Document:

Exhibit 4.2

 

FIRST INTERNET BANCORP

 

FOURTH SUPPLEMENTAL INDENTURE

dated as of August 16, 2021

 

to the Subordinated Indenture

dated as of September 30, 2016

 

3.75% Fixed-to-Floating Rate Subordinated Notes
due 2031

 

U.S. Bank National Association, as Trustee

 

     

     

    

 

FOURTH SUPPLEMENTAL INDENTURE

 

THIS FOURTH SUPPLEMENTAL INDENTURE
(“Fourth Supplemental Indenture”), dated as of August 16, 2021 between FIRST INTERNET BANCORP, an Indiana corporation
(the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity
but solely as trustee (“Trustee”).

 

RECITALS

 

WHEREAS, the Company
and the Trustee have executed and delivered a Subordinated Indenture, dated as of September 30, 2016 (the “Base Indenture”
and, as supplemented by the First Supplemental Indenture, dated as of September 30, 2016 (the “First Supplemental Indenture”),
between the Company and the Trustee, the Second Supplemental Indenture, dated as of June 12, 2019 (the “Second Supplemental Indenture”),
between the Company and the Trustee, the Third Supplemental Indenture, dated as of October 26, 2020 (the “Third Supplemental
Indenture”), between the Company and the Trustee, and this Fourth Supplemental Indenture, and as further supplemented from time
to time, the “Indenture”), to provide for the issuance from time to time by the Company of its unsecured subordinated
indebtedness to be issued in one or more series as provided in the Indenture;

 

WHEREAS, the issuance
and sale of Sixty Million Dollars ($60,000,000) aggregate principal amount of a new series of Securities of the Company designated as
its 3.75% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”) have been authorized by resolutions
adopted by the Board of Directors of the Company;

 

WHEREAS, the Company
desires to issue and sell Sixty Million Dollars ($60,000,000) aggregate principal amount of the 2031 Notes as of the date hereof pursuant
to the Indenture and the Subordinated Note Purchase Agreement (as defined herein);

 

WHEREAS, the Company
desires to establish the terms of the 2031 Notes;

 

WHEREAS, all things
necessary to make this Fourth Supplemental Indenture a legal and binding supplement to the Base Indenture in accordance with its terms
and the terms of the Base Indenture have been done;

 

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

 

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

 

NOW, THEREFORE, for
and in consideration of the premises stated herein and the purchase of the 2031 Notes by the Holders thereof, the Company and the Trustee
covenant and agree, for the equal and proportionate benefit of the Holders of the 2031 Notes, as follows:

 

Article
I

SCOPE OF Fourth SuppLEMENTAL INDENTURE

 

Section
1.01.     Scope. This Fourth Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part
of the Indenture and shall be read together with the Base Indenture as though all the provisions thereof are contained in one instrument.
Except as expressly amended by the Fourth Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full
force and effect. Notwithstanding the foregoing, this Fourth Supplemental Indenture shall only apply to the 2031 Notes.

 

    1 

     

    

 

Article
II

DEFINITIONS

 

Section
2.01.     Definitions and Other Provisions of General Application. For all purposes of this Fourth Supplemental Indenture
unless otherwise specified herein:

 

(a)        all
terms used in this Fourth Supplemental Indenture which are not otherwise defined herein shall have the meanings they are given in the
Base Indenture;

 

(b)       the
provisions of general application stated in Sections 10.1 through 10.14 of the Base Indenture shall apply to this Fourth Supplemental
Indenture, except that the words “herein,” “hereof,” “hereto” and “hereunder” and other
words of similar import refer to this Fourth Supplemental Indenture as a whole and not to the Base Indenture or any particular Article,
Section or other subdivision of the Base Indenture or this Fourth Supplemental Indenture;

 

(c)        Section
1.1 of the Base Indenture is amended and supplemented, solely with respect to the 2031 Notes, by inserting the following additional defined
terms in their appropriate alphabetical positions:

 

“Benchmark”
means, initially, Three-Month Term SOFR; provided that, if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement. Notwithstanding the foregoing, in the event that the Benchmark as determined in accordance with the applicable definitions
is less than zero, the Benchmark for such interest period shall be deemed to be zero.

 

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

 

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

 

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

 

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

 

(iv)       the
sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for
the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current
Benchmark for U.S. dollar-denominated floating-rate notes at such time and (ii) the Benchmark Replacement Adjustment.

 

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

 

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

 

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

 

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

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to
each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the
Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company
determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably
necessary).

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)         if
the Benchmark is Three-Month Term SOFR, (A) the Relevant Governmental Body has not selected or recommended a forward-looking term rate
for the Corresponding Tenor based on SOFR, (B) the development of a forward-looking term rate for the Corresponding Tenor based on SOFR
that has been recommended or selected by the Relevant Governmental Body is not complete or (C) the Company determines that the use of
a forward-looking rate for the Corresponding Tenor based on SOFR is not administratively feasible;

 

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

 

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

 

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

 

“Calculation Agent” has
the meaning provided in Section 3.02(e)(iv).

 

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

 

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

 

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

 

For the avoidance of doubt,
the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment.

 

“Corresponding Tenor”
with respect to a Benchmark Replacement means a tenor having approximately the same length (disregarding business day adjustment) as the
initial or then-current Benchmark.

 

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

 

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

 

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

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Issue Date” means
August 16, 2021.

 

“Reference Time”
with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Company
after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined
by the Company after giving effect to the Benchmark Replacement Conforming Changes.

 

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

 

“SOFR”
means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator),
on the FRBNY’s Website.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).

 

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“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, or any successor source.

 

“Subordinated Note
Purchase Agreement” means that certain Subordinated Note Purchase Agreement, dated as of August 16, 2021, among the Company
and the Holders.

 

“Tax Event” means
the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (i) an amendment to, or change (including
any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision or taxing
authority thereof or therein, or (ii) any official administrative pronouncement or judicial decision interpreting or applying such laws
or regulations, which amendment or change becomes effective or which pronouncement or decision is announced on or after the date of original
issuance of the 2031 Notes, there is more than an insubstantial risk that the interest payable by the Company on the 2031 Notes is not,
or within 90 days of the date of such opinion will not be, deductible by the Company, in whole or in part, for United States federal income
tax purposes.

 

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

 

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

 

“Three-Month Term
SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference
Time for any Floating Interest Period, as determined by the Company after giving effect to the Three-Month Term SOFR Conventions.

 

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

 

“Tier 2 Capital Event” 
means the Company’s good faith determination that, as a result of (i) any amendment to, or change (including any announced
prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable
regulatory authority for the Company or (ii) any official administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original
issuance of the 2031 Notes, in each case, there is more than an insubstantial risk that the Company will not be entitled to treat the
Notes then outstanding as Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement) for purposes
of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (or
any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable for so long as any
Note is outstanding.

 

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

 

    6 

     

    

 

(d)       Section
1.1 of the Base Indenture is amended and supplemented, solely with respect to the 2031 Notes, by replacing the corresponding defined term
in the Base Indenture with the following defined term:

 

“Senior Indebtedness” means:
(i) the principal and any premium or interest for money borrowed or purchased by the Company; (ii) the principal and any premium or interest
for money borrowed or purchased by another Person and guaranteed by the Company; (iii) any deferred obligation for the payment of the
purchase price of property or assets evidenced by a note or similar instrument or agreement; (iv) any obligations to general and trade
creditors; (v) any obligation arising from direct credit substitutes; (vi) any obligation associated with derivative products such as
interest rate and currency rate exchange contracts or any similar arrangements, unless the instrument by which the Company incurred, assumed,
or guaranteed the obligation expressly provides that it is subordinate or junior in right of payment to any other indebtedness or obligations
of the Company; and (vii) all obligations of the type referred to in clauses (i) through (vi) above of other persons or entities for the
payment of which the Company is responsible or liable as obligor, guarantor or otherwise, whether or not classified as a liability on
a balance sheet prepared in accordance with accounting principles generally accepted in the United States; in each case, whether
outstanding on the date this Subordinated Indenture becomes effective, or created, assumed or incurred after that date. Senior Indebtedness
excludes any indebtedness that: (a) expressly states that it is junior to, or ranks equally in right of payment with, the 2031 Notes;
or (b) is identified as junior to, or equal in right of payment with, the 2031 Notes in any Board Resolution establishing such series
of Securities or in any supplemental indenture. Notwithstanding the foregoing, and for the avoidance of doubt, if the Federal Reserve
(or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines general creditor(s),
the main purpose of which is to establish criteria for determining whether the subordinated debt of a financial or bank holding company
is to be included in its capital, then the term “general creditors” as used in this definition will have the meaning as described
in that rule or interpretation.

