EX-4.1



 Exhibit 4.1 

AVENUE FINANCIAL HOLDINGS, INC. 
 THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING
THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 
 THIS
SECURITY IS NOT A DEPOSIT, BANK ACCOUNT OR OBLIGATION OF ANY BANK. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER AGENCY, AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. 







 AVENUE FINANCIAL HOLDINGS, INC. 

FIXED/FLOATING RATE SUBORDINATED NOTE DUE 2024 

Certificate No.: [    ] 
  

			
	U.S. $[    ]	 	Dated: December 29, 2014

 FOR VALUE RECEIVED, the undersigned, AVENUE FINANCIAL HOLDINGS, INC. a Tennessee corporation (the
“Company”), promises to pay to the order of [    ], or registered assigns (collectively, the “Holder”), the principal amount of $[    ], in the lawful currency of the United
States of America, or such lesser or greater amount as shall then remain outstanding under this Note, at the times and in the manner provided herein, but no later than December 29, 2024 (the “Maturity Date”), or such other date
upon which this Note shall become due and payable, whether by reason of extension, acceleration or otherwise. 
 Reference is hereby made to
the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

[Signatures follow on the next page.] 







 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	AVENUE FINANCIAL HOLDINGS, INC.
		
	By:	 	 
		 	 Name: G. Kent Cleaver
 Title:
President



 ATTEST: 

	
	
	   

	 Jeremy Yeagle
 Corporate
Secretary









 [REVERSE SIDE OF NOTE] 

AVENUE FINANCIAL HOLDINGS, INC. 

Fixed/Floating Rate Subordinated Note due 2024 

The Company promises to pay interest on the principal amount of this Subordinated Note (the “Note”), commencing on
December 29, 2014 until December 29, 2024 (the “Maturity Date”), or such earlier date as this Note is paid in full, at the interest rate set forth below. The unpaid principal balance of this Note plus all accrued but
unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable. This Note is one of the Subordinated Notes referred to in that certain Note Purchase Agreement, dated
December 22, 2014, among the Company, the Holder and the other Purchasers and is entitled to the benefits thereof (the “Purchase Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to
such terms in the Purchase Agreement. 
 1. Computation and Payment of Interest. From and including the date on which the
Subordinated Notes are issued to, but excluding, January 1, 2020 the rate at which the Subordinated Notes including this Note shall bear interest at a rate of 6.75% per annum, computed on the basis of a 360-day year consisting of twelve
30-day months, and payable quarterly in arrears; from and including January 1, 2020 to but excluding the Maturity Date, the rate at which the Subordinated Notes shall bear interest shall be a floating rate equal to Three-Month LIBOR determined
on the determination date of the applicable Interest Period plus 495 basis points, computed on the basis of a 360-day year and the actual number of days elapsed, and payable quarterly in arrears. The date from which interest shall accrue on the
Subordinated Notes shall be December 29, 2014 or the most recent Interest Payment Date to which interest has been paid or duly provided for; the “Interest Payment Dates” for the Subordinated Notes shall be
January 1, April 1, July 1 and October 1 of each year, beginning on April 1, 2015 through the Maturity Date or earlier date of redemption of all of the Subordinated Notes. In the event that any scheduled Interest
Payment Date for the Notes falls on a day that is not a business day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a business day (and no interest on such payment will accrue
for the period from and after such scheduled Interest Payment Date). “Interest Period” means each three-month period beginning on a scheduled Interest Payment Date. Interest on this Note shall be paid in arrears on each Interest
Payment Date to holders of record (each a “Holder”) on the Applicable Record Date. The initial Interest Payment Date shall be April 1, 2015. “Applicable Record Date” shall mean December 15 with respect to
any Interest Payment Date on January 1, March 15 with respect to any Interest Payment Date on April 1, June 15 with respect to any Interest Payment Date on July 1, and September 15 with respect to any Interest
Payment Date on October 1. For purposes of this Subordinated Note, the “Three-Month LIBOR” shall mean that rate for deposits in United States dollars for a three-month period as published by Reuters on Reuters Screen LIBOR03
(or such other page that may replace that page on that service or a successor service) as of 11:00 a.m., London, England, time on the day that is two LIBOR Business Days preceding the first day of such Interest Period (or if not so reported, then as
determined by the Company from another recognized source or interbank quotation, and disclosed to the Holders of the Subordinated Notes). If such rate cannot be so determined for any reason, the Company will request the principal London offices of
at least two banks to 







