Document:

Exhibit 4.2

 

ATLANTIC CAPITAL BANCSHARES, INC.

 

5.50%
FIXED-TO-FLOATING RATE Subordinated Note due 2030

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT’) OR UNDER ANY APPLICABLE STATE SECURITIES
LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE
AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT.

 

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

 

CERTAIN ERISA CONSIDERATIONS:

 

THE HOLDER OF THIS SECURITY, OR ANY
INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR
ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN
ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE OR HOLDING WILL NOT
RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS
NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING
THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES.

 

    	 	1	 

     

    

 

	No. [●]	CUSIP Accredited Investors: 048269AC8
	 	CUSIP QIBs: 048269AB0

 

ATLANTIC
CAPITAL BANCSHARES, INC.

 

5.50% FIXED-TO-FLOATING
RATE SUBORDINATED NOTE DUE 2030

 

1.                 Indenture;
Holders. This note is one of a duly authorized issue of notes of Atlantic Capital Bancshares, Inc., a Georgia corporation
(the “Company”), designated as the “5.50% Fixed-to-Floating Rate Subordinated Notes due 2030” (the
“Subordinated Notes”) in an aggregate principal amount of $75,000,000 and initially issued on August 20, 2020.
The Company has issued this Subordinated Note under that certain Indenture dated as of August 20, 2020, as the same may be amended
or supplemented from time to time (“Indenture”), between the Company and U.S. Bank National Association, as
Trustee. All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the
Indenture. The terms of this Subordinated Note include those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated Note is subject
to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a statement
of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions of the
Indenture, the provisions of the Indenture will govern and be controlling.

 

2.                 Payment.
The Company, for value received, promises to pay to [·], or its registered assigns
(the “Holder”), the principal sum of Seventy-Five Million Dollars (U.S.) ($75,000,000), plus accrued but unpaid
interest on September 1, 2030 (the “Maturity Date”) and to pay interest thereon (i) from and including the
original issue date of the Subordinated Notes, or from the most recent date to which interest has been paid or duly provided for,
to but excluding September 1, 2025 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated
Note (the “Fixed Rate Period”), at the rate of 5.50% per annum, computed on the basis of a 360-day year consisting
of twelve 30-day months and payable semi-annually in arrears on September 1 and March 1 of each year (each payment date, a
“Fixed Interest Payment Date”), beginning March 1, 2021, and (ii) from and including September 1, 2025 to but
excluding the Maturity Date or earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note
(the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as
defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest period plus
a spread of 536.3 basis points for each Floating Rate Interest Period, computed on the basis of a 360-day year and the actual
number of days elapsed and payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each payment
date, a “Floating Interest Payment Date”). Notwithstanding the foregoing, if the Floating Interest Rate is
less than zero, then the Floating Interest Rate shall be deemed to be zero. A “Floating Rate Interest Period”
means, the period from, and including, each Floating Interest Payment Date to, but excluding, the next succeeding Floating Interest
Payment Date, except for the initial Floating Rate Interest Period, which will be the period from, and including, September 1,
2025 to, but excluding, the next succeeding Floating Interest Payment Date. Dollar amounts resulting from this calculation shall
be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date”
means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR
Conventions.

 

    	 	2	 

     

    

 

(a)         
 An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date,
as applicable.

 

(b)         
The “Floating Interest Rate” means:

 

(i)          
initially Three-Month Term SOFR (as defined below).

 

(ii)         
Notwithstanding the foregoing clause (i) of this Section 2(b):

 

(1)              
If the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition
Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month
Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect
of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the
purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Rate Interest Period.

 

(2)              However,
if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant
Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Rate Interest Period will be equal
to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the
Calculation Agent (as defined below).

 

(iii)       
If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of
the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term
SOFR Conventions (as defined below) determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.

 

(c)         
Effect of Benchmark Transition Event.

 

(i)          
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 (as defined below) in respect of any determination of the Benchmark (as defined below) on any
date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes
during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates.

 

(ii)         
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, and such changes shall become effective without consent from the relevant Holders
or any other party.

 

    	 	3	 

     

    

 

(iii)         The
Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of the
Subordinated Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 2(c).
Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark
transition provisions set forth herein, 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:

 

(1)              
will be conclusive and binding on the Holders of the Subordinated Notes and the Trustee absent manifest error;

 

(2)              
if made by the Company as Calculation Agent, will be made in the Company’s sole discretion;

 

(3)              
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

 

(4)              
notwithstanding anything to the contrary herein or in the Indenture or the Purchase Agreement, shall become effective without
consent from the relevant Holders, 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 Subordinated Notes, then the Company will make such determination,
decision or election on the same basis as described above.

 

(iv)        
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred,
interest payable on the Subordinated Notes for each Floating Rate Interest Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement plus 536.3 basis points.

 

(v)        
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 the payment of
interest 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.

 

(vi)        
As used in this Subordinated Note:

 

(1)              
“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Calculation Agent determines
on or prior to the Reference Time 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.

 

    	 	4	 

     

    

 

(2)          “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:

 

a.                  
The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

b.                 
the sum of: (i) the alternate rate of interest 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 (ii) the Benchmark Replacement
Adjustment;

 

c.                  
the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment;

 

d.                 
the sum of: (i) the alternate rate of interest 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 of interest
as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the
Benchmark Replacement Adjustment.

 

If the Benchmark Replacement,
as determined pursuant to clause (a), (b), (c) or (d) above would be less than zero, the Benchmark Replacement will be deemed to
be zero.

 

(3)        
“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:

 

a.                 
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;

 

b.                   if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;

 

c.                  
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 U.S. dollar denominated
floating rate notes at such time.

 

(4)         “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including 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 decides may be appropriate to reflect the adoption of
such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides
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).

 

    	 	5	 

     

    

 

(5)         
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark:

 

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

 

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

 

c.                  
in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such
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
purposes of such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark
also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to
the Benchmark would include SOFR).

 

(6)         
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect
to the then-current Benchmark:

 

a.                  
if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (ii) 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 (iii) the Calculation
Agent determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

b.                 
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;

 

c.                   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

 

    	 	6	 

     

    

 

d.                 
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.

 

For the avoidance of
doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for
example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

(7)         
“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the
Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes prior to the commencement of
the Floating Rate Period. The initial Calculation Agent shall be the Company.

 

(8)         
“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:

 

a.                  
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:

 

b.                 
if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with
clause (a) 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 U.S. dollar denominated floating
rate notes at such time.

 

For the avoidance of
doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread specified in Section
2.

 

(9)         
“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having
approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark.

 

(10)       
“FRBNY” means the Federal Reserve Bank of New York.

 

(11)       
“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor
source.

 

(12)       “Interpolated
Benchmark” with respect to the Benchmark means the rate determined 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.

 

    	 	7	 

     

    

 

(13)      
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

 

(14)      
“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.

 

(15)      
“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.

 

(16)       “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.

 

(17)       
“Reference Time” with respect to any determination of the Benchmark means (1) 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 (2) 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.

 

(18)      
“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.

 

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

 

(20)       “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by
the Relevant Governmental Body.

 

(21)      
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator
of Term SOFR (or a successor administrator).

 

(22)      
“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%.

 

    	 	8	 

     

    

 

(23)          
 “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 decides 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 decides 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).

 

(24)          
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment.

 

(d)         
In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day
(as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional
interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating
Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed
to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement
would cause the day to fall in the next calendar month during the Floating Rate Interest Period, the Floating Interest Payment
Date shall instead be brought forward to the immediately preceding Business Day.

 

The Company will pay interest on this Subordinated
Note to the Person who is the registered Holder at the close of business on the fifteenth calendar day prior to the applicable
Interest Payment Date, except as provided in Section 210 of the Indenture with respect to Defaulted Interest. This Subordinated
Note will be payable as to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company,
payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or
by wire transfer to an account appropriately designated by the Person entitled to payment; provided, that the Paying Agent
will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject
to surrender of this Subordinated Note in the case of a payment of interest at Maturity).

