authority and duties are at least commensurate in all material respects
with those held and exercised by and assigned to Executive by HHC or the Subsidiary by which Executive was employed immediately prior to the Closing Date. 
 (b) Excluding periods of vacation and sick leave to which Executive shall be entitled on the same terms and conditions as other executives and key employees in commensurate positions and with commensurate
duties, Executive agrees that, during the Employment Period, Executive shall devote his or her full business time and attention to Executive’s responsibilities as described herein and shall perform such duties and responsibilities faithfully
and efficiently. Notwithstanding the foregoing, Executive may engage in such outside professional, civic, charitable and personal activities as are permitted by HHC’s policies and which do not materially interfere with the performance of
Executive’s duties and responsibilities under this Agreement. 
  

	4.	Compensation and Benefits During Employment Period. 

 During the Employment Period, Executive shall receive the following compensation and benefits: 
 (a) An annual base salary which is not less than his or her annual base salary immediately prior to the Closing Date. During the Employment Period, Executive’s annual base salary shall be reviewed at
least annually and shall be increased from time to time consistent with increases in annual base salary awarded in the ordinary course of business to other executives and key employees of the Company. Any increase in annual base salary shall not
limit or reduce any other obligation to Executive under this Agreement. Executive’s annual base salary shall not be reduced during the Employment Period without Executive’s consent. 

(b) An Employment Period Bonus (as hereinafter defined). The Employment Period Bonus shall be payable within sixty (60) days after
the end of each fiscal year. 
  
 HHC:
                             
 Executive:                              

  
 - 3 -

 (c) Notwithstanding anything in Section 4(b) above to the contrary, however, Executive
shall not be entitled to an Employment Period Bonus with respect to any year for which no bonuses have been or will be paid to any officer eligible to receive a bonus from the Company. It is expressly understood and agreed by the parties hereto that
any bonus, regardless of when paid, that is paid to any officer of the Company that relates to a year to which an Employment Period Bonus is otherwise required to be paid, shall require the payment of an Employment Period Bonus to Executive.

 (d) Executive shall be eligible to participate in and to continue existing participation in any and all incentive (cash and/or
non-cash) compensation plans of the Company on the same terms and conditions as other executives and key employees of the Company. 
 (e) Executive shall be entitled to participate in salaried employee benefit plans of the Company and receive perquisites on the same terms and conditions as other executives and key employees of the
Company. 
 (f) Executive shall be entitled to continue to participate in and accrue credited service for retirement benefits and
receive retirement benefits under and pursuant to the terms of any qualified retirement plan of the Company or supplemental executive retirement plan of the Company in effect on the Closing Date, and/or to participate in any successor plan or other
qualified retirement plan or supplemental executive retirement plan adopted after the Closing Date, on the same terms and conditions as other executives and key employees. 

 

	5.	Severance Benefits. 

(a) If, at any time on or after the Closing Date of a Change in Control and prior to the expiration of the Employment Period, Executive is
involuntarily terminated, other than for Cause; terminates service with the Company as a result of Executive’s Disability; or resigns his or her position for Good Reason, HHC or the Subsidiary by which Executive is employed shall pay Executive
the following benefits: 
 (i) A lump-sum severance amount equal to
[            ]1 times Executive’s Base Compensation and Average Annual Bonus. Said payment shall be in addition to his accrued, but unpaid annual salary and benefits through the date of termination. Said severance
amount shall be paid in a lump-sum, subject to Section 5(d), within 90 days following Executive’s termination. 
 (ii) As an additional severance benefit, HHC will provide Executive with
[            ]2 months, beginning with the month immediately following the month in 
  

	1 	Three (3) for Messrs. Chaney and Hairston; Two (2) for Messrs. Achary and Loper 

	2 	36 for Messrs. Chaney and Hairston; 24 for Messrs. Achary and Loper 

 
 HHC:
                             
 Executive:                              

