Document:

Exhibit 10.1

INDEMNITY
AND ESCROW AGREEMENT

This
INDEMNITY AND ESCROW AGREEMENT (this “Agreement”), dated as of February 28, 2022, is made and entered into by and among First
Horizon Bank, a Tennessee banking corporation, in its capacity as escrow agent under this Agreement (the “Escrow Agent”),
BancPlus Corporation, a Mississippi business corporation (“BancPlus”), First Trust Corporation, a Louisiana business corporation
(“FTC”), and Joseph C. Canizaro, as representative of FTC shareholders (the “Representative”) after the merger
described in the Purchase Agreement (as defined below). Capitalized terms used but not otherwise defined herein have the meanings given
them in the Purchase Agreement (as defined below).

RECITALS

WHEREAS,
FTC, BancPlus and the other signatories thereto have entered into an Agreement and Plan of Share Exchange and Merger, dated as of September
28, 2021, as amended on February 9, 2022 (the “Purchase Agreement”), providing for, among other things, a distribution of
the FTC Accumulated Adjusted Account (“AAA”) to the shareholders of FTC, as described in, and pursuant to the terms and conditions
of, the Purchase Agreement; and

WHEREAS,
FTC received notice from the Internal Revenue Service (the “IRS”) dated October 5, 2021 that FTC’s Subchapter S election
was terminated effective September 23, 2020 and FTC is working to restore such status retroactive to September 23, 2020; and

WHEREAS,
classification of FTC as a C Corporation will result in FTC having a federal income tax liability and possible penalties and interest
on earnings of FTC from September 23, 2020, until Closing, which tax liability, penalties and interest and associated costs on earnings
would be assumed or incurred by BancPlus if the transactions subject to the Purchase Agreement are consummated and FTC’s Subchapter
S classification is not restored retroactive to September 23, 2020; and

WHEREAS,
FTC and BancPlus wish to proceed with Closing prior to retroactive reinstatement of the Subchapter S election on the condition that FTC
agree to indemnify and hold harmless BancPlus for the taxes, penalties and interest that may be assumed or incurred by BancPlus in the
event that FTC is unable to reinstate its Subchapter S status retroactive to September 23, 2020 and in support of such indemnity to establish
an escrow to fund such potential tax liability; and

WHEREAS,
the Closing will occur and calculations as of the Closing will be made assuming FTC’s S classification will be retroactively reinstated;
and

WHEREAS,
in the event the Subchapter S status is not restored retroactive to September 23, 2020, such escrowed funds shall be paid to BancPlus
as provided herein, and in the event the Subchapter S status is restored retroactive to September 23, 2020, such escrowed funds shall
be paid pro rata to the former shareholders of FTC as provided herein; and,

WHEREAS,
the parties believe it is in their respective best interests to enter into this Agreement in connection with the Purchase Agreement.

    

     

    

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, including the premises and mutual covenants contained
herein and in the Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby,
the parties hereto undertake, promise, covenant and agree with each other as follows:

AGREEMENT

1.             Definitions.

(a)            “Aggregate
Cash Consideration” has the meaning of Section 1.5(a)(i) of the Purchase Agreement.

(b)           “business
day” means any day other than a Saturday, a Sunday or a day on which banks in Ridgeland,
Mississippi, are closed as authorized by law or executive order.

(c)            “Subchapter S Reinstatement”
means with respect to FTC, the reinstatement as of September 23, 2020 of the FTC Subchapter S election.

(d)           “Final Determination” means
the earliest to occur of the date on which a final, non-appealable decision is issued by the IRS denying reinstatement of FTC’s
Subchapter S election for the time period of September 23, 2020, through Closing and all allowable appeals requested by the parties to
the action have been exhausted and the time for such appeals has expired or FTC’s Subchapter S election is reinstated retroactive
to September 23, 2020.

(e)            “Tax
Equivalency Payment” means a payment to BancPlus in the amount of the federal, state, and
local income tax liability, including penalties and interest, if any, that would be imposed on FTC and assumed by BancPlus based on the
Final Determination as well as any costs or expenses associated with classification as, and administration of, a C Corp, including but
not limited to the preparation of amended K-1s, preparation of C-Corp returns including 1099 statements, other administrative costs and
expenses of filing corrected returns and verification of accounting entries, resolution of FTC shareholder issues and responses to the
IRS required by Section 2(b) below, even if FTC’s Subchapter S classification is reinstated.

