Exhibit 4.2


 


 


FLUSHING FINANCIAL
CORPORATION,


 


as Issuer


 


and


 


WILMINGTON TRUST, NATIONAL
ASSOCIATION,


 


as Trustee


 


FIRST SUPPLEMENTAL
INDENTURE


 


Dated as of November
22, 2021


 


to


 


SUBORDINATED INDENTURE


 


Dated as of November
22, 2021


 


3.125% Fixed-to-Floating
Rate Subordinated Notes Due 2031


 


 



    


     


    







 


TABLE OF CONTENTS


 








	 	 	Page
	 	 	 
	ARTICLE 1  	DEFINITIONS	1
	 	 	 
	Section 1.01.	Relation to Base Indenture	1
	 	 	 
	Section 1.02.	Definition of Terms	1
	 	 	 
	ARTICLE 2   	ESTABLISHMENT OF THE 2031 SERIES  AND GENERAL TERMS AND CONDITIONS OF THE NOTES	8
	 	 	 
	Section 2.01.	Establishment of the Series of the Notes and Designation	8
	 	 	 
	Section 2.02.	Maturity	8
	 	 	 
	Section 2.03.	Form, Payment and Appointment	9
	 	 	 
	Section 2.04.	Global Note	9
	 	 	 
	Section 2.05.	Interest	9
	 	 	 
	Section 2.06.	Subordination	11
	 	 	 
	Section 2.07.	Events of Default; Acceleration	14
	 	 	 
	Section 2.08.	No Sinking Fund	15
	 	 	 
	Section 2.09.	No Conversion or Exchange Rights	15
	 	 	 
	Section 2.10.	No Defeasance or Covenant Defeasance	15
	 	 	 
	ARTICLE 3  	REDEMPTION OF THE NOTES	15
	 	 	 
	Section 3.01.	Optional Redemption	15
	 	 	 
	Section 3.02.	Redemption of Special Events	15
	 	 	 
	Section 3.03.	Notice to Trustee	15
	 	 	 
	Section 3.04.	Partial Redemption	15
	 	 	 
	Section 3.05.	Notice to Holders	16
	 	 	 
	ARTICLE 4   	FORM OF NOTES	17
	 	 	 
	Section 4.01.	Form of Notes	17
	 	 	 
	ARTICLE 5  	SUPPLEMENTAL INDENTURES	17
	 	 	 
	Section 5.01.	Supplemental Indentures without Consent of Holders	17
	 	 	 
	ARTICLE 6  	IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND  DIRECTORS	17
	 	 	 
	Section 6.01.	Indenture and Notes Solely Corporate Obligations	17
	 	 	 
	ARTICLE 7  	MISCELLANEOUS	17
	 	 	 
	Section 7.01.	Ratification of Base Indenture	17
	 	 	 
	Section 7.02.	Trustee Not Responsible for Recitals	17
	 	 	 
	Section 7.03.	New York Law To Govern	18
	 	 	 
	Section 7.04.	Severability	18
	 	 	 
	Section 7.05.	Counterparts	18
	 	 	 
	Section 7.06.	Benefits of First Supplemental Indenture	18
	 	 	 
	Section 7.07.	Conflict with Base Indenture	18
	 	 	 
	Section 7.08.	Provisions of Trust Indenture Act Controlling	18
	 	 	 
	Section 7.09.	Successors	18


 



    


     


    







 


THIS FIRST SUPPLEMENTAL
INDENTURE (this “First Supplemental Indenture”), dated as of November 22, 2021, between FLUSHING FINANCIAL
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States,
as Trustee (in such capacity, the “Trustee”), under the Base Indenture (as hereinafter defined).


 


RECITALS


 


WHEREAS, the Company
and the Trustee have heretofore executed and delivered the Subordinated Indenture, dated as of November 22, 2021 (the “Base Indenture”
and, as hereby supplemented and amended, the “Indenture”), providing for the establishment from time to time of one
or more series (each, a “Series”) of securities evidencing indebtedness of the Company (hereinafter called the “Securities”),
and the issuance by the Company from time to time of Securities under the Indenture;


 


WHEREAS, Section
10.01(c) of the Base Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Base
Indenture to establish a Series of Securities thereunder and the form and terms, provisions and conditions of Securities of such Series
of Securities as permitted by Section 2.01 and Section 2.03 of the Base Indenture;


 


WHEREAS, pursuant
to Section 2.01 of the Base Indenture, the Company desires to establish a new Series of Securities under the Indenture
to be known as its “3.125% Fixed-to-Floating Rate Subordinated Notes Due 2031” (the “2031 Series”) and
to establish and set the form and terms, provisions and conditions of the notes of the 2031 Series (the “Notes”), as
provided in this First Supplemental Indenture and to provide for the initial issuance of Notes of the 2031 Series in the aggregate principal
amount of $125,000,000; and


 


WHEREAS, the Company
has requested that the Trustee execute and deliver this First Supplemental Indenture; and the Company confirms all requirements necessary
to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee in accordance with this Indenture, the valid, binding and
enforceable obligations of the Company, have been satisfied; and the execution and delivery of this First Supplemental Indenture has been
duly authorized in all respects.


 


NOW, THEREFORE,
in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:


 


ARTICLE 1

DEFINITIONS


 


Section 1.01. Relation
to Base Indenture. This First Supplemental Indenture constitutes an integral part of, and amends and supplements, the Base Indenture
as set forth herein.


 


Section 1.02. Definition
of Terms. For all purposes of this First Supplemental Indenture:


 


(a)       Capitalized
terms used herein without definition shall have the meanings set forth in the Base Indenture, provided that if the definition of a capitalized
term defined in this First Supplemental Indenture conflicts with the definition of that capitalized term in the Base Indenture, the definition
of that capitalized term in this First Supplemental Indenture shall control for purposes of this First Supplemental Indenture and the
Notes;


 


(b)       a
term defined anywhere in this First Supplemental Indenture has the same meaning throughout this First Supplemental Indenture;


 


(c)       the
singular includes the plural and vice versa;


 


(d)       headings
are for convenience of reference only and do not affect interpretation;


 



    


     


    

 





(e)       unless
otherwise specified or unless the context requires otherwise, (i) all references in this First Supplemental Indenture to Sections refer
to the corresponding Sections of this First Supplemental Indenture and (ii) the terms “herein,” “hereof,” “hereunder”
and any other word of similar import refer to this First Supplemental Indenture; and


 


(f)       for
purposes of this First Supplemental Indenture and the Notes, the following terms have the meanings given to them in this Section
1.02(f):


 


“2031 Series”
shall have the meaning set forth in the Recitals.


 


“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 7.15 of the Base Indenture to act on behalf of the Trustee
to authenticate the Notes.


 


“Base Indenture”
shall have the meaning set forth in the Recitals.


 


“Benchmark”
means, initially, Three-Month Term SOFR; provided that, if the Calculation Agent determines on or prior to the Reference Time for any
Floating Rate Interest Period that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement for such
Floating Rate Interest Period and any subsequent Floating Rate Interest Periods.


 


“Benchmark Replacement”
means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark;
provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the
then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined),
then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation
Agent as of the Benchmark Replacement Date:


 


(1)       Compounded
SOFR;


 


(2)       the
sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;


 


(3)       the
sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment;


 


(4)       the
sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the
applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark
for Dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.


 


“Benchmark Replacement
Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the
Benchmark Replacement Date:


 


(1)       the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero),
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;


 


(2)       if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and


 


(3)       the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration
to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the
then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate securities at such time.


 



    2


     


    






 





“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative, or operational
changes (including, without limitation, changes to the definition of “Floating Rate Interest Period,” timing and frequency
of determining rates with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors,
and other administrative matters) that the Calculation Agent determines may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market practice (or, if the Calculation Agent determines that adoption of any portion of such
market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Calculation Agent determines is reasonably necessary).


 


“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:


 


(1)       in
the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;


 


(2)       in
the case of clause (2) or (3) of the definition of “Benchmark Transition Event,” the later of the date of the public statement
or publication of information referenced therein and the date on which the administrator of the Benchmark permanently or indefinitely
ceases to provide the Benchmark; or


 


(3)       in
the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.