 

Article
III

FORM AND TERMS OF THE 2031 Notes

 

Section
3.01.      Form and Dating.

 

(a)       The
2031 Notes shall be substantially in the form of Exhibit A attached hereto. The 2031 Notes shall be executed on behalf of
the Company by its Chairman of the Board, its Chief Executive Officer, its President or one of its Executive Vice Presidents, attested
by its Chief Financial Officer, its Secretary or one of its Assistant Secretaries. The 2031 Notes may have a legend or legends or endorsements
as may be required to comply with any law or with any rules of any securities exchange or usage. The 2031 Notes shall be dated the date
of their authentication.

 

(b)       The
terms contained in the 2031 Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Fourth
Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly
agree to such terms and provisions and to be bound thereby.

 

Section
3.02.     Terms of the 2031 Notes. The following terms relating to the 2031 Notes are hereby established:

 

(a)       Title. The
2031 Notes shall constitute a series of Securities having the title “First Internet Bancorp 3.75% Fixed-to-Floating Rate Subordinated
Notes due 2031.”

 

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(b)       Principal
Amount. The aggregate principal amount of the 2031 Notes that may be authenticated and delivered under the Indenture, as amended
hereby, shall be Sixty Million Dollars ($60,000,000) on the Issue Date. Provided that no Event of Default has occurred and is continuing
with respect to the 2031 Notes, the Company may, without notice to or the consent of the Holders, create and issue additional Securities
having the same terms as, and ranking equally and ratably with, the 2031 Notes in all respects and so that such additional 2031 Notes
will be consolidated and form a single series with, and have the same terms as to status, redemption or otherwise as, the 2031 Notes initially
issued, provided that such additional 2031 Notes are fungible for U.S. federal income tax purposes with the 2031 Notes.

 

(c)       Person
to Whom Interest is Payable. Interest payable, and punctually paid or duly provided for, on any Interest Payment Date will be
paid to the person in whose name the 2031 Notes are registered for such interest at the close of business on the 15th day of
the month immediately preceding the applicable Interest Payment Date, whether or not such day is a Business Day; provided that any interest
payable on the Maturity Date will be paid to the person to whom the Principal is paid. Any such interest which is payable, but not so
punctually paid or duly provided for on any Interest Payment Date shall cease to be payable to the Holder on such relevant record date
by virtue of having been a Holder on such date, and such defaulted interest may be paid by the Company to the person in whose name the
2031 Note is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the
Company, notice whereof shall be given to Holders of 2031 Notes of this series not less than 10 days prior to such special record date
that complies with Section 2.13 of the Base Indenture, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 2031 Notes may be listed and upon such notice as may be required by such exchange and in compliance
with the Base Indenture.

 

(d)       Maturity
Date. The entire outstanding Principal of the 2031 Notes shall be payable on September 1, 2031 (the “Maturity Date”).

 

(e)       Interest.

 

(i)       The
2031 Notes will bear interest at a fixed rate of 3.75% per annum from and including the Issue Date to, but excluding, September 1, 2026
(the “Fixed Rate Period”). Interest accrued on the 2031 Notes during the Fixed Rate Period will be payable
semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2022 and ending on September 1, 2026 (each such
date a “Fixed Rate Interest Payment Date”). The interest payable during the Fixed Rate Period will be paid to
each Holder in whose name a 2031 Note is registered for such interest at the close of business on the 15th day (whether or
not a Business Day) of the month immediately preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed
Rate Regular Record Date”).

 

(ii)       The
2031 Notes will bear a floating interest rate from and including September 1, 2026 to the Maturity Date or Redemption Date (the “Floating
Rate Period”). As long as the Benchmark is Three-Month Term SOFR, the interest rate for the Floating Rate Period will be equal
to the Benchmark plus 3.11% (311 basis points) and will be reset quarterly. During the Floating Rate Period, interest on the 2031 Notes
will be payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year commencing on December 1, 2026 through
the Maturity Date or Redemption Date (each such date, a “Floating Rate Interest Payment Date”, together with a
Fixed Rate Interest Payment Date, an “Interest Payment Date”). The interest payable during the Floating Rate Period
will be paid to each Holder in whose name a Note is registered at the close of business for such interest on the 15th day (whether
or not a Business Day) of the month immediately preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating
Rate Regular Record Date”).

 

    8 

     

    

 

(iii)       The
amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day
year consisting of twelve 30-day months up to, but excluding, September 1, 2026 and the amount of interest payable on any Floating Rate
Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days actually
elapsed. In the event that any scheduled Interest Payment Date for the 2031 Notes falls on a day that is not a Business Day, then
payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a Business Day (any payment
made on such date will be treated as being made on the date that the payment was first due and no interest on such payment will accrue
for the period from and after such scheduled Interest Payment Date); provided that, in the event that any scheduled Floating Rate
Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar
month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case,
the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. Dollar amounts resulting
from interest calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

 

(iv)       The
Company agrees that for so long as any of the 2031 Notes are outstanding there will at all times be an agent appointed to calculate the
Benchmark in respect of the Floating Rate Period (the “Calculation Agent”). The calculation of the Benchmark for the
Floating Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent
shall have all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Company
hereby appoints U.S. Bank National Association, as Calculation Agent for the purposes of determining the Benchmark for the Floating Interest
Period and U.S. Bank National Association accepts the appointment. The Calculation Agent may be removed by the Company at any time. If
the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company will promptly appoint
a replacement Calculation Agent, which does not control or is not controlled by or under common control with the Company or its Affiliates.
The Calculation Agent may not resign its duties without a successor having been duly appointed; provided that, if a successor Calculation
Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation
by the Calculation Agent, the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series. The Calculation Agent’s calculation of the amount of any
interest payable during the Floating Rate Period will be maintained on file at the Calculation Agent’s principal offices.

 

(v)       At
least 10 days prior to the commencement of the Floating Rate Period, the Company shall, and from time to time during the Floating
Rate Period while Three-Month Term SOFR is the applicable Benchmark, the Company may notify the Calculation Agent in writing of any Term
SOFR Conventions with respect to Three-Month Term SOFR; provided that, with respect to any Interest Payment Date, the Calculation
Agent shall not be required to implement any Three-Month SOFR Conventions with respect to which the Calculation Agent was first notified
on or after the second Business Day prior to such Interest Payment Date.

 

If the Company determines
in its sole discretion that a Benchmark Replacement Event and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark during the Floating Rate Period, then, subject to this Section 3.02(e)(v),
the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the 2031 Notes in respect of such Benchmark
setting and each subsequent Benchmark setting.

 

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(A)       The
Company shall notify the Calculation Agent in writing of any such determination that a Benchmark Replacement Event and its related Benchmark
Replacement Date have occurred as soon as reasonably practicable.

 

(B)       In
connection with the implementation of the Benchmark Replacement, the Company may make or instruct the Calculation Agent to make, from
time to time Benchmark Replacement Conforming Changes. The Company shall notify the Calculation Agent in writing of the Benchmark Replacement
and such Benchmark Replacement Conforming Changes as soon as reasonably practicable; provided that, with respect to any Interest
Payment Date, the Calculation Agent shall not be required to implement any Benchmark Replacement Conforming Changes with respect to which
the Calculation Agent was first notified on or after the second Business Day prior to such Interest Payment Date.

 

(C)       All
determinations, decisions, elections and calculations made by the Company pursuant to this Section 3.02(e)(v), including as to
occurrence or non-occurrence of an event, circumstance or date, any decision to take or refrain from taking any action or any selection,
and any Term SOFR Conventions and Benchmark Replacement Conforming Changes, may be made in the Company’s sole discretion, will be
conclusive and binding absent manifest error, and, notwithstanding anything to the contrary herein relating to the 2031 Notes, shall become
effective without the consent of the Trustee, the Calculation Agent or the Holders of the 2031 Notes.

