Document:

Exhibit 4.2

 

Execution Version

 

 

 

STERLING BANCORP

 

 

 

SECOND SUPPLEMENTAL INDENTURE

 

 

 

Dated as of October 30, 2020

 

to

 

the Indenture

 

Dated as of December 16, 2019

 

 

 

3.875% Fixed-to-Floating Rate

Subordinated Notes due 2030

 

 

 

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

 

    

     

    

 

TABLE OF CONTENTS

 

	Article I. SCOPE OF SUPPLEMENTAL INDENTURE	2
	 	 	 
	Section 1.01	Scope	2
	 	 	 
	Article II. DEFINITIONS	2
	 	 	 
	Section 2.01	Definitions and Other Provisions of General Application	2
	 	 	 
	Article III. FORM AND TERMS OF THE NOTES	10
	 	 	 
	Section 3.01	Form and Dating	10
	 	 	 
	Section 3.02	Terms of the Notes	10
	 	 	 
	Article IV. ADDITIONAL PROVISIONS	16
	 	 	 
	Section 4.01	Additional Provisions	16
	 	 	 
	Article V. SUBORDINATION OF SECURITIES	16
	 	 	 
	Section 5.01	Agreement of Subordination	16
	 	 	 
	Section 5.02	Payments to Holders	17
	 	 	 
	Section 5.03	Subrogation of Notes	19
	 	 	 
	Section 5.04	Authorization to Effect Subordination	20
	 	 	 
	Section 5.05	Notice to Trustee	20
	 	 	 
	Section 5.06	Trustee’s Relation to Senior Indebtedness	21
	 	 	 
	Section 5.07	No Impairment of Subordination	21
	 	 	 
	Section 5.08	Article Applicable to Paying Agents	22
	 	 	 
	Section 5.09	Senior Indebtedness Entitled to Rely	22
	 	 	 
	Article VI. MISCELLANEOUS	22
	 	 	 
	Section 6.01	Trust Indenture Act	22
	 	 	 
	Section 6.02	Communications by Holders with Other Holders	22
	 	 	 
	Section 6.03	GOVERNING LAW	22
	 	 	 
	Section 6.04	Duplicate Originals	22
	 	 	 
	Section 6.05	Severability	22
	 	 	 
	Section 6.06	Ratification	23
	 	 	 
	Section 6.07	Effectiveness	23
	 	 	 
	Section 6.08	Successors	23
	 	 	 
	Section 6.09	Indenture and Notes Solely Corporate Obligations	23
	 	 	 
	Section 6.10	Trustee’s Disclaimer	23
	 	 	 
	Section 6.11	U.S.A. PATRIOT Act	23

 

    i

     

    

 

SECOND SUPPLEMENTAL INDENTURE

 

THIS SECOND SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of October 30, 2020, is between Sterling Bancorp,
a Delaware corporation (the “Company”), and U.S. Bank National Association, a national banking association
organized and existing under the laws of the United States of America, as trustee (“Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the
Company and the Trustee have executed and delivered a Subordinated Debt Securities Indenture, dated as of December 16, 2019
(the “Base Indenture” and, as supplemented by this Supplemental Indenture, and further supplemented from time
to time, the “Indenture”), to provide for the issuance from time to time by the Company of its unsecured subordinated
indebtedness to be issued in one or more series as provided in the Indenture;

 

WHEREAS, the
Company desires to initially issue and sell TWO HUNDRED TWENTY-FIVE MILLION DOLLARS ($225,000,000) aggregate principal amount
of a new series of Securities of the Company designated as its 3.875% Fixed-to-Floating Rate Subordinated Notes due 2030 (the
 “Notes”) as of the date hereof and such issuance and sale have been authorized by resolutions adopted by the
Board of Directors of the Company and the Authorized Committee of the Board of Directors of the Company;

 

WHEREAS, the
Company desires to establish the terms of the Notes;

 

WHEREAS, the
Company acknowledges that all things necessary to make this Supplemental Indenture a legal, binding and enforceable instrument,
and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the legal, binding and enforceable
obligations of the Company, in each case, in accordance with its terms and the terms of the Base Indenture have been done;

 

WHEREAS, the
Company has complied with all conditions precedent provided for in the Base Indenture relating to this Supplemental Indenture;
and

 

WHEREAS, the
Company has requested that the Trustee execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, THIS
SUPPLEMENTAL INDENTURE WITHNESSTH:

 

For and in consideration
of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee covenant and agree,
for the equal and proportionate benefit of the Holders of the Notes, as follows:

 

    

     

    

 

Article I.

SCOPE OF SUPPLEMENTAL INDENTURE

 

Section 1.01         Scope.

 

This Supplemental
Indenture constitutes a supplement to the Base Indenture and an integral part of the Indenture and shall be read together with
the Base Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Supplemental
Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing,
this Supplemental Indenture shall only apply to the Notes.

 

Article II.

DEFINITIONS

 

Section 2.01         Definitions
and Other Provisions of General Application. For all purposes of this Supplemental Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

 

(a)            all
terms used in this Supplemental Indenture which are not otherwise defined herein shall have the meanings they are given in the
Base Indenture and include the plural as well as the singular;

 

(b)            the
provisions of general application stated in Sections 102 through 117 of the Base Indenture shall apply to this Supplemental
Indenture, except that the words “herein,” “hereof,” “hereto” and “hereunder”
and other words of similar import refer to this Supplemental Indenture as a whole and not to the Base Indenture or any particular
Article, Section or other subdivision of the Base Indenture or this Supplemental Indenture; and

 

(c)            Section 101
of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following additional defined
terms in their appropriate alphabetical positions:

 

“Administrative
or Judicial Action” has the meaning provided in the definition of “Tax Event.”

 

“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.

 

“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:

 

    2

     

    

 

		(1)	Compounded SOFR;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including, without limitation, changes to the definition of “interest period”, timing and frequency of determining
rates with respect to each 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).

 

    3

     

    

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

“Calculation
Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include
the Company or any of its Affiliates) to act in accordance with Section 3.02(e)(iv).

 

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

 

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

 

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

 

For the avoidance
of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread of 369 basis points
per annum.

 

“Corresponding
Tenor” means (i) with respect to Term SOFR, three months, and (ii) 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.

 

“Designated
Senior Indebtedness” means any of the Company’s Senior Indebtedness that expressly provides that it is “designated
senior indebtedness” for purposes of the Indenture (provided that the instrument, agreement or other document creating or
evidencing such Senior Indebtedness may place limitations and conditions on the right of such Senior Indebtedness to exercise
the rights of Designated Senior Indebtedness).

 

“DTC”
means The Depository Trust Company.

 

“Federal
Reserve” has the meaning provided in the definition of “Tier 2 Capital Event.”

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Fixed Rate
Interest Payment Date” has the meaning provided in Section 3.02(e)(i).

 

    5

     

    

 

“Fixed Rate
Period” has the meaning provided in Section 3.02(e)(i).

 

“Fixed Rate
Regular Record Date” has the meaning provided in Section 3.02(e)(i).

 

“Floating
Rate Interest Payment Date” has the meaning provided in Section 3.02(e)(ii).

 

“Floating
Rate Period” has the meaning provided in Section 3.02(e)(ii).

 

“Floating
Rate Regular Record Date” has the meaning provided in Section 3.02(e)(ii).

 

“Interest
Payment Date” has the meaning provided in Section 3.02(e)(ii).

 

“interest
period” means the period from and including the immediately preceding Interest Payment Date in respect of which interest
has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to,
but excluding, the applicable Interest Payment Date or the Maturity Date or date of earlier redemption, if applicable.

 

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

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time.

 

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

 

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

 

“Issue Date”
means October 30, 2020.

 

“Material
Subsidiary” means Sterling National Bank or any successor thereof or any of the Company’s subsidiaries that is
a depository institution and that has consolidated assets equal to 80% or more of the Company’s consolidated assets.

 

“Maturity
Date” has the meaning provided in Section 3.02(d).

 

“Redemption
Date” has the meaning provided in Section 3.02(g).

 

    6

     

    

 

“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.

 

“Relevant
Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Representative”
means the (a) indenture trustee or other trustee, agent or representative for any Senior Indebtedness or (b) with respect
to any Senior Indebtedness that does not have any such trustee, agent or other representative, (i) in the case of such Senior
Indebtedness issued pursuant to an agreement providing for voting arrangements as among the holders or owners of such Senior Indebtedness,
any holder or owner of such Senior Indebtedness acting with the consent of the required persons necessary to bind such holders
or owners of such Senior Indebtedness and (ii) in the case of all other such Senior Indebtedness, the holder or owner of
such Senior Indebtedness.

 

“Responsible
Officer” means, with respect to a particular corporate trust matter, any officer to whom any corporate trust matter
is referred because of his or her knowledge of and familiarity with a particular subject, in each case, who has direct responsibility
for the administration of the Indenture.

 

“Senior Indebtedness”
means, without duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing
of any petition in bankruptcy or for reorganization relating to the Company, whether or not a claim for post-filing interest is
allowed in such proceeding), fees, charges, expenses, reimbursement and indemnification obligations, and all other amounts payable
under or in respect of the following indebtedness of the Company, whether any such indebtedness exists as of the date of the Indenture
or is created, incurred or assumed after such date: (i) all obligations for borrowed money; (ii) all obligations evidenced
by debentures, notes, debt securities or other similar instruments; (iii) all obligations in respect of letters of credit,
security purchase facilities or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto);
(iv) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in
the ordinary course of business; (v) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security
interest existing on property owned by the Company; (vi) obligations associated with derivative products including, but not
limited to, interest rate and currency future or exchange contracts, foreign exchange contracts, swap agreements (including interest
rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, options, interest rate future
or option contracts, commodity contracts, and similar arrangements; (vii) purchase money and similar obligations; (viii) obligations
to general creditors of the Company; (ix) a deferred obligation of, or any such obligation, directly or indirectly guaranteed
by, the Company which obligation is incurred in connection with the acquisition of any business, properties or assets not evidenced
by a note or similar instrument given in connection therewith; (x) interest or obligations in respect of any of the foregoing
accruing after the commencement of insolvency or bankruptcy proceedings; (xi) all obligations of the type referred to in
the foregoing subclauses above of other persons or entities for the payment of which the Company is responsible or liable as obligor,
guarantor or otherwise, whether or not classified as a liability on a balance sheet prepared in accordance with GAAP; and (xii) any
renewals, amendments, deferrals, supplements, extensions, refundings or replacements of any of the foregoing. Senior Indebtedness
excludes: (v) any such indebtedness, obligation or liability referred to above as to which, in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is provided that such indebtedness, obligation or liability
is not superior in right of payment to the Notes, or ranks pari passu with the Notes; (w) any such indebtedness,
obligation or liability which is subordinated to indebtedness of the Company to substantially the same extent as, or to a greater
extent than, the Notes are subordinated; (x) any indebtedness to a subsidiary of the Company; (y) any trade account
payables in the ordinary course of business; and (z) the Notes. As used above, the term “purchase money” obligations
means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether or not secured by a lien or
other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation
for the payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is limited to
the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services, whether
by purchase, merger, consolidation or otherwise, but does not include any trade accounts payable. Notwithstanding the foregoing,
and for the avoidance of doubt, if the Federal Reserve (or other applicable regulatory agency or authority) promulgates any rule or
issues any interpretation that defines general creditor(s), the main purpose of which is to establish criteria for determining
whether the subordinated debt of a financial or bank holding company is to be included in its capital, then the term “general
creditors” as used in this definition of “Senior Indebtedness” will have the meaning as described in that rule or
interpretation.

 

    7

     

    

 

“SOFR”
means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark
(or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“Tax Event”
means the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment
to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of
the United States or any of its political subdivisions or taxing authorities; (b) a judicial decision, administrative action,
official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice
or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative
or Judicial Action”); or (c) an amendment to or change in any official position with respect to, or any interpretation
of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally
accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement,
decision or challenge is announced on or after the original issue date of the Notes, there is more than an insubstantial risk
that interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion, will not be, deductible
by the Company, in whole or in part, for United States federal income tax purposes.

