Document:

Exhibit

Exhibit 10.7

THE TIMKEN COMPANY  
 
Time-Based Restricted Stock Unit Agreement for Nonemployee Directors 
 
 
     WHEREAS, __________ (“Grantee”) is a nonemployee director of The Timken Company (the “Company”); and 
 
     WHEREAS, the grant of Restricted Stock Units evidenced hereby was authorized by a resolution of the Compensation Committee (the “Committee”) of the Board that was duly adopted on _______ __, 20__, and the execution of a Restricted Stock Unit Agreement in the form hereof (this “Agreement”) was authorized by a resolution of the Committee duly adopted on _____ __, 20__. 
 
     NOW, THEREFORE, pursuant to The Timken Company 2011 Long-Term Incentive 
Plan, as amended and restated as of February 13, 2015 (the “Plan”) and subject to the terms and conditions thereof and the terms and conditions hereinafter set forth, the Company hereby confirms to Grantee the grant, effective __________  __, 20__ (the “Date of Grant”), of _________ Restricted Stock Units (the “RSUs”).  All terms used in this Agreement with initial capital letters that are defined in the Plan and not otherwise defined herein shall have the meanings assigned to them in the Plan. 
 
		
	1.
	Payment of RSUs.  The RSUs will become payable if the Restriction Period lapses and Grantee’s right to receive payment for the RSUs becomes nonforfeitable (“Vest,” “Vesting” or “Vested”) in accordance with Section 3 and Section 4 of this Agreement. 

		
	2.
	RSUs Not Transferrable.  None of the RSUs nor any interest therein or in any Common Shares underlying such RSUs will be transferable other than by will or the laws of descent and distribution prior to payment. 

		
	3.
	Vesting of RSUs.  Subject to the terms and conditions of Section 4 and Section 5 of this Agreement, 20% of the RSUs will Vest on each of the first five anniversaries of the Date of Grant, provided that Grantee shall have been in the continuous service as a member of the Board through each such date.

		
	4.
	Alternative Vesting of RSUs.  Notwithstanding the provisions of Section 3 of this Agreement, and subject to the payment provisions of Section 6 hereof, the RSUs will Vest earlier than the time provided for in Section 3 under the following circumstances:

  
		
	(a)
	Death or Disability:   If Grantee’s service as a member of the Board (“Director”) is terminated as a result of Grantee’s death or disability prior to the fifth anniversary of the Date of Grant, a pro-rata portion of the RSUs covered by this grant that have not Vested shall Vest in an amount equal to the product of the total number of RSUs as evidenced by this Agreement that would have Vested at the next anniversary of the Date of Grant, multiplied by a fraction, the numerator of which is the number of full months from the Date of Grant (or, if such service is terminated after the first anniversary of the Date of Grant, then from the date of the latest anniversary) until the date of Grantee’s termination of service due to death or disability, and the denominator of which is 12.   Upon Grantee’s termination of service due to death or disability, the RSUs that do not Vest pursuant to this Section 4(a) shall be forfeited to the Company.

		
	(b)
	Termination without Cause.  If Grantee’s service as a Director involuntarily ceases other than for Cause (as defined in Section 4(c)(iii)) prior to the fifth anniversary of the Date of Grant, unless otherwise provided in Section 4(c)(i), a pro-rata portion of the RSUs shall Vest in an amount equal to the product of the total number of RSUs as evidenced by this Agreement that would have Vested at the next anniversary of the Date of Grant, multiplied by a fraction, the numerator of which is the number of full months from the Date of Grant (or, if such service is terminated after the first anniversary of the Date of Grant, then from the date of the latest anniversary) until the date of Grantee’s termination of service other than for Cause, and the denominator of which is 12.   Upon Grantee’s termination of service other than for Cause, the RSUs that do not Vest pursuant to this Section 4(b) shall be forfeited to the Company. 

