Document:

Exhibit 10.3 - Supplemental Waiver & Agreement dated August 11, 2005

EXHIBIT 10.3

SUPPLEMENTAL WAIVER AND AGREEMENT

 

This SUPPLEMENTAL WAIVER AND AGREEMENT, dated as of August 11, 2005 (this “Supplemental Waiver and Agreement”), made by BEAR STEARNS CORPORATE LENDING INC., as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent for the Revolving Credit Secured Parties (as defined in the Credit Agreement referred to below) (in such capacity, the “Revolving Credit Collateral Agent”), and THE BANK OF NEW YORK, as collateral agent for the Term Loan Secured Parties (as defined in the Credit Agreement referred to below) (in such capacity, the “Term Loan Collateral Agent” and together with the Administrative Agent and the Revolving Credit Collateral Agent, collectively, the “Agents”), and the Lenders (as defined in the Credit Agreement referred to below) listed on the signature pages hereof (the “Lenders”) in favor of TRICO MARINE ASSETS, INC., a Delaware corporation (“Trico Assets”), TRICO MARINE OPERATORS, INC., a Louisiana corporation (“Trico Operators”), TRICO MARINE SERVICES, INC., a Delaware corporation (the “Company”), TRICO MARINE INTERNATIONAL, INC., a Louisiana corporation (“TMI”), TRICO MARINE INTERNATIONAL HOLDINGS B.V., a Netherlands limited company (besloten vennootschap) (“TMIH”), TRICO SUPPLY AS, a Norway limited company (“Trico Supply”), and the other Subsidiaries of the Company listed on the signature pages hereof (together with the Company, Trico Assets, Trico Operators, TMI, TMIH and Trico Supply, collectively, the “Credit Parties”).

 

RECITALS

 

A.    The Credit Parties, the Lenders and the Agents are parties to that certain Credit Agreement (Exit), dated as of February 21, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

B.    The Credit Parties, the Lenders and the Agents entered into that certain Waiver and Agreement, dated as of February 21, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Waiver and Agreement”), pursuant to which the Lenders and the Agents granted a waiver of, inter alia, the requirement that the applicable Collateral Agents receive perfected first preferred vessel mortgages on the Brazilian Collateral Vessels (as defined in the Waiver and Agreement).

 

C.    The Credit Parties have requested that the Agents and the Lenders grant waivers of certain requirements of the Waiver and Agreement.

 

D.    The Agents and the Lenders each desire to grant such waivers in accordance with the terms and conditions set forth herein.

 

In consideration of the mutual conditions and agreements set forth in the Credit Agreement and this Supplemental Waiver and Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS.

 

Section 1.01.   Certain Definitions. All terms used herein that are defined in the Credit Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

Section 1.02.   Rules of Interpretation. The rules of interpretation specified in Section 1.2 of the Credit Agreement shall be applicable to this Supplemental Waiver and Agreement.

 

	 
	 	 	 
	

	 

ARTICLE II

WAIVERS.

 

Section 2.01.   Brazilian Vessels. The Agents and the Lenders hereby waive the provisions of the Waiver and Agreement requiring that the applicable Collateral Agent receive a perfected first preferred vessel mortgage on each of the Brazilian Collateral Vessels on or prior to the 150th day after the Closing Date; provided that all but one of the Brazilian Collateral Vessels shall have been sold in accordance with the Credit Agreement on or prior to the 120th day after the Effective Date.

 

ARTICLE III

EFFECT OF AMENDMENTS. 

 

Except as expressly set forth herein, the waivers set forth herein shall not by implication or otherwise limit, impair, constitute a waiver or amendment of, or otherwise affect, the rights or remedies of the Lenders or the Agents under the Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document, all of which shall continue in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, amendment, modification or other change of, any of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document, in similar or different circumstances. The waivers herein shall apply and be effective only with respect to the matters expressly covered thereby.

 

ARTICLE IV

EFFECTIVE DATE. 