 


For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.


 


“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:


 


(1)       if
the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate
for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR
that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Company determines that the use of
a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;


 


(2)       a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark;


 


(3)       a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority
with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over
the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark; or


 


(4)       a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative.


 



    3


     


    

 





“Business Day”
means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions or trust companies
in the City of New York, New York or any Place of Payment are authorized or obligated by law, regulation, or executive order to close
or remain closed.


 


“Calculation
Agent” means the Person appointed by the Company prior to the commencement of the Floating Rate Period (which may include the
Company or any of its affiliates) to act in accordance with Section 2.05. The Company shall initially act as the Calculation
Agent.


 


“Company”
shall have the meaning set forth in the Preamble unless and until a successor entity shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor entity.


 


“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate,
and conventions for this rate being established by the Calculation Agent in accordance with:


 


(1)       the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining
Compounded SOFR; provided that:


 


(2)       if,
and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above,
then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due
consideration to any industry-accepted market practice for Dollar-denominated floating rate securities at such time.


 


For the avoidance of
doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread specified in the definition
thereof.


 


“Corresponding
Tenor” means (i) with respect to Term SOFR, three months, and (ii) with respect to a Benchmark Replacement, a tenor (including
overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.


 


“DTC”
shall have the meaning set forth in Section 2.03 hereof.


 


“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System or any successor regulatory authority with jurisdiction over
bank holding companies.


 


“First Supplemental
Indenture” shall have the meaning set forth in the Preamble.


 


“Fixed Period
Interest Payment Date” shall have the meaning set forth in Section 2.05(a) hereof.


 


“Fixed Rate
Period” shall have the meaning set forth in Section 2.05(a) hereof.


 


“Floating Period
Interest Payment Date” shall have the meaning set forth in Section 2.05(b) hereof.


 


“Floating Rate
Interest Period” means the period from and including the immediately preceding Floating Period Interest Payment Date in respect
of which interest has been paid or duly provided for, to, but excluding, the applicable Floating Period Interest Payment Date or Maturity
Date or Redemption Date, if applicable (except that the first Floating Rate Interest Period will commence on December 1, 2026).


 


“Floating Rate
Period” shall have the meaning set forth in Section 2.05(b) hereof.


 


“FRBNY”
means the Federal Reserve Bank of New York.


 


“FRBNY’s
Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source.


 



    4


     


    

 





“Global Note”
shall have the meaning set forth in Section 2.04 hereof.


 


“Indenture”
shall have the meaning set forth in the Recitals.


 


“Independent
Bank Regulatory Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters
of federal bank holding company and banking regulatory law, including the laws, rules and guidelines of the Federal Reserve Board relating
to regulatory capital, and shall include any Person who, under the standards of professional conduct then prevailing and applicable to
such counsel, would not have a conflict of interest in representing the Company or the Trustee in connection with providing the legal
opinion contemplated by the definition of the term “Tier 2 Capital Event.”


 


“Independent
Tax Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters of federal
income taxation law, including the deductibility of interest payments made with respect to corporate debt instruments, and shall include
any Person who, under the standards of professional conduct then prevailing and applicable to such counsel, would not have a conflict
of interest in representing the Company or the Trustee in connection with providing the legal opinion contemplated by the definition of
the term “Tax Event.”


 


“Interest Payment
Date” shall have the meaning set forth in Section 2.05(b) hereof.


 


“Interpolated
Benchmark” with respect to the Benchmark means the rate determined by the Calculation Agent for the Corresponding Tenor by interpolating
on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding
Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.


 


“ISDA”
means the International Swaps and Derivatives Association, Inc. or any successor.


 


“ISDA Definitions”
means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional
booklet for interest rate derivatives published from time to time.


 


“ISDA Fallback
Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives
transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark
for the applicable tenor.


 


“ISDA Fallback
Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the
occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.


 


“Maturity Date”
shall have the meaning set forth in Section 2.02 hereof.


 


“Notes”
shall have the meaning set forth in the Recitals.


 


“Optional Redemption”
shall have the meaning set forth in Section 3.01 hereof.


 


“Paying Agent”
means any Person authorized by the Company, including the Company or an affiliate, to pay the principal of, or any premium or interest
on, the Notes on behalf of the Company.


 


“Redemption
Date” means each date, if any, on which Notes are redeemed pursuant to the redemption provisions of Section 3.01 or Section
3.02 hereof.


 


“Reference
Time” with respect to any determination of the Benchmark means (i) if the Benchmark is Three-Month Term SOFR, the time determined
by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (ii) if the Benchmark is not Three-Month Term
SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.


 



    5


     


    

 





“Relevant Governmental
Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve
Board and/or the FRBNY or any successor thereto.


 


“Securities”
shall have the meaning set forth in the Recitals.


 


“Senior Indebtedness”
means the principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding
relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether
that debt is outstanding on the date of execution of this First Supplemental Indenture or thereafter incurred, created or assumed:


 


(1)       indebtedness
evidenced by notes, debentures, or bonds or other securities issued under the provisions of any indenture, fiscal agency agreement, debenture
or note purchase agreement or other agreement, including any senior debt securities that may be offered, including by means of a base
prospectus and one or more prospectus supplements;


 


(2)       indebtedness
for money borrowed or represented by purchase-money obligations, as defined below;


 


(3)       indebtedness
to general creditors;


 


(4)       obligations
as lessee under leases of property whether made as part of a sale and leaseback transaction to which the Company is a party or otherwise;


 


(5)       indebtedness, obligations and
liabilities of others in respect of which the Company is liable contingently or otherwise to pay or advance money or property or as guarantor,
endorser or otherwise or which the Company has agreed to purchase or otherwise acquire and indebtedness of partnerships and joint ventures
that is included in the Company’s consolidated financial statements;


 


(6)       reimbursement
and other obligations relating to letters of credit, bankers’ acceptances and similar obligations;


 


(7)       obligations
under various hedging arrangements and agreements, including interest rate and currency hedging agreements and swap and nonswap forward
agreements;


 


(8)       all
of the Company’s obligations issued or assumed as the deferred purchase price of property or services, but excluding trade accounts
payable and accrued liabilities arising in the ordinary course of business; and


 


(9)       deferrals, renewals or
extensions of any of the indebtedness or obligations described in the clauses above.


 


However, “Senior
Indebtedness” excludes:


 


(1)       any
indebtedness, obligation or liability referred to in the definition of Senior Indebtedness above as to which, in the instrument creating,
governing or evidencing that indebtedness, obligation or liability, it is expressly provided that such indebtedness, obligation or liability
is not senior in right of payment to, is junior in right of payment to, or ranks equally in right of payment with, other specified types
of indebtedness, obligations and liabilities of the Company, which other specified types of indebtedness, obligations and liabilities
of the Company include the Notes;


 


(2)       any
indebtedness, obligation or liability that is subordinated to other of the Company’s indebtedness, obligations or liabilities
to substantially the same extent as or to a greater extent than the Notes are subordinated;


 


(3)       all
obligations to trade creditors created or assumed by the Company in the ordinary course of business; and


 



    6


     


    

 





(4)       the
Notes and any other securities issued pursuant to the Indenture and the Company’s junior subordinated debentures outstanding on
the date of execution of this First Supplemental Indenture and, unless expressly provided in the terms thereof, any of the Company’s
indebtedness to the Company’s subsidiaries.


 


As used above, the term
 “purchase-money obligations” means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether
or not secured by a lien or other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any
deferred obligation for the payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is
limited to the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services,
whether by purchase, merger, consolidation or otherwise, but does not include any trade accounts payable.


 


Notwithstanding the foregoing,
if the Federal Reserve Board (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that
defines general creditor(s), the main purpose of which is to establish criteria for determining whether the subordinated debt of a bank
holding company is to be included in its capital, then the term “general creditors” as used in this definition of “Senior
Indebtedness” in this First Supplemental Indenture will have the meaning as described in that rule or interpretation.


