Document:

Exhibit 10.1

 

FORM OF SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE
PURCHASE AGREEMENT (this “Agreement”) is dated as of February 7, 2017, and is made by and among Malvern Bancorp,
Inc., a Pennsylvania corporation (“Company”), and the several purchasers of the Subordinated Notes identified
on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

 

RECITALS

 

WHEREAS, Company
has requested that the Purchasers purchase from Company up to $25,000,000 in aggregate principal amount of Subordinated Notes (as
defined herein), which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein); and

 

WHEREAS, Company
has engaged Sandler O’Neill + Partners, L.P., as its exclusive placement agent (“Placement Agent”) for
the offering of the Subordinated Notes; and

 

WHEREAS, each
of the Purchasers is an institutional accredited investor as such term is contemplated by Rule 501 of Regulation D (“Regulation
D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”); and

 

WHEREAS, the
sale of the Subordinated Notes by Company is being made pursuant to Rule 506(b) of Regulation D and pursuant to the Indenture (as
defined below); and

 

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

 

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

 

AGREEMENT

 

1.           DEFINITIONS.

 

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

 

“Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective
Affiliates.

 

     

     

    

 

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

 

“Bank”
means Malvern Federal Savings Bank, a federally chartered savings bank and wholly owned subsidiary of Company.

 

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

 

“Closing”
has the meaning set forth in Section 2.2.

 

“Closing
Date” means February 7, 2017.

 

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

 

“Company’s
SEC Reports” means (i) Company’s Annual Report on Form 10-K for the fiscal year ended September 30,
2016, as filed with the SEC, (ii) Company’s Definitive Proxy Statement on Schedule 14A related to its 2017 Annual Meeting
of Shareholders, as filed with the SEC, (iii) any Current Report on Form 8-K, as filed by Company with the SEC since September
30, 2016, or (iv) if filed prior to the Closing Date, Company’s Quarterly Report on Form 10-Q for the quarterly period ended
on December 31, 2016, as filed with the SEC pursuant to the requirements of the Exchange Act.

 

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

 

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

 

“Exchange
Act” has the meaning set forth in Section 4.8.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Indenture”
shall mean the indenture, dated as of the date hereof, by and between the Company and U.S. Bank National Association, as trustee,
substantially in the form attached hereto as Exhibit A, as the same may be amended or supplemented from time to time
in accordance with the terms thereof.

 

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

 

    	 	-3-	 

     

    

 

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

 

“Maturity
Date” means February 15, 2027.

 

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

 

“Placement
Agent” means Sandler O’Neill + Partners, L.P.

 

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

 

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

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among Company and the
Purchasers in the form attached as Exhibit B hereto.

 

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

 

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

 

“SEC”
means the Securities and Exchange Commission.

 

“Secondary
Market Transaction” has the meaning set forth in Section 5.3.

 

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

 

    	 	-4-	 

     

    

 

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

 

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

 

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

 

“Tier 2 Capital”
has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Section 3.20(d), as amended, modified and supplemented
and in effect from time to time or any replacement thereof.

 

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

 

“Trustee”
means the trustee reflected under the Indenture.

 

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

 

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

 

2.      
    SUBORDINATED DEBT.

 

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

 

    	 	-5-	 

     

    

 

2.2     The
Closing. The execution and delivery of the Transaction Documents (the “Closing”) shall occur at the
offices of Company at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the
parties hereto may agree.

 

2.3     Right
of Offset. Each Purchaser hereby expressly waives any right of offset it may have against Company.

 

2.4     Use
of Proceeds. Company shall use the net proceeds from the sale of Subordinated Notes for general corporate purposes, which
may include financing organic growth and providing capital to the Bank.

 

3.         
 DISBURSEMENT.

 

3.1     Disbursement.
On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2 have been satisfied by Company and
Company has executed and delivered to Purchasers each of the Agreement and the Subordinated Notes and any other related documents
in form and substance reasonably satisfactory to Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated
Note Amount set forth on its signature page attached hereto to Company in exchange for a Subordinated Note with a principal amount
equal to such Subordinated Note Amount (the “Disbursement”). The Company will deliver to the respective Purchaser
one or more certificates representing the Subordinated Notes in definitive form (or provide evidence of the same with the original
to be delivered by the Trustee by overnight delivery on the next calendar day in accordance with the delivery instructions of Purchaser),
registered in such names and denominations as such Purchasers may request.

 

3.2     Conditions
Precedent to Disbursement.

 

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

 

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

 

3.2.1.2     Authority
Documents.

 

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

 

	 	(b)	A certificate of existence of Company issued by the Secretary of the Commonwealth of Pennsylvania;

 

    	 	-6-	 

     

    

 

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

 

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

 

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

 

	 	(f)	The opinion of Lowenstein Sandler LLP, counsel to the Company, dated as of the Closing Date, substantially in the form set forth on Exhibit C attached hereto addressed to the Purchasers and Placement Agent.

 

3.2.1.3     Other
Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents which are provided
for hereunder or as a Purchaser may reasonably request.

 

3.2.1.4     Aggregate
Investments. Prior to, or contemporaneously with the Closing, each of the Purchasers shall have actually subscribed for
the amounts set forth on such Purchaser’s signature page.

 

3.2.2     Conditions
to Company’s Obligation.

 

3.2.2.1     Since
the date of this Agreement, there shall not have been any action taken, or any law, rule or regulation enacted, entered, enforced
or deemed applicable to Company or its Subsidiaries or the transactions contemplated by this Agreement by any Governmental Agency
which imposes any restriction or condition that Company determines, in its reasonable good faith judgment, is materially and unreasonably
burdensome on Company’s business or would materially reduce the economic benefits of the transactions contemplated by this
Agreement to Company to such a degree that Company would not have entered into this Agreement had such condition or restriction
been known to it on the date hereof.

 

3.2.2.2     With
respect to a given Purchaser, the obligation of Company to consummate the sale of the Subordinated Notes and to effect the Closing
is subject to delivery by or at the direction of such Purchaser to Company of each of the following (or written waiver by Company
prior to the Closing of such delivery):

 

	 	(a)	Transaction Documents. This Agreement and the Registration Rights Agreement, each duly authorized and executed by such Purchaser.

 

    	 	-7-	 

     

    

 

	 	(b)	Officer’s Certificate. A certificate signed on behalf of such Purchaser by a duly authorized person certifying that the representations and warranties of such Purchaser set forth in this Agreement are true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date.

 

3.2.2.3     Prior
to, or contemporaneously with the Closing, each of the Purchasers shall have actually subscribed for the amounts set forth on such
Purchaser’s signature page.

 

4.        
  REPRESENTATIONS AND WARRANTIES OF COMPANY.

 

Company hereby represents
and warrants to each Purchaser as follows:

 

4.1     Organization
and Authority.

 

4.1.1     Organization
Matters of Company and Its Subsidiaries.

 

4.1.1.1     Company
is a registered savings and loan holding company under the Home Owner’s Loan Act, 12 U.S.C. Section 1467a, and is presently
subsisting as a corporation in good standing under the laws of the Commonwealth of Pennsylvania and has all requisite corporate
power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations
under the Transaction Documents. Company is duly qualified as a foreign corporation to transact business and is in good standing
in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or
the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse
Effect.

 

4.1.1.2     Bank
is a federally chartered savings bank formed under the laws of the United States and is authorized to transact the business of
banking. The deposit accounts of Bank are insured by the FDIC up to applicable limits. Neither Company nor Bank has received any
notice or other information indicating that Bank is not an “insured depository institution” as defined in 12 U.S.C.
Section 1813, nor has any event occurred which could reasonably be expected to adversely affect the status of Bank as an FDIC-insured
institution.

