This excerpt taken from the IBKC 8-K filed Apr 3, 2009.
Via Hand Delivery
[Senior Executive Officer]
Dear [Senior Executive Officer],
As you are aware, IBERIABANK Corporation (the Company) entered into a Securities Purchase Agreement with the United States Department of Treasury (the Treasury) on December 5, 2008 that provided for the Companys participation in the Treasurys TARP Capital Purchase Program (the CPP). As a condition to the Companys participation in the CPP, you entered into a Letter Agreement with the Company on December 5, 2008 in which you consented to amendments to certain compensation-related plans, programs and arrangements in which you participated. The amendments in your Letter Agreement restrict certain compensation payments to you from the Company and apply during the period in which any obligation arising from financial assistance provided under the CPP remains outstanding. This restricted period does not, however, include any period during which the Federal Government only holds a warrant to purchase common stock of the Company.
Effective today, the Company is repaying the Federal Government the financial assistance it received under the CPP. At such time, the Federal Government will only hold a warrant to purchase common stock of the Company. Accordingly, the limitations contained in your Letter Agreement are no longer applicable, and your Letter Agreement is hereby terminated effective as of March 31, 2009.
The Companys Board of Directors appreciates the concessions you have made and looks forward to your continued leadership during these financially turbulent times.