 


“SOFR”
means the secured overnight financing rate published by the FRBNY, as the administrator of the Benchmark (or any successor administrator),
on the FRBNY’s Website.


 


“Tax Event”
shall mean the receipt by the Company of an opinion of Independent Tax Counsel to the effect that:


 


(1)       an
amendment to or change (including any announced prospective amendment or change) in any law, treaty, statute or code, or any regulation
thereunder, of the United States or any of its political subdivisions or taxing authorities;


 


(2)       a
judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement,
including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of
the foregoing, an “administrative or judicial action”);


 


(3)       an
amendment to or change in any official position with respect to, or any interpretation of, an administrative or judicial action or a law
or regulation of the United States that differs from the previously generally accepted position or interpretation; or


 


(4)       a
threatened challenge asserted in writing in connection with an audit of the Company’s federal income tax returns or positions or
a similar audit of any of its Subsidiaries, or a publicly known threatened challenge asserted in writing against any other taxpayer that
has raised capital through the issuance of securities that are substantially similar to the Notes,


 


in each case, occurring
or becoming publicly known on or after the date of original issuance of the Notes, has resulted in more than an insubstantial increase
in the risk that the interest paid by the Company on the Notes is not, or within 90 days of receipt of such opinion of Independent Tax
Counsel, will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes.


 


“Term SOFR”
means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the
Relevant Governmental Body.


 


“Term SOFR
Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or any successor
administrator).


 


“Three-Month
Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the
Reference Time for any Floating Rate Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term
SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to
the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.


 



    7


     


    

 





“Three-Month
Term SOFR Conventions” means any determination, decision, or election with respect to any technical, administrative, or operational
matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating
Rate Interest Period,” timing and frequency of determining Three-Month Term SOFR with respect to each Floating Rate Interest Period
and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent determines
may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice
(or, if the Calculation Agent determines that adoption of any portion of such market practice is not administratively feasible or if the
Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation
Agent determines is reasonably necessary).


 


“Tier 2 Capital
Event” shall mean the receipt by the Company of an opinion of Independent Bank Regulatory Counsel 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 Notes, the 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 Federal Reserve Board (or any successor regulatory authority with jurisdiction over
bank holding companies), as then in effect and applicable to the Company.


 


“Trustee”
shall have the meaning set forth in the Preamble.


 


“U.S. Dollars”
means such currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts.


 


“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.


 


ARTICLE 2

ESTABLISHMENT OF THE 2031 SERIES

AND GENERAL TERMS AND CONDITIONS OF THE NOTES


 


Section 2.01. Establishment
of the Series of the Notes and Designation.


 


(a)       There
is hereby authorized and established a Series of Securities designated as the “3.125% Fixed-to-Floating Rate Subordinated Notes
Due 2031,” which Series of Securities is unsecured, subordinated to the Senior Indebtedness of the Company as provided herein and
unlimited in the aggregate principal amount that may be issued. The Notes initially issued pursuant to the terms of the Indenture shall
be in an aggregate principal amount of $125,000,000, which amount shall be set forth in a Company Order pursuant to Article 2 of the Base
Indenture, and the Trustee shall thereupon authenticate and deliver said Notes in accordance with such Company Order and the Indenture,
including Section 2.06 of the Base Indenture. The Securities that are a part of such Series of Securities shall be in the form and have
the terms, provisions and conditions as set forth in the Base Indenture, this First Supplemental Indenture and the Notes in
the form attached hereto as Exhibit A.


 


(b)       The
Company may, from time to time, without notice to, or the consent of, the holders of the Notes, issue additional Securities ranking equally
with the Notes and identical to the Notes issued on the date hereof in all respects (except for the issue date, the offering price, the
payment of interest accruing prior to the issue date of such additional Securities and the first payment of interest following the issue
date of such additional Securities) in order that such additional Securities may be consolidated and form a single series with the Notes
and have the same terms as to status, redemption or otherwise as the Notes. However, any additional Securities of the series of which
the Notes are a part that are issued and are not fungible with the outstanding Notes of such series for United States federal income tax
purposes will be issued under one or more separate CUSIP numbers and ISIN numbers. No limit exists on the aggregate principal amount of
the additional Securities of this series that the Company may issue in the future.


 



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Section 2.02. Maturity.
The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest then owing,
is December 1, 2031 (the “Maturity Date”).


 


Section 2.03. Form,
Payment and Appointment. Except as provided in Section 2.07(d) of the Base Indenture, the Notes will be issued only in book-entry
form, will be represented by one or more Global Notes (as defined below) registered in the name of or held by The Depository Trust Company
(and any successor organization thereto) (“DTC”) or its nominee. Principal or the redemption price, if any, of a Note
shall be payable to the Person in whose name that Note is registered on the Maturity Date or Redemption Date, as the case may be, provided
that the redemption price, if any, principal of and interest on the Notes represented by one or more Global Notes registered in the name
of or held by DTC or its nominee will be payable in immediately available funds to DTC or its nominee, as the case may be, as the registered
holder of such Global Notes. The principal of any certificated Notes will be payable at the Place of Payment set forth below.


 


The Notes shall have
such other terms as are set forth in the form thereof attached hereto as Exhibit A, which is incorporated herein and made
a part hereof.


 


The Security Registrar,
Authenticating Agent, and Paying Agent for the Notes shall initially be the Trustee. The Company will appoint a Person to act as the Calculation
Agent as provided under the definition of Calculation Agent and Section 2.05.


 


The Place of Payment
for the Notes shall be an office or agency of the Company maintained for such purpose, which shall initially be the Corporate Trust Office
of the Trustee.


 


The Notes will be issued
and may be transferred only in minimum denominations of $1,000 or any amount in excess thereof that is an integral multiple of $1,000.
The Company will pay principal of and interest on the Notes in U.S. Dollars.


 


Section 2.04. Global
Note. The Notes shall be issued initially in the form of one or more fully registered global notes (each such global note, a “Global
Note”) registered in the name of DTC or its nominee and deposited with DTC or its designated custodian or such other Depositary
as any Authorized Officer of the Company may from time to time designate. Unless and until a Global Note is exchanged for definitive
certificated Notes, such Global Note may be transferred, in whole but not in part, and any payments on the Notes shall be made, only
to DTC or a nominee of DTC, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary
as provided in the Indenture.


 


Section 2.05. Interest.


 


(a)       From
and including November 22, 2021, to, but excluding, December 1, 2026 (unless redeemed prior to such date pursuant to Section 3.02 hereof)
(the “Fixed Rate Period”), the Notes will bear interest at a rate of 3.125% per year. During the Fixed Rate Period,
interest on the Notes will accrue from and including November 22, 2021, and will be payable semiannually in arrears on June 1 and December
1 of each year during the Fixed Rate Period, commencing on June 1, 2022 (each such date, a “Fixed Period Interest Payment Date”).
The interest payable on the Notes on any Fixed Period Interest Payment Date will be paid to the holder by the close of business on the
15th calendar day (whether or not a Business Day) immediately preceding the Fixed Period Interest Payment Date.


 


(b)       From
and including December 1, 2026, to, but excluding, the Maturity Date (unless redeemed prior to such date pursuant to Section 3.01 or Section
3.02 hereof) (the “Floating Rate Period”), the Notes will bear interest at a floating rate per year equal
to the Benchmark. During the Floating Rate Period, interest on the Notes will accrue from and including December 1, 2026 and will be payable
quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2027 (each such date, a “Floating
Period Interest Payment Date” and, together with a Fixed Period Interest Payment Date, an “Interest Payment Date”).
The interest payable on the Notes on any Floating Period Interest Payment Date will, except as noted in the immediately succeeding sentence,
be paid to the holder by the close of business on the 15th calendar day (whether or not a Business Day) immediately preceding the Floating
Period Interest Payment Date. However, interest that the Company pays on the Maturity Date will be paid to the Person to whom the principal
will be payable. Notwithstanding the foregoing, if the Benchmark is less than zero, then the Benchmark shall be deemed to be zero. The
Calculation Agent will provide the Company and the Trustee with written notice of the interest rate in effect on the Notes promptly after
the Reference Time (or such other date of determination for the applicable Benchmark) for each Floating Rate Interest Period.