 

3.           
Paying Agent and Registrar. U.S. Bank National Association, the Trustee (“Trustee”) under the
Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at Two Midtown Plaza, 1349
W. Peachtree Street, Suite 1050, Atlanta, Georgia 30309. The Company may change any Paying Agent or Registrar without notice to
any Holder. The Company or any of its Subsidiaries may act in any such capacity.

 

4.            Subordination.
The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest thereon,
is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of
the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and
conditions as provided and set forth in Article XI of the Indenture and will rank pari passu in right of payment with
all other Subordinated Notes. Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by such
provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or
appropriate to effectuate the subordination so provided,

 

    	 	9	 

     

    

 

5.           
Redemption.

 

(a)         
The Company may, at its option, on any Interest Payment Date on or after September 1, 2025, redeem this Subordinated Note,
in whole or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition,
the Company may redeem all, but not a portion of, the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event,
Tax Event or an Investment Company Event. Any redemption with respect to this Subordinated Note will be subject to any required
regulatory approvals. This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with
respect to any redemption permitted under the Indenture will be equal to 100% of the principal amount of this Subordinated Note,
or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding,
the Redemption Date.

 

If all or any portion of the Subordinated
Notes ceases to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during
the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify the Trustee,
the Holders, and thereafter Company shall request, subject to the terms hereof, that the Trustee and the Holders execute and deliver
all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated
Notes to qualify as Tier 2 Capital.

 

(b)         
If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued
representing the unredeemed portion without charge to the Holders thereof and (ii) such redemption shall be effected on a pro rata
basis as to the Holders, unless otherwise required by law or applicable Depositary requirements. For purposes of clarity, upon
a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Holder shall be redeemed.

 

(c)         
If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have
not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes
so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights
with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default
in the payment of the redemption price), except only the right of the Holders thereof to receive the amount payable on such redemption,
without interest.

 

    	 	10	 

     

    

 

6.            Events
of Default; Acceleration. An “Event of Default” means any one of the events described in Section 401 of the
Indenture. If an Event of Default described in Section 401(1) or Section 401(2) of the Indenture occurs, then the principal
amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated
Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the
Holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other
notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the
occurrence of an Event of Default other than an Event of Default described in Section 401(1) or Section 401(2) of the
Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the Subordinated Notes and make the principal
of, and any accrued and unpaid interest on the Subordinated Notes, immediately due and payable. If any Event of Default
occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and
interest on, the Subordinated Notes then due and payable or to enforce the performance of any provision of the Subordinated
Notes or the Indenture.

 

7.           
Failure to Make Payments. If the Company fails to make any payment of interest on this Subordinated Note when such
interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment
of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note,
with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments
of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if
no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated
Note.

 

Upon an Event of Default or the occurrence
of a failure by the Company to make any required payment of principal or interest on the Subordinated Notes, the Company may not
declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase
or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under
any guarantee that ranks equal with or junior to this Subordinated Note, other than; (i) any dividends or distributions in shares
of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s Common Stock; (ii) any
declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a
reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital
stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s
capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being converted or
exchanged; or (v) purchases of any class of Company’s Common Stock related to the issuance of Common Stock or rights under
any of benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans.

 

8.           Denominations,
Transfer, Exchange. The Subordinated Notes are issuable only in registered form without interest coupons in minimum
denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be
registered and this Subordinated Note may be exchanged as provided in the Indenture. The Registrar may require the Holder,
among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay
any taxes and fees required by law or permitted by the Indenture.

 

    	 	11	 

     

    

 

9.           
Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated
Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other
types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder
requesting such transfer or exchange.

 

10.         
Persons Deemed Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note
is overdue, and neither the Company, the Trustee nor any such agent will be affected by notice to the contrary.

 

11.         
Amendments; Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time
by the Company and the Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated
Notes. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding
Subordinated Notes, on behalf of the holders of all Subordinated Notes, to waive certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such
Holder and upon all future holders of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated
Note.

 

12.         
No Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture
will alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if
any) and Additional Interest (if any) on this Subordinated Note at the times, place and rate as herein prescribed.

 

13.        
Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated
Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any
Subsidiary.

 

14.          No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture
or in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present
or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly
or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released
by the acceptance of this Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated
Note.

 

    	 	12	 

     

    

 

15.         
Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee
or an Authenticating Agent.

 

16.         
Abbreviations. Customary abbreviations may be used in the name of a Holder 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). Additional abbreviations may also be used though not in the above
list.

 

17.         
Available Information. The Company will furnish to the Holder upon written request and without charge a copy of the
Indenture. Requests by Holders to the Company may be made to: 945 East Paces Ferry Road NE, Suite 1600 Atlanta, Georgia, Attn:
Chief Financial Officer.

 

18.         
Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK
AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW
PRINCIPLES THEREOF.

 

[Signature Page Follows]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the undersigned has
caused this Subordinated Note to be duly executed.

 

	 	ATLANTIC CAPITAL BANCSHARES,
    INC.
	 	 	 
	 	By:	
	 	Name:	Douglas L. Williams
	 	Title:	President and Chief Executive Officer

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Subordinated Notes of
Atlantic Capital Bancshares, Inc. referred to in the within-mentioned Indenture:

 

	U.S. BANK NATIONAL ASSOCIATION

                    as Trustee
	 
	 	 	 
	By:		 
	Name:		 
	Title:		 
	 	            	 
	Dated:	 	 

 

    	 	14	 

     

    

 

ASSIGNMENT FORM

 

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

 

 

 

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

 

 

 

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

 

and irrevocably appoint _______________________ agent to transfer
this Subordinated Note on the books of the Company. The agent may substitute another to act for him.

 

	Date:                                                                                                        	Your
    signature:                                                                                          
	 	(Sign exactly as your name appears on the face of this Subordinated Note)
	 	 
	 	Tax Identification No:                                                                                       

 

	Signature Guarantee:	                                                                                                                                                                                                                                               

(Signatures
must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions
with membership in an approved signature guarantee medallion program), pursuant to the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) Rule 17Ad-15).

 

The undersigned certifies that it [is /
is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.
“Affiliate” means, with respect to any Person, such Person’s immediate family members, partners, members or parent
and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with
said Person and their respective Affiliates. “Person” means an individual, a corporation (whether or not for profit),
a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government
or any department or agency thereof or any other entity or organization.

 

In connection with any transfer or exchange
of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this
Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company,
the undersigned confirms that this Subordinated Note is being:

 

CHECK ONE BOX BELOW:

 

		 ̈	(1)     acquired for the undersigned’s own account, without transfer;

 

		 ̈	(2)     transferred to the Company;

 

    	 	 	 

     

    

 

		 ̈	(3)     transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933,
as amended (the “Securities Act”);

 

		 ̈	(4)     transferred under an effective registration statement under the Securities Act;

 

		 ̈	(5)     transferred in accordance with and in compliance with Regulation S under the Securities
Act;

 

		 ̈	(6)	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities
Act), that has furnished a signed letter containing certain representations and agreements; or

 

		 ̈	(7)     transferred in accordance with another available exemption from the registration requirements
of the Securities Act of 1933, as amended.

 

Unless one of the boxes is checked, the
Paying Agent will refuse to register this Subordinated Note in the name of any person other than the registered Holder thereof;
provided, however, that if box (5), (6) or (7) is checked, the Paying Agent may require, prior to registering any such transfer
of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Paying Agent
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act such as the exemption provided by Rule 144 under such Act.

 

	 	Signature:	 

 

	Signature Guarantee:	 

(Signatures must be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15).

 

TO BE COMPLETED BY PURCHASER IF BOX (1)
OR (3) ABOVE IS CHECKED.

 

The undersigned represents and warrants
that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

 

	Date:	 	 	Signature:Exhibit 10.1

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE
PURCHASE AGREEMENT (this “Agreement”) is dated as of August 20, 2020, and is made by and among Atlantic Capital
Bancshares, Inc., a Georgia corporation (the “Company”), and the several purchasers of the Subordinated
Notes (as defined herein) identified on the signature pages hereto (each a “Purchaser” and collectively, the
“Purchasers”).

