Document:

Form of Escrow Agreement

 Exhibit 4.12 
 INTERVEST BANCSHARES CORPORATION 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT made as of this __ day of ____________, 20__, by and among Intervest Bancshares Corporation, a Delaware corporation
with its principal offices at One Rockefeller Plaza, Suite 400, New York, New York 10020-2002 (“Corporation”); Sage, Rutty & Co., Inc., a New York corporation with its principal offices at 100 Corporate Woods, Suite 300,
Rochester, New York 14623 (“Underwriter”); and _______________ (“Escrow Agent”). 
 R E C I T A L S:

 WHEREAS, the Corporation has filed a Form S-1 Registration Statement under the Securities Act of 1933 with the Securities and
Exchange Commission (“Registration Statement”) covering a proposed offering of a minimum of $10,000,000 and maximum of $15,000,000 aggregate principal amount of its Series 12/__/09 Subordinated Debentures (“Debentures”); and

 WHEREAS, the Underwriter intends to sell the Debentures as the Corporation’s agent on a best efforts basis; and

 WHEREAS, under the terms of the offering, subscription funds received on the sale of Debentures will be deposited in an
escrow account until certain terms and conditions have been met; and 
 WHEREAS, the Corporation desires that the subscription
funds be held in escrow by the Escrow Agent on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of
the mutual covenants contained herein, the parties agree as follows: 
 1. Establishment and Custody of Escrow Fund.

 (a) On or prior to the date of the commencement of the offering of the Debentures, the parties shall establish
an interest-bearing escrow account with the Escrow Agent. The Corporation will notify the Escrow Agent in writing of the effective date of the Registration Statement. The escrow account shall be entitled “______ as Escrow Agent for Intervest
Bancshares Corporation.” The Corporation shall, prior to the establishment of such account, furnish to the Escrow Agent a completed IRS Form W-9. 
 (b) On the next Business Day following receipt by the Corporation or the Underwriter from an investor desiring to purchase Debentures (“Subscriber(s)”) or from any participating selected dealer,
of any subscription documents and payment of the subscription price (in the minimum of $10,000) for Debentures to be purchased, it will promptly transmit to the Escrow Agent the following: 
 (i) Checks, bank drafts or money orders payable to “INB – Escrow for IBC Debentures” or wire transfers to the
escrow account (such sums as held by Escrow Agent in collected funds, as increased or decreased by any investments, reinvestments or distributions made in respect thereof and any interest thereon as held from time to time by the Escrow Agent
pursuant to the terms of this Escrow Agreement, being hereafter collectively referred to as the “Escrow Fund”). Such funds shall be delivered to Intervest Bancshares Corporation, One Rockefeller Plaza, Suite 400, New York, New York 10020,
Attention: ___________________, by 12:00 noon on the next Business Day after receipt, for deposit in accordance with Section 2; and 
 (ii) With each deposit to the Escrow Fund, a statement containing the name, address and tax identification number of each Subscriber. 
 (c) Checks or other forms of payment not made payable to the Escrow Agent shall be returned by the Escrow Agent to the
purchaser who submitted the check. 
  