 

    8

     

    

 

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

 

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

 

“Three-Month
Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator
at the Reference Time for any 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%.

 

“Three-Month
Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or
operational matter (including, without limitation, with respect to the manner and timing of the publication of Three-Month Term
SOFR, or changes to the definition of “interest period”, timing and frequency of determining Three-Month Term SOFR
with respect to each 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).

 

“Tier 2
Capital Event” means the Company’s good faith determination that, as a result of (a) any amendment to, or
change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality
of the United States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of
or in the United States that is enacted or becomes effective after the original issue date of the Notes, (b) any proposed
change in those laws, rules or regulations that is announced or becomes effective after the original issue date of the Notes,
or (c) any official administrative decision or judicial decision or administrative action or other official pronouncement
interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the
original issue date of the Notes, there is more than an insubstantial risk that the Company will not be entitled to treat the
Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or
regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (or, as and if
applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect
and applicable to the Company, for so long as any Notes are outstanding.

 

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

 

    9

     

    

 

Article III.

FORM AND TERMS OF THE NOTES

 

Section 3.01          Form and
Dating.

 

		(a)	The Notes shall be substantially
                                         in the form of Exhibit A attached hereto. The Notes shall be executed on
                                         behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its
                                         Chief Executive Officer, President, its Chief Financial Officer or one of its Executive
                                         Vice Presidents. The Notes may have a legend or legends or endorsements as may be required
                                         to comply with any law or with any rules of any securities exchange or usage. The
                                         Notes shall be dated the date of their authentication.

 

		(b)	The terms contained in the Notes
                                         shall constitute, and are hereby expressly made, a part of the Base Indenture as supplemented
                                         by this Supplemental Indenture, and the Company and the Trustee, by their execution and
                                         delivery of this Supplemental Indenture, expressly agree to such terms and provisions
                                         and to be bound thereby.

 

Section 3.02          Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

		(a)	Title. The Notes shall
                                         constitute a series of Securities having the title “3.875% Fixed-to-Floating Rate
                                         Subordinated Notes due 2030” and the CUSIP number 85917A AC4.

 

		(b)	Principal Amount. The
                                         aggregate principal amount of the Notes that may be authenticated and delivered under
                                         the Indenture, as amended hereby, shall initially be Two Hundred Twenty-Five Million
                                         Dollars ($225,000,000) on the Issue Date. Provided that no Event of Default has occurred
                                         and is continuing with respect to the Notes, the Company may, from time to time, without
                                         notice to or the consent of the Holders of the Notes, create and issue additional notes
                                         (“Additional Notes”) pursuant to the Indenture ranking equally with the Notes
                                         and with identical terms in all respects (or in all respects except for the offering
                                         price, the payment of interest accruing prior to the issue date of such Additional Notes
                                         or except for the first payment of interest following the issue date of such Additional
                                         Notes); provided however, that a separate CUSIP number will be issued for any such Additional
                                         Notes unless such Additional Notes are fungible with the Notes for U.S. federal
                                         income tax purposes, subject to the procedures of the DTC. Any Additional Notes and the
                                         Notes shall constitute a single series under the Indenture. All references to the Notes
                                         shall include any Additional Notes, unless the context otherwise requires.

 

		(c)	Person to Whom Interest Is
                                         Payable. Any interest which is payable, but not so punctually paid or duly provided
                                         for on any Interest Payment Date, shall cease to be payable to the Holder on the relevant
                                         record date by virtue of having been a Holder on such date, and such defaulted interest
                                         may be paid by the Company to the person in whose name the Notes are registered at the
                                         close of business on a special record date for the payment of such defaulted interest
                                         to be fixed by the Company, notice whereof shall be given to Holders of Notes of this
                                         series not less than 10 days prior to such special record date that complies with
                                         Section 307 of the Base Indenture, or be paid at any time in any other lawful manner
                                         not inconsistent with the requirements of any securities exchange on which the Notes
                                         may be listed and upon such notice as may be required by such exchange and in compliance
                                         with the Base Indenture. However, interest that is paid on the Maturity Date will be
                                         paid to the person to whom the principal will be payable.

 

    10

     

    

 

		(d)	Maturity Date. The entire
                                         outstanding Principal of the Notes shall be payable on November 1, 2030 (the “Maturity
                                         Date”).

 

		(e)	Interest.

 

		(i)	The Notes will bear interest at
                                         a fixed rate of 3.875% per annum from and including October 30, 2020 to, but excluding,
                                         November 1, 2025 or earlier Redemption Date (the “Fixed Rate Period”).
                                         Interest accrued on the Notes during the Fixed Rate Period will be payable semi-annually
                                         in arrears on May 1 and November 1 of each year, commencing on May 1,
                                         2021 (each such date a “Fixed Rate Interest Payment Date”). The last
                                         Fixed Rate Interest Payment Date shall be November 1, 2025, unless the Notes are
                                         earlier redeemed. The interest payable during the Fixed Rate Period will be paid to each
                                         Holder in whose name a Note is registered at the close of business on the fifteenth day
                                         (whether or not a Business Day) immediately preceding the applicable Fixed Rate Interest
                                         Payment Date (each such date, a “Fixed Rate Regular Record Date”).

 

		(ii)	The Notes will bear a floating
                                         interest rate from, and including November 1, 2025, to, but excluding, the Maturity
                                         Date or earlier Redemption Date (the “Floating Rate Period”). The
                                         floating interest rate will be reset quarterly, and the interest rate for any Floating
                                         Rate Period shall be equal to the then-current Three-Month Term SOFR plus 369 basis points
                                         for each quarterly interest period during the Floating Rate Period. During the Floating
                                         Rate Period, interest on the Notes will be payable quarterly in arrears on February 1,
                                         May 1, August 1 and November 1 of each year commencing, on February 1,
                                         2026 (each such date, a “Floating Rate Interest Payment Date”, together
                                         with a Fixed Rate Interest Payment Date, an “Interest Payment Date”).
                                         The interest payable during the Floating Rate Period will be paid to each Holder in whose
                                         name a Note is registered at the close of business on the fifteenth day (whether or not
                                         a Business Day) immediately preceding the applicable Floating Rate Interest Payment Date
                                         (each such date, a “Floating Rate Regular Record Date”). Notwithstanding
                                         the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than
                                         zero, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero.
                                         The Calculation Agent will provide the Company and the Trustee with the interest rate
                                         in effect on the Notes promptly after the Reference Time (or such other date of determination
                                         for the applicable Benchmark).

 

		(iii)	The amount of interest payable
                                         on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed
                                         on the basis of a 360-day year consisting of twelve 30-day months to, but excluding,
                                         November 1, 2025, and, the amount of interest payable on any Floating Rate Interest
                                         Payment Date during the Floating Rate Period will be computed on the basis of a 360-day
                                         year on the basis of the actual number of days elapsed. In the event that any scheduled
                                         Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a
                                         Business Day, then payment of interest payable on such Interest Payment Date or of principal
                                         and interest payable on the Maturity Date will be paid on the next succeeding day which
                                         is a Business Day (any payment made on such date will be treated as being made on the
                                         date that the payment was first due and no interest on such payment will accrue for the
                                         period from and after such scheduled Interest Payment Date); provided, that in the event
                                         that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business
                                         Day and the next succeeding Business Day falls in the next succeeding calendar month,
                                         such Floating Rate Interest Payment Date will be accelerated to the immediately preceding
                                         Business Day, and, in each such case, the amounts payable on such Business Day will include
                                         interest accrued to, but excluding such Business Day. Dollar amounts resulting from interest
                                         calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

 

    11

     

    

 

		(iv)	The Company shall take such actions
                                         as are necessary to ensure that from the commencement of the Floating Rate Period for
                                         so long as any of the Notes remain outstanding there will at all times be a Calculation
                                         Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period.
                                         The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by
                                         the Calculation Agent will (in the absence of manifest error) be final and binding. The
                                         Calculation Agent shall have all the rights, protections and indemnities afforded to
                                         the Trustee under the Base Indenture and hereunder. The Calculation Agent may be removed
                                         by the Company at any time. If the Calculation Agent is unable or unwilling to act as
                                         Calculation Agent or is removed by the Company, the Company will promptly appoint a replacement
                                         Calculation Agent. The Calculation Agent may not resign its duties without a successor
                                         having been duly appointed; provided, that if a successor Calculation Agent has not been
                                         appointed by the Company and such successor accepted such position within 30 days
                                         after the giving of notice of resignation by the Calculation Agent, then the resigning
                                         Calculation Agent may petition, at the expense of the Company, any court of competent
                                         jurisdiction for the appointment of a successor Calculation Agent with respect to such
                                         series. For the avoidance of doubt, if at any time there is no Calculation Agent appointed
                                         by the Company, then the Company shall be the Calculation Agent. The Company may appoint
                                         itself or any of its Affiliates to be the Calculation Agent.

 

		(v)	Effect of Benchmark Transition
                                         Event.

 

		1)	If the Calculation Agent determines
                                         that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
                                         on or prior to the Reference Time in respect of any determination of the Benchmark on
                                         any date, then the Benchmark Replacement will replace the then-current Benchmark for
                                         all purposes relating to the Notes during the Floating Rate Period in respect of such
                                         determination on such date and all determinations on all subsequent dates.

 

		2)	Notwithstanding anything set forth
                                         in Section 3.02(e)(ii) above, if the Calculation Agent determines on or prior
                                         to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark
                                         Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions
                                         set forth in this Section 3.02(e)(v) will thereafter apply to all determinations
                                         of the rate or interest payable on the Notes during the Floating Rate Period. After a
                                         Benchmark Transition Event and its related Benchmark Replacement Date have occurred,
                                         the interest rate on the Notes for each interest period during the Floating Rate Period
                                         will be an annual rate equal to the Benchmark Replacement plus 369 basis points.

 

    12

     

    

 

		3)	The Company and the Calculation
                                         Agent are expressly authorized to make certain determinations, decisions and elections
                                         under the terms of the Notes, including with respect to the use of any Benchmark Replacement
                                         for the Floating Rate Period and under this Section 3.02(e)(v). Any determination,
                                         decision or election that may be made by the Company or by the Calculation Agent under
                                         the terms of the Notes, including any determination with respect to a tenor, rate or
                                         adjustment or of the occurrence or non-occurrence of an event, circumstance or date and
                                         any decision to take or refrain from taking any action or selection (A) will be
                                         conclusive and binding on the Holders of the Notes and the Trustee absent manifest error,
                                         (B) if made by the Company, will be made in the Company’s sole discretion,
                                         (C) if made by the Calculation Agent, will be made after consultation with the Company,
                                         and the Calculation Agent will not make any such determination, decision or election
                                         to which the Company reasonably objects, and (D) notwithstanding anything to the
                                         contrary herein or in the Base Indenture, shall become effective without consent from
                                         the Holders of the Notes or the Trustee. If the Calculation Agent fails to make any determination,
                                         decision or election that it is required to make under the terms of the Notes, then the
                                         Company will make such determination, decision or election on the same basis as described
                                         above.

 

		(vi)	[Reserved.]

 

		(vii)	The Company (or its Calculation
                                         Agent) shall notify the Trustee in writing (i) upon the occurrence of the Benchmark
                                         Transition Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements,
                                         Benchmark Replacement Conforming Changes and other items affecting the interest rate
                                         on the Notes after a Benchmark Transition Event.