2.             Tax
Indemnity.

(a)            The
Tax Equivalency Payment, if any, will be paid out of the Escrow no later than 180 days following the occurrence of a Final Determination.
If BancPlus and the Representative mutually determine that a Final Determination has occurred, BancPlus and the Representative shall
mutually agree on the amount of the Tax Equivalency Payment, if any. Such determination shall be binding absent manifest error. In the
event BancPlus and Representative cannot mutually agree on the amount of the Tax Equivalency Payment within 150 days of the Final Determination,
either party shall have the right to refer such dispute after such 150 days to Crowe LLP, or if Crowe LLP is unable or unwilling to serve,
to a nationally-recognized accounting or financial firm mutually agreed upon between BancPlus and Representative (such firm, or any successor
thereto, being referred to herein as the “Firm”).
Representative and his representatives will have reasonable access to all work papers and books and records of FTC used by BancPlus in
its calculation of the Tax Equivalency Payment. Representative and his representatives may make inquiries of BancPlus and its employees,
accountants and other representatives regarding their calculation of the Tax Equivalency Payment, and BancPlus will cause such applicable
employees, accountants, and other representatives to cooperate with and respond to such reasonable inquiries. Upon reasonable notice
and during normal business hours, the representatives of BancPlus will coordinate, arrange and schedule all communications among Representative
and his representatives and BancPlus’ employees, accountants, and other representatives. In connection with the resolution of any
such dispute by the Firm: (i) each of BancPlus and Representative shall have a reasonable opportunity to submit to the Firm a written
statement of their views as to any disputed issues with respect to the calculation of any of the Tax Equivalency Payment, a copy of which
shall also be delivered to the other party; (ii) the Firm shall determine the Tax Equivalency Payment in accordance with the terms
of this Agreement based solely on written submissions delivered to the Firm pursuant to this clause within 30 days of such referral and,
upon reaching such determination, shall deliver a copy of its calculations to Representative and BancPlus; and (iii) the determination
made by the Firm of the Tax Equivalency Payment shall be final and binding on BancPlus and Representative for all purposes of this Agreement,
absent manifest error or intentional misconduct. Notwithstanding anything else contained herein, in calculating the Tax Equivalency Payment,
(x) the Firm shall act as an expert and not as an arbitrator, (y) the Firm shall be limited to addressing the amount of the
Tax Equivalency Payment and (z) such calculation shall be no greater than the highest amount calculated by Representative or BancPlus,
as the case may be. All fees and expenses of the Firm shall be paid out of the Escrow Amount as defined below.

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(b)           BancPlus and Representative shall endeavor to provide each other with prompt notice of any communications
with the IRS regarding the status of the Subchapter S election of FTC and thereafter, each party shall endeavor to keep the other party
reasonably informed of the progress of any related proceedings which, if resolved adversely, would result in a Tax Equivalency Payment.
BancPlus shall act at the reasonable direction of the Representative in connection with all matters regarding or related to the status
of the Subchapter S election of FTC, including, without limitation, all negotiations with the IRS regarding the abatement of any penalties
and interest proposed by the IRS to be included in the Tax Equivalency Payment and the appeal of any adverse determinations by the IRS
with respect to the retroactive reinstatement of FTC’s S election.

3.             Establishment
of Escrow. BancPlus and FTC hereby irrevocably appoint the Escrow Agent, and the Escrow Agent
hereby accepts appointment, as the escrow agent for the Escrow Amount (as defined below) deposited with the Escrow Agent in the Escrow
Account pursuant to this Agreement. The Escrow Agent agrees to accept the Escrow Amount, and to distribute and release the Escrow Amount,
in whole or in part, only in accordance with the terms and conditions of this Agreement.

4.             Deposit in Escrow.
Supplemental to the terms of the Purchase Agreement, on the Closing Date, BancPlus shall deposit or cause to be deposited into the Escrow
Account with the Escrow Agent a certain amount of cash in immediately available funds from the Aggregate Cash Consideration (the “Escrow
Amount”) equal to $10,000,000.

5.             Term and Termination of Escrow.
The Escrow Account shall remain in existence from the date that the Escrow Amount is deposited into the Escrow Account until all of the
Escrow Amount has been distributed in accordance with the terms of this Agreement (the “Termination Date”). After the Termination
Date, this Agreement shall terminate, whereupon all of the Escrow Agent’s liabilities and obligations in connection with the Escrow
Amount shall terminate.