1

		
	(c)
	Change in Control:   

		
	(i)
	Upon a Change in Control occurring during the Restriction Period while Grantee is a Director, to the extent that the RSUs have not previously been forfeited, the RSUs will Vest in full (except to the extent that a Replacement Award is provided to Grantee to replace, continue or adjust the outstanding RSUs (the “Replaced Award”).  If Grantee is provided with a Replacement Award in connection with the Change in Control, then if, upon or after receiving the Replacement Award, Grantee’s service as a Director (or as a member of the board of directors of any of the Company’s successors after the Change in Control (the Company or any such successors, as applicable, the “Successor Company”)) involuntarily ceases other than for Cause prior to the fifth anniversary of the Date of Grant, to the extent that the Replacement Award has not previously been forfeited, the Replacement Award will Vest in full. 

		
	(ii)
	For purposes of this Agreement, a “Replacement Award” means an award (A) of restricted stock units, (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Company or its successor in the Change in Control (or another entity that is affiliated with the Company or its successor following the Change in Control), (D) the tax consequences of which, under the Code, if Grantee is subject to U.S. federal income tax under the Code, are not less favorable to Grantee than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to Grantee than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control).  A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with Section 409A of the Code.  Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this Section 4(c)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. 

		
	(iii)
	For purposes of this Agreement, “Cause” shall mean:  (A) an intentional act of fraud, embezzlement or theft in connection with Grantee’s duties with the Successor Company; (B) an intentional wrongful disclosure of secret processes or confidential information of the Successor Company; (C) an intentional, wrongful engagement in any competitive activity that would constitute a material breach of Grantee’s duty of loyalty to the Successor Company; (D) the willful misconduct in the performance of Grantee’s duties to the Successor Company; or (E) any gross negligence in the performance of Grantee’s duties to the Successor Company.  No act, or failure to act, on the part of Grantee shall be deemed “intentional” unless done or omitted to be done by Grantee not in good faith and without reasonable belief that Grantee’s action or omission was in or not opposed to the best interest of the Successor Company.

		
	5.
	Forfeiture of RSUs.  Any RSUs that have not Vested pursuant to Section 3 or Section 4 prior to the fifth anniversary of the Date of Grant will be forfeited automatically and without further notice on such date (or earlier if, and on such date that, Grantee ceases to be a Director prior to the fifth anniversary of the Date of Grant for any reason other than as described in Section 4).

		
	6.
	Form and Time of Payment of RSUs.   

		
	(a)
	General:  Subject to Section 5 and Section 6(b), payment for Vested RSUs will be made in cash or Common Shares (as determined by the Committee) within 10 days following the Vesting dates specified in Section 3. 

		
	(b)
	Other Payment Events.  Notwithstanding Section 6(a), to the extent that the RSUs are Vested on the dates set forth below, payment with respect to the RSUs will be made as follows: 

		
	(i)
	Change in Control.  Within 10 days of a Change in Control, Grantee will receive payment for Vested RSUs in cash or Common Shares (as determined by the Committee); provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, Grantee is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Sections 6(a) or 6(b)(ii) as though such Change in Control had not occurred.  

		
	(ii)
	Death or Disability.  Within 10 days of the date of Grantee’s death or the date Grantee’s service as a Director terminates as a result of his disability, Grantee will receive payment for Vested RSUs in cash or Common Shares (as determined by the Committee). 

2

		
	(iii)
	Termination without Cause.  Within 10 days of the date Grantee’s service as a Director involuntarily ceases other than for Cause, Grantee will receive payment for Vested RSUs in cash or Common Shares (as determined by the Committee). 

		
	7.
	Payment of Dividend Equivalents.  With respect to each of the RSUs covered by this Agreement, Grantee shall be credited on the records of the Company with dividend equivalents in an amount equal to the amount per Common Share of any cash dividends declared by the Board on the outstanding Common Shares during the period beginning on the Date of Grant and ending either on the date on which Grantee receives payment for the RSUs pursuant to Section 6 hereof or at the time when the RSUs are forfeited in accordance with Section 5 of this Agreement.  These dividend equivalents will accumulate without interest and, subject to the terms and conditions of this Agreement, will be paid at the same time, to the same extent and in the same manner, in cash or Common Shares (as determined by the Committee) as the RSUs for which the dividend equivalents were credited. 