 

		(viii)	The Trustee (including in its
                                         capacity as Paying Agent), unless acting as the Calculation Agent, shall have no (i) responsibility
                                         or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of
                                         an alternative reference rate to Three-Month Term SOFR (including, without limitation,
                                         whether the conditions for the designation of such rate have been satisfied or whether
                                         such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination
                                         or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark
                                         Transition Event or Benchmark Replacement Date has occurred, and in each such case under
                                         clauses (A) through (D) above shall be entitled to conclusively rely upon
                                         the selection, determination, and/or calculation thereof as provided by the Company or
                                         its Calculation Agent, as applicable, and (ii) liability for any failure or delay
                                         in performing its duties hereunder as a result of the unavailability of a Benchmark rate
                                         as described in the definition thereof, including, without limitation, as a result of
                                         the Company’s or Calculation Agent’s failure to select a Benchmark Replacement
                                         or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall
                                         be entitled to rely conclusively on all notices from the Company or its Calculation Agent
                                         regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards
                                         to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement
                                         Date, and Benchmark Replacement Conforming Changes.

 

    13

     

    

 

		(ix)	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 determined by the Calculation
                                         Agent, then the relevant Three-Month Term SOFR Conventions will apply.

 

		(f)	Place of Payment of Principal
                                         and Interest. So long as the Notes shall be issued in global form, the Company shall
                                         make, or cause the Paying Agent to make, all payments of principal and interest on the
                                         Notes by wire transfer in immediately available funds to DTC or its nominee, in accordance
                                         with applicable procedures of DTC. If the Notes are not in global form, the Company,
                                         may, at its option, make, or cause the Paying Agent to make, payments of principal and
                                         interest on the Notes by check mailed to the address of the person specified for payment
                                         in accordance with Section 3.02(e)(i) and (e)(ii) above. A global security
                                         with respect to the Notes shall be exchangeable for physical securities of such series
                                         only if:

 

		(i)	DTC is at any time unwilling or
                                         unable or ineligible to continue as a depository or ceases to be a clearing agency registered
                                         under the Exchange Act and a successor depository is not appointed by the Company within
                                         90 days of the date the Company is so notified in writing;

 

		(ii)	The Company executes and delivers
                                         to the Trustee a Company Order to the effect that such global securities shall be so
                                         exchangeable (and the Trustee consents thereto); or

 

		(iii)	An Event of Default has occurred
                                         and is continuing with respect to the global securities and a Holder requests such exchange.

 

		(g)	Redemption. The Notes
                                         shall be redeemable, in each case, in whole or in part from time to time, at the option
                                         of the Company beginning with the Interest Payment Date on November 1, 2025, but
                                         not prior thereto (except upon the occurrence of certain events specified below), and
                                         on any Interest Payment Date thereafter (each, a “Redemption Date”),
                                         subject to obtaining the prior approval of the Federal Reserve to the extent such approval
                                         is then required under the rules of the Federal Reserve. The Notes may not otherwise
                                         be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem
                                         the Notes before the Maturity Date, in whole, but not in part, subject to obtaining the
                                         prior approval of the Federal Reserve to the extent such approval is then required under
                                         the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event
                                         or a Tax Event, or if the Company is required to register as an investment company pursuant
                                         to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.).
                                         Any such redemption will be at a Redemption Price equal to 100% of the principal amount
                                         of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the
                                         Redemption Date fixed by the Company. The provisions of Article III of the Base
                                         Indenture shall apply to any redemption of the Notes pursuant to this Section 3.02(g).
                                         Any partial redemption will be made in accordance with DTC’s applicable procedures
                                         among all of the Holders of the Notes. If any Note is to be redeemed in part only, the
                                         notice of redemption relating to such Note shall state that it is a partial redemption
                                         and the portion of the principal amount thereof to be redeemed, and a replacement Note
                                         in principal amount equal to the unredeemed portion thereof will be issued in the name
                                         of the Holder thereof upon cancellation of the original Note. The Notes are not subject
                                         to redemption or prepayment at the option of the Holders.

 

    14

     

    

 

Any notice of redemption may
be conditional in the Company’s discretion on one or more conditions precedent, and the Redemption Date may be delayed until
such time as any or all of such conditions have been satisfied or revoked by the Company if it determines that such conditions
will not be satisfied.

 

		(h)	Sinking Fund. There shall
                                         be no sinking fund for the Notes.

 

		(i)	Conversion and Exchange.
                                         The Notes are not convertible into, or exchangeable for, equity securities, other securities
                                         or assets of the Company or its subsidiaries.

 

		(j)	Denomination. The Notes
                                         and any beneficial interest in the Notes shall be in minimum denominations of $1,000
                                         and integral multiples of $1,000 in excess thereof.

 

		(k)	Currency of the Notes.
                                         The Notes shall be denominated, and payment of principal and interest of the Notes shall
                                         be payable in, the currency of the United States of America.

 

		(l)	Registered Form. The Notes
                                         shall be issuable as global Registered Securities, and DTC (or any successor thereto
                                         or successor depositary appointed by the Company within 90 days of the termination
                                         of services of DTC) shall be the depositary for the Notes. Sections 304 and 307
                                         of the Base Indenture shall apply to the Notes.

 

		(m)	Events of Default. The
                                         Events of Default provided for in Section 501 of the Base Indenture shall apply
                                         to the Notes, provided that (i) the reference in Section 501(5) to “90
                                         days” shall be replaced with “60 days” and (ii) the following
                                         shall be added at the end of such Section:

 

“(7) in the event of
an appointment of a Custodian for the Company’s Material Subsidiary; or

 

(8) the Company pursuant
to or within the meaning of any Bankruptcy Law generally is unable to pay its debts as the same become due.”

 

		(n)	Acceleration of Maturity.
                                         Section 502 of the Base Indenture shall apply to the Notes, except that the first
                                         paragraph thereof shall be substituted with the following:

 

“If an Event
of Default under clause (4), (5), (7) or (8) of Section 501 occurs and is continuing, then the principal amount
of all the Notes, together with premium, if any, and accrued and unpaid interest, if any, thereon, shall automatically, and without
any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. The Maturity of
the Notes shall not otherwise be accelerated as a result of an Event of Default.”

 

		(o)	Statement by Officers as to
                                         Default. Section 1004 of the Base Indenture shall apply to the Notes, except
                                         the reference in that Section to “150 days” shall be replaced with “120
                                         days.”

 

    15

     

    

 

		(p)	No Collateral. The Notes
                                         shall not be entitled to the benefit of any security interest in, or collateralization
                                         by, any rights, property or interest of the Company.

 

		(q)	Satisfaction and Discharge;
                                         Defeasance. Articles IV and XIII of the Base Indenture shall apply to the Notes.

 

		(r)	No Additional Amounts.
                                         In the event that any payment on the Notes is subject to withholding of any U.S. federal
                                         income tax or other tax or assessment (as a result of a change in law or otherwise),
                                         the Company will not pay additional amounts with respect to such tax or assessment.

 

		(s)	Notices to Holders. Any
                                         notices required to be given to Holders of the Notes shall be given to the Trustee. Notwithstanding
                                         any other provision of the Indenture or any Note, where the Indenture or any Note provides
                                         for notice of any event or any other communication (including any notice of redemption
                                         or repurchase) to a holder of a Note (whether by mail or otherwise), such notice shall
                                         be sufficiently given if given to DTC (or its designee) pursuant to the applicable procedures
                                         from DTC or its designee, including by electronic mail in accordance with accepted practices
                                         at DTC.

 

		(t)	Additional Terms. Other
                                         terms applicable to the Notes are as otherwise provided for in the Base Indenture, as
                                         supplemented by this Supplemental Indenture.

 

Article IV.

ADDITIONAL PROVISIONS

 

Section 4.01         Additional
Provisions.

 

		(a)	Section 901 of the Base
                                         Indenture shall apply to the Notes, provided that, with respect to the Notes, the following
                                         text shall be deemed to be inserted at the end of such Section:

 

“Not in limitation
of the foregoing, without the consent of any Holder of Securities, the Company and the Trustee may amend or supplement the Indenture
or the Notes (i) to conform the terms of the Indenture and the Notes to the “Description of the Notes” section
in the prospectus supplement, dated October 28, 2020, relating to the offering of the Notes; or (ii) to implement any
Three-Month Term SOFR Conventions or any benchmark transition provisions after a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred (or in anticipation thereof).” The Trustee may rely on a Company Request (in addition to
any other orders, certificates and opinion) as to whether any such event in clause (ii) has occurred.

 

Article V.

subordination OF SECURITIES

 

Section 5.01         Agreement
of Subordination. The Company covenants and agrees, and each Holder of Notes issued hereunder by accepting a Note likewise
covenants and agrees, that all Notes shall be issued subject to the provisions of this Article V; and each Person holding
any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such
provisions.

 

    16

     

    

 

The payment of the
principal of and interest on all Notes (including, but not limited to, the redemption price with respect to the Notes called for
redemption in accordance with Section 3.02(g)) issued hereunder shall, to the extent and in the manner hereinafter set forth,
be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at
the date of the Indenture or thereafter incurred.

 

No provision of this
Article V shall prevent the occurrence of any Default or Event of Default hereunder.

 

Section 5.02          Payments
to Holders. No payment shall be made with respect to the principal of or interest on the Notes (including, but not limited
to, the redemption price with respect to the Notes to be called for redemption in accordance with Section 3.02(g)), except
payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 5.05, if:

 

	 	(a)	a default in the payment of principal, premium, interest or
    other obligations due on any Senior Indebtedness occurs and is continuing (or, in the case of Senior Indebtedness for which
    there is a period of grace, in the event of such a default that continues beyond the period of grace, if any, specified in
    the instrument or lease evidencing such Senior Indebtedness), unless and until such default shall have been cured or waived
    or shall have ceased to exist and the Trustee receives a notice of such default from a Representative of the Company; or
	 	 	 
	 	(b)	a default, other than a payment default, on a Designated Senior
    Indebtedness occurs and is continuing that then permits holders of such Designated Senior Indebtedness to accelerate its maturity
    and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a Representative or the Company.

 

 If the Trustee
receives any Payment Blockage Notice pursuant to clause (b) above, no subsequent Payment Blockage Notice shall be effective
for purposes of this Section unless and until (A) at least 365 days shall have elapsed since the initial effectiveness
of the immediately prior Payment Blockage Notice, and (B) all scheduled payments of principal, premium, if any, and interest
on the Notes that have come due have been paid in full in cash. No nonpayment default that existed or was continuing on the date
of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

 

The Company may and
shall resume payments on and distributions in respect of the Notes upon the earlier of:

 

	 	(1)	the date upon which the default is cured or waived or ceases
    to exist, or
	 	 	 
	 	(2)	in the case of a default referred to in clause (b) above,
    179 days pass after notice is received if the maturity of such Designated Senior Indebtedness has not been accelerated, unless
    this Article V otherwise prohibits the payment or distribution at the time of such payment or distribution.

 

    17

     

    

 

Upon any payment by
the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or Notes, to creditors
upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior Indebtedness shall first be paid
in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, or payment thereof in accordance with
its terms provided for in cash or other payment satisfactory to the holders of such Senior Indebtedness, before any payment is
made on account of the principal of or interest on the Notes (except payments made pursuant to Article V of the Base Indenture
from monies deposited with the Trustee pursuant thereto prior to commencement of proceedings for such dissolution, winding-up,
liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization of the Company or
bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the Company
of any kind or character, whether in cash, property or Notes, to which the Holders of the Notes or the Trustee would be entitled,
except for the provision of this Article V, shall (except as aforesaid) be paid by the Company or by any receiver, trustee
in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the Notes
or by the Trustee under the Indenture if received by them or it, directly to the holders of Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by such holders, or as otherwise required by law or
a court order) or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which
any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, to the extent
necessary to pay all Senior Indebtedness in full, in cash or other payment satisfactory to the holders of such Senior Indebtedness,
after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment
or distribution or provision therefor is made to the Holders of the Notes or to the Trustee.  Whenever a distribution is
to be made or a notice given to the holders of Senior Indebtedness, the distribution may be made and the notice given to their
Representative.