 

    	 	-8-	 

     

    

 

4.1.1.3     The
Bank’s only Subsidiaries are Strategic Asset Management Group, Inc. (“SAMG”) and Malvern Insurance Associates,
LLC (“Malvern Insurance”). The Bank owns all of the Equity Interests in SAMG. SAMG owns all of the Equity Interests
in Malvern Insurance. Each of SAMG and Malvern Insurance has been duly organized and is presently subsisting as a corporation (with
respect to SAMG) or limited liability company (with respect to Malvern Insurance) in good standing under the laws of the Commonwealth
of Pennsylvania, has the corporate power and authority to own, lease and operate its properties and to conduct its business and
is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so
to qualify or to be in good standing would not result in a Material Adverse Effect. The activities of each Subsidiary are permitted
for subsidiaries of a bank holding company under applicable law and the rules and regulations of the Federal Reserve Board set
forth in Title 12 of the Code of Federal Regulations. All of the issued and outstanding shares of capital stock or other equity
interests in each Subsidiary have been duly authorized and validly issued, are fully paid and non-assessable (to the extent such
concepts apply to entities other than corporations) and are owned by Company, directly or through Subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of capital stock of, or
other equity interests in, any Subsidiary were issued in violation of the preemptive or similar rights of any securityholder of
such Subsidiary or any other entity.

 

4.1.2     Capital
Stock and Related Matters. All of the outstanding capital stock of Company has been duly authorized and validly issued
and is fully paid and nonassessable. There are, as of the date hereof, no outstanding options, rights, warrants or other agreements
or instruments obligating Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the
capital stock of Company or obligating Company to grant, extend or enter into any such agreement or commitment to any Person other
than Company except (i) as described in the Company’s SEC Reports or (ii) pursuant to employment arrangements, agreements
or understandings or Company’s equity incentive plans approved or adopted by Company’s Board of Directors.

 

4.1.3     Subsidiaries.
Each of Company’s Subsidiaries that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X is
reflected in its Annual Report on Form 10-K for the fiscal year ended September 30, 2016.

 

4.2     No
Impediment to Transactions.

 

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

 

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

 

    	 	-9-	 

     

    

 

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

 

4.2.4     No
Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents nor compliance with their respective
terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or
result in a breach of, or constitute a default under: (1) the Articles of Incorporation or Bylaws of Company; (2) any of the terms,
obligations, covenants, conditions or provisions of any Material Contract (but only with respect to such Material Contracts that
are binding upon Company or Bank on the date hereof); (3) any judgment, order, writ, injunction, decree or demand of any court,
arbitrator, grand jury, or Governmental Agency applicable to Company or Bank; or (4) any statute, rule or regulation applicable
to Company, except, in the case of items (2), (3) or (4), for such violations, conflicts, breaches or defaults that would not reasonably
be expected to have, singularly or in the aggregate, a Material Adverse Effect on Company, or (ii) result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Company. Neither Company nor Bank is
in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions
contained in any Material Contract creating, evidencing or securing Indebtedness of any kind or pursuant to which any such Indebtedness
is issued, or any other Material Contract, except for in each case, such defaults that would not reasonably be expected to have,
singularly or in the aggregate, a Material Adverse Effect on Company. For purposes of this Section 4.2.4, “Material Contract”
shall mean any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement
or instrument to which Company or Bank, as applicable, is a party or by which it or any of its properties may be bound or affected
that has been filed by the Company as an exhibit to an SEC Report pursuant to Item 601(b)(4) or 601(b)(10) of Regulation S-K.

 

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

 

    	 	-10-	 

     

    

 

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

 

4.4     Financial
Condition.

 

4.4.1     Company
Financial Statements. The financial statements of Company included in Company’s SEC Reports (including the related
notes, where applicable) (i) have been prepared from, and are in accordance with, the books and records of Company; (ii) fairly
present in all material respects the results of operations, cash flows, changes in stockholders’ equity and financial position
of Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth
(subject in the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable;
(iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and banking
requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during
the periods involved, except, in each case, as indicated in such statements or in the notes thereto and Regulation S-X promulgated
under the Securities Act. The books and records of Company have been, and are being, maintained in all material respects in accordance
with GAAP and any other applicable legal and accounting requirements. Company does not have any material liability of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities
that are reflected or reserved against on the consolidated balance sheet of Company contained in Company’s SEC Reports for
the most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course
of business consistent with past practice or in connection with this Agreement and the transactions contemplated hereby.

 

4.4.2     Absence
of Default. Since the date of the latest audited financial statements included in Company’s SEC Reports, no event
has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Company
the right to accelerate the maturity of any material Indebtedness of Company. Company is not in default under any law, rule, regulation,
order, writ, injunction, decree, determination or award applicable to Company where such default by Company could reasonably be
expected to result in a Material Adverse Effect on Company.

 

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

 

    	 	-11-	 

     

    

 

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

 

4.5     No
Material Adverse Change. Since the date of the latest audited financial statements included in Company’s SEC Reports,
there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect on Company
or any of its Subsidiaries.

 

4.6     Legal
Matters.

 

4.6.1     Compliance
with Law. Company and each of its Subsidiaries (i) has complied with and (ii) is not under investigation with respect to,
and, to the Company’s knowledge, have not been threatened to be charged with or given any notice of any material violation
of any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality
or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such
failure to comply or violation would not reasonably be expected to have a Material Adverse Effect on Company or any of its Subsidiaries.

 

4.6.2     Regulatory
Enforcement Actions. Company, Bank and its other Subsidiaries are in compliance in all material respects with all laws
administered by and regulations of any Governmental Agency applicable to it or to them, except where the failure to so comply would
not have a Material Adverse Effect. None of Company, Bank, Company’s other Subsidiaries nor any of their officers or directors
is now operating under any restrictions, agreements, memoranda, or commitments (other than restrictions of general application)
imposed by any Governmental Agency, nor are, to Company’s knowledge, (a) any such restrictions threatened or (b) any agreements,
memoranda or commitments being sought by any Governmental Agency.

 

    	 	-12-	 

     

    

 

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

 

4.6.4     Environmental.
No Property is or, to Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release,
threatened release, discharge, disposal, transportation or presence of any Hazardous Materials and neither Company nor any of its
Subsidiaries has engaged in such activities. There are no claims or actions pending or, to Company’s knowledge, threatened
against Company or any of its Subsidiaries by any Governmental Agency or by any other Person relating to any Hazardous Materials
or pursuant to any Hazardous Materials Law.

 

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

 

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

 

4.7     No
Misstatement. The information furnished by Company to Purchasers in the data room established by Company on January 25,
2017 and in the investor presentation utilized by Company in connection with the offering and sale of the Subordinated Notes (including
statements made by members of Company management with respect to such investor presentation), when viewed together as a whole and
along with the Company SEC Reports and other information disclosed publicly by the Company, does not contain any untrue statement
of a material fact, or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances
under which they were made, not misleading.

 

    	 	-13-	 

     

    

 

4.8     Reporting
Compliance. Company is subject to, and is in compliance in all material respects with, the reporting requirements of Section
13 and Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and the rules and the regulations of the
SEC thereunder (collectively, the “Exchange Act”). Company’s SEC Reports at the time they were or hereafter
are filed with the SEC, complied in all material respects with the requirements of the Exchange Act and did not and do not include
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading.

 

4.9     Internal
Control Over Financial Reporting. Company and its Subsidiaries maintain systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have
been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons
performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP, including, but not limited to, a system of accounting controls
sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Since the end of Company’s most recent audited
fiscal year, (y) Company has no knowledge of (i) any material weakness in Company’s internal control over financial reporting
(whether or not remediated) or (ii) any fraud, whether or not material, that involves management or other employees who have a
significant role in Company’s internal controls and (z) there has been no change in Company’s internal control over
financial reporting that has materially affected, or is reasonably likely to materially affect, Company’s internal control
over financial reporting.