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 (d) For purposes of this Escrow Agreement, a “Business Day” is a
day upon which the Escrow Agent is open for the conduct of business. 
 (e) The Escrow Agent will acknowledge
receipt of the Escrow Fund and will hold the Escrow Funds subject to the terms and conditions of this Escrow Agreement. 
 (f) The Escrow Agent shall notify the Corporation when the total amount of subscription funds in the Escrow Fund, less the amount of any such checks returned for insufficient funds, equals at least $10,000,000 (the “Minimum
Funds”). No investment profits or losses and no interest earned on any investment of the Escrow Fund shall be considered for purposes of this calculation. 
 (g) During the term of this Escrow Agreement, the Corporation understands that it is not entitled to any funds received into
escrow and no amounts deposited shall become the property of the Corporation or any other entity, or be subject to the debts of the Corporation or any other entity. 
 2. Investment of Escrow Fund. Moneys held in the Escrow Fund shall be invested and reinvested by the Escrow Agent in its trust money market account. Moneys held in the Escrow Fund will, in any
event, be invested only in investments permissible under Rule 15c2-4 under the Securities Exchange Act of 1934. 
 3. Duties
of Escrow Agent. Acceptance by the Escrow Agent of its duties under this Escrow Agreement is subject to the following terms and conditions, which all parties to this Escrow Agreement agree shall govern and control with respect to the rights,
duties, liabilities and immunities of the Escrow Agent. 
 (a) The duties and responsibilities of the Escrow
Agent shall be limited to those expressly set forth in this Escrow Agreement and the Escrow Agent shall not be subject to, nor obligated to recognize, any other agreements between the Corporation, Underwriter and any Subscriber. 
 (b) The duties of the Escrow Agent are only such as are herein specifically provided and such duties are purely ministerial
in nature. The Escrow Agent’s primary duty shall be to keep custody of and safeguard the Escrow Fund during the period of the escrow, to invest monies held in the Escrow Fund in accordance with Section 2 hereof and to make disbursements
from the Escrow Fund in accordance with Section 4 hereof. 
 (c) The Escrow Agent shall be under no
obligations in respect of the Escrow Fund other than to faithfully follow the instructions herein contained or delivered to the Escrow Agent in accordance with this Escrow Agreement. The Escrow Agent may rely and act upon any written notice,
instruction, direction, request, waiver, consent, receipt or other paper or document which it in good faith believes to be genuine and what it purports to be and the Escrow Agent shall be subject to no liability with respect to the form, execution
or validity thereof. If, in the opinion of the Escrow Agent, the instructions it receives are ambiguous, uncertain or in conflict with any previous instructions or this Escrow Agreement, then the Escrow Agent is authorized to hold and preserve
intact the Escrow Fund pending the settlement of any such controversy by final adjudication of a court or courts of proper jurisdiction. 
 (d) The Escrow Agent shall not be liable for any error of judgment or for any act done or step taken or omitted by it, in good faith, or for any mistake of fact or law, or for anything which it may in
good faith do or refrain from doing in connection herewith, unless caused by its willful misconduct or gross negligence. The Corporation shall indemnify and hold the Escrow Agent harmless from and against any and all claims, losses, damages,
liabilities and expenses, including reasonable attorneys’ fees, which may be imposed upon the Escrow Agent or incurred by the Escrow Agent in connection with its acceptance of the appointment as Escrow Agent hereunder or the performance of its
duties hereunder, unless the Escrow Agent is determined to have committed an intentional wrongful act or to have been grossly negligent with respect to its duties under this Escrow Agreement. 
 (e) The Escrow Agent shall return to the Corporation any sums delivered to the Escrow Agent pursuant to this Escrow Agreement
for which the Escrow Agent has not received release instructions pursuant to Section 4 hereof, and as to which four years have passed since delivery. 
  

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 (f) The Escrow Agent may consult with, and obtain advice from, legal counsel
(which may not be counsel to the Corporation) in the event of any dispute or questions as to the construction of any of the provisions hereof or its duties hereunder, and it shall incur no liability in acting in good faith in accordance with the
written opinion and instructions of such counsel. The fees for consultation with such counsel shall be paid by the Corporation. 
 (g) Reference in this Escrow Agreement to the Registration Statement is for identification purposes only, and its terms and conditions are not thereby incorporated herein. 
 4. Distribution and Release of Funds. 
 (a) For purposes of this Escrow Agreement, the term “Termination Date” shall mean the earlier of: 
 (i) ______________, 20__, or such later date set forth in a written notice purportedly executed by the Corporation and delivered to the Escrow Agent at least five (5) Business Days prior to
________________, 20__. 
 (ii) The date, if any, upon which the Escrow Agent receives a written notice
purportedly executed by the Corporation stating that the offering has been terminated, or such later date set forth in such notice as the effective date of such termination; or 
 (iii) Any date specified by the Corporation in writing, after the date the Escrow Agent has confirmed that it has received in
the Escrow Fund at least the Minimum Funds in good, collected funds. 
 (b) On the Termination Date, the Escrow
Agent shall certify to the Corporation in writing the total amount of collected funds in the Escrow Fund. 
 (c)
The Escrow Agent shall return the funds deposited with it to the Subscribers if, on the Termination Date, the Escrow Fund does not consist of collected funds totaling at least the Minimum Funds. The Escrow Agent shall have fully discharged this
obligation to return Subscribers’ funds if it has mailed to each Subscriber, at the address furnished to it by the Corporation, the Underwriter or any selected dealer, by registered or certified mail, return receipt requested, a bank check made
payable to each Subscriber for the amount originally deposited by that Subscriber, plus the Subscriber’s pro rata share of net interest (defined below) earned without regard to the date the Subscriber’s funds were deposited. For purposes
of this Escrow Agreement, “net interest” shall mean the interest earned on the Escrow Fund, less any fees or expenses of the Escrow Agent paid from the Escrow Fund pursuant to Section 5. 
 (d) At such time as (i) the total amount of collected funds in the Escrow Fund equals at least the Minimum Funds, and
(ii) the Escrow Agent has received, on or before the Termination Date, written instructions executed by the Underwriter and the Corporation, the Escrow Agent shall distribute the entire Escrow Fund, less commissions, fees and expense
reimbursement due to the Underwriter and any selected dealers, pursuant to such instructions. The commissions, fees and expense reimbursement due to the Underwriter and selected broker-dealers shall be set forth in the written instructions, and the
Escrow Agent shall distribute the commissions, fees and expense reimbursement due to the Underwriter and selected dealers directly to the Underwriter. Subject to the foregoing, distributions may be made to third parties at the direction of the
Corporation. Net interest earned on the Escrow Fund shall be paid to the Corporation. 
 (e) If the Corporation
rejects a subscription for which the Escrow Agent has already collected funds, the Escrow Agent shall promptly issue a refund check to the rejected Subscriber. Otherwise, the Escrow Agent shall promptly remit the rejected Subscriber’s check
directly to the Subscriber. Any check returned unpaid to the Escrow Agent will be returned to the Underwriter or selected dealer that submitted the check. Any check or other form of payment received by the Escrow Agent not payable to “INB
– Escrow for IBC Debentures” shall be returned to the Subscriber by the Escrow Agent. 
  