 



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(c)       During
the Fixed Rate Period, interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. During the Floating
Rate Period, interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Dollar amounts resulting
from those calculations will be rounded to the nearest cent, with one-half cent being rounded upward.


 


(d)       If
any Fixed Period Interest Payment Date for the Notes falls on a day that is not a Business Day, the Company will postpone the interest
or principal payment to the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date
that the payment was first due and the holders of the Notes will not be entitled to any further interest, principal or other payments
with respect to such postponements. If any Floating Period Interest Payment Date or the Maturity Date falls on a day that is not a Business
Day, the Company will postpone the interest payment or the payment of principal and interest at the Maturity Date to the next succeeding
Business Day (and, with respect to the Maturity Date, no additional interest will accrue on the amount payable for the period from and
after the Maturity Date) unless, with respect to a Floating Period Interest Payment Date only, such day falls in the next calendar month,
in which case the Floating Period Interest Payment Date will instead be the immediately preceding day that is a Business Day, and interest
will accrue to, but excluding, such Floating Period Interest Payment Date as so adjusted.


 


(e)       The
Company shall appoint a Calculation Agent prior to the commencement of the Floating Rate Period. The Company will act as the initial Calculation
Agent. Absent manifest error, the Calculation Agent’s determination of the interest rate for any Floating Rate Interest Period will
be binding and conclusive upon the holders of the Notes (including, for the avoidance of doubt, each beneficial owner), the Company (if
the Company is not also the Calculation Agent) and the Trustee. The Trustee shall have no duty to confirm or verify any such calculation.
By its acquisition of the Notes, each holder (including, for the avoidance of doubt, each beneficial owner) acknowledges, accepts, consents
to and agrees to be bound by the Calculation Agent’s determination of the interest rate for each Floating Rate Interest Period,
including the Calculation Agent’s determination of any Benchmark Replacement Conforming Changes, Benchmark Replacement Date, Benchmark
Replacement, Benchmark Replacement Adjustment, and Benchmark Transition Event, including as may occur without any prior notice from the
Company or the Calculation Agent and without the need for the Company or the Calculation Agent to obtain any further consent from any
holder of the Notes. The Calculation Agent’s determination of any interest rate, and its calculation of interest payments, for any
Floating Rate Interest Period, will be maintained on file at the Calculation Agent’s principal offices, and will be made available
by the Company to any holder of the Notes upon request.


 


(f)       The
Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Indenture. The Company may
remove the Calculation Agent at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by
the Company, the Company shall promptly appoint a replacement Calculation Agent. The Trustee shall not be under any duty to succeed to,
assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event of the Calculation
Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance
on the part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations under the Indenture. For the
avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent.


 


(g)       Effect
of Benchmark Transition Event.


 


(1)      If the Calculation Agent determines
that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect
of any Floating Rate Interest Period during the Floating Rate Period, then the Benchmark Replacement will replace the then-current Benchmark
for all purposes relating to the Notes during such Floating Rate Interest Period and all remaining Floating Rate Interest Periods. In
connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time.


 


(2)Notwithstanding
anything set forth in Section 2.05(b) above, if the Calculation Agent determines on or prior to the relevant Reference
Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR,
then the provisions set forth in this Section 2.05(g) will thereafter apply to all determinations of the Benchmark used
to calculate the interest rate on the Notes for each Floating Rate Interest Period.


 



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(3)      The Company and the Calculation Agent
are expressly authorized to make certain determinations, decisions, and elections under the terms of the Notes, including with respect
to the use of Three-Month Term SOFR as the Benchmark for the Floating Rate Period and under this Section 2.05(g). Any determination,
decision, or election that may be made by the Company or by the Calculation Agent under the terms of the Notes, including any determination
with respect to a tenor, rate, or adjustment or of the occurrence or non-occurrence of an event, circumstance, or date and any decision
to take or refrain from taking any action or any selection (A) will be conclusive and binding on the holders of the Notes, the Company
(if the Company is not also making the decision) and the Trustee absent manifest error, (B) if made by the Company as Calculation Agent,
will be made in the Company’s sole discretion, (C) if made by a Calculation Agent other than the Company, will be made after consultation
with the Company, and the Calculation Agent will not make any such determination, decision, or election to which the Company reasonably
objects and (D) notwithstanding anything to the contrary in the Indenture or the Notes, shall become effective without consent from the
holders of the Notes or the Trustee or any other party. If the Calculation Agent fails to make any determination, decision, or election
that it is required to make under the terms of the Notes, then the Company will make such determination, decision, or election on the
same basis as described above. In connection with such determination, decision, or election, the Company shall be treated as the Calculation
Agent for all purposes hereunder.


 


(4)      The Company (or the Calculation Agent)
shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition Event or the Benchmark Replacement Date, and (ii)
of any Benchmark Replacements, Benchmark Replacement Conforming Changes after a Benchmark Transition Event.


 


(5)      The Trustee (including in its capacity
as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an alternative
reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been
satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination or calculation of
a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and
in each such case under clauses (A) through (D) above shall be entitled to conclusively rely upon the selection, determination, and/or
calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in
performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof, including,
without limitation, as a result of the Company’s or the Calculation Agent’s failure to select a Benchmark Replacement or the
Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the
Company or the Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month
Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee
shall not be responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance of
the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the
Calculation Agent. The Trustee shall be entitled to rely conclusively on any determination made, and any instruction, notice, Officer’s
Certificate or other instruction or information provided by the Calculation Agent without independent verification, investigation or
inquiry of any kind.


 


(6)      If the then-current Benchmark is Three-Month
Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR Conventions, and if any of the foregoing provisions
concerning the calculation of the interest rate and interest payments during the Floating Rate Period are inconsistent with any of the
Three-Month Term SOFR Conventions determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions will apply.
Furthermore, if the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the Three-Month Term SOFR at any time when any of the Notes are outstanding, then the foregoing provisions concerning
the calculation of the interest rate and interest payments during the Floating Rate Period will be modified in accordance with this Section
2.05(g).


 



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Section 2.06. Subordination.


 


(a)       The
Company, for itself, its successors and assigns, covenants and agrees, and each holder of Notes by the holder’s acceptance thereof,
likewise covenants and agrees, that the payment of the principal of and interest on each and all of the Notes is and will be expressly
subordinated in right of payment to the prior payment in full of all Senior Indebtedness, subject to clause (j) of this Section
2.06, to the extent and in the manner described in this Section 2.06 and Section 16.01 of the Base Indenture.


 


(b)       In
the event of the insolvency, bankruptcy, receivership, liquidation or other marshalling of the assets and liabilities of the Company (subject
to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness
and the holders thereof with respect to the Notes and the holders thereof by a lawful plan of reorganization under applicable bankruptcy
law):


 


(i)       the
holders of all Senior Indebtedness shall first be entitled to receive payment in full in accordance with the terms of such Senior Indebtedness
of the principal thereof and premium, if any, and interest due thereon (including interest accruing subsequent to the commencement of
any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter
in effect) before the holders of the Notes are entitled to receive any payment upon the principal of or interest on indebtedness evidenced
by the Notes;


 


(ii)       any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the holders
of the Notes would be entitled except for the provisions of Section 16.01 of the Base Indenture and this Section 2.06, including
any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company
being subordinated to the payment of the Notes, shall be paid by the liquidating trustee or agent or other Person making such payment
or distribution, whether a bankruptcy trustee, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness
or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any
of such Senior Indebtedness may have been issued, in accordance with the priorities then existing among holders of Senior Indebtedness
for payment of the aggregate amounts remaining unpaid on account of the principal of and premium, if any, and interest (including interest
accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency or similar law now or hereafter in effect) on the Senior Indebtedness held or represented by each, to the extent necessary
to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any other concurrent payment or distribution
to the holders of such Senior Indebtedness; it being understood that if the holders of the Notes shall fail to file a proper claim in
the form required by any proceeding referred to in this subparagraph (ii) prior to 30 days before the expiration of the
time to file such claim or claims, then the holders of Senior Indebtedness are hereby authorized to file an appropriate claim or claims
for and on behalf of the holders of the Notes, in the form required in any such proceeding; and


 


(iii)       in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the payment
of any other indebtedness of the Company being subordinate to the payment of the Notes shall be received by the Trustee or holders of
the Notes before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person making payment of assets of the Company for all Senior Indebtedness
remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness.