  
 - 4 -

 
which the effective date of the Change in Control occurs, (the “Coverage Period”) of continued coverage under HHC’s group health plan covering its executive associates, as the same
may be amended from time to time, at the level of benefits (whether single or family coverage) previously elected by and in effect with respect to Executive immediately before the termination of Executive’s employment. HHC shall continue to pay
the premiums for said coverage during the Coverage Period to the same extent and in the same percentage as HHC pays premiums for similarly situated active executives participating in the group health plan. Notwithstanding this provision, however,
coverage under HHC’s group health plan shall cease upon Executive becoming eligible for coverage under a group health plan of another employer providing substantially similar benefits prior to the end of the Coverage Period. For this purpose,
Executive will be deemed to be eligible for coverage under another employer’s group health plan when Executive has met the eligibility requirements for coverage under such plan and completed any waiting period, whether or not Executive elects
to participate in such coverage. Executive shall be responsible for notifying HHC of Executive’s eligibility for coverage under another employer’s plan during the Coverage Period; and, in the event of failure to notify HHC of such
eligibility, shall be liable to reimburse HHC for any premiums paid on behalf of Executive after the date of such eligibility. Coverage under the HHC group health plan shall also cease in the event of a breach of any of the covenants under
Section 6 of this Agreement during the Coverage Period. 
 (iii) Executive shall fully vest in and become
entitled to payment of all incentive compensation, whether cash-based or stock-based, and other stock-based equity compensation under HHC’s Long Term Incentive Plan, and the award agreements thereunder, or any other incentive or other plan or
agreement with the Company (“Incentive Plan or Agreement”). Notwithstanding the preceding, in the event the incentive compensation to be paid under any such Incentive Plan or Agreement is to be determined based on the level of achievement
of performance or production goals and the period for which such achievement is to be measured (the “Performance Period”) has not expired as of the date of Executive’s termination, Executive shall be entitled to a pro rata portion of
the incentive compensation based on Executive’s actual performance for the portion of the Performance Period ending on the date of Executive’s termination as compared to the prorated performance or production goals. In determining such pro
rata amount, only full months completed during the Performance Period shall be taken into consideration and any partial month shall be disregarded. The payment of benefits pursuant to this Section shall be made in a lump-sum simultaneously with the
payment of the lump-sum severance amount pursuant to Section 5(a)(i), notwithstanding the payment provisions of the Incentive Plan or Agreement. However, if any Incentive Plan or Agreement under which Executive is entitled to benefits contains
provisions specifically providing for the acceleration of vesting in connection with a Change in Control, the provisions thereof shall control in lieu of this Section 5(a)(iii) and Executive shall vest in and become entitled to payment of all
equity awards and/or incentive compensation 
  
 HHC:
                             
 Executive:                              

  
 - 5 -

 
thereunder in accordance with the terms and conditions of the respective Incentive Plans and Agreements. 
 Notwithstanding the preceding, or any other provisions of this Agreement or of any Incentive Plan or Agreement, in the event the surviving entity in a Change in Control does not assume the Company’s
obligations under any such Incentive Plan or Agreement or convert Executive’s rights under such Incentive Plan or Agreement into equivalent rights to equity in the surviving entity in connection with such Change in Control, the Board of
Directors may, in its discretion, provide that Executive’s benefits under such Incentive Plan or Agreement will become one hundred percent (100%) vested immediately upon such Change in Control whether or not Executive terminates service
with the Company. In such event, all benefits under such Incentive Plan or Agreement shall be paid in a lump-sum, subject to Section 5(d), within 90 days following Executive’s termination. 

(b) In the event Executive’s employment with the Company is terminated on or after the Closing Date and prior to the expiration of
the Employment Period for any reason other than as provided in 5(a) above, Executive shall be entitled to and HHC or the Subsidiary by which Executive is employed shall pay to Executive only his annual base salary through the date of termination not
theretofore paid, and any other benefits accrued but unpaid through the date of termination. 
 (c) Notwithstanding anything to
the contrary in this Agreement, no severance payments or benefits to be paid or provided to Executive, if any, pursuant to the Agreement that are considered deferred compensation not exempt under Section 409A of the Code will be paid or
otherwise provided until Executive has a “separation from service” within the meaning of Section 409A of the Code. For purposes of this Agreement, any reference to “termination of service” or “termination” or any
similar term shall be construed to mean a “separation of service” within the meaning of Section 409A of the Code. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from
Section 409A of the Code pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A of the Code. 