 

(D)       If
a Benchmark Replacement Event and its related Benchmark Replacement Date have occurred and, for any reason, the Calculation Agent has
not been notified of the Benchmark Replacement at least two (2) Business Days prior to the next applicable Floating Rate Interest Payment
Date, then for purposes of next Floating Rate Interest Payment Date and each Floating Rate Interest Payment Date thereafter until the
Company has notified the Calculation Agent of the Benchmark Replacement, the 2031 Notes will bear interest at a fixed rate equal to the
interest rate set for the interest payment made on the last Floating-Rate Interest Payment Date prior to such Benchmark Replacement Event;
provided that, from and after the first Floating Rate Interest Payment Date that is more than two (2) Business Days after the Company
has notified the Calculation Agent of the Benchmark Replacement in accordance with Section 3.02(e)(v)(B), the Benchmark Replacement
shall apply.

 

(F)       If
a Benchmark Replacement Event and its related Benchmark Replacement Date have occurred and, for any reason, the Calculation Agent has
not been notified of the Benchmark Replacement, the Calculation Agent shall have no liability to the Company, the Holders or to any third
party as a result of losses suffered by such parties due to the lack of an applicable rate of interest, and Calculation Agent shall be
under no obligation to act in such event or otherwise determine the relevant alternate applicable rate of interest until such time as
the Calculation Agent has received written notice from the Company of the Benchmark Replacement in accordance with Section 3.02(e)(v)(B).

 

(G)       Neither
the Trustee, Paying Agent nor Calculation Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or
cessation of the Benchmark, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence
of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) to select, determine or designate any Alternative Reference Rate
or Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate
have been satisfied, or (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement
or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any,
in connection with any of the foregoing.

 

    10 

     

    

 

(H)       Neither
the Trustee, Paying Agent, nor Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its
duties set forth in this Agreement as a result of the unavailability of SOFR (or other applicable Benchmark) and absence of a designated
replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party in
providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required
for the performance of such duties.

 

(I)       In
the event that SOFR (or other applicable Benchmark) is not available on any determination date, then unless the Calculation Agent is notified
of a Replacement Benchmark in accordance with the provisions of the Indenture within two (2) Business Days, the Calculation Agent shall
use the interest rate in effect for the immediately prior interest period.

 

(J)       If
the Calculation Agent at any time or times determines in its reasonable judgment that guidance is needed to perform its duties, or if
it is required to decide between alternative courses of action, the Calculation Agent may (but is not obligated to) reasonably request
guidance in the form or written instructions (or, in its sole discretion, oral instruction followed by written confirmation) from the
Company, on which the Calculation Agent shall be entitled to rely without liability. The Calculation Agent shall be entitled to refrain
from action pending receipt of such instruction.

 

(f)        Place
of Payment of Principal and Interest. The Company, may, at its option, make, or cause the Paying Agent to make, payments of principal
and interest on the 2031 Notes by check mailed to the address of the person specified for payment in accordance with Section 3.02(e)(i)
and (e)(ii).

 

(g)       Redemption. The
2031 Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company prior to the Maturity
Date beginning with the Interest Payment Date on September 1, 2026, and on any Interest Payment Date thereafter subject to obtaining the
prior approval of the Federal Reserve to the extent such approval is required under the rules of the Federal Reserve. The 2031 Notes
may not otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the 2031 Notes before the
Maturity Date in whole but not in part from time to time, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company
is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any
such redemption will be at a Redemption Price equal to 100% of the principal amount of the 2031 Notes to be redeemed, plus accrued but
unpaid interest to, but excluding, the redemption date fixed by the Company (the “Redemption Date”). The provisions
of Article III of the Base Indenture shall apply to any redemption of the 2031 Notes pursuant to this Article 3. If any 2031 Note
is to be redeemed in part only, the notice of redemption relating to such 2031 Note shall state that it is a partial redemption and the
portion of the principal amount thereof to be redeemed. The 2031 Notes are not subject to redemption or prepayment at the option
of the Holders.

 

(h)       Sinking
Fund. There shall be no sinking fund for the 2031 Notes.

 

(i)        Denomination. The
2031 Notes and any beneficial interest in the 2031 Notes shall be in minimum denominations of $100,000 and integral multiples of $1,000
in excess thereof.

 

(j)        Currency
of the 2031 Notes. The 2031 Notes shall be denominated, and payment of principal and interest of the 2031 Notes shall be payable
in, the currency of the United States of America.

 

    11 

     

    

 

(k)       Acceleration. Neither
the Trustee nor the Holders of the 2031 Notes shall have the right to accelerate the maturity of the 2031 Notes unless there is an Event
of Default specified under clause (e), (f) or (h) of Section 6.1 (as amended herein) of the Base Indenture. If an Event of Default specified
in clause (e), (f) or (h) of Section 6.1 (as amended herein) of the Base Indenture occurs, then the principal amount of all of the outstanding
2031 Notes, including any accrued and unpaid interest on the 2031 Notes and premium, if any, shall automatically become and be immediately
due and payable without any declaration or other act on the part of the Trustee or the Holders of the 2031 Notes in accordance with the
provisions of Section 6.2 of the Base Indenture.

 

(l)         Stated
Maturity. The principal of the 2031 Notes shall be payable on the Maturity Date, subject to acceleration as provided under the
Indenture.

 

(m)       Covenants. For
purposes of the 2031 Notes only, Section 4.2 of the Base Indenture shall be replaced with the following:

 

“Section
4.2   SEC Reports. The Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual
reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules
and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided
that, during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act and any 2031 Notes are outstanding,
(a) the Company shall deliver to the Trustee within 15 days after it files them with the applicable regulatory authority a copy
of the Company’s most recently filed “Consolidated Financial Statements for Holding Companies—FR Y-9C” and “Consolidated
Reports of Condition and Income for a Bank With Domestic Offices Only—FFIEC 041” or any applicable successor form(s) and
(b) the Trustee shall use commercially reasonable efforts to provide such reports to any requesting Holder. The Company also shall
comply with the other provisions of TIA Section 314(a). Delivery of such reports, financial statements, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).”

 

(n)       Events
of Default. The Events of Default provided for in Section 6.1 of the Base Indenture shall apply to the 2031 Notes, provided
that:

 

(i)       the
text of clause (b) of Section 6.1 of the Base Indenture shall be substituted with the following:

 

“(b) default
in the payment of the principal on the 2031 Notes or any Additional Amounts with respect thereto when it becomes due and payable (whether
at Stated Maturity or by declaration of acceleration, call for redemption or otherwise);”

 

(ii)       the
text of clause (c) of Section 6.1 of the Base Indenture is deleted and replaced with the word “Reserved;”

 

(iii)       the
text of clause (d) of Section 6.1 of the Base Indenture shall be substituted with the following:

 

“(d) default
in the performance or breach of any covenant or warranty of the Company in the Indenture or the Subordinated Note Purchase Agreement (other
than a covenant or warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section 6.1
and other than a covenant or warranty that has been included in the Indenture solely for the benefit of Series of Securities other than
the 2031 Notes), and the continuance of such default or breach (without such default or breach having been waived in accordance with the
provisions of the Indenture or the Subordinated Note Purchase Agreement, as applicable) uncured for a period of 90 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% in
principal amount of the outstanding 2031 Notes a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder;”

 

    12 

     

    

 

(iv)       the
text of clause (e) of Section 6.1 of the Base Indenture shall be substituted with the following:

 

“(e) The Company
shall consent to the appointment of a Custodian in any receivership, insolvency, liquidation or similar proceeding with respect to the
Company;”

 

(v)       the
text of clause (f) of Section 6.1 of the Base Indenture shall be substituted with the following:

 

“(f) A court
having jurisdiction in the premises shall enter a decree or order for the appointment of a Custodian in any receivership, insolvency,
liquidation, or similar proceeding relating to the Company, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days;” and

 

(vi)       a
new clause (h), reading in its entirety as follows, shall be inserted:

 

“(h) in the
event of an appointment of a Custodian for the Company’s principal banking subsidiary, First Internet Bank, and such appointment
shall not have been rescinded for a period of 60 consecutive days from the date thereof.”