 



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Subject to the payment
in full of all Senior Indebtedness, the holders of the Notes shall be subrogated to the rights of the holders of Senior Indebtedness to
receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal
of and interest on the Notes shall be paid in full and no such payments or distributions to holders of such Senior Indebtedness to which
the holders of the Notes would be entitled except for the provisions of Section 16.01 of the Base Indenture and this Section 2.06, of
cash, property or securities otherwise distributable to the holders of Senior Indebtedness shall, as between the Company, its creditors,
other than the holders of Senior Indebtedness, and the holders of the Notes, be deemed to be a payment by the Company to or on account
of the Senior Indebtedness. It is understood that the provisions of this Section 2.06 are intended solely for the purpose
of defining the relative rights of the holders of the Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand.
Upon any payment or distribution of assets of the Company referred to in this Section 2.06, the Trustee and the holders of
the Notes shall be entitled to rely upon any order or decree of a court of competent jurisdiction in which such proceeding for the insolvency,
bankruptcy, receivership, liquidation or other marshalling of the assets and liabilities of the Company is pending or upon a certificate
of the liquidating trustee or agent or other Person making any distribution to the Trustee or to the holders of the Notes for the purpose
of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness
of the Company, the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Section 2.06. In the absence of any such liquidating trustee, agent or other Person, the Trustee shall
be entitled to rely upon a written notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee or representative
on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative). With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Section 2.06, and no implied covenants or obligations with respect to the holders of
Senior Indebtedness shall be read into this Section 2.06 against the Trustee. The Trustee, however, shall not be deemed
to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of the Base Indenture, this First Supplemental
Indenture, or any other supplemental indenture entered into pursuant to Section 2.01 or Article 10 of the Base Indenture, and shall not
be liable to any such holders if it shall mistakenly pay over or distribute to or on behalf of holders of the Notes or the Company moneys
or assets to which any holders of Senior Indebtedness shall be entitled by virtue of this Section 2.06.


 


(c)       In
the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest on, any Senior Indebtedness,
beyond any applicable grace period, or if any event of default with respect to any Senior Indebtedness shall have occurred and be continuing,
or would occur as a result of the payment referred to hereinafter, permitting the holders of such Senior Indebtedness (or a trustee on
behalf of the holders thereof) to accelerate the maturity thereof, then, unless and until such default or event of default shall have
been cured or waived or shall have ceased to exist, no payment or principal of or interest on the Notes, shall be made by the Company.


 


(d)       Nothing
contained in the Base Indenture, this First Supplemental Indenture, any other supplemental indenture entered into pursuant to Section
2.01 or Article 10 of the Base Indenture, or in any of the Notes shall: (i) impair, as between the Company, its creditors, other than
the holders of Senior Indebtedness, and holders of the Notes, the obligations of the Company, which are unconditional and absolute, to
make, or prevent the Company from making, at any time except as provided in clauses (b), (c), or (j) of
this Section 2.06, payments of principal of, or interest (including interest accruing subsequent to the commencement of any
proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter
in effect) on, the Notes, as and when the same shall become due and payable in accordance with the terms of the Notes; (ii) affect the
relative rights of the Holders of the Notes and creditors of the Company other than the holders of the Senior Indebtedness; (iii) except
as otherwise expressly provided in the Base Indenture, this First Supplemental Indenture and the Notes with respect to the limitation
on the rights of the Trustee and the holders of Notes, to accelerate the maturity of the Notes and pursue remedies upon such an acceleration,
prevent the holder of any Notes or the Trustee from exercising all remedies otherwise permitted by applicable law upon default thereunder,
subject to the rights, if any, under this Section 2.06 of the holders of Senior Indebtedness in respect of cash, property
or securities of the Company received upon the exercise of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent
of any moneys deposited with it hereunder to the payment of or on account of the principal of, or interest on, the Notes or prevent the
receipt by the Trustee or any Paying Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or such
Paying Agent did not have written notice of any event prohibiting the making of such deposit by the Company.


 


(e)       Each
holder by his acceptance of any Notes authorizes and expressly directs the Trustee on such holder’s behalf to take such action as
may be necessary or appropriate to effectuate the subordination provided in the Indenture, and appoints the Trustee such holder’s
attorney-in-fact for such purposes, including, in the event of any termination, winding up, liquidation or reorganization of the Company
(whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors
by the Company, a marshalling of the assets and liabilities of the Company) tending toward the liquidation of the property and assets
of the Company, the filing of a claim for the unpaid balance of the Notes in the form required in those proceedings.


 



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The Company shall give
prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from making any payment to or by
the Trustee in respect of the Notes pursuant to the provisions of this Section 2.06 or Article 16 of the Base Indenture.
The Trustee shall not be charged with the knowledge of the existence of any default or event of default with respect to any Senior Indebtedness
or of any other facts that would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have received
notice in writing at its Corporate Trust Office to that effect signed by an Officer of the Company, or by a holder of Senior Indebtedness
or a trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee shall, subject to Article 7 of the Base
Indenture, be entitled to assume that no such facts exist; provided that, if the Trustee shall not have received the notice provided for
in this Section 2.06 at least two Business Days prior to the date upon which, by the terms of the Indenture, any monies
shall become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Note), then, notwithstanding
anything herein to the contrary, the Trustee shall have full power and authority to receive any monies from the Company and to apply the
same to the purpose for which they were received, and shall not be affected by any notice to the contrary that may be received
by it on or after such prior date except for an acceleration of the Notes prior to such application. The foregoing shall not apply if
the Paying Agent is the Company. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing
himself or itself to be a holder of any Senior Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish that such
notice has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of any such holder. In the event that the
Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Indebtedness
to participate in any payment or distribution pursuant to this Section 2.06 or Article 16 of the Base Indenture, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Section 2.06 or Article 16 of the Base Indenture and, if such evidence is not
furnished to the Trustee, the Trustee may defer any payment to such Person pending such evidence being furnished to the Trustee or a judicial
determination that such Person has the right to receive such payment.


 


(f)       Notwithstanding
the provisions of this Section 2.06 or any other provisions of the Indenture, neither the Trustee nor any Paying Agent shall be charged
with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment or moneys to
or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent shall have received
written notice thereof from the Company or from the holder of any Senior Indebtedness or from the representative of any such holder.


 


(g)       The
Trustee shall be entitled to all of the rights set forth in this Section 2.06 in respect of any Senior Indebtedness at
any time held by it in its individual capacity to the extent set forth in Section 7.04 of the Base Indenture.


 


(h)       The
failure to make a payment pursuant to the Notes by reason of any provision in this Section 2.06 shall not be construed
as preventing the occurrence of a default or any Event of Default.


 


(i)       Nothing
contained in this Section 2.06 shall apply to the claims of, or payments to, the Trustee under or pursuant to Section
7.06 of the Base Indenture.


 


(j)       The
subordination provisions in this Section 2.06 or Article 16 of the Base Indenture do not apply to amounts due to the
Trustee in its capacity as such pursuant to other sections of the Indenture, including Section 7.06 of the Base Indenture.


 


Section 2.07. Events
of Default; Acceleration. All of the Events of Default set forth in clauses (a), (b), (c), (d) and (e) of Section 6.01 of the Base
Indenture will apply with respect to the Notes. Notwithstanding the foregoing, because the Company will treat the Notes as
Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines
of the Federal Reserve Board as then in effect and applicable to the Company, upon the occurrence of an Event of Default other than an
Event of Default set forth in clause (d) or (e) of Section 6.01 of the Base Indenture, neither the Trustee nor the holders of the Notes
may accelerate the maturity of the Notes and make the principal of, and any accrued and unpaid interest on, the Notes, immediately due
and payable. Solely with respect to the Notes, and not for the purposes of any other Securities, clause (d) and (e) of Section 6.01 of
the Base Indenture shall be replaced in their entirety with the following:


 



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“(d) a court having
jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Company or for any substantial part of the property of the Company, or ordering the winding-up
or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or


 


(e) the Company shall commence
a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the
entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or for any substantial part of
the property of the Company, or shall make any general assignment for the benefit of creditors; or”.