		
	8.
	Detrimental Activity and Recapture. 

		
	(a)
	In the event that, as determined by the Committee, Grantee shall engage in Detrimental Activity during Grantee’s service as a Director, the RSUs covered by this Agreement will be forfeited automatically and without further notice at the time of that determination notwithstanding any other provision of this Agreement.  Nothing in this Agreement prevents the Grantee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

		
	(b)
	If a Restatement occurs and the Committee determines that Grantee is personally responsible for causing the Restatement as a result of Grantee’s personal misconduct or any fraudulent activity on the part of Grantee, then the Committee has discretion to, based on applicable facts and circumstances and subject to applicable law, cause the Company to recover all or any portion (but no more than 100%) of the RSUs earned or payable to Grantee for some or all of the years covered by the Restatement. The amount of any earned or payable RSUs recovered by the Company shall be limited to the amount by which such earned or payable RSUs exceeded the amount that would have been earned by or paid to Grantee had the Company’s financial statements for the applicable restated fiscal year or years been initially filed as restated, as reasonably determined by the Committee. The Committee shall also determine whether the Company shall effect any recovery under this Section 8(b) by: (i) seeking repayment from Grantee; (ii) reducing, except with respect to any non-qualified deferred compensation under Section 409A of the Code, the amount that would otherwise be payable to Grantee under any compensatory plan, program or arrangement maintained by the Company (subject to applicable law and the terms and conditions of such plan, program or arrangement); (iii) by withholding, except with respect to any non-qualified deferred compensation under Section 409A of the Code, payment of future increases in compensation (including the payment of any discretionary bonus amount) that would otherwise have been made to Grantee in accordance with the Company’s compensation practices; or (iv) by any combination of these alternatives.  For purposes of this Agreement, “Restatement” means a restatement of any part of the Company’s financial statements for any fiscal year or years after the year of the Date of Grant due to material noncompliance with any financial reporting requirement under the U.S. securities laws applicable to such fiscal year or years. 

		
	9.
	Compliance with Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of this Agreement, the Company shall not be obligated to issue any of the Common Shares covered by this Agreement if the issuance thereof would result in violation of any such law. 

		
	10.
	Adjustments.  Subject to Section 12 of the Plan, the Committee shall make any adjustments in the number of RSUs or kind of shares of stock or other securities underlying the RSUs covered by this Agreement, and other terms and provisions, that the Committee shall determine to be equitably required to prevent any dilution or enlargement of Grantee’s rights under this Agreement that otherwise would result from any (a) stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) merger, consolidation, separation, reorganization, partial or complete liquidation or other distribution of assets involving the Company or (c) other transaction or event having an effect similar to any of those referred to in Section 10(a) or 10(b) hereof.  Furthermore, in the event that any transaction or event described or referred to in the immediately preceding sentence, or a Change in Control, shall occur, the Committee shall provide in substitution of any or all of Grantee’s rights under this Agreement such alternative consideration (including cash) as the Committee shall determine in good faith to be equitable under the circumstances. 

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	11.
	Amendments.  Any amendment to the Plan will be deemed to be an amendment to this Agreement to the extent that the amendment is applicable to this Agreement; provided, however, that no amendment will adversely affect the rights of Grantee with respect to the Common Shares or other securities covered by this Agreement without Grantee’s consent.  Notwithstanding the foregoing, the limitation requiring the consent of Grantee to certain amendments will not apply to any amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code. 

		
	12.
	Severability.  In the event that one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of this Agreement will continue to be valid and fully enforceable.

 
		
	13.
	    Processing of Information.  Information about you and your participation in the Plan may be collected, recorded and held, used and disclosed for any purpose related to the administration of the Plan.  You understand that such processing of this information may need to be carried out by the Company and its Subsidiaries and by third party administrators whether such persons are located within your country or elsewhere, including the United States of America.  You consent to the processing of information relating to you and your participation in the Plan in any one or more of the ways referred to above.

		
	14.
	Governing Law.  This Agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Ohio. 

		
	15.
	Compliance with Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with, or exempt from, the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Grantee.  This Agreement and the Plan shall be administered in a manner consistent with this intent.  Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 

 [SIGNATURES ON FOLLOWING PAGE] 

     

4

The undersigned Grantee hereby acknowledges receipt of an executed original of this Agreement and accepts the award of RSUs covered hereby, subject to the terms and conditions of the Plan and the terms and conditions herein above set forth. 

 
Grantee: ___________________________ 
Date: ______________________________

 
 
This Agreement is executed by the Company on this ____ day of __________, 20__. 
 