 

For purposes of this
Article V, the words, “cash, property or Notes” shall not be deemed to include shares of stock of the Company
as reorganized or readjusted, or Notes of the Company or any other person provided for by a plan of reorganization or readjustment,
the payment of which is subordinated at least to the extent provided in this Article V with respect to the Notes to the payment
of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by
the new person, if any, resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Indebtedness
(other than leases which are not assumed by the Company or the new person, as the case may be) are not, without the consent of
such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company
into, another person or the liquidation or dissolution of the Company following the conveyance or transfer of its property as
an entirety, or substantially as an entirety, to another person upon the terms and conditions provided for in Article V shall
not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 5.02 if such other
person shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article V.

 

    18

     

    

 

In the event of the
acceleration of the Notes because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder
of Notes in respect of the principal of or interest on the Notes (including, but not limited to, the redemption price with respect
to the Notes called for redemption in accordance with Section 3.02(g)), except payments and distributions made by the Trustee
as permitted by the first or second paragraph of Section 5.05, until all Senior Indebtedness has been paid in full in cash
or other payment satisfactory to the holders of Senior Indebtedness or such acceleration is rescinded in accordance with the terms
of the Indenture. If payment of the Notes is accelerated because of an Event of Default, the Company shall promptly notify holders
of Senior Indebtedness of the acceleration at the address set forth in the notice from the Agent (or successor agent) to the Trustee
as being the address to which the Trustee should send its notice pursuant to this Section 5.02, unless there are no payment
obligations of the Company thereunder and all obligations thereunder to extend credit have been terminated or expired.

 

In the event that,
notwithstanding the foregoing provisions, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities (including, without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall
be received by the Trustee or the Holders of the Notes before all Senior Indebtedness is paid in full in cash or other payment
satisfactory to the holders of such Senior Indebtedness, or provision is made for such payment thereof in accordance with its
terms in cash or other payment satisfactory to the holders of such Senior Indebtedness, such payment or distribution shall be
held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or their representative
or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior
Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company and directed by the
Company pursuant to a Company Order, for application to the payment of all Senior Indebtedness remaining unpaid to the extent
necessary to pay all Senior Indebtedness in full in cash or other payment satisfactory to the holders of such Senior Indebtedness,
after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

 

Nothing in this Article V
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607 of the Base Indenture. This Section 5.02
shall be subject to the further provisions of Section 5.05.  For the sake of clarity, such payments are not subordinated
to the Company’s Senior Indebtedness.

 

Section 5.03         Subrogation
of Notes. Subject to the payment in full of all Senior Indebtedness, the rights of the Holders of the Notes shall be subrogated
to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this
Article V (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated
to other indebtedness of the Company to substantially the same extent as the Notes are subordinated and is entitled to like rights
of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or
securities of the Company applicable to the Senior Indebtedness until the principal and interest on the Notes shall be paid in
full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any
cash, property or securities to which the Holders of the Notes or the Trustee would be entitled except for the provisions of this
Article V, and no payment over pursuant to the provisions of this Article V, to or for the benefit of the holders of
Senior Indebtedness by Holders of the Notes or the Trustee, shall, as between the Company, its creditors other than holders of
Senior Indebtedness, and the Holders of the Notes, be deemed to be a payment by the Company to or on account of the Senior Indebtedness;
and no payments or distributions of cash, property or securities to or for the benefit of the Holders of the Notes pursuant to
the subrogation provisions of this Article V, which would otherwise have been paid to the holders of Senior Indebtedness
shall be deemed to be a payment by the Company to or for the account of the Notes. It is understood that the provisions of this
Article V are and are intended solely for the purposes of defining the relative rights of the Holders of the Notes, on the
one hand, and the holders of the Senior Indebtedness, on the other hand.

 

    19

     

    

 

Nothing contained
in this Article V or elsewhere in the Indenture or in the Notes is intended to or shall impair, as among the Company, its
creditors other than the holders of Senior Indebtedness, and the Holders of the Notes, the obligation of the Company, which is
absolute and unconditional, to pay to the Holders of the Notes the principal of (and premium, if any) and interest on the Notes
as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative
rights of the Holders of the Notes and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything
herein or therein prevent the Trustee or the Holder of any Note from exercising all remedies otherwise permitted by applicable
law upon default under the Indenture, subject to the rights, if any, under this Article V of the holders of Senior Indebtedness
in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment or
distribution of assets of the Company referred to in this Article V, the Trustee, subject to the provisions of Section 601
of the Base Indenture, and the Holders of the Notes shall be entitled to conclusively rely upon any order or decree made by any
court of competent jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are
pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment
or distribution, delivered to the Trustee or to the Holders of the Notes, for the purpose of ascertaining the persons entitled
to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon and all other facts pertinent thereto or to this Article V.

 

Section 5.04         Authorization
to Effect Subordination. Each Holder of a Note by the holder’s acceptance thereof authorizes and directs the Trustee
on the holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided
in this Article V and appoints the Trustee to act as the holder’s attorney-in-fact for any and all such purposes. If
the Trustee does not file a proper proof of claim or proof of debt in the form required in any proceeding referred to in Section 503
of the Base Indenture hereof at least 30 days before the expiration of the time to file such claim, the holders of any Senior
Indebtedness or their representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders of the
Notes.

 

Section 5.05         Notice
to Trustee. The Company shall give prompt written notice in the form of an Officers’ Certificate to a Responsible Officer
of the Trustee and to any Paying Agent of any fact known to the Company which would prohibit the making of any payment of monies
to or by the Trustee or any Paying Agent in respect of the Notes pursuant to the provisions of this Article V. Notwithstanding
the provisions of this Article V or any other provision of the Indenture, the Trustee shall not be charged with knowledge
of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the
Notes pursuant to the provisions of this Article V, unless and until a Responsible Officer of the Trustee shall have received
written notice thereof at the Corporate Trust Office from the Company (in the form of an Officers’ Certificate) or a Representative
or a holder or holders of Senior Indebtedness or from any trustee thereof; and before the receipt of any such written notice,
the Trustee, subject to the provisions of Section 501 of the Base Indenture, shall be entitled in all respects to assume
that no such facts exist; provided that if on a date not fewer than two Business Days prior to the date upon which by the terms
hereof any such monies may become payable for any purpose (including, without limitation, the payment of the principal of, or
premium, if any, or interest on any Note) the Trustee shall not have received, with respect to such monies, the notice provided
for in this Section 5.05, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power
and authority to receive such monies and to apply the same to the purpose for which they were received, and shall not be affected
by any notice to the contrary which may be received by it on or after such prior date.

 

    20

     

    

 

Notwithstanding anything
in this Article V to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited with
it pursuant to Section 401 of the Base Indenture, and any such payment shall not be subject to the provisions of Section 5.01
or 5.02.

 

The Trustee, subject
to the provisions of Section 601 of the Base Indenture, shall be entitled to rely on the delivery to it of a written notice
by a Representative or a person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder)
to establish that such notice has been given by a Representative or a holder of Senior Indebtedness or a trustee on behalf of
any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect
to the right of any person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article V,
the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior
Indebtedness held by such person, the extent to which such person is entitled to participate in such payment or distribution and
any other facts pertinent to the rights of such person under this Article V, and if such evidence is not furnished the Trustee
may defer any payment to such person pending judicial determination as to the right of such person to receive such payment.

 

Section 5.06         Trustee’s
Relation to Senior Indebtedness. The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article V in respect of any Senior Indebtedness at any time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in Section 613 of the Base Indenture or elsewhere in the Indenture shall deprive the Trustee of
any of its rights as such holder. Nothing in this Article V shall apply to the Company’s obligations to the Trustee
under Section 607 of the Base Indenture.

 

With respect to the
holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as
are specifically set forth in this Article V, and no implied covenants or obligations with respect to the holders of Senior
Indebtedness shall be read into the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Indebtedness and, subject to the provisions of Section 601 of the Base Indenture, the Trustee shall
not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders of Notes, the Company or any other
person money or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article V or otherwise.

 

Section 5.07         No
Impairment of Subordination. No right of any present or future holder of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions
and covenants of the Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

    21

     

    

 

Section 5.08         Article Applicable
to Paying Agents. If at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then
acting hereunder, the term “Trustee” as used in this Article shall (unless the context otherwise requires) be
construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such
Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that the first paragraph
of Section 5.05 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.

 

Section 5.09         Senior
Indebtedness Entitled to Rely. The holders of Senior Indebtedness (including, without limitation, Designated Senior Indebtedness)
shall have the right to rely upon this Article V, and no amendment or modification of the provisions contained herein shall
diminish the rights of such holders unless such holders shall have agreed in writing thereto.

 

Article VI.

MISCELLANEOUS

 

Section 6.01         Trust
Indenture Act. This Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be
part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of this Supplemental
Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under such act to be a
part of and govern this Supplemental Indenture, the latter provision shall control.

 

Section 6.02         Communications
by Holders with Other Holders. Holders of Notes may communicate pursuant to Trust Indenture Act Section 312(b) with
other Holders of Notes with respect to their rights under the Indenture or the Notes. The Company, the Trustee, the Security Registrar
and anyone else shall have the protection of Trust Indenture Act Section 312(c).

 

Section 6.03         GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE
OF NEW YORK.

 

Section 6.04         Duplicate
Originals. The parties may execute any number of counterparts of this Supplemental Indenture. Each executed copy shall be
an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and
of signature pages by facsimile or electronic format (e.g., “.pdf” or “.tif”) transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of
the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic
format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all purposes.

 

Section 6.05         Severability.
In case any provision in this Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

    22

     

    

 

Section 6.06         Ratification.
The Base Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed. The
Base Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions
included in this Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted
by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Supplemental Indenture, and agrees
to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Supplemental Indenture.

 

Section 6.07         Effectiveness.
The provisions of this Supplemental Indenture shall become effective as of the date hereof.

 

Section 6.08         Successors.
All agreements of the Company in this Supplemental Indenture shall bind its successors. All agreements of the Trustee in this
Supplemental Indenture shall bind its successors.

 

Section 6.09         Indenture
and Notes Solely Corporate Obligations. No recourse will be available for the payment of principal of, or interest on, any
Note, for any claim based thereon, or otherwise in respect thereof, against any of the Trustee, any shareholder, employee, officer
or director, as such, past, present or future, of the Company or of any successor entity; it being expressly understood that all
such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Supplemental
Indenture and the issue of the Notes.

 

Section 6.10         Trustee’s
Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility
for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of which recitals are made
solely by the Company.

 

Section 6.11         U.S.A.
PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Supplemental Indenture agree that they will provide the Trustee with such information as
it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

 

    23

     

    

 

 

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

 

 

	 	STERLING BANCORP
	 	 
	 	 	 
	 	By:	/s/ Jack Kopnisky
	 	Name:	Jack Kopnisky
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 	 
	 	By:	/s/ Hazrat R. Haniff
	 	Name:	Hazrat R. Haniff
	 	Title:	Assistant Vice President

 

[Signature Page to Second Supplemental Indenture]

    

     

    

 

 

 

EXHIBIT A

 

FORM OF NOTE

 

See attached.

 

THIS SECURITY AND THE OBLIGATIONS OF
THE COMPANY (AS DEFINED HEREIN) 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 THE SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).