 

(o)       Acceleration
of Maturity, Rescission and Annulment. Section 6.2 of the Base Indenture shall apply to the 2031 Notes, except that the first
paragraph thereof shall be substituted with the following:

 

“If an Event of Default specified
in Sections 6.1(e), 6.1(f) or 6.1(h) occurs, the principal amount of all the 2031 Notes, together with accrued and unpaid interest
and premium, if any, thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder,
become immediately due and payable. The Maturity of the 2031 Notes shall not otherwise be accelerated as a result of an Event of
Default.”

 

(p)       Collection
of Indebtedness and Suits for Enforcement by the Trustee. Section 6.3 of the Base Indenture shall apply to the 2031 Notes, except
that a new paragraph, reading entirely as follows, shall be inserted:

 

“Upon an Event of Default, the Company
may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company that rank equal with or junior to the 2031 Notes, or make any payments under any guarantee that ranks
equal with or junior to the 2031 Notes, other than; (i) any dividends or distributions in shares of, or options, warrants or rights to
subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with
the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption
or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange
or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital stock; (iv)
the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions
of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related
to the issuance of common stock or rights under any of benefit plans for Company’s directors, officers or employees or any of Company’s
dividend reinvestment plans.”

 

    13 

     

    

 

(q)       Ranking. The
2031 Notes shall rank junior to and shall be subordinated to all Senior Indebtedness of the Company, whether existing as of the date of
this Fourth Supplemental Indenture, or hereafter issued, assumed or incurred, including all indebtedness relating to money owed to general
creditors and trade creditors. The 2031 Notes shall rank equally with all other unsecured subordinated indebtedness of the Company,
including the subordinated indebtedness incurred by the Company pursuant to (i) the 6.0% Fixed-to-Floating Rate Subordinated Notes
due 2026 issued by the Company pursuant to the First Supplemental Indenture, (ii) the 6.0% Fixed-to-Floating Rate Subordinated Notes
due 2029 issued by the Company pursuant to the Second Supplemental Indenture and (iii) the 6.0% Fixed-to-Floating Rate Subordinated
Notes due 2030 issued by the Company pursuant to the Third Supplemental Indenture. Subject to the terms of the Base Indenture, if the
Trustee or any Holder of any of the 2031 Notes receives any payment or distribution of the Company’s assets in contravention of
the subordination provisions applicable to the 2031 Notes before all Senior Indebtedness is paid in full in cash, property or securities,
including by way of set-off or any such payment or distribution that may be payable or deliverable by reason of the payment of any other
indebtedness of the Company being subordinated to the payment of the 2031 Notes, then such payment or distribution will be held in trust
for the benefit of holders of Senior Indebtedness or their representatives to the extent necessary to make payment in full in cash or
payment satisfactory to the holders of Senior Indebtedness of all unpaid Senior Indebtedness.

 

(r)       No
Collateral. The 2031 Notes shall not be entitled to the benefit of any security interest in, or collateralization by, any rights,
property or interest of the Company.

 

(s)       Additional
Terms. Other terms applicable to the 2031 Notes are as otherwise provided for in the Base Indenture, as supplemented by this
Fourth Supplemental Indenture.

 

Article
IV

MISCELLANEOUS

 

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

 

Section
4.02.     GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS FOURTH SUPPLEMENTAL INDENTURE AND THE 2031
NOTES.

 

Section
4.03.     Duplicate Originals. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement.

 

    14 

     

    

 

 

Section
4.04.     Severability. In case any provision in this Fourth Supplemental Indenture or the 2031 Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

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

 

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

 

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

 

Section
4.08.     Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or interest
on any 2031 Note, or for any claim based thereon or otherwise in respect thereof, shall be had against any shareholder, employee, agent,
officer or director, as such, past, present or future, of the Company or of any successor Person; it being expressly understood that
all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Fourth
Supplemental Indenture and the issue of the 2031 Notes.

 

Section
4.09.    Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Company and
the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Fourth Supplemental Indenture, the 2031 Notes, or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Company.

 

Section
4.10.     USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The
parties to this agreement agree that they shall provide the Trustee with such information as they may request in order to satisfy the
requirements of the USA PATRIOT Act.

 

[Remainder of page intentionally left blank.]

 

    15

     

    

 

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

 

	 	FIRST INTERNET BANCORP
	 	 
	 	By: 	/s/ David B. Becker
	 	Name: David B. Becker
	 	Title: CEO
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee and Calculation Agent
	 	 
	 	By: 	/s/ Benjamin J. Krueger
	 	Name: Benjamin J. Krueger
	 	Title: Vice President

 

    

     

    

 

EXHIBIT A-l

 

(FORM OF DEFINITIVE SUBORDINATED NOTE)

 

FIRST INTERNET BANCORP

 

3.75%
FIXED TO FLOATING Subordinated Note due SEPTEMBER 1, 2031

 

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

 

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

 

CERTAIN ERISA CONSIDERATIONS:

 

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

 

    

     

    

 

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

 

    2

     

    

 

	No. [•]	CUSIP/ISIN Accredited Investors: US320557AF85
	CUSIP/ISIN QIBs: US320557AE11

 

FIRST INTERNET
BANCORP

 

3.75% FIXED TO
FLOATING RATE SUBORDINATED NOTE DUE SEPTEMBER 1, 2031

 

1.                 Indenture;
Holders. This note is one of a duly authorized issue of notes of First Internet Bancorp, an Indiana corporation (the “Company”),
designated as the “3.75% Fixed to Floating Subordinated Notes due 2031” (the “Subordinated Notes”) in
an aggregate principal amount of $60 million and initially issued on August 16, 2021. The Company has issued this Subordinated Note under
that certain Subordinated Indenture dated as of September 30, 2016 (the “Base Indenture”), as supplemented by that
certain Fourth Supplemental Indenture, dated as of August 16, 2021 (the “Fourth Supplemental Indenture”), as the same
may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank National Association,
as Trustee (the “Trustee”). All capitalized terms not otherwise defined herein this Subordinated Note will have the
meanings assigned to them in the Indenture. The terms of this Subordinated Note includes those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act, This Subordinated Note is subject to all such terms, and the Holder is
referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated
Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling.

 

2.                 Payment. The Company, for value received, promises to pay to [•], or its registered assigns, the principal sum of [•]
Dollars (U.S.) ($[•]), plus accrued but unpaid interest on September 1, 2031 (such date is hereinafter referred to as the “Maturity
Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding
September 1, 2026 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Fixed
Rate Period”), at the rate of 3.75% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and
payable semi-annually in arrears on March 1 and September 1 of each year (each payment date, a “Fixed Interest Rate Payment Date”),
beginning March 1, 2022, and (ii) from and including September 1, 2026 to but excluding the Maturity Date or earlier redemption date contemplated
by Section 5 (Redemption) of this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset
quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below)
of the applicable interest period plus 311 basis points, computed on the basis of a 360-day year and the actual number of days elapsed
and payable quarterly in arrears (each quarterly period a “Floating Interest Period”) on March 1, June 1, September
1 and December 1 of each year (each payment date, a “Floating Rate Interest Payment Date”). Dollar amounts resulting
from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest
Determination Date” means the date upon which the Floating Interest Rate is determined by the Company pursuant to the Three-Month
Term SOFR Conventions. Notwithstanding anything to the contrary, (i) in the event the Three-Month SOFR (as defined below) is less than
zero, the Three-Month Term SOFR shall be deemed to be zero, and (ii) if a Benchmark Transition Event (as defined below) and its related
Benchmark Replacement Date (as defined below) have occurred and the Benchmark Replacement (as defined below) is less than zero, then the
Benchmark Replacement shall be deemed to be zero.

 

    

     

    

 

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

 

(b)         The “Floating Interest Rate” means:

 

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

 

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

 

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

 

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

 

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

 

(c)          Effect of Benchmark Transition Event.

 

(i)             If
the Company determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference
Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will
replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period in
respect of such determination on such date and all determinations on all subsequent dates.

 

In connection with the implementation
of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such
changes shall become effective without consent from the relevant Holders or any other party.