(d) To the extent required by Section 409A of the Code, if any amount constituting non-exempt deferred compensation under
Section 409A of the Code is or becomes payable to Executive at a time in which Executive is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation Section 1.409A-1(i), solely as a
result of Executive’s termination of employment with the Company, payment of such amount shall be delayed until the first business day after the six-month anniversary of the date of such termination of employment. Whether or not Executive is a
specified employee and whether or not the payment is required to be delayed for such six-month period shall be determined by HHC in accordance with the provisions of Treasury Regulation Section 1.409A-1(i). 

 
 HHC:
                             
 Executive:                              

  
 - 6 -

 (e) Notwithstanding anything in this Section 5 to the contrary, in the event any
severance or other benefits provided to or for the benefit of Executive pursuant to this Agreement, together with any payments or benefits under any other agreement, benefit, plan or policy of HHC and/or a Subsidiary thereof to which Executive is
entitled (this Agreement and such other agreements, benefits, plans or policies collectively being referred to herein as the “Change in Control Arrangements”) constitute “parachute payments” within the meaning of
Section 280G(b)(2) of the Code (the “Change in Control Payments”) that would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), HHC will provide Executive with a computation of:

 (i) the maximum amount of Change in Control Payments that could be made under all the Change in Control
Arrangements, without the imposition of Excise Tax (the “Reduced Amount”); 
 (ii) the value of all
Change in Control Payments that could be made pursuant to the terms of all the Change in Control Arrangements (the “Unreduced Amount”); 
 (iii) the dollar amount of Excise Tax which Executive would become obligated to pay pursuant to Section 4999 of the Code as a result of the receipt of the Unreduced Amount; and 

(iv) the net value of the Unreduced Amount after reduction by (a) the amount of the Excise Tax, (b) the
estimated income taxes payable by Executive on the difference between the Reduced Amount and the Unreduced Amount, assuming that Executive is paying the highest marginal tax rate for state, local and federal income taxes, and (c) the estimated
hospital insurance taxes payable by Executive on the difference between the Reduced Amount and the Unreduced Amount based on the hospital insurance tax rate under Section 3101(b) of the Code (the “Net Change in Control Amount”).

 If the Reduced Amount is greater than the Net Change in Control Amount, the Executive shall be entitled to receive or
commence to receive payments equal to the Reduced Amount. If the Net Change in Control Amount is greater than the Reduced Amount, Executive shall be entitled to receive or commence to receive the Unreduced Amount. If Executive receives the Unreduced
Amount, Executive shall be solely responsible for the payment of Excise Tax due from Executive and attributable to such Unreduced Amount with no right of additional payment from HHC as reimbursement for such taxes. The computation required under
this Section shall be made in writing by HHC’s tax counsel and/or independent public accounting firm, and HHC shall bear all costs incurred with the calculation under this Section. For purposes of making the calculations under this Section,
HHC’s tax counsel and/or independent public accounting firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the applications of Sections 280G and
4999 of the Code. HHC and Executive shall furnish such information and documents as tax counsel and/or the independent public accounting firm may reasonably request in order to make a 
  
 HHC:
                             
 Executive:                              