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 (f) For purposes hereof, “collected funds” shall mean all funds
received by the Escrow Agent which have cleared normal banking channels and are in the form of cash. Furthermore, a check which is not (i) a certified check or (ii) a bank draft or a cashiers check drawn on a bank reasonably acceptable to
the Escrow Agent, shall constitute “collected funds” only if it has not been returned for insufficient funds within ten (10) Business Days after its receipt by the Escrow Agent. No investment profits or losses and no interest earned
on any investments of the Escrow Fund shall be considered for purposes of the above calculation. 
 (g) It shall
be a condition to the return of funds to any subscriber hereunder that such subscriber shall have delivered to the Escrow Agent a completed IRS Form W-9. The Corporation shall include in the Prospectus which is part of the Registration Statement
and/or in the subscription forms to be executed by subscribers, notice of the requirement for delivery of such IRS Form W-9 as a condition to the return of funds deposited in the Escrow Account. 
 (h) This Escrow Agreement shall terminate on the final distribution of the Escrow Fund, at which time the Escrow Agent shall
be forever and irrevocably released and discharged from any and all further responsibility or liability with respect to the Escrow Fund. 
 5. Compensation. The Corporation agrees to pay the Escrow Agent a fee of $500 as compensation for its services in connection with establishing the Escrow Fund, payable at the time this Escrow
Agreement is executed, whether or not any Debentures are sold. In addition, the Corporation shall pay an annual maintenance fee of $100, prorated for the number of months the Escrow Account is open, payable whether or not any Debentures are sold.
The Corporation shall pay, in addition to the foregoing fees, the following charges: 
  

				
	$	1,500.00	  	Handling and processing fees.
	$	7.50	  	Per check disbursed.
	$	10.00	  	Per prorated net interest computation if funds are returned to investors.
	$	10.00	  	Per Form 1099 required to be transmitted by the Escrow Agent.
	$	25.00	  	Per check returned for insufficient funds.
	$	15.00	  	Per wire transfer

 Except for the set-up fee due upon execution of this Escrow Agreement, the fees and charges shall be
paid by the Corporation on the date(s) the Escrow Fund is distributed pursuant to Section 4. The Escrow Agent shall have the right to cause any fees due hereunder to be paid out of the interest earned on the Escrow Account. 
 6. Termination. This Escrow Agreement shall terminate no later than the Termination Date, or on such earlier date as the Escrow Agent
shall have paid out a total of at least $10,000,000 in collected funds in accordance with the provisions of this Escrow Agreement. 
 7. Resignation and Removal of Escrow Agent. The Escrow Agent may at any time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days’ written notice to the
Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days’ notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall
be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment
hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the
Underwriter are notified of the Escrow Agent’s resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance
with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder. 
 8. Binding Effect.
This Escrow Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns. 
  