 

4.10     Disclosure
Controls and Procedures. Company and its Subsidiaries maintain an effective system of disclosure controls and procedures
(as defined in Rule 13a-15 and Rule 15d-15 of the Exchange Act), that (i) are designed to ensure that information required to be
disclosed by Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC’s rules and forms and that material information relating to Company and its
Subsidiaries is made known to Company’s principal executive officer and principal financial officer by others within Company
and its Subsidiaries to allow timely decisions regarding disclosure, and (ii) are effective in all material respects to perform
the functions for which they were established. As of the date hereof, Company has no knowledge that would reasonably cause it to
believe that the evaluation to be conducted of the effectiveness of Company’s disclosure controls and procedures for the
most recently ended fiscal quarter period will result in a finding that such disclosure controls and procedures are ineffective
for such quarter ended. Based on the evaluation of Company’s and each Subsidiary’s disclosure controls and procedures
described above, Company is not aware of (1) any significant deficiency in the design or operation of internal controls which could
adversely affect Company’s ability to record, process, summarize and report financial data or any material weaknesses in
internal controls or (2) any fraud, whether or not material, that involves management or other employees who have a significant
role in Company’s internal controls. Since the most recent evaluation of Company’s disclosure controls and procedures
described above, there have been no significant changes in internal controls or in other factors that could significantly affect
internal controls.

 

    	 	-14-	 

     

    

 

4.11     No
Registration. Other than the Purchasers with respect to the Subordinated Notes, no person has the right to require Company
or any of its Subsidiaries to register any securities for sale under the Securities Act by reason of acts required to be taken
by Company pursuant to the terms of the Registration Rights Agreement or the issuance and sale of the Subordinated Notes to be
sold by Company hereunder.

 

4.12     Certificates
of Officers. Any certificate signed by an officer of Company and delivered to the Purchasers or to counsel for Purchasers
shall be deemed to be a representation and warranty by Company to the Purchasers as to the matters set forth therein. 

 

5.        
  GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

 

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

 

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

 

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

 

5.3     Secondary
Market Transactions. Each Purchaser shall have the right at any time and from time to time to securitize its Subordinated
Notes or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or multi-class securities
secured by or evidencing ownership interests in the Subordinated Notes (each such securitization is referred to herein as a “Secondary
Market Transaction”). In connection with any such Secondary Market Transaction, Company shall, at any such Purchaser’s
expense, cooperate with any such Purchaser and otherwise reasonably assist any such Purchaser, at any such Purchaser’s expense,
in satisfying the market standards to which any such Purchaser customarily adheres or which may be reasonably required in the marketplace
or by applicable rating agencies in connection with any such Secondary Market Transaction. Subject to any written confidentiality
obligation, all information regarding Company may be furnished, without liability except in the case of gross negligence or willful
misconduct, to any Purchaser and to any Person reasonably deemed necessary by Purchaser in connection with participation in such
Secondary Market Transaction. All documents, financial statements, appraisals and other data relevant to Company or the Subordinated
Notes may be retained by any such Person.

 

5.4     Bloomberg.
Within 30 days after Closing, Company will utilize its commercially reasonable efforts to have the Subordinated Notes identified
on Bloomberg.

 

    	 	-15-	 

     

    

 

6.      
    REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASERS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	-16-	 

     

    

 

6.8     Information.
It acknowledges that: (i) it is not being provided with the disclosures that would be required if the offer and sale of the Subordinated
Notes were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared in connection
with the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of Company and the terms of the Subordinated
Notes to the extent it deems necessary to make its decision to invest in the Subordinated Notes; and (iii) it has availed itself
of publicly available financial and other information concerning Company to the extent it deems necessary to make its decision
to purchase the Subordinated Notes. It has reviewed the information set forth in Company’s SEC Reports and the exhibits and
schedules hereto and contained in the data room established by Company on January 25, 2017.

 

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

 

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

 

6.11     Private
Placement; No Registration; Restricted Legends. It understands and acknowledges that the Subordinated Notes are being sold
by Company without registration under the Securities Act in reliance on the exemption from federal and state registration set forth
in, respectively, Rule 506(b) of Regulation D under Section 4(a)(2) of the Securities Act and Section 18 of the Securities Act,
or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only if exemptions from the Securities
Act and applicable state securities laws are available to it. It further acknowledges and agrees that all certificates or other
instruments representing the Subordinated Notes will bear the restrictive legend set forth in the form of Subordinated Note, which
is attached as an exhibit to the Indenture. It further acknowledges its primary responsibilities under the Securities Act and,
accordingly, will not sell or otherwise transfer the Subordinated Notes or any interest therein without complying with the requirements
of the Securities Act and the rules and regulations promulgated thereunder and the requirements set forth in this Agreement.

 

    	 	-17-	 

     

    

 

6.12     Placement
Agent. It will purchase the Subordinated Note(s) directly from Company and not from the Placement Agent and understands
that neither the Placement Agent nor any other broker or dealer has any obligation to make a market in the Subordinated Notes.

 

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

 

6.14     Accuracy
of Representations. It understands that each of the Placement Agent and Company will rely upon the truth and accuracy of
the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement,
and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of the Closing Date, or
if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Placement Agent
and Company.

 

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

 

7.        
  TERMINATION. Purchasers may terminate this Agreement (i) at any time prior to the Closing Date by written
notice signed by all Purchasers to Company if Purchasers shall decline to purchase the Subordinated Notes for any reason permitted
by this Agreement or (ii) on the Closing Date if any condition described in Section 3.2 is not fulfilled or waived in writing
by the Purchasers on or prior to the Closing Date. Any termination pursuant to this Section shall be without liability on the part
of (a) Company to Purchasers or (b) Purchasers to Company.

 

8.         
 MISCELLANEOUS.

 

8.1     Prohibition
on Assignment by Company. Except as described in Article VII of the Indenture, Company may not assign, transfer
or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of
Purchasers.

 

8.2     Time
of the Essence. Time is of the essence of this Agreement.

 

    	 	-18-	 

     

    

 

8.3     Waiver
or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement herein shall be effective
unless in writing and signed by all of the parties hereto. No failure to exercise or delay in exercising, by a Purchaser or any
holder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other
right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right
or remedy provided by law or equity.

 

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

 

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

 

	if to Company:	Malvern Bancorp, Inc.

42 E. Lancaster Ave.

Paoli, PA 19301

Attention: Anthony C. Weagley, 

President and  CEO
	 	 
	with a copy to:	
        Lowenstein Sandler LLP

        65 Livingston Ave.

        Roseland, NJ 07068

        Attention: Peter H. Ehrenberg, Esq. and

        Laura R. Kuntz, Esq.

	 	 
	if to Purchasers:	To the addresses indicated on each Purchaser’s signature page.

 

    	 	-19-	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	-20-	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	-21-	 

     

    

 

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

 

[Signature Pages Follow]

 

    	 	-22-	 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	MALVERN BANCORP, INC.

 

	 	By:	 
	 	 	Name:  Anthony C. Weagley
	 	 	Title:    President and Chief Executive Officer

 

[Company Signature Page to Subordinated
Note Purchase Agreement]

 

    	 	-23-	 

     

    

 

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

 

	 	PURCHASER:

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Address of Purchaser:
	 	 
	 	 
	 	 
	 	 
	 	
        Principal Amount of Purchased
Subordinated Note:

	 	 
	 	$

 

[Purchaser Signature Page to Subordinated
Note Purchase Agreement]

 

    	 	-24-	 

     

    

 

EXHIBIT A

 

FORM OF INDENTURE

 

    	 	-25-	 

     

    

 

EXHIBIT B

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

    	 	-26-	 

     

    

 

EXHIBIT C

 

OPINION OF COUNSEL

 

    	 	-27-Exhibit 10.2

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is dated as of February 7, 2017 and is made by and among Malvern Bancorp, Inc.,
a Pennsylvania corporation (the “Company”), and the several purchasers of the Subordinated Notes (as
defined below) identified on the signature pages to the Purchase Agreement (as defined below) (collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Subordinated Note Purchase Agreement dated February 7, 2017 by and among the Company and the Purchasers (the “Purchase
Agreement”), which provides for the sale by the Company to the Purchasers of $25,000,000 aggregate principal amount of
the Company’s 6.125% Fixed-to-Floating Subordinated Notes due 2027, which were issued on February 7, 2017 (the “Subordinated
Notes”). In order to induce the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to
the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and
indirect transferees and assigns the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the closing under the Purchase Agreement.