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6.             Additional
Limitations on Rights to Escrow Amount. Notwithstanding anything to the contrary contained herein,
none of the Representative, the former shareholders of FTC or BancPlus shall have the ability to transfer, assign, otherwise dispose
of, pledge, convey, hypothecate or grant as security any of the Escrow Amount unless and until the Escrow Amount has been disbursed or
is required to be disbursed to such party pursuant to Section 7 of this Agreement. Accordingly, the Escrow Agent shall not act as custodian
for any of the Representative, the former shareholders of FTC or BancPlus for the purposes of perfecting a security interest therein,
and no creditor of any of the Representative, the former shareholders of FTC, or BancPlus shall have any right to have or to hold any
portion of the Escrow Amount as collateral for any obligation and shall have no right to obtain a security interest in any assets (tangible
or intangible) contained (or deemed to be contained) in the Escrow Account or relating to the Escrow Amount.

7.             Disbursements from Escrow.
Within 180 days following a Final Determination that FTC’s Subchapter S election will not be reinstated retroactively to September
23, 2020 or no later than five (5) business days following a Final Determination that FTC’s Subchapter S election will be reinstated
retroactively to September 23, 2020, as applicable, BancPlus and the Representative jointly shall prepare and provide to the Escrow Agent
a joint written notice (“Notice”) reflecting the Tax Equivalency Payment, if any, and the Reimbursed Representative Expenses
(as defined below), if any. The Escrow Agent shall promptly, but no later than two (2) business days after the receipt of the Notice
(A)(1) disburse to BancPlus a portion of the Escrow Amount having an aggregate value equal to the Tax Equivalency Payment, if any, as
set forth in the Notice and (2) disburse to the Representative out of the Escrow Amount an amount equal to the documented cost and expenses
(including any filing fees) actually and reasonably incurred by the Representative in connection with or related to (x) the fulfillment
of his obligations or exercise of his rights under this Agreement and (y) payments made to the IRS or to Representative’s counsel
or experts in connection with, related to, or during the process of determining and/or reaching (i) the amount of the Tax Equivalency
Payment or (ii) a Final Determination (the “Reimbursed Representative Expenses”), if any, each as set forth in the Notice
and (B) disburse to the Exchange Agent for the benefit of the former shareholders of FTC, on a pro rata basis in accordance with the
FTC shares of common stock formerly held by such shareholders as of immediately prior to the Effective Time, the excess, if any, of the
remainder of the Escrow Amount over the sum of fees assessed against the Escrow Amount pursuant to Section 8(b), the Tax Equivalency
Payment, if any, and the Reimbursed Representative Expenses, if any, each as set forth in the Notice.

8.             The Responsibilities of the Escrow Agent with Respect
to the Escrow.

(a)            The Responsibility of the Escrow Agent.

(i)             The
Escrow Agent’s sole responsibility shall be for the receipt, holding, investing and reinvesting (as applicable) of the Escrow Amount
in the Escrow Account, and the disbursement thereof in accordance with this Agreement. The Escrow Agent shall have no other responsibility
or obligation of any kind, and shall not be required to take any other action with reference to any matters that might arise, in connection
with the Escrow Amount, interest thereon, or this Agreement. The Escrow Agent may, in accordance with this Agreement, act upon (and shall
be fully protected in acting upon) any written instruction or other instrument that the Escrow Agent in good faith believes to be genuine
and what it purports to be.

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(ii)            The
duties and responsibilities of the Escrow Agent hereunder shall be determined solely by the express provisions of this Agreement and
no other or further duties or responsibilities shall be implied, including, but not limited to, any obligation under or imposed by any
laws of the State of Mississippi upon fiduciaries.

(b)           Reimbursement of Expenses.
The Escrow Agent is authorized to pay its fees described in Exhibit A annexed hereto, costs and expenses, including attorneys’
fees, incurred in connection with the preparation, operation, administration and enforcement of this Agreement out of the Escrow Amount.
The Escrow Agent shall provide the Representative and BancPlus a notice and an accounting of all such fees, costs and expenses and may
withdraw such amount from the Escrow Account.

(c)            Possible Disagreements.
If any disagreement should arise among any one or more of the parties hereto or any other party with respect to the Escrow Amount or
this Agreement (and the Escrow Agent is notified in writing of such disagreement), or if the Escrow Agent in good faith is in doubt as
to what action should be taken hereunder, the Escrow Agent has the absolute right (but not the obligation) at its election to do either
or both of the following:

(i)             withhold
or stop all further performance under this Agreement (except the holding, investing and reinvesting (as applicable) of the Escrow Amount
in accordance with the terms hereof unless such disagreement relates to the investment of the Escrow Amount) and all notices or instructions
received in connection herewith until the Escrow Agent is satisfied that such disagreement or such doubt has been resolved; or

(ii)            file
a suit in interpleader and obtain an order from a court of appropriate jurisdiction requiring all persons involved to litigate in such
court their respective claims arising out of or in connection with the Escrow Amount (the right of the Escrow Agent to institute such
bill of interpleader, however, shall not be deemed to modify the manner in which the Escrow Agent is entitled to make disbursements of
the Escrow Amount as set forth in this Agreement, other than to tender the Escrow Amount into the registry of the court).