 

RECITALS

 

WHEREAS, the
Company is offering up to $75,000,000 in aggregate principal amount of Subordinated Notes of the Company, which aggregate amount
is intended to qualify as Tier 2 Capital (as defined herein).

 

WHEREAS, the
Company has engaged Piper Sandler & Co. as lead placement agent, and Raymond James & Associates and Performance Trust Capital
Partners, LLC as co-placement agents (collectively, the “Placement Agents”) for the offering of the Subordinated
Notes.

 

WHEREAS, each
of the Purchasers is an institutional “accredited investor” as such term is defined in Rule 501 of Regulation D (“Regulation
D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”) or a QIB (as defined
herein).

 

WHEREAS, the
offer and sale of the Subordinated Notes by the Company is being made in reliance upon the exemptions from registration available
under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.

 

WHEREAS, each
Purchaser is willing to purchase from the Company a Subordinated Note in the principal amount set forth on such Purchaser’s
respective signature page hereto (each, a “Subordinated Note Amount”) in accordance with the terms, subject
to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and
in the Subordinated Notes and in the Indenture (as defined herein).

 

WHEREAS, at
Closing, the Company and the Purchasers shall execute and deliver a Registration Rights Agreement, substantially in the form attached
hereto as Exhibit A (the “Registration Rights Agreement”), pursuant to which, among other things, the
Company will agree to provide certain registration rights with respect to the Subordinated Notes under the Securities Act and the
rules and regulations promulgated thereunder and applicable state securities laws.

 

NOW, THEREFORE,
in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

 

1.            
DEFINITIONS.

 

1.1         Defined
Terms. The following capitalized terms used in this Agreement have the meanings defined or referenced below. Certain other
capitalized terms used only in specific sections of this Agreement may be defined in such sections.

 

“Affiliate(s)”
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control,”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

 

     

     

    

 

“Agreement” has the meaning
set forth in the preamble hereto.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Subordinated Note represented
by a global certificate, the rules and procedures of DTC (as defined herein) that apply to such transfer or exchange.

 

“Articles”
means the articles of incorporation of the Company, as in effect on the Closing Date.

 

“Bank”
means Atlantic Capital Bank, National Association, a wholly owned subsidiary of the Company.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of Georgia
are permitted or required by any applicable law or executive order to close.

 

“Bylaws”
means the bylaws of the Company, as in effect on the Closing Date.

 

“Closing”
has the meaning set forth in Section 2.5.

 

“Closing Date”
means the date hereof.

 

“Company”
has the meaning set forth in the preamble hereto and shall include any successors to the Company.

 

“Company Covered
Person” has the meaning set forth in Section 4.2.4.

 

“Company’s
Reports” means (i) the audited financial statements of the Company for the year ended December 31, 2019, included in
the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC; (ii) the unaudited
financial statements of the Company for the quarters ended March 31, 2020 and June 30, 2020, included in the Company’s Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, as filed with the SEC; and (iii) the Company’s
reports for the year ended December 31, 2019, and the quarters ended March 31, 2020 and June 30, 2020, as filed with the FRB as
required by regulations of the FRB.

 

“Disbursement”
has the meaning set forth in Section 3.1.

 

“Disqualification
Event” has the meaning set forth in Section 4.2.4.

 

“DTC”
means The Depository Trust Company.

 

“Equity Interest”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights
to purchase any of the foregoing.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

    2

     

    

 

“FRB”
means the Board of Governors of the Federal Reserve System.

 

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States of America.

 

“Global Note”
has the meaning set forth in Section 3.1.

 

“Governmental
Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission,
board, regulatory authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over
the Company or a Subsidiary of the Company.

 

“Governmental
Licenses” has the meaning set forth in Section 4.3.

 

“Hazardous
Materials” means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive
materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances
which are “hazardous substances,” “hazardous wastes,” “hazardous materials” or “toxic
substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.

 

“Hazardous
Materials Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation,
conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C.
Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation
and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601
et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act,
as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.;
the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section
300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations.

 

“Indebtedness”
means: (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included
in determining total liabilities as shown on the consolidated balance sheet of the Company; and (ii) all obligations secured by
any lien in property owned by the Company or any Subsidiary whether or not such obligations shall have been assumed; provided,
however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course
of the Company’s or the Bank’s business (including, without limitation, federal funds purchased, advances from any
Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by the Company or the Bank and repurchase
arrangements) and consistent with customary banking practices and applicable laws and regulations.

 

“Indenture”
means the indenture, dated as of the date hereof, by and between Company and U.S. Bank National Association, as trustee, under
which the Subordinated Notes are to be issued, substantially in the form attached hereto as Exhibit B, as the same may be
amended or supplemented from time to time in accordance with the terms thereof.

 

“Leases”
means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all
amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate
agreements relating thereto.

 

    3

     

    

 

“Material
Adverse Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to
be material and adverse to the financial condition, results of operations or business of such Person, or (ii) would materially
impair the ability of such Person to perform its respective obligations under any of the Transaction Documents, or otherwise materially
impede the consummation of the transactions contemplated hereby; provided, however, that “Material Adverse
Effect” shall not be deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of
general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements
applicable to financial institutions and their holding companies generally, (3) changes after the date of this Agreement in general
economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related
to the Company, the Bank or the Purchasers, (4) direct effects of compliance with this Agreement on the operating performance of
the Company, the Bank or the Purchasers, including expenses incurred by the Company, the Bank or the Purchasers in consummating
the transactions contemplated by this Agreement, and (5) the effects of any action or omission taken by the Company with the prior
written consent of the Purchasers, and vice versa, or as otherwise contemplated by this Agreement, the Indenture and the Subordinated
Notes.

 

“Maturity
Date” means September 1, 2030.

 

“Person”
means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an
association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental
Agency) or any other entity or organization.

 

“Placement
Agents” has the meaning set forth in the Recitals.

 

“Property”
means any real property owned or leased by the Company or any Affiliate or Subsidiary of the Company.

 

“Purchaser”
or “Purchasers” has the meaning set forth in the preamble hereto.

 

“QIB”
has the meaning set forth in Section 5.8.

 

“Registration
Rights Agreement” has the meaning set forth in the Recitals.

 

“Regulation
D” has the meaning set forth in the Recitals.

 

“Regulatory
Agency” means any federal or state agency charged with the supervision or regulation of depository institutions or holding
companies of depository institutions, or engaged in the insurance of depository institution deposits, or any court, administrative
agency or commission or other authority, body or agency having supervisory or regulatory authority with respect to the Company,
the Bank or any of their Subsidiaries.

 

“SEC”
means the Securities and Exchange Commission.

 

“Secondary
Market Transaction” has the meaning set forth in Section 5.5.

 

“Securities
Act” has the meaning set forth in the Recitals.

 

“Subordinated
Note” means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached
as an exhibit to the Indenture, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered
in substitution or exchange for such Subordinated Note.

 

    4

     

    

 

“Subordinated
Note Amount” has the meaning set forth in the Recitals.

 

“Subsidiary”
means, with respect to any Person, any corporation or entity (other than a trust) in which a majority of the outstanding Equity
Interest is directly or indirectly owned by such Person.

 

“Tier 2 Capital”
has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217, as amended, modified and supplemented and
in effect from time to time or any replacement thereof.

 

“Transaction
Documents” has the meaning set forth in Section 3.2.1.1.

 

“Trustee”
means the trustee or successor in accordance with the applicable provisions of the Indenture.

 

1.2        
Interpretations. The foregoing definitions are equally applicable to both the singular and plural
forms of the terms defined. The words “hereof”, “herein” and “hereunder” and words of like
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including,
without limitation.” All references to time of day herein are references to Eastern Time unless otherwise specifically provided.
All references to this Agreement, the Subordinated Notes and the Indenture shall be deemed to be to such documents as amended,
modified or restated from time to time. With respect to any reference in this Agreement to any defined term, (i) if such defined
term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such
Person, and (ii) if such defined term refers to a document, instrument or agreement, then it shall also include any amendment,
replacement, extension or other modification thereof.

