Document:

EX-4.1

 Exhibit 4.1 

ATLANTIC CAPITAL BANCSHARES, INC. 

$50,000,000 Aggregate Principal Amount of 

Fixed-to-Floating Rate Subordinated Notes Due 2025 

ISSUING AND PAYING AGENCY AGREEMENT 

ISSUING AND PAYING AGENCY AGREEMENT, dated as of September 14, 2015 (the “Agreement”), between Atlantic Capital
Bancshares, Inc., a corporation organized under the laws of the State of Georgia, as issuer (the “Issuer”), and U.S. Bank National Association, a national banking association, as issuing and paying agent (the “Issuing and
Paying Agent”). 
 WHEREAS the Issuer proposes to issue $50,000,000 aggregate principal amount of its Fixed-to-Floating Rate
Subordinated Notes Due 2025 (the “Notes”), in transactions that are exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). 

WHEREAS the Issuer desires to appoint the Issuing and Paying Agent as issuing and paying agent in connection with the issuance of the Notes.

 WHEREAS the Issuing and Paying Agent has agreed to act as issuing and paying agent in connection with the Notes in accordance with the
provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the covenants and agreements herein contained and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

SECTION 1. Appointment of Issuing and Paying Agent. This Agreement does not limit the aggregate principal amount of Notes that may be
issued pursuant hereto. However, as of the date hereof, the Issuer proposes to issue $50,000,000 aggregate principal amount of Notes, provided that the Issuer reserves the right to increase such amount from time to time without the consent of the
holders of the Notes from time to time as reflected in the Issuer’s register of Notes (the “Registered Holders”) or owners of beneficial interests therein. The Issuer has appointed U.S. Bancorp Investments, Inc. and Macquarie
Capital (USA) Inc. (or such other placement agent(s) as may be appointed by the Issuer from time to time in connection with the Notes) as the placement agents for the Notes (the “Placement Agents”). The Issuer hereby appoints the
Issuing and Paying Agent to act, on the terms and conditions specified herein, as issuing and paying agent for the Notes, and the Issuing and Paying Agent hereby accepts such appointments in accordance with such terms and conditions. 

SECTION 2. Forms of Note; Global Notes; Proxies; Supply of Notes; Terms. (a) Forms of Notes. The Notes shall be issued in
fully registered book-entry form (the “Book-Entry Notes”) to persons reasonably believed to be “qualified institutional buyers” within the meaning of Securities and Exchange Commission (the “Commission”)
Rule 144A under the Securities Act (“Rule 144A”) and shall be represented by one or more global Notes (the “Global Notes”). 

 (b) Global Notes. This Section 2(b) shall apply to all Book-Entry Notes represented
by one or more Global Notes that are registered in the name of The Depository Trust Company or another depositary specified by the Issuer (the “Depositary”) or a nominee thereof: 

(i) each Global Note representing Book-Entry Notes will be deposited with, or on behalf of, the Depositary and registered in
the name of the Depositary or a nominee thereof; 
 (ii) notwithstanding any other provisions of this Agreement or a Global
Note, such Global Note shall not be transferred except as a whole by a nominee of the Depositary to the Depositary or to another nominee of the Depositary or by the Depositary or such nominee to a successor of the Depositary or a nominee of such
successor. A Global Note may be exchanged for Notes in fully registered form (“Certificated Notes”), in such form as shall be delivered to the Issuing and Paying Agent by the Issuer, in the event that (A) the Depositary has
notified the Issuer that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary has ceased to be a “clearing agency” registered under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and a successor depositary is not appointed by the Issuer within sixty (60) days thereafter, (B) an Event of Default (as defined in the Notes) has occurred and is continuing with respect to the Notes or
(C) the Issuer, in its sole discretion, determines that all of the Book-Entry Notes shall no longer be represented by Global Notes. Any Global Note exchanged pursuant to clause (A) or (C) above shall be so exchanged in whole but not
in part, while any Global Note exchanged pursuant to clause (B) above may be exchanged in whole or from time to time in part as directed by the Depositary; 

(iii) Notes issued in exchange for a Global Note or any portion thereof shall be issued as Certificated Notes, without interest
coupons, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so exchanged and shall be registered in such names and be in such denominations pursuant to Section 12 as the Depositary or an
authorized representative thereof shall designate. If a Global Note to be exchanged in whole is not then held by the Issuing and Paying Agent as custodian for the Depositary or its nominee, such Global Note shall be surrendered by the Depositary to
the corporate trust office of the Issuing and Paying Agent located at 1349 West Peachtree Street, N.W., Suite 1050, Atlanta, Georgia 30309 (the “Corporate Trust Office”), to be so exchanged. With regard to any Global Note to be
exchanged in part, either such Global Note shall be so surrendered for exchange by the Depositary or, if the Issuing and Paying Agent is acting as custodian for the Depositary or its nominee with respect to such Global Note, the principal amount
thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Issuing and Paying Agent. Upon any such surrender or adjustment, the Issuer shall execute, and
upon receipt of instructions from an Authorized Representative (as defined in Section 3) of the Issuer the Issuing and Paying Agent shall authenticate and deliver, each Certificated Note issuable on such exchange to or upon the order of the
Depositary or an authorized representative thereof and, in the case of such surrender, the Issuer shall execute, and upon receipt of instructions from an Authorized Representative of the Issuer the Issuing and Paying Agent shall authenticate and
deliver, a new Global Note on behalf of the Depositary for the remaining principal amount thereof; and 

  
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 (iv) neither any members of, or participants in, the Depositary
(“Participants”) nor any other persons on whose behalf Participants may act shall have any rights under this Agreement with respect to any Global Note registered in the name of the Depositary or any nominee thereof, or under any
such Global Note, and the Depositary or such nominee, as the case may be, may be treated by the Issuer, the Issuing and Paying Agent and any agent of the Issuer or the Issuing and Paying Agent as the absolute owner and Registered Holder of such
Global Note in accordance with Section 12(f) hereof. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Issuing and Paying Agent or any agent of the Issuer or the Issuing and Paying Agent from giving effect to any
written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Participants and any other person on whose behalf a Participant may act, the operation of
customary practices of such persons governing the exercise of the rights of a Registered Holder of a Global Note. 
 (c) Proxies. The
Registered Holder of a Note may grant proxies and otherwise authorize any person, including Participants and persons that may hold interests through Participants, to take any action which such Registered Holder is entitled to take under this
Agreement or such Note. 
 (d) Supply of Notes. If the Issuer intends to issue additional Notes, the Issuer will then furnish the
Issuing and Paying Agent with an adequate supply of Notes bearing consecutive control numbers, which will have the Registered Holder, principal amount and certain terms on the face thereof left blank. Upon reasonable notice given by the Issuing and
Paying Agent to the Issuer, the Issuer shall provide to the Issuing and Paying Agent such additional number of Notes as is mutually agreed upon. Each Note will have been executed by the manual or facsimile signature of an Authorized Representative
of the Issuer. The Issuing and Paying Agent will hold such blank Notes in safekeeping in accordance with its customary practice and shall issue such Notes in the order of the control numbers imprinted thereon. 

(e) Terms. The Notes shall mature on September 30, 2025 or such earlier date of redemption as may occur in accordance with the
terms of the Notes (the “Maturity Date”) and shall be issuable in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof (the “Authorized Denominations”). 

SECTION 3. Authorized Representatives. From time to time, the Issuer will furnish the Issuing and Paying Agent with an incumbency
certificate certifying as to the incumbency and specimen signatures of officers authorized (i) to execute Notes on behalf of the Issuer by manual or facsimile signature and (ii) to give instructions to the Issuing and Paying Agent in
accordance with Section 4 hereof (each such officer, an “Authorized Representative”). Until the Issuing and Paying Agent receives a subsequent incumbency certificate of the Issuer, the Issuing and Paying Agent shall be entitled
to rely on the last such certificate delivered to it for purposes of determining the Authorized Representatives of the Issuer. The Issuing and Paying Agent shall have no responsibility to the Issuer to determine by whom or by what means

  
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a facsimile signature may have been affixed on the Notes, or to determine whether any facsimile or manual signature is genuine, provided that such facsimile or manual signature resembles
reasonably closely any specimen signatures filed with the Issuing and Paying Agent by an Authorized Representative. Any Note bearing the manual or facsimile signature of a person who is an Authorized Representative on the date such signature is
affixed thereto shall bind the Issuer after the authentication thereof by the Issuing and Paying Agent, notwithstanding that such person shall have ceased to hold office on the date such Note is authenticated and delivered by the Issuing and Paying
Agent. 
 SECTION 4. Issuance Instructions; Registration, Authentication and Delivery; Receipt of Instructions; Payment.
(a) Issuance Instructions. All Note issuance instructions shall be given by an Authorized Representative by facsimile transmission, in writing or by reasonably secure electronic means agreed to by the Issuer and the Issuing and Paying
Agent. Such instructions shall include or otherwise reference: 
 (i) the aggregate principal amount of Notes issued; 

(ii) name of the Registered Holder; 

(iii) address of the Registered Holder; 

(iv) wire transfer instructions, if any, for payments to the Registered Holder; 

(v) taxpayer identifying number of the Registered Holder; 

(vi) form of such Note (i.e., whether such Note is a Global Note or a Certificated Note); 

(vii) Original Issue Date and Settlement Date of such Note; 

(viii) trade date of such Note; 

(ix) principal amount, Specified Currency and Authorized Denominations of such Note; 

(x) Maturity Date of such Note; 

(xi) if such Note is a Fixed Rate Note, the Interest Rate; 

(xii) if such Note is a Floating Rate Note, such of the following as are applicable: 

(A) the Interest Category (i.e., whether such Note is a Regular Floating Rate Note, an Inverse Floating Rate Note, a Floating
Rate/Fixed Rate Note or another type of Floating Rate Note); 
 (B) Interest Rate Basis or Bases and, if LIBOR and the CMT
Rate, any relevant related information; 

  
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 (C) Initial Interest Rate; 

(D) Index Maturity; 

(E) Spread and/or Spread Multiplier; 

(F) Minimum and/or Maximum Interest Rate; 

(G) Initial Interest Reset Date; 

(H) Interest Reset Dates; 

(I) Day Count Convention; and 

(J) Calculation Agent; 

(xiii) Interest Payment Dates for such Note; 

(xiv) if such Note is an Amortizing Note, the applicable terms thereof; 

(xv) if such Note is a discount note, the issue price thereof; 

(xvi) any redemption date and price; 

(xvii) any optional repayment date(s); 

(xviii) rate of Placement Agent’s discount or commission and amount to be received in payment for such Note; 

(xix) delivery and payment instructions for such Note; 

(xx) additional terms, if any; and; 

(xxi) any additional information as the Issuing and Paying Agent may reasonably request. 

