<SUBMISSION>
<ACCESSION-NUMBER>0001206774-08-001922
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081120
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20081125
<DATE-OF-FILING-DATE-CHANGE>20081125
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ENTERPRISE FINANCIAL SERVICES CORP
<CIK>0001025835
<ASSIGNED-SIC>6022
<IRS-NUMBER>431706259
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0907
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-15373
<FILM-NUMBER>081213606
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 NORTH MERAMEC
<STREET2>150 NORTH MERAMEC
<CITY>CLAYTON
<STATE>MO
<ZIP>63105
<PHONE>3147255500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 NORTH MERAMEC
<STREET2>150 NORTH MERAMEC
<CITY>CLAYTON
<STATE>MO
<ZIP>63105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ENTERBANK HOLDINGS INC
<DATE-CHANGED>19961024
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>enterprise_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><B><FONT face=serif>UNITED STATES<BR></FONT></B><B><FONT face=serif>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT face=serif>Washington, D.C. 20549</FONT></B><FONT face=serif> </FONT></P>
<P align=center><B><FONT face=serif size=5>FORM 8-K</FONT></B><FONT face=serif>
</FONT></P>
<P align=center><B><FONT face=serif>CURRENT REPORT</FONT></B><FONT face=serif>
</FONT></P>
<P align=center><B><FONT face=serif>Pursuant to Section 13 or 15(d) of <BR>The
Securities Exchange Act of 1934</FONT></B><FONT face=serif> </FONT></P>
<P align=center><FONT face=serif size=2>Date of Report (Date of earliest event
reported) <BR>November 20, 2008</FONT><FONT face=serif> </FONT></P>
<P align=center><B><FONT face=serif size=6>ENTERPRISE FINANCIAL SERVICES
<BR>CORP<BR></FONT></B><B><FONT face=serif size=1>(Exact name of registrant as
specified in its charter)</FONT></B><FONT face=serif> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=2>Delaware</FONT></B> </TD>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=2>001-15373</FONT></B> </TD>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=2>43-1706259</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>(State or Other Jurisdiction</FONT>
    </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>(Commission</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>(IRS Employer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>of Incorporation)</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>File Number)</FONT> </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=1>Identification No.)</FONT>
  </TD></TR></TABLE><BR>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="50%"><B><FONT face=serif size=2>150 N. Meramec, St.
      Louis, Missouri</FONT></B> </TD>
    <TD noWrap align=center width="49%"><B><FONT face=serif size=2>63105</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="50%"><FONT face=serif size=1>(Address of principal executive
      offices)</FONT> </TD>
    <TD noWrap align=center width="49%"><FONT face=serif size=1>(Zip Code)</FONT>
</TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif>Registrant&#146;s telephone number, including area
code<BR></FONT><B><FONT face=serif size=2>(314) 725-5500</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="100%"><FONT face=serif>Not applicable</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="100%"><B><FONT face=serif size=1>(Former name
      or former address, if changed since last report)</FONT></B>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:</FONT><FONT face=serif>
</FONT></P>
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  <TR>
    <TD vAlign=top noWrap><FONT face=wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Written communications pursuant to
      Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Pre-commencement communications
      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Pre-commencement communications
      pursuant to Rule 13e-4&#169; under the Exchange Act (17 CFR
    240.13e-4(c))</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" width="100%" colSpan=3>&nbsp; </TD></TR></TABLE>
<BR><BR><BR>

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<PAGE>
<P align=left><B><FONT face=serif>Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers. </FONT></B></P>
<P align=justify><B><FONT face=serif>(e) Employment Agreement between EFSC and
Stephen P. Marsh. </FONT></B><FONT face=serif>On November 20, 2008, EFSC entered
into an employment agreement with Stephen P. Marsh (the &#147;New Employment
Agreement&#148;). The New Employment Agreement replaces the prior employment
agreement between EFSC and Mr. Marsh which was entered into on September 8,
2004. The New Employment Agreement reflects Mr. Marsh&#146;s promotion to Executive
Vice President of EFSC on September 24, 2008 and Mr. Marsh&#146;s continued services
as the Chairman and Chief Executive Officer of EFSC&#146;s Enterprise Bank &amp;
Trust subsidiary (&#147;Enterprise&#148;). The provisions of the New Employment Agreement
are retroactive to July 1, 2008 (the &#147;Effective Date&#148;). A copy of the New
Employment Agreement is filed as Exhibit 99.1 to this Form 8-K, which is
incorporated herein by this reference, and the summary below is qualified in its
entirety by reference to the New Employment Agreement. Under the New Employment
Agreement, Mr. Marsh will serve for an initial term lasting from the Effective
Date until the earlier of Mr. Marsh&#146;s death or the date on which Mr. Marsh&#146;s
employment with EFSC is terminated in accordance with the provisions of the New
Employment Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Mr. Marsh will
receive an annual base salary of $275,000, with discretionary increases (but not
decreases). Mr. Marsh will also be entitled to receive a targeted annualized
bonus for each calendar year in the event that EFSC meets certain financial and
operating goals for that calendar year (&#147;Target Bonus&#148;) as established by the
Compensation Committee of the Board of Directors of EFSC (the &#147;Committee&#148;). Mr.
Marsh will also be eligible for awards of equity compensation granted by the
Committee, including, without limitation, grants of dollar-denominated
restricted stock units pursuant to EFSC&#146;s 2005 Long Term Incentive Compensation
Plan (or a successor plan) and grants of stock settled appreciation rights in
accordance with EFSC&#146;s 2002 Stock Incentive Plan (as amended). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>During the term
of his employment, Mr. Marsh will be entitled to participate in all regular
employee benefit and deferred compensation plans established by either EFSC or
Enterprise for its full-time employees. Such participation will be as provided
in the application employee benefit or deferred compensation plan in accordance
with the terms and conditions thereof as in effect from time to time and subject
to applicable waiting periods.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Under the terms
of the New Employment Agreement, EFSC has the right to terminate Mr. Marsh&#146;s
employment upon prior written notice for cause, without cause, for reason of
disability or upon death. In the event Mr. Marsh is terminated by EFSC for
cause, death or disability, or Mr. Marsh elects to voluntarily terminate the New
Employment Agreement, EFSC will not be obligated to pay any severance benefits
or Target Bonus with respect to the year in which such termination occurs. Mr.