 

1.3        
Exhibits Incorporated. All Exhibits attached hereto are hereby incorporated into this Agreement.

 

2.            
SUBORDINATED DEBT.

 

2.1       
Certain Terms. Subject to the terms and conditions herein contained, the Company proposes to issue
and sell to the Purchasers, severally and not jointly, Subordinated Notes, which will be issued pursuant to the Indenture, in an
aggregate principal amount equal to the aggregate of the Subordinated Note Amounts. Each Purchaser, severally and not jointly,
agrees to purchase the Subordinated Notes with an aggregate principal amount equal to the Subordinated Note Amount set forth on
its signature page hereto, which will be issued pursuant to the Indenture, from the Company on the Closing Date in accordance with
the terms of, and subject to the conditions and provisions set forth in, this Agreement, the Indenture and the Subordinated Notes.
The Subordinated Note Amounts shall be disbursed in accordance with Section 3.1.

 

2.2       
Subordination. The Subordinated Notes shall be subordinated in accordance with the subordination
provisions set forth therein and in the Indenture.

 

2.3         Maturity Date. On the Maturity Date, all sums due and owing under the Subordinated Notes shall
be repaid in full. The Company acknowledges and agrees that the Purchasers have not made any commitments, either express or implied,
to extend the terms of the Subordinated Notes past their Maturity Date, and shall not extend such terms beyond the Maturity Date
unless the Company and the Purchasers hereafter specifically otherwise agree in writing.

 

2.4         Unsecured
Obligations. The obligations of the Company to the Purchasers under the Subordinated Notes shall be unsecured.

 

    5

     

    

 

2.5         The Closing. The closing of the sale and purchase of the Subordinated Notes (the “Closing”)
shall occur at the offices of the Company at 10:00 a.m. (Eastern Time) on the Closing Date, or at such other place or time or
on such other date as the parties hereto may agree.

 

2.6         Payments.
The Company agrees that the matters concerning payments and application of payments shall be as set forth in the Indenture.

 

2.7         No Right of Offset. Each Purchaser hereby expressly waives any right of offset it may have against
the Company or any of its Subsidiaries.

 

2.8         Use of Proceeds. The Company shall use the net proceeds from the sale of Subordinated Notes for
general corporate purposes, including support for organic growth plans and support for Bank-level capital ratios, as well as possible
future redemption of callable subordinated notes.

 

3.            
DISBURSEMENT.

 

3.1       
Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2
have been satisfied by the Company, each Purchaser shall disburse in immediately available funds the Subordinated Note Amount set
forth on each Purchaser’s respective signature page hereto to the Company in exchange for an electronic securities entitlement
through the facilities of DTC in accordance with the Applicable Procedures with a principal amount equal to such Subordinated Note
Amount (the “Disbursement”). The Company will deliver to the Trustee a global certificate representing the Subordinated
Notes (the “Global Note”) registered in the name of Cede & Co., as nominee for DTC.

 

3.2        
Conditions Precedent to Disbursement.

 

3.2.1           Conditions
to the Purchasers’ Obligation. The obligation of each Purchaser to consummate the purchase of the Subordinated Notes
to be purchased by it at Closing and to effect the Disbursement is subject to delivery by or at the direction of the Company to
such Purchaser (or, with respect to the Indenture, the Trustee) each of the following (or written waiver by such Purchaser prior
to the Closing of such delivery):

 

3.2.1.1        Transaction Documents. This Agreement, the Indenture, the Global Note and the Registration Rights
Agreement (collectively, the “Transaction Documents”), each duly authorized and executed by the Company.

 

3.2.1.2        Authority
Documents.

 

(a)             A
copy, certified by the Secretary or Assistant Secretary of the Company, of the Articles of the Company;

 

(b)             A
certificate of existence of the Company issued by the Secretary of State of the State of Georgia;

 

(c)             A copy, certified by the Secretary or Assistant Secretary of the Company, of the Bylaws of the Company;

 

(d)             A copy, certified by the Secretary or Assistant Secretary of the Company, of the resolutions of the board of directors
of the Company, and any committee thereof, authorizing the issuance of the Subordinated Note and the execution, delivery and performance
of the Transaction Documents;

 

    6

     

    

 

(e)             An
incumbency certificate of the Secretary or Assistant Secretary of the Company certifying the names of the officer or officers
of the Company authorized to sign the Transaction Documents and the other documents provided for in this Agreement; and

 

(f)              The opinion of Troutman Pepper Hamilton Sanders LLP, counsel to the Company, dated as of the Closing Date, substantially
in the form attached hereto as Exhibit C attached hereto addressed to the Purchasers and Placement Agents.

 

3.2.1.3        Other
Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents that are provided
for hereunder or additional information regarding Company, the Bank and any other Subsidiary of the Company that a Purchaser may
reasonably request.

 

3.2.1.4        Aggregate
Investments. Prior to, or contemporaneously with the Closing, each Purchaser shall have actually delivered the Subordinated
Note Amount set forth on such Purchaser’s signature page.

 

3.2.2          
Conditions to the Company’s Obligation.

 

3.2.2.1        The obligation of the Company to consummate the sale of the Subordinated Notes and to effect the Closing is subject
to: (i) with respect to a given Purchaser, delivery by or at the direction of such Purchaser to the Company of this Agreement and
the Registration Rights Agreement, each duly authorized and executed by such Purchaser; (ii) with respect to a given Purchaser,
the Company’s receipt of the Subordinated Note Amount set forth on such Purchaser’s signature page; and (iii) the
Company’s receipt of the Indenture, duly authorized and executed by the Trustee.

 

4.            
REPRESENTATIONS AND WARRANTIES OF COMPANY.

 

The Company hereby
represents and warrants to each Purchaser that, except as disclosed in the Company’s Reports:

 

4.1        
Organization and Authority.

 

4.1.1          
Organization Matters of the Company and Its Subsidiaries.

 

4.1.1.1        The Company is a duly organized corporation, is validly existing and in good standing under the laws of the State
of Georgia and has all requisite corporate power and authority to conduct its business and activities as presently conducted, to
own its properties, and to perform its obligations under the Transaction Documents. The Company is duly qualified as a foreign
corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in
good standing would not result in a Material Adverse Effect on the Company. The Company is duly registered as a bank holding company
under the Bank Holding Company Act of 1956, as amended.

 

4.1.1.2        Each
Subsidiary of the Company other than the Bank either has been duly organized and is validly existing as a corporation or
limited liability company, or, in the case of the Bank, has been duly chartered and is validly existing as a national bank,
in each case in good standing under the laws of the jurisdiction of its incorporation, has corporate power and authority to
own, lease and operate its properties and to conduct its business and is duly qualified as a foreign corporation to transact
business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the
ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing
would not reasonably be expected to result in a Material Adverse Effect on the Company. All of the issued and outstanding
shares of capital stock or other equity interests in each Subsidiary of the Company have been duly authorized and validly
issued, are fully paid and non-assessable and are owned by the Company, directly or through Subsidiaries of the Company, free
and clear of any security interest, mortgage, pledge, lien, encumbrance or claim.

 

    7

     

    

 

4.1.1.3        The
deposit accounts of the Bank are insured by the FDIC up to applicable limits. The Bank has not received any notice or other information
indicating that the Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has
any event occurred which could reasonably be expected to adversely affect the status of the Bank as an FDIC-insured institution.

 

4.1.2           Capital
Stock and Related Matters. The Amended and Restated Articles of the Company authorize the Company to issue 100,000,000
shares of common stock and 10,000,000 shares of preferred stock. As of August 1, 2020, there are 21,605,292 shares of the Company’s
common stock issued and outstanding and zero shares of the Company’s preferred stock issued and outstanding. All of the
outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and non-assessable. There
are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating the Company
to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of the Company or
obligating the Company to grant, extend or enter into any such agreement or commitment to any Person other than the Company except
pursuant to the Company’s equity incentive plans duly adopted by the Company’s Board of Directors.