 

Any determination, decision
or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein,
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date, and any decision to take or refrain from taking any action or any selection:

 

    2

     

    

 

will be conclusive and binding
absent manifest error;

 

if made by the Company, will
be made in the Company’s sole discretion;

 

if made by the Calculation Agent,
will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election
to which the Company reasonably objects; and

 

notwithstanding anything to
the contrary in this Subordinated Note or the Purchase Agreement, shall become effective without consent from the relevant Holders or
any other party.

 

For the avoidance of doubt,
after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note
for the Floating Rate Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified
on the face hereof.

 

As used in this Subordinated
Note:

 

“Benchmark”
means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement.

 

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

 

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

 

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

 

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

 

the sum of: (i) the alternate
rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding
Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar
denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.

 

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

 

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

 

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

 

    3

     

    

 

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

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to
each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the
Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company
determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably
necessary).

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

For the avoidance of doubt, the calculation of
Compounded SOFR will exclude the Benchmark Replacement Adjustment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Reference Time”
with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Company
after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined
by the Company after giving effect to the Benchmark Replacement Conforming Changes.

 

    6

     

    

 

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

 

“SOFR” means
the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator),
on the FRBNY’s Website.

 

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

 

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

 

“Three-Month Term SOFR”
means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any
Floating Interest Period, as determined by the Company after giving effect to the Three-Month Term SOFR Conventions.

 

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

 

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

 

(d)         In the event that any scheduled Interest Payment Date for the Subordinated Notes falls on a day that is not a Business Day (as
defined below), then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a Business
Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest on such payment
will accrue for the period from and after such scheduled Interest Payment Date); provided that, in the event that any scheduled
Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding
calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such
case, the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. The term “Business
Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the State of New York are generally
authorized or required by law or executive order to be closed.

    7

     

    

 

Except as otherwise provided
in the Indenture, the Company will pay interest on this Subordinated Note to the person in whose name this Subordinated Note is registered
for such interest at the close of business on the 15th day of the month immediately preceding the applicable Interest Payment
Date, whether or not such day is a Business Day; provided that any interest payable on the Maturity Date will be paid to the person to
whom the Principal is paid. This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying
Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in
the Subordinated Note Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided,
that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date
of such payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Maturity).

 

3.                 Paying
Agent and Registrar. The Trustee will act as the Company’s Paying Agent and Registrar with respect to the Subordinated Notes
through its Corporate Trust Office presently located at 60 Livingston Avenue, St. Paul, Minnesota 55107. The Company may change any Paying
Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity or appoint a successor.

 

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

 

5.                 Redemption.
The Company may, at any time or from time to time on or after September 1, 2026, redeem this Subordinated Note, in whole or in part,
without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem
all, but not a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or if the Company
is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.).
Any redemption with respect to this Subordinated Note will be subject to any required regulatory approvals. This Subordinated Note is
not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted under this Indenture
will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid
interest and Additional Amounts, if any, thereon to, but excluding, the Redemption Date.

 

    8

     

    

 

If less than the then outstanding
principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing the unredeemed portion without charge
to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holder, and if the Subordinated Notes are
represented by Global Subordinated Notes held by the Depositary and such redemption is processed through the Depositary, such redemption
will be made on a “Pro Rata Pass-Through Distribution of Principal” basis in accordance with the procedures of the Depositary.
In the event a pro rata redemption as provided in the preceding sentence is not permitted under applicable law or applicable requirements
of the Depositary, the Subordinated Notes to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate.

 

6.                 Events of Default; Acceleration. An “Event of Default” means any one of the events described in Article VI of
the Base Indenture, as amended and/or supplemented by Section 3.02(n) of the Fourth Supplemental Indenture. The Subordinated Notes are
intended to be treated as Tier 2 capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes
of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction
over bank holding companies) (the “Federal Reserve Board”) as then in effect and applicable to the Company. If an Event
of Default with respect to this Subordinated Note shall occur and be continuing, the principal and interest owed on this Subordinated
Note shall only become due and payable in accordance with the terms and conditions set forth in Article VI of the Base Indenture and Sections
3.02(k), 3.02(n) and (o) of the Fourth Supplemental Indenture. Accordingly, the Holder of this Subordinated Note has no right to accelerate
the maturity of this Subordinated Note in the event that the Company fails to pay principal of or interest or Additional Amounts on any
of the Subordinated Notes, or fails to perform any other covenant, warranty or other obligations under any of the Subordinated Notes or
in the Indenture that are applicable to this Subordinated Note.

 

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

 

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

 

    9

     

    

 

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

 

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

 

10.             
Amendments; Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the
Trustee with the consent of the holders of a majority in principal amount of the then outstanding Subordinated Notes. The Indenture also
contains provisions permitting the holders of specified percentages in principal amount of the then outstanding Subordinated Notes, on
behalf of the holders of all Subordinated Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this
Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Subordinated Note.

 

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

 

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

 

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

 

    10

     

    

 

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

 

15.               Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST
(= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

 

16.               Available
Information. The Company will furnish to the Holder upon written request and without charge a copy of the Indenture. Requests by
Holders to the Company may be made to: First Internet Bancorp, 11201 USA Parkway, Fishers, Indiana 46037, Attn: Chief Financial Officer.

 

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

 

[Signature Page Follows]

 

    11

     

    

 

 

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

 

	 	FIRST INTERNET BANCORP

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	Attest	 

 

	By:	 	 

	Name:	 	 

	Title:	 	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Subordinated
Notes of First Internet Bancorp referred to in the within-mentioned Indenture:

 

U.S. Bank National Association

as Trustee

 

	By:	 	 

	Name:	 	 

	Title:	 	 

 

	Dated:	 	 

 

     

     

    

 

ASSIGNMENT FORM

 

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

 

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

 

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

 

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

 

	Date:	 	 	Your signature:	 
	 	 	 	(Sign exactly as your name appears on
the face of this Subordinated Note)

 

	 	 	 	Tax Identification No:	 

  

	Signature Guarantee:	 

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

 

The undersigned certifies that it [is / is not]
an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.

 

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

 

CHECK ONE BOX BELOW:

 

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

 

	 ̈	(2)	transferred to the Company;

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

	 	 	 	Signature:	 

 

	Signature Guarantee:	 

(Signatures must be guaranteed by an eligible
guarantor institution (banks, stockbroker’s, savings and loan associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).

 

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

 

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

 

	Date:	 	 	Signature:	 

 

     

     

    

 

EXHIBIT A-2

 

(FORM OF GLOBAL SUBORDINATED NOTE)

 

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

 

THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO AS NOMINEE OF THE DEPOSITORY
TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE
NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SUBORDINATED
NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE
OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE.

 

UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENT ATI VB OF DTC
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS SUBORDINATED NOTE WILL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
ON THE REVERSE HEREOF.

 

     

     

    

 

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

 

CERTAIN ERISA CONSIDERATIONS:

 

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

 

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

 

     

     

    

 

	No. [•]	CUSIP/ISIN Accredited Investors: US320557AF85

CUSIP/ISIN QIBs:
US320557AE11

 

FIRST INTERNET
BANCORP

 

3.75% FIXED TO
FLOATING RATE SUBORDINATED NOTE DUE September 1, 2031

 

1.   
Indenture; Holders. This note is one of a duly authorized issue of notes of First Internet Bancorp, an Indiana corporation
(the “Company”) designated as the “3.75% Fixed to Floating Rate Subordinated Notes due 2031” (the “Subordinated
Notes”) in an aggregate principal amount of $60 million and initially issued on August 16, 2021. The Company has issued this
Subordinated Note under that certain Subordinated Indenture dated as of September 30, 2016 (the “Base Indenture”),
as supplemented by that certain Fourth Supplemental Indenture, dated as of August 16, 2021 (the “Fourth Supplemental Indenture”),
as the same may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank National
Association, as Trustee (the “Trustee”). All capitalized terms not otherwise defined herein in this Subordinated Note will
have the meanings assigned to them in the Indenture. The terms of this Subordinated Note includes those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act. This Subordinated Note is subject to all such terms, and the Holder
is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated
Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling.