 
provide a quotation of their rates for deposits in United States dollars for a period comparable to the applicable Interest Period and the Three-Month LIBOR for such Interest Period shall be the
arithmetic mean of such quotations. A “LIBOR Business Day” shall mean a day on which the office of the Company is open for business and on which dealings in United States dollar deposits are carried out on the London interbank
market. 
 2. Payment Procedures. Unless and until the Subordinated Notes shall be evidenced by a global note held by Depository
Trust Company, payment of the principal and interest payable on the Maturity Date will be made by check, or by wire transfer in immediately available funds to a bank account in the United States designated by the registered Holder of this Note if
such Holder shall have previously provided wire instructions to the Company, upon presentation and surrender of this Note at the principal executive office of the Company located at 111 11th
Avenue South, Suite 400, Nashville, Tennessee 37203 (the “Payment Office”), or at such other place or places as the Company shall designate by notice to the registered Holders as the Payment Office, provided that this Note is presented to
the Company in time for the Company to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) shall be made by wire transfer in immediately available funds
or check mailed to the registered Holder, as such person’s address appears on the Security Register. Interest payable on any Interest Payment Date shall be payable to the Holder in whose name this Note is registered at the close of business on
the Applicable Record Date, next preceding such Interest Payment Date for such Interest Payment Date, except that interest not paid on the Interest Payment Date, if any, will be paid to the Holder in whose name this Note is registered at the close
of business on a Special Record Date fixed by the Company (a “Special Record Date”) notice of which shall be given to the Holder not less than ten (10) calendar days prior to such Special Record Date. (The Applicable Record
Date and Special Record Date are referred to herein collectively as the “Record Dates”). To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any
amount of principal or interest on this Note not paid when due. All payments on this Note shall be applied first to accrued interest and then the balance, if any, to principal. 

3. Late Payments. If any payment of interest or principal is not paid in full when the same becomes due and payable and such default
continues for a period of fifteen (15) or more business days, the Company shall pay an additional amount equal to four percent (4%) of such late payment to the Holder. 

4. Non-Business Days. Whenever any payment to be made by the Company hereunder shall be stated to be due on a day which is not a
business day, such payment shall be made on the next succeeding business day without change in any computation of interest with respect to such payment (or any succeeding payment). 

5. Subordinated Notes. This Note is one of a duly authorized issue of Subordinated Notes of the Company designated as Fixed/Floating
Rate Subordinated Notes due 2024 (the “Subordinated Notes”), to be issued from time to time by the Company. This Note is entitled to the benefits and subject to the terms of the Purchase Agreement. 