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 9. Headings. The headings contained in this Escrow Agreement are intended for
convenience and shall not in any way determine the rights of the parties to this Escrow Agreement. 
 10. Waiver. Waiver
of any terms or conditions of this Escrow Agreement by any party shall not be construed as (a) a waiver of a subsequent breach or failure of the same term or condition, or (b) a waiver of any other term or condition of this Escrow
Agreement. 
 11. Counterparts. This Escrow Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and it shall not be necessary in making proof of this Escrow Agreement to produce or account for more than one such counterpart. 
 12. Modification. This Escrow Agreement constitutes the entire agreement between the parties as to the escrow of Subscribers’ funds, and shall not be modified except in writing signed and
acknowledged by all the parties. 
 13. Notices. All notices and communications hereunder shall be in writing and shall
be deemed to be duly given on the date delivered by the United States Mail, registered or certified mail, return receipt requested, postage prepaid to the address of the Corporation and Underwriter as first above written, and to the Escrow Agent at
One Rockefeller Plaza, Suite 400, New York, New York 10020, Attention: ________________________, provided, however, that notices may be given by telex, cable, telecopier, courier service, telephone, personal delivery or otherwise, effective the date
of such communication, provided that notices given by such means of communications are confirmed by mail as aforesaid, postmarked within one business day after such other form of communication. 
 14. Governing Law. This Escrow Agreement shall be construed and enforced in accordance with the laws of the State of New York. The
parties consent to the personal jurisdiction of all courts of the State of New York, and agree that such jurisdiction shall be exclusive. 
 IN WITNESS WHEREOF, the parties have executed and delivered this Escrow Agreement as of the date and year first above written. 
  

									
	CORPORATION:	 		 	INTERVEST BANCSHARES CORPORATION
					
		 		 		 	By:	 	 
		 		 		 	Its:	 	 
			
	ESCROW AGENT:	 		 	 
					
		 		 		 	By:	 	 
		 		 		 	Its:	 	 
			
	UNDERWRITER:	 		 	SAGE, RUTTY & CO., INC.
					
		 		 		 	By:	 	 
		 		 		 	Its:	 	 

  

 5Separation Agreement and Full Release

 Exhibit 10.1 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 This SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is made and entered into this 24th day of November, by and between Atmos Energy Corporation (except as
otherwise provided herein, together with its Affiliates (defined below), collectively referred to as “Atmos”) and Mark H. Johnson (“Executive”). Executive and Atmos are sometimes collectively
referred to herein as the “Parties,” and individually, a “Party.” The “Effective Date” of this Agreement shall be the eighth (8th) day after this Agreement has been signed by Executive and the expiration of the revocation period
described in Section 22 of this Agreement. 
 WITNESSETH: 
 WHEREAS, Executive is employed by Atmos as Senior Vice President, Nonregulated Operations and as President of Atmos Energy Holdings,
Inc. (“AEH”), a wholly-owned subsidiary of Atmos. The Parties agree that Executive’s employment as an officer or director of Atmos, AEH and all of Atmos’ or AEH’s Affiliates shall end on October 31, 2009;

 WHEREAS, because of his employment and his service as Senior Vice President of Atmos and President of AEH, Executive
has obtained intimate and unique knowledge of all aspects of Atmos’ business operations, current and future plans, financial plans, proprietary information and Confidential Information as defined in Paragraph 10 of the Participation Agreement
(the “Participation Agreement”) executed by and between Executive and Atmos as of September 30, 2008, under the Atmos Energy Corporation Supplemental Executive Retirement Plan (the “SERP”) , which collectively
shall be referred to as “Confidential Information”; 
 WHEREAS, Executive acknowledges that the
unauthorized disclosure of Confidential Information relating to Atmos to any unauthorized person or entity, or use of such information by Executive for personal gain, would (i) violate Executive’s fiduciary obligation to Atmos and the
terms of the Participation Agreement, and (ii) cause significant and irreparable harm to Atmos; and 
 WHEREAS, the
Parties desire to finally, fully and completely resolve all matters and disputes that may now exist or may hereafter arise relating to the hiring, employment and termination of the employment relationship between Executive and Atmos, and any and all
other matters concerning or in any manner relating to Executive’s employment, and all benefits and compensation to which Executive may be entitled in connection with his employment and termination thereof; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1.
Termination of Employment. Executive’s employment with Atmos, AEH and all of Atmos’ or AEH’s Affiliates shall be terminated as of October 31, 2009 (“Termination Date”). Except as otherwise expressly
provided in this Agreement and subject to Section 12, all benefits, stock options, restricted stock rights, compensation, perquisites and other rights of Executive with Atmos shall cease as of the Termination Date, and no further salary, bonus,
benefits, payments, stock or stock options shall be due from or paid by Atmos to Executive. 
  