 

This Supplemental Waiver and Agreement shall become effective as of the date first written above upon, and only upon, the date (the “Effective Date”) on which all of the following conditions precedent have been first satisfied: (a) delivery to the Administrative Agent by the parties hereto of duly executed counterparts of this Supplemental Waiver and Agreement; and (b) the Company shall have paid to the Administrative Agent for the account of the Lenders (to be ratably distributed to the Lenders according to their respective percentages of the aggregate Commitments) a waiver fee in an aggregate amount equal to $93,750; provided that the continued effectiveness of this Supplemental Waiver and Agreement shall be subject to the satisfaction of the condition subsequent that the Credit Parties shall, on or prior to the 120th day after the Effective Date, either (1) deliver to the applicable Collateral Agent a first preferred vessel mortgage on each Brazilian Collateral Vessel that is not sold in accordance with the Credit Agreement on or prior to the 120th day after the Effective Date, which vessel mortgage shall be effective to create in favor of the applicable Collateral Agent, for the benefit of the Secured Parties, a perfected first priority mortgage Lien on such Brazilian Collateral Vessel, preferred (to the extent possible under applicable law), prior and superior in right to any other Person (other than Permitted Senior Liens), and subject to no other Liens (other than Permitted Collateral Vessel Liens), or (2) pay to the Administrative Agent for the account of the Lenders (to be ratably distributed to the Lenders according to their respective percentages of the aggregate Commitments) an additional waiver fee in an aggregate amount equal to $26,250.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES.

 

The Company and each Borrower represents and warrants as to itself and to each other Credit Party or Group Member, as applicable, and each other Credit Party represents and warrants as to itself, to each Agent and each Lender that the representations and warranties made by the applicable Credit Parties in the Credit Documents are true and correct in all material respects on and as of the Effective Date, after giving effect to the effectiveness of the this Supplemental Waiver and Agreement, as if made on and as of the Effective Date, except to the extent such representations and warranties expressly relate to an earlier date. 

 

	 
	 	 	 
	

	 

ARTICLE VI

MISCELLANEOUS.

 

Section 6.01.   Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other party any communication with respect to this Supplemental Waiver and Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the manner and to the address, and deemed received as provided for in Section 12.2 of the Credit Agreement. All such notices and other communications shall, when mailed, telecopied, telegraphed, telexed or cabled, respectively, be effective when deposited in the mails, telecopied, delivered to the cable company or courier, respectively, addressed as aforesaid; except that notices and other communications to the Agents shall not be effective until received by such entity.

 

Section 6.02.   Counterparts. This Supplemental Waiver and Agreement may be executed by one or more of the parties to this Supplemental Waiver and Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Supplemental Waiver and Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof or thereof.

 

Section 6.03.   Severability. Any provision of this Supplemental Waiver and Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 6.04.   GOVERNING LAW. THIS SUPPLEMENTAL WAIVER AND AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENTAL WAIVER AND AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

Section 6.05.   Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)  submits for itself and its property in any legal action or proceeding relating to this Supplemental Waiver and Agreement or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

 

(b)  consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

	 
	 	 	 
	

	 

 

(c)  agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth or referenced in Section 12.2 of the Credit Agreement or at such other address of which the parties hereto shall have been notified pursuant thereto;

 

(d)  agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

 

(e)  waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

 

Section 6.06.   WAIVERS OF JURY TRIAL. THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS SUPPLEMENTAL WAIVER AND AGREEMENT.

 

Section 6.07.   Waivers; Amendment.

 

(a)  No failure or delay of the Agents in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents hereunder and of the Agents and the Lenders under the Credit Agreement or any other Credit Document, are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provisions of this Supplemental Waiver and Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

 

(b)  Neither this Supplemental Waiver and Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the parties hereto.

 

[Remainder of page left blank intentionally; signatures follow.]

 

	

	 	 	 
	

	 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Waiver and Agreement to be executed and delivered as of the date first written above.

 

 

TRICO MARINE ASSETS, INC.

as a Borrower and a Guarantor

By:    _____/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

TRICO MARINE OPERATORS, INC.

as a Borrower and a Guarantor

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

TRICO MARINE SERVICES, INC.

as a Guarantor

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

TRICO MARINE INTERNATIONAL, INC.

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

:    

TRICO MARINE INTERNATIONAL HOLDINGS B.V.

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

TRICO SUPPLY AS

 

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

TRICO SERVICOS MARITIMOS LTDA.