 

GLOBAL NOTE

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY,
WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

     

     

    

 

STERLING BANCORP

 

3.875% Fixed-to-Floating Rate Subordinated
Notes due 2030

 

	No.  [ ]	CUSIP: 85917A AC4

	$[ ]	ISIN: US85917AAC45

 

Sterling Bancorp,
a Delaware corporation (hereinafter called the “Company,” which term includes any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered assigns,
the principal sum of $[ ] (or such other amount as set forth in the Schedule of Increases or Decreases in Global Note attached
hereto) on November 1, 2030 (such date is hereinafter referred to as the “Stated Maturity Date”), unless
redeemed prior to such date, and to pay interest thereon (i) from, and including, October 30, 2020, to, but excluding,
November 1, 2025, unless redeemed prior to such date, at a rate of 3.875% per annum, semi-annually in arrears on May 1
and November 1 of each year, commencing May 1, 2021 (each such date, a “Fixed Rate Interest Payment Date,”
with the period from, and including, October 30, 2020 to, but excluding, the first Fixed Rate Interest Payment Date and each
successive period from, and including, a Fixed Rate Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment
Date being a “Fixed Rate Period”) and (ii) from, and including, November 1, 2025 to, but excluding,
the Stated Maturity Date, unless redeemed subsequent to November 1, 2025 but prior to the Stated Maturity Date, at a rate
equal to Three-Month Term SOFR, reset quarterly, plus 369 basis points, or such other rate as determined pursuant to the Supplemental
Indenture, payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year through
the Stated Maturity Date or earlier Redemption Date (each, a “Floating Rate Interest Payment Date,” and together
with the Fixed Rate Interest Payment Dates, the “Interest Payment Dates,” with the period from, and including,
November 1, 2025 to, but excluding, the first Floating Rate Interest Payment Date and each successive period from, and including
a Floating Rate Interest Payment Date to, but excluding, the next Floating Rate Interest Payment Date being a “Floating
Rate Period”). The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will
be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but excluding November 1, 2025, and,
the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on
the basis of a 360-day year and the number of days actually elapsed. In the event that any scheduled Interest Payment Date for
this Note falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be paid
on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made on the date that
the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest Payment
Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business
Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date
will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day
will include interest accrued to, but excluding such Business Day. 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%.

 

    	 	2	 

     

    

 

Payment of the principal
of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, which shall initially
be the Corporate Trust Office, in such currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

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

 

[Remainder of this page intentionally
left blank. Signature page follows.]

 

    	 	3	 

     

    

 

EXHIBIT A

 

IN WITNESS WHEREOF,
the Company has caused this Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	STERLING BANCORP
	 	 
	 	 
	 	By:	                       
	 	Name:
	 	Title:
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Date of authentication:

 

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     

     

    

 

REVERSE OF NOTE

 

STERLING BANCORP

 

3.875% Fixed-to-Floating Rate Subordinated
Notes due 2030

 

This Note is one of
a duly authorized issue of Securities of the Company of a series designated as the “3.875% Fixed-to-Floating Rate Subordinated
Notes due 2030” (herein called the “Notes”) initially issued in an aggregate principal amount of $[ ]
on October 30, 2020. Such series of Securities has been established pursuant to, and is one of an indefinite number of series
of subordinated debt securities of the Company issued or issuable under and pursuant to the Subordinated Debt Securities Indenture,
dated as of December 16, 2019 (the “Base Indenture”), between the Company and U.S. Bank National Association,
as Trustee (herein called the “Trustee,” which term includes any successor trustee), as supplemented and amended
by the Second Supplemental Indenture between the Company and the Trustee, dated as of October 30, 2020 (the “Supplemental
Indenture,” and the Base Indenture as supplemented and amended by the Supplemental Indenture, the “Indenture”),
to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the persons in whose names Notes are registered
from time to time and of the terms upon which the Notes are, and are to be, authenticated and delivered. The terms, conditions
and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (the “Trust Indenture Act”), and those set forth in this Note. To the extent that the
terms, conditions and provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms,
conditions and other provisions of this Note shall govern to the extent that such terms, conditions and other provisions of this
Note are not inconsistent with the terms, conditions and provisions made part of the Indenture by reference to the Trust Indenture
Act.

 

All capitalized terms
used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture.
To the extent that any capitalized term used in this Note and defined herein is also defined in the Indenture but conflicts with
the definition provided in the Indenture, the definition of the capitalized term in this Note shall control.

 

The indebtedness of
the Company evidenced by the Notes, including the principal thereof, premium, if any, and interest thereon, is, to the extent
and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior payment in full of all
Senior Indebtedness, whether outstanding at the date hereof or hereafter incurred, on the terms and subject to the terms and conditions
set forth in the Indenture, and shall rank pari passu in right of payment with all other Securities and with all other
unsecured subordinated indebtedness of the Company that is not by its terms subordinate and subject in right of payment to the
prior payment in full of debentures, notes, bonds or other evidences of indebtedness of types that include the Notes. Each Holder
of this Note, by the acceptance hereof, agrees to and shall 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.

 

     

     

    

 

The Notes are intended
to be treated as Tier 2 Capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes
of capital adequacy rules or regulations of the Board of Governors of the Federal Reserve System (or any successor regulatory
authority with jurisdiction over bank holding companies) (the “Federal Reserve”) as applicable to the Company
and as the same may be amended or supplemented from time to time. If an Event of Default with respect to Notes shall occur and
be continuing, the principal and interest owed on the Notes shall only become due and payable in accordance with the terms and
conditions set forth in Article V of the Base Indenture and Section 3.02(m) and (n) of the Supplemental Indenture.
Accordingly, the Holder of this Note has no right to accelerate the maturity of this Note in the event that the Company fails
to pay interest on any of the Notes, or fails to perform any other obligations under the Notes or in the Indenture that are applicable
to the Notes.

 

The Company may, at
its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest (the “Redemption Price”) to, but excluding, the date of redemption
(the “Redemption Date”), on any Interest Payment Date on or after November 1, 2025. The Company may also,
at its option, redeem the Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of
a Tier 2 Capital Event, a Tax Event or if the Company is required to register as an investment company pursuant to the Investment
Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to the Redemption Price to, but excluding,
the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior to the Stated Maturity Date shall be
made without the prior approval of the Federal Reserve if such prior approval is or will be required at the scheduled Redemption
Date. The provisions of Article III of the Base Indenture and Section 3.02(g) of the Supplemental Indenture shall
apply to the redemption of any Notes by the Company.

 

The Notes are not
entitled to the benefit of any sinking fund. The Notes are not convertible into or exchangeable for any other securities or property
of the Company or any Subsidiary of the Company.

 

In the event that
any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result
of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment.

 

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 Notes at any time by the Company and the Trustee with the consent of the Holders of at least
a majority in principal amount of the outstanding Notes. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Notes at the time outstanding, on behalf of the Holders of all Notes, to waive certain
past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

     

     

    

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Register described
in Section 305 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of
the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable
only in registered form without coupons in minimum denominations of $1,000 and any integral multiples of $1,000 in excess thereof.

 

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

 

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

 

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

 

Except as provided
in Section 305 of the Base Indenture and Section 3.02(f) of the Supplemental Indenture, beneficial owners of Global
Notes will not be entitled to receive physical delivery of Notes in the form of Individual Securities, and no Global Note will
be exchangeable except for another Global Note of like denomination and tenor to be registered in the name of the Depositary or
its nominee. Accordingly, each person owning a beneficial interest in a Global Note must rely on the procedures of the Depositary
and, if such person is not a Participant, on the procedures of the Participant through which such person owns its interest, to
exercise any rights of a Holder under the Notes.

 

     

     

    

 

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

 

The Trustee will act
as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 100 Wall
Street, 6th Floor, New York, New York 10005. The Company may at any time rescind the designation of a Paying Agent,
appoint a successor Paying Agent, or approve a change in the office through which any Paying Agent acts.

 

Notices to the Holders
of registered Notes in the form of Individual Securities will be given to such Holders at their respective addresses in the Register,
or in the case of Global Notes, electronic delivery in accordance with DTC’s applicable procedures. The Indenture contains
provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture
or for any remedy under the Indenture.

 

THIS NOTE IS GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

 

     

     

    

 

ASSIGNMENT FORM

 

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

 

I or we assign and transfer the within
Security to:

 

(Insert assignee’s legal name)

 

(Insert assignee’s social security
or tax I.D. number)

 

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

 

and irrevocably appoint the Trustee as
agent to transfer this Security on the books of Sterling Bancorp. The agent may substitute another to act for it.

 

Your Signature:

 

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

 

Your Name:

 

Date:

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

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

 

     

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN
GLOBAL NOTE

 

The initial principal
amount of this Global Note is $[ ]. The following increases or decreases in the principal amount of this Global Note have been
made:

 

	Date	 	Amount of 

decrease in 

principal 

amount of this 

Global Note	 	Amount of 

increase in 

principal 

amount of this 

Global Note	 	Principal 

amount of this 

Global Note 

following such 

decrease or 

increase	 	Signature of 

authorized 

signatory of 

TrusteeExhibit 10.1

 

NEUROTROPE BIOSCIENCE, INC.

2020 EQUITY INCENTIVE PLAN

 

1. DEFINITIONS.

 

Unless otherwise specified
or unless the context otherwise requires, the following terms, as used in this Neurotrope Bioscience, Inc. 2020 Equity Incentive
Plan, have the following meanings:

 

Administrator means
the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the term Administrator
means the Committee.

 

Affiliate means
a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.

 

Agreement means
an agreement between the Company and a Participant pertaining to a Stock Right delivered pursuant to the Plan in such form as the
Administrator shall approve.

 

Board of Directors means
the Board of Directors of the Company.

 

Cause means,
with respect to a Participant (a) dishonesty with respect to the Company or any Affiliate, (b) insubordination, substantial
malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant
of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant
and the Company or any Affiliate, and (e) conduct substantially prejudicial to the business of the Company or any Affiliate;
provided, however, that any provision in an agreement between a Participant and the Company or an Affiliate, which contains a conflicting
definition of Cause for termination and which is in effect at the time of such termination, shall supersede this definition with
respect to that Participant. The determination of the Administrator as to the existence of Cause will be conclusive on the Participant
and the Company.

 

Change of Control means
the occurrence of any of the following events:

 

Ownership.   Any
 “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial
Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this
purpose any such voting securities held by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant
to a transaction or a series of related transactions which the Board of Directors does not approve; or

 

Merger/Sale of
Assets.   (A) A merger or consolidation of the Company whether or not approved by the Board of Directors,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting
securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately
after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the
Company’s assets in a transaction requiring shareholder approval; or

 

     

     

    

 

Change in Board Composition.   A
change in the composition of the Board of Directors, as a result of which fewer than a majority of the directors are Incumbent
Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of March 9,
2017, or (B) are elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority
of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination
is in connection with an actual or threatened proxy contest relating to the election of directors to the Company). provided,
that if any payment or benefit payable hereunder upon or following a Change of Control would be required to comply with the limitations
of Section 409A(a)(2)(A)(v) of the Code in order to avoid an additional tax under Section 409A of the Code, such payment
or benefit shall be made only if such Change in Control constitutes a change in ownership or control of the Company, or a change
in ownership of the Company’s assets in accordance with Section 409A of the Code.

 

Code means
the United States Internal Revenue Code of 1986, as amended including any successor statute, regulation and guidance thereto.

 

Committee means
the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant to the provisions
of the Plan the composition of which shall at all times satisfy the provisions of Section 162(m) of the Code.

 

Common Stock means
shares of the Company’s common stock, $0.0001 par value per share.

 

Company means
Neurotrope Bioscience, Inc., a Delaware corporation.

 

Consultant means
any natural person who is an advisor or consultant that provides bona fide services to the Company or its Affiliates, provided
that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly
or indirectly promote or maintain a market for the Company’s or its Affiliates’ securities.

 

Disability or Disabled means
permanent and total disability as defined in Section 22(e)(3) of the Code.

 

Employee means
any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an officer or
director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights
under the Plan.

 

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

 

Fair Market Value of
a Share of Common Stock means:

 

     

     

    

 

If the Common Stock
is listed on a national securities exchange or traded in the over-the-counter market and sales prices are regularly reported for
the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite tape or other comparable
reporting system for the trading day on the applicable date and if such applicable date is not a trading day, the last market trading
day prior to such date;

 

If the Common Stock
is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices are not regularly
reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are
regularly reported, the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter
market for the trading day on which Common Stock was traded on the applicable date and if such applicable date is not a trading
day, the last market trading day prior to such date; and

 

If the Common Stock
is neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the Administrator,
in good faith, shall determine in compliance with applicable laws.