(b) Registration, Authentication and Delivery. Upon receipt from an Authorized Representative of the issuance instructions referred to
in Section 4(a) in respect of a Note, the Issuing and Paying Agent shall withdraw the necessary Notes from safekeeping and, in accordance with such instructions, shall: 

(i) complete each Note as to the matters referred to in Section 4(a); 

(ii) record the ownership of each Note in the Note Register (as defined in Section 12(a) hereof); 

(iii) cause each Note to be manually authenticated by any one of the officers or employees of the Issuing and Paying Agent duly
authorized and designated by it for such purpose; and 

  
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 (iv) deliver each such Note to the Issuing and Paying Agent as custodian on
behalf of the Depositary, which delivery shall be made against receipt of full payment in immediately available funds. 
 (c) Receipt of
Instructions. Instructions given by an Authorized Representative by facsimile transmission, in writing or by other electronic means must be received by the Issuing and Paying Agent not later than ten (10) Business Days prior to the date
such additional Notes are to be issued or such other times as may be mutually agreed in writing between the Issuer and the Issuing and Paying Agent. For purposes of this Agreement, “Business Day” is defined as any day other than a
Saturday, Sunday, federal holiday or day on which banks in the City of New York, New York are authorized or obligated by law or executive order to close. In the event that instructions are received by the Issuing and Paying Agent later than 5:00
p.m. (New York City time) on any day, such instructions shall not be deemed to be received until the Business Day following such receipt. 

(d) Payment. It is understood that, although the Issuing and Paying Agent is instructed to deliver Notes against payment received in
immediately available funds, delivery of the Global Notes, in accordance with the custom prevailing in the market, will be made before actual receipt of payment. Once the Issuing and Paying Agent has delivered Global Notes to the applicable
Registered Holder or Placement Agent or designated consignee, as the case may be, against receipt therefor, the Issuer shall bear the risk that such Registered Holder or Placement Agent or designated consignee fails to remit payment for the Notes or
return same to the Issuing and Paying Agent. It is further understood that each delivery of Global Notes hereunder shall be subject to the rules of the Depositary in effect at the time of such delivery. 

SECTION 5. Representations and Warranties. Each delivery of Notes to the Issuing and Paying Agent in accordance with Section 4
hereof shall constitute a continuing representation and warranty to the Issuing and Paying Agent by the Issuer that the issuance and delivery of such Notes have been duly and validly authorized by the Issuer and that the Notes, when completed,
authenticated and delivered pursuant hereto, will constitute the legal, valid and binding obligation of the Issuer. 
 SECTION 6.
Proceeds of Sale of Notes. Proceeds received in payment for Notes are to be in immediately available funds and shall be immediately credited to an account designated in writing by the Issuer to the Issuing and Paying Agent and maintained by
the Issuer. Subject to the availability of funds upon receipt of instructions from an Authorized Representative, proceeds from the sale of Notes may, prior to the time such proceeds are received, be used in payment of the principal of, and premium,
if any, and interest on, other Notes presented for payment on the Maturity Date or any earlier date on which the principal thereof is due and payable, or be transferred for credit to the account of the Issuer at another bank. 

SECTION 7. Interest Payment Dates Other Than Maturity Date; Payment Mechanics. (a) Interest Payment Dates. Interest on the
Notes shall be payable on the dates set forth in such Notes (each, an “Interest Payment Date”). If any Interest Payment Date falls on a day that is not a Business Day, the related payment of interest shall be made in accordance with
the terms specified in the Notes. All interest payments on an Interest Payment Date other than 

  
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the Maturity Date will be made to the Registered Holders at the close of business on the fifteenth calendar day (whether or not a Business Day) immediately preceding the applicable Interest
Payment Date, or such other dates specified in such Notes (each, a “Regular Record Date”). Any such interest not so punctually paid or duly provided for on any Interest Payment Date will forthwith cease to be payable to the
Registered Holder thereof at the close of business on the applicable Regular Record Date and may either be paid to the person in whose name such Note is registered at the close of business on a special record date for the payment of such defaulted
interest to be fixed by the Issuer, notice whereof shall be given to the Registered Holders of Notes not less than 30 calendar days prior to such special record date, or be paid at any time in any other lawful manner. 

(b) Payment Mechanics. (i) Certificated Notes. All interest payments on the Certificated Notes will be made by check of the
Issuing and Paying Agent mailed, charges prepaid, to the Registered Holders at their addresses appearing on the applicable Regular Record Date in the Note Register or to such other address in the United States as any Registered Holder shall
designate to the Issuing and Paying Agent in writing not later than such Regular Record Date; provided, however, that Registered Holders of $10,000,000 or more in aggregate principal amount of Certificated Notes (whether or not having
identical terms and provisions) shall be entitled to receive payments of interest on an Interest Payment Date other than the Maturity Date by wire transfer of immediately available funds to an account at a bank designated by each such Registered
Holder not later than the Regular Record Date prior to such Interest Payment Date. 
 (ii) Book-Entry Notes. On each
Interest Payment Date, the Issuer will pay to the Issuing and Paying Agent in immediately available funds an amount sufficient to make the required payment on such date and, upon receipt of such funds, the Issuing and Paying Agent, in turn, will pay
to the Depositary such total amount of interest due on such Interest Payment Date. 
 SECTION 8. Optional Redemption. In the event
the Issuer elects to redeem any Notes in whole or in part, subject to the terms of the Notes, including prior approval of the Board of Governors of the Federal Reserve System or its delegee (the “Federal Reserve”), the Issuer shall
give written notice to the Issuing and Paying Agent of the principal amount of such Notes to be so redeemed in accordance with the terms set forth in the Notes. In any such written notice, (a) if Certificated Notes are to be redeemed, the
Issuer shall identify such Notes by specifying the interest rate or formula pursuant to which interest is calculated on such Notes, the Interest Payment Dates, the Maturity Date and redemption terms or (b) if Book-Entry Notes are to be
redeemed, the Issuer shall identify such Notes by specifying the CUSIP number assigned to the Global Note or Notes representing such Notes. The Issuing and Paying Agent shall cause notice of redemption to be given to the Registered Holders of the
Notes to be redeemed in accordance with the terms set forth in the Notes in the name and at the expense of the Issuer. Whenever less than all of the Notes of like tenor and terms are to be redeemed, (a) if such Notes are Global Notes held by
the Issuing and Paying Agent as custodian for the Depositary or its nominee, the Issuing and Paying Agent shall reduce the principal amount of one or more Global Notes, by the amount of such redemption, by means of an appropriate adjustment on the
records of the Issuing and Paying Agent or (b) in the case of all other Notes, the Issuing and Paying Agent shall select the Notes to be so redeemed by such method as the Issuing and Paying Agent shall deem fair and reasonable. Any Note which
is to be redeemed in part only pursuant to clause (b) of the 

  
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preceding sentence shall be surrendered to the Corporate Trust Office, and the Issuer shall execute, and upon receipt of instructions from an Authorized Representative of the Issuer the Issuing
and Paying Agent shall authenticate and deliver to the Registered Holder of such Note, without service charge, a new Note of like tenor and terms, of any Authorized Denomination as requested by such Registered Holder, in an aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of such Note so surrendered. 
 SECTION 9. Payment on the
Maturity Date. The Issuer will pay the principal of, and premium, if any, and interest on, the Global Notes on the Maturity Date only upon presentation and surrender thereof. The Registered Holder of the Global Notes will be paid by wire
transfer of immediately available funds and registered holders of Certificated Notes, if any, will be paid by check, except Registered Holders of at least $10,000,000 of Certificated Notes, if any, shall be paid by wire transfer of immediately
available funds. Interest payable on any Note on the Maturity Date will be payable to the person to whom the principal of such Note is payable. If the Maturity Date for any Note falls on a day that is not a Business Day, the related payment of
principal, premium, if any, and/or interest shall be made on the next succeeding Business Day as if it were made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Maturity Date
until such next succeeding Business Day. The Issuing and Paying Agent will forthwith cancel each such Note pursuant to Section 21 hereof. 