 

2.     
Payment. The Company, for value received, promises to pay to [•], or its registered assigns, the principal sum of [•]
Dollars (U.S.) ($[•]), plus accrued but unpaid interest on September 1, 2031 (the “Maturity Date”) and to pay
interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding September 1, 2026 or the earlier
redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Fixed Rate Period”),
at the rate of 3.75% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in
arrears on March 1 and September 1 of each year (each payment date, a “Fixed Rate Interest Payment Date”), beginning
March 1, 2022 and (ii) from and including September 1, 2026 to but excluding the Maturity Date or earlier redemption date contemplated
by Section 4 (Redemption) of this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset
quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below)
of the applicable interest period plus 311 basis points, computed on the basis of a 360-day year and the actual number of days elapsed
and payable quarterly in arrears (each quarterly period a “Floating Rate Interest Period”) on March 1, June 1, September
1 and December 1 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from
this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination
Date” means the date upon which the Floating Interest Rate is determined by the Company pursuant to the Three-Month Term SOFR
Conventions. Notwithstanding anything to the contrary, (i) in the event the Three-Month SOFR (as defined below) is less than zero, the
Three-Month Term SOFR shall be deemed to be zero, and (ii) if a Benchmark Transition Event (as defined below) and its related Benchmark
Replacement Date (as defined below) have occurred and the Benchmark Replacement (as defined below) is less than zero, then the Benchmark
Replacement shall be deemed to be zero.

 

     

     

    

 

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

 

(b)              
The “Floating Interest Rate” means:

 

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

 

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

 

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

 

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

 

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

 

(c)              
Effect of Benchmark Transition Event.

 

(ii)             
If the Company determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the
Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period
in respect of such determination on such date and all determinations on all subsequent dates.

 

In connection with the implementation
of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such
changes shall become effective without consent from the relevant Holders or any other party.

 

    2 

     

    

 

Any determination, decision
or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein,
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date, and any decision to take or refrain from taking any action or any selection:

 

will be conclusive and binding
absent manifest error;

 

if made by the Company, will
be made in the Company’s sole discretion;

 

if made by the Calculation Agent,
will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election
to which the Company reasonably objects; and

 

notwithstanding anything to
the contrary in this Subordinated Note or the Purchase Agreement, shall become effective without consent from the relevant Holders or
any other party.

 

For the avoidance of doubt,
after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note
for the Floating Rate Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified
on the face hereof.

 

As used in this Subordinated
Note:

 

“Benchmark”
means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement.

 

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

 

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

 

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

 

    3 

     

    

 

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

 

the sum of: (i) the alternate
rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding
Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar
denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.

 

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

 

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

 

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

 

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

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to
each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the
Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company
determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably
necessary).

 

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

 

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

 

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

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

 

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

 

For the avoidance of doubt, the calculation of
Compounded SOFR will exclude the Benchmark Replacement Adjustment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Reference Time”
with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Company
after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined
by the Company after giving effect to the Benchmark Replacement Conforming Changes.

 

    6

     

    

 

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

 

“SOFR” means
the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator),
on the FRBNY’s Website.

 

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

 

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

 

“Three-Month Term SOFR”
means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any
Floating Interest Period, as determined by the Company after giving effect to the Three-Month Term SOFR Conventions.

 

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

 

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

 

(d)              
In the event that any scheduled Interest Payment Date for the Subordinated Notes falls on a day that is not a Business Day (as
defined below), then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a Business
Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest on such payment
will accrue for the period from and after such scheduled Interest Payment Date); provided that, in the event that any scheduled
Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding
calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such
case, the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. The term “Business
Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the State of New York are generally
authorized or required by law or executive order to be closed.

 

    7

     

    

 

Except
as otherwise provided in the Indenture, the Company will pay interest on this Subordinated Note to the person in whose name this Subordinated
Note is registered for such interest at the close of business on the 15th day of the month immediately preceding the applicable Interest
Payment Date, whether or not such day is a Business Day; provided that any interest payable on the Maturity Date will be paid to the person
to whom the Principal is paid. This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying
Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in
the Subordinated Note Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided,
that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such
payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Maturity).

 

3.            Paying Agent and Registrar. The Trustee will act as the Company’s Paying Agent and Registrar with respect to the Subordinated
Notes through its Corporate Trust Office presently located at 60 Livingston Avenue, St. Paul, Minnesota 55107. The Company may change
any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity or appoint
a successor.

 

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

 

5.            Redemption. The Company may, at any time or from time to time on or after September 1, 2026, redeem this Subordinated Note,
in whole or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition,
the Company may redeem all, but not a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax
Event or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15
U.S.C. 80a-1 et seq.). Any redemption with respect to this Subordinated Note will be subject to any required regulatory approvals. This
Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted
under this Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus
accrued but unpaid interest and Additional Amounts, if any, thereon to, but excluding, the Redemption Date.

 

If less than the then outstanding
principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing the unredeemed portion without charge
to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holder, and if the Subordinated Notes are
represented by Global Subordinated Notes held by DTC and such redemption is processed through DTC, such redemption will be made on a “Pro
Rata Pass-Through Distribution of Principal” basis in accordance with the procedures of DTC. In the event a pro rata redemption
as provided in the preceding sentence is not permitted under applicable law or applicable requirements of DTC, the Subordinated Notes
to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate.

 

    8

     

    

 

18.          Events of Default: Acceleration. An “Event of Default” means any one of the events described in Article VI of
the Base Indenture, as amended and/or supplemented by Section 3.02(n) of the Fourth Supplemental Indenture. The Subordinated Notes are
intended to be treated as Tier 2 capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes
of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction
over bank holding companies) (the “Federal Reserve Board”) as then in effect and applicable to the Company. If an Event
of Default with respect to this Subordinated Note shall occur and be continuing, the principal and interest owed on this Subordinated
Note shall only become due and payable in accordance with the terms and conditions set forth in Article VI of the Base Indenture and Sections
3.02(k), 3.02(n) and (o) of the Fourth Supplemental Indenture. Accordingly, the Holder of this Subordinated Note has no right to accelerate
the maturity of this Subordinated Note in the event that the Company fails to pay principal of or interest or Additional Amounts on any
of the Subordinated Notes, or fails to perform any other covenant, warranty or other obligations under any of the Subordinated Notes or
in the Indenture that are applicable to this Subordinated Note.

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

14.          Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A
(= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

 

15.          Available Information. The Company will furnish to the Holder upon written request and without charge a copy of the Indenture.
Requests by Holders to the Company may be made to: First Internet Bancorp, 11201 USA Parkway, Fishers, Indiana 46037, Attn: Chief Financial
Officer.

 

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

 

[Signature
Page Follows]

 

    10

     

    

 

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

 

	 	FIRST INTERNET BANCORP
	 	 

	 	By:	 

	 	Name:	 

	 	Title:	 
	 	 

 

	Attest	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Subordinated Notes of First
Internet Bancorp referred to in the within-mentioned Indenture:

 

	U.S. Bank National Association
	as Trustee

	 	 
	By:	 	 

	Name:	 	 

	Title:	 	 
	 	 
	Dated:	 	 

 

     

     

    

 

ASSIGNMENT FORM

 

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

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

 

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

 

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

 

	Date:	 	 	Your signature:	 

	 	(Sign exactly as your name appears on the face of this Subordinated Note)

 

	 	Tax Identification No:	 

 

	Signature Guarantee:	 

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

 

The undersigned certifies that it [is / is not]
an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.

 

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

 

CHECK ONE BOX BELOW:

 

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

 

	 ̈	(2)	transferred to the Company;

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

	 	Signature:	 

 

	Signature Guarantee:	 

(Signatures must be guaranteed by an eligible
guarantor institution (banks, stockbroker’s, savings and loan associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).

 

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

 

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

 

	Date:	 	 	Signature:Exhibit 10.1

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE PURCHASE
AGREEMENT (this “Agreement”) is dated as of August 16, 2021, and is made by and among First Internet Bancorp, an Indiana
corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined herein) identified on
the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

 

RECITALS

 

WHEREAS, the Company
has requested that the Purchasers purchase from the Company up to $60 million in aggregate principal amount of Subordinated Notes, which
aggregate amount is intended to qualify as Tier 2 Capital (as defined herein).