(d)           Consultation
with Legal Counsel. The Escrow Agent may consult with its counsel or other counsel satisfactory
to it with respect to any question relating to its duties or responsibilities hereunder or otherwise in connection herewith and shall
not be liable for any action taken, suffered, or omitted by the Escrow Agent in good faith upon the advice of such counsel. The Escrow
Agent may act through its officers, employees, authorized representatives, or attorneys.

(e)            No
Duty to Verify. The Escrow Agent shall have no duty or responsibility to inquire into or determine
or verify the accuracy, genuineness, authenticity, or sufficiency of any securities, checks, or other documents or instruments, including,
without limitation, the notifications contemplated by Section 7, submitted to it in connection with its duties hereunder. The Escrow
Agent shall be entitled to deem the signatories of any documents or instruments submitted to it hereunder as being those purported to
be authorized to sign such documents or instruments on behalf of the parties hereto, and shall be entitled to rely upon the genuineness
of the signatures of such signatories without inquiry and without requiring substantiating evidence of any kind.

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(f)            LIMITATION
ON LIABILITY. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY
DAMAGES (AS DEFINED IN SECTION 9) ARISING OUT OF THE SERVICES PROVIDED HEREUNDER OR BY REASON OF ANY ACT OR OMISSION TO ACT BY THE ESCROW
AGENT OR IN CONNECTION WITH ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY DAMAGES THAT MAY
OCCUR BY REASON OF FORGERY, FALSE REPRESENTATIONS, OR THE EXERCISE BY THE ESCROW AGENT OF ITS DISCRETION, OTHER THAN DAMAGES WHICH RESULT
DIRECTLY FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT,
IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE FOR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND
WHATSOEVER (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE LIKELIHOOD OF SUCH LOSS OR DAMAGE
AND REGARDLESS OF THE FORM OF ACTION.

(g)           Garnishment, Attachment, Court Orders.
In addition to all other rights of Escrow Agent under this Agreement, in the event that any Escrow Amount shall be attached, garnished
or levied upon by court order, or delivery thereof is stayed or enjoined by order of a court or any order judgment or decree shall be
made or entered into by any court affecting the Escrow Amount, the Escrow Agent is hereby expressly authorized, in its sole discretion,
to respond as it deems appropriate to comply with all writs, orders, or decrees so entered or issued, or which it is advised by legal
counsel of its own choosing is binding on it whether with or without jurisdiction. In the event Escrow Agent obeys or complies with any
such writ or order or decree, it shall not be liable to any party by reason of such compliance if such writ, order, or decree is subsequently
reversed, modified, annulled, set aside or vacated.

9.             Indemnification of the Escrow Agent.
Each of BancPlus and the former shareholders of FTC through the Representative (but only to the extent of the Escrow Amount) hereby jointly
and severally release, acquit and discharge the Escrow Agent and agree to indemnify the Escrow Agent and its officers, directors, employees,
representatives, attorneys and agents (collectively, the “Indemnitees”) against and hold the Indemnitees harmless from any
and all direct or indirect payments, recoveries, deficiencies, fines, penalties, assessments, actions, causes of action, suits, losses,
damages, costs and expenses (including costs of investigation and defense and reasonable attorneys’ fees), whether accrued, absolute,
contingent, known, unknown or otherwise (“Damages”), suffered or incurred by the Indemnitees as a result of, in connection
with or arising from or out of the acts or omissions of any Indemnitee in the performance of or otherwise pursuant to this Agreement,
except for such Damages that result directly from the Escrow Agent’s gross negligence or willful misconduct. All protections and
indemnities benefiting the Escrow Agent (and any other Indemnitee) are cumulative of any other rights it (or they) may have by law or
otherwise, and will survive the termination of this Agreement.

10.           Investment of Escrow Amount and Taxes.

(a)            The
Escrow Agent may invest any cash held in the Escrow Account in a money market fund selected by BancPlus. The Escrow Amount need not be
collateralized with securities.

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(b)            The
parties agree that for tax reporting purposes, all interest and other income from the Escrow Amount (the “Earnings”) shall
be reported as earned by the party(ies) to this Agreement to whom the Escrow Amount is disbursed in proportion to the amount of the Escrow
Amount disbursed to such party(ies). The Escrow Agent shall have no duty to prepare or file any information reports (including without
limitation IRS Forms 1099-B) other than such information reports of interest earned on the Escrow Amount as the Escrow Agent is required
to prepare and file in the ordinary course of its business. The Escrow Agent shall have no obligation to report any amounts to the parties
resulting from the deposit of the Escrow Amount or the disbursement of the Escrow Amount as a result of or related to the transactions
contemplated by this Agreement.