 

4.2        
No Impediment to Transactions.

 

4.2.1           Transaction is Legal and Authorized. The issuance of the Subordinated Notes pursuant to the Indenture,
the borrowing of the aggregate of the Subordinated Note Amounts, the execution of the Transaction Documents and compliance by the
Company with all of the provisions of the Transaction Documents are within the corporate and other powers of the Company.

 

4.2.2           Agreement,
Indenture and Registration Rights Agreement. This Agreement, the Indenture and the Registration Rights Agreement have
been duly authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery by the other
parties thereto, including the Trustee for purposes of the Indenture, constitute the legal, valid and binding obligations of the
Company, enforceable against the Company in accordance with their respective terms, except as enforcement thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally
or by general equitable principles.

 

4.2.3           Subordinated Notes. The Subordinated Notes have been duly authorized by the Company and when the
Global Note representing such Subordinated Notes is executed by the Company and completed and authenticated by the Trustee in accordance
with, and in the forms contemplated by the Indenture and issued, delivered to and paid for by the Purchasers in accordance with
the terms of the Agreement, will have been duly executed, authenticated, issued and delivered under the Indenture, and will constitute
legal, valid and binding obligations of the Company, entitled to the benefits of the Indenture, and enforceable in accordance with
their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

4.2.4           Exemption
from Registration. Neither the Company, nor any of its Subsidiaries or Affiliates, nor any Person acting on its or
their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in
connection with the offer or sale of the Subordinated Notes. Assuming the accuracy of the representations and warranties of
each Purchaser set forth in this Agreement, the Subordinated Notes will be issued in a transaction exempt from the
registration requirements of the Securities Act. No “bad actor” disqualifying event described in Rule
506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to
the Company’s knowledge, any Person described in Rule 506(d)(1) (each, a “Company Covered Person”).
The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e).

 

    8

     

    

 

4.2.5           No
Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents nor compliance with their respective
terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or
result in a breach of, or constitute a default under: (1) the Articles or Bylaws of the Company; (2) any of the terms, obligations,
covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust,
pledge, bank loan or credit agreement, or any other agreement or instrument to which the Company or the Bank, as applicable, is
now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction, decree
or demand of any court, arbitrator, grand jury, or Governmental Agency applicable to the Company or the Bank; or (4) any statute,
rule or regulation applicable to the Company, except (x) in the case of item (2) for such violations and conflicts consented to
or approved by the counterparty to the Company or the Bank under any contract, agreement or instrument and (y) in the case of
items (2), (3) or (4), for such violations and conflicts that would not reasonably be expected to have, singularly or in the aggregate,
a Material Adverse Effect on the Company and its Subsidiaries taken as a whole, or (ii) result in the creation or imposition of
any lien, charge or encumbrance of any nature whatsoever upon any property or asset of the Company. Neither the Company nor the
Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions
contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which any
such Indebtedness is issued, or any other agreement or instrument to which the Company or the Bank, as applicable, is a party
or by which the Company or the Bank, as applicable, or any of its properties may be bound or affected, except, in each case, only
such defaults that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the
Company.

 

4.2.6           Governmental Consent. No governmental orders, permissions, consents, approvals or authorizations
are required to be obtained by the Company that have not been obtained, and no registrations or declarations are required to be
filed by the Company that have not been filed in connection with, or, in contemplation of, the execution and delivery of, and performance
under, the Transaction Documents, except for applicable requirements, if any, of the Securities Act, the Exchange Act or state
securities laws or “blue sky” laws of the various states and any applicable federal or state banking laws and regulations.

 

4.3         Possession
of Licenses and Permits. The Company and its Subsidiaries possess such permits, licenses, approvals, consents and
other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental
Agencies necessary to conduct the business now operated by them except where the failure to possess such Governmental
Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on the Company or such applicable
Subsidiary, taken as a whole; the Company and each Subsidiary of the Company is in compliance with the terms and conditions
of all such Governmental Licenses, except where the failure so to comply would not, individually or in the aggregate, have a
Material Adverse Effect on the Company or such applicable Subsidiary, taken as a whole; all of the Governmental Licenses are
valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such
Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on the Company or such
applicable Subsidiary, taken as a whole; and neither the Company nor any Subsidiary of the Company has received any notice of
proceedings relating to the revocation or modification of any such Governmental Licenses.

 

    9

     

    

 

4.4        
Financial Condition.

 

4.4.1         
Company Financial Statements. The financial statements of the Company included in the Company’s
Reports (including the related notes, where applicable), which have been made available to the Purchasers (i) have been prepared
from, and are in accordance with, the books and records of the Company; (ii) fairly present in all material respects the results
of operations, cash flows, changes in shareholders’ equity and financial position of the Company and its consolidated Subsidiaries,
for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements
to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their
respective dates of filing in all material respects with applicable accounting and banking requirements as applicable, with respect
thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each
case, (x) as indicated in such statements or in the notes thereto, (y) for any statement therein or omission therefrom that was
corrected, amended, or supplemented or otherwise disclosed or updated in a subsequent Company’s Report, and (z) to the extent
that any unaudited interim financial statements do not contain the footnotes required by GAAP, and were or are subject to normal
and recurring year-end adjustments, which were not or are not expected to be material in amount, either individually or in the
aggregate. The books and records of the Company have been, and are being, maintained in all material respects in accordance with
GAAP and any other applicable legal and accounting requirements. The Company does not have any material liability of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities
that are reflected or reserved against on the consolidated balance sheet of the Company contained in the Company’s Reports
for the Company’s most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred
in the ordinary course of business consistent with past practice or in connection with this Agreement and the transactions contemplated
hereby.

 

4.4.2          
Absence of Default. Since December 31, 2019, no event has occurred which either by itself or with
the lapse of time or the giving of notice or both, would give any creditor of the Company the right to accelerate the maturity
of any material Indebtedness of the Company. The Company is not in default under any other Lease, agreement or instrument, or any
law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could reasonably be expected
to result in a Material Adverse Effect on the Company.

 

4.4.3          
Solvency. After giving effect to the consummation of the transactions contemplated by this Agreement,
the Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature.
No transfer of property is being made and no Indebtedness is being incurred in connection with the transactions contemplated by
this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Company or any Subsidiary
of the Company.

 

4.4.4          Ownership
of Property. The Company and each of its Subsidiaries has title as to all real property owned by it and title to all
assets and properties owned by the Company and such Subsidiary in the conduct of its businesses, whether such assets and
properties are real or personal, tangible or intangible, including assets and property reflected in the most recent balance
sheet contained in the Company’s Reports or acquired subsequent thereto (except to the extent that such assets and
properties have been disposed of in the ordinary course of business, since the date of such balance sheet), subject to no
encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities for public or
statutory obligations or any discount with, borrowing from or other obligations to the Federal Home Loan Bank, the Federal
Reserve Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by the Bank acting in a
fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith and (iii)
such as do not, individually or in the aggregate, materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company or any of its Subsidiaries. The Company
and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal properties that
are material to the Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such
properties as presently occupied and used by it. Such existing Leases and commitments to Lease constitute or will constitute
operating Leases for both tax and financial accounting purposes except as otherwise disclosed in the Company’s Reports
and the Lease expense and minimum rental commitments with respect to such Leases and Lease commitments are as disclosed in
all material respects in the Company’s Reports.

 

    10

     

    

 

4.5         No
Material Adverse Change. Since December 31, 2019, there has been no development or event which has had or could reasonably
be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

 

4.6         Legal
Matters.

 

4.6.1          
Compliance with Law. The Company and each of its Subsidiaries (i) has complied with and (ii) to
the Company’s knowledge, is not under investigation with respect to and has not been threatened to be charged with or given
any notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of any domestic or
foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership
of its properties, except where any such failure to comply or violation would not reasonably be expected to have a Material Adverse
Effect on the Company and its Subsidiaries taken as a whole. The Company and each of its Subsidiaries is in compliance with, and
at all times prior to the date hereof has been in compliance with, (x) all statutes, rules, regulations, orders and restrictions
of any domestic or foreign government, or any Governmental Agency, applicable to it, and (y) its own privacy policies and written
commitments to customers, consumers and employees, concerning data protection, the privacy and security of personal data, and the
nonpublic personal information of its customers, consumers and employees, in each case except where any such failure to comply,
would not result, individually or in the aggregate, in a Material Adverse Effect on the Company or the applicable Subsidiary. At
no time during the two years prior to the date hereof has the Company or any of its Subsidiaries received any written notice asserting
any violations of any of the foregoing.