  
 - 7 -

 
determination and the computations contemplated under this Section. Computations under this Section may be reviewed by tax counsel and/or independent accountants of Executive’s choice and at
the Executive’s sole expense. In the event of a disagreement between HHC and Executive regarding the computations under this Section, such dispute shall be settled by a separate tax counsel and/or independent public accountant (the
“Auditor”) agreed to by HHC and Executive who shall review and recalculate the amounts under this Section and whose costs and expenses shall be borne equally by HHC and Executive. The determination by such Auditor shall be conclusive and
binding upon HHC and Executive. 
 (f) To the extent any reimbursement or in-kind benefits provided to Executive pursuant to this
Agreement are subject to Section 409A of the Code, including without limitation any health plan benefit subject to Section 409A of the Code, then in accordance with Section 409A of the Code (i) the amount of the expenses eligible
for reimbursement or in-kind benefits provided during Executive’s taxable year shall not affect the expense eligible for reimbursement or in-kind benefits provided in any other taxable year; (ii) the reimbursement must be made on or before
the last day of the Executive’s taxable year following the taxable year in which the expense was incurred; and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(g) Notwithstanding anything in this Section 5 to the contrary, the parties hereto acknowledge and agree that, upon their mutual
consent, they may modify or amend the provisions hereof or terminate this Agreement at any time before or after the Closing Date. In the event of a termination of this Agreement, the provisions hereof shall thereafter have no further force or
effect. No such modification, amendment or termination of this Agreement, however, shall be made which shall have the effect of causing any provision hereof or any payment hereunder to violate or result in immediate taxation to Executive under
Section 409A of the Code and any such attempted modification, amendment or termination shall be void and of no effect. 
  

	6.	Executive’s Covenants 

 Executive agrees that during Executive’s employment by the Company and for a period of two (2) years thereafter (the “Restrictive Period”) Executive shall comply with the restrictive
covenants set forth in this Section 6. Executive’s receipt of the severance pay and benefits under Section 5 of this Agreement is conditioned upon Executive’s compliance with these covenants while employed by the Company and
through the payment date of the lump-sum severance amount as set forth in Section 5(a)(i). Additionally, any rights to coverage under the HHC group health plan pursuant to Section 5(a)(ii) shall terminate in the event of a breach of one or
more of the covenants contained herein during the Coverage Period. 
 (a) Executive will not, without the prior written consent
of HHC, (i) divert or attempt to divert from HHC or any Subsidiary any business by influencing or attempting to influence or soliciting or attempting to solicit any customers of HHC or a Subsidiary or affiliate (or any 

 
 HHC:
                             
 Executive:                              

  
 - 8 -

 
particular customer with whom HHC or any Subsidiary or affiliates had business contacts in the one-year period immediately preceding Executive’s termination of employment or with whom
Executive may have dealt at any time during his employment by the Company; (ii) recruit, solicit, hire, attempt to hire, or assist any other person to hire any employee of HHC or a Subsidiary or affiliate or any person who was an employee of
any of the foregoing in the six (6) months preceding Executive’s termination of employment, or solicit or encourage any employee of any of the foregoing to terminate employment; or (iii) otherwise assist any person in any way to do,
or attempt to do, anything prohibited by the foregoing. 
 (b) Executive will not disclose or permit the disclosure of any
confidential information to any person other than an employee of the Company or an individual engaged by the Company to render professional services to the Company under circumstances that require such person to maintain the confidentiality of such
information, except as such disclosure may be required by law. For purposes of this Agreement “confidential information” shall include but not be limited to trade secrets, customer lists, operational methods, marketing plans or strategies,
business acquisition or disposition plans, personnel or employment plans, financial budgets and forecasts and technical processes, except for information that (i) was or becomes generally available to the public other than as a result of
disclosure by Executive and/or (ii) was or becomes available to Executive on a non-confidential basis from a source other than the Company. Executive acknowledges and agrees that any and all non-public information regarding the Company and its
customer is confidential and the unauthorized disclosures of such information will result in irreparable harm to the Company. 

(c) Executive agrees that Executive will not at any time make, publish or communication (whether orally or in writing) to any person or
entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning HHC or a Subsidiary or its businesses, or any of its employees, officers, members of its Board of Directors and existing and prospective
customers, investors and associated third parties. 
  

	7.	Definitions. 

 The
following definitions shall apply to this Agreement: 
 (a) “Average Annual Bonus” shall mean for purposes of
Section 5, the average bonus paid to Executive for the three fiscal years (or such fewer years as Executive has been employed by the Company) immediately preceding the date of Executive’s termination. 

(b) “Base Compensation” shall mean for purposes of Section 5 Executive’s base salary paid during the twelve
(12) months immediately preceding the date of Executive’s termination under Section 5. 
  