 


Section 2.08. No
Sinking Fund. The Notes are not entitled to the benefit of any sinking fund.


 


Section 2.09. No
Conversion or Exchange Rights. The Notes shall not be convertible into or exchangeable for any equity securities, other securities
or other assets of the Company or any Subsidiary of the Company.


 


Section 2.10. 
Defeasance and Covenant Defeasance. Article XIV of the Base Indenture shall apply to the Notes.


 


ARTICLE 3

REDEMPTION OF THE NOTES


 


Section 3.01. Optional
Redemption. The Notes shall not be redeemable prior to December 1, 2026, except as provided in Section 3.02. The Company
may redeem the Notes, at its sole option, beginning with the Interest Payment Date of December 1, 2026 and on any Interest Payment Date
thereafter, in whole or in part, from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest to, but excluding, the Redemption Date, and any such redemption may be subject to the satisfaction of
one or more conditions precedent set forth in the applicable notice of redemption (an “Optional Redemption”). No such
Optional Redemption of the Notes by the Company prior to the Maturity Date shall be made without the prior approval of the Federal Reserve
Board, to the extent that such approval is then required under the rules of the Federal Reserve Board. The Notes are not subject to repayment
at the option of the holders of Notes.


 


Section 3.02. Redemption
of Special Events. Other than in the case of an Optional Redemption, the Notes may not be redeemed by the Company prior to the Maturity
Date, except the Company may, at its sole option, redeem the Notes at any time before the Maturity Date in whole, but not in part, upon
or after the occurrence of a Tax Event, a Tier 2 Capital 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.), as amended. Any such redemption of the Notes will be at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date, and any such redemption may be subject to the satisfaction of one or more conditions precedent set forth in the applicable notice
of redemption. Notwithstanding the foregoing, installments of interest on any Notes that are due and payable on Interest Payment Dates
falling on or prior to the applicable Redemption Date will be payable on such Interest Payment Dates to the holders of the Notes at the
close of business on the relevant record dates specified in Sections 2.05(a) and (b) above in accordance
with the Notes and this Indenture. No such redemption of the Notes by the Company prior to the Maturity Date shall be made without the
prior approval of the Federal Reserve Board, to the extent that such approval is then required under the rules of the Federal Reserve
Board.


 



    15


     


    

 





Section 3.03. Notice
to Trustee. If the Company elects to redeem the Notes pursuant to the redemption provisions of Section 3.01 or Section
3.02, at least 15 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee) but not
more than 60 days before the Redemption Date, the Company shall furnish to the Trustee an Officer’s Certificate setting forth (i)
the applicable section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal
amount of Notes to be redeemed, (iv) the redemption price and (v) a Board Resolution.


 


Section 3.04. Partial
Redemption. In the case of a redemption pursuant to Section 3.01, if less than all of the Notes are to be redeemed, the
Notes to be redeemed will be selected in accordance with the rules of DTC (or, in the case of any certificated Notes, by lot, on a pro
rata basis or in such other manner the Trustee deems fair and appropriate unless otherwise required by law). The Trustee shall promptly
notify in writing the Company of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the
principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in minimum amounts of $1,000 or integral multiples
of $1,000 in excess thereof; no Notes of a principal amount of $1,000 or less shall be redeemed in part, except that if all of the Notes
of a holder are to be redeemed, the entire outstanding amount of Notes held by such holder, even if not equal to $1,000 or an integral
multiple of $1,000 in excess thereof, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Notes called for redemption also apply to portions of Notes called for redemption.


 


Section 3.05. Notice
to Holders. In the case of any redemption, at least 15 days but no more than 60 days before the Redemption Date, the Company shall
send in accordance with the applicable procedures of the Depositary, or if the Notes are not then global Securities the Company shall
mail, or cause to be mailed, a notice of redemption by first-class mail to each holder of Notes to be redeemed at such holder’s
registered address appearing on the register (with a copy to the Trustee). The notice shall identify the Notes to be redeemed (including
the CUSIP and/or ISIN numbers thereof, if any) and shall state:


 


(a)       the
Redemption Date;


 


(b)       the
principal amount of the Notes that are being redeemed;


 


(c)       each
Place of Payment;


 


(d)       the
redemption price and accrued interest to the Redemption Date that is payable pursuant to Section 3.02 of the Base Indenture;


 


(e)       if
fewer than all outstanding Notes are to be redeemed, the portion of the principal amount of such Notes to be redeemed and that, after
the Redemption Date and upon surrender of such Notes, if applicable, a new Note or Notes in principal amount equal to the unredeemed portion
will be issued;


 


(f)       the
name and address of the Paying Agent;


 


(g)       that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;


 


(h)       that
unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the
Redemption Date;


 


(i)       if
such notice is conditioned upon the satisfaction of one or more conditions precedent, such conditions precedent;


 


(j)       the
applicable section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and


 


(k)       that
no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN numbers, if any, listed in such notice or printed
on the Notes.


 



    16


     


    

 





The Company may state
in the notice of redemption that another Person may make payment of the redemption price and perform its obligations with respect to redemption
or purchase.


 


At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, that the Company shall
have delivered to the Trustee, at least three Business Days prior to the requested date of delivery (or such shorter period as is satisfactory
to the Trustee), a Company Request requesting that the Trustee give such notice and attaching a copy of such notice, which shall set forth
the information to be stated in such notice as provided in this Article 3. If any condition precedent to a redemption has
not been satisfied, the Company will provide written notice to the Trustee not less than two Business Days prior to the Redemption Date
that such condition precedent has not been satisfied, that the notice of redemption is rescinded or delayed and that the redemption subject
to the satisfaction of such condition precedent shall not occur or shall be delayed (or that such condition precedent is waived and such
redemption shall occur or shall be delayed). The Trustee shall promptly send a copy of such notice to the holders of the Notes.


 


ARTICLE 4

FORM OF NOTES


 


Section 4.01. Form
of Notes. The Notes and the Trustee’s certificate of authentication thereon are to be substantially in the form attached as Exhibit
A hereto, with such changes therein as the officer of the Company executing the Notes (by manual, electronic (e.g., “.pdf”
or “.tif”) or facsimile signature) may approve, such approval to be conclusively evidenced by such officer’s execution
thereof. To the extent the terms and conditions of the Notes are not set forth herein, such terms and conditions of the Notes shall be
as set forth in the form attached as Exhibit A hereto.


 


ARTICLE 5

SUPPLEMENTAL INDENTURES


 


Section 5.01. Supplemental
Indentures without Consent of Holders. Solely with respect to the Notes, and not for the purposes of any other Securities, Section
10.01 of the Base Indenture shall be amended to (i) delete the word “and” at the end of clause (o) thereof, (ii) replace
the period at the end of clause (p) thereof with “; and” and (iii) add a new clause (q) immediately after clause (p), which
shall read as follows:


 


“(q) to implement
in accordance with the terms of this Indenture and any supplemental indenture any Three-Month Term SOFR Conventions or any Benchmark Transition
Event provisions after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred (or in anticipation thereof).”


 


ARTICLE 6

IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND

DIRECTORS


 


Section 6.01. Indenture
and Notes Solely Corporate Obligations. Solely with respect to the Notes, and not for the purposes of any other Securities, Section
13.01 of the Base Indenture shall be replaced in its entirety with the following:


 


“No recourse
for the payment of the principal of or interest on any Note, for any claim based thereon, or otherwise in respect thereof, shall be had
against any incorporator, shareholder, officer, director, employee or agent, as such, past, present or future, of the Company or of any
successor Person to the Company, it being expressly understood that all such liability is hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this First Supplemental Indenture and the issue of the Notes.”