Marsh will be entitled to severance compensation if EFSC effects a Termination
Other Than For Cause (as defined in the Employment Agreement) or Mr. Marsh is
terminated in a Termination Upon a Change in Control (as defined in the
Employment Agreement).</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>The New
Employment Agreement contains restrictive covenants prohibiting Mr. Marsh from
competing with EFSC during the term of his employment and a period of one year
thereafter within the Metropolitan Statistical Areas of St. Louis, Kansas City
or any other city in which EFSC or its affiliates has an office as of the time
of Mr. Marsh&#146;s termination. The New Employment Agreement also prohibits
Mr. Marsh from soliciting employees and certain customers of EFSC or any of its
affiliates. In addition, confidentiality provisions in the New Employment
Agreement prohibit the use or disclosure of confidential information.
</FONT></P>
<P align=left><B><FONT face=serif>Item 9.01 Financial Statements and Exhibits.
</FONT></B></P>
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  <TR>
    <TD vAlign=top noWrap><B><FONT face=serif>(a)</FONT></B></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><B><FONT face=serif>Not
    applicable.</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top noWrap><B><FONT face=serif>(b)</FONT></B></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><B><FONT face=serif>Not
    applicable.</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top noWrap><B><FONT face=serif>(c)</FONT></B></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><B><FONT face=serif>Not
    applicable.</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top noWrap><B><FONT face=serif>(d)</FONT></B></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><B><FONT face=serif>Exhibits.</FONT></B></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=3>Exhibit No.</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap><FONT face=serif>99.1</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif>Form of Executive Employment Agreement by and between EFSC and
      Stephen P. Marsh.</FONT> </TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=3>&nbsp; </TD></TR></TABLE>
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<PAGE>
<P align=center><B><FONT face=serif>SIGNATURES </FONT></B></P>
<P align=justify><FONT face=serif>Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized. </FONT></P>

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  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=2><FONT face=serif>ENTERPRISE
      FINANCIAL SERVICES CORP</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="46%"></TD>
    <TD noWrap align=left width="54%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="46%"></TD>
    <TD noWrap align=left width="54%" colSpan=2>By: </TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=serif>Date: November 25,
      2008</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=left width="1%"><FONT face=serif>/s/&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=left width="53%" >Deborah N. Barstow&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="46%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="53%" >Deborah N. Barstow&nbsp;
    </TD></TR>
  <TR>
    <TD noWrap align=left width="46%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="53%" >Senior Vice President and
      Controller&nbsp; </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>FORM OF EXECUTIVE EMPLOYMENT AGREEMENT BY AND BETWEEN EFSC AND STEPHEN P. MARSH
<TEXT>

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<P align=right><B><FONT face=serif>Exhibit 99.1 </FONT></B></P>
<P align=center><B><FONT face=serif>ENTERPRISE FINANCIAL SERVICES CORP
<BR>EMPLOYMENT AGREEMENT</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>THIS AGREEMENT,
is made by and between Stephen P. Marsh (the "Employee") and </FONT><B><FONT face=serif></FONT></B><FONT face=serif>ENTERPRISE FINANCIAL SERVICES CORP, a
Delaware Corporation</FONT><B><FONT face=serif> </FONT></B><FONT face=serif>(the
"Company"), effective as of July 1, 2008 (the "Effective Date"). </FONT></P>
<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>WITNESSETH:
</STRONG></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>WHEREAS,
Employee desires to be employed or to continue to be employed by the Company,
and the Company desires to employ or continue to employ Employee, on the terms,
covenants and conditions hereafter set forth in this Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>NOW, THEREFORE,
for the reasons set forth above, and in consideration of the mutual promises and
agreements herein set forth, the Company and Employee agree as follows:
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>1.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Employment</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>Subject to the terms and conditions set forth in this Agreement, the
Company hereby employs Employee for the Contract Term as hereafter defined.
During the Contract Term, Employee shall serve as Chairman and CEO of Enterprise
Bank &amp; Trust and shall have such duties and responsibilities as directed by
the Board of Directors (the &#147;Board&#148; may from time to time specify, including
taking positions with subsidiaries of the Company. Employee shall comply with
all polices and procedures of the Company generally applicable to Employee
employees of the Company. Employee hereby accepts such employment and agrees to
serve the Company in such capacities for the term of this Agreement. </FONT></P>
<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>2.</STRONG></FONT><STRONG><FONT face=sans-serif> </FONT><U><FONT face=serif>Term of Employment</FONT></U><FONT face=serif>.</FONT></STRONG><FONT face=serif> Except as otherwise provided
herein, the term of this </FONT><FONT face=serif>Agreement shall be for a term
commencing on the Effective Date and ending upon Employee&#146;s death or termination
of employment as hereafter provided (the &#147;Employment Term&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>3.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Devotion to Duties</FONT></U></B><B><FONT face=serif>.