The Timken Company 
        
By  ___________________________________ 
      Carolyn Cheverine
      Executive Vice President, General Counsel 
      and Secretary    

        

5Exhibit

Exhibit 10.1

FORM OF
AMENDMENT NO. 1
to
RESTRICTED STOCK AGREEMENT
This AMENDMENT NO. 1 to the Restricted Stock Agreement dated as of August 1, 2017 (the “2017 Agreement”), by and between IBERIABANK Corporation (“IBKC” or the “Company”) and ____________ (the “Award Recipient”) is dated April 30, 2018 (the “Amendment Date”).
RECITALS
WHEREAS, pursuant to the terms of the 2017 Agreement, on August 1, 2017, the Award Recipient received shares of IBKC common stock subject to restrictions that lapse in annual installments on the first three anniversaries of the grant provided the Award Recipient remains employed by the Company; and
WHEREAS, the parties desire to revise the 2017 Agreement to (i) extend the restricted period applicable to the award, (ii) incorporate performance criteria into the vesting terms, and (iii) provide that dividends paid on the restricted stock during the restricted period will accrue and pay out if and when the award vests. 
NOW, THEREFORE, the parties agree as follows:
		
	1.
	Section 2 of the 2017 Agreement is hereby amended and shall read in its entirety as follows:

2.1    The shares of Restricted Stock and the right to vote them and to accrue dividends thereon may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered until such time as the shares vest and the restrictions imposed thereon lapse, as provided below.
2.2    (a)    The Restricted Stock shall vest and the restrictions herein shall lapse at the time specified in this Section 2.2 based upon the Award Recipient’s continued employment (except as otherwise provided herein) from the Amendment Date through the end of the Performance Period (as defined below) and the Committee’s determination that the Company has achieved each of the following performance goals (the “Performance Goals”) as of the end of the Performance Period:
	
		
	Performance Measure
	Goal

	Core EPS CAGR
	> 10%

	Core Return on Average Assets
	> 1.30%

	Core Return on Average Tangible Common Equity
	> 15%

	Core Tangible Efficiency Ratio
	< 55%

(b)    Following the end of fiscal year 2020 (with fiscal year 2020 being referred to as the “Performance Period”), but prior to March 1, 2021, the Committee shall evaluate the Company’s level of achievement of each of the Performance Goals for the full fiscal year 2020 (with the exception of Core EPS CAGR, which shall be measured from 2018 - 2020), and shall determine whether the Restricted Stock shall vest.  The Performance Goals shall be measured in a manner consistent with the Company’s historical method of calculation. If all of the Performance Goals are not achieved, the Restricted Stock shall be immediately forfeited.
(c)    The period during which the restrictions imposed on the shares of Restricted Stock by the Plan and this Agreement are in effect is referred to herein as the “Restricted Period.” During the Restricted Period, the Award Recipient shall be entitled to the rights of a shareholder of IBKC, including the right to vote such shares of Restricted Stock, although the right to receive dividends thereon will be governed by Section 4 hereof.
2.3    Unless otherwise determined by the Committee, the Award Recipient shall forfeit his or her unvested Restricted Stock upon the termination of his or her Continuous Service to the Company, other than a termination due to death or Disability. If the Award Recipient’s Continuous Service terminates during the Performance Period due to death or Disability, then the Restricted Stock shall not be forfeited, but shall remain outstanding through the Performance Period and shall vest if the Committee determines the Performance Goals have been achieved as set forth in Section 2.2(b).
		
	2.
	Section 4 of the 2017 Agreement is hereby amended and shall read in its entirety as follows:

All dividends and other distributions relating to the Restricted Stock will accrue when declared and be paid to the Award Recipient only upon the vesting of the Restricted Stock.
		