By:    ____/s/ Fernando Martins_______

Name:    Fernando Martins

Title:    General Manager

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

SERVICOS DE APOYO MARITIMO DE MEXICO, S. DE R.L. DE C.V.

By:    ____/s/ Trevor Turbidy_______

Name:    Trevor Turbidy

Title:    

COASTAL INLAND MARINE SERVICES LTD.

By:    ____/s/ Geoff Jones_______

Name:    Geoff Jones

Title:    Director

TRICO MARINE INTERNATIONAL, LTD.

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:    

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

TRICO SUPPLY (UK) LIMITED

By:    ______/s/ Trevor Turbidy__________

Name:    Trevor Turbidy

Title:        

ALBYN MARINE LIMITED

By:    ______/s/ A.J.R. May__________

Name:    A.J.R. May

Title:    

	  
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

BEAR STEARNS CORPORATE LENDING INC.

as Administrative Agent and Revolving Credit Collateral Agent

By:    ______/s/ Victor Bulzacchelli__________

Name: Victor Bulzacchelli

Title: Vice President

BEAR STEARNS CORPORATE LENDING INC.

as Lender

By:    ______/s/ Victor Bulzacchelli__________

Name: Victor Bulzacchelli

Title: Vice President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

THE BANK OF NEW YORK

as Term Loan Collateral Agent

By:    ______________________

Name: 

Title: 

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

GREAT AMERICAN INSURANCE COMPANY

By: AMERICAN MONEY MANAGEMENT CORP.,

as Portfolio Manager

By:    ___/s/ David P. Meyer____________________

Name: David P. Meyer

Title:    Senior Vice President

GREAT AMERICAN LIFE INSURANCE COMPANY

By: AMERICAN MONEY MANAGEMENT CORP.,

as Portfolio Manager

By:    ___/s/ David P. Meyer____________

Name: David P. Meyer

Title:    Senior Vice President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

TRS CALLISTO LLC

By:    __/s/ Alice L. Wagner______________

Name:     Alice L. Wagner

Title:     Vice President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

MARINER LDC

By: MARINER INVESTMENT GROUP, INC.,

as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________

Name:    Charles R. Howe, II

Title:    President

CASPIAN CAPITAL PARTNERS, L.P.

By: MARINER INVESTMENT GROUP, INC.,

as Investment Advisor

By:_/s/ Charles R. Howe, II_____________

Name:    Charles R. Howe, II

Title:    President

MARINER OPPORTUNITIES FUND, L.P.

By: MARINER INVESTMENT GROUP, INC.,

as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________

Name:    Charles R. Howe, II

Title:    President

	 
	 	 	 
	

	 

COUNTERPART SIGNATURE PAGE TO THE FIRST WAIVER AND AMENDMENT

PUTNAM INVESTMENT MANAGEMENT, LLC, 

on behalf of

Putnam High Yield Trust

Putnam High Yield Advantage Fund

Putnam Diversified Income Trust

By:    ___/s/ Paul Quistberg_________________________________

Name:    Paul Quistberg

Title:    Managing DirectorMaster Plan

    EXHIBIT
      10.24

     

    CITIZENS
      FINANCIAL CORPORATION

    MASTER
      CASH BONUS PERFORMANCE PLAN

    

    1. Purpose
      and Effective Date.
      The
      Plan was adopted by the Board, effective August 11, 2005, for the purpose of
      assisting the Corporation in attracting and retaining certain key employees
      who
      are in a position to make a significant contribution to the growth and
      profitability of the Corporation by providing a reward for performance and
      incentive for future endeavor. 

     

    2. Definitions.
      In this
      Plan, the following terms shall have the indicated meanings: 

     

    A. “Award”
      means,
      for any Participant, a document setting forth specific information regarding
      the
      Participant’s opportunity to receive a Bonus Payment under this Plan to the
      Participant signed in behalf of the Committee. 

     

    B. “Board”
      the
      Corporation’s Board of Directors. 

     

    C. “Bonus
      Payment”
      means
      an amount payable to a Participant pursuant to the terms of this Plan and the
      Participant’s Award. 