 

In consideration of
the foregoing, the parties hereto agree as follows:

 

1.     Definitions.
As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 

“1933 Act”
shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

 

“1934 Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Additional
Interest” shall have the meaning set forth in Section 2(e) hereof.

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Closing Date”
shall mean February 7, 2017.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors.

 

“Depositary”
shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any agent thereof; provided,
however, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York.

 

“Event Date”
shall have the meaning set forth in Section 2(e).

 

     

     

    

 

“Exchange
Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section
2(a) hereof.

 

“Exchange
Offer Registration” shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on
another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration statement,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated
by reference therein.

 

“Exchange
Securities” shall mean the 6.125% Fixed-to-Floating Subordinated Notes due 2027 issued by the Company under the Indenture
containing terms identical to the Subordinated Notes (except that (i) interest thereon shall accrue from the last date to which
interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for,
from the Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of interest thereon upon the occurrence
of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership
and transfer thereof as a result of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated,
(iv) the denominations thereof shall be $1,000 and integral multiples of $1,000 and (v) all of the Exchange Securities will be
represented by one or more global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive
certificated form under the circumstances provided in the Indenture) to be offered to Holders of Registrable Securities in exchange
for Registrable Securities pursuant to the Exchange Offer.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Holders”
shall mean (i) the Purchasers, for so long as they own any Registrable Securities, and each of their respective successors, assigns
and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and (ii) each Participating
Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus
meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities.

 

“Indenture”
shall mean the indenture, dated as of February 7, 2017 by and between the Company and, U.S. Bank National Association, as trustee,
as the same may be amended or supplemented from time to time in accordance with the terms thereof.

 

“Interest
Accrual Date” means February 7, 2017.

 

“Majority
Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding,
excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided
that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or Exchange Securities is
required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is
defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent or approval was given by the Holders
of such required percentage.

 

    	 	-2-	 

     

    

 

“Notifying
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Participating
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Person”
shall mean an individual, partnership, joint venture, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

 

“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements
to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated
by reference therein.

 

“Purchase
Agreement” shall have the meaning set forth in the preamble to this Agreement.

 

“Purchasers”
shall have the meaning set forth in the preamble of this Agreement.

 

“Registrable
Securities” shall mean the Subordinated Notes; provided, however, that any Subordinated Notes shall cease
to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared
effective under the 1933 Act and such Subordinated Notes shall have been disposed of pursuant to such Registration Statement, (ii)
such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not
Rule 144A) under the 1933 Act, or are eligible to be resold pursuant to Rule 144 without regard to the public information requirements
thereunder, (iii) such Subordinated Notes shall have ceased to be outstanding, or (iv) such Subordinated Notes have been exchanged
for Exchange Securities which have been registered pursuant to the Exchange Offer Registration Statement upon consummation of the
Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (iv), such Exchange Securities are held
by Participating Broker-Dealers or otherwise are not freely tradable by such Participating Broker-Dealers without any limitations
or restrictions under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable Securities until such
time as such Exchange Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable without any
limitations or restrictions under the 1933 Act).

 

“Registration
Default” shall have the meaning set forth in Section 2(e).

 

    	 	-3-	 

     

    

 

“Registration
Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company with this
Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses
incurred in connection with compliance with state or other securities or blue sky laws and compliance with the rules of FINRA (including
reasonable fees and disbursements of one counsel for any underwriters or Holders in connection with qualification of any of the
Exchange Securities or Registrable Securities under state or other securities or blue sky laws and any filing with and review by
FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates representing the Subordinated
Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all rating
agency fees, (v) all fees and expenses incurred in connection with the listing, if any, of any of the Subordinated Notes or Exchange
Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel for the Company and
the fees and expenses of independent public accountants for the Company or for any other Person, business or assets whose financial
statements are included in any Registration Statement or Prospectus, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance, (viii) the fees and expenses of a “qualified
independent underwriter” as defined by FINRA Rule 5121 (if required by FINRA rules) and the fees and disbursements of its
counsel, (ix) the fees and expenses of the Trustee, any registrar, any depositary, any paying agent, any escrow agent or any custodian,
in each case including fees and disbursements of their respective counsel, and (x) in the case of an underwritten offering, any
fees and disbursements of the underwriters customarily paid by issuers or sellers of securities and the fees and expenses of any
special experts retained by the Company in connection with any Registration Statement but excluding (except as otherwise provided
herein) fees of counsel to the underwriters or the Holders and underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder.

 

“Registration
Statement” shall mean any registration statement of the Company relating to any offering of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration
Statement and any Shelf Registration Statement), and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
or deemed to be incorporated by reference therein.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf Registration
Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section
2(b) of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule
415 under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated or deemed to be incorporated by reference therein.

 

    	 	-4-	 

     

    

 

“Subordinated
Notes” shall have the meaning set forth in the preamble to this Agreement.

 

“TIA”
shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Trustee”
shall mean the trustee with respect to the Subordinated Notes and the Exchange Securities under the Indenture.

 

“Underwriters”
shall have the meaning set forth in Section 5(a).

 

For purposes of this
Agreement, (i) all references in this Agreement to any Registration Statement, preliminary prospectus or Prospectus or any amendment
or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering,
Analysis and Retrieval system; (ii) all references in this Agreement to financial statements and schedules and other information
which is “contained,” “included” or “stated” in any Registration Statement, preliminary prospectus
or Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules
and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary
prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments or supplements to any Registration
Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act
which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus,
as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405 or Rule 415 under the 1933 Act, and
all references to any sections or subsections thereof or terms defined therein, shall in each case include any successor provisions
thereto; and (v) all references in this Agreement to days (but not to business days) shall mean calendar days.

 

2.     Registration
Under the 1933 Act.

 

(a)     Exchange
Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to the 60th
day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange
all of the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use its commercially reasonable
efforts to cause such Exchange Offer Registration Statement to be declared effective by the SEC no later than the 120th
day after the Closing Date, (C) use its commercially reasonable efforts to cause such Registration Statement to remain effective
until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate the Exchange Offer no later
than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer to
enable each Holder eligible and electing to exchange Registrable Securities for Exchange Securities (assuming that such Holder
is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the Exchange Securities in the ordinary
course of such Holder’s business and has no arrangements or understandings with any Person to participate in the Exchange
Offer for the purpose of distributing such Exchange Securities) to trade such Exchange Securities from and after their receipt
without any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of the states of the United
States.

 

    	 	-5-	 

     

    

 

In connection with
the Exchange Offer, the Company shall:

 

(i)     promptly
mail or otherwise transmit, in compliance with the applicable procedures of the depositary for such Registrable Securities, to
each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter
of transmittal and related documents;

 

(ii)     keep
the Exchange Offer open for not less than 20 business days (or longer if required by applicable law) after the date notice thereof
is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange
Offer the opportunity to exchange their Registrable Securities for Exchange Securities;

 

(iii)     use
the services of a depositary with an address in the Borough of Manhattan, City of New York for the Exchange Offer;

 

(iv)     permit
Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Eastern time, on the last business
day on which the Exchange Offer shall remain open, by sending to the institution and at the address specified in the Prospectus
or the related letter of transmittal or related documents a telegram, telex, facsimile transmission or letter setting forth the
name of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is
withdrawing its election to have such Subordinated Notes exchanged;

 

(v)     notify
each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain
any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and

 

(vi)     otherwise
comply in all material respects with all applicable laws relating to the Exchange Offer.

 

The Exchange Securities
shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the Exchange Securities
and the Subordinated Notes shall vote and consent together on all matters as a single class and shall constitute a single series
of debt securities issued under the Indenture.

 

As soon as reasonably
practicable after the close of the Exchange Offer, the Company shall:

 

    	 	-6-	 

     

    

 

(i)     accept
for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with
the terms of the Exchange Offer Registration Statement and the letter of transmittal which is an exhibit thereto;

 

(ii)     deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and

 

(iii)     cause
the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable Securities so accepted for exchange
equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange.