  
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 6. Subordination. The indebtedness of Company evidenced by the Subordinated Notes,
including the principal and interest on this Note, shall be subordinate and junior in right of payment to the following, whether now outstanding or subsequently created, assumed or incurred (collectively, “Senior Indebtedness”):
(a) all indebtedness of the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other written instruments; (b) any deferred obligations of the Company for the payment of the purchase price of
property or assets acquired other than in the ordinary course of business; (c) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar
credit transactions; (d) any capital lease obligations of the Company; (e) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements,
currency future or option contacts, commodity contracts and other similar arrangements; (f) all obligations of the type referred to in clauses (a) through (e) of other persons for the payment of which Company is responsible or liable
as obligor, guarantor or otherwise; (g) all indebtedness of any Subsidiary of Company including, but not limited to, all obligations and indebtedness referred to clauses (a) through (f) (but in each case referring to such Subsidiary
of Company); and (h) all obligations of the types referred to in clauses (a) through (g) of other persons secured by a lien on any property or asset of the Company; provided, that “Senior Indebtedness” does not include
(i) the Subordinated Notes, (ii) any obligation that by its terms is on parity with the Subordinated Notes, (iii) any indebtedness between Company and any of its Subsidiaries or affiliates, or (iv) the Junior Subordinated
Indebtedness (as defined below). 
 In the event of any insolvency, dissolution, assignment for the benefit of creditors, reorganization,
restructuring of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full
before any payment shall be made on account of the principal of or interest on the Subordinated Notes, including this Note. In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the
registered holders of the Subordinated Notes from time to time, together with the holders of any obligations of the Company ranking on a parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Company the
unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any present or future obligations of the Company ranking
junior to the Subordinated Notes (collectively, “Junior Subordinated Indebtedness”), which includes any obligation that by its terms is subordinated to the Subordinated Notes. 

If there shall have occurred and be continuing (a) a default in any payment with respect to any Senior Indebtedness or (b) an event
of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments shall
be made by the Company with respect to the Subordinated Notes. The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this Section 6 would be applicable. 

  
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 Nothing herein shall impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note in accordance with its terms. Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or which may
be junior or senior in rank to the Subordinated Notes. 
 7. Transfer. Except as otherwise provided herein, this Note is transferable
in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Holder in person, or by his attorney duly authorized in writing, at the Payment Office. The Company shall
maintain a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Note for exchange or registration of transfer, the
Company shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum denomination of $50,000 or any amount in excess thereof which is an integral multiple of $1,000
(and, in the absence of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name or names requested by the Holder. Any Note presented or
surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form as is attached hereto and incorporated herein, duly executed by the Holder or his attorney duly
authorized in writing, with such tax identification number or other information for each person in whose name a Subordinated Note is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such
Subordinated Note or Subordinated Notes as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the fifteenth day immediately preceding the Maturity Date.
This Note is subject to the restrictions on transfer of the Purchase Agreement between the Company and the original Holders, a copy of which is on file with the Company. 

NOTWITHSTANDING ANY PROVISIONS CONTAINED HEREIN TO THE CONTRARY, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $50,000 AND
MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS NOTE IN A DENOMINATION OF LESS THAN $50,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF
THIS NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS NOTE. 

8. Optional Redemption. The Company, in its discretion, shall have the right to redeem or prepay any or all of the Subordinated Notes,
including this Note, without premium or penalty prior to the Maturity Date: (a) in whole or in part, at any time on or after January 1, 2020 and prior to the Maturity Date, but in all cases in a principal amount with integral multiples of
$1,000, on any Interest Payment Date; or (b) in whole, at any time, or in part from time to time, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) Any such redemption will be at a price equal to 100% of the principal amount of the Note to be redeemed or prepaid on such date, plus interest accrued and unpaid to, but excluding, the date of
redemption or prepayment. Any such redemption or prepayment shall be subject to receipt of any and all required regulatory approvals. 

  
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 In the case of any redemption or prepayment of this Note, the Company will give the
Holders of the Subordinated Notes to be redeemed or prepaid notice not less than 30 nor more than 45 calendar days prior to the redemption or prepayment date as to the aggregate principal amount to be redeemed or prepaid. In a case where the Company
is making a redemption or prepayment with respect to the Subordinated Notes in an amount less than the aggregate principal amount of all of the Subordinated Notes then outstanding, the Company shall make such redemption or prepayment on a pro
rata basis among all outstanding Subordinated Notes based on the relative outstanding principal amounts of each such Subordinated Note; provided, however that the Company may elect to redeem in full any Subordinated Note with an outstanding
principal amount less than $1,000. 
 “Tax Event” shall mean the receipt by the Company of an opinion of independent
tax counsel experienced in such matters to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision or
taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is
announced on or after the date of original issuance of the Notes, there is more than an insubstantial risk that the interest payable by the Company on the Subordinated Notes is not, or within 90 days of the date of such opinion will not be,
deductible by the Company, in whole or in part, for United States federal income tax purposes. 
 “Tier 2 Capital Event”
shall mean the receipt by the Company of an opinion of independent bank regulatory counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws
or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for the Company or (b) any official administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Subordinated Notes, the Subordinated Notes do not constitute, or within 90 days of the date
of such opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any
successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company. “Tier 2 Capital” has the meaning in Appendix A to 12 C.F.R. Part 222 (“Capital Adequacy
Guidelines for Bank Holding Companies: Risk-Based Measure”), as amended, modified and supplemented and in effect from time to time or any replacement thereof. 