 

4.6.2           Regulatory
Enforcement Actions. The Company, the Bank and the Company’s other Subsidiaries are in compliance in all material
respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, the failure to
comply with which would have a Material Adverse Effect on the Company or the applicable Subsidiary. None of the Company, the Bank,
the Company’s or the Bank’s Subsidiaries nor any of their officers or directors is now operating under any restrictions,
agreements, memoranda, commitment letter, supervisory letter or similar regulatory correspondence, or other commitments (other
than restrictions of general application) imposed by any Governmental Agency, nor are, to the Company’s knowledge, (i) any
such restrictions threatened, (ii) any agreements, memoranda or commitments being sought by any Governmental Agency , or (iii)
any legal or regulatory violations previously identified by, or penalties or other remedial action previously imposed by, any
Governmental Agency remains unresolved.

 

4.6.3           Pending
Litigation. There are no actions, suits, proceedings or written agreements pending, or, to the Company’s
knowledge, threatened or proposed, against the Company or any of its Subsidiaries at law or in equity or before or by any
federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or
foreign, that, either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on the
Company and any of its Subsidiaries, taken as a whole, or affect issuance or payment of the Subordinated Notes; and neither
the Company nor any of its Subsidiaries is a party to or named as subject to the provisions of any order, writ, injunction,
or decree of, or any written agreement with, any court, commission, board or agency, domestic or foreign, that either
separately or in the aggregate, will have a Material Adverse Effect on the Company and any of its Subsidiaries, taken as a
whole.

 

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4.6.4           Environmental.
No Property is or, to the Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment,
release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials, and neither the Company
nor any of its Subsidiaries has engaged in such activities. There are no claims or actions pending or, to the Company’s
knowledge, threatened against the Company or any of its Subsidiaries by any Governmental Agency or by any other Person relating
to any Hazardous Materials or pursuant to any Hazardous Materials Law, except for such actions or claims that would not reasonably
be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

 

4.6.5           Brokerage
Commissions. Except for commissions paid or payable to the Placement Agents, neither the Company nor any Affiliate of
the Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions
contemplated by this Agreement.

 

4.6.6            Investment
Company Act. Neither the Company nor any of its Subsidiaries is an “investment company” or a company “controlled”
by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

 

4.7         No
Misstatement. No exhibit, report, schedule or document, when viewed together as a whole, furnished by the Company to the
Purchasers in connection with the negotiation, execution or performance of this Agreement contains any untrue statement of a material
fact, or omits to state a material fact necessary to make the statements contained therein not misleading in light of the circumstances
when made or furnished to Purchasers and as of the date of this Agreement, except for any statement therein or omission therefore
which was corrected, amended or supplemented or otherwise disclosed or updated in a subsequent exhibit, report, schedule or document
prior to the date of this Agreement.

 

4.8         Internal
Accounting Controls. The Company, the Bank and each other Subsidiary of the Company has established and maintains a
system of internal control over financial reporting that pertains to the maintenance of records that accurately and fairly
reflect the transactions and dispositions of the Company’s assets (on a consolidated basis), provides reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP,
and that the Company’s and the Bank’s receipts and expenditures and receipts and expenditures of each of the
Company’s other Subsidiaries are being made only in accordance with authorizations of the Company management and Board
of Directors, and provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of assets of the Company on a consolidated basis that could have a Material Adverse Effect. Such internal control
over financial reporting is effective to provide reasonable assurance regarding the reliability of the Company’s
financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with
GAAP. Since the conclusion of the Company’s last completed fiscal year there has not been and there currently is not
(i) any significant deficiency or material weakness in the design or operation of its internal control over financial
reporting which is reasonably likely to adversely affect its ability to record, process, summarize and report financial
information, or (ii) any fraud, whether or not material, that involves management or other employees who have a role in
the Company’s or the Bank’s internal control over financial reporting. The Company (A) has implemented and
maintains disclosure controls and procedures reasonably designed and maintained to ensure that material information relating
to the Company is made known to the Chief Executive Officer and the Chief Financial Officer of the Company by others within
the Company and (B) has disclosed, based on its most recent evaluation prior to the date hereof, to the Company’s
outside auditors and the audit committee of the Company’s Board of Directors any significant deficiencies and material
weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely
affect the Company’s internal controls over financial reporting. Such disclosure controls and procedures are effective
for the purposes for which they were established.

 

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4.9         Tax
Matters. The Company, the Bank and each Subsidiary of the Company have (i) filed all material foreign, U.S. federal, state
and local tax returns, information returns and similar reports that are required to be filed, and all such tax returns are true,
correct and complete in all material respects, and (ii) paid all material taxes required to be paid by it and any other material
assessment, fine or penalty levied against it, other than taxes (x) currently payable without penalty or interest, or (y) being
contested in good faith by appropriate proceedings.

 

4.10       Exempt
Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in this Agreement, no
registration under the Securities Act is required for the offer and sale of the Subordinated Notes by the Company to the Purchasers.

 

Representations
and Warranties Generally. The representations and warranties of the Company set forth in this Agreement, or in any other
agreement entered into by the Company pursuant to the requirements of this Agreement, are true and correct as of the date hereof
and as otherwise specifically provided herein or therein. Any certificate signed by a duly authorized representative of the Company
and delivered to a Purchaser or to counsel for a Purchaser shall be deemed to be a representation and warranty by the Company to
such Purchaser as to the matters set forth therein.

 

5.            
GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

 

The Company hereby
further covenants and agrees with each Purchaser as follows:

 

5.1         Compliance
with Transaction Documents. The Company shall comply with, observe and timely perform each and every one of its covenants,
agreements and obligations under the Transaction Documents.

 

5.2         Affiliate Transactions. The Company shall not itself, nor shall it cause, permit or allow any of
its Subsidiaries to enter into any material transaction, including, the purchase, sale or exchange of property or the rendering
of any service, with any Affiliate of the Company except in the ordinary course of business and pursuant to the reasonable requirements
of the Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably
found by the appropriate board(s) of directors to be fair and reasonable and no less favorable to the Company or such Affiliate
than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate.

 

5.3        
Compliance with Laws; Additional Agreements.

 

5.3.1           Generally.
The Company shall comply and cause the Bank and each of its other Subsidiaries to comply in all material respects with all
applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership
of its properties, except, in each case, where such noncompliance would not reasonably be expected to have a Material Adverse
Effect on the Company.

 

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5.3.2           
Regulated Activities. The Company shall not itself, nor shall it cause, permit or allow the Bank
or any other of its Subsidiaries to (i) engage in any business or activity not permitted by all applicable laws and regulations,
except where such business or activity would not reasonably be expected to have a Material Adverse Effect on the Company, the Bank
and/or such of its Subsidiaries or (ii) make any loan or advance secured by the capital stock of another bank or depository institution,
or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution, in each case
other than in accordance with applicable laws and regulations and safe and sound banking practices.

 

5.3.3           
Taxes. The Company shall and shall cause the Bank and any other of its Subsidiaries to promptly
pay and discharge all taxes, assessments and other governmental charges imposed upon the Company, the Bank or any other of the
Company’s Subsidiaries or upon the income, profits, or property of the Company or any of its Subsidiaries and all claims
for labor, material or supplies which, if unpaid, might by law become a lien or charge upon the property of the Company, the Bank
or any other of the Company’s Subsidiaries if such nonpayment could reasonably be expected to have a Material Adverse Effect
on the Company. Notwithstanding the foregoing, none of the Company, the Bank or any other of the Company’s Subsidiaries shall
be required to pay any such tax, assessment, charge or claim, so long as the validity thereof is being contested in good faith
by appropriate proceedings, and appropriate reserves therefor are being maintained on the books of the Company, the Bank and such
other Subsidiary of the Company.