</FONT></B><FONT face=serif>Employee agrees that during the Employment Term he
will devote all of his skill, knowledge, commercial efforts and working time to
the conscientious and faithful performance of his duties and responsibilities to
the Company (except for (i) permitted vacation time and absence for sickness or
similar disability and (ii) to the extent that it does not interfere with the
performance of Employee&#146;s duties hereunder: (A) such reasonable time as may be
devoted to the fulfillment of Employee&#146;s civic and charitable activities and (B)
such reasonable time as may be necessary from time to time for personal
financial matters). Employee will use his best good faith efforts to promote the
success of the Company&#146;s business and will cooperate fully with the Board in the
advancement of the best interests of the Company. If requested by the Board,
Employee will agree to serve as a director or officer of any of the Company&#146;s
Subsidiaries without additional compensation. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif>4.</FONT></B><B><FONT face=sans-serif>
</FONT></B><B><U><FONT face=serif>Compensation of
Employee</FONT></U></B><B><FONT face=serif>. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>4.1</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Base Salary</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>During the Employment Term, the Company shall pay to Employee as
compensation for the services to be performed by the Employee a base salary of
$275,000 per year (the "Base Salary"). The Base Salary shall be payable in
installments in accordance with the Company's normal payroll practice and shall
be subject to such withholding as may be required by law. The Base Salary may be
adjusted from time to time in the sole discretion of the Board, but shall not be
reduced without the consent of Employee. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>4.2</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Targeted Bonus</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> In addition to the compensation set forth elsewhere in this Section
4, for each calendar year during the Employment Term and any extensions thereof,
the Employee shall qualify for a targeted annualized bonus ("Targeted Bonus")
based upon meeting established targeted goals. Targeted financial and operating
goals of the Company ("Targets") for each calendar year shall be set by the
Company&#146;s Chief Executive Officer in conjunction with the Board of Directors of
the Company (the &#147;Board&#148;) (or a committee of the Board to which the Board has
delegated such authority). Within 75 days after the end of each calendar year,
the Company&#146;s Chief Executive Officer in collaboration with the Board (or a
committee of the Board to which the Board has delegated such authority) shall
make a good faith determination as to the extent to which the Targets have been
met for the preceding calendar year. If the Targets have been met, then Employee
shall receive a Targeted Bonus for such preceding year. In the event that the
established Targets are exceeded, then Employee shall be entitled to receive
additional bonus amounts above the Targeted Bonus as the Company may determine
in its discretion. If the Targets have not been fully met, but minimum
thresholds as may be established by the Company have been met, the Company&#146;s
Chief Executive Officer in collaboration with the Board (or a committee of the
Board to which the Board has delegated such authority) may make a determination,
in its discretion, as to the extent that the Targets have been met and determine
the amount of such Targeted Bonus to be awarded to the Employee based
proportionately upon the extent to which the Targets are determined to have been
met. A Targeted Bonus for a calendar year shall be paid no later than March 15
of the calendar year immediately following the calendar year to which the
Targeted Bonus relates. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>4.3</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Benefits</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> Employee shall be entitled to participate, during the Employment
Term, in all regular employee benefit and deferred compensation plans generally
established by the Company for its full&#150;time employees, including, without
limitation, any savings and profit sharing plan, incentive stock plan, dental
and medical plans, life insurance and disability insurance, such participation
to be as provided in said employee benefit plans in accordance with the terms
and conditions thereof as in effect from time to time and subject to any
applicable waiting period. Employee shall also be entitled to paid vacation
during each year of the Employment Term in accordance with the Company&#146;s
vacation policy, provided that any vacation not used in any year shall be
forfeited and not carried over to any subsequent year.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>4.4</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Reimbursement of Expenses</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> The Company will provide for the
payment or reimbursement of all reasonable and necessary expenses incurred by
the Employee in connection with the performance of his duties under this
Agreement in accordance with the Company's expense reimbursement policy, as such
may change from time to time.</FONT></P>
<P align=center><FONT face=serif>2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif>5.</FONT></B><B><FONT face=sans-serif>
</FONT></B><B><U><FONT face=serif>Termination of
Employment</FONT></U></B><B><FONT face=serif>. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.1</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination for Cause</FONT></U></B><B><FONT face=serif>.
</FONT></B><FONT face=serif>"Termination for Cause", as hereinafter defined, may
be effected by the Company at any time during the term of this Agreement by
written notification to Employee, specifying in detail the basis for the
Termination for Cause. Upon Termination for Cause, Employee shall, within thirty
(30) days after such termination, be paid in a single sum, cash payment (i) all
accrued but unpaid salary for through the date of termination; (ii) Targeted
Bonus to the extent earned but unpaid for the calendar year immediately
preceding the year in which termination occurs; (iii) any benefits accrued and
earned under any plans of Company in which Employee is a participant to the full
extent of Employee&#146;s rights under such plans; (iv) accrued but unpaid and unused
vacation pay for the year in which the termination occurs; and (v) any
appropriate business expenses incurred by Employee which are reimbursable by
Company in connection with his duties hereunder, all to the date of termination,
but Employee shall not be paid any other compensation or reimbursement of any
kind, including, without limitation, severance compensation or any unpaid
Targeted Bonus with respect to the year in which such termination occurs.