The Company shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions or otherwise.
If the Company purchases any Subordinated Notes, it may, in its discretion, hold, resell or cancel any of the purchased Subordinated Notes. 

  
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 9. Merger and Sale of Assets. The Company shall not merge into another entity or convey,
transfer or lease its properties and assets substantially as an entirety to any person, unless: 
 (a) the continuing entity into which the
Company is merged or the person which acquires by conveyance or transfer or which leases the properties and assets of the Company substantially as an entirety shall be a corporation, association or other legal entity organized and existing under the
laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated Notes according to their terms, and the due
and punctual performance of all covenants and conditions hereof on the part of the Company to be performed or observed; and 
 (b)
immediately after giving effect to such transaction, no Event of Default (as defined below), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing. 

10. Affirmative Covenants of the Company. During the time that any portion of the principal balance of this Note is unpaid and
outstanding, the Company shall take or cause to be taken the actions set forth below. 
 (a) Notice of Certain Events. The Company
shall provide written notice to the Holder of the occurrence of the following events as soon as practicable but in no event later than fifteen (15) business days following the Company’s becoming aware of the occurrence of such event: 

(i) the ratio of Tier I capital to average assets (the “Leverage Ratio”) of the Company or the Leverage Ratio of any of the
Company’s banking subsidiaries becomes less than six percent (6.0%); 
 (ii) the Company or any of its banking subsidiaries become
less than “well capitalized” under the then-current regulations of the appropriate federal banking agency; 
 (iii) the Company,
any of the Company’s banking subsidiaries, or any officer of the Company or the Company’s banking subsidiaries becomes subject to a formal, written regulatory enforcement action from the appropriate federal banking agency; or 

(iv) the ratio of (A) non-accrual loans and any other loans that are 90 days or more past due plus other real estate owned (excluding
any such loans that are guaranteed or covered by any governmental agency or government-sponsored entity) to (B) total assets of any banking subsidiary of the Company becomes greater than two and one-half percent (2.5%). 

(b) Compliance with Laws. The Company and each of its subsidiaries shall comply with the requirements of all laws, regulations, orders,
and decrees applicable to it or its properties, except for such noncompliance which would not reasonably be expected to result in a material adverse effect (i) in the condition (financial or otherwise), or in the earnings of the Company and its
subsidiaries considered as one enterprise, without or not arising in the ordinary course of business or (ii) on the ability of the Company to perform its obligations under this Note. 

  
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 (c) Taxes and Assessments. The Company and each of its subsidiaries shall punctually pay
and discharge all taxes, assessments, and other governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being
contested in good faith by the Company. 
 (d) Compliance Certificate. Not later than forty-five (45) days following the end of
each fiscal quarter (or, in the case of any fiscal quarter ending on December 31, not later than ninety (90) days from the end of such quarter), the Company shall provide the Holder with a certificate (the “Compliance
Certificate”), executed by the principal executive officer and principal financial officer of the Company in their capacities as such, stating whether (i) the Company has complied with all notice provisions and covenants contained in
this Note; (ii) whether an Event of Default has occurred or not; (iii) whether an event of default has occurred or not under any other indebtedness of the Company; and (iv) whether an event or events have occurred or not that in the
reasonable judgment of the management of the Company would have a material adverse effect on the ability of the Company to perform its obligations under this Note. 