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 2. Return Of Property. Within five (5) days after the Effective Date, Executive
shall (i) deliver to Atmos all equipment and property of Atmos in his possession, including all files and programs stored electronically or otherwise, that relate or refer to Atmos or any officer, director or employee of Atmos, and
(ii) deliver to Atmos all originals and copies of non-public documents, notes, memoranda or any other written materials that relate or refer to Atmos. 
 3. Separation Pay. 
 (a) In consideration for the release and covenants by
Executive set forth in this Agreement, Atmos agrees to pay to Executive in a lump sum in cash $2,131,098.00, minus required tax withholdings, which consists of the following amounts: 
 (i) the sum of $1,089,408.00, constituting the present value of the payment Executive otherwise would be entitled to receive
when he reached age 55 under the terms of the SERP. Executive understands and agrees that this payment constitutes a complete discharge of Atmos’ obligations to Executive under the SERP and that Executive shall have no further rights to any
benefits under the SERP, but shall remain subject to the obligations set forth in paragraph 10 of the Participation Agreement as more fully discussed below; 
 (ii) the sum of $342,851.00, in payment of the after-tax additional penalty tax imposed by Section 409A of the Internal
Revenue Code of 1986, as amended, by reason of the acceleration of the payment of Executive’s benefits under the SERP; 
 (iii) the sum of $375,289.00, constituting one-year’s base salary of Executive; 
 (iv) the sum of $125,750.00, constituting payment of the portion of Executive’s award under the Atmos Annual Incentive Plan for Management (the “MIP”) for 2008 which was payable in
restricted stock and forfeited in accordance with the terms of the MIP; and 
 (v) the sum of $197,800.00,
constituting payment of Executive’s award under the MIP for 2009, fifty percent (50%) of which is payable in restricted stock and forfeitable in accordance with the terms of the MIP. 
 All payments provided for in this Section 3(a) shall be referred to as the “Separation Pay.” Executive understands and agrees
that he would not otherwise be entitled to the amounts set forth in Subsections 3(a)(ii)-(v) and would not be entitled to a SERP payment as referred to in Subsection 3(a)(i) until he reached age 55. 
  

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 (b) The Separation Pay shall be paid no later than December 31, 2009, by wire transfer
of immediately available funds to an account or accounts designated by Executive, or in such other manner as Executive may accept or reasonably request. 
 (c) The Separation Pay is expressly conditioned on Executive’s compliance with the terms of this Agreement, including the provisions of Section 6 regarding non-solicitation of customers and
employees. Further, the rights, obligations and liabilities of Atmos with respect to payment of the Separation Pay are conditioned and dependent on Executive’s continued compliance with the obligations set forth in Paragraph 10 of the
Participation Agreement and Section 6 of this Agreement regarding non-solicitation of customers and employees. 
 4.
Survivor Rights. In the event of Executive’s death, this Agreement shall operate in favor of his estate (“Estate”). 
 5. Cooperation. Executive shall be available at mutually agreeable times to assist in any proceeding or otherwise provide information to Atmos in connection with any claim or suit. Executive
shall cooperate with Atmos regarding any pending or subsequently-filed litigation, claims, investigations or other disputed items involving Atmos that relate to matters within the knowledge or responsibility of Executive during his employment.
Executive shall (i) meet with Atmos’ representatives, its counsel or other designees at mutually convenient times and places with respect to any items within the scope of this provision; (ii) provide truthful testimony regarding same
to any court, government agency or other adjudicatory body; and (iii) provide Atmos with notice of contact by any adverse party (known by Executive to be adverse to Atmos or its interests), and shall not voluntarily assist any such
non-governmental adverse party or such adverse party’s representatives. The obligations of Executive set forth in this Section 5 shall terminate five (5) years from the Effective Date of this Agreement. Atmos shall reimburse Executive
for any and all reasonable travel-related expenses incurred by Executive in the performance of any of his obligations under this Section 5 in accordance with Atmos’ employee expense reimbursement policy in effect at the time. 