 

ISO means
an option intended to qualify as an incentive stock option under Section 422 of the Code.

 

Non-Qualified Option means
an option which is not intended to qualify as an ISO.

 

Option means
an ISO or Non-Qualified Option granted under the Plan.

 

Participant means
an Employee, director or Consultant of the Company or an Affiliate to whom one or more Stock Rights are granted under the Plan.
As used herein, “Participant” shall include “Participant’s Survivors” where the context requires.

 

Performance Based
Award means a Stock Grant or Stock-Based Award which vests based on the attainment of written Performance Goals as set
forth in Paragraph 9 hereof.

 

     

     

    

 

Performance
Goals means performance goals based on one or more of the following criteria: (i) pre-tax income or after-tax
income; (ii) income or earnings including operating income, earnings before or after taxes, interest, depreciation,
amortization, and/or extraordinary or special items; (iii) net income excluding amortization of intangible assets,
depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new
accounting pronouncements; (iv) earnings or book value per share (basic or diluted); (v) return on assets (gross or
net), return on investment, return on capital, return on invested capital or return on equity; (vi) return on revenues; (vii)
cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash
flow in excess of cost of capital; (viii) economic value created; (ix) operating margin or profit margin; (x) stock
price or total shareholder return; (xi) income or earnings from continuing operations; (xii) cost targets, reductions and
savings, expense management, productivity and efficiencies; (xiii) operational objectives, consisting of one or more
objectives based on achieving progress in research and development programs or achieving regulatory milestones related to
development and or approval of products; and (xiv) strategic business criteria, consisting of one or more objectives based on
meeting specified market penetration or market share of one or more products or customers, geographic business expansion,
customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology,
and goals relating to acquisitions, divestitures, joint ventures and similar transactions. Where applicable, the Performance
Goals may be expressed in terms of a relative measure against a set of identified peer group companies, attaining a specified
level of the particular criterion or the attainment of a percentage increase or decrease in the particular criterion,
and may be applied to one or more of the Company or an Affiliate of the Company, or a division or strategic business unit of
the Company, all as determined by the Committee. The Performance Goals may include a threshold level of performance below
which no Performance-Based Award will be issued or no vesting will occur, levels of performance at which Performance-Based
Awards will be issued or specified vesting will occur, and a maximum level of performance above which no additional issuances
will be made or at which full vesting will occur. Each of the foregoing Performance Goals shall be evaluated in an
objectively determinable manner in accordance with Section 162(m) of the Code and in accordance with generally accepted
accounting principles where applicable, unless otherwise specified by the Committee, and shall be subject to certification by
the Committee. The Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition
of unusual or non-recurring events affecting the Company or any Affiliate or the financial statements of the Company or any
Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense
determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a
business or related to a change in accounting principles provided that any such change shall at all times satisfy the
provisions of Section 162(m) of the Code.

 

Plan means
this Neurotrope Bioscience, Inc. 2020 Equity Incentive Plan.

 

Securities Act means
the Securities Act of 1933, as amended.

 

Shares means
shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into
which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares issued
under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both.

 

Stock-Based Award means
a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or a Stock Grant, which
the Committee may, in its sole discretion, structure to qualify in whole or in part as “performance-based compensation”
under Section 162(m) of the Code.

 

Stock Grant means
a grant by the Company of Shares under the Plan, which the Committee may, in its sole discretion, structure to qualify in whole
or in part as “performance-based compensation” under Section 162(m) of the Code.

 

Stock Right means
a right to Shares or the value of Shares of the Company granted pursuant to the Plan — an ISO, a Non-Qualified
Option, a Stock Grant or a Stock-Based Award.

 

     

     

    

 

Survivor means
a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights to
a Stock Right by will or by the laws of descent and distribution.

 

2. PURPOSES OF THE PLAN.

 

The Plan is intended
to encourage ownership of Shares by Employees and directors of and certain Consultants to the Company and its Affiliates in order
to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional
incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs, Non-Qualified
Options, Stock Grants and Stock-Based Awards.

 

3. SHARES SUBJECT TO THE PLAN.

 

		(a)	The number of Shares which may
                                         be issued from time to time pursuant to this Plan shall be 1,000,000
                                         shares of Common Stock.

 

		(b)	If an Option ceases to be “outstanding”, in whole or in part (other than by exercise),
or if the Company shall reacquire (at not more than its original issuance price) any Shares issued pursuant to a Stock Grant or
Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not
being issued, the unissued or reacquired Shares which were subject to such Stock Right shall again be available for issuance from
time to time pursuant to this Plan. Notwithstanding the foregoing, if a Stock Right is exercised, in whole or in part, by tender
of Shares or if the Company or an Affiliate’s tax withholding obligation is satisfied by withholding Shares, the number of
Shares deemed to have been issued under the Plan for purposes of the limitation set forth in Paragraph 3(a) above shall be the
number of Shares that were subject to the Stock Right or portion thereof, and not the net number of Shares actually issued. However,
in the case of ISOs, the foregoing provisions shall be subject to any limitations under the Code.

 

4. ADMINISTRATION OF THE PLAN.

 

The Administrator of
the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee,
in which case the Committee shall be the Administrator. Notwithstanding the foregoing, the Board of Directors may not take any
action that would cause any outstanding Stock Right that would otherwise qualify as performance-based compensation under Section 162(m)
of the Code to fail to so qualify. Subject to the provisions of the Plan, the Administrator is authorized to:

 

		(a)	Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations
which it deems necessary or advisable for the administration of the Plan;

 

		(b)	Determine which Employees, directors and Consultants shall be granted Stock Rights;

 

     

     

    

 

		(c)	Determine the number of Shares
                                         for which a Stock Right or Stock Rights shall be granted, provided, however, that in
                                         no event shall Stock Rights with respect to more than [              ]
                                         Shares be granted to any Participant in any fiscal year;

 

		(d)	Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted, provided
however, except in the case of death, disability, retirement or Change of Control, Stock Rights shall not vest, and any right of
the Company to restrict or reacquire Shares subject to a Stock Grant shall not lapse, less than one (1) year from the date
of grant, provided that time-based vesting may accrue incrementally over such one-year period; and provided further that, notwithstanding
the foregoing, Stock Rights may be granted to non-employee directors having time-based vesting of less than one (1) year from
the date of grant so long as no more than ten percent (10%) of the Shares reserved for issuance under the Plan pursuant to
Paragraph 3(a) above (as adjusted under Paragraph 25 of this Plan) may be granted in the aggregate pursuant to such awards; in
addition no dividends or dividend equivalents shall be paid on any Stock Right prior to the vesting of the underlying shares;

 

		(e)	Determine Performance Goals no later than such time as required to ensure that a Performance-Based
Award which is intended to comply with the requirements of Section 162(m) of the Code so complies;

 

		(f)	Amend any term or condition of any outstanding Stock Right, other than reducing the exercise price
or purchase price or extending the expiration date of an Option, provided that (i) such term or condition as amended is not
prohibited by the Plan; (ii) any such amendment shall not impair the rights of a Participant under any Stock Right previously granted
without such Participant’s consent or in the event of death of the Participant the Participant’s Survivors; and (iii)
any such amendment shall be made only after the Administrator determines whether such amendment would cause any adverse tax consequences
to the Participant, including, but not limited to, the annual vesting limitation contained in Section 422(d) of the Code and
described in Paragraph 6(b)(iv) below with respect to ISOs and pursuant to Section 409A of the Code;

 

		(g)	Make any adjustments in the Performance Goals included in any Performance-Based Awards provided
that such adjustments comply with the requirements of Section 162(m) of the Code; and

 

		(h)	Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary
or appropriate in order to comply with or take advantage of any tax or other laws applicable to the Company, any Affiliate or to
Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or
conditions applicable to Stock Rights or Shares issuable pursuant to a Stock Right;

 

provided, however, that all
such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of not causing
any adverse tax consequences under Section 409A of the Code and preserving the tax status under Section 422 of the
Code of those Options which are designated as ISOs and in accordance with Section 162(m) of the Code for all other Stock
Rights to which the Committee has determined Section 162(m) is applicable. Subject to the foregoing, the interpretation
and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final,
unless otherwise determined by the Board of Directors, if the Administrator is the Committee. In addition, if the
Administrator is the Committee, the Board of Directors may take any action under the Plan that would otherwise be the
responsibility of the Committee.

 

     

     

    

 

To the extent permitted
under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers
to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected
by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time. Notwithstanding the foregoing,
only the Board of Directors or the Committee shall be authorized to grant a Stock Right to any director of the Company or to any
 “officer” of the Company as defined by Rule 16a-1 under the Exchange Act.

 

5. ELIGIBILITY FOR PARTICIPATION.

 

The Administrator will,
in its sole discretion, name the Participants in the Plan; provided, however, that each Participant must be an Employee, director
or Consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator
may authorize the grant of a Stock Right to a person not then an Employee, director or Consultant of the Company or of an Affiliate;
provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become
a Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to
Employees who are deemed to be residents of the United States for tax purposes. Non-Qualified Options, Stock Grants and Stock-Based
Awards may be granted to any Employee, director or Consultant of the Company or an Affiliate. The granting of any Stock Right to
any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock
Rights or any grant under any other benefit plan established by the Company or any Affiliate for Employees, directors or Consultants.

 

6. TERMS AND CONDITIONS OF OPTIONS.

 

Each Option shall be
set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the
Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent
with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate including, without
limitation, subsequent approval by the shareholders of the Company of this Plan or any amendments thereto. The Option Agreements
shall be subject to at least the following terms and conditions:

 

		(a)	Non-Qualified Options:   Each Option intended to be a Non-Qualified Option
shall be subject to the terms and conditions which the Administrator determines to be appropriate and in the best interest of the
Company, subject to the following minimum standards for any such Non-Qualified Option:

 

     

     

    

 

(i) Exercise
Price:   Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option,
which exercise price shall be determined by the Administrator and shall be at least equal to the Fair Market Value per share of
Common Stock on the date of grant of the Option.

 

(ii) Number
of Shares:   Each Option Agreement shall state the number of Shares to which it pertains.

 

(iii) Vesting:   Each
Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised,
and may provide that the Option rights accrue or become exercisable in installments over a period of months or years,
or upon the occurrence of certain performance conditions or the attainment of stated goals or events.

 

(iv) Additional
Conditions:   Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase
agreement in form satisfactory to the Administrator providing for certain protections for the Company and its other shareholders,
including requirements that:

 

		A.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the
Shares may be restricted; and

 

		B.	The Participant or the Participant’s Survivors may be required to execute letters of investment
intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.

 

(v) Term
of Option:   Each Option shall terminate not more than ten years from the date of the grant or at such
earlier time as the Option Agreement may provide.

 

		(b)	ISOs:   Each Option intended to be an ISO shall be issued only to an Employee
who is deemed to be a resident of the United States for tax purposes, and shall be subject to the following terms and conditions,
with such additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422
of the Code and relevant regulations and rulings of the Internal Revenue Service:

 

(i) Minimum
standards:   The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph
6(a) above, except clause (i) and (v) thereunder.

 

(ii) Exercise
Price:   Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable
attribution rules in Section 424(d) of the Code:

 

		A.	10% or less of the total combined voting power of all classes of stock of the
Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 100% of the Fair
Market Value per share of the Common Stock on the date of grant of the Option; or

 

     

     

    

 

		B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate,
the exercise price per share of the Shares covered by each ISO shall not be less than 110% of the Fair Market Value per share of
the Common Stock on the date of grant of the Option.

​ 

(iii) Term of Option:   For
Participants who own:

 

		A.	10% or less of the total combined voting power of all classes of stock of the Company
or an Affiliate, each ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the
Option Agreement may provide; or

 

		B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate,
each ISO shall terminate not more than five years from the date of the grant or at such earlier time as the Option Agreement
may provide.

​ 

(iv) Limitation
on Yearly Exercise:   The Option Agreements shall restrict the amount of ISOs which may become exercisable in
any calendar year (under this or any other ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined
on the date each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant
in any calendar year does not exceed $100,000.