11. Events of Default. An “Event of Default” shall occur under this Note only if: 

(a) there shall be entered a decree or order by a court having jurisdiction in the premises constituting an order for relief in respect of the
Company under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator, or similar official of the Company or of any substantial part of its properties, or ordering the winding-up or liquidation of the affairs of the Company and any such decree or order shall continue in effect for a period of forty-five
(45) consecutive days; or 
 (b) the Company shall file a petition, answer, or consent seeking relief under Title 11 of the United
States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or the Company shall consent to the institution of proceedings thereunder or to the filing of any such petition or to
the appointment of or taking of possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Company or of any substantial part of properties, or the Company shall fail generally to pay its debts
as such debts become due, or the Company shall take any corporate action in furtherance of any such action. 
 12. General Remedies of
Holders. Upon the occurrence of an Event of Default, the Holders of this Note may at any time thereafter, at the Holder’s option, by written notice delivered to the Company, declare the principal of this Note to be immediately due and
payable, whereupon all such amounts shall immediately become absolute and due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything in this Note to the contrary notwithstanding.
The Company, within 30 calendar days after the receipt of written notice from any Holder of the occurrence of an Event of Default with respect to this Note, shall mail to all Holders of Subordinated Notes, at their addresses shown on the security
register, such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving of such notice as certified by the Company in writing. 

  
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 13. Failure to Make Payment. In the event of failure by the Company to make any required
payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 calendar days), the Company will, upon demand of the Holder, pay to the Holder the whole amount then due
and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon
such demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the
amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company. 
 Upon the occurrence of a
failure by the Company to make any required payment of principal or interest on the Note, the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Company’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or
(c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any
class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of
any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital
stock; (iv) the purchase of fractional interests in shares of Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class
of Company’s common stock related to the issuance of common stock or rights under any of benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans. 

14. Successors to the Company. 

(a) Conditions Applicable to Successors. The Company shall not merge with or into, nor sell all or substantially all of its assets to,
any Person unless: 
 (i) such person executes, and delivers to the Holder, a copy of an instrument pursuant to which such person assumes
the due and punctual payment of the principal of and interest on this Note and the performance and observance of all the obligations of the Company under this Note, and 

(ii) immediately after giving effect to the transaction, no Event of Default and no event which after notice or lapse of time or both would
become an Event of Default shall have occurred. 

  
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 (b) Successor As Company. Upon compliance with this Section 14, the Successor shall
succeed to and be substituted for the Company under this Note with the same effect as if the Successor had been named as the Company herein, and the Company shall be released from the obligation to pay the principal of and interest accrued on the
Note. 
 15. Amendments and Waivers. 

(a) Amendment of Notes. Except as otherwise provided in Section 14 hereof, and subject to any necessary regulatory approval, the
Subordinated Notes may, with the consent of the Company and the Holders of at least 51% of the aggregate outstanding principal amount of the Subordinated Notes then outstanding, be amended or any provision, past default, or non-compliance thereof
waived; provided, however, that, without the consent of each Holder of an affected Note, no such amendment or waiver may: 

(i) reduce the principal amount of the Note; 

(ii) reduce the rate of or change the time for payment of interest on any Note; 

(iii) reduce the amount of principal or extend the maturity of any Note; 

(iv) make any change in this Section 15 or in Sections 8 through 13 hereof; 

(v) make any change in Section 6 hereof that adversely affects the rights of any Holder of a Note; or 

(vi) disproportionately affect any of the Holders of the then outstanding Notes. 

(b) Effectiveness of Amendments. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every
Holder of the Subordinated Notes, unless otherwise provided by Section 15(a) above. After an amendment or waiver becomes effective, the Company shall mail to each Holder a copy of such amendment or waiver. The Company may require each Holder to
surrender this Note so that an appropriate notation concerning the amendment or waiver may be placed thereon or a new Note, reflecting the amendment or waiver, exchanged therefor. Even if such a notation is not made or such a new Note is not issued,
such amendment or waiver and any consent given thereto by a Holder of this Note shall be binding according to its terms on any subsequent Holder of this Note. 