"Termination for Cause" shall mean termination by the Company of Employee's
employment by the Company by reason of (a) an order of any federal or state
regulatory authority having jurisdiction over the Company which prohibits
Employee from performing, or renders it impracticable for Employee to perform,
his duties under this Agreement, (b) the willful failure of Employee
substantially to perform his duties hereunder (other than any such failure due
to Employee&#146;s physical or mental illness); (c) a willful breach by Employee of
any material provision of this Agreement or of any other written agreement with
the Company or any of its Affiliates; (d) Employee&#146;s commission of a crime that
constitutes a felony or other crime of moral turpitude or criminal fraud; (e)
chemical or alcohol dependency which materially and adversely affects Employee's
performance of his duties under this Agreement; (f) any act of disloyalty or
breach of responsibilities to the Company by the Employee which is intended by
the Employee to cause material harm to the Company; (g) misappropriation (or
attempted misappropriation) of any of the Company&#146;s funds or property; or (h)
Employee&#146;s material violation of any Company policy applicable to Employee.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.2</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination Other Than for Cause</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> Notwithstanding any other provisions of
this Agreement, the Company may effect a "Termination Other Than For Cause", as
hereinafter defined, at any time upon giving written notice to Employee of such
termination. Upon any Termination Other Than for Cause, subject to Employee&#146;s
compliance with the terms and conditions contained in this Agreement, Employee
shall, within thirty (30) days after such termination, be paid in a single sum,
cash payment (i) all accrued but unpaid salary through the date of such
termination; (ii) Targeted Bonus to the extent earned but unpaid for the
calendar year immediately preceding the year in which termination occurs; (iii)
any benefits under any plans of Company in which Employee is a participant to
the full extent of Employee&#146;s rights under such plans; (iv) accrued but unpaid
and unused vacation pay for the year in which the termination occurs; (v) any
appropriate business expenses incurred by Employee which are reimbursable by
Company in connection with his duties hereunder, all to the date of termination
and (vi) severance compensation as provided in Section 6.2 "Termination Other
Than for Cause" shall mean any termination by the Company of Employee's
employment with the Company other than a termination pursuant to subsection 5.1,
5.3, 5.4, 5.5 or 5.6.</FONT></P>
<P align=center><FONT face=serif>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.3</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination by Reason of Disability</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> If, during the term of this Agreement,
Employee, in the reasonable judgment of the Board, (i) has failed to perform his
duties under this Agreement on account of illness or physical or mental
capacity, and (ii) such illness or incapacity continues for a period of more
than ninety (90) consecutive days, or ninety (90) days during any 180 day
period, Company may terminate Employee&#146;s employment hereunder by written notice
to Employee, and Employee shall, within thirty (30) days after such termination,
be paid in a single sum, cash payment (i) all accrued but unpaid salary through
the date of termination; (ii) Targeted Bonus to the extent earned but unpaid for
the calendar year immediately preceding the year in which termination occurs;
(iii) any benefits under any plans of Company in which Employee is a participant
to the full extent of Employee&#146;s rights under such plans; (iv) accrued but
unpaid and unused vacation pay for the year in which the termination occurs; and
(v) any appropriate business expenses incurred by Employee which are
reimbursable by Company in connection with his duties hereunder, all to of the
date of termination, but Employee shall not be paid any other compensation or
reimbursement of any kind, including, without limitation, severance compensation
or any unpaid Targeted Bonus for the year in which such termination occurs.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.4</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Death</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif>
In the event of Employee&#146;s death during the term of this Agreement, the
Employee&#146;s employment shall be deemed to have terminated as of the last day of
the month during which his death occurs and Company shall pay, in a single sum,
cash payment within thirty (30) days after the last day of his month in which
his death occurs, such beneficiary or beneficiaries as Employee shall from time
to time designate, or his estate if there are no such designated beneficiary or
beneficiaries, (i) all accrued but unpaid salary through the date of such deemed
termination; (ii) Targeted Bonus to the extent earned but unpaid for the
calendar year immediately preceding the year in which Employee&#146;s death occurs;
(iii) any benefits accrued and earned under any plans of Company in which
Employee is a participant to the full extent of Employee&#146;s rights under such
plans; (iv) accrued but unpaid vacation pay for the year in which the
termination occurs; and (v) any appropriate business expenses incurred by
Employee which are reimbursable by Company in connection with his duties have
under, all to the date of termination, but such beneficiaries or estate shall
not be paid any other compensation or reimbursement of any kind, including,
without limitation, severance compensation or any unpaid Targeted Bonus for the
year in which such termination occurs. </FONT></P>
<P align=center><FONT face=serif>4 </FONT></P>
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<PAGE>
<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.5</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Voluntary Termination</FONT></U></B><B><FONT face=serif>.
</FONT></B><FONT face=serif>In the event of a &#147;Voluntary Termination&#148; as herein
defined, provided that Employee gives Company at least ninety (90) days advance
notice of such termination (which notice and any requirement for services may be
waived or shortened by Company), Employee shall, within thirty (30) days after
such termination, be paid in a single sum, cash payment (i) all accrued by
unpaid salary through the date of termination; (ii) Targeted Bonus to the extent
earned but unpaid for the calendar year immediately preceding the year in which
termination occurs; (iii) any benefits accrued and earned under any plans of
Company in which Employee is a participant to the full extent of Employee&#146;s
rights under such plans; (iv) accrued but </FONT>unpaid vacation pay for the
year in which the termination occurs; and (v) any appropriate business expenses
incurred by Employee which are reimbursable by Company in connection with his
duties here under, all to the date of termination but Employee shall not be paid
any other compensation or reimbursement of any kind, including, without
limitation; and severance compensation or any unpaid Targeted Bonus for the year
in which such termination occurs. &#147;Voluntary Termination&#148; shall mean termination
by Employee of Employee&#146;s employment other than (i) termination by reason of
Employee&#146;s disability as described in subsection 5.3, (ii) termination by reason
of Employee&#146;s death as described in subsection 5.4, and (iii) Termination Upon a
Change in Control as described in subsection 5.6, (iv) Termination For Cause as
described in subsection 5.1, and (v) Termination Other Than for Cause as
described in subsection 5.2. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.6</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination Upon a Change in Control</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>In the event of a &#147;Termination Upon a
Change in Control&#148; as herein defined, Employee shall, within thirty (30) days
after such termination, be paid in a single sum, cash payment (i) all accrued
but unpaid salary through the date of termination; (ii) Targeted Bonus to the
extent earned but unpaid; (iii) any benefits accrued and earned under any plans
of Company in which Employee is a participant to the full extent of Employee&#146;s
rights under such plans; (iv) accrued but unpaid vacation pay for the year in