 

Interest on each Exchange
Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes surrendered in
exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date.
The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange
by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action
or proceeding shall have been instituted or threatened in any court or by or before any governmental agency with respect to the
Exchange Offer which, in the Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed
with the Exchange Offer, and (iii) that the Holders tender the Registrable Securities to the Company in accordance with the Exchange
Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable
Securities for Exchange Securities in the Exchange Offer will be required to represent that (i) it is not an affiliate (as defined
in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange Securities to be received by it will be acquired in the ordinary
course of business, (iii) it has no arrangement with any Person to participate in the distribution (within the meaning of the 1933
Act) of the Exchange Securities, and (iv) it is not acting on behalf of any Person who could not truthfully make the statements
set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other representations as may be
reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate
form under the 1933 Act available.

 

(b)     Shelf
Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the Company
is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if for any other reason (A)
the Exchange Offer Registration Statement is not declared effective within 120 days following the Closing Date or (B) the Exchange
Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration Statement (provided that
if the Exchange Offer Registration Statement shall be declared effective after such 120-day period or if the Exchange Offer shall
be consummated after such 45-day period, then the Company’s obligations under this clause (ii) arising from the failure of
the Exchange Offer Registration Statement to be declared effective within such 120-day period or the failure of the Exchange Offer
to be consummated within such 45-day period, respectively, shall terminate), or (iii) if any Holder is not eligible to participate
in the Exchange Offer or elects to participate in the Exchange Offer but does not receive Exchange Securities which are freely
tradeable without any limitations or restrictions under the 1933 Act, the Company shall, at its cost:

 

    	 	-7-	 

     

    

 

(A)     use
its commercially reasonable efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the 60th
day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and sale
of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the Majority
Holders of such Registrable Securities and set forth in such Shelf Registration Statement;

 

(B)     use
its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the SEC as promptly
as practicable, but in no event later than (a) the 225th day after the Closing Date or (b) the 105th day
after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later. In the event that the Company
is required to file a Shelf Registration Statement pursuant to clause (iii) above, the Company shall file and use its commercially
reasonable efforts to have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a)
with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with
the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by such Holder described
in clause (iii) above;

 

(C)     use
its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as
required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest
date on which any Subordinated Notes are originally issued by the Company (subject to extension pursuant to the last paragraph
of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have
been sold pursuant to the Shelf Registration Statement in accordance with the intended method of distribution thereunder, or (ii)
cease to be Registrable Securities; and

 

(D)     notwithstanding
any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and any
amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with the
1933 Act, (ii) any Shelf Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any Prospectus forming part of any Shelf Registration Statement and any amendment or supplement
to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
however, clauses (ii) and (iii) shall not apply to any statement in or omission from a Shelf Registration Statement or a Prospectus
made in reliance upon and conformity with information relating to any Holder, Participating Broker-Dealer or underwriter of Registrable
Securities furnished to the Company in writing by such Holder, Participating Broker-Dealer or underwriter, respectively, expressly
for use in such Shelf Registration Statement or Prospectus.

 

    	 	-8-	 

     

    

 

The Company further
agrees, if necessary, to supplement or amend the Shelf Registration Statement if reasonably requested by the Majority Holders with
respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially
reasonable efforts to cause any such amendment to become effective and such Shelf Registration Statement to become usable as soon
as reasonably practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment
promptly after its being used or filed with the SEC.

 

(c)     Expenses.
The Company shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) and 2(b)
and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one
counsel (in addition to any local counsel) designated in writing by the Majority Holders to act as counsel for the Holders of the
Registrable Securities in connection therewith; provided, however, that the Company shall not be responsible for reimbursement
for the fees and disbursements of such counsel in an aggregate amount in excess of $10,000. Each Holder shall pay all fees and
disbursements of its counsel other than as set forth in the preceding sentence or in the definition of Registration Expenses and
all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s
Registrable Securities pursuant to a Shelf Registration Statement.

 

(d)     Effective
Registration Statement.

 

(i)     The
Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange Offer Registration Statement
or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth
herein if the Company voluntarily takes any action that could reasonably be expected to result in any such Registration Statement
not being declared effective or remaining effective or in the Holders of Registrable Securities (including, under the circumstances
contemplated by Section 3(f) hereof, Exchange Securities) covered thereby not being able to exchange or offer and sell such
Registrable Securities during that period unless (A) such action is required by applicable law or (B) such action is taken by the
Company in good faith and for valid business reasons (but not including avoidance of the Company’s obligations hereunder),
including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction or event, or if the
Company determines in good faith that effecting or maintaining the availability of the registration would materially and adversely
affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure
of which would not be in the best interests of the Company, in each case so long as the Company promptly complies with the notification
requirements of Section 3(k) hereof, if applicable. Nothing in this paragraph shall prevent the accrual of Additional Interest
on any Registrable Securities or Exchange Securities.

 

    	 	-9-	 

     

    

 

(ii)     An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section
2(b) hereof shall not be deemed to have become effective unless it has been declared effective by the SEC; provided,
however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant
to a Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement shall be deemed not to have been effective during the period of such
interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume.

 

(iii)     During
any 365-day period, the Company may, by notice as described in Section 3(e), suspend the availability of a Shelf Registration
Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of Exchange Securities
by Participating Broker-Dealers as contemplated by Section 3(f), the Exchange Offer Registration Statement) and the use
of the related Prospectus for up to two periods of up to 60 consecutive days each (except for the consecutive 60-day period immediately
prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days during any 365-day period, upon (a)
the happening of any event or the discovery of any fact referred to in Section 3(e)(vi), or (b) if the Company determines
in good faith that effecting or maintaining the availability of the registration would materially and adversely affect an offering
of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would
not be in the best interests of the Company, in each case subject to compliance by the Company with its obligations under the last
paragraph of Section 3.

 

(e)     Increase
in Interest Rate. In the event that:

 

(i)     the
Exchange Offer Registration Statement is not filed with the SEC on or prior to the 60th day following the Closing Date,
or

 

(ii)     the
Exchange Offer Registration Statement is not declared effective by the SEC on or prior to the 120th day following the
Closing Date, or

 

(iii)    the
Exchange Offer is not consummated on or prior to the 45th day following the effective date of the Exchange Offer Registration
Statement, or

 

(iv)     if
required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th day following the Closing
Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises, whichever
is later, or

 

(v)     if
required, a Shelf Registration Statement is not declared effective on or prior to (a) the 225th day following the Closing
Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever
is later, or

 

    	 	-10-	 

     

    

 

(vi)     a
Shelf Registration Statement is declared effective by the SEC but such Shelf Registration Statement ceases to be effective or such
Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities
for any reason and (A) the aggregate number of days in any consecutive 365-day period for which the Shelf Registration Statement
or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus shall
not be effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Shelf
Registration Statement or such Prospectus shall not be effective or usable for a period of more than 90 consecutive days, or

 

(vii)     the
Exchange Offer Registration Statement is declared effective by the SEC but, if the Exchange Offer Registration Statement is being
used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the Exchange
Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement or the Prospectus included therein
ceases to be usable in connection with resales of Exchange Securities for any reason during the 180-day period referred to in Section
3(f)(B) of this Agreement (as such period may be extended pursuant to the last paragraph of Section 3 of this Agreement)
and (A) the aggregate number of days in any consecutive 365-day period for which the Exchange Offer Registration Statement or such
Prospectus shall not be effective or usable exceeds 120 days, (B) the Exchange Offer Registration Statement or such Prospectus
shall not be effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the
Exchange Offer Registration Statement or the Prospectus shall not be effective or usable for a period of more than 90 consecutive
days,

 

    	 	-11-	 

     

    

 