(c)            To
the extent that the Escrow Agent becomes liable for the payment of any taxes in respect to the Earnings, the Escrow Agent shall satisfy
such liability to the extent possible from the Escrow Amount. The parties, jointly and severally, shall indemnify, defend and hold the
Escrow Agent harmless from and against any tax, late payment interest, penalty or other cost or expense that may be assessed against
the Escrow Agent on or with respect to the Escrow Amount and the Earnings unless such tax, late payment, interest, penalty or other expense
was directly caused by the gross negligence or willful misconduct of the Escrow Agent.

11.           Representative.
In the event of the resignation, death or incapacity of the Representative, a successor Representative shall be selected by the two (2)
former Shareholders of FTC owning the largest beneficial interest in the Escrow Amount as of the Closing Date. All parties hereto shall
be entitled to rely on all actions and communications of the Representative as being genuine and binding on all of the former FTC shareholders.
The Representative shall not be liable to any person for anything that the Representative may do or refrain from doing in accordance
with this Agreement, unless such action or inaction results from the Representative’s gross negligence or willful misconduct.

12.           Miscellaneous.

(a)            Notices.
Any and all payments (other than payments at the Closing), notices, requests, instructions and other communications required or permitted
to be given under this Agreement after the date of this Agreement by any party hereto to any other party may be delivered personally
or by nationally recognized overnight courier service or sent by mail or (except in the case of payments) by facsimile transmission or
electronic mail, at the respective addresses or transmission numbers set forth below and is deemed delivered (a) in the case of personal
delivery when received, (b) in the case of facsimile transmission or electronic mail, as of date of delivery as evidenced by confirmation
of delivery, (c) in the case of mail, United States Postal Service, first class certified or registered mail, postage prepaid, return
receipt requested as of date of delivery, and (d) in the case of an courier service, upon receipt the parties may change their respective
addresses and transmission numbers by written notice to all other parties, sent as provided in this Section. All communications must
be in writing and addressed as follows:

	If
    to the Escrow Agent:
	 
	First
    Horizon Bank, Trust
	4385
    Poplar Avenue
	Memphis,
    Tennessee 38117
	Fax
    No.:	 
	E-Mail:	 
	Attention:	Dawn
    McGee, Vice President, Senior Trust Officer

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	If
    to the Representative:
	 
	Mr.
    Joseph C. Canizaro
	909
    Poydras Street; 17th Floor
	New
    Orleans, LA 70112
	Fax
    No.:	 
	E-Mail:	 
	 	 
	with
    a copy to:
	 
	Mark
    A. Fullmer, Esq.
	Phelps
    Dunbar, LLP:
	365
    Canal Street
	Suite
    2000
	New
    Orleans, LA  70130
	Fax
    No.:	 
	E-Mail:	 
	 
	If
    to BancPlus:
	 
	William A. Ray

    President & Chief Executive Officer

    BancPlus Corporation

    1068 Highland Colony Pkwy

    Ridgeland, MS 39157

	Fax
    No.:	 
	E-Mail:	 
	 	 
	with
    a copy to:	 
	 	 
	Craig
    N. Landrum, Esq.	 
	Jones
    Walker LLP	 
	190
    E Capitol Street	 
	Suite
    800	 
	Jackson,
    MS  39201	 
	Fax
    No.:	 
	E-Mail:	 

 

(b)          
Binding Agreement; Assignment.
All of the terms, covenants, representations, warranties and conditions of this Agreement are binding upon, and inure to the benefit
of and are enforceable by, the parties and their respective successors, representatives and permitted assigns. Nothing expressed or referred
to herein is intended or is to be construed to give any person other than the parties hereto any legal or equitable right, remedy or
claim under or in respect of this Agreement, it being the intent of the parties that this Agreement, and the terms hereof are for the
sole benefit of the parties to this Agreement and not for the benefit of any other person. No party to this Agreement shall assign this
Agreement, by operation of law or otherwise, in whole or in part, without the prior written consent of the other parties, and any assignment
made or attempted in violation of this Section is void and of no effect.