 

WHEREAS, the Company
has engaged Piper Sandler & Co., as its exclusive placement agent (“Placement Agent”) for the offering of the Subordinated
Notes.

 

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

 

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

 

WHEREAS, each Purchaser
is willing to purchase from the Company a Subordinated Note in the principal amount set forth on such Purchaser’s respective signature
page hereto (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, and in the Indenture
(as defined below).

 

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

 

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

 

AGREEMENT

 

	1.	DEFINITIONS.

 

1.1       Defined
Terms. The following capitalized terms used in this Agreement 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. Terms used herein
and not defined below shall have the meaning set forth in the Indenture.

 

     

     

    

 

“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 First Internet Bank of Indiana, an Indiana chartered bank, and wholly owned subsidiary of the Company.

 

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

 

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

 

“Charter”
means the Amended and Restated Articles of Incorporation of the Company, as in effect on the Closing Date.

 

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

 

“Closing Date”
means August 16, 2021.

 

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

 

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

 

“Company’s
Reports” means (i) the Company's Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC, including
the audited financial statements contained therein; (ii) the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31,
and June 30, 2021, as filed with the SEC, including the unaudited financial statements contained therein.

 

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

 

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

 

“DTC” 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.

 

“Event of Default”
has the meaning set forth in the Indenture.

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Fourth Supplemental
Indenture” means the Fourth Supplemental Indenture, dated as of the Closing Date, between the Company and U.S. Bank National
Association, as trustee, substantially in the form attached hereto as Exhibit A.

 

    2 

     

    

 

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

 

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

 

“Global Notes”
has the meaning set for h in Section 3.1.

 

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

 

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

 

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

 

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

 

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

 

“Indenture”
means the Subordinated Indenture dated as of September 30, 2016, between the Company and the Trustee, as supplemented by the First Supplemental
Indenture, dated as of September 30, 2016, the Second Supplemental Indenture, dated as of June 12, 2019, the Third Supplemental Indenture,
dated as of October 26, 2020, and the Fourth Supplemental Indenture, as the same may be amended or supplemented from time to time in accordance
with the terms thereof.

 

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

 

    3 

     

    

 

“Material Adverse
Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to be material and
adverse to the financial condition, results of operations or business of such Person, or (ii) would materially impair the ability of such
Person to perform its 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 that do not disproportionately affect the operations or business of the Company in comparison to other banking institutions with
similar operations, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies
generally, (3) changes in general economic or capital market conditions affecting financial institutions or their market prices generally
and not specifically related to the Company, the Bank or any Purchaser, (4) the effects of the COVID-19 pandemic that do not disproportionately
affect the operations or business of the Company in comparison to other banking institutions with similar operations, (5) changes in national
or international political or social conditions, including the engagement by the United States in hostilities, where or not pursuant to
the declaration of a national emergency or war, or by the occurrence of any military attack upon or within the United States, (6) direct
effects of compliance with this Agreement on the operating performance of the Company, the Bank or any Purchaser, including expenses incurred
by the Company, the Bank or any Purchaser in consummating the transactions contemplated by this Agreement, and (6) the effects of any
action or omission taken by the Company with the prior written consent of the Holders, and vice versa, or as otherwise contemplated by
this Agreement and the Subordinated Notes.

 

“Maturity Date”
means September 1, 2031.

 

“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”
has the meaning set forth in the Recitals.

 

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

 

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

 

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

 

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

 

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

 

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

 

“SEC” means
the U.S. Securities and Exchange Commission.

 

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

 

    4 

     

    

 

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

 

“Subordinated Note”
means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as an exhibit to the Fourth
Supplemental 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 (other than a trust) in which a majority of the outstanding Equity Interest
is directly or indirectly owned by such Person.

 

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

 

“Tier 2 Capital Event”
has the meaning set forth in the Indenture.

 

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

 

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

 

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

 

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

 

	2.	SUBORDINATED DEBT.

 

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

 

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

 

    5 

     

    

 

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

 

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

 

2.5       The
Closing. The execution and delivery of the Transaction Documents (the “Closing”) shall occur on the Closing
Date at such place or time or on such other date as the parties hereto may agree.

 

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

 

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

 

2.8       Use
of Proceeds. The Company shall use the net proceeds from the sale of Subordinated Notes for general corporate purposes, including
the redemption of $25.0 million of currently outstanding Company subordinated debt.

 

	3.	DISBURSEMENT.

 

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

 

3.2       Conditions
Precedent to Disbursement.

 

3.2.1       Conditions
to the Purchasers’ Obligation. The obligation of each Purchaser to consummate the purchase of the Subordinated Notes to
be purchased by 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 Fourth Supplemental Indenture, the Global Note and the Registration Rights Agreement (collectively,
the “Transaction Documents”), each duly authorized and executed by the Company, and delivery of written instructions
to the Trustee (with respect to the Indenture).

 

3.2.1.2       Authority
Documents.

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

(f)       The
opinion of Faegre Drinker Biddle & Reath LLP, counsel to the Company, dated as of the Closing Date, substantially in the form set
forth at Exhibit B 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 Purchaser shall have actually subscribed for the Subordinated
Note Amount set forth on such Purchaser’s signature page.

 

3.2.2       Conditions
to the Company’s Obligation. With respect to a given Purchaser, the obligation of the 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 the Company of this
Agreement and the Registration Rights Agreement, each duly authorized and executed by such Purchaser, and the receipt by or on behalf
of the Company of the Subordinated Note Amount set forth on such Purchaser’s signature page.

 

	4.	REPRESENTATIONS AND WARRANTIES OF COMPANY.

 

The Company hereby represents
and warrants to each Purchaser as follows:

 

4.1       Organization
and Authority.

 

4.1.1       Organization
Matters of the Company and Its Subsidiaries.

 

4.1.1.1       The
Company is a duly organized corporation, is validly existing under the laws of the State of Indiana and has all requisite corporate power
and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations under
the Transaction Documents. The Company is duly qualified as a foreign corporation to transact business and is in good standing (to the
extent such concept is applicable) 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 to be so qualified or to be in good standing would not result
in a Material Adverse Effect. The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as
amended.

 

    7 

     

    

 

4.1.1.2       Schedule
4.1.1.2 sets forth the only direct or indirect Subsidiaries of the Company. Each Subsidiary of the Company other than the Bank
either has been duly organized and is validly existing as a corporation or limited liability company, or, in the case of the Bank, has
been duly chartered and is validly existing as a commercial bank, has corporate power and authority to own, lease and operate its properties
and to conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing (to the extent
such concept is applicable) 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 to be so qualified or to be in good standing would not reasonably be
expected to result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in
each Subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company,
directly or through Subsidiaries of the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim;
none of the outstanding shares of capital stock of, or other Equity Interests in, any Subsidiary of the Company were issued in violation
of the preemptive or similar rights of any security holder of such Subsidiary of the Company or any other entity.

 

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

 

4.1.2       Capital
Stock and Related Matters. The Charter of the Company authorizes the Company to issue (i) 45,000,000 shares of voting common stock,
no par value per share, (ii) 4,913,779 shares of preferred stock, no par value per share, and (iii) 86,221 shares of non-voting common
stock, no par value per share. As of the date of this Agreement, there are [·] shares
of the Company’s voting common stock issued and outstanding, no shares of the Company’s preferred stock issued and outstanding
and no shares of the Company’s non-voting common stock issued and outstanding. All of the outstanding capital stock of the Company
has been duly authorized and validly issued and is fully paid and non-assessable. There are, as of the date hereof, no outstanding options,
rights, warrants or other agreements or instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered
or sold, additional shares of the capital stock of the Company or obligating the Company to grant, extend or enter into any such agreement
or commitment to any Person other than the Company except pursuant to the Company’s equity incentive plans duly adopted by the Company’s
Board of Directors.

 

4.2       No
Impediment to Transactions.

 

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

 

4.2.2       Agreement,
Registration Rights Agreement and Indenture. This Agreement, the Registration Rights Agreement and the Indenture have been duly
authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery by the other parties hereto,
constitute the legal, valid and binding obligations of the Company, enforceable against the Company 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.