 6. Non-Solicitation of Clients and Employees. During Executive’s employment with Atmos, Executive was
provided with Confidential Information and specialized training. Pursuant to Executive’s existing obligations as set forth in Paragraph 10 of the Participation Agreement, which shall continue in full force and effect according to the terms
stated therein, as well as the obligations set forth herein, Executive has agreed to not disclose or use and to protect Atmos’ Confidential Information. Executive recognizes and agrees that Atmos has devoted a considerable amount of time,
effort and expense to develop its Confidential Information, that the Confidential Information is a valuable asset to Atmos, and that any unauthorized use or disclosure of Atmos’ Confidential Information would cause irreparable harm to Atmos,
for which there is no adequate remedy at law. Accordingly, Executive agrees that it is necessary in order to protect Atmos’ Confidential Information, to enter into the following restrictive covenants. Executive, either individually or as a
principal, partner, stockholder, manager, agent, consultant, contractor, employee, investor, or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, agrees that for a period of one (1) year
following the Effective Date of this Agreement, he shall not, whether directly or indirectly, without the express and prior written consent of Atmos: 
 (a) Non-solicitation of clients. Solicit or attempt to solicit, on behalf of himself or any other person or entity, business from any person or entity that was a customer of Atmos during the
thirty-six (36) months immediately preceding the non-solicitation period if such business is in the scope of services or products provided by Atmos. 
  

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 (b) Non-Recruitment. Hire, solicit for employment, induce or encourage to leave the
employment of Atmos or otherwise cease their employment with Atmos, any Atmos employee or former employee (whose employment with Atmos ceased less than six (6) months earlier). 
 (c) Mutual Dependence. The rights and obligations of the Parties with respect to the Separation Pay are conditioned and dependent on
Executive’s consent, agreement and compliance with the restrictive covenants set forth in Section 6 (a)-(b) of this Agreement. 
 7. Remedies. Executive acknowledges that the restrictions contained in Section 6 of this Agreement and Paragraph 10 of the Participation Agreement, in view of the nature of Atmos’
business, are material and important and are reasonable and necessary to protect Atmos’ legitimate business interests and business goodwill and that any violation of this Agreement or Paragraph 10 of the Participation Agreement would result in
irreparable injury to Atmos. In the event of a breach by Executive of any provision of Section 6 of this Agreement or Paragraph 10 of the Participation Agreement, Atmos shall be entitled to a temporary restraining order and injunctive relief,
without bond, restraining Executive from the commission of any breach. The existence of any claim or cause of action by Executive against Atmos, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by
Atmos of the restrictive covenants contained in Section 6. Furthermore, the Parties recognize that in light of Executive’s position with Atmos and sensitive Confidential Information that he acquired in that position, his breach of the
provisions of Section 6 of this Agreement and/or Paragraph 10 of the Participation Agreement would cause Atmos significant and irreparable harm for which monetary damages would be difficult to predict. If Executive breaches the provisions
of Section 6 of this Agreement or Paragraph 10 of the Participation Agreement, in addition to any other remedies it may have, Atmos shall be entitled to discontinue any further Separation Pay payments which may be owing to Executive and
discontinue any subsidy of COBRA premiums and/or the provision of the Financial Planning Benefit as provided for in Section 11. 
 8. Reformation. Executive and Atmos agree that all of the covenants contained in Section 6 of this Agreement and Paragraph 10 of the Participation Agreement shall survive the termination or expiration of this Agreement, and
agree further that in the event any of the covenants contained in Section 6 are held by any court to be effective in any particular area or jurisdiction only if said covenant is modified to limit its duration or scope, then the court shall have
such authority to so reform the covenant and the parties hereto shall consider such covenant(s) and/or other provisions of Section 6 to be amended and modified with respect to that particular area or jurisdiction so as to comply with the order
of any such court and, as to all other jurisdictions, the covenants contained herein shall remain in full force and effect as originally written. 
  