     

    D. “Code”
      means
      the Internal Revenue Code of 1986, as amended.

     

    E. “Committee”
      means a
      committee of the Board consisting of at least three (3) members of the Board,
      duly authorized by the Board to administer the Plan, who (i) are not eligible
      to
      participate in the Plan, and (ii) are “outside directors” (within the meaning of
      Code Section 162(m). 

     

    F. “Corporation”
      means
      Citizens Financial Corporation, with its principal place of business at Suite
      300, The Marketplace, 12910 Shelbyville Road, Louisville, Kentucky 40253-6149.
      

     

    G. “Participant”
      means
      any executive officer or key employee of the Corporation who, as determined
      by
      the Committee in its sole discretion, is in a position to make a significant
      contribution to the growth and profitability of the Corporation. 

     

    H. “Plan”
      means
      the Citizens Financial Corporation Master Cash Bonus Performance Plan, as set
      forth herein and as amended from time to time. 

     

    I. “Year”
      means,
      for any Participant, a period of 12 months beginning and ending on the dates
      set
      forth in the related Award. 

     

    3. Eligibility.
      Each
      executive officer and key employee of the Corporation who is recommended by
      the
      Chief Executive Officer, selected by the Committee and approved by the Board
      is
      eligible to participate in the Plan and receive an Award pursuant to the terms
      and conditions set forth herein. Members of the Board are eligible to receive
      Awards under the Plan but any member who does shall not participate in
      the 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Committee’s
      administration of the Plan nor the
      Committee’s selection or the Board’s approval of the Participants to whom Awards
      will be made or the formulae for such Awards.

     

    4. Plan
      Administration.

     

    A. Committee
      Administration.
      The
      Plan shall be administered by the Committee. The Committee shall select the
      Participants and the award formulae and otherwise be responsible for the
      administration of the Plan, in accordance with its terms. The Committee shall
      have the authority to construe and interpret the Plan and any agreement or
      other
      document relating to any Bonus Payment under the Plan, may adopt rules and
      regulations governing the administration of the Plan, and shall exercise all
      other duties and powers conferred on it by the Plan, or that are incidental
      or
      ancillary thereto that it considers appropriate and in the Corporation’s best
      interest. The interpretation of any provision of the Plan by the Committee
      shall
      be final, conclusive and binding upon all persons, and the officers of the
      Corporation shall place into effect and shall cause the Corporation to perform
      its obligations under the Plan in accordance with the Committee’s
      determinations. A majority (but not fewer than two) of the members of the
      Committee shall constitute a quorum. The vote of a majority (but not fewer
      than
      two) of those present at a meeting at which a quorum is present or the unanimous
      written consent of the Committee shall constitute action by the Committee.
      

     

    B. Authority
      to Change Terms and Conditions of Awards.
      Without
      limiting the Committee’s authority under other provisions of the Plan, but
      subject to any express limitation of the Plan and any Award, the Committee
      shall
      have the authority to accelerate a Bonus Payment and to waive restrictive
      conditions for a Bonus Payment (including forfeiture conditions but not award
      formulae), in such circumstances as the Committee deems appropriate.

     

    5. Awards.
      The
      Committee shall prepare an Award for each Participant and shall deliver a copy
      of such Award signed in behalf of the Committee to the Participant.

     

    6. Determination
      of Bonus Payment.

     

    A. Basis
      for Determination.
      The
      Bonus Payment for each Participant shall be determined by the Committee in
      accordance with the terms and conditions of the Participant’s Award and
      financial information acceptable to the Committee. 

     

    B. Maximum
      Annual Bonus Payment.
      No
      Participant may receive a Bonus Payment with respect to any Year in excess
      of
      any maximum amount set forth for such Year in his or her Award.

     

    C. Employment
      Termination.
      Subject
      to the terms of a Participant’s Award, the Committee shall have sole discretion
      to determine whether a prorated Bonus Payment may be paid to a Participant
      whose
      employment with the Corporation terminates during a Year for which the
      Participant eligible for a Bonus Payment. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    7. Payment
      of Bonus Payments.

     

    A. Time
      and Method of Payment.
      Distribution of a Bonus Payment shall be made to a Participant in a single
      sum
      cash payment as soon as administratively practicable after the end of the Year
      (or lesser period) to which the Bonus Payment relates and in any event not
      later
      than two and one-half months after the end of such Year (or lesser period).
      