(each of the events referred to in clauses
(i) through (vii) above being hereinafter called a “Registration Default”), the per annum interest rate borne
by the Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent (0.25%)
per annum immediately following such 60-day period in the case of clause (i) above, immediately following such 120-day period in
the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above, immediately following
any such 180-day period or 60-day period, whichever ends later, in the case of clause (iv) above, immediately following any such
225-day period or 105-day period, as applicable, in the case of clause (v) above, immediately following the 120th day
in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or immediately following
the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf
Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause (vi) above, or immediately
following the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period
or immediately following the 90th consecutive day, whichever occurs first, that the Exchange Offer Registration Statement
shall not be effective or the Exchange Offer Registration Statement or the Prospectus included therein shall not be usable as contemplated
by clause (vii) above, which rate will be increased by an additional one-quarter of one percent (0.25%) per annum immediately
following each 90-day period that any Additional Interest continues to accrue under any circumstances; provided that, if
at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration
Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default
that begins on the date that the earliest such Registration Default occurred and ends on such date that there is no Registration
Default; provided further, that the aggregate increase in such annual interest rate may in no event exceed one-half of one
percent (0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement after the 60-day period described in clause
(i) above, the effectiveness of the Exchange Offer Registration Statement after the 120-day period described in clause (ii) above,
the consummation of the Exchange Offer after the 45-day period described in clause (iii) above, the filing of the Shelf Registration
Statement after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a
Shelf Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, or the Shelf
Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included therein becoming
usable in connection with resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange
Offer Registration Statement once again becoming effective or the Exchange Offer Registration Statement and the Prospectus included
therein becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof,
the interest rate borne by the Subordinated Notes from the date of such filing, effectiveness, consummation or resumption of effectiveness
or usability, as the case may be, shall be reduced to the original interest rate so long as no other Registration Default shall
have occurred and shall be continuing at such time and the Company is otherwise in compliance with this paragraph; provided,
however, that, if after any such reduction in interest rate, one or more Registration Defaults shall again occur, the interest
rate shall again be increased pursuant to the foregoing provisions (as if it were the original Registration Default). Notwithstanding
anything in this Agreement to the contrary, the Company will not be obligated to pay any Additional Interest in the case of a Shelf
Registration Statement with respect to any Holder of Registrable Securities who fails to timely provide all information with respect
to Holder that is reasonably requested by the Company to enable it to timely comply with its obligations under Section 2(b).

 

The Company shall notify
the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee,
in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately
available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each
interest payment date to the record Holder of Registrable Securities entitled to receive the interest payment to be paid on such
date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the
day following the applicable Event Date.

 

Anything herein to
the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to exchange,
and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive
any Additional Interest.

 

    	 	-12-	 

     

    

 

(f)     Specific
Enforcement. Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company acknowledges
that any failure by the Company to comply with its obligations under Sections 2(a) and 2(b) hereof may result in
material irreparable injury to the Holders or the Participating Broker-Dealers for which there is no adequate remedy at law, that
it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and
any Participating Broker-Dealer may obtain such relief as may be required to specifically enforce the Company’s obligations
under Sections 2(a) and 2(b).

 

3.     Registration
Procedures. In connection with the obligations of the Company with respect to the Registration Statements pursuant to Sections
2(a) and 2(b) hereof, the Company shall:

 

(a)     prepare
and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in Section
2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of
a Shelf Registration Statement, be available for the sale of the Registrable Securities by the selling Holders thereof and (iii)
shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference
all financial statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance
with Section 2 hereof;

 

(b)     prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause each
Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under
the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable
Securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods
of distribution by the selling Holders thereof;

 

(c)     in
the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least ten business days prior to filing,
that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the
distribution of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish
to each Holder of Registrable Securities, to counsel for the Holders and to each underwriter of an underwritten offering of Registrable
Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment
or supplement thereto and such other documents as such Holder, counsel or underwriter may reasonably request, including financial
statements and schedules and, if such Holder, counsel or underwriter so requests, all exhibits (including those incorporated by
reference) in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to the
penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary
Prospectus, or any amendment or supplement thereto by each of the Holders and underwriters of Registrable Securities in accordance
with applicable law in connection with the offering and sale of the Registrable Securities covered by and in the manner described
in any Prospectus or any amendment or supplement thereto;

 

    	 	-13-	 

     

    

 

(d)     use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement and
each underwriter of an underwritten offering of Registrable Securities shall reasonably request, to cooperate with the Holders
and the underwriters of any Registrable Securities in connection with any filings required to be made with FINRA, to keep each
such registration or qualification effective during the period such Registration Statement is required to be effective and do any
and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition
in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company
shall not be required to (i) qualify as a foreign corporation or entity or as a dealer in securities in any jurisdiction where
it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any action which would subject it to
general service of process or taxation in any such jurisdiction if it is not then so subject;

 

(e)     in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested
by such Holder or counsel, confirm such advice in writing promptly (i) when a Registration Statement has become effective and when
any post-effective amendments and supplements thereto become effective, (ii) of any request by the SEC or any state securities
authority for post-effective amendments or supplements to a Registration Statement or Prospectus or for additional information
after a Registration Statement has become effective (other than comments to 1934 Act reports incorporated therein by reference),
(iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, (iv) if between the effective date of a Registration Statement
and the closing of any sale of Registrable Securities covered thereby the representations and warranties of the Company contained
in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to such offering cease to
be true and correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification
of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
(vi) of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective
which is contemplated in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the related
Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and (vii) of any determination by the Company that a post-effective amendment to a Registration Statement
would be appropriate. Without limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall
also be applicable, mutatis mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein
to the extent that such Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f);

 

    	 	-14-	 

     

    

 

(f)     (A)    
in the case of an Exchange Offer, (i) include in the Exchange Offer Registration Statement (1) a “Plan of Distribution”
section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged
their Registrable Securities for Exchange Securities for the resale of such Exchange Securities and (2) a statement to the effect
that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities acquired
as a result of market-making or other trading activities will be required to notify the Company to that effect, together with instructions
for giving such notice (which instructions shall include a provision for giving such notice by checking a box or making another
appropriate notation on the related letter of transmittal) (each such broker-dealer who gives notice to the Company as aforesaid
being hereinafter called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying Broker-Dealer who desires
to participate in the Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer Registration
Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably
request, (iii) include in the Exchange Offer Registration Statement a statement that any broker-dealer who holds Registrable Securities
acquired for its own account as a result of market-making activities or other trading activities (a “Participating Broker-Dealer”),
and who receives Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter
and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities,
(iv) subject to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus forming part
of the Exchange Offer Registration Statement or any amendment or supplement thereto by any Notifying Broker-Dealer in accordance
with applicable law in connection with the sale or transfer of Exchange Securities, and (v) include in the transmittal letter or
similar documentation to be executed by an exchange offeree in order to participate in the Exchange Offer the following provision:

 

“If the undersigned is
not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of
Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange
for Registrable Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired
by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting
the requirements of the 1933 Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however,
by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter”
within the meaning of the 1933 Act;”

 

    	 	-15-	 

     

    

 

(B)     to
the extent any Notifying Broker-Dealer participates in the Exchange Offer, (i) the Company shall use its commercially reasonable
efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180 days (subject to extension
pursuant to the last paragraph of this Section 3) following the last date on which exchanges are accepted pursuant to the
Exchange Offer, and (ii) the Company will comply, insofar as relates to the Exchange Offer Registration Statement, the Prospectus
included therein and the offering and sale of Exchange Securities pursuant thereto, with its obligations under Section 2(b)(D),
the last paragraph of Section 2(b), Section 3(c), 3(d), 3(e), 3(g), 3(i), 3(j),
3(k), 3(n), 3(o), 3(p), 3(q) and 3(r), and the last three paragraphs of this Section 3
as if all references therein to a Shelf Registration Statement, the Prospectus included therein and the Holders of Registrable
Securities referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable
Notifying Broker-Dealers and, for purposes of this Section 3(f), all references in any such paragraphs or sections to the
“Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f), the Notifying
Broker-Dealers who are the Holders of the majority in aggregate principal amount of the Exchange Securities which are Registrable
Securities; and

 

(C)     the
Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement as would
otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other action as a result of this Section
3(f), for a period exceeding 180 days (subject to extension pursuant to the last paragraph of this Section 3) after
the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers shall not be authorized
by the Company to, and shall not, deliver such Prospectus after such period in connection with resales contemplated by this Section
3;