	3.
	Except as otherwise provided above, the 2017 Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, IBKC and the Award Recipient have each executed and delivered this Amendment No. 1 on the date indicated above.
IBERIABANK Corporation

By: __________________________    
Name:
Title:

    
   _________________________________    
Award Recipient

FORM OF
IBERIABANK CORPORATION
RESTRICTED STOCK AGREEMENT
Award Recipient:    
Employee Number:    
Grant Name:    
Issue Date:    August 1, 2017
Expiry Date:    
Total Share Units (RS):    

This Restricted Stock Agreement (“Agreement”) is entered into as of ____________, between IBERIABANK Corporation (“IBKC” or (the “Company”) and _______ (the “Award Recipient”).
WHEREAS, under the above referenced IBERIABANK Corporation Stock Incentive Plan (the “Plan”), the Compensation Committee of the IBKC Board of Directors (the “Committee”) may, among other things, award shares of common stock of IBKC (the “Common Stock”) in the form of restricted stock (“Restricted Stock”) to a key employee or Director of IBKC or one of its subsidiaries (collectively, the “Company”);
NOW, THEREFORE, in consideration of the premises, it is agreed as follows:
1.Conditional Award of Restricted Stock
Pursuant to the terms of the Plan, the Award Recipient is hereby awarded, subject to the other terms, conditions, and restrictions contained herein, _______ shares of Restricted Stock.
2.Award Restrictions
2.1    The shares of Restricted Stock and the right to vote them and to receive dividends thereon may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered until such time as the shares vest and the restrictions imposed thereon lapse, as provided below.
2.2    The shares of Restricted Stock issued to the Award Recipient will vest and the restrictions imposed thereon will lapse as follows:
Vest Schedule - Share Units (RS)
Vest Date    Vest Quantity
01-Aug-2018    ________
01-Aug-2019    ________
01-Aug-2020    ________

    
Provided that on each vesting date if a fraction of a share would vest, the fraction of a share shall be rounded to the nearest whole, which share shall vest in lieu thereof and on the last date the number of shares that vest will be the total number of shares awarded less the total number of shares previously vested; and provided further that on the applicable vesting date the Award Recipient is in the employ of or serving as a member of the Board of IBKC. The period during which the restrictions imposed on the shares of Restricted Stock by the Plan and this Agreement are in effect is referred to herein as the “Restricted Period.” During the Restricted Period, the Award Recipient shall be entitled to all rights of a shareholder of IBKC, including the right to vote such shares of Restricted Stock and to receive dividends thereon.
2.3    All restrictions on the Restricted Stock issued to the Award Recipient shall immediately lapse and the shares shall vest (a) if the Award Recipient dies while he is employed by or serving on the Board of the Company, or (b) if the Award Recipient’s Continuous Service to the Company terminates as a result of Disability, or (c) if service on the Board terminates due to ineligibility for re-election to serve on the Board because of having reached the mandatory retirement age. Unless otherwise determined by the Committee, the Award Recipient shall forfeit his or her unvested Restricted Stock upon the termination of his or her Continuous Service to the Company, for any reason, other than as provided in the foregoing sentence.
3.Registration of Stock Ownership
3.1    The shares of Restricted Stock shall be registered in the name of the Award Recipient by book entry. A stock power endorsed in blank by the Award Recipient shall be deposited with IBKC. The restrictions on transfer and forfeiture terms of the Restricted Stock under the Plan and the Agreement shall be reflected in the books of IBKC’s transfer agent and noted on the written information statement required to be provided to the Award Recipient under Louisiana law.
3.2    Upon the lapse of restrictions on any shares of Restricted Stock issued to the Award Recipient, IBKC shall issue the Shares of Common Stock representing such vested shares of Restricted Stock, without any restrictive legend, either through book entry issuances or delivery of a stock certificate, in the name of the Award Recipient or his or her nominee, subject to the other terms and conditions hereof, including those governing any withholdings of Shares under Section 5 below. Upon receipt of any such Shares, the Award Recipient is free to hold or dispose of such Shares, subject to (i) applicable securities laws and (ii) IBKC’s policy statement on insider trading then in effect.
4.Dividends
Any dividends paid on the shares of Restricted Stock granted to the Award Recipient shall be paid to the Award Recipient as soon as practicable following the date such dividends are declared and paid to the Company’s shareholders.
5.Withholding Taxes
5.1    IBKC shall have the right to withhold from any payments or stock issuances under the Plan, or to collect as a condition of payment, any taxes required by law to be withheld. By signing this Award Agreement, the Award Recipient agrees that he or she is solely responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code) and that IBKC shall not have any obligation whatsoever to pay such taxes.
5.2    Unless an Award Recipient timely makes the election described in Section 5.3, at the time that all or any portion of the Restricted Stock vests the Award Recipient must deliver to IBKC the amount 