which the termination occurs; (v) any appropriate business expenses incurred by
Employee which are reimbursable by Company in connection with his duties
hereunder, all to the date of termination; and (vi) all severance compensation
as provided in Section 6.1. &#147;Termination Upon a Change in Control&#148; shall mean a
termination by the Company (other than a Termination for Cause) or by Employee,
in either case within one year following a &#147;Change in Control&#148; as hereinafter
defined. &#147;Change in Control&#148; shall mean the date on which any of the following
has occurred: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>any
individual, entity or group (a &#147;Person&#148;), other than one or more of the
Company&#146;s directors on the Effective Date of this Agreement or any Person that
any such director controls, becomes the beneficial owner of 50% or more of the
combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors of the Company (the
&#147;Company Outstanding Voting Securities&#148;);</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>any Person
becomes the beneficial owner of 50% or more of the combined voting power of the
then outstanding voting securities of Enterprise Bank &amp; Trust entitled to
vote generally in the election of directors of Enterprise Bank &amp; Trust
(&#147;Bank Outstanding Voting Securities&#148;);</FONT></P>
<P align=center><FONT face=serif>5 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(c)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>consummation of a reorganization,
merger or consolidation (a &#147;Business Combination&#148;) of the Company, unless, in
each case, following such Business Combination (i) all or substantially all of
the Persons who were the beneficial owners, respectively, of the Company
Outstanding Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than a majority of the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors of the company resulting from such
Business Combination, (ii) no Person (excluding any company resulting from such
Business Combination) beneficially owns, directly or indirectly, 50% or more of
the combined voting power of the </FONT></FONT><FONT face=serif>then outstanding
voting securities entitled to vote generally in the election of directors of the
company resulting from such Business Combination except to the extent such
ownership existed prior to the Business Combination, and (iii) at least a
majority of the members of the Board of Directors of the company resulting from
the Business Combination are Continuing Directors (as hereinafter defined) at
the time of the execution of the definitive agreement, or the action of the
Board, providing for such Business Combination;&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(d)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>consummation
of the sale, other than in the ordinary course of business, of more than 50% of
the combined assets of the Company and its subsidiaries in a transaction or
series of related transactions during the course of any twelve-month period;
or&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(e)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>the date on
which Continuing Directors (as hereinafter defined) cease for any reason to
constitute at least a majority of the Board of Directors of the Company.
</FONT></P>
<P align=justify><FONT face=serif>As used in this Section 5.6, the definitions
of the terms &#147;beneficial owner&#148; and &#147;group&#148; shall have the meanings ascribed to
those terms in Rule 13(d)(3) under the Securities Exchange Act of 1934. As used
in this Section 5.6, the term &#147;Continuing Directors&#148; shall mean, as of any date
of determination, (i) any member of the Board of Directors on the Effective Date
of this Agreement, (ii) any person who has been a member of the Board of
Directors for the two years immediately preceding such date of determination, or
(iii) any person who was nominated for election or elected to the Board of
Directors with the affirmative vote of the greater of (A) a majority of the
Continuing Directors who were members of the Board of Directors at the time of
such nomination or election or (B) at least four Continuing Directors but
excluding, for purposes of this clause (iii), any such individual whose initial
assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies by or on behalf of a Person other than the
Board of Directors of the Company. &#147;Control&#148; means the direct or indirect
ownership of voting securities constituting more than fifty percent (50%) of the
issued voting securities of a corporation. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>5.7</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Resignation Upon Termination</FONT></U></B><B><FONT face=serif>.
</FONT></B><FONT face=serif>Effective upon any termination under this Section 5
or otherwise, Employee shall automatically and without taking any further
actions be deemed to have resigned from all positions then held by him with the
Company and all of its Subsidiaries and Affiliates. Employee shall execute any
written forms submitted by the Company confirming such resignation. </FONT></P>
<P align=center><FONT face=serif>6 </FONT></P>
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<PAGE>
<P align=justify><B><FONT face=serif>6.</FONT></B><B><FONT face=sans-serif>
</FONT></B><B><U><FONT face=serif>Severance Compensation</FONT></U></B><B><FONT face=serif> </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>6.1</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination Upon Change in Control</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> In addition to payments provided for in
Section 5.6, in the event Employee&#146;s employment is terminated in a Termination
Upon a Change in Control pursuant to Section 5.6, Employee shall be paid the
following as severance compensation: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>within
thirty (30) days of such termination of employment, Employee shall be paid, in a
single sum, cash payment, the sum of the following amounts: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif>(1)</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif>An amount equal to his Base Salary as in
      effect on his termination of employment payable for 24 consecutive months
      following such termination of employment discounted to the net present
      value of such payments using as a discount rate, the prime rate as
      reported in the Wall Street Journal as the date of such termination of
      employment; and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif>(2)</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif>An amount equal to the Targeted Bonuses
      for the year in which such termination occurs as though all requisite
      targets for such year are fully and completely
  achieved.</FONT></P></TD></TR></TABLE>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif> (b) in the event that Employee is not otherwise entitled to fully
exercise all awards granted to him under any stock option plan maintained by
Company, including without limitation any stock options or stock appreciation
rights, and any such plan does not otherwise provide for acceleration of
exercise ability upon the occurrence of the Change in Control described herein,
such awards shall become immediately exercisable upon a Change in
Control.&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(c) all restricted stock units granted to Employee will vest and
become transferable upon a Change in Control. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>6.2</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination for Other Than Cause</FONT></U></B><FONT face=serif>. In
addition to payments provided for in Section 5.2, in the event of Termination
other than for Cause under Section 5.2, Employee shall be paid, within thirty
(30) days of such termination of employment, Employee shall be paid, in a single
sum, cash payment, an amount equal to his Base Salary as in effect on his
termination of employment payable for 12 consecutive months following such
termination of employment discounted to the net present value of such payments
using as a discount rate, the prime rate as reported in the Wall Street Journal
as the date of such termination of employment.</FONT><B><FONT face=serif>
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>6.3</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Termination Upon Any Other Event</FONT></U></B><B><FONT face=serif>.