 

(g)     in
the case of a Shelf Registration, furnish counsel for the Holders of Registrable Securities and counsel for any underwriters of
Registrable Securities copies of any request by the SEC or any state securities authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information (other than comments to 1934 Act reports incorporated therein by reference);

 

(h)     use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
as soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order;

 

(i)     in
the case of a Shelf Registration, upon request furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated
therein by reference or exhibits thereto, unless requested);

 

(j)     in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause
such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and in a form eligible
for deposit with the Depositary and registered in such names as the selling Holders or the underwriters, if any, may reasonably
request in writing at least two business days prior to the closing of any sale of Registrable Securities;

 

    	 	-16-	 

     

    

 

(k)     in
the case of a Shelf Registration, upon the occurrence of any event or the discovery of any facts as contemplated by Section
3(e)(vi) hereof, use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration
Statement or the related Prospectus or any document incorporated or deemed to be incorporated therein by reference or file any
other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will
not contain at the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company agrees
to notify each Holder to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and each
Holder hereby agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such
misstatement or omission. At such time as such public disclosure is otherwise made or the Company determines that such disclosure
is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company
agrees promptly to notify each Holder of such determination and to furnish each Holder such number of copies of the Prospectus,
as amended or supplemented, as such Holder may reasonably request;

 

(l)     obtain
CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective
date of a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities
or Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary;

 

(m)     (i)
cause the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture
as may be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its
commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any,
and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(n)     in
the case of a Shelf Registration, the holders of a majority in principal amount of the Registrable Securities registered pursuant
to such Shelf Registration Statement shall have the right to direct the Company to effect not more than one underwritten registration
and, in connection with such underwritten registration, the Company shall enter into agreements (including underwriting agreements
or similar agreements) and take all other customary and appropriate actions (including those reasonably requested by the holders
of a majority in principal amount of the Registrable Securities being sold) in order to expedite or facilitate the disposition
of such Registrable Securities and in such connection, in a manner that is reasonable and customary:

 

(i)     make
such representations and warranties to the Holders of such Registrable Securities and the underwriters, in form, substance and
scope as are customarily made by issuers to underwriters in similar underwritten offerings as may be reasonably requested by such
Holders and underwriters;

 

    	 	-17-	 

     

    

 

(ii)     obtain
opinions of counsel to the Company (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory
to the managing underwriters, and the Holders of a majority in principal amount of the Registrable Securities being sold) addressed
to each selling Holder and the underwriters, covering the matters customarily covered in opinions requested in sales of securities
or underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters;

 

(iii)     obtain
“cold comfort” letters and updates thereof with respect to such Shelf Registration Statement and the Prospectus included
therein, all amendments and supplements thereto and all documents incorporated or deemed to be incorporated by reference therein
from the Company’s independent certified public accountants and from the independent certified public accountants for any
other Person or any business or assets whose financial statements are included or incorporated by reference in the Shelf Registration
Statement, each addressed to the underwriters, and use commercially reasonable efforts to have such letters addressed to the selling
Holders of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in
“cold comfort” letters to underwriters in connection with similar underwritten offerings and such letters to be delivered
at the time of the pricing of such underwritten registration with an update to such letter to be delivered at the time of closing
of such underwritten registration;

 

(iv)     if
an underwriting agreement or other similar agreement is entered into, cause the same to set forth indemnification and contributions
provisions and procedures substantially equivalent to the indemnification and contributions provisions and procedures set forth
in Section 5 hereof with respect to the underwriters and all other parties to be indemnified pursuant to Section 5 hereof or such
other indemnification and contributions as shall be satisfactory to the Company, the applicable underwriters and the Holders of
the majority in principal amount of the Registrable Securities being sold; and

 

(v)     deliver
such other documents and certificates as may be reasonably requested and as are customarily delivered in similar offerings.

 

The documents referred to in Sections
3(n)(ii) and 3(n)(v) shall be delivered at the closing under any underwriting or similar agreement as and to the extent
required thereunder. In the case of any such underwritten offering, the Company shall provide written notice to the Holders of
all Registrable Securities of such underwritten offering at least 30 days prior to the filing of a prospectus supplement for such
underwritten offering. Such notice shall (x) offer each such Holder the right to participate in such underwritten offering, (y)
specify a date, which shall be no earlier than 15 days following the date of such notice, by which such Holder must inform the
Company of its intent to participate in such underwritten offering and (z) include the instructions such Holder must follow in
order to participate in such underwritten offering;

 

    	 	-18-	 

     

    

 

(o)     in
the case of a Shelf Registration, upon request make available for inspection by representatives of the Holders of the Registrable
Securities and any underwriters participating in any disposition pursuant to a Shelf Registration Statement and any one counsel
or accountant retained by such Holders or underwriters (with such inspection to occur at such time as mutually agreed between the
Company and such Persons), all financial statements and other records, documents and properties of the Company reasonably requested
by any such Persons, and cause the respective officers, directors, employees, and any other agents of the Company to supply all
information reasonably requested by any such Persons in connection with a Shelf Registration Statement; provided, that any such
Persons shall be required to execute a customary confidentiality agreement;

 

(p)     in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a
part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies
of such document to the Holders of Registrable Securities, to the underwriter or underwriters, of an underwritten offering of Registrable
Securities, and to counsel for any such Holders, or underwriters, and make such changes in any such document prior to the filing
thereof as the Holders of Registrable Securities, any such underwriter or underwriters or any of their respective counsel may reasonably
request; and (iii) cause the representatives of the Company to be available for discussion of such documents as shall be reasonably
requested by the Holders of Registrable Securities, or any underwriter, and shall not at any time make any filing of any such document
of which such Holders, their counsel or any underwriter shall not have previously been advised and furnished a copy or to which
such Holders, their counsel or any underwriter shall reasonably object within a reasonable time period;

 

(q)     in
the case of a Shelf Registration, use its commercially reasonable efforts to cause all Registrable Securities to be listed on any
securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority Holders
or by the underwriter or underwriters of an underwritten offering of Registrable Securities, if any;

 

(r)     in
the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be rated by the
same rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders of Registrable Securities
or by the underwriter or underwriters of an underwritten offering, unless the Registrable Securities are already so rated;

 

(s)     otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and, with respect to each
Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on
Form 10-K, make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least twelve
months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and

 

(t)     cooperate
and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter
and its counsel.

 

    	 	-19-	 

     

    

 

In the case of a Shelf
Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration) require
each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution
by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing and require such
Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder.

 

In the case of a Shelf
Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included
in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to Section 3(f),
each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or
the discovery of any facts of the kind described in Section 3(e)(ii), 3(e)(iii) or 3(e)(v) through 3(e)(vii)
hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition of Registrable Securities
pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as the case may be, of (i) the
copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof or (ii) written notice from the Company
that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that
no supplement or amendment is required. If so directed by the Company, such Holder or Participating Broker-Dealer, as the case
may be, will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies
then in its possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. Nothing
in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities.

 

If the Company shall
give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the
Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case
of Section 3(f), the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension;
provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof
and (ii) the Company shall use its commercially reasonable efforts to file and have declared effective (if an amendment) as soon
as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement
or both, as the case may be, or the Prospectus included therein and shall extend the period during which the Shelf Registration
Statement or the Exchange Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this
Agreement (and, if applicable, the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange
Offer Registration Statement pursuant to Section 3(f) hereof) by the number of days during the period from and including
the date of the giving of such notice to and including the earlier of the date when the Holders or Participating Broker-Dealers,
respectively, shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions and the
effective date of written notice from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf
Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement
or amendment is required.

 

    	 	-20-	 

     

    

 

4.     Underwritten
Registrations. If any of the Registrable Securities covered by any Shelf Registration are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by
the Majority Holders of such Registrable Securities included in such offering and shall be reasonably acceptable to the Company.

 

No Holder of Registrable
Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s
Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements.