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(c)          
Specific Performance.
Each of the parties hereto acknowledges that the other parties would be irreparably damaged and would not have an adequate remedy at
law for money damages if any of the covenants contained in this Agreement were not performed in accordance with its terms or otherwise
were materially breached. Each of the parties hereto therefore agrees that, without the necessity of proving actual damages or posting
bond or other security, the other party shall be entitled to seek temporary and/or permanent injunction or injunctions which a court
of competent jurisdiction concludes is justified to prevent breaches of such performance and to specific enforcement of such covenants
in addition to any other remedy to which they may be entitled, at law or in equity.

(d)           Multiple Counterparts.
For the convenience of the parties hereto, this Agreement may be signed in multiple counterparts, each of which shall be deemed an original,
and all counterparts hereof so signed by the parties hereto, whether or not such counterpart shall bear the execution of each of the
parties hereto, shall be deemed to be, and is to be construed as, one and the same Agreement. A facsimile or electronic scan in a “.pdf”
format transmission of a signed counterpart of this Agreement shall be sufficient to bind the party or parties whose signature(s) appear
thereon.

(e)            Governing
Law; Waiver of Jury Trial. THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF MISSISSIPPI, WITHOUT REGARD FOR THE PROVISIONS THEREOF REGARDING CHOICE OF LAW (WHETHER OF THE STATE OF MISSISSIPPI
OR ANY OTHER JURISDICTION). VENUE FOR ANY CAUSE OF ACTION BETWEEN THE PARTIES TO THIS AGREEMENT WILL LIE IN MADISON COUNTY, MISSISSIPPI.
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

(f)            Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, then (a) this Agreement
is to be construed and enforced as if such illegal, invalid or unenforceable provision were not a part hereof; (b) the remaining provisions
of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision
or by its severance from this Agreement; and (c) there shall be added automatically as a part of this Agreement a provision mutually
agreed to which is similar in terms to such illegal, invalid or unenforceable provision as may be possible and still be legal, valid
and enforceable.

(g)           Entire
Agreement. This Agreement, the Purchase Agreement and the other agreements, documents, schedules
and instruments signed and delivered by the parties to each other at the Closing are 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 thereof and supersede any and all prior agreements, whether written or oral, that may exist among the parties
with respect hereto and thereto. Except as otherwise specifically provided in this Agreement, no conditions, usage of trade, course of
dealing or performance, understanding or agreement purporting to modify, vary, explain or supplement the terms or conditions of this
Agreement is binding unless hereafter made in writing and signed by the party to be bound, and no modification shall be effected by the
acknowledgment or acceptance of documents containing terms or conditions at variance with or in addition to those set forth in this Agreement.

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(h)            Rules of Construction.
The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including”
are used in this Agreement, they are deemed to be followed by the words “without limitation.” The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a
whole and not to any particular provision in this Agreement. Each use herein of the masculine, neuter or feminine gender are deemed to
include the other genders. Each use herein of the plural include the singular and vice versa, in each case as the context requires or
as is otherwise appropriate. The word “or” is used in the inclusive sense. Any agreement or instrument defined or referred
to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended,
modified or supplemented, including by waiver or consent. References to a person are also to its permitted successors or assigns.

(i)             Further Cooperation.
The parties agree that they shall, at any time and from time to time after the Closing, upon request by the other and without further
consideration, do, perform, execute, acknowledge and deliver all such further acts, deeds, assignments, assumptions, transfers, conveyances,
powers of attorney, certificates and assurances as may be reasonably required in order to complete the transactions contemplated by this
Agreement or to carry out and perform any undertaking made by the parties hereunder.

(j)             Attorneys’ Fees and Costs.
If any action at law or in equity, including an action for declaratory relief, is brought to enforce or interpret the provisions of this
Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees from the other party (unless such other
party is the Escrow Agent), which fees may be set by the court in the trial of such action or may be enforced in a separate action brought
for that purpose, and which fees shall be in addition to any other relief that may be awarded.

[Signature
Page Follows]

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[Signature
Page to Escrow Agreement]

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

	 	 	 
	 	BANCPLUS
    CORPORATION 
	 	 	 
	 	By:	/s/ William A. Ray
	 	Name:  	William
    A. Ray
	 	Title:	President
    & CEO
	 	 	 
	 	REPRESENTATIVE
	 	 	 
	 	/s/
    Joseph C. Canizaro
	 	Joseph
    C. Canizaro
	 	 	 
	 	FIRST
    HORIZON BANK
	 	as
    escrow agent
	 	 	 
	 	By:	/s/
    Caprice Devereux
	 	Name:	Caprice
    Devereux
	 	Title:	Senior
    Vice President & Trust Officer
	 	 	 
	 	FIRST
    TRUST CORPORATION
	 	 	 
	 	By:	/s/ Joseph C. Canizaro
	 	Name:	Joseph
    C. Canizaro
	 	Title:	Chief
    Executive Officer

