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EXHIBIT 10.1
AMENDMENT TO STOCK BONUS AGREEMENT
This Amendment to Stock Bonus Agreement ("Amendment") is entered into
between BancorpSouth, a Mississippi corporation (the "Company"), and Xxxxx X.
Xxxxxx ("Xxxxxx") on this 24th day of July, 2000.
RECITALS
WHEREAS, the Company and Xxxxxx entered into a Stock Bonus Agreement on
April 16, 2000 (the "Stock Bonus Agreement") in connection with the execution of
an Agreement and Plan of Merger by and between the Company and First United
Bancshares, Inc., an Arkansas corporation; and
WHEREAS, the Stock Bonus Agreement contains certain terms and
requirements limiting the areas in which Xxxxxx may enter into or engage in
certain activities in competition with the Company in the event the stock Bonus
Agreement is terminated; and
WHEREAS, Xxxxxx and the Company wish to clarify and modify the Stock
Bonus Agreement with respect to the areas in which Xxxxxx may enter into or
engage in activities in competition with the Company upon termination of the
Stock Bonus Agreement;
NOW, THEREFORE, in consideration of the premises and mutual agreements
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Xxxxxx and the Company hereby agree
as follows:
1. The Stock Bonus Agreement is hereby amended by deleting Section 6(a)
thereof in its entirety and substituting the following therefor:
(a) Noncompetition. Xxxxxx agrees that, upon termination of
this Agreement for any cause whatsoever other than a "change in
control," as defined in Section 7(c) hereof, of the Company, he will
not directly or indirectly, as principal, agent, employee or in any
other capacity, during the Noncompetition Period (as hereinafter
defined), enter into or engage in the same business now being carried
on by First United or of any majority-owned subsidiary, trade or
business of First United (each a "Subsidiary" whether or not
incorporated) or as may be carried on by First United or a Subsidiary
from the date hereof to the date of Xxxxxx'x termination, within a
fifty (50) mile radius extending in all directions from any office or
location where First United or a Subsidiary is actively engaged
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in a business immediately prior to the Closing Date (the
"Noncompetition Area"). Notwithstanding the foregoing after termination
of this Agreement, the Noncompetition Area shall not include the areas
within White, Washington, Benton, Faulkner, and Pulaski counties of the
state of Arkansas. Further, during the Noncompetition Period, Xxxxxx
will not solicit the customers of the Company or a Subsidiary whether
such business is within the Noncompetition Area or the counties listed
in the preceding sentence.
2. No Further Modification. Except as modified by this Amendment, the
Stock Bonus Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, this Amendment has been executed as of the date
first above written.
BANCORPSOUTH, INC.:
By: /s/ Xxxxxx X. Xxxxxxxxx
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Name: Xxxxxx X. Xxxxxxxxx
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Its: Chief Executive Officer
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XXXXX X. XXXXXX:
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