</FONT></B><FONT face=serif>In the event of Termination for Cause under Section
5.1, Termination by Reason of Disability under Section 5.3, Termination by
Reason of Death under Section 5.4 or Voluntary Termination under Section 5.5,
Company shall not be obligated to pay Employee or his beneficiaries or estate
any severance compensation under this Section 6. </FONT></P>
<P align=center><FONT face=serif>7 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>7.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Specified Employee</FONT></U>. </B><FONT face=serif>If Employee is a
&#147;specified employee&#148; (within the meaning of Section 409A(a)(2)(B)(i) of the
Internal Revenue Code of 1986, as amended (&#147;Code&#148;)) of Company at the
time of his termination of employment and if the payments under Sections 6 and
7, which constitute payments under a non qualified deferred compensation plan
within the meaning of Code Section 409A(d)(1), are on account of an &#147;involuntary
separation of service&#148; (as defined in Treasury Regulation Section 1.409A-1(n)),
Employee shall be paid such amounts during the six (6) month period immediately
following the date of his termination of employment as otherwise provided under
Section 5 or 6 for such six month period except that the total amount of such
payments shall not exceed the lesser of the amount specified under (i) Treasury
Regulation Section 1.409A-1(9)(iii)(A)(1) or (ii) Treasury Regulation Section
1.409A-1(9)(iii)(A)(2). To the extent such amounts otherwise payable during
such six (6) month period exceed the amounts payable under the immediately
preceding sentence, such excess amounts shall be paid in single sum on the first
regular payroll date of Company immediately following the six (6) month
anniversary of the date of Employee&#146;s termination. If Company reasonably
determines that such termination is not an involuntary separation from service,
such amounts that would otherwise have been paid during the six (6) month period
immediately following the date of Employee&#146;s termination under Sections 5 or 6
shall be paid in a single sum on the first payroll date of Company immediately
following the six month anniversary of Employee&#146;s termination. Amounts, the
payment of which are deferred under this Section 7, shall be increased by
interest at the prime rate as published in the Wall Street Journal from the date
they would otherwise be paid under Section 5 or 6 but for this Section 7 and
such accumulated interest shall also be paid to the Employee on the first
payroll date of Company immediately following the six month anniversary of
Employee&#146;s termination. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>8.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Death of Employee</FONT></U></B><FONT face=serif>. In the event
Employee dies before amounts are paid to him under this Agreement, such amounts
shall be paid to his designed beneficiary of beneficiaries, or if there are no
designated beneficiary or beneficiaries, to his estate. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>9.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Confidentiality</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>Employee agrees to hold in strict confidence and not disclose all
non-public information concerning any matters affecting or relating to the
business of the Company, its Subsidiaries and Affiliates, including without
limiting the generality of the foregoing non-public information concerning their
manner of operation, business or other plans, data bases, marketing programs,
protocols, processes, computer programs, client lists, marketing information and
analyses, operating policies or manuals or other data (the &#147;Confidential
Information&#148;). Employee agrees that he will not, directly or indirectly, use any
Confidential Information for the benefit of any person, business, legal entity
other than the Company or disclose or communicate any of the Confidential
Information in any manner whatsoever other than to the directors, officers,
employees, agents and representatives of the Company who need to know such
information, who shall be informed by Employee of the confidential nature of the
Confidential Information and directed by Employee to treat the Confidential
Information confidentially. Upon the Company's request, Employee shall return
all information furnished to him related to the business of the Company without
retaining any copies in electronic or other form. The above limitations on use
and disclosure shall not apply to information which Employee can demonstrate:
(a) was known to Employee before receipt thereof from the Company; (b) is
learned by Employee from a third party entitled to disclose it; or (c) becomes
known publicly other than through Employee; (c) is disclosed by Employee upon
authority of the Board or any committee of the Board; (d) is disclosed pursuant
to any legal requirement or (e) is disclosed pursuant to any agreement to which
the Company or any of its Subsidiaries or Affiliates is a party. The parties
hereto stipulate that all such information is material and confidential and
gravely affects the effective and successful conduct of the business of the
Company and the Company's goodwill, and that any breach of the terms of this
Section 9 shall be a material breach of this Agreement.</FONT></P>
<P align=center><FONT face=serif>8 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>10.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Use of Proprietary Information</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> Employee recognizes that the Company
possesses a proprietary interest in all of the Confidential Information and has
the exclusive right and privilege to use, protect by copyright, patent or
trademark, manufacture or otherwise exploit the processes, ideas and concepts
described therein to the exclusion of Employee, except as otherwise agreed
between the Company and Employee in writing. Employee expressly agrees that any
products, inventions, discoveries or improvements made by Employee, his agents
or affiliates, during the term of this Agreement, based on or arising out of the
Confidential Information shall be the property of and inure to the exclusive
benefit of the Company. Employee further agrees that any and all products,
inventions, discoveries or improvements developed by Employee (whether or not
able to be protected by copyright, patent or trademark) in the scope of his
employment, or involving the use of the Company's time, materials or other
resources, shall be promptly disclosed to the Company and shall become the
exclusive property of the Company. Upon any termination of Employee&#146;s employment
or engagement with the Company, Employee shall immediately return all
Confidential Information (and all tangible embodiments thereof) possessed by
Employee to the Company.</FONT></P>
<P align=justify><B><FONT face=serif>11.</FONT></B><B><FONT face=sans-serif>
</FONT></B><B><U><FONT face=serif>Non-Competition
Agreement</FONT></U></B><B><FONT face=serif>.&nbsp;</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>11.1</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Non-Competition</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>Employee agrees that, during the Employment Term and for a period of
twelve (12) months following any termination of such employment, Employee shall
not, without the prior written consent of the Company, directly or indirectly,
own, manage, operate, control, be connected with as an officer, employee,
partner, consultant or otherwise, or otherwise engage or participate in (except
as an employee of the Company, or its Affiliates) any Person engaged in the
operation, ownership or management of a bank, trust company, wealth management
or financial services business within the Metropolitan Statistical Areas of St.