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 9. Pre-conditional Obligation and Repayment. As provided in Sections 3 and 6,
Executive’s compliance with Section 6 is a precondition for Atmos’ payment of the Separation Pay. Should all or any part or application of Section 6 be held or found invalid or unenforceable for any reason whatsoever in
connection with any claim or defense asserted by Executive, Executive and Atmos agree that: (i) Executive’s right to any further Separation Pay pursuant to this Agreement shall automatically lapse and be forfeited; and (ii) Atmos
shall have no obligation to make any further Separation Pay payments to Executive. 
 10. Tolling. If Executive violates
any of the restrictions contained in Section 6, the restrictive period will be suspended and will not run in favor of Executive until such time that Executive cures the violation to the satisfaction of Atmos. 
 11. COBRA Subsidy and Financial Planning Benefit. 
 (a) If Executive elects COBRA continuation coverage under the Atmos medical plan, then Atmos agrees to pay the same portion of Executive’s premiums for such coverage as the portion of said premiums
that Atmos is paying for active employees of Atmos until the earlier of: (i) October 31, 2010, (ii) the date Executive becomes eligible for coverage under the medical plan of another employer of Executive, regardless of whether
Executive elects to be covered by such medical plan, or (iii) the date Executive’s continuation coverage under the Atmos medical plan otherwise terminates. Thereafter, if Executive is eligible and wishes to continue his continuation
coverage and the maximum applicable continuation coverage period has not expired, Executive may continue such coverage, provided, however, Executive shall be solely responsible for payment of the entire premium for such coverage. 
 (b) Until October 31, 2010, Executive shall be entitled to the Atmos Financial Planning Benefit which is available to Executive on
October 30, 2009. 
 12. Other Benefits. Except as otherwise provided herein, Executive shall be entitled to
receive under the 1998 Long-Term Incentive Plan (LTIP) the grants of Atmos common stock listed in Attachment A and to such other amounts and benefits otherwise payable in accordance with the terms of Atmos’ compensation arrangements and
benefits plans in which Executive participates, including but not limited to the LTIP, the Pension Account Plan and the Retirement Savings Plan. Executive shall also be entitled to indemnity by Atmos with respect to any claims asserted against
Executive in the future by any third party in accordance with the terms and extent of any indemnity obligations in effect at the time of Atmos to any former officer. 
 13. Release By Executive. Executive hereby releases Atmos and its employees, officers, agents, directors, stockholders and Affiliates
(collectively referred to as “Releasees”), from any and all claims, causes of action, losses, obligations, liabilities, damages, judgments, costs, expenses (including attorneys fees) of any kind whatsoever, through the
Effective Date, including, but not limited to, disputes or claims arising out of Executive’s Employment Agreement, hiring, employment or termination of such employment with Atmos, including any disputes regarding compensation, benefits, bonus,
stock, or options. This Release includes, but is not limited to, all claims, whether arising in contract or allegations of tort, common law or assertion of federal or state statutory rights,

  

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including, but not limited to, Title VII of the Civil Rights Act of 1964, as amended, the Texas Commission on Human Rights Act, the Americans with Disabilities Act, or the Age Discrimination in
Employment Act, encompassing claims of age discrimination, claims for wrongful discharge, breach of express or implied contract, or implied covenant of good faith and fair dealing, claims under the Employee Retirement Income Security Act (ERISA),
whistleblower retaliation, the Sarbanes-Oxley Act, as well as any expenses, costs or attorneys fees. Executive does not release his right to enforce the terms of this Agreement, nor does this Agreement limit Executive’s right to file a charge
or participate in an investigation or proceeding conducted by any federal, state or local government agency. Furthermore, Executive hereby relinquishes any right to re-employment with Atmos. For purposes of this Agreement, the term
“Affiliate” means a party, person or entity that, directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such party, where “control”,
“controlled by” and “under common control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such party, whether through the ownership of voting
securities, by voting trust, contract or similar arrangement, as trustee or executor, or otherwise. 
 14. Release By
Atmos. Atmos, for itself and its officers, directors, employees, subsidiary companies, successors, assigns, representatives and agents, completely releases and forever discharges Executive, his heirs and assigns, from all claims, rights,
demands, actions, obligations, liabilities and causes of action of any and every kind, nature and character whatsoever, whether known or unknown, whether based on federal, state or local law or on tort, contract (implied, oral or written) or any
other theory of recovery, and whether for compensatory or punitive damages, including (but not limited to) any and all claims relating to or arising out of Executive’s employment by Atmos, AEH and all of Atmos’ or AEH’s Affiliates or
resignation as Senior Vice President of Atmos and President of AEH. This release, however, specifically excludes any action based on a breach or an alleged breach of Executive’s obligations under or referred to in this Agreement. 
 15. Non-Disparagement. Executive shall not make any public disparaging or critical statements regarding the Releasees and the
Releasees shall not make any public disparaging or critical statements regarding Executive. 
 16. Taxes. Executive
assumes full responsibility to state and federal taxing authorities for any tax consequences, including interest and penalties, regarding employee or income taxes arising out of the payments to him set forth in this Agreement. Executive further
agrees to indemnify Atmos, its officers, directors, agents, employees, subsidiary companies, successors, assigns, representatives and agents for any and all investigations or liabilities imposed by any taxing authority due to Executive’s
failure to properly report and pay any taxes due. 
 17. Right Of Cancellation/Covenant Not to Sue. If Executive or
anyone acting on his behalf brings suit against Atmos for any claims released by Executive in Section 13 of this Agreement, except any action to enforce this Agreement, Atmos may choose to cancel all of the remaining terms of this Agreement and
recover from Executive (or Executive’s successors or assigns) the value of anything paid by Atmos in exchange for this Agreement. If the Agreement is not canceled by Atmos, then the terms of this Agreement shall continue in full force and
effect. Except for an action to enforce this Agreement, Atmos covenants and agrees to not bring suit against Executive or his heirs, successors, or assigns for or on any claims released by Atmos in Section 13 of this Agreement. 
  