 

7. TERMS AND CONDITIONS OF STOCK
GRANTS.

 

Each Stock Grant to
a Participant shall state the principal terms in an Agreement duly executed by the Company and, to the extent required by law or
requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain
terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the
following minimum standards:

 

		(a)	Each Agreement shall state the purchase price per share, if any, of the Shares covered by each
Stock Grant, which purchase price shall be determined by the Administrator but shall not be less than the minimum consideration
required by the General Corporation Law of the State of Delaware, if any, on the date of the grant of the Stock Grant;

 

		(b)	Each Agreement shall state the number of Shares to which the Stock Grant pertains; and

 

		(c)	Each Agreement shall include the terms of any right of the Company to restrict or reacquire the
Shares subject to the Stock Grant, including the time period or attainment of Performance Goals or such other performance criteria
upon which such rights shall accrue and the purchase price therefor, if any.

 

     

     

    

 

8. TERMS AND CONDITIONS OF OTHER
STOCK-BASED AWARDS.

 

The Administrator
shall have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the
Administrator may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of
securities convertible into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The
principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company and, to the extent
required by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the
Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best
interest of the Company. Each Agreement shall include the terms of any right of the Company including the right to terminate
the Stock-Based Award without the issuance of Shares, the terms of any vesting conditions, Performance Goals or events upon
which Shares shall be issued. Under no circumstances may the Agreement covering stock appreciation rights (a) have an
exercise price (per share) that is less than the Fair Market Value per share of Common Stock on the date of grant or
(b) expire more than ten years following the date of grant.

 

The Company intends
that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the Code or meet
the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent
applicable, and be operated in accordance with Section 409A so that any compensation deferred under any Stock-Based Award
(and applicable investment earnings) shall not be included in income under Section 409A of the Code. Any ambiguities in the
Plan shall be construed to effect the intent as described in this Paragraph 8.

 

9. PERFORMANCE BASED AWARDS.

 

Notwithstanding anything
to the contrary herein, during any period when Section 162(m) of the Code is applicable to the Company and the Plan, Stock
Rights granted under Paragraph 7 and Paragraph 8 may be granted by the Committee in a manner which is deductible by the Company
under Section 162(m) of the Code (“Performance-Based Awards”). A Participant’s Performance-Based Award shall
be determined based on the attainment of written Performance Goals, which must be objective and approved by the Committee for a
performance period of between one and five years established by the Committee (I) while the outcome for that performance period
is substantially uncertain and (II) no more than 90 days after the commencement of the performance period to which the Performance
Goal relates or, if less, the number of days which is equal to 25% of the relevant performance period. The Committee shall determine
whether, with respect to a performance period, the applicable Performance Goals have been met with respect to a given Participant
and, if they have, to so certify and ascertain the amount of the applicable Performance-Based Award. No Performance-Based Awards
will be issued for such performance period until such certification is made by the Committee. The number of shares issued in respect
of a Performance-Based Award to a given Participant may be less than the amount determined by the applicable Performance Goal formula,
at the discretion of the Committee. The number of shares issued in respect of a Performance-Based Award determined by the Committee
for a performance period shall be paid to the Participant at such time as determined by the Committee in its sole discretion after
the end of such performance period. Nothing in this Section shall prohibit the Company from granting Stock-Based Awards subject
to performance criteria that do not comply with this Paragraph.

 

     

     

    

 

10. EXERCISE OF OPTIONS AND ISSUE
OF SHARES.

 

An Option (or any part
or installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the
Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise price in accordance
with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set
forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature may be provided
electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is
being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the exercise price
for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check;
or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months
(if required to avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate
cash exercise price for the number of Shares as to which the Option is being exercised; or (c) at the discretion of the Administrator,
by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market
Value equal as of the date of exercise to the aggregate exercise price for the number of Shares as to which the Option is being
exercised; or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established with
a securities brokerage firm, and approved by the Administrator; or (e) at the discretion of the Administrator, by any combination
of  (a), (b), (c) and (d) above or (f) at the discretion of the Administrator, by payment of such other lawful
consideration as the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept only such payment
on exercise of an ISO as is permitted by Section 422 of the Code.

 

The Company shall then
reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s
Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that
the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including,
without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect
to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid, non-assessable Shares.

 

11. PAYMENT IN CONNECTION WITH
THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.

 

Any Stock Grant or Stock-Based
Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being granted shall
be made (a) in United States dollars in cash or by check; or (b) at the discretion of the Administrator, through delivery
of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) and having a Fair
Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award; or (c) at the
discretion of the Administrator, by any combination of  (a) and (b) above; or (d) at the discretion of the
Administrator, by payment of such other lawful consideration as the Administrator may determine.

 

     

     

    

 

The Company shall when
required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award
was made to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set
forth in the applicable Agreement. In determining what constitutes “reasonably promptly,” it is expressly understood
that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including,
without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect
to the Shares prior to their issuance.

 

12. RIGHTS AS A SHAREHOLDER.

 

No Participant to whom
a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right except
after due exercise of an Option or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or purchase
price, if any, for the Shares being purchased and registration of the Shares in the Company’s share register in the name
of the Participant.

 

13. ASSIGNABILITY AND TRANSFERABILITY
OF STOCK RIGHTS.

 

By its terms, a Stock
Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent
and distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement provided
that no Stock Right may be transferred by a Participant for value. Notwithstanding the foregoing, an ISO transferred except in
compliance with clause (i) above shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right by a
Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed
a transfer prohibited by this Paragraph. Except as provided above during the Participant’s lifetime a Stock Right shall only
be exercisable by or issued to such Participant (or his or her legal representative) and shall not be assigned, pledged or hypothecated
in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any
attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder
contrary to the provisions of this Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and
void.

 

14. EFFECT ON OPTIONS OF TERMINATION
OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.

 

Except as otherwise
provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee, director
or Consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply:

 

		(a)	A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate
(for any reason other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 15,
16, and 17, respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date
of such termination of service, but only
within such term as the Administrator has designated in a Participant’s Option Agreement.

 

     

     

    

 

 

		(b)	Except as provided in Subparagraph (c) below, or Paragraph 16 or 17, in no event may an Option
intended to be an ISO, be exercised later than three months after the Participant’s termination of employment.

 

		(c)	The provisions of this Paragraph, and not the provisions of Paragraph 16 or 17, shall apply to
a Participant who subsequently becomes Disabled or dies after the termination of employment, director status or consultancy; provided,
however, in the case of a Participant’s Disability or death within three months after the termination of employment,
director status or consultancy, the Participant or the Participant’s Survivors may exercise the Option within one year after
the date of the Participant’s termination of service, but in no event after the date of expiration of the term of the Option.

 

		(d)	Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination
of employment, termination of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator
determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would
constitute Cause, then such Participant shall forthwith cease to have any right to exercise any Option.

 

		(e)	A Participant to whom an Option has been granted under the Plan who is absent from the Company
or an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who
is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence
alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate,
except as the Administrator may otherwise expressly provide; provided, however, that, for ISOs, any leave of absence granted by
the Administrator of greater than ninety days, unless pursuant to a contract or statute that guarantees the right to reemployment,
shall cause such ISO to become a Non-Qualified Option on the 181st day following such leave of absence.

 

		(f)	Except as required by law or as set forth in a Participant’s Option Agreement, Options granted
under the Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates,
so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate.

 

		15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise
provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an
Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all his or her
outstanding Options have been exercised:

 

     

     

    

 

		(a)	All outstanding and unexercised Options as of the time the Participant is notified his or her service
is terminated for Cause will immediately be forfeited.

 

		(b)	Cause is not limited to events which have occurred prior to a Participant’s termination of
service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines,
subsequent to a Participant’s termination of service but prior to the exercise of an Option, that either prior or subsequent
to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then the right to exercise
any Option is forfeited.

 

		16.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise
provided in a Participant’s Option Agreement:

 

		(a)	A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate
by reason of Disability may exercise any Option granted to such Participant to the extent that the Option has become exercisable
but has not been exercised on the date of the Participant’s termination of service due to Disability; and in the event rights
to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s
termination of service due to Disability of any additional vesting rights that would have accrued on the next vesting date had
the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period
prior to the date of the Participant’s termination of service due to Disability.

 

		(b)	A Disabled Participant may exercise the Option only within the period ending one year after the
date of the Participant’s termination of service due to Disability, notwithstanding that the Participant might have been
able to exercise the Option as to some or all of the Shares on a later date if the Participant had not been terminated due to Disability
and had continued to be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option.

 

		(c)	The Administrator shall make the determination both of whether Disability has occurred and the
date of its occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such
Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined
by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company.

 

		17.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR
OR CONSULTANT.

 

Except as otherwise
provided in a Participant’s Option Agreement:

 

     

     

    

 

		(a)	In the event of the death of a Participant while the Participant is an Employee, director or Consultant
of the Company or of an Affiliate, such Option may be exercised by the Participant’s Survivors to the extent that the Option
has become exercisable but has not been exercised on the date of
death; and in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the
date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The
proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of
death.

 

		(b)	If the Participant’s Survivors wish to exercise the Option, they must take all necessary
steps to exercise the Option within one year after the date of death of such Participant, notwithstanding that the decedent might
have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not died and had continued
to be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option.

 

		18.	EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS AND
STOCK-BASED AWARDS.

 

In the event of a termination
of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant
has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such grant shall terminate.

 

For purposes of this
Paragraph 18 and Paragraph 19 below, a Participant to whom a Stock Grant or a Stock-Based Award has been issued under the Plan
who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability
as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence,
be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy
with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.

 

In addition, for purposes
of this Paragraph 18 and Paragraph 19 below, any change of employment or other service within or among the Company and any Affiliates
shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be
an Employee, director or Consultant of the Company or any Affiliate.

 

19.  EFFECT ON STOCK GRANTS AND
STOCK-BASED AWARDS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE, DEATH or DISABILITY.

 

Except as otherwise
provided in a Participant’s Agreement, in the event of a termination of service for any reason (whether as an Employee, director
or Consultant), other than termination for Cause, death or Disability for which there are special rules in Paragraphs 20, 21, and
22 below, before all forfeiture provisions or Company rights of repurchase shall have lapsed, then the Company shall have the right
to cancel or repurchase that number of Shares subject to a Stock Grant or Stock-Based Award as to which the Company’s forfeiture
or repurchase rights have not lapsed.

 

     

     

    

 

20.  EFFECT ON STOCK GRANTS AND
STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise
provided in a Participant’s Agreement, the following rules apply if the Participant’s service (whether as an Employee,
director or Consultant) with the Company or an Affiliate is terminated for Cause:

 

		(a)	All Shares subject to any Stock Grant or Stock-Based Award that remain subject to forfeiture provisions
or as to which the Company shall have a repurchase right shall be immediately forfeited to the Company as of the time the Participant
is notified his or her service is terminated for Cause.

 

		(b)	Cause is not limited to events which have occurred prior to a Participant’s termination of
service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines,
subsequent to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination
the Participant engaged in conduct which would constitute Cause, then all Shares subject to any Stock Grant or Stock-Based Award
that remained subject to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall
be immediately forfeited to the Company.

 

21.  EFFECT ON STOCK GRANTS AND
STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise
provided in a Participant’s Agreement, the following rules apply if a Participant ceases to be an Employee, director or Consultant
of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or the Company’s rights
of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture
provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion
of the Shares subject to such Stock Grant or Stock-Based Award through the date of Disability as would have lapsed had the Participant
not become Disabled. The proration shall be based upon the number of days accrued prior to the date of Disability.

 

The Administrator shall
make the determination both as to whether Disability has occurred and the date of its occurrence (unless a procedure for such determination
is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such
determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost
of which examination shall be paid for by the Company.