 HHC:                              

Executive:
                             

  
 - 9 -

 (c) “Cause” shall mean a material breach by Executive of Executive’s
obligations under Section 3 or of Executive’s covenants under Section 6 of this Agreement or any failure or refusal to perform the material duties associated with Executive’s position. 

(d) “Change in Control” shall be deemed to have occurred upon the happening of any of the following events as to HHC:

 (i) The acquisition by any one person or by more than one person acting as a group, of ownership of stock
that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of HHC; 

(ii) The acquisition by any one person, or by more than one person acting as a group, during the twelve-month period
ending on the date of the most recent acquisition, of ownership of stock possessing fifty percent (50%) or more of the total voting power of the stock of HHC; 

(iii) The replacement during any twelve-month period of a majority of the members of the Board of HHC by directors whose
appointment or election is not endorsed by a majority of the members of such Board before the date of such appointment or election; or 
 (iv) The acquisition by any one person, or more than one person acting as a group, during the twelve-month period ending on the date of the most recent acquisition, of assets of HHC having a total gross
fair market value of more than fifty percent (50%) of the total gross fair market value of all of the assets of HHC immediately prior to such acquisition or acquisitions. 
 For purposes of the above, “persons acting as a group” shall have the meaning as in Treasury Regulations Section 1.409A-3(i)(5)(v)(B). 

It is intended that the definition of Change in Control contained herein shall be the same as a change of ownership of a corporation, a
change in the effective control of a corporation and/or a change in the ownership of a substantial portion of a corporation’s assets as reflected in Treasury Regulations Section 1.409A-3(i)(5), as modified by the substitution of the higher
percentage requirement in items (ii) and (iv) above; and all questions or determinations in connection with any such Change in Control shall be construed and interpreted in accordance with the provisions of such Regulations. This
definition of Change in Control shall be applicable only for purposes of determining Executive’s rights under this Agreement which become applicable in the event of such a Change in Control and for no other purpose. 

 
 HHC:
                             
 Executive:                              

  
 - 10 -

 (e) “Disability” shall mean circumstances that qualify Executive for long-term
disability benefits under the Company’s Long-Term Disability Plan as in effect immediately prior to the Change in Control. 

(f) “Closing Date” shall mean the date on which a Change in Control occurs. Anything in this Agreement to the contrary
notwithstanding, if a Change in Control occurs and if Executive’s employment with the Company is terminated prior to the date on which the Change in Control occurs, and if it is reasonably demonstrated by Executive that such termination of
employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or in anticipated of a Change in Control, then for all purposes of this
Agreement the “Closing Date” shall mean the date immediately prior to the date of such termination of employment. 

(g) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(h) “Employment Period Bonus” shall mean a bonus (either pursuant to a bonus or incentive plan or program of the Company or
otherwise) in cash at least equal to the product of the average of the bonus payout ratio for the three years (or such shorter period as Executive has been employed by the Company) immediately preceding the Closing Date (expressed as a fraction)
times the target bonus established by the Company for the year in question. For purposes of this definition, the parties acknowledge and agree that the bonus payout ratio is the percentage of Executive’s target bonus for the year(s) in question
which was actually awarded to Executive in the year(s) in question. 
 (i) “Employment Period” shall mean the period
commencing on the Closing Date of the Change in Control and ending on the last day of the month that is two (2) years after the Closing Date. 
 (j) “Good Reason” shall mean any of the following occurring without Executive’s consent: 
 (i) a material diminution in Executive’s position, authority, duties or responsibilities from those which Executive held immediately prior to the Closing Date of the Change in Control; 

(ii) requiring Executive to be based at any office which is a material change from the geographic location of the office
at which Executive was employed immediately prior to the Change in Control; provided, however, that any such relocation request shall not be considered a material change if such relocation is within a thirty-five (35) mile radius of the office
at which Executive was based immediately prior to the Closing Date of a Change in Control; 
  
 HHC:                              

Executive:
                             

  
 - 11 -

 (iii) a material diminution in the budget over which Executive retains
authority; 
 (iv) a material diminution in Executive’s annual base salary; or 