Louis, Kansas City or any other city in which the Company or any of its
Affiliates has an office at the time of such termination. Notwithstanding the
foregoing, the ownership by Employee of less than 1% of any class of the
outstanding capital stock of any corporation conducting such a competitive
business which is regularly traded on a national securities exchange or in the
over-the-counter market shall not be a violation of the foregoing
covenant.&nbsp;</FONT></P>
<P align=center><FONT face=serif>9 </FONT></P>
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<PAGE>
<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>11.2</STRONG></FONT><STRONG><FONT face=sans-serif> </FONT><U><FONT face=serif>Non-Solicitation</FONT></U><FONT face=serif>.</FONT></STRONG></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>During the
Employment Term and for a period of twelve (12) months following any termination
of such employment, Employee shall not, except on behalf of or with the prior
written consent of the Company, directly or indirectly: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap><FONT face=serif>(1)</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif>entice or induce, or attempt to entice
      or induce, any employee of the Company to leave such employ, or employ any
      such person in any business similar to or in competition with that of the
      Company.</FONT> Employee hereby acknowledges and agrees that the
      provisions set forth in this subsection 11.2 constitute a reasonable
      restriction on his ability to compete with the Company, or</P></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap >(2)</TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top align=left width="100%" >
      <P align=justify>(i) solicit, take away, attempt to take away, divert, or
      attempt to divert any Protected Customer (as defined below) from the
      Company or its Affiliates, (ii) induce, attempt to induce or aid any pin
      inducing any Protected Customer to cease doing business with the Company
      or any of its Affiliates or in any way interfere with the relationship
      between any Protected Customer and the Company or any or its Affiliates,
      or (iii) be employed by or act as a consultant for any Person which
      directly, or through any of its Affiliates, solicits, takes away, attempts
      to take away, diverts, or attempts to divert any Protected Customer from
      the Company or any of its Affiliates.</P></TD></TR></TABLE>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>Before
Employee becomes employed by or becomes a consultant for a Person during a
Non-Solicitation Period, Employee shall inform such Person of the provisions of
this Section 11.2 and, if within the first year following Employee's termination
of employment with the Company, shall cause such Person to sign a document
acknowledging this provision and agreeing with the Company, on behalf of itself
and its Affiliates, to abide to the terms of such obligation to not solicit,
take away, attempt to take away, divert or attempt to divert, any Protected
Customer, and deliver such document to the Company. Provided, however, that
nothing contained herein shall prevent such Person employing Employee from
continuing to provide services to any individual or other entity that was a
customer of the Person prior to the date of the termination of Employee's
employment with the Company.&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(c)</FONT><FONT face=sans-serif> </FONT><FONT face=serif>For purposes
of this Agreement, "Protected Customer" means (i) any Person or its/his/her
Affiliate for whom the Company or any of its Affiliates has provided wealth
management, investment, banking, trust, insurance or other financial services
during the Employment Term or (ii) any Person or its/his/her Affiliate whom the
Company or any of its Affiliates had made a proposal to provide wealth
management, investment, banking, trust, insurance or other financial services at
anytime within six (6) months preceding the termination of Employee's employment
with the Company.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>11.3</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Saving Provision</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>The parties hereto agree that, in the event a court of competent
jurisdiction shall determine that the geographical or durational elements of
this covenant are unenforceable, such determination shall not render the entire
covenant unenforceable. Rather, the excessive aspects of the covenant shall be
reduced to the threshold which is enforceable, and the remaining aspects shall
not be affected thereby. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>11.4</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Equitable Relief</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>Employee acknowledges that the extent of damages to the Company from
a breach of Sections 9, 10 and 11 of this Agreement would not be readily
quantifiable or ascertainable, that monetary damages would be inadequate to make
the Company whole in case of such a breach, and that there is not and would not
be an adequate remedy at law for such a breach. Therefore, Employee specifically
agrees that the Company is entitled to injunctive or other equitable relief
(without any requirement to post any bond or other security) from a breach of
Sections 9, 10 and 11 of this Agreement, and hereby waives and covenants not to
assert against a prayer for such relief that there exists an adequate remedy at
law, in monetary damages or otherwise. </FONT></P>
<P align=center><FONT face=serif>10 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>12.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Assignment</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>This Agreement shall not be assignable by Employee and shall not be
assignable by the Company except by operation of law or to a successor entity
acquiring all or substantially all the Company&#146;s business or assets. No such
assignment shall affect any determination of whether such assignment involves a
Change of Control for purposes of this Agreement. In the event of any assignment
permitted hereby, the duties and responsibilities of Employee performed for the
assignee shall not, without the written consent of Employee, be materially
increased, altered or diminished in a manner inconsistent with Employee&#146;s duties
and responsibilities hereunder for the Company. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>13.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Entire Agreement</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>This Agreement and any agreements entered into after the date hereof
under any of the Company&#146;s benefit plans or compensation programs as described
in Section 4 contain the complete agreement concerning the employment
arrangement between the parties, including without limitation severance or
termination pay, and shall, as of the Effective Date, supersede all other
agreements or arrangements between the parties with regard to the subject matter
hereof. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>14.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Binding Agreement</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, legal representatives, successors and
assigns. The obligations of the Company under this Agreement shall not be
terminated by reason of any liquidation, dissolution, bankruptcy, cessation of
business or similar event relating to the Company. This Agreement shall not be
terminated by reason of any merger, consolidation or reorganization of the
Company, but shall be binding upon and inure to the benefit of the surviving or
resulting entity. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>15.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Modification</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>No waiver or modification of this Agreement or of any covenant,
condition, or limitation herein contained shall be valid unless authorized by
the Board and reduced to in writing and duly executed by the party to be charged
therewith and no evidence of any waiver or modification shall be offered or
received in evidence of any proceeding, arbitration, or litigation between the
parties hereto arising out of or affecting this Agreement, or the rights or
obligations of the parties thereunder, unless such waiver or modification is in
writing, duly executed as aforesaid. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>16.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Severability</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>All agreements and covenants contained herein are severable, and in