SECTION 10. Information Regarding Amounts Due. (a) Promptly following each Regular Record Date, the Issuing and Paying Agent will
advise the Issuer of the amount of interest (to the extent then known) due on the next succeeding Interest Payment Date; provided, however, the Issuing and Paying Agent shall have no responsibility to determine or calculate any premium due on the
Notes or any make-whole amount due and owing on the Notes. 
 (b) The Issuer shall appoint a calculation agent (the “Calculation
Agent”). The Issuing and Paying Agent may serve as Calculation Agent subject to terms and conditions mutually acceptable to the Issuer and the Issuing and Paying Agent. If at any time the Issuing and Paying Agent is not acting as the
Calculation Agent with respect to any Note, the Issuing and Paying Agent will give the Calculation Agent written notice of each Determination Date (as defined in the Notes) with respect to such Note at least three Business Days prior to such
Determination Date. 
 SECTION 11. Accounts and Deposit of Funds. On a timely basis, the Issuer shall remit to the Issuing and Paying
Agent the amount of principal, premium, if any, and/or interest payable in respect of Notes then outstanding. The Issuer shall wire such amount in immediately available funds to an account designated in writing by the Issuing and Paying Agent prior
to 10:00 a.m., New York City time at least one (1) Business Day prior to the relevant Interest Payment Date or the Maturity Date, as the case may be, while the Issuing and Paying Agent will pay such amount to the Depositary (in the case of Book
Entry Notes) or the Registered Holders (in the case of Certificated Notes) at or prior to 2:00 p.m., New York City time, on the aforementioned Interest Payment Date or Maturity Date. Notwithstanding any provision elsewhere contained herein, payments
by the Issuing and Paying Agent shall be made only out of amounts deposited with the Issuing and Paying Agent with respect to such payment. In the event the amount deposited with respect to a payment date is less than the sum of the aggregate

  
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amounts needed to make the payments due on such payment date, the Issuing and Paying Agent shall immediately notify the Issuer, and shall effect no payments with respect to such payment date
until such discrepancy has been resolved. Until paid as hereinafter provided, the Issuing and Paying Agent shall hold such amounts in trust for the benefit of the holders of the Notes. 

SECTION 12. Note Register Exchanges; Transfers; No Service Charges, etc.; Removal of Legends; Persons Deemed Owners. (a) Note
Register. The Issuing and Paying Agent, as agent of the Issuer for this purpose, shall act as registrar and transfer agent for the Notes and maintain at the Corporate Trust Office, a register of Notes for the registration of ownership of Notes
and transfers and exchanges thereof (the “Note Register”). Subject to the provisions of this Section 12, upon presentation for transfer or exchange of any Note at the Corporate Trust Office accompanied by a written instrument
of transfer or exchange in the form approved by the Issuer (it being understood that, until notice to the contrary is given to Registered Holders, the Issuer shall be deemed to have approved the form of instrument of transfer or exchange printed on
any Note), executed by the Registered Holder thereof, in person or by such Registered Holder’s attorney thereunto duly authorized in writing, such Note shall be transferred upon the Note Register, and the Issuer shall execute, and upon receipt
of instructions from an Authorized Representative of the Issuer the Issuing and Paying Agent shall authenticate and deliver, a new Note of like tenor and terms, in any Authorized Denomination requested by such Registered Holder, in the name of the
transferee. 
 (b) Exchanges. Upon the receipt by the Issuing and Paying Agent at the Corporate Trust Office of a Note accompanied by
a written and executed instrument of exchange as provided in Section 12(a), then, if such Note is owned by the Registered Holder thereof and is being exchanged without transfer the Issuer shall execute, and upon receipt of instructions from an
Authorized Representative of the Issuer the Issuing and Paying Agent shall authenticate and deliver, in exchange for such Note one or more Notes of like tenor and terms, in any Authorized Denomination requested by such Registered Holder, in an
aggregate principal amount equal to the principal amount of such Note. 
 (c) Transfers. So long as the Legend (as defined in
Section 12(e) hereof) has not been removed from a Note, the Issuing and Paying Agent shall not register the resale or other transfer of such Note unless such resale or other transfer is made in accordance with the Legend. In the case of a
resale or other transfer of a Certificated Note, the Issuing and Paying Agent shall register the resale or other transfer of a Certificated Note to the Issuer or a Placement Agent or by, through or in a transaction approved by the Issuer or a
Placement Agent upon the written approval of such resale or other transfer by the Issuer or Placement Agent, as the case may be. In the case of a resale or other transfer of a Certificated Note through the services of a broker, dealer or similar
intermediary other than a Placement Agent, the Registered Holder and the prospective transferee of such Certificated Note shall be required to complete the reverse of such Certificated Note or a bond power and deliver the Certificated Note (and any
applicable bond power) to the Issuing and Paying Agent to advise of the basis for such resale or other transfer being exempt from registration under the Securities Act. 

The Issuing and Paying Agent shall keep a record of all letters, notices or written communications received pursuant to this
Section 12(c). The Issuer has the right to inspect all such documents, notices, letters or other written communications. 

  
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 Notwithstanding any provision to the contrary herein, so long as a Global Note remains
outstanding and is held by or on behalf of the Depositary, transfers of a Global Note, in whole or in part, shall be made only in accordance with this Section 12(c). 

(i) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of the
Depositary or to a successor of the Depositary or such successor’s nominee. 
 (ii) Other Exchanges. In the event
that a Global Note is exchanged for Certificated Notes pursuant to this Section 12(c), such Global Notes and Certificated Notes may be exchanged or transferred for one another only in accordance with such procedures as may be from time to time
adopted by the Issuer and the Issuing and Paying Agent. 
 (d) No Service Charges, etc. Registration of transfers and exchanges of
Notes as aforesaid may be made from time to time, and each such registration shall be noted on the Note Register. No service charge (other than any cost of delivery) shall be made for any registration of transfer or exchange of Notes, but the
Issuing and Paying Agent or the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith (other than exchanges pursuant to this Agreement not involving any transfer). 

(e) Removal of Legends. Except as provided below, the Global Notes and Certificated Notes shall contain the applicable legend specified
in Exhibit A, as the case may be (the “Legend”). If Notes are issued upon the transfer, exchange or replacement of Notes in the same form not bearing the Legend, the Notes so issued shall not bear the Legend. If Notes are issued
upon the transfer, exchange or replacement of Notes in the same form bearing the Legend or if a request is made to remove the Legend on a Note, the Notes so issued shall bear the Legend or the Legend shall not be removed, as the case may be, unless
there is delivered to the Issuer such satisfactory evidence as may be reasonably required by the Issuer that neither the Legend nor the resale and other transfer restrictions set forth therein are required to ensure that transfers thereof comply
with the relevant provisions of the Securities Act or that such Notes are not “restricted securities” within the meaning of Rule 144 under the Securities Act. Upon provision of such satisfactory evidence to the Issuer, the Issuing and
Paying Agent, upon receipt of instructions from an Authorized Representative of the Issuer, shall authenticate and deliver a Note in the same form of like tenor and terms that does not bear the Legend. The Issuer agrees to indemnify the Issuing and
Paying Agent for, and to hold it harmless against, any loss, liability or expense, including the fees and expenses of counsel, reasonably incurred, arising out of or in connection with actions taken or omitted by the Issuing and Paying Agent in
accordance with the instructions from an Authorized Representative of the Issuer; provided, however, that the Issuer shall not be required to indemnify the Issuing and Paying Agent for any loss, liability or expense arising from the
gross negligence or willful misconduct of the Issuing and Paying Agent. 
 (f) Persons Deemed Owners. The Issuer and the Issuing and
Paying Agent (and any of their agents) may deem and treat the Registered Holder of any Note as the absolute owner of such Note for the purpose of receiving payment of the principal of, and premium, if any, and interest on, such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer nor the Issuing and Paying Agent shall be affected by notice to the contrary. 

  
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 SECTION 13. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become
mutilated or destroyed, lost or stolen, the Issuer, in its discretion, shall execute, and upon receipt of instructions from an Authorized Representative of the Issuer, the Issuing and Paying Agent shall authenticate and deliver a new Note of like
tenor and terms, having a number not contemporaneously outstanding, in exchange and substitution for the mutilated Note or in lieu of and substitution for the Note destroyed, lost or stolen; provided, however, that the applicant for a
substituted Note shall furnish to the Issuer and the Issuing and Paying Agent such security or indemnity as may be required by them to save each of them harmless and, in every case of destruction, loss or theft, the applicant shall also furnish to
the Issuer and the Issuing and Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. Upon the issuance of any substituted Note, the Issuer and the Issuing and Paying Agent may
require the payment of a sum sufficient to cover any fees and expenses connected therewith. In case any Note which has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a
substitute Note, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Note) upon compliance by the Registered Holder with the provisions of this Section 13, as hereinabove set forth. 

SECTION 14. Application of Funds; Return of Unclaimed Funds. Until used or applied as herein provided, all funds received by the
Issuing and Paying Agent hereunder shall be held for the purposes for which they were received but need not be segregated from other funds except to the extent required by law. Any funds deposited with the Issuing and Paying Agent and remaining
unclaimed for two years after the date upon which the last payment of the principal of, and/or premium, if any, and/or interest on, any Note to which such deposit relates shall, subject to applicable laws relating to escheat of funds, be repaid to
the Issuer by the Issuing and Paying Agent upon the written instructions of the Issuer, and the Registered Holder of any Note to which such deposit relates entitled to receive payment thereof shall thereafter look only to the Issuer for the payment
thereof and all liability of the Issuing and Paying Agent with respect to such funds shall thereupon cease. 
 SECTION 15. Events of
Default. Upon the occurrence of an “Event of Default” (as defined in the Notes), the Issuer shall promptly provide the Issuing and Paying Agent written notice as to, and instruct the Issuing and Paying Agent in writing to promptly
provide all of the Registered Holders of Notes such written notice as to, such occurrence of such Event of Default. In addition the Issuer, shall, within five calendar days after the occurrence thereof, provide the Issuing and Paying Agent written
notice as to, and instruct the Issuing and Paying Agent in writing to promptly provide all of the Registered Holders of Notes such written notice as to, any event which after notice or lapse of time or both would become an Event of Default under the
Notes (a “Default”). Upon receipt of any such written instruction in respect of the occurrence of any such Event of Default or Default, the Issuing and Paying Agent shall promptly mail to all Registered Holders of Notes, at the
addresses of such Registered Holders as they appear in the Note Register, any such written notice of such Event of Default or Default unless the Issuer shall have notified the Issuing and Paying Agent in writing that such Event of Default or Default
shall have been cured before the mailing of such written notice by the Issuing and Paying Agent. The Issuer waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. 