 

5.     Indemnification
and Contribution.

 

(a)     The
Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer, each underwriter who participates
in an offering of Registrable Securities (each, an “Underwriter”) and each Person, if any, who controls any
Holder, Participating Broker-Dealer or Underwriter within the meaning of either Section 15 of the 1933 Act or Section 20 of the
1934 Act, as follows:

 

(i)     against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange
Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference,
or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any
preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

(ii)     against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph
(i) above; provided that any such settlement is effected with the written consent of the Company; and

 

(iii)     against
any and all expense whatsoever, as incurred (including, subject to Section 5(c) below, the fees and disbursements of
counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon
any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to
the extent that any such expense is not paid under subparagraph (i) or (ii) above;

 

    	 	-21-	 

     

    

 

provided, however, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by any Holder, Participating Broker-Dealer or Underwriter with respect to such Holder, Participating Broker-Dealer
or Underwriter, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus
(or any amendment or supplement thereto).

 

(b)     Each
Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer
of the Company who signed the Registration Statement, each Participating Broker-Dealer, each Underwriter and each other selling
Holder and each Person, if any, who controls the Company, any Underwriter, any Participating Broker-Dealer or any other selling
Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim,
damage and expense described in the indemnity contained in Section 5(a) hereof, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment
thereto) or any Prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written
information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement
(or any amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no
such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale
of Registrable Securities pursuant to such Shelf Registration Statement.

 

    	 	-22-	 

     

    

 

(c)     Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against
it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the
respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers who
signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating Broker-Dealers)
and all Persons, if any, who control any Holders (other than any Participating Broker-Dealers) within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold, as the case may be, a majority
in aggregate principal amount of the Registrable Securities held by all such Holders; (iii) counsel to the Underwriters of any
particular offering of Registrable Securities and all Persons, if any, who control any such Underwriter within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by such Underwriters; and (iv) counsel to the Participating
Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act shall be selected by the Participating Broker-Dealers who held or hold, as the case may
be, a majority in aggregate principal amount of the Exchange Securities referred to in Section 3(f) hereof held by all such
Participating Broker-Dealers. In no event shall the indemnifying party or parties be liable for (A) the fees and expenses of more
than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for the Company and
all other Persons referred to in clause (i) of this paragraph, (B) the fees and expenses of more than one counsel (in addition
to any local counsel) separate from the indemnifying parties’ own counsel for all Holders (other than Participating Broker-Dealers)
and all other Persons referred to in clause (ii) of this paragraph, (C) the fees and expenses of more than one counsel (in addition
to any local counsel) separate from the indemnifying parties’ own counsel for all Underwriters of any particular offering
of Registrable Securities and all other Persons referred to in clause (iii) of this paragraph, and (D) the fees and expenses of
more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all Participating
Broker-Dealers and all other Persons referred to in clause (iv) of this paragraph, in each case 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.
The indemnifying party shall be entitled to participate therein and, to
the extent that it shall elect, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, provided, however, if the defendants in any such action include both
the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may
arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or
that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those
available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume
such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.
After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other
expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable
costs of investigation unless (A) the indemnified party shall have employed separate counsel in accordance with the proviso to
the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more
than one separate counsel, approved by the indemnifying party) or (B) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases
the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying party shall, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be sought under this Section 5 (whether or not the
indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional
release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii)
does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party.

 

    	 	-23-	 

     

    

 

(d)     If
the indemnification provided for in this Section 5 is for any reason unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on
the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted
in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative
fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

 

(e)     The
Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 5 were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in paragraph (e) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section 5 shall be deemed to include any legal or other expenses reasonably incurred
by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.

 

Notwithstanding the
provisions of this Section 5, other than in the case of intentional misrepresentation or omission of a material fact, no
Holder, Participating Broker-Dealer or Underwriter shall be required to contribute any amount in excess of the amount by which
the total price at which Registrable Securities sold by it were offered exceeds the amount of any damages that such Holder, Participating
Broker-Dealer or Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission
or alleged omission.

 

No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

 

For purposes of this
Section 5, each Person, if any, who controls a Holder, Participating Broker-Dealer or Underwriter within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder, Participating
Broker-Dealer or Underwriter, as the case may be, and each director of the Company, each officer of the Company who signed the
Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section
20 of the 1934 Act shall have the same rights to contribution as the Company.

 

    	 	-24-	 

     

    

 

The respective obligations
of the Holders, Participating Broker-Dealers and Underwriters to contribute pursuant to this Section 5 are several in proportion
to the principal amount of Subordinated Notes purchased by them and not joint.

 

The indemnity and contribution
provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of
this Agreement, (ii) any investigation made by or on behalf of any Holder, Participating Broker-Dealer or Underwriter or any Person
controlling any Holder, Participating Broker-Dealer or Underwriter, or by or on behalf of the Company, its officers or directors
or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities
or Exchange Securities pursuant to a Shelf Registration Statement.

 

6.     Miscellaneous.

 

(a)     Rule
144 and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934 Act,
the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the 1934 Act and
the rules and regulations adopted by the SEC thereunder, that if it ceases to be so required to file such reports, it will upon
the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such information (including,
without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is necessary to permit sales pursuant to
Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly following a request by any Holder or beneficial owner
of Registrable Securities or any prospective purchaser or transferee designated by such Holder or beneficial owner, such information
(including, without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales
pursuant to Rule 144A under the 1933 Act, and (iii) take such further action that is reasonable in the circumstances, in each case
to the extent required from time to time to enable such Holder to sell its Registrable Securities without registration under the
1933 Act within the limitation of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from
time to time, (y) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (z) any similar rules or regulations
hereafter adopted by the SEC; provided, however, that any legal fees and expenses incurred by the Company in connection with the
issuance by counsel to the Company of a legal opinion or opinions relating to the obligations set forth in this Section 6(a) shall
be borne solely by the applicable Holder or beneficial owner. Upon the request of any Holder or beneficial owner of Registrable
Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements.

 

(b)     No
Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof; provided that the Company will not be precluded from entering into any agreement
after the date hereof which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted
to the Holders hereunder do not and will not in any way conflict in any material respects with and are not and will not be inconsistent
in any material respects with the rights granted to the holders of any of the Company’s other issued and outstanding securities
under any other agreements entered into by the Company or any of its subsidiaries.

 

    	 	-25-	 

     

    

 

(c)     Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written
consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such
amendment, modification, supplement, waiver or departure.

 

(d)     Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer
at the most current address set forth on the records of the registrar under the Indenture, (ii) if to the Company, initially at
the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with
the provisions of this Section 6(d) and (iv) if to any Underwriter, at the most current address given by such Underwriter
to the Company by means of a notice given in accordance with the provisions of this Section 6(d), which address initially
shall be the address set forth in the applicable underwriting agreement.

 

All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on
the next business day if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address
specified in the Indenture.

 

(e)     Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation
of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities,
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms
of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth
in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof.

 

(f)     Third
Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary of the agreements made hereunder
and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to
protect its rights or the rights of other Holders hereunder. Each Holder, by its acquisition of Subordinated Notes, shall be deemed
to have agreed to the provisions of Section 5(b) hereof.

 

    	 	-26-	 

     

    

 

(g)     Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)     Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)      Restriction
on Resales. If the Company or any of its subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act) shall redeem,
purchase or otherwise acquire any Registrable Security or any Exchange Security which is a “restricted security” within
the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such Registrable Security or Exchange
Security, as the case may be, to the Trustee for cancellation and neither the Company nor any of its subsidiaries or affiliates
will hold or resell such Registrable Security or Exchange Security or issue any new Security or Exchange Security to replace the
same.

 

(j)     
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(k)      Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof
and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality
and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected
or impaired thereby.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	-27-	 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	MALVERN BANCORP, INC.

 

	 	By:	 
	 	 	Name:  Anthony C. Weagley
	 	 	Title:    President and Chief Executive Officer

 

[Company Signature Page to Registration
Rights Agreement]

 

    	 	-28-	 

     

    

 

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

 

	 	PURCHASER:

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Purchaser Signature Page to Registration
Rights Agreement]

 

    	 	-29-

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