of income tax withholding required by law. In accordance with the terms of the Plan, the Award Recipient may satisfy the tax withholding obligation by electing (the “Election”) to have IBKC withhold from the Shares the Award Recipient otherwise would receive Shares of Common Stock having a value equal to the minimum amount required to be withheld. The value of the shares to be withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the “Tax Date”). Each Election must be made prior to the Tax Date. The Committee may disapprove of any Election, may suspend or terminate the right to make Elections, or may provide with respect to any Restricted Stock that the right to make Elections shall not apply to such Restricted Stock, except that if the Award Recipient is an Executive Officer or is otherwise subject to Section 16 of the Securities Exchange Act of 1934, the Award Recipient’s right to handle the payment of withholding taxes may not be revoked by the Committee.
5.3    The Award Recipient understands that the Award Recipient (and not the Company) shall be responsible for the Award Recipient’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. The Award Recipient understands that Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary income the Fair Market Value of the Restricted Stock as of the date any restrictions on the shares lapse. The Award Recipient understands that the Award Recipient may elect to be taxed at the time the Restricted Stock is granted rather than upon vesting by filing an election under Section 83(b) of the Code with the I.R.S. within thirty days from the date of grant. The form for making this election is available from the Director of Human Resources of IBKC upon the request of the Award Recipient.
6.Additional Conditions
Anything in this Agreement to the contrary notwithstanding, if at any time IBKC further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any document) of the Shares of Common Stock issued or issuable pursuant hereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Shares of Common Stock pursuant hereto, or the removal or any restrictions imposed on such Shares, such Shares of Common Stock shall not be issued, in whole or in part, or the restrictions thereon removed, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to IBKC.
7.No Contract of Employment Intended
Nothing in this Agreement shall confer upon the Award Recipient any right to continue in the employment of the Company or to interfere in any way with the right of the Company to terminate the Award Recipient’s employment relationship with the Company at any time.
8.Binding Effect
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and successors.
9.    Inconsistent Provisions
The shares of Restricted Stock covered hereby are subject to the provisions of the Plan. If any provision of this Agreement conflicts with a provision of the Plan, the Plan provision shall control.

10.    Treatment upon Death
The Award Recipient may elect to designate a beneficiary to receive the shares of Restricted Stock that vest in the event of his or her death. In the absence of such a designation, upon the Award Recipient’s death, any such interest will be transferred as provided in the Award Recipient’s will or according to the applicable laws of descent and distribution.
11.    Notices
Any notice or communication required or permitted by any provision of this Agreement to be given to the Award Recipient shall be in writing or by electronic means as set forth in Section 17 and, if in writing, shall be delivered personally or sent by certified mail, return receipt requested, addressed to the Award Recipient at the last address that the Company had for the Award Recipient on its records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Agreement. Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed, or electronically delivered to the Award Recipient.
12.    Modifications
This Agreement may be modified or amended at any time, provided that Award Recipient must consent in writing or by electronic means to any modification that adversely alters or impairs any rights or obligations under this Agreement.
13. Headings
Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Agreement or any provision hereof.
14.    Severability
Every provision of this Agreement and of the Plan is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Agreement.
15.    Governing Law
The laws of the State of Louisiana shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto.
16.    Restrictions on Transfer
This Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee.
17.    Electronic Delivery; Acceptance of Agreement
17.1    IBKC may, in its sole discretion, deliver any documents related to the Award Recipient’s current or future participation in the Plan by electronic means or request the Award Recipient’s consent to participate in the Plan by electronic means. By accepting the terms of this Agreement, the Award Recipient hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by IBKC or a third party designated by IBKC.

17.2 The Award Recipient must expressly accept the terms and conditions of this Agreement by electronically accepting this Agreement in a timely manner. If the Award Recipient does not accept the terms of this Agreement, this Restricted Stock Award is subject to cancellation.
* * * * * * * * * * * * *
By clicking the “Accept” button, the Award Recipient represents that he or she is familiar with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and provisions thereof. The Award Recipient has reviewed the Plan and this Agreement in their entirety and fully understands all provisions of this Agreement. The Award Recipient agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Agreement.
PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS

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