  
 -11- 

 SECTION 16. Liability. Neither the Issuing and Paying Agent nor its directors, officers or
employees shall be liable for any act or omission hereunder except in the case of its negligence or willful misconduct. The duties and obligations of the Issuing and Paying Agent, its officers and employees shall be determined by the express
provisions of this Agreement and they shall not be liable except for the performance of such duties and obligations as are specifically set forth herein and no implied covenants shall be read into this Agreement against them. The Issuing and Paying
Agent may consult with counsel satisfactory to it and shall be fully protected in any action taken in good faith in accordance with the advice of counsel. Neither the Issuing and Paying Agent nor its officers or employees shall be required to
ascertain whether the issuance or sale of the Notes (or any amendment or termination of this Agreement) has been duly authorized or is in compliance with any other agreement to which the Issuer is a party (whether or not the Issuing and Paying Agent
is also a party to such other agreement). The Issuing and Paying Agent may rely conclusively on any notice, certificate or other document furnished to it hereunder and reasonably believed by it in good faith to be genuine and delivered by the proper
person. The Issuing and Paying Agent shall not be liable for any actions taken by it in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is
governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby or thereby for such action. The Issuing and Paying Agent shall not be bound to make any investigation into or to recalculate or
otherwise verify the facts or matters stated in any certificate, report or other document. The Issuing and Paying Agent shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

SECTION 17. Indemnification. (a) The Issuer agrees to indemnify the Issuing and Paying Agent, its directors, officers, employees
and agents (each an “Indemnified Party”) for, and to hold each of them harmless against, any loss, liability or expense, incurred without gross negligence or willful misconduct arising out of or in connection with its or their
performance under this Agreement, as well as the reasonable costs and expenses of defending against any claim or liability relating thereto. This indemnity shall survive payment of all of the Notes and, if applicable, the resignation or removal of
the Issuing and Paying Agent. 
 (b) Each Indemnified Party shall give prompt notice to the Issuer of any action commenced against it in
respect of which indemnity may be sought hereunder. The Issuer shall have no liability for indemnity hereunder with respect to an action commenced against an Indemnified Party where such Indemnified Party failed to give notice to the Issuer of such
action; provided, however, failure so to notify the Issuer shall not relieve the Issuer from any liability which it may otherwise have than on account of this indemnity agreement. The Issuer shall be entitled to assume the defense of
any such action; provided however, that if any Indemnified Party is advised by counsel that there may be legal defenses available to such Indemnified Party which are adverse to or in conflict with those available to the
Issuer, the Issuer shall not have the right to assume the defense of such action, but shall be responsible for the reasonable fees and expenses of counsel retained by the Indemnified Party. The Issuer may

  
 -12- 

 
participate at its own expense in the defense of such action. In no event shall the Issuer be liable for the fees and expenses of more than one counsel for all Indemnified Parties in connection
with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. Notwithstanding anything herein to the contrary, the Issuer shall not be liable for any settlement
of any action without its consent, which consent shall not be unreasonably withheld. 
 SECTION 18. Compensation of the Issuing and
Paying Agent. The Issuer agrees to pay the compensation of the Issuing and Paying Agent at such rates as shall be agreed upon from time to time, including an annual administration fee, and to reimburse the Issuing and Paying Agent for its
reasonable out-of-pocket expenses (including legal fees and expenses), disbursements and advances incurred or made by the Issuing and Paying Agent in the performance of its duties under this Agreement, not to exceed $1,000 in connection with the
initial issuance of the Notes without the consent of the Issuer, and without limiting any indemnification rights of the Issuing and Paying Agent hereunder. Notwithstanding the foregoing, upon the issuance of any additional Notes, the Issuer agrees
to pay to the Issuing and Paying Agent its fees, costs and expenses, including those of it counsel, and any additional agreed to increase to the Issuing and Paying Agent’s annual administration fee. The obligations of the Issuer to the Issuing
and Paying Agent pursuant to this Section 18 shall survive the resignation or removal of the Issuing and Paying Agent and the satisfaction or termination of this Agreement. 

SECTION 19. Notices. (a) All communications by or on behalf of the Issuer relating to the issuance, transfer, exchange or payment
of principal, premium, if any, or interest in respect of any Note shall be directed to the Issuing and Paying Agent at its address set forth in subsection (b)(ii) hereof and the Issuer will send all Notes to be completed, authenticated and delivered
by the Issuing and Paying Agent to such address (or such other address as the Issuing and Paying Agent shall specify in writing to the Issuer). 

(b) Notices and other communications hereunder to the parties hereto shall be in writing, sent by facsimile transmission or by first class
mail, postage prepaid, and shall be addressed as follows, or to such other addresses as the parties hereto shall specify from time to time: 

(i) if to the Issuer: 
 Atlantic
Capital Bancshares, Inc. 
 Suite 1600 

3280 Peachtree Road NE 

Attention: Douglas L. Williams, President and CEO 

E-mail: doug.williams@atlcapbank.com 

  
 -13- 

 with a copy to: 

Womble Carlyle Sandridge & Rice, LLP 

271 17th Street, Suite 2400 

Atlanta, Georgia 30363 

Attention: Steven S. Dunlevie, Esq. 

E-mail: sdunlevie@wcsr.com 
 (ii)
if to the Issuing and Paying Agent: 
 U.S. Bank National Association 

1349 West Peachtree Street, N.W. 

Suite 1050 
 Atlanta, Georgia
30309 
 Attention: Mark C. Hallam, Assistant Vice President 

Telephone: 404-898-2463 
 (c)
Notices and other communications hereunder or under the Notes to the Registered Holders thereof shall be in writing, sent by first class mail, postage prepaid, to the addresses of such Registered Holders as they appear in the Note Register or in
such other addresses as such Registered Holders shall specify to the Issuing and Paying Agent from time to time. 
 SECTION 20.
Resignation or Removal of Issuing and Paying Agent. The Issuing and Paying Agent may at any time resign as such Issuing and Paying Agent by giving written notice to the Issuer of such intention on its part, specifying the date on which its
desired resignation shall become effective; provided, however, that such date shall not be less than three months after the giving of such notice by the Issuing and Paying Agent to the Issuer. The Issuing and Paying Agent may be
removed at any time by the filing with it of an instrument in writing signed by a duly authorized officer of the Issuer and specifying such removal and the date upon which it is intended to become effective. Such resignation or removal shall take
effect on the date of the appointment by the Issuer of a successor Issuing and Paying Agent and the acceptance of such appointment by such successor Issuing and Paying Agent. Any successor Issuing and Paying Agent into which the Issuing and Paying
Agent may be merged or converted or with which it may be consolidated or to which it may sell or transfer its corporate trust business and assets as an entirety or substantially as an entirety or any successor Issuing and Paying Agent succeeding to
the business of the Issuing and Paying Agent shall be the successor of the Issuing and Paying Agent hereunder; provided, however, that such successor Issuing and Paying Agent shall succeed to the rights and assume the obligations of
the Issuing and Paying Agent under this Agreement, without the execution or filing of any paper or any further act on the part of the parties hereto, notwithstanding anything herein to the contrary. In the event of resignation by the Issuing and
Paying Agent, if a successor Issuing and Paying Agent has not been appointed by the Issuer within three months after the giving of notice by the Issuing and Paying Agent of its intention to resign, the Issuing and Paying Agent may, at the reasonable
expense of the Issuer, petition any court of competent jurisdiction for appointment of a successor Issuing and Paying Agent. 

  
 -14- 

 SECTION 21. Cancellation of Notes. All Notes surrendered for payment or registration of
transfer or exchange shall, if surrendered to any person other than the Issuing and Paying Agent, be delivered to the Issuing and Paying Agent and shall be canceled by it. The Issuer may at any time deliver to the Issuing and Paying Agent for
cancellation any Note previously authenticated and delivered hereunder which the Issuer may have redeemed or otherwise acquired, and all Notes so delivered shall be canceled by the Issuing and Paying Agent. No Notes shall be authenticated in lieu of
or in exchange for any Notes canceled as provided in this Section 21, except as expressly permitted by this Agreement. All canceled Notes held by the Issuing and Paying Agent shall be destroyed by the Issuing and Paying Agent upon the written
instructions of the Issuer, and Issuing and Paying Agent shall deliver a certificate of destruction to the Issuer. Upon the written request of the Issuer, the Issuing and Paying Agent shall cancel and return to the Issuer all unissued Notes in its
possession at the time of such request. 
 SECTION 22. Benefit of Agreement. This Agreement is solely for the benefit of the parties
hereto, their successors and assigns and the Registered Holders of Notes, and no other person shall acquire or have any right under or by a virtue hereof. 