 

5.3.4            Corporate Existence. The Company shall do or cause to be done all things reasonably necessary to
maintain, preserve and renew its corporate existence and that of the Bank and its and their rights and franchises, and comply in
all material respects with all related laws applicable to the Company, the Bank or the other Subsidiaries.

 

5.3.5           
Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to be Tier 2 Capital, other
than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding
the Maturity Date of the Subordinated Notes, the Company will immediately notify the Holder (as defined in the Indenture), and
thereafter the Company and the Holder will work together in good faith to execute and deliver all agreements as reasonably necessary
in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital;
provided, however, that nothing contained in this Agreement shall limit the Company’s right to redeem the Subordinated Notes
upon the occurrence of a Tier 2 Capital Event as described in the Subordinated Notes.

 

5.4         
Absence of Control. It is the intent of the parties to this Agreement that in no event shall the
Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, the Company, and the Purchasers
shall not exercise, or be deemed to exercise, directly or indirectly, a controlling influence over the management or policies of
the Company.

 

5.5           Secondary
Market Transactions. Each Purchaser shall have the right at any time and from time to time to securitize its
Subordinated Notes or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or
multi-class securities secured by or evidencing ownership interests in the Subordinated Notes (each such securitization is
referred to herein as a “Secondary Market Transaction”). In connection with any such Secondary Market
Transaction, the Company shall, at the Company’s expense, cooperate with any such Purchaser and otherwise reasonably
assist any such Purchaser in satisfying the market standards to which any such Purchaser customarily adheres or which may be
reasonably required in the marketplace or by applicable rating agencies in connection with any such Secondary Market
Transaction, but in no event shall the Company be
required to incur any costs or expenses in excess of $10,000 in connection therewith.
Subject to any written confidentiality obligation, all information regarding the Company may be furnished, without liability
except in the case of gross negligence or willful misconduct, to any such Purchaser and to any Person reasonably deemed
necessary by such Purchaser in connection with participation in such Secondary Market Transaction. All documents, financial
statements, appraisals and other data relevant to the Company or the Subordinated Notes may be retained by any such Person,
subject to the terms of any applicable confidentiality agreements.

 

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5.6          
Bloomberg. The Company shall use commercially reasonable efforts to cause the Subordinated Notes
to be quoted on Bloomberg.

 

5.7           Rule
144A Information. While any Subordinated Notes remain “restricted securities” within the meaning of the Securities
Act, the Company will make available, upon request, to any seller of such Subordinated Notes the information specified in Rule
144A(d)(4) under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act.

 

5.8           DTC
Registration. The Company shall use commercially reasonable efforts to cause the Subordinated Notes held by “qualified
institutional buyers,” as defined in Rule 144A under the Securities Act (a “QIB”), to be registered in
the name of Cede & Co. as nominee of DTC or a nominee of DTC.

 

5.9           NRSRO
Rating. The Company will use commercially reasonable efforts to maintain a rating by a nationally recognized statistical
rating organization while any Subordinated Notes remain outstanding.

 

5.10        Resale
Registration Statement. Subject to the terms and conditions of this Agreement, the Company will provide to the Purchasers
the resale registration rights described in the Registration Rights Agreement.

 

6.            
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.

 

Each Purchaser hereby
represents and warrants to the Company, and covenants with the Company, severally and not jointly, as follows:

 

6.1          
Legal Power and Authority. It has all necessary power and authority to execute, deliver and perform
its obligations under this Agreement and to consummate the transactions contemplated hereby. It is an entity duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization.

 

6.2           Authorization
and Execution. The execution, delivery and performance of this Agreement and the Registration Rights Agreement have been
duly authorized by all necessary action on the part of such Purchaser, and, assuming due authorization, execution and delivery
by the Company, this Agreement and the Registration Rights Agreement are each a legal, valid and binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable
principles.

 

6.3          No
Conflicts. Neither the execution, delivery or performance of this Agreement and the Registration Rights Agreement nor
the consummation of any of the transactions contemplated by the Transaction Documents will conflict with, violate, constitute
a breach of or a default (whether with or without the giving of notice or lapse of time or both) under (i) its organizational
documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment,
injunction, decree, determination or award binding upon or affecting it.

 

    15

     

    

 

6.4         
Purchase for Investment. It is purchasing the Subordinated Note for its own account and not with
a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same. It has no present
or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for, or which is likely to
compel, a disposition of the Subordinated Notes in any manner.

 

6.5          
Institutional Accredited Investor. It is and will be on the Closing Date (i) an institutional “accredited
investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7)
of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets, or (ii) a QIB.

 

6.6           Financial
and Business Sophistication. It has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of the prospective investment in the Subordinated Notes. It has relied solely upon its own
knowledge of, and the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and other
considerations involved in deciding to invest in the Subordinated Notes.

 

6.7           Ability to Bear Economic Risk of Investment. It recognizes that an investment in the Subordinated
Notes involves substantial risk. It has the ability to bear the economic risk of the prospective investment in the Subordinated
Notes, including the ability to hold the Subordinated Notes indefinitely, and further including the ability to bear a complete
loss of all of its investment in the Company.

 

6.8           Information.
It acknowledges that (i) it is not being provided with the disclosures that would be required if the offer and sale of the Subordinated
Notes were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared in
connection with the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of the Company and the
terms of the Subordinated Notes to the extent it deems necessary to make its decision to invest in the Subordinated Notes; and
(iii) it has availed itself of publicly available financial and other information concerning the Company to the extent it deems
necessary to make its decision to purchase the Subordinated Notes. It has reviewed the information set forth in the Company’s
Reports, the exhibits and schedules hereto and the information contained in the data room established by the Company in connection
with the transactions contemplated by this Agreement.

 

6.9           Access to Information. It acknowledges that it and its advisors have been furnished with all materials
relating to the business, finances and operations of the Company that have been requested by it or its advisors and have been given
the opportunity to ask questions of, and to receive answers from, persons acting on behalf of the Company concerning terms and
conditions of the transactions contemplated by this Agreement in order to make an informed and voluntary decision to enter into
this Agreement.

 

6.10        Investment
Decision. It has made its own investment decision based upon its own judgment, due diligence and advice from such
advisors as it has deemed necessary and not upon any view expressed by any other Person or entity, including the Placement
Agents (or, with respect to the Indenture, the Trustee). Neither such inquiries nor any other due diligence investigations
conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the
Company’s representations and warranties contained herein. It is not relying upon, and has not relied upon, any advice,
statement, representation or warranty made by any Person by or on behalf of the Company, including, without limitation, the
Placement Agents (or, with respect to the Indenture, the Trustee), except for the express statements, representations and
warranties of the Company made or contained in this Agreement. Furthermore, it acknowledges that (i) the Placement Agents
have not performed any due diligence review on behalf of it and (ii) nothing in this Agreement or any other materials
presented by or on behalf of the Company to it in connection with the purchase of the Subordinated Notes constitutes legal,
tax or investment advice.

 

    16

     

    

 

6.11         Private
Placement; No Registration; Restricted Legends. It understands and acknowledges that the Subordinated Notes are being
sold by the Company without registration under the Securities Act in reliance on the exemption from federal and state registration
set forth in, respectively, Rule 506(b) of Regulation D and Sections 4(a)(2) and 18 of the Securities Act, or any state securities
laws, and accordingly, may be resold, pledged or otherwise transferred only if exemptions from the Securities Act and applicable
state securities laws are available to it. It is not subscribing for the Subordinated Notes as a result of or subsequent to any
general solicitation or general advertising, in each case within the meaning of Rule 502(c) of Regulation D, including any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio,
or presented at any seminar or meeting. It further acknowledges and agrees that the Global Note will bear the restrictive legend
set forth in the form of Subordinated Note, which is attached as an exhibit to the Indenture. It further acknowledges its primary
responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Notes or any
interest therein without complying with the requirements of the Securities Act and the rules and regulations promulgated thereunder
and the requirements set forth in this Agreement.