 



    17


     


    

 





ARTICLE 7

MISCELLANEOUS


 


Section 7.01. Ratification
of Base Indenture. Solely with respect to the Notes, the Base Indenture, as supplemented by this First Supplemental Indenture, is
in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Base Indenture in the manner
and to the extent herein and therein provided.


 


Section 7.02. Trustee
Not Responsible for Recitals. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication,
shall be taken as statements of the Company and not those of the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes.
The Trustee shall not be accountable for the use or application by the Company of the Notes or of the proceeds thereof.


 


Section 7.03. New
York Law To Govern. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS
OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


Section 7.04. Severability.
In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired by such invalid, illegal
or unenforceable provision.


 


Section 7.05. Counterparts.
This First Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature
pages by facsimile or electronic format (i.e., “.pdf” or “.tif”) transmission shall constitute effective execution
and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “.pdf”
or “.tif”) shall be deemed to be their original signatures for all purposes provided that, notwithstanding anything herein
to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.


 


Section 7.06. Benefits
of First Supplemental Indenture. Nothing in this First Supplemental Indenture or in the Notes, express or implied, shall give to
any Person, other than the parties to this First Supplemental Indenture and their successors under this First Supplemental Indenture
and the holders of the Notes from time to time, any benefit or any legal or equitable right, remedy or claim under this First Supplemental
Indenture.


 


Section 7.07. Conflict
with Base Indenture. If any provision of this First Supplemental Indenture relating to the Notes is inconsistent with any provision
of the Base Indenture, such provision of this First Supplemental Indenture shall control.


 


Section 7.08. Provisions
of Trust Indenture Act Controlling. This First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that
are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of this
First Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under the Trust
Indenture Act to be a part of and govern this First Supplemental Indenture, the provision of the Trust Indenture Act shall control.


 


Section 7.09. Successors.
All agreements of the Company in the Base Indenture, this First Supplemental Indenture and the Notes shall bind its successors. All agreements
of the Trustee in the Base Indenture and this First Supplemental Indenture shall bind its successors.


 


[REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK.]


 






    18


     


    







 


IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed as of the day and year first written above.


 





	 	FLUSHING FINANCIAL CORPORATION
	 	 	 
	 	By:	/s/ Susan K. Cullen
	 	 	Susan K. Cullen
	 	 	
    Senior Executive Vice President, Treasurer and

    Chief Financial Officer

	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL

 ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	 	Michael H. Wass
	 	 	Vice President


 


[Signature Page to
First Supplemental Indenture]


 






    19


     


    







 


EXHIBIT A


 


[Note: The following
legend is to be placed at the beginning of any Global Note representing Notes.]


 


GLOBAL NOTE


 


THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED HEREIN) OR ITS NOMINEE.
THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF,
OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED
HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
 & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY
EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED BY ANY FEDERAL AGENCY, INCLUDING, WITHOUT LIMITATION,
THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE
IDENTIFIED HEREIN) OF THE COMPANY.


 


FLUSHING FINANCIAL
CORPORATION


3.125% FIXED-TO-FLOATING
RATE SUBORDINATED NOTES DUE 2031


 


	No. 1	CUSIP: 	343873 AB1 
	 	 	 
	$125,000,000	ISIN: US343873AB13	 


 


Flushing Financial Corporation, a Delaware
corporation (the “Company,” which term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $125,000,000 U.S. DOLLARS
(or such other amount as set forth in the Schedule of Increases or Decreases in the Note attached hereto) on December 1, 2031 (such date,
the “Maturity Date”), unless redeemed prior to such Maturity Date, and to pay interest thereon as set forth below:


 


From and including November 22, 2021, to,
but excluding, December 1, 2026 (unless redeemed prior to such date pursuant to Section 3.02 of the First Supplemental
Indenture (as defined herein)) (the “Fixed Rate Period”), this note (this “Note”) will bear interest
at a rate of 3.125% per year. During the Fixed Rate Period, interest on the Note will accrue from and including November 22, 2021,
and will be payable semiannually in arrears on June 1 and December 1 of each year during the Fixed Rate Period, commencing on June 1,
2022 (each such date, a “Fixed Period Interest Payment Date”). The interest payable on the Note on any Fixed Period
Interest Payment Date will, except as noted below, be paid to the holder of the Note at the close of business on the 15th calendar day
(whether or not a Business Day) immediately preceding the Fixed Period Interest Payment Date.


 



    A-1 


     


    




 


From and including December 1, 2026, to, but
excluding, the Maturity Date (unless redeemed prior to such date pursuant to Section 3.01 or Section 3.02 of
the First Supplemental Indenture) (the “Floating Rate Period”), this Note will bear interest at a floating rate per
year equal to the Benchmark, plus 203.5 basis points. During the Floating Rate Period, interest on the Note will accrue from and including
December 1, 2026 and will be payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March
1, 2027 (each such date, a “Floating Period Interest Payment Date” and, together with a Fixed Period Interest Payment
Date, each an “Interest Payment Date”). The interest payable on the Note on any Floating Period Interest Payment Date
will, except as noted below, be paid to the holder of the Note at the close of business on the 15th calendar day (whether or not a Business
Day) immediately preceding the Floating Period Interest Payment Date. However, interest that the Company pays on the Maturity Date will
be paid to the Person to whom the principal will be payable. Notwithstanding the foregoing, if the Benchmark is less than zero, then the
Benchmark shall be deemed to be zero.


 


Principal and interest on the Note will be
payable by wire transfer in immediately available funds in U.S. Dollars at an office or agency of the Company maintained for such purpose,
which shall initially be the Corporate Trust Office of the Trustee.


 


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.


 


Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.


 


(Signature page
follows)


 






    A-2 


     


    










 


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


 


	Dated: November 22, 2021	FLUSHING FINANCIAL CORPORATION 
	 	 
	 	 	 
	 	By:	/s/ Susan K. Cullen
	 	 	Susan K. Cullen
	 	 	Senior Executive Vice President, Treasurer and
	 	 	Chief Financial Officer



 





TRUSTEE’S CERTIFICATE
OF AUTHENTICATION


 


This is one of the Securities of the Series
designated therein referred to in the within-mentioned Indenture.


 





	Dated: November 22, 2021	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee 
	 	 
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	Name:	Michael H. Wass
	 	Title:	Vice President


 





[Signature Page to
Note]


 






    A-3 


     


    

 





REVERSE OF NOTE


 


FLUSHING FINANCIAL
CORPORATION


 


3.125% FIXED-TO-FLOATING
RATE SUBORDINATED NOTES DUE 2031


 


This Note is one of a duly authorized issue
of Securities of the Company of a series designated as the “3.125% Fixed-to-Floating Rate Subordinated Notes Due 2031”
(the “Notes”) initially issued in an aggregate principal amount of $125,000,000 on November 22, 2021. Such series of
Securities has been established pursuant to, and is one of an unsecured indefinite number of series of subordinated debt securities of
the Company issued or issuable under and pursuant to, the Subordinated Indenture (the “Base Indenture”), dated as of
November 22, 2021, between the Company and Wilmington Trust, National Association, as Trustee (herein called the “Trustee,”
which term includes any successor trustee), as supplemented and amended by the First Supplemental Indenture, between the Company and the
Trustee, dated as of November 22, 2021 (the “First Supplemental Indenture” and the Base Indenture as supplemented and
amended by the First Supplemental Indenture, the “Indenture”), to which Indenture and any other indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Persons in whose names Notes are registered on the Security Register from time to time and of the terms
upon which the Notes are, and are to be, authenticated and delivered. This Note shall not be valid until the Trustee manually signs the
certificate of authentication on this Note. The terms, conditions and provisions of the Notes are those stated in the Indenture, those
made part of the Indenture by reference to the Trust Indenture Act, and those set forth in this Note. To the extent that the terms, conditions and
provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions
of the Indenture shall govern to the extent such terms, conditions and other provisions of this Note are not inconsistent with the terms,
conditions and provisions made part of the Indenture by reference to the Trust Indenture Act.