 

22.  EFFECT ON STOCK GRANTS AND
STOCK-BASED AWARDS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as
otherwise provided in a Participant’s Agreement, the following rules apply in the event of the death of a Participant
while the Participant is an Employee, director or Consultant of the Company or of an Affiliate: to the extent the forfeiture
provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall be exercisable;
provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions
or rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant or Stock-Based Award
through the date of death as would have lapsed had the Participant not died. The proration shall be based upon the number of
days accrued prior to the Participant’s date of death.

 

     

     

    

 

23. PURCHASE FOR INVESTMENT.

 

Unless the offering
and sale of the Shares shall have been effectively registered under the Securities Act, the Company shall be under no obligation
to issue Shares under the Plan unless and until the following conditions have been fulfilled:

 

		(a)	The person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares,
that such person is acquiring such Shares for his or her own account, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of
the following legend (or a legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares
issued pursuant to such exercise or such grant of a Stock Right:

 

“The shares
represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person,
including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under
the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that
an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable
state securities laws.”

 

		(b)	At the discretion of the Administrator, the Company shall have received an opinion of its counsel
that the Shares may be issued in compliance with the Securities Act without registration thereunder.

 

24.  DISSOLUTION OR LIQUIDATION
OF THE COMPANY.

 

Upon the dissolution
or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all
Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate
and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise
terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution
or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance
as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation of the Company, any outstanding
Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the
applicable Agreement.

 

     

     

    

 

25.  ADJUSTMENTS.

 

Upon the occurrence
of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall
be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement.

 

		(a)	Stock Dividends and Stock Splits.   If  (i) the shares of Common
Stock shall be subdivided or combined into a greater or smaller number of shares or if the Company shall issue any shares of Common
Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities
of the Company or other non-cash assets are distributed with respect to such shares of Common Stock, each Stock Right and the number
of shares of Common Stock deliverable thereunder shall be appropriately increased or decreased proportionately, and appropriate
adjustments shall be made including, in the exercise or purchase price per share, to reflect such events. The number of Shares
subject to the limitations in Paragraph 3(a) and 4(c) shall also be proportionately adjusted upon the occurrence of such events
and the Performance Goals applicable to outstanding Performance-Based Awards.

 

		(b)	Corporate Transactions.   If the Company is to be consolidated with or acquired
by another entity in a merger, consolidation, or sale of all or substantially all of the Company’s assets or the acquisition
of all of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a single entity
other than a transaction to merely change the state of incorporation (a “Corporate Transaction”), the Administrator
or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”),
shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting
on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding
shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii)
upon written notice to the Participants, provide that such Options must be exercised (either (A) to the extent then exercisable
or, (B) at the discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this
Subparagraph), within a specified number of days of the date of such notice, at the end of which period such Options which have
not been exercised shall terminate; or (iii) terminate such Options in exchange for payment of an amount equal to the consideration
payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock into which such Option
would have been exercisable (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such
Options being made partially or fully exercisable for purposes of this Subparagraph) less the aggregate exercise
price thereof. For purposes of determining the payments to be made pursuant to Subclause (iii) above, in the case of a Corporate
Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall be valued
at the fair value thereof as determined in good faith by the Board of Directors.

 

Notwithstanding
the foregoing, in the event the Corporate Transaction also constitutes a Change of Control, then all Options outstanding on the
date of the Corporate Transaction shall automatically become fully vested and exercisable.

 

     

     

    

 

With respect
to outstanding Stock Grants, the Administrator or the Successor Board, shall make appropriate provision for the continuation of
such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock
Grants either the consideration payable with respect to the outstanding Shares of Common Stock in connection with the Corporate
Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction,
the Administrator may provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated
in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder
of the number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any
forfeiture or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and repurchase rights
being waived upon such Corporate Transaction).

 

In taking any
of the actions permitted under this Paragraph 25(b), the Administrator shall not be obligated by the Plan to treat all Stock Rights,
all Stock Rights held by a Participant, or all Stock Rights of the same type, identically.

 

		(c)	Recapitalization or Reorganization.   In the event of a recapitalization
or reorganization of the Company other than a Corporate Transaction pursuant to which securities of the Company or of another corporation
are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock
Grant after the recapitalization or reorganization shall be entitled to receive for the price paid upon such exercise or acceptance
if any, the number of replacement securities which would have been received if such Option had been exercised or Stock Grant accepted
prior to such recapitalization or reorganization.

 

		(d)	Adjustments to Stock-Based Awards.   Upon the happening of any of the events
described in Subparagraphs (a), (b) or (c) above, any outstanding Stock-Based Award shall be appropriately adjusted to
reflect the events described in such Subparagraphs. The Administrator or the Successor Board shall determine the specific adjustments
to be made under this Paragraph 25, including, but not limited to the effect of any, Corporate Transaction and Change of Control
and, subject to Paragraph 4, its determination shall be conclusive.

 

		(e)	Modification of Options.   Notwithstanding the foregoing, any adjustments
made pursuant to Subparagraph (a), (b) or (c) above with respect to Options shall be made only after the Administrator
determines whether such adjustments would (i) constitute a “modification” of any ISOs (as that term is defined
in Section 424(h) of the Code) or (ii) cause any adverse tax consequences for the holders of Options, including, but not limited
to, pursuant to Section 409A of the Code. If the Administrator determines that such adjustments made with respect to Options
would constitute a modification or other adverse tax consequence, it may refrain from making such adjustments, unless the holder
of an Option specifically agrees in writing that such adjustment be made and such writing indicates that the holder has full knowledge
of the consequences of such “modification” on his or her income tax treatment with respect to the Option. This paragraph
shall not apply to the acceleration of the vesting of any ISO that would
cause any portion of the ISO to violate the annual vesting limitation contained in Section 422(d) of the Code, as described
in Paragraph 6(b)(iv).

 

     

     

    

 

		(f)	Modification of Performance-Based Awards.   Notwithstanding the foregoing,
with respect to any Performance-Based Award that is intended to comply as “performance based compensation” under Section 162(m)
of the Code, the Committee may adjust downwards, but not upwards, the number of Shares payable pursuant to a Performance-Based
Award, and the Committee may not waive the achievement of the applicable Performance Goals except in the case of death or disability
of the Participant.

 

		26.	ISSUANCES OF SECURITIES.

 

Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject
to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including
without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right.

 

		27.	FRACTIONAL SHARES.

 

No fractional shares
shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional
shares equal to the Fair Market Value thereof.

 

		28.	CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION
OF ISOs.

 

The Administrator, at
the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s
ISOs (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior
to the expiration of such ISOs, regardless of whether the Participant is an Employee of the Company or an Affiliate at the time
of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions
on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine, provided that such
conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have
such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator
takes appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that
has not been exercised at the time of such conversion.

 

     

     

    

 

		29.	WITHHOLDING.

 

In the event that
any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”)
withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the
Participant’s salary, wages or other remuneration in connection with the issuance of a Stock Right or Shares under the
Plan or for any other reason required by law, the Company may withhold from the Participant’s compensation, if any, or
may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which employs or employed
the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the
use of shares of the Company’s Common Stock or a promissory note, is authorized by the Administrator (and permitted by
law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be
determined in the manner set forth under the definition of Fair Market Value provided in Paragraph 1 above, as of the most
recent practicable date prior to the date of exercise. If the Fair Market Value of the shares withheld is less than the
amount of payroll withholdings required, the Participant may be required to advance the difference in cash to the Company or
the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for less than the then
Fair Market Value on the Participant’s payment of such additional withholding.

 

		30.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

 

Each Employee who receives
an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares
acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes
any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee
was granted the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except as otherwise
provided in Section 424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements
do not apply and no Disqualifying Disposition can occur thereafter.

 

		31.	TERMINATION OF THE PLAN.

 

The Plan will terminate
on [ ], 2030, the date which is ten years from the earlier of the date of its adoption by the Board of Directors
and the date of its approval by the shareholders of the Company. The Plan may be terminated at an earlier date by vote of the
shareholders or the Board of Directors of the Company; provided, however, that any such earlier termination shall not affect any
Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect any Stock Rights
theretofore granted.

 

     

     

    

 

		32.	AMENDMENT OF THE PLAN AND AGREEMENTS.

 

The Plan may be
amended by the shareholders of the Company. The Plan may also be amended by the Administrator; provided that any amendment
approved by the Administrator which the Administrator determines is of a scope that requires shareholder approval shall be
subject to obtaining such shareholder approval including, without limitation, to the extent necessary to qualify any or all
outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable federal income tax
treatment as may be afforded incentive stock options under Section 422 of the Code and to the extent necessary to
qualify the Shares issuable under the Plan for listing on any national securities exchange or quotation in any national
automated quotation system of securities dealers and in order to continue to comply with Section 162(m) of the Code.
Other than as set forth in Paragraph 25 of the Plan, the Administrator may not without shareholder approval reduce the
exercise price of an Option or cancel any outstanding Option in exchange for a replacement option having a lower exercise
price, any Stock Grant, any other Stock-Based Award or for cash. In addition, the Administrator not take any other action
that is considered a direct or indirect “repricing” for purposes of the shareholder approval rules of the
applicable securities exchange or inter-dealer quotation system on which the Shares are listed, including any other action
that is treated as a repricing under generally accepted accounting principles. Any modification or amendment of the Plan
shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to
him or her. With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner
which may be adverse to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator,
outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. Nothing in
this Paragraph 32 shall limit the Administrator’s authority to take any action permitted pursuant to Paragraph
25.

 

		33.	EMPLOYMENT OR OTHER RELATIONSHIP.

 

Nothing in this Plan
or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director
status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status
or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period
of time.

 

		34.	SECTION 409A.

 

If a Participant is
a “specified employee” as defined in Section 409A of the Code (and as applied according to procedures of the Company
and its Affiliates) as of his separation from service, to the extent any payment under this Plan or pursuant to the grant of a
Stock-Based Award constitutes deferred compensation (after taking into account any applicable exemptions from Section 409A
of the Code), and to the extent required by Section 409A of the Code, no payments due under this Plan or pursuant to a Stock-Based
Award may be made until the earlier of: (i) the first day of the seventh month following the Participant’s separation
from service, or (ii) the Participant’s date of death; provided, however, that any payments delayed during this six-month
period shall be paid in the aggregate in a lump sum, without interest, on the first day of the seventh month following the Participant’s
separation from service.

 

The Administrator shall
administer the Plan with a view toward ensuring that Stock Rights under the Plan that are subject to Section 409A of the Code
comply with the requirements thereof and that Options under the Plan be exempt from the requirements of Section 409A of the
Code, but neither the Administrator nor any member of the Board, nor the Company nor any of its Affiliates, nor any other person
acting hereunder on behalf of the Company, the Administrator or the Board shall be liable to a Participant or any Survivor by reason
of the acceleration of any income, or the imposition of any additional tax or penalty, with respect to a Stock Right, whether by
reason of a failure to satisfy the requirements of Section 409A of the Code or otherwise.

 

     

     

    

 

35.  INDEMNITY.

 

Neither the Board nor
the Administrator, nor any members of either, nor any employees of the Company or any parent, subsidiary, or other Affiliate, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with their responsibilities
with respect to this Plan, and the Company hereby agrees to indemnify the members of the Board, the members of the Committee, and
the employees of the Company and its parent or subsidiaries in respect of any claim, loss, damage, or expense (including reasonable
counsel fees) arising from any such act, omission, interpretation, construction or determination to the full extent permitted by
law.

 

36.  CLAWBACK.

 

Notwithstanding anything
to the contrary contained in this Plan, the Company may recover from a Participant any compensation received from any Stock Right
(whether or not settled) or cause a Participant to forfeit any Stock Right (whether or not vested) in the event that the Company’s
Clawback Policy then in effect is triggered.

 

37.  GOVERNING LAW.

 

This Plan shall be
construed and enforced in accordance with the law of the State of Delaware.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]