 

    8 

     

    

 

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

 

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

 

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

 

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

 

    9 

     

    

 

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

 

4.4       Financial
Condition.

 

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

 

4.4.2       Absence
of Default. Since December 31, 2020, 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 the Company the right to accelerate the maturity of any material Indebtedness of the Company. The
Company is not in default under any other Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree,
determination or award, non-compliance with which could reasonably be expected to result in a Material Adverse Effect on the Company.

 

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

 

    10 

     

    

 

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

 

4.5       No
Material Adverse Change. Since December 31, 2020, there has been no development or event which has had or could reasonably be
expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

 

4.6       Legal
Matters.

 

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

 

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

 

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

 

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

 

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

 

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

 

4.7       No
Misstatement or Omission. None of the representations, warranties, covenants
and agreements contained in this Agreement or in any certificate or other document delivered to Purchaser by or on behalf of Company,
Bank or any of their Subsidiaries pursuant to or in connection with this Agreement contains any untrue statement of a material fact or
omits to state a material fact or any fact necessary to make the statements contained therein not misleading in light of the circumstances
when made or furnished to Purchaser as of the Closing Date, except for any statement therein or omission therefrom which was corrected,
amended or supplemented or otherwise disclosed or updated in a subsequent exhibit, report, schedule or document prior to the date hereof.

 

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

 

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

 

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

 

4.11       Representations
and Warranties Generally. The representations and warranties of Company
set forth in this Agreement and in any certificate or other document delivered to Purchaser by or on behalf of Company, Bank or any of
their Subsidiaries pursuant to or in connection with this Agreement that do not contain a “Material Adverse Effect” qualification
or other express materiality or similar qualification are true and correct as of the date hereof and as of the Closing Date, except where
the failure of such representations and warranties to be so true and correct does not have a Material Adverse Effect; provided, however,
that any such representations and warranties made as of a specified date need only be true and correct as of such date. The representations
and warranties of Company set forth in this Agreement and in any certificate or other document delivered to Purchaser by or on behalf
of Company, Bank or any of their Subsidiaries pursuant to or in connection with this Agreement that contain a “Material Adverse
Effect” qualification or any other express materiality or similar qualification are true and correct as of the date hereof and as
of the Closing Date; provided, however, that any such representations and warranties made as of a specified date need only be true and
correct as of such date.

 

	5.	GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

 

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

 

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

 

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

 

5.3       Compliance
with Laws; Additional Agreements.

 

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

 

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

 

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

 

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

 

5.3.5       Dividends,
Payments, and Guarantees During Event of Default. Upon the occurrence of an Event of Default (as defined under the Indenture),
until such Event of Default is cured by the Company or waived by the Holders in accordance with the terms of the Indenture and except
as required by any federal or state Governmental Agency, the Company shall not (a) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock; (b) make any payment of principal of,
or interest or premium, if any, on, or repay, repurchase or redeem any of the Company’s Indebtedness that ranks equal with or junior
to the Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other
than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class
of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’
rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto;
(iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the
Company’s capital stock for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests
in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock
or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment
plans.

 

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5.3.6       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, the Company will immediately notify the Holder, and thereafter, subject to the terms of the Indenture, the Company and the Holder
will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained
in this Agreement shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event
as described in the Subordinated Notes and the Indenture.

 

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

 

5.5       Secondary
Market Transactions. So long as not in violation of Section 6.4 below, each Purchaser shall have the right at any time and from
time to time to securitize its Subordinated Notes or any portion thereof in a single asset securitization or a pooled loan securitization
of rated single or multi-class securities secured by or evidencing ownership interests in the Subordinated Notes (each such securitization
is referred to herein as a “Secondary Market Transaction”). In connection with any such Secondary Market Transaction,
the Company shall, at the Company’s expense, cooperate with any such Purchasers and otherwise reasonably assist such Purchaser in
satisfying the market standards to which 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 the Company may be furnished, without liability except in the case of gross negligence or willful misconduct,
to any the 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 the Company or the Subordinated Notes may be retained
by any such Person, subject to the terms of any applicable confidentiality agreements.

 

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

 

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

 

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

 

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	6.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.

 

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

 

6.1       Legal
Power and Authority. Purchaser 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
(to the extent such concept is applicable) under the laws its jurisdiction of organization.

 

6.2       Authorization
and Execution. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the
part of such Purchaser, and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement is 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) Purchaser’s organizational documents, (ii) any agreement to which it is party, (iii) any law applicable
to it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it.

 

6.4       Purchase
for Investment. Purchaser is purchasing the Subordinated Note for Purchaser’s 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. Purchaser is and will be on the Closing Date (i) an institutional “accredited investor” as such
term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation D,
and has no less than $5,000,000 in total assets, or (ii) a QIB.

 

6.6       Financial
and Business Sophistication. Purchaser 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 Purchaser’s
own knowledge of, and/or the advice of Purchaser’s 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. Purchaser 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 Purchaser’s investment in the
Company.

 

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

 

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

 

6.10       Investment
Decision. Purchaser 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 (or with respect
to the Indenture, the Trustee). Neither such inquiries nor any other due diligence investigations conducted by it or its advisors or representatives,
if any, shall modify, amend or affect its right to rely on the Company’s representations and warranties contained herein. It is
not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of the
Company, including, without limitation, the Placement Agent (or with respect to the Indenture, the Trustee), except for the express statements,
representations and warranties of the Company made or contained in this Agreement. Furthermore, it acknowledges that (i) the Placement
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 the 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. Purchaser understands and acknowledges that the Subordinated Notes are being sold
by the Company without registration under the Securities Act in reliance on the exemption from federal and state registration set forth
in, respectively, Rule 506(b) of Regulation D promulgated 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 is not subscribing for the Subordinated Notes as a result of or subsequent
to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television
or radio, or presented at any seminar or meeting. It further acknowledges and agrees that all certificates or other instruments representing
the Subordinated Notes will bear the restrictive legend set forth in the form of Subordinated Note, which are attached to the Indenture.
It further acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the
Subordinated Notes or any interest therein without complying with the requirements of the Securities Act and the rules and regulations
promulgated thereunder and the requirements set forth in this Agreement.

 

6.12       Placement
Agent. Purchaser will purchase the Subordinated Note(s) directly from the 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 the Company provides notice as contemplated in Section 5.3.6 of the occurrence of the event contemplated
in such section, thereafter the Company and the Holders will work together in good faith to execute and deliver all agreements as reasonably
necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2
Capital; provided, however, that nothing contained in this Agreement shall limit the Company’s right to redeem the Subordinated
Notes upon the occurrence of a Tier 2 Capital Event as described in the Subordinated Notes.

 

     17

     

    

 

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

 

6.15       Representations
and Warranties Generally. The representations and warranties of the Purchaser set forth in this Agreement are true and correct
as of the date hereof and 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 the Purchaser and delivered to the Company or to counsel for the Company shall be deemed
to be a representation and warranty by the Purchaser to the Company as to the matters set forth therein.

 

7.       MISCELLANEOUS.

 

7.1       Prohibition
on Assignment by the Company. Except as provided in the Indenture, the Company may not assign, transfer or delegate any of its
rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of all the Holders.

 

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

 

7.3       Waiver
or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement herein shall be effective unless
in writing and signed by 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.

 

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

 

     18

     

    

 

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

 

	if to the Company:	First Internet Bancorp

11201 USA Parkway

Fishers, Indiana 46037

Attention: Chief Financial Officer
	with a copy to:	
    Faegre Drinker Biddle & Reath LLP

    2200 Wells Fargo Center

    90 South Seventh Street

    Minneapolis, Minnesota 55402

    Attention: Joshua L. Colburn

     

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     19

     

    

 

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

 

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

 

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

 

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

 

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

 

     20

     

    

 

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

 

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

 

[Signature Pages Follow]

 

     21

     

    

 

 

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

 

	 	COMPANY:
	 	 
	 	FIRST INTERNET BANCORP

 

	 	By:	 
	 	 	Name:Kenneth
    J. Lovik
	 	 	Title:Chief Financial
    Officer

 

[Company
Signature Page to Subordinated Note Purchase Agreement]

 

     

     

    

 

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:
	 	 
	 	[INSERT PURCHASER’S NAME]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Address of Purchaser:
	 	 
	 	Principal Amount of Purchased Subordinated
    Note:
	 	 
	 	$

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