SECTION 23. Notes Held by the Issuing and Paying Agent. The Issuing and Paying Agent, in its individual or other capacity, may become
the owner or pledgee of the Notes with the same rights it would have if it were not acting as Issuing and Paying Agent hereunder. 
 SECTION
24. Modification and Amendment. (a) Notwithstanding any other provision of this Section 24, without the consent of any Registered Holder of Notes, the Issuer and the Issuing and Paying Agent may enter into one or more modifications
of this Agreement or the Notes, in form reasonably satisfactory to the Issuing and Paying Agent, to (i) evidence the succession of another entity to the Issuer and the assumption by any such successor of the obligations of the Issuer contained
in this Agreement and/or in the Notes, (ii) change or eliminate any of the provisions of this Agreement, provided that any such change or elimination shall become effective only when there is no outstanding Note created prior to the execution
of such amendment or modification which is entitled to the benefit of such provisions, (iii) establish other forms or terms of Notes as permitted in this Agreement, (iv) evidence and provide for the acceptance of appointment under this
Agreement by a successor Issuing and Paying Agent, (v) cure any ambiguity, correct or supplement any provisions in this Agreement or in the Notes which may be inconsistent with any other provisions herein or therein, or make any other
provisions with respect to matters or questions arising herein or therein; provided that such action shall not adversely affect the interests of any Registered Holder in any material respect, (vi) modify the restrictions on and procedures for
resales and other transfers of the Notes to reflect any change in applicable law or regulation (or the interpretation thereof) or in practices relating to the resale or other transfer of restricted securities generally, or (vii) modify,
eliminate or add to the provisions of this Agreement to such extent as shall be necessary to qualify this Agreement (including any supplemental agreement hereto) under the Trust Indenture Act of 1939, as amended, or under such similar statute
hereafter enacted. 
 (b) With the consent of the Registered Holders of a majority in aggregate principal amount of the outstanding Notes
affected thereby, the Issuer and the Issuing and Paying Agent may enter into one or more agreements supplemental hereto for the purpose of adding any 

  
 -15- 

 
provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or of modifying in any manner the rights of the Registered Holders of Notes under this Agreement;
provided, however, that no such supplemental agreement shall, without the consent of the Registered Holder of each outstanding Note affected thereby: (i) change the stated Maturity Date of the principal (or any installment of
principal) of any Note (but in no event changing the original maturity of the Note to less than five years from date of issuance), (ii) change any Interest Payment Date on which interest on any Note is to be paid, (iii) reduce the
principal amount of any Note, (iv) reduce the rate of interest on any Note or change the manner of calculation of interest thereon, (v) change any of the redemption provisions of any Note or permit holders of Notes to call or cause the
redemption or call of the Notes, (vi) change any place of payment where, or the currency in which, the principal of, or premium, if any, or interest on, any Note is payable, (vii) impair the right to institute suit for the enforcement of
any required payment in respect of any Note on or after the stated maturity thereof, (viii) reduce the percentage of the aggregate principal amount of the outstanding Notes, the consent of whose Registered Holders is required for the
modification and amendment of, or waiver under this Agreement or the Notes or certain defaults thereunder, or (ix) modify any of the provisions in this Agreement or the Notes relating to their modification, amendment or waiver other than to
increase the percentage necessary for such action or to provide that other provisions of this Agreement or the Notes cannot be modified, amended or waived without the consent of the Registered Holder of each outstanding Note affected thereby.
Nothing herein or in the Notes shall permit any change in this Agreement or in the Notes, with or without the consent of the Registered Holders, that, without the consent of the Issuer, would cause the Notes to no longer be Tier 2 capital for all
Federal Reserve and other regulatory purposes. 
 (c) Anything in this Agreement to the contrary notwithstanding, the Issuing and Paying
Agent shall not execute any amendment to this Agreement unless there shall have been filed with the Issuing and Paying Agent an opinion of counsel to the Issuer in customary form stating that such amendment is authorized or permitted by this
Agreement and complies with its terms and that upon execution it will be valid and binding upon the Issuer in accordance with its terms. 

SECTION 25. Subordination. (a) The Issuer’s obligation to make payments of principal and interest on the Notes will be
subordinate and junior in right of payment to all Senior Indebtedness of the Issuer, including general creditors. 
 (b) For purposes of this
Section 25, “Senior Indebtedness” shall mean the principal of (and premium, if any) and interest, if any, on: (i) obligations of the Issuer for money borrowed, (ii) indebtedness of the Issuer evidenced by bonds,
debentures, notes or similar instruments, (iii) similar obligations of the Issuer arising from off-balance sheet guarantees and direct credit substitutes, (iv) reimbursement obligations of the Issuer with respect to letters of credit,
bankers’ acceptances or similar facilities, (v) obligations of the Issuer issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course
of business), (vi) capital lease obligations of the Issuer, (vii) obligations of the Issuer associated with derivative products including but not limited to securities contracts, foreign currency exchange contracts, swap agreements
(including interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity

  
 -16- 

 
futures contracts, commodity option contracts and similar financial instruments, (viii) a deferred obligation of, or any such obligation, directly or indirectly guaranteed by, the Issuer
which obligation is incurred in connection with the acquisition of any business, properties or assets whether or not evidenced by a note or similar instrument given in connection therewith, (ix) debt of others described in the preceding clauses
that the Issuer has guaranteed or for which it is otherwise liable, and (x) obligations to general creditors (other than trade creditors); unless, in any case in the instrument creating or evidencing any such indebtedness or obligation, or
pursuant to which the same is outstanding, it is provided that such indebtedness or obligation is not superior in right of payment to the Notes or to other debt that is pari passu with or subordinate to the Notes; and, in each case, whether
outstanding on the date on this Subordinated Note becomes effective, or created, assumed or incurred after that date. Notwithstanding the foregoing, if the Federal Reserve (or its successor authority) promulgates any rule or issues any
interpretation that defines general creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding company is to be included in its capital, then the term “general
creditors” as used here and in the definition of Senior Indebtedness will have the meaning as described in that rule or interpretation. 

SECTION 26. GOVERNING LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF NEW YORK). 

SECTION 27. Counterparts. This Agreement may be executed by the parties hereto in any number of counterparts, and by each of the
parties hereto in separate counterparts. Each such counterpart, when so executed and delivered, shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

  
 -17- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on their behalf
by their officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	ATLANTIC CAPITAL BANCSHARES, INC.
		
	By:	 	 /s/ Douglas L. Williams

		 	Name: Douglas L. Williams
		 	Title: President and CEO
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Issuing and Paying Agent

		
	By:	 	 /s/ Mark C. Hallam

		 	Name: Mark C. Hallam
		 	Title: Assistant Vice PresidentEX-4.2

 Exhibit 4.2 

GLOBAL SUBORDINATED NOTE 

Atlantic Capital Bancshares, Inc. 

Fixed-to-Floating Rate Subordinated Notes Due 2025 
  

					
	Registered No. FFRSN2025-1	  	Principal Amount:	  	$50,000,000
			
		  	CUSIP:	  	048269AA2
			
		  	ISIN:	  	US048269AA29

 THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF CEDE & CO., THE NOMINEE OF THE DEPOSITORY TRUST
COMPANY (THE “DEPOSITARY”). UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO ATLANTIC CAPITAL BANCSHARES, INC. (THE
“COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY 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. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), 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. 
 THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS
NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR FUND. NEITHER THIS NOTE NOR ANY INTEREST HEREIN IS ELIGIBLE AS COLLATERAL TO SECURE A LOAN FROM ATLANTIC
CAPITAL BANK. 
 THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS SUBORDINATED, AS TO PRINCIPAL AND INTEREST, AND JUNIOR IN RIGHT OF PAYMENT TO
THE OBLIGATIONS OF THE COMPANY TO ITS GENERAL CREDITORS AS PROVIDED HEREIN, AND IS UNSECURED AND INELIGIBLE TO SERVE AS COLLATERAL TO SECURE A LOAN OR EXTENSION OF CREDIT BY THE COMPANY, ATLANTIC CAPITAL BANK OR ANY COMPANY SUBSIDIARY. 

 THIS SECURITY IS NOT GUARANTEED BY ANY PERSON OR ENTITY. 

EACH SUBORDINATED NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER
APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, THE REQUIREMENTS OF THE SECURITIES ACT. THIS SECURITY IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SUBSCRIPTION AGREEMENT, DATED AS OF SEPTEMBER 14, 2015, BETWEEN THE COMPANY, AS ISSUER, AND THE
PURCHASERS REFERRED TO THEREIN, AND AN ISSUING AND PAYING AGENCY AGREEMENT, DATED AS OF SEPTEMBER 14, 2015, BETWEEN THE COMPANY AND U.S. BANK NATIONAL ASSOCIATION, AS ISSUING AND PAYING AGENT, COPIES OF WHICH, IN EACH CASE, ARE ON FILE WITH THE
COMPANY. THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENTS. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENTS WILL BE VOID. 

THE COMPANY HAS NOT ENTERED INTO AN INDENTURE IN CONNECTION WITH THE ISSUANCE OF THIS SECURITY AND THIS SECURITY IS NOT ENTITLED TO THE BENEFITS OF AN
INDENTURE OR INDENTURE TRUSTEE. 
 EACH PURCHASER OF A BENEFICIAL INTEREST IN THIS SECURITY, IN MAKING ITS PURCHASE, WILL BE DEEMED TO HAVE REPRESENTED AND
WARRANTED TO THE COMPANY AND THE INITIAL PURCHASERS AND PLACEMENT AGENT THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER,” AS DEFINED IN SEC RULE 144A UNDER THE SECURITIES ACT. 

Under certain conditions, the Company may, without notice to or the consent of the Holder of this Security, create and issue additional notes ranking equally
with this Security and otherwise same in all respects (except for the issue date, issue price and first Interest Payment Date), provided that any such additional notes are fungible with this Note for U.S. Federal income tax purposes and have
the same CUSIP number as this Security. Such further notes shall be consolidated and form a single series with this Security. 
 Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

The Securities shall be issued as registered securities in the form of one or more permanent Global Securities, without coupons, registered in the name of the
Depository or its nominee. The Global Securities described above may be transferred by the Depository, in whole but not in part, only to a nominee of the Depository, or by a nominee of the Depository to the Depository, or to a successor Depository
or to a nominee of such successor Depository. 