 

Signature Page to Escrow
Agreement

    

     

    

EXHIBIT
“A”

 

Reimbursement
of Expenses

 

Exhibit “A” to Escrow AgreementExhibit 10.2

 

RESTRICTIVE
COVENANT AGREEMENT

THIS
RESTRICTIVE COVENANT AGREEMENT (“Agreement”) is made and entered into as of the 28th day
of September, 2021, by and between BANCPLUS CORPORATION, a Mississippi Corporation (“Corporation”), and its wholly owned
subsidiary, BANKPLUS, a Mississippi banking corporation (“Bank”) (collectively, Corporation and Bank are referred to herein
as “BankPlus”), on the one hand, and [________] (“Shareholder”), on the other hand.

WHEREAS,
Shareholder currently serves as a member of the Board of Shareholders of First Trust Corporation (“FTC”), which, along with
its wholly owned subsidiary, First Bank & Trust, has agreed to merge with and into Corporation and Bank, respectively (the “Transaction”)
pursuant to an Agreement and Plan of Share Exchange and Merger dated September 28, 2021 (“Definitive Agreement”);

WHEREAS,
Shareholder owns common stock in FTC and as consideration for the Transaction, among other consideration, sells the goodwill of the business
of FTC and its subsidiary First Bank and Trust.

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

1.             NON-COMPETITION.
Shareholder agrees and covenants not to engage in Prohibited Activity within the Restricted Area for a period of two years following
the Effective Time as defined in the Definition Agreement. The phrase “Prohibited
Activity” shall mean activity in which the Shareholder contributes his knowledge, directly or indirectly, in whole or
in part, as an employee, employer, owner, operator, manager, director, stockholder, officer or any other similar capacity to an entity
engaged in the same or similar business as BankPlus or any of its subsidiaries and affiliates, including but not limited to those engaged
in the business of commercial banking. Prohibited Activity also includes directly soliciting, contacting (including but not limited to
e-mail, regular mail, express mail, telephone, fax and instant message), attempting to contact or meeting with the current customers
of BankPlus and its subsidiaries and affiliates for purposes of offering or accepting goods or services similar to or competitive with
those offered by BankPlus or its subsidiaries and affiliates.

The phrase “Restricted
Area” shall mean the parishes of East Baton Rouge, Jefferson, Lafayette, Livingston, Orleans, Pointe Coupee, St. Landry,
St. Tammany, and Tangipahoa in Louisiana, as well as the counties of Alachua and Walton in Florida, and the counties of Harrison and
Jackson in Mississippi.

This Section
1 shall not restrict the Shareholder from retaining any equity or ownership interest held by the Shareholder as of the date of this Agreement,
nor shall this Section 1 restrict the Shareholder from, as a passive investor, acquiring up to (but not more than) 5% of the outstanding
equity securities of any company whose securities are traded on a national securities exchange.

2.             NON-SOLICITATION
OF CUSTOMERS. Shareholder agrees that for the two-year period following the Effective Time he will not, within the Restricted
Area and during the Restricted Period, solicit customers of FTC and First Bank which are being sold as described above.

    

     

    

3.             NON-SOLICITATION
OF EMPLOYEES. Shareholder agrees that for the two-year period following the Effective Time he will not solicit employees of
Bancplus Corporation or Bankplus, or any of their affiliated corporations or subsidiaries, who are employed in the Restricted Area described
above.

4.             ACKNOWLEDGEMENT.
Shareholder acknowledges and agrees that the services rendered by him to FTC are of a special and unique character; that Shareholder
has obtained knowledge and skill relevant to the industry, methods of doing business and marketing strategies of FTC by virtue of his
position as a Shareholder of FTC; and that the restrictive covenants and other terms and conditions of this Agreement are reasonable
and reasonably necessary to protect the legitimate business interest of Corporation.

Shareholder
further acknowledges that the amount of consideration to be paid by Corporation under the Definitive Agreement was based, in part, on
Shareholder’s obligations and assertions (including but without limitation, the sale of the goodwill in the business of FTC) herein
and BankPlus’ rights under this Agreement; that he has no expectation of any additional compensation, royalties or other payment of any
kind not otherwise referenced herein in connection herewith; and that he will not be subject to undue hardship by reason of his full
compliance with the terms and conditions of this Agreement or BankPlus’ enforcement thereof.

5.             REMEDIES.
In the event of a breach or threatened breach by the Shareholder of any of the provisions of this Agreement, the Shareholder hereby consents
and agrees that BankPlus shall be entitled to seek, in addition to other available remedies, a temporary restraining order preliminary
injunction, and permanent injunction and other equitable relief against such breach or threatened breach from any court of competent
jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without
the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages or other available forms of relief.