(c) Amendments Without Consent of Holders. Notwithstanding Section 15(a) hereof, the Company may amend or supplement this Note
without the consent of the Holders of the Subordinated Notes to cure any ambiguity, defect or inconsistency or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to make any change that does not adversely affect
the rights of any Holder of one of the Subordinated Notes. 

  
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 16. Order of Payments. Any payments made hereunder shall be applied first against costs
and expenses of each Holder hereunder; then against interest due hereunder; and then against principal due hereunder. 
 17. Notices.
All notices and other communications hereunder shall be in writing and, for purposes of this Note, shall be delivered in accordance with, and effective as provided in, the Purchase Agreement. 

18. Conflicts; Governing Law; Venue. In the case of any conflict between the provisions of this Note and the Purchase Agreement, the
provisions of this Note shall control. This Note shall be construed in accordance with, and be governed by the laws of, the State of Tennessee without giving effect to any conflicts of law provisions of such laws. The jurisdiction and venue with
respect to any disputes related to this Note shall be as set forth in the Purchase Agreement. 
 19. Successors and Assigns. This
Note shall be binding upon the Company and inure to the benefit of the Holder and its respective successors and permitted assigns. The Holder may assign all, or any part of, or any interest in, the Holder’s rights and benefits hereunder only to
the extent and in the manner permitted in the Purchase Agreement. To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and
conditions of the Purchase Agreement as it would have had if it were the Holder hereunder. 
 20. Waivers. Neither any failure nor
any delay on the part of the Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any other right, power or
privilege. 
 21. Priority. The Subordinated Notes rank pani passu among themselves and pani passu, in the event of any
insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or
future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that may be expressly stated to be senior to or subordinate to the Subordinated Notes. 

  
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 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s social security
or tax I.D. No.) 
 and irrevocably appoint
                         agent to transfer this Note on the books of the Company. The agent may substitute another to act
for him. 
  

			
	Date:	 	Your Signature:                                
                                         
                

  

			
		
	Signature Guarantee:	 	 

 (Signature must be guaranteed) 
  

 
 Sign exactly as your name appears on the other side of
this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

The undersigned hereby certifies that it is      /      is not an Affiliate of the Company and that, to its knowledge,
the proposed transferee      is /      is not an Affiliate of the Company. 
 In connection with any
transfer or exchange of this Note occurring prior to the date that is one year after the later of the date of original issuance of this Note and the last date, if any, on which this Note was owned by the Company or any Affiliate of the Company, the
undersigned confirms that this Note is being: 
 CHECK ONE BOX BELOW: 
  

					
			
	            (1)	 		  	acquired for the undersigned’s own account, without transfer; or
			
	            (2)	 		  	transferred to the Company; or
			
	            (3)	 		  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	            (4)	 		  	transferred pursuant to an effective registration statement under the Securities Act; or
			
	            (5)	 		  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	            (6)	 		  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the
Securities Act), that has furnished to Company a signed letter containing certain satisfactory representations and agreements establishing such status; or
			
	            (7)	 		  	transferred pursuant to another available exemption from the registration requirements of the Securities Act.

 Unless one of the boxes is checked, the Company will refuse to register this Note in the name of any person other than
the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of this Note, in its sole discretion, such legal opinions, certifications and
other information as the  

  
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Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act
such as the exemption provided by Rule 144 under such Act. 

	
	   

	Signature


 Signature Guarantee: 

			
		
	  
 (Signature must be guaranteed)
	  	  
 Signature


 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
 TO BE COMPLETED BY
PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its
own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and it is aware that the
sale to it is being made in reliance on Rule 144A, and it acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it
is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

	
	   

	Signature
	   

	Date



  
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