  
 2 

 Owners of beneficial interests in such Global Securities will not be considered the Holders thereof for any
purpose hereunder. The rights of owners of beneficial interests in such Global Securities shall be exercised only through the Depository. 
 Any
“depository institution,” as defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds a Security (or beneficial interest therein) shall be deemed to have agreed by acquiring such Security (or beneficial interest)
to waive any rights to offset all or any portion of the indebtedness represented by such Security (or interest) against any indebtedness or other obligations of such institution to the Company. 

(Remainder of page intentionally left blank) 

  
 3 

 Reverse Side 

Atlantic Capital Bancshares, Inc. 

Fixed-to-Floating Rate Subordinated Notes Due 2025 

1. Payment. 
 (a) Atlantic
Capital Bancshares, Inc., a company incorporated under the laws of the State of Georgia (the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of Fifty Million
Dollars (U.S.) ($50,000,000) on September 30, 2025 (the “Maturity Date”). The Issuer further promises to pay interest thereon (i) at the rate of 6.25% per year (computed on the basis of a 360-day year of twelve 30-day
months) from and including September 28, 2015 to but excluding the earlier of September 30, 2020 or the date of any redemption pursuant to Section 3(b) below (the “Fixed Rate Interest Period”), payable during the
Fixed Rate Interest Period semi-annually in arrears, on March 30 and September 30 of each year (each, a “Fixed Interest Payment Date”), and (ii) at the rate per annum equal to the three-month LIBOR rate plus 468 basis
points (4.68%) (computed on the basis of a 360-day year based on the number of days actually elapsed) from and including September 30, 2020 to the Maturity Date or any early redemption date (the “Floating Rate Interest
Period”), payable quarterly in arrears on each March 30, June 30, September 30 and December 30 (each, a “Floating Interest Payment Date”). Each Fixed Interest Payment Date and Floating Interest
Date is referred to as an “Interest Payment Date”). The first Interest Payment Date shall be March 30, 2016. 
 (b) If
any Interest Payment Date or the Maturity Date is not a Business Day, then the payment will be made on the next succeeding Business Day and no interest will accrue as a result of such postponement. A “Business Day” means any day
other than a Saturday, Sunday, federal holiday or day on which banks in the State of New York are authorized or obligated by law or executive order to close. 

(c) For purposes hereof: 
 (i)
“Determination Date” with respect to a Floating Rate Interest Period will be the second London Banking Day preceding the first day of such Interest Period. 

(ii) “Interest Period” means the period commencing on and including an Interest Payment Date and ending on and including the
day immediately preceding the next succeeding Interest Payment Date. 
 (iii) “LIBOR” with respect to an Interest Period,
will be the ICE Benchmark Administration London Interbank Offered Rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period beginning on the second London Banking Day after the Determination Date that appears
on the appropriate page of the Reuters Screen as of 11:00 a.m., London time, on the Determination Date. If such screen does not include such a rate or is unavailable on a Determination Date, the Issuing and Paying Agent will request the principal
London office of each of four major banks in the London interbank market, as selected by the Issuing and Paying Agent, to provide such bank’s offered quotation (expressed as a 

  
 4 

 
percentage per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits in a Representative Amount in U.S.
dollars for a three-month period beginning on the second London Banking Day after the Determination Date. If at least two such offered quotations are so provided, the rate for the Interest Period will be the arithmetic mean of such quotations. If
fewer than two such quotations are so provided, the Issuing and Paying Agent will request each of three major banks in New York City, as selected by the Issuing and Paying Agent, to provide such bank’s rate (expressed as a percentage per
annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the second London Banking Day after the
Determination Date. If at least two such rates are so provided, the rate for the Interest Period will be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the rate for the Interest Period will be the rate in
effect with respect to the immediately preceding Interest Period. 
 (iv) “London Banking Day” is any day on which dealings
in U.S. dollars are transacted in, or, with respect to any future date, are expected to be transacted in, the London interbank market. 
 (v)
“Representative Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market at the relevant time. 

2. Subordinated Notes, Noteholders. This Security is intended to qualify as Tier 2 capital for all bank regulatory purposes. This
Subordinated Note is part of a duly authorized issue of notes of the Issuer designated as Fixed-to-Floating Rate Subordinated Notes Due 2025 (herein called the “Subordinated Notes” or the “Notes”) issued pursuant to
the Issuing and Paying Agency Agreement, dated as of September 14, 2015 (the “Issuing and Paying Agency Agreement”), between the Issuer and U.S. Bank National Association, as Issuing and Paying Agent (herein called the
“Issuing and Paying Agent,” which term includes any successor issuing and paying agent under the Issuing and Paying Agency Agreement). Reference is hereby made to the Issuing and Paying Agency Agreement for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer and the Issuing and Paying Agent and of the terms upon which the Subordinated Notes are, and are to be, authenticated and delivered. The holder in whose name
any Subordinated Notes are registered on the Security Register (as defined herein) is referred to as a “Noteholder,” and such holders collectively are referred to as the “Noteholders.” 

3. Optional Redemption. 

(a) The Issuer may, at its option, beginning with the Interest Payment Date of September 30, 2020 and on any scheduled Interest Payment
Date thereafter (or at any time on or after the 30th day prior to the Maturity Date of the Notes), redeem the Subordinated Notes in whole or in part at a redemption price equal to 100% of the
principal amount of the redeemed Subordinated Notes, plus accrued and unpaid interest to, but excluding, the date of the redemption. Any redemption is subject to the prior approval of the Board of Governors of the Federal Reserve or its delegee (the
“Federal Reserve”). 

  
 5 

 The Issuer will notify Noteholders of the Subordinated Notes to be redeemed at least 30 days but
not more than 60 days before the scheduled redemption (which notice may be conditional). If the Issuer is redeeming less than all the Subordinated Notes, the Issuing and Paying Agent under the Issuing and Paying Agency Agreement must select the
Subordinated Notes to be redeemed, which Subordinated Notes must be redeemed as ratably as practical among Noteholders. 
 (b) Additionally,
the Issuer may, at its option, redeem the Subordinated Notes before the Maturity Date in whole, but not in part, at any time, upon the occurrence of any of the following events (each, an “Early Redemption Event”): 

(i) Tax Event. The Issuer receives an opinion of independent tax counsel to the effect that an amendment to, or change
(including any announced prospective change) in, the Federal income tax laws or regulations of the United States, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations,
which change or amendment becomes effective or which pronouncement or decision is announced on or after the date of issuance of the Subordinated Notes, there is more than an insubstantial risk that the interest payable on the Subordinated Notes is
not, or within 90 days of receipt of such opinion of tax counsel, will not be, deductible by the Issuer, in whole or in part, for U.S. federal income tax purposes; 

(ii) Tier 2 Capital Event. The Issuer receives an opinion of independent bank regulatory counsel to the effect that, as
a result of (i) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States, including any rules, guidelines or policies of the Federal Reserve or any successor
regulatory authority or (ii) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Subordinated Notes, it is reasonably likely that the Subordinated Notes do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 Capital (or its then equivalent) for purposes of capital
adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Issuer; or 

(iii) Investment Company Event. The Issuer becomes required to register or be regulated as an investment company
pursuant to the Investment Company Act of 1940, as amended. 
 Any such redemption (an “Early Redemption Event”) will be at
a redemption price equal to 100% of the aggregate principal amount of the Subordinated Notes being redeemed plus accrued and unpaid interest to, but excluding, the date of redemption. Any redemption, call or repurchase of the Subordinated Notes upon
or following one of the Early Redemption Events requires prior approval of the Federal Reserve. 

  
 6 

 The Issuer’s election to redeem any Subordinated Notes upon the occurrence of an Early
Redemption Event (each of which Early Redemption Events shall not be considered to have occurred for these purposes until the Issuer has obtained the approval of the Federal Reserve), will be provided to the Issuing and Paying Agent at least 30 days
but not more than 60 days before the redemption date. 
 (c) On or prior to any early redemption date, the Issuer is required to deposit with
the Issuing and Paying Agent money sufficient to pay the redemption price of and accrued and unpaid interest on the notes to be redeemed on such date. Interest will cease to accrue beginning on the Redemption Date for the Subordinated Notes called
for redemption. 
 Holders of Notes should not expect that the Notes will be called or redeemed prior to maturity, notwithstanding the
redemption features herein. 
 4. Subordination. The indebtedness of the Issuer evidenced by the Subordinated Notes, including the
principal and interest on this Note, shall be subordinate and junior in right of payment to the prior payment in full of all existing and future Senior Indebtedness (as defined below) of the Issuer, and such subordination is for the benefit of and
enforceable by the holders of such Senior Indebtedness. Upon any payment or distribution of assets to creditors in case of the Issuer’s liquidation, dissolution, winding up, reorganization, assignment for the benefit of creditors or any
bankruptcy, insolvency, or similar proceedings, all holders of Senior Indebtedness will be entitled to receive payment in full of all amounts due to such holders pursuant to the terms of such Senior Indebtedness before the Noteholders will be
entitled to receive any payment of principal or interest on their Subordinated Notes. In the event of any such proceeding, after payment in full of all sums owing with respect to Senior Indebtedness, the Noteholders, together with the holders of any
obligations of the Issuer ranking equally in right of payment with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Issuer, the unpaid interest thereon and the unpaid principal thereof, before any payment or
other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any obligations of the Issuer ranking subordinate or junior to the Subordinated Notes. In addition, no payment on account of interest on, or
principal of, the Subordinated Notes will be made by the Issuer if, at the time of such payment or immediately after giving effect thereto, there has occurred an event of default with respect to any of the Issuer’s Senior Indebtedness,
permitting the holders thereof (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, or an event that, with the giving of notice or the passage of time or both, would constitute such event of default, and such event of
default shall not have been cured or waived. 
 “Senior Indebtedness” shall mean the principal of (and premium, if any) and
interest, if any, on: (i) obligations of the Issuer for money borrowed, (ii) indebtedness of the Issuer evidenced by bonds, debentures, notes or similar instruments, (iii) similar obligations of the Issuer arising from off-balance
sheet guarantees and direct credit substitutes, (iv) reimbursement obligations of the Issuer with respect to letters of credit, bankers’ acceptances or similar facilities, (v) obligations of the Issuer issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business), (vi) capital lease obligations of the Issuer, (vii) obligations of the Issuer
associated with derivative products including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar
agreements, interest 