6.             CONFIDENTIAL
INFORMATION. Shareholder recognizes the interest of BankPlus in maintaining the confidential nature of the proprietary, customer,
and other business and commercial information of FTC, which will become BankPlus’ following the Transaction. Shareholder shall
hold in confidence for the benefit of BankPlus all secret or confidential information, knowledge or data relating to FTC or any of its
affiliated companies, and their respective businesses and customers, including, but not limited to, names, phone numbers, addresses,
e-mail addresses, banking history, banking preferences, chain of command, pricing information and other proprietary information identifying
facts and circumstances relevant to banking services (“Confidential Information”). After the Effective Time of the Transaction,
Shareholder shall not, without the prior written consent of BankPlus, or as may otherwise be required by law or legal process, communicate
or divulge any such Confidential Information to anyone other than BankPlus and those designated by it. All records, files, data, documents
and the like relating to FTC or its subsidiaries and affiliates shall be and remain the sole property of BankPlus following the Transaction.
Shareholder shall not remove from the premises of FTC or retain any Confidential Information of FTC or its subsidiaries and affiliates,
and all such Confidential Information in Shareholder’s possession shall remain subject to Shareholder’s obligations herein. The
term “Confidential Information” does not include any information that (i) at the time of disclosure or thereafter is generally
available to and known to the public, other than by a breach of this Agreement by Shareholder, (ii) was available to Shareholder, prior
to disclosure by BancPlus or BankPlus on a non-confidential basis from a source not known by Director to be subject to any fiduciary,
contractual or legal obligations of confidentiality or (iii) was independently acquired or developed by Director without violating any
obligations of this Agreement.

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7.             GENERAL
PROVISIONS

a.             Notice.
For purposes of this Agreement, all communications including, without limitation, notices, consents, requests or approvals provided for
herein shall be in writing and shall be deemed to have been duly given (i) when delivered, (ii) five (5) business days after having been
mailed by United States registered or certified mail, return receipt requested, postage prepaid, (iii) when sent by facsimile or e-mail
with evidence of receipt thereof, or (iv) when delivered by overnight courier providing proof of delivery, addressed to BankPlus (to
the attention of the Chief Executive Officer of BankPlus) at its principal executive office and to Shareholder at his principal residence,
or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of change
of address shall be effective only upon receipt.

b.             Governing
Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State
of Louisiana, without giving effect to the principles of conflict of laws of such State.

c.             Validity.
If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable
or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances shall
not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only
to the extent) necessary to make it enforceable, valid and legal.

d.             Entire
Agreement. This Agreement represents the entire agreement of the parties with regards to the matters herein and supersedes
any other agreement, oral or written, between the Shareholder and BankPlus or any predecessor of BankPlus, including but not limited
to FTC. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been
made by either party which are not set forth expressly in this Agreement.

e.             Successors
and Binding Agreements.

i.               This
Agreement shall be binding upon and inure to the benefit of BankPlus and any Successor (as defined below) of or to BankPlus. “Successor”
shall mean any successor in interest, including, without limitation, any entity, individual or group of persons acquiring directly or
indirectly all or substantially all of the business or assets of BankPlus, whether by purchase and sale, merger, consolidation, reorganization
or otherwise.

ii.             This
Agreement is personal in nature and neither of the parties shall, without the consent of the other, assign, transfer or delegate this
Agreement or any rights or obligations hereunder, except for any Successor of BankPlus as set forth in section 5(e)(i) above.

f.             Headings.
The headings in this Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation
of the Agreement.

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g.             Waiver;
Modification. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing signed by Shareholder and BankPlus. No waiver by either party hereto at any time of any breach by the other party
hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Any waiver or modification of any term
of this Agreement shall be effective only if it is signed in writing by both parties.

h.             Effective
Time. This Agreement will become effective at the Effective Time as defined in the Definitive Agreement, and will be of no
force or effect unless and until the Transactions are consummated in accordance with the terms of the Definitive Agreement.

i.              Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same Agreement. This Agreement, if signed and delivered by email delivery of a “.pdf” data file,
shall be treated for all purposes as an original agreement and shall be considered to have the same binding legal force and effect as
if it were the original signed version hereof delivered in person.

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IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered on the day and year first above written.

	 	 	 	 	 
	SHAREHOLDER:	 	BANCPLUS
    CORPORATION and	 
	 	 	BANKPLUS:	 
	 	 	 	 
	 	 	By: 	                  	 
	[_________]	 	William
    A. Ray	 
	 	 	President and CEO	 

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