 

6.12        Placement
Agents. It will purchase the Subordinated Note(s) directly from the Company and not from the Placement Agents and understands
that none of the Placement Agents nor any other broker or dealer has any obligation to make a market in the Subordinated Notes.

 

6.13         Tier
2 Capital. If the Company provides notice as contemplated in Section 5.3.5 of the occurrence of the event
contemplated in such section, thereafter the Company and the Purchasers will work together in good faith to execute and deliver
all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated
Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Agreement shall limit the Company’s
right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event as described in the Subordinated Notes.

 

6.14       
Accuracy of Representations. It understands that each of the Placement Agents and the Company are
relying upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions
contemplated by this Agreement.

 

6.15         Representations
and Warranties Generally. The representations and warranties of the Purchaser set forth in this Agreement are true and
correct as of the date hereof and as otherwise specifically provided herein. Any certificate signed by a duly authorized representative
of the Purchaser and delivered to the Company or to counsel for the Company shall be deemed to be a representation and warranty
by the Purchaser to the Company as to the matters set forth therein.

 

7.            
MISCELLANEOUS.

 

7.1          Prohibition
on Assignment by the Company. Except as described in the Indenture, the Company may not assign, transfer or delegate
any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of the
Holders (as defined in the Indenture). In addition, in accordance with the terms of the Subordinated Notes, any transfer of
such Subordinated Notes by the Holders must be made in accordance with the Assignment Form attached thereto and the
requirements and restrictions thereof.

 

    17

     

    

 

7.2          
Time of the Essence. Time is of the essence for this Agreement.

 

7.3           Waiver
or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement herein shall be effective
unless in writing and signed by all of the parties hereto. Waiver or amendment of any term of the Indenture and/or the Subordinated
Note shall be governed by the terms of the Indenture. No failure to exercise or delay in exercising, by a Purchaser or any holder
of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other
right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right
or remedy provided by law or equity. No notice or demand on the Company in any case shall, in itself, entitle the Company to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Purchasers to
any other or further action in any circumstances without notice or demand. No consent or waiver, expressed or implied, by the
Purchasers to or of any breach or default by the Company in the performance of its obligations hereunder shall be deemed or construed
to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of the
Company hereunder.

 

7.4           Severability.
Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely
affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms
and provisions of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though
any such invalid portion had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions
of this Agreement or the application thereof are held invalid or unenforceable only as to particular persons or situations, the
remainder of this Agreement, and the application of such provision to persons or situations other than those to which it shall
have been held invalid or unenforceable, shall not be affected thereby, but shall continue valid and enforceable to the fullest
extent permitted by law.

 

7.5           Notices. Any notice which any party hereto may be required or may desire to give hereunder shall
be deemed to have been given if in writing and if delivered personally, or if mailed, postage prepaid, by United States registered
or certified mail, return receipt requested, or if delivered by a responsible overnight commercial courier promising next business
day delivery, addressed:

 

	if to the Company:	
        Atlantic Capital Bancshares, Inc.

        945 East Paces Ferry Road NE

        Suite 1600

        Atlanta, Georgia 30326

        Attention: Chief Financial Officer

	 	 
	with a copy to:	
        Troutman Pepper Hamilton Sanders LLP

        600 Peachtree Street, Suite 3000

        Atlanta, Georgia 30308

        Attention: James W. Stevens

        E-mail: james.stevens@troutman.com

	 	 
	if to the Purchasers:	To the address indicated on such Purchaser’s signature page.

 

    18

     

    

 

or to such other address or addresses as
the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the
giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other
party in the manner provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered
personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails as aforesaid or,
if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next business day delivery
was requested).

 

7.6          
Successors and Assigns. This Agreement shall inure to the benefit of the parties and their respective
heirs, legal representatives, successors and assigns; except that, unless a Purchaser consents in writing, no assignment made by
the Company in violation of this Agreement shall be effective or confer any rights on any purported assignee of the Company. The
term “successors and assigns” will not include a purchaser of any of the Subordinated Notes from any Purchaser merely
because of such purchase.

 

7.7         
No Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no action
or inaction whatsoever on the part of a Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with the Company.

 

7.8           Documentation.
All documents and other matters required by any of the provisions of this Agreement to be submitted or furnished to a Purchaser
shall be in form and substance satisfactory to such Purchaser.

 

7.9           Entire
Agreement. This Agreement, the Indenture, the Registration Rights Agreement and the Subordinated Notes, along with any
exhibits thereto, constitute the entire agreement between the parties hereto with respect to the subject matter hereof and may
not be modified or amended in any manner other than by supplemental written agreement executed by the parties hereto. No party,
in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set
forth in this Agreement, the Indenture, the Registration Rights Agreement or the Subordinated Notes.

 

7.10        Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York without giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to limit
any rights, powers or privileges which a Purchaser may have pursuant to any law of the United States of America or any rule, regulation
or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by
a Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing.

 

7.11         No
Third-Party Beneficiary. This Agreement is made for the sole benefit of the Company and the Purchasers, and no other Person
shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever,
nor shall any other Person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder;
provided, that the Placement Agents may rely on the representations and warranties contained herein to the same extent
as if they were a party to this Agreement.

 

7.12         Legal
Tender of United States. All payments hereunder shall be made in coin or currency which at the time of payment is legal
tender in the United States of America for public and private debts.

 

7.13         Captions;
Counterparts. Captions contained in this Agreement in no way define, limit or extend the scope or intent of their
respective provisions. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile
transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile signature page were an original thereof.

 

    19

     

    

 

7.14         Knowledge;
Discretion. All references herein to a Purchaser’s or the Company’s knowledge shall be deemed to mean the
knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer
or such other persons holding equivalent offices. Unless specified to the contrary herein, all references herein to an exercise
of discretion or judgment by a Purchaser, to the making of a determination or designation by a Purchaser, to the application of
a Purchaser’s discretion or opinion, to the granting or withholding of a Purchaser’s consent or approval, to the consideration
of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision making of a Purchaser,
shall be deemed to mean that such Purchaser shall decide using the reasonable discretion or judgment of a prudent lender.

 

7.15         Waiver
of Right to Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION
DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF THE COMPANY OR THE PURCHASERS. THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED
IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL.
THE PARTIES FURTHER ACKNOWLEDGE THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (II) THIS
WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND THE REGISTRATION
RIGHTS AGREEMENT, AND (III) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

 

7.16         Expenses. Except as otherwise provided in this Agreement, each of the parties will bear and pay
all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this
Agreement.

 

7.17         Survival. Each of the representations and warranties set forth in this Agreement shall survive
the consummation of the transactions contemplated hereby for a period of one year after the date hereof. Except as otherwise provided
herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative.

 

[Signature Pages Follow]

 

    20

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of the
date first above written.

 

	 	COMPANY:
	 	 
	 	ATLANTIC CAPITAL BANCSHARES,
    INC.
	 	 
	 	By:	 
	 	 	Name: Douglas L. Williams
	 	 	Title:   President and Chief Executive Officer

 

[Company Signature Page to Subordinated
Note Purchase Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned Purchaser has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative
as of the date first above written.

 

	 	PURCHASER: 
	 	 
	 	[INSERT PURCHASER’S
    NAME]
	 	 
	 	By:	 
	 	 	Name:  [●]
	 	 	Title:   [●]
	 	 
	 	Address of Purchaser:
	 	 
	 	[●]
	 	 
	 	Principal Amount of Purchased
    Subordinated Note:
	 	 
	 	$[●]

 

[Purchaser Signature Page to Subordinated
Note Purchase Agreement]

 

     

     

    

 

EXHIBIT A

 

REGISTRATION RIGHTS AGREEMENT

 

     

     

    

 

EXHIBIT B

 

FORM OF INDENTURE

 

     

     

    

 

EXHIBIT C

 

OPINION OF COUNSEL

 

    25

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