  
 7 

 
rate agreements, foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts and similar financial instruments, (viii) a deferred obligation of, or any
such obligation, directly or indirectly guaranteed by, the Issuer which obligation is incurred in connection with the acquisition of any business, properties or assets whether or not evidenced by a note or similar instrument given in connection
therewith, (ix) debt of others described in the preceding clauses that the Issuer has guaranteed or for which it is otherwise liable, and (x) obligations to general creditors (other than trade creditors); unless, in any case in the
instrument creating or evidencing any such indebtedness or obligation, or pursuant to which the same is outstanding, it is provided that such indebtedness or obligation is not superior in right of payment to the Notes or to other debt that is
pari passu with or subordinate to the Notes; and, in each case, whether outstanding on the date on this Subordinated Note becomes effective, or created, assumed or incurred after that date. 

Notwithstanding the foregoing, if the Federal Reserve (or any successor authority) promulgates any rule or issues any interpretation that
defines general creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding company is to be included in its capital, then the term “general creditors” as used here and
in the definition of Senior Indebtedness will have the meaning as described in that rule or interpretation. 
 Each Noteholder by accepting
a Note authorizes and directs the Issuing and Paying Agent on its behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Noteholders and the holders of Senior Indebtedness of the
Issuer as provided in this Section 4 and appoints the Issuing and Paying Agent as attorney-in-fact for any and all such purposes. 

Nothing herein shall impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this
Note in accordance with its terms. 
 Each Noteholder by accepting a Note acknowledges and agrees that the foregoing subordination
provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of the Issuer, whether such Senior Indebtedness was created or acquired before or after the issuance of the Notes, to acquire and
continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to
hold, such Senior Indebtedness. 
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness
of the Issuer may, at any time and from time to time, without the consent of or notice to the Issuing and Paying Agent or the Noteholders, without incurring responsibility to the Issuing and Paying Agent or the Noteholders and without impairing or
releasing the subordination provided in this Section 4 or the obligations hereunder of the Noteholders to the holders of the Senior Indebtedness of the Issuer, do any one or more of the following: (i) change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, Senior Indebtedness of the Issuer, or otherwise amend or supplement in any manner Senior Indebtedness of the Issuer, or any instrument evidencing the same or any agreement under which
Senior Indebtedness of the Issuer is outstanding; (ii) sell, exchange, release or otherwise deal 

  
 8 

 
with any property pledged, mortgaged or otherwise securing Senior Indebtedness of the Issuer; (iii) release any Person liable in any manner for the payment or collection of Senior
Indebtedness of the Issuer; and (iv) exercise or refrain from exercising any rights against the Issuer and any other Person. 
 5.
Consolidation, Merger and Sale of Assets. The Issuer shall not consolidate with or merge into another person or entity, or convey or transfer its properties and assets substantially as an entirety to any person or entity, unless: 

(a) the person or entity formed by such consolidation or into which the Issuer is merged or the person or entity which acquires by conveyance
or transfer the properties and assets of the Issuer substantially as an entirety is a corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or any other entity
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes, by a supplemental agreement, the due and punctual payment of the principal of and any interest on the
Subordinated Notes according to their terms, and the due and punctual performance and observance of all covenants and conditions to be performed by the Issuer contained in this Note and the Issuing and Paying Agency Agreement; and 

(b) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing. 
 Upon any such consolidation or merger, or conveyance or transfer, the
successor entity or person formed, or into which the Issuer is merged or to which such conveyance or transfer is made, shall succeed to, and be substituted for, the Issuer under the Issuing and Paying Agency Agreement, and the Issuer shall be
released from all of its obligations pursuant thereto. 
 6. Events of Default; Acceleration. If any of the following events shall
occur and be continuing (each an “Event of Default”): 
 (a) a court having jurisdiction enters a decree or order for the
appointment of a receiver, liquidator, trustee or similar official in any receivership, insolvency, liquidation or similar proceeding relating to the Issuer and such decree or order remains unstayed and in effect for a period of 60 consecutive days;

 (b) the Issuer consents to the appointment of a receiver, liquidator, trustee or other similar official in any receivership, insolvency,
liquidation, or similar proceeding with respect to the Issuer; or 
 (c) a “major depository institution subsidiary” of the Issuer,
including Atlantic Capital Bank and its successor (the “Principal Bank”) is the subject of a receivership, insolvency, liquidation or similar proceeding; 

  
 9 

 then, and only any such case, unless the principal of this Note already shall have become due and payable, the
holders of 100% of the outstanding principal amount of the Subordinated Notes, by notice in writing to the Issuer, may declare the principal amount of this Note to be due and payable immediately, and upon any such declaration the same shall become
and shall be immediately due and payable. 
 7. Failure to Make Payment. In the event of failure by the Issuer to make any required
payment of principal or interest on this Note upon maturity or acceleration of maturity upon an Event of Default, the Noteholders may (if such principal or interest remains unpaid following delivery by such Noteholders of notice to the Issuer)
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect the amounts adjudged or decreed to be payable in the
manner provided by law. 
 8. Payment Procedures. Payment of the principal and interest payable on the Maturity Date will be made by
wire transfer in immediately available funds to the Issuing and Paying Agent sufficient to pay such principal and interest when due, and the Issuing and Paying Agent shall wire to the Depository immediately available funds in the total amount of the
principal and interest due on the Maturity Date, upon presentation and surrender of this Note at the office of the Issuer or at such other place or places as the Issuer shall designate by notice to the Noteholders, provided that this Note is
presented to the Issuer in time for the Issuer to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date or upon early redemption) shall be made by wire
transfer in immediately available funds or check mailed to the person entitled thereto, as such person’s address appears on the Security Register maintained by the Issuing and Paying Agent mailed, to the Noteholder at its address appearing on
the applicable Regular Record Date (as defined below) in the Security Register (as defined in Section 10) or to such other address in the United States as the Noteholder shall designate to the Issuing and Paying Agent in writing not later than
the Regular Record Date. With regard to Book-Entry Notes, on each Interest Payment Date, the Issuer will pay to the Issuing and Paying Agent in immediately available funds an amount sufficient to make the required payment on such date and, upon
receipt of such funds, the Issuing and Paying Agent, in turn, will wire immediately available funds to the Depositary the total amount of interest due on such Interest Payment Date. Interest payable on any Interest Payment Date shall be payable to
the holder in whose name this Note is registered at the close of business on the fifteenth calendar day (whether or not a Business Day) immediately preceding the applicable Interest Payment Date (such date being referred to herein as the
“Regular Record Date”), except that interest not punctually paid may be paid to the Noteholder in whose name this Note is registered at the close of business on a Special Record Date fixed by the Issuer (a “Special Record
Date”), notice of which shall be given to the holder not less than 15 calendar days prior to such Special Record Date. The Regular Record Date and Special Record Date are referred to herein collectively as the “Record
Dates.” All payments on this Note shall be applied first to accrued interest and then the balance, if any, to principal. 
 9.
Form of Payment, Maintenance of Payment Office. Payments of principal of and interest on this Note shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of
public and private debts. Until the date on which all of the Subordinated Notes shall have been surrendered or delivered to the 

  
 10 

 
Issuer or the Issuing and Paying Agent for cancellation or destruction, or become due and payable and a sum sufficient to pay the principal of and interest on all of the Subordinated Notes shall
have been either paid or reserved for payment by the Issuer as provided herein, the Issuer shall at all times maintain an office or agency in the State of New York where Subordinated Notes may be presented or surrendered for payment. 

10. Registration of Transfer, Security Register. Except as otherwise provided herein, this Note is transferable in whole and not in
part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Noteholder in person, or by his attorney duly authorized in writing, at the office of the Issuing and Paying Agent. The
Issuing and Paying Agent shall maintain a register providing for the registration of ownership of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon presentation of this Note for exchange or
registration of transfer, the Issuer shall execute, authenticate and deliver in exchange therefor a Note or Notes of like tenor and terms, each in a denomination of $1,000 or any amount in excess thereof which is an integral multiple of $1,000 and,
in the absence of an opinion of counsel satisfactory to the Issuer to the contrary, bearing the restrictive legends set forth on the face of this Note and that is or are registered in such name or names requested by the Noteholder. Any Note
presented for registration of transfer or for exchange shall be duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Issuer, and shall be accompanied by such evidence of due authorization and guarantee of
signature as may reasonably be required by the Issuer or the Issuing and Paying Agent in form satisfactory to the Issuer, duly executed by the Noteholder or his attorney duly authorized in writing, with such tax identification number or other
information for each person in whose name a Note is to be issued, and accompanied by evidence of compliance with any restrictive legends appearing on such Note or Notes as the Issuer may reasonably request to comply with applicable law. No exchange
or registration of transfer of this Note shall be made on or after the fifteenth day immediately preceding the Maturity Date. This Note is subject to the restrictions on transfer of a subscription agreement between the Issuer of this Note and the
purchasers referred to therein, a copy of which is on file with the Issuer. The Note may not be sold or otherwise transferred except in compliance with said agreement. 