     

    B. Withholding.
      The
      Corporation shall have the right to withhold from any Bonus Payment any taxes
      required by law to be withheld with respect to such payments. 

     

    C. Offsets.
      As a
      condition to eligibility for a Bonus Payment, each Participant consents to
      the
      deduction from the Bonus Payment of any amounts owed by the Participant to
      the
      Corporation to the extent permitted by applicable law. 

     

    D. $1,000,000
      Compensation Limit.
      Notwithstanding any other provision of this Plan or any Award, no Bonus Payment
      shall be paid to a Participant to the extent the payment would cause the
      Participant to have compensation from the Corporation and its affiliated
      companies for any year in excess of $1,000,000 and which is nondeductible by
      the
      Corporation and its affiliated companies pursuant to Code Section 162(m). Any
      Bonus Payment, or portion thereof, not payable because of this limitation shall
      be paid to the Participant in the first subsequent year in which the payment
      would not cause the loss of the Corporation’s or its affiliated companies’
      compensation tax deduction. 

     

    8. Plan
      Amendment and Termination.
      Although it is the present intention of the Corporation to continue the Plan
      in
      effect for an indefinite period of time, the Corporation reserves the right,
      by
      resolution of the Board, to amend or terminate the Plan at any time, in its
      sole
      discretion, provided that no such action shall adversely affect any Bonus
      Payment for the Year in which such resolution is adopted. 

     

    9. Notices.
      Notice
      required or permitted to be given by the Corporation to a Participant pursuant
      to the Plan shall be considered given when personally delivered or deposited
      in
      the United States mail, registered or certified, postage prepaid, addressed
      to
      the Participant, at the last address shown for the Participant on the
      Corporation’s records or subsequently provided in writing to the Corporation.

     

    10. Nonassignability.
      Except
      as otherwise provided in Section 7, no Bonus Payment shall be subject in any
      manner to anticipation, alienation, sale, transfer, assignment, pledge,
      encumbrance or charge before actual receipt by the Participant or the payee.
      Any
      attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber
      or
      charge before receipt shall be void. 

     

    11. No
      Rights to Continued Employment.
      Nothing
      contained herein or in any Award confers upon any Participant the right to
      be
      retained in the service of the 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    Corporation nor limits the right of the Corporation to
      discharge or otherwise deal with a Participant without regard to the existence
      of the Plan.

    12. Unfunded
      Plan.
      The
      Plan shall at all times be an unfunded payroll practice and no provision shall
      at any time be made with respect to segregating assets of the Corporation for
      payment of any Bonus Payment. No Participant or any other person shall have
      any
      interest in any particular assets of the Corporation by reason of the right
      to
      receive a Bonus Payment under the Plan and any such Participant or any other
      person shall have only the rights of a general unsecured creditor of the
      Corporation. 

     

    13. Severability.
      The
      invalidity or unenforceability of any provision of the Plan shall not affect
      the
      remaining provisions of the Plan and such invalid or unenforceable provision
      shall be stricken to the extent necessary to preserve the validity and
      enforceability of the Plan. 

     

    14. Governing
      Law.
      The
      Plan shall be governed and construed in accordance with the laws of the
      Commonwealth of Kentucky.

     

    15. Jurisdiction.
      As a
      condition to eligibility to receive a Bonus Payment, each Participant
      irrevocably consents to the exclusive jurisdiction of the courts of the
      Commonwealth of Kentucky and of any federal court located in Jefferson County,
      Kentucky in connection with any action or proceeding arising out of or relating
      to this Plan, any document or instrument delivered pursuant to or in connection
      with this Plan, or any breach of this Plan or any such document or
      instrument.

     

    THIS
      CERTIFIES that the Corporation has adopted this Plan effective as of the date
      specified above.

     

     

    
      	 	 	 
	 	CITIZENS
              FINANCIAL CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/
              Darrell R. Wells
	 	
              

                     Darrell
              R. Wells    
	 	       
              Chairman, Board of Directors 

    

     

     

     

    
      
      

      
        4

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