the event any of them shall be held to be invalid or unenforceable by any court
of competent jurisdiction, this Agreement shall be interpreted as if such
invalid agreements or covenants were not contained herein. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>17.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Manner of Giving Notice</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif> All notices, requests and demands to or
upon the respective parties hereto shall be sent by hand, certified mail,
overnight air courier service, in each case with all applicable charges paid or
otherwise provided for, addressed as follows, or to such other address as may
hereafter be designated in writing by the respective parties hereto: </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" colSpan=2><U><FONT face=serif>To
      Company</FONT></U><FONT face=serif>:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%"><U><FONT face=serif>To Employee</FONT></U><FONT face=serif>: at his current</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" colSpan=2><FONT face=serif>Enterprise Financial
      Services Corp</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif>residential address on file with</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" colSpan=2><FONT face=serif>150 North
      Meramec</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif>the Company.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" colSpan=2><FONT face=serif>Clayton, Missouri
      63105</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=serif>Attention:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
    <TD noWrap align=left width="44%"><FONT face=serif>President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="44%"><FONT face=serif>and Corporate Secretary</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp;
</TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif>11 </FONT></P>
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<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Such notices,
requests and demands shall be deemed to have been given or made on the date of
delivery if delivered by hand or by telecopy and on the next following date if
sent by mail or by air courier service.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>18.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Remedies</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>In the event of a breach of this Agreement, the non-breaching party
shall be entitled to such legal and equitable relief as may be provided by law,
and shall further be entitled to recover all costs and expenses, including
reasonable attorneys' fees, incurred in enforcing the non-breaching party's
rights hereunder. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>19.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Headings</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>The headings have been inserted for convenience only and shall not be
deemed to limit or otherwise affect any of the provisions of this Agreement.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>20.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Choice of Law</FONT></U></B><B><FONT face=serif>. </FONT></B><FONT face=serif>It is the intention of the parties hereto that this Agreement and the
performance hereunder be construed in accordance with, under and pursuant to the
laws of the State of Missouri without regard to the jurisdiction in which any
action or special proceeding may be instituted. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>21.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Taxes</FONT></U></B><B><FONT face=serif>.</FONT></B><FONT face=serif>
The company may withhold from any payments made under this Agreement all
applicable taxes, including but not limited to income, employment and social
insurance taxes, as shall be required by law. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>22.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Voluntary Agreement; No Conflicts</FONT></U></B><B><FONT face=serif>.
</FONT></B><FONT face=serif>Employee hereby represents and warrants to the
Company that he is legally free to accept and perform his employment with the
Company, that he has no obligation to any other person or entity that would
affect or conflict with any of Employee&#146;s obligations pursuant to such
employment, and that the complete performance of the obligations pursuant to
Employee&#146;s employment will not violate any order or decree of any governmental
or judicial body or contract by which Employee is bound. The Company will not
request or require, and Employee agrees not to use, in the course of Employee&#146;s
employment with the Company, any information obtained in Employee&#146;s employment
with any previous employer to the extent that such use would violate any
contract by which Employee is bound or any decision, law, regulation, order or
decree of any governmental or judicial body. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>23.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Survival of Certain Provisions</FONT></U></B><FONT face=serif>. The
terms of </FONT><U><FONT face=serif>Sections 9</FONT></U><FONT face=serif>,
</FONT><U><FONT face=serif>10</FONT></U><FONT face=serif> and </FONT><U><FONT face=serif>11</FONT></U><FONT face=serif> shall survive and remain in effect in
accordance with their terms following any termination of this Agreement for any
reason whatsoever. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>24.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><U><FONT face=serif>Venue</FONT></U></B><FONT face=serif>. In the event of litigation
arising out of or in connection with this Agreement, the parties hereto agree to
submit to the jurisdiction of Federal and state courts located in the state of
Missouri. </FONT></P>
<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>25.</STRONG></FONT><STRONG><FONT face=sans-serif> </FONT><U><FONT face=serif>Certain Definitions</FONT></U><FONT face=serif>. </FONT></STRONG><FONT face=serif>As used herein, the following
definitions shall apply: </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>&#147;</FONT><U><FONT face=serif>Affiliate</FONT></U><FONT face=serif>&#148; with respect to any person,
means any other Person that, directly or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with the
first Person, including but not limited to a Subsidiary of the first Person, a
Person of which the first Person is a Subsidiary, or another Subsidiary of a
Person of which the first Person is also a Subsidiary. </FONT></P>
<P align=center><FONT face=serif>12 </FONT></P>
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<PAGE>
<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>&#147;</FONT><U><FONT face=serif>Control</FONT></U><FONT face=serif>&#148; With
respect to any Person, means the possession, directly or indirectly, severally
or jointly, of the power to direct or cause the direction of the management
policies of </FONT>such Person, whether through the ownership of voting
securities, by contract or credit arrangement, as trustee or executor, or
otherwise. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>&#147;</FONT><U><FONT face=serif>Person</FONT></U><FONT face=serif>&#148; Any natural person, firm,
partnership, limited liability company, association, corporation, company,
trust, business trust, governmental authority or other entity. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>&#147;</FONT><U><FONT face=serif>Subsidiary</FONT></U><FONT face=serif>&#148; With respect to any Person,
each corporation or other Person in which the first Person owns or Controls,
directly or indirectly, capital stock or other ownership interests representing
50% or more of the combined voting power of the outstanding voting stock or
other ownership interests of such corporation or other Person. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the date first
stated above. </FONT></P>

<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face=serif>ENTERPRISE
      FINANCIAL SERVICES CORP</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face=serif>/s/ </FONT><FONT face=serif>Peter F.
      Benoist</FONT>&nbsp; </TD></TR></TABLE>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif>Title:&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face=serif>President and Chief Executive
      Officer</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face=serif>EMPLOYEE:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face=serif>/s/ </FONT><FONT face=serif>Stephen P.
      Marsh</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif>13 </FONT></P>
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