 -6- 

 18. Notices. All notices and other communications hereunder will be in
writing. Any notice or other communication hereunder shall be deemed duly given if it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth: 
 If to Executive: 
 Mark H. Johnson 
 531 Kickerillo 
 Houston, Texas 77079 
 If to Atmos: 
 Atmos Energy Corporation 
 1800 Three Lincoln Centre 
 5430 LBJ Freeway 
 Dallas, Texas 75240 
 Attn: General Counsel 
 Any party may send any notice or other communication hereunder to the intended recipient at the address set
forth above using any other means (including personal delivery, expedited courier, messenger services, telecopy, telex, ordinary mail or electronic mail), but no such notice or other communication shall be deemed to have been duly given unless and
until it is actually received by the intended recipient. Any party may change the address to which notices and other communications hereunder are to be delivered by giving the other party notice in the manner set forth herein. 
 19. Joint Preparation. The Parties acknowledge that this Agreement has been drafted, prepared, negotiated and agreed to jointly, with
advice of each Party’s respective legal counsel, and to the extent that any ambiguity should appear, now, or at any time in the future, latent or apparent, such ambiguity shall not be resolved or construed against either Party. 
 20. Non-Admission. This Agreement shall not in any way be construed as an admission by either Party of any acts of wrongdoing,
violation of any statute, law or legal or contractual right. Atmos and Executive acknowledge that each has willingly entered into this Agreement. 
 21. Review By Counsel. Executive acknowledges that he is advised to discuss this Agreement and the effect of same with legal counsel of his own choosing and at his own expense, that he has had a
reasonable time to review the Agreement, that he fully understands all the provisions of the Agreement and is voluntarily entering into this Agreement. Executive further represents that he has not transferred or assigned to any person or entity any
claim involving Atmos or any portion thereof or interest therein. 
  

 -7- 

 22. Period Of Consideration And Revocation. Executive acknowledges that he has been
given a period of 21 days from November 24, 2009, to review and consider this Agreement before executing it. Executive has the right to use as much or as little of the 21-day period as he wishes before executing this Agreement. Executive may
revoke this Agreement within 7 days after signing it, in which case this Agreement and the obligations herein, are null and void. Revocation is only effective if Executive delivers a written notice of revocation to Atmos within 7 days after
executing this Agreement. Executive understands that Atmos’ obligations under this Agreement do not become effective until after the 7-day revocation period has expired. 
 23. Execution In Multiple Counterparts. This Agreement may be executed in multiple counterparts, whether or not all signatories
appear on these counterparts, and each counterpart shall be deemed an original for all purposes. This Agreement shall be deemed performable by all Parties in Dallas County, Texas and the construction and enforcement of this Agreement shall be
governed by Texas law without regard to its conflicts of law rules. 
 I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING
AGREEMENT, THAT I UNDERSTAND ALL OF ITS TERMS, AND THAT I AM ENTERING INTO IT VOLUNTARILY. 
 IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be executed as of the day and year indicated below. 
  

			
	 /s/ MARK H. JOHNSON

	Mark H. Johnson
	Date: 11-24-09
	
	ATMOS ENERGY CORPORATION

			
		
	By:	 	    /s/ LOUIS P. GREGORY

			
	Name:	 	Louis P. Gregory
	Title:	 	Senior V.P. & General Counsel
	Date: 11-25-09

  

 -8- 

 ATTACHMENT A 
  

							
	 Grant Date
	  	Shares
Granted	  	Performance
Shares	  	Total Shares
To Be Issued
	 11/07/06 - 11/07/09
	  	2,017	  	—  	  	2,017
	 05/01/07 - 05/01/10
	  	8,100	  	—  	  	8,100
	 05/01/07 - 09/30/09
	  	8,800	  	3,787	  	12,587
	 11/06/07 - 11/06/10
	  	5,069	  	—  	  	5,069
		  	 	  	 	  	 
	 Sub-total
	  	23,986	  	3,787	  	27,773

  

 -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}]]