 


All capitalized terms used in this Note and
not defined herein that are defined in the Base Indenture or the First Supplemental Indenture shall have the meanings assigned to them
in the Base Indenture or the First Supplemental Indenture. If any capitalized term used in this Note and defined herein is also defined
in the Base Indenture or the First Supplemental Indenture, in the event of any conflict in the meanings ascribed to such capitalized term,
the definition of the capitalized term in this Note shall control. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.


 


The indebtedness of the Company evidenced
by the Notes, including the principal thereof and interest thereon, is, to the extent and in the manner set forth in the First Supplemental
Indenture, subordinate and junior in right of payment to obligations of the Company constituting the Senior Indebtedness (as defined in
the First Supplemental Indenture) on the terms and subject to the terms and conditions as provided and set forth in Section 2.06 of the
First Supplemental Indenture and shall rank pari passu in right of payment with all other Notes and with all other
unsecured subordinated indebtedness of the Company issued under the Indenture and not by its terms subordinate and junior in right of
payment to the promissory notes, bonds, debentures or other evidences of indebtedness of a type that includes the Notes. Each holder by
his acceptance of this Note, agrees to and shall be bound by such provisions of the Indenture and authorizes and expressly directs the
Trustee on such holder’s behalf to take such actions as may be necessary or appropriate to effectuate the subordination provided
in the Indenture.


 


During the Fixed Rate Period, interest will
be computed on the basis of a 360-day year consisting of twelve 30-day months. During the Floating Rate Period, interest will be computed
on the basis of a 360-day year and the actual number of days elapsed. Dollar amounts resulting from those calculations will be rounded
to the nearest cent, with one-half cent being rounded upward.


 


If any Fixed Period Interest Payment Date
for the Note or the date for the payment of principal for the Note occurring during the Fixed Rate Period falls on a day that is not a
Business Day, the Company will postpone the interest or principal payment to the next succeeding Business Day, but the payments made on
such dates will be treated as being made on the date that the payment was first due and the holder of the Note will not be entitled to
any further interest, principal or other payments with respect to such postponements. If any Floating Period Interest Payment Date or
the Maturity Date falls on a day that is not a Business Day, the Company will postpone the interest payment or the payment of principal
and interest at the Maturity Date to the next succeeding Business Day (and, with respect to the Maturity Date, no additional interest
will accrue on the amount payable for the period from and after the Maturity Date), unless, with respect to a Floating Period Interest
Payment Date only, such day falls in the next calendar month, in which case the Floating Period Interest Payment Date will instead be
the immediately preceding day that is a Business Day, and interest will accrue to, but excluding, such Floating Period Interest Payment
Date as so adjusted.


 



    A-4 


     


    

 





The Notes are intended to be treated as Tier
2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines
of the Federal Reserve Board as then in effect and applicable to the Company. If an Event of Default with respect to Notes shall occur
and be continuing, the principal and any accrued and unpaid interest on the Notes shall only become due and payable in accordance with
the terms and conditions set forth in Article 6 of the Base Indenture and Section 2.07 of the First Supplemental Indenture. Accordingly,
the holder of this Note has no right to accelerate the maturity of this Note in the event the Company fails to pay the principal of or
interest on any of the Notes or fails to perform any other obligations under the Notes or in the Indenture that are applicable to the
Notes.


 


The Notes may be redeemed by the Company as
set forth in the Indenture.


 


The Notes are not entitled to the benefit
of any sinking fund. The Notes shall not be convertible into or exchangeable for any equity securities, other securities or other assets
of the Company or any Subsidiary.


 


Article XIV of the Base Indenture shall be
applicable to the Notes.


 


The Notes are issuable and may be transferred
only in fully registered form without coupons, in minimum denominations of $1,000 or any amount in excess thereof that is an integral
multiple of $1,000.


 


The Company and the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether
or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.


 





No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest (if any) on this Security at the times, place and rate, and in the coin or currency, herein
prescribed.


 


[This Security is a global note, represented
by one or more permanent global certificates registered in the name of the nominee of The Depository Trust Company (each a “Global
Note” and collectively, the “Global Notes”). Accordingly, unless and until it is exchanged in whole or in
part for individual certificates evidencing the Notes represented hereby, this Security may not be transferred except as a whole by DTC
to a nominee of DTC or by a nominee of DTC or by DTC or any nominee to a successor Depositary or any nominee of such successor. Ownership
of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only through, records maintained
by the applicable Depositary or its nominee (with respect to interest of Persons that have accounts with the Depositary (“Participants”)
and the records of Participants (with respect to interests of Persons other than Participants)). Beneficial interests in Notes owned by
Persons that hold through Participants will be evidenced only by, and transfers of such beneficial interests with such Participants will
be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in this Security
will not be entitled to have any individual certificates and will not be considered the owners or holders thereof under the Indenture.


 


Except in the limited circumstances set
forth in Section 2.07 of the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be
entitled to receive Securities in definitive form and will not be considered holders of Notes. None of the Company, the Trustee or the
Paying Agent will be liable for any delay by the Depositary, its nominee or any direct or indirect Participant in identifying the beneficial
owners of the related Notes. The Company and the Paying Agent may conclusively rely on, and will be protected in relying on, instructions
from the Depositary or its nominee for all purposes, including with respect to the registration and delivery, and the respective principal
amounts, of the Notes to be issued.


 



    A-5 


     


    

 





Except as provided in Section 2.07 of the
Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes in definitive form and no
Global Note will be exchangeable except for another Global Note of like denomination and tenor to be registered in the name of the Depositary
or its nominee. Accordingly, each Person owning a beneficial interest in a Global Note must rely on the procedures of the Depositary and,
if such Person is not a Participant, on the procedures of the Participant through which such Person owns its interest, to exercise any
rights of a holder under the Notes.


 





The laws of some jurisdictions may require
that purchasers of securities take physical delivery of those securities in definitive form. Accordingly, the ability to transfer interests
in the Notes represented by a Global Note to those Persons may be limited. In addition, because the Depositary can act only on behalf
of its Participants, who in turn act on behalf of Persons who hold interests through Participants, the ability of a Person having an interest
in Notes represented by a Global Note to pledge or transfer such interest to Persons that do not participate in the Depositary’s
system, or otherwise to take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect
of such interest. None of the Company, the Trustee, the Paying Agent or the Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising
or reviewing any records of the Depositary relating to the Notes.][1]


 


Wilmington Trust, National Association will
act as the Company’s Paying Agent with respect to the Notes through its offices presently located at Wilmington Trust, National
Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Flushing Financial Corporation
Administrator, Telephone: (302) 636-6398. The Company may at any time rescind the designation of a Paying Agent, appoint a successor
Paying Agent, or approve a change in the office through which any Paying Agent acts.


 


Customary abbreviations may be used in the
name of a holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).


 


Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP number for the Series of Securities of which
the Notes are a part to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the accuracy
of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon.


 


THIS NOTE SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.


 


 






1
Bolded language to be included only in Global Note.


 


 



    A-6 


     


    







 


ASSIGNMENT FORM


To assign the within Security, fill in the
form below:


 


I or we assign and transfer the within Security
to:


 


(Insert assignee’s
legal name)


(Insert assignee’s
social security or tax I.D. no.)


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


 


and irrevocably appoint as agent to transfer
this Security on the books of Flushing  Financial Corporation. The agent may substitute another to act for it.


 


Your Signature:


 


(Sign exactly as your
name appears on the other side of this Security)


 


Your Name:


 


Date:


 


Signature Guarantee: *


 


*       NOTICE: The Signature
must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion
Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee.


 


SIGNATURE GUARANTEE


 


Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Security registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 


 



    A-7 


     


    







 


SCHEDULE OF INCREASES
OR DECREASES IN NOTE


The initial principal amount of this Note
is $125,000,000. The following increases or decreases in the principal amount of this Note have been made:


 


	Date	 	Amount of decrease in

principal amount of this

Note	 	Amount of decrease in

principal amount of this

Note	 	Principal amount of this Note following such

decrease or increase	 	Signature of authorized

signatory of Trustee


A-10


 



    A-8