(v) any other action or inaction that constitutes a material breach by the Company of any agreement, including this
Agreement, pursuant to which Executive performs services for the Company. 
 Notwithstanding the preceding, however, none of
such actions shall constitute “Good Reason” unless (1) Executive provides the Company notice of the existence of such condition within ninety (90) days of the initial existence thereof specifically identifying the acts or
omissions constituting the grounds for Good Reason and a period of at least thirty (30) days following such notice within which to remedy such condition and (2) Executive’s termination occurs within the two-year period following the
initial existence of such condition. 
 (k) Subsidiary(ies) shall mean any corporation that is directly or indirectly, through
one or more intermediaries, controlled by HHC. 
  

	8.	Liability of HHC: Regulatory Restrictions. 

 The parties recognize that the enforceability of employment contracts with banks are subject to some uncertainty and that banks and their bank holding companies are subject to regulatory restrictions that
change from time to time. As a result, Executive may be prevented from obtaining or enforcing any or all of his or her rights hereunder from HHC. Nothing herein shall require HHC or a Subsidiary thereof to perform any obligation hereunder if such
performance is prohibited or limited by applicable law or regulation, as determined in a proceeding or adjudication by a court, tribunal, or regulatory agency having authority to so determine, which determination is final and subject to no further
appeals. The parties further acknowledge and agree that it is the intent of this Agreement that it be enforced to the fullest degree permitted by law and regulation. 
  

	9.	Notices. 

 All
notices and other communications provided for by this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or mailed by United States Certified Mail, return receipt requested, postage prepaid, addressed
as follows: 
  

									
		 	If to Executive:	 		 	
					
	                     	 	  
	 		 		 	
	  	 	  
	 		 		 	
	  	 	  
	 		 		 	

  
 HHC:
                             
 Executive:                              

  
 - 12 -

 If to HHC: 
 Hancock Holding Company 
 P. O. Box 4019 

Gulfport, MS 39502-4019 
 Attention: Chief Human Resources Officer 
 or to such other addresses any party may have furnished
to the other in writing in accordance with this Agreement. Notices and other communications hereunder to a Subsidiary shall be addressed to such Subsidiary’s principal place of business addressed to the President thereof, unless another address
has been furnished for such purpose under the provisions of this Section. 
  

	10.	409A Compliance. 

Notwithstanding any other provision in this Agreement, HHC and Executive intend for this Agreement to comply in all respects with the
provisions of Section 409A of the Code and Treasury Regulations and other guidance issued thereunder. Each provision and term of this Agreement should be interpreted accordingly. If any provision or term of this Agreement would be prohibited by
or be inconsistent with Section 409A of the Code, then such provision shall be deemed to be conformed to comply with Section 409A of the Code or, if it is not possible to conform the provision to comply with Section 409A, such
provision shall be null and void to the extent, and only to the extent, required for this Agreement to be in compliance with Section 409A of the Code without affecting the remainder of this Agreement. 

 

	11.	Governing Law. 

The provisions of this Agreement shall be interpreted and construed in accordance with, and enforcement may be made under, the laws of the
State of Mississippi. 
  

	12.	Successors and Assigns. 

 (a) The Agreement is personal to Executive and, without the prior written consent of HHC, shall not be assignable by Executive. This Agreement shall inure to the benefit of and be enforceable by
Executive’s legal representative. 
 (b) This Agreement shall be binding upon and inure to the benefit of HHC and its
successors and assigns. 
  

	13.	Severability. 

 If
any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent
permitted by applicable law. 
  
 HHC:
                             
 Executive:                              

  
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	14.	Entire Agreement; Amendment. 

 This Agreement sets forth the entire Agreement of the parties hereto and supersedes all prior agreements, understandings and covenants with respect to the subject matter hereof. Except as provided in
Section 1, this Agreement may be amended or terminated only by mutual agreement of the parties in writing. 
 IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	 
	Title	 	 
	
	 EXECUTIVE

	
	 
	 Print
Name:                                        
                                       

  
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