11. Charges and Transfer Taxes. No service charge (other than any cost of delivery) shall be imposed for any exchange or registration of
transfer of this Note, but the Issuing and Paying Agent or the Issuer may require payment of a sum sufficient to cover any stamp or other tax or governmental charge payable in connection therewith (other than exchanges pursuant to the Issuing and
Paying Agency Agreement not involving any transfer) or presentation of evidence that such tax or charge has been paid. 
 12.
Ownership. Prior to due presentment of this Note for registration of transfer, the Issuer may deem and treat the Noteholder as the absolute owner of this Note for the purpose of receiving payment of principal of and interest on this Note and
for all other purposes whatsoever. 
 13. Notices. All notices to Noteholders shall be addressed to each Noteholder’s last
address shown on the Security Register maintained by the Issuing and Paying Agent. All notices to the Issuer under this Note shall be addressed to the Issuer at Atlantic Capital Bancshares, Inc., 3280 Peachtree Road N.E., Suite 1600, Atlanta,
Georgia 30305, Attention: Douglas L. Williams, Chief Executive Officer, or to such other address as the Issuer may provide by notice to the Noteholder. Notices to the Issuing and Paying Agent shall be in writing and addressed to: 

  
 11 

 All notices under this Section 13 shall be in writing and sent by first-class mail. 

14. Denominations. The Subordinated Notes are issuable only as registered Notes without interest coupons in denominations of $1,000 or
any amount in excess thereof which is a whole multiple of $1,000. 
 15. Modification and Amendment. 

(a) Without the consent of any Noteholders, the Issuer and the Issuing and Paying Agent may enter into one or more modifications of the Issuing
and Paying Agency Agreement or the Subordinated Notes, in form reasonably satisfactory to the Issuing and Paying Agent, to (i) evidence the succession of another entity to the Issuer in compliance with Section 5 hereof and the assumption
by any such successor of the obligations of the Issuer contained in the Issuing and Paying Agency Agreement and/or in the Subordinated Notes, (ii) change or eliminate any of the provisions of the Issuing and Paying Agency Agreement, provided
that any such change or elimination shall become effective only when there is no outstanding Subordinated Note created prior to the execution of such amendment or modification which is entitled to the benefit of such provisions, (iii) establish
other forms or terms of Subordinated Notes as permitted in the Issuing and Paying Agency Agreement, (iv) evidence and provide for the acceptance of appointment under the Issuing and Paying Agency Agreement by a successor Issuing and Paying
Agent, (v) cure any ambiguity, correct or supplement any provisions in the Issuing and Paying Agency Agreement or in this Note which may be inconsistent with any other provisions herein or in the Issuing and Paying Agency Agreement, or make any
other provisions with respect to matters or questions arising herein or in the Issuing and Paying Agency Agreement; provided that such action shall not adversely affect the interests of any Noteholder in any material respect as determined in
good faith by the board of directors of the Issuer, (vi) modify the restrictions on and procedures for resales and other transfers of the Subordinated Notes to reflect any change in applicable law or regulation (or the interpretation thereof)
or in practices relating to the resale or other transfer of restricted securities generally, or (vii) modify, eliminate or add to the provisions of the Issuing and Paying Agency Agreement to such extent as shall be necessary to qualify the
Issuing and Paying Agency Agreement (including any supplemental agreement thereto) under the Trust Indenture Act of 1939, as amended, or under such similar statute hereafter enacted. 

(b) With the consent of the Noteholders of a majority in aggregate principal amount of the outstanding Subordinated Notes affected thereby, the
Issuer and the Issuing and Paying Agent may enter into one or more agreements supplemental to the Issuing and Paying Agency Agreement for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the
Issuing and Paying Agency Agreement or of modifying in any manner the rights of the Noteholders under the Issuing and Paying Agency Agreement; provided, however, that no such supplemental agreement shall, without the consent of the Registered Holder
of each outstanding Note affected thereby: (i) change the stated Maturity Date of the principal (or any installment of principal) of any Note (but in no event changing the original maturity of the Note to less than five years from date of
issuance), (ii) change any Interest Payment Date on which interest on any Note is to be paid, (iii) reduce the principal 

  
 12 

 
amount of any Note, (iv) reduce the rate of interest on any Note or change the manner of calculation of interest thereon, (v) change any of the redemption provisions of any Note or
permit holders of Notes to call or cause the redemption or call of the Notes, (vi) change any place of payment where, or the currency in which, the principal of, or premium, if any, or interest on, any Note is payable, (vii) impair the
right to institute suit for the enforcement of any required payment in respect of any Note on or after the stated maturity thereof, (viii) reduce the percentage of the aggregate principal amount of the outstanding Notes, the consent of whose
Registered Holders is required for the modification and amendment of, or waiver under this Agreement or the Notes or certain defaults thereunder, or (xi) modify any of the provisions in the Issuing and Paying Agency Agreement or the Notes
relating to their modification, amendment or waiver other than to increase the percentage necessary for such action or to provide that other provisions of the Issuing and Paying Agency Agreement or the Notes cannot be modified, amended or waived
without the consent of the Registered Holder of each outstanding Note affected thereby. Nothing herein shall permit any change in the Issuing and Paying Agency Agreement or in the Notes, with or without the consent of the Registered Holders, that,
without the consent of the Issuer, would cause the Notes to no longer be Tier 2 capital for all Federal Reserve and other regulatory purposes. 

16. Absolute and Unconditional Obligation of the Issuer. No provisions of this Note shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

17. Waiver and Consent. (a) Any consent or waiver given by the Noteholder shall be conclusive and binding upon such Noteholder 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. 

(b) No delay or omission of the Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein. 
 (c) Any insured depository institution which shall be a
Noteholder or which otherwise shall have any beneficial ownership interest in any Note shall, by its acceptance of such Note (or beneficial interest therein), be deemed to have waived any right of offset with respect to the indebtedness evidenced
thereby. 
 18. Further Issues. The Issuer may, from time to time, without the consent of any of the Noteholders, create and issue
additional notes having the same terms and conditions of the Subordinated Notes in all respects (except for the issue date, issue price and initial Interest Payment Date) so that such additional notes would form a single series with the Subordinated
Notes and rank equally and ratably with the Subordinated Notes or would form a new series. No additional Subordinated Notes may be issued if any Event of Default has occurred and is continuing with respect to the Subordinated Notes. 

19. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York. 

  
 13 

 20. Satisfaction and Discharge. The Issuing and Paying Agency Agreement and this Note will
cease to be of further effect when: 
 (a) either (A) all Notes heretofore authenticated and delivered (other than (i) Notes that
have been destroyed, lost or stolen and that have been replaced or paid as provided in the Issuing and Paying Agency Agreement and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in the Issuing and Paying Agency Agreement) have been delivered to the Issuer for cancellation; or (B) all Notes not theretofore delivered to the Issuer for
cancellation (i) have become due and payable, (ii) will become due and payable at their stated maturity within one year, or (iii) are to be called for redemption within one year in accordance with the terms of the Issuing and Paying
Agency Agreement and the Notes and, in the case of (B) (i), (ii) or (iii) above, the Issuer has irrevocably deposited or caused to be deposited with the Issuing and Paying Agent funds in an amount in the currency in which the Notes
are payable, sufficient to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Issuer for cancellation, for principal and interest with respect thereto, to the date of such payment (in the case of Notes that have
become due and payable) or the stated maturity or redemption date, as the case may be; 
 (b) the Issuer has paid or caused to be paid all or
other sums payable under the Issuing and Paying Agency Agreement and the Notes; and 
 (c) the Issuer has delivered to the Issuing and Paying
Agent an officer’s certificate stating that all conditions precedent described above relating to the satisfaction and discharge of the Issuing and Paying Agency Agreement and the Notes have been complied with. 

21. Miscellaneous. All covenants and agreements by the Company in this Security and the Issuing and Paying Agency Agreement shall bind
the Company’s successors and assigns, including successors by operation of law resulting from a merger or consolidation of the Company, or successors resulting from the transfer of the Company’s assets and liabilities substantially or
entirely, to another entity (“Successors”). In case any provision in this Security 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. 
 Nothing in this Security, express or implied, shall give to any person, other than the Holders of the Securities, the parties hereto
and their permitted successors hereunder, any benefit of any legal or equitable right, remedy or claim hereunder or under the Issuing and Paying Agency Agreement. 

EACH OF THE COMPANY, THE PAYING AGENT AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY, THE ISSUING AND PAYING AGENCY AGREEMENT, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 [Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and attested
by its undersigned officers thereunto duly authorized. 
  

			
	ATLANTIC CAPITAL BANCSHARES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	ATTEST:
	
	  

	Name:
	Title:

 Dated:                 , 2015 

[Note Signature Page] 

  
 15 

			
	 CERTIFICATE OF AUTHENTICATION
  

This is one of the Notes referred
 to in the within-mentioned
Issuing
 and Paying Agency Agreement

	
	 U.S. BANK NATIONAL ASSOCIATION
 as
Issuing and Paying Agent

		
	By	 	  

		 	Authorized Signature

 Dated:                 , 2015 

  
 16 

 FORM OF TRANSFER NOTICE 

To assign this Security, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	  	  

		  	(Insert Assignee’s legal name)

 (Insert assignee’s soc. Sec. or tax I.D. no.) 

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

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

Date: 
  

			
	 Your signature:
	  	  

		  	 (Sign exactly as your name appears on|

the face of this Security)

 Signature Guarantee*: 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Issuing and Paying Agent. 

  
 17

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