Document:

Exhibit 10.2

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE PURCHASE
AGREEMENT (this “Agreement”) is dated as of March 18, 2022, and is made by and among First Savings Financial Group, Inc.,
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
is offering up to $31.0 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 lead placement agent and Hovde Group, LLC as co-placement agent (collectively, the “Placement
Agents”) for the offering of the Subordinated Notes.

 

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

 

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

 

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

 

     

     

    

 

“Bank”
means First Savings Bank, 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, including all amendments thereto, as in effect on the Closing Date.

 

“Charter”
means the Articles of Incorporation of the Company, including all amendments thereto, as in effect on the Closing Date.

 

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

 

“Closing Date”
means March 18, 2022

 

“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 September 30, 2021, as filed
with the SEC, including the audited financial statements of the Company contained there; (ii) the Company’s Quarterly Report
on Form 10-Q for the quarter ended December 31, 2021, as filed with the SEC, including the unaudited financial statements contained
therein; and (ii) the Company’s public reports for the year ended September 30, 2021, as filed with the FRB as required
by regulations of the FRB.

 

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

 

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

 

“DTC” 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 Subordinated Notes.

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Material Adverse Effect”
means any change or effect that (i) is materially adverse to the Company’s and its Subsidiaries’, on a consolidated basis,
financial condition, results of operations or business, or (ii) would materially impair the Company’s ability to perform its
obligations under any of the Transaction Documents, or otherwise materially impede the Company’s 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 or the Bank in comparison to other financial holding companies,
bank holding companies, banks or banking institutions with similar operations, (2) changes in GAAP or regulatory accounting requirements
applicable to financial institutions and their holding companies generally, (3) changes after the date of this Agreement in general
economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related to
the Company or the Bank, (4) acts of war, civil unrest or terrorism, pandemics, epidemics, disease outbreaks, and other public health
emergencies, including the Coronavirus disease (COVID-19) that do not disproportionately affect the operations or business of the Company
or the Bank in comparison to other banking institutions with similar operations, (5) direct effects of compliance with this Agreement
on the operating performance of the Company and the Bank, including expenses incurred by the Company 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 Purchasers, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Notes.

 

    	 	3	 

     

    

 

“Maturity Date”
means March 30, 2032.

 

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

 

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

 

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

 

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

 

“QIB” has
the meaning set forth in Section 6.0.

 

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

 

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

 

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

 

“SEC” means
the Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

“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 hereto are hereby incorporated into this Agreement.

 

2.             SUBORDINATED
DEBT.

 

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

 

2.2          The
Closing. The execution and delivery of the Transaction Documents (the “Closing”)
shall occur remotely via the electronic exchange of documents on the Closing Date, or at such other place or time or on such other date
as the parties hereto may agree.

 

2.3          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.

 

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

 

2.5          Use
of Proceeds. The Company shall use the net proceeds from the sale of Subordinated Notes for general corporate purposes.

 

    	 	5	 

     

    

 

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 Purchasers, as applicable, and the Company has executed and delivered to each of the Purchasers this Agreement and such Purchaser’s
Subordinated Note 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 (i) for Purchasers that qualify as QIBs, an electronic securities entitlement through the facilities
of DTC in accordance with the Applicable Procedures with a principal amount equal to such Subordinated Note Amount, or (ii) for Purchasers
that do not qualify as QIBs, a Subordinated Note with a principal amount equal to such Subordinated Note Amount ((i) and (ii) collectively,
the “Disbursement”). The Company will deliver (A) a global certificate (the “Global Note”) representing the
Subordinated Notes registered in the name of Cede & Co., as nominee for DTC, to a nominee on behalf of DTC or (B) to the
respective Purchaser one or more certificates representing the Subordinated Notes in definitive form (or provide evidence of the same
with the original to be delivered by the Company by overnight delivery on the next calendar day in accordance with the delivery instructions
of the Purchaser), registered in such names and denominations as such Purchasers may request.

 

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 such Purchaser at Closing and to effect the Disbursement is subject to delivery by or at the direction of the Company
to such Purchaser (or, with respect to the Indenture, the Trustee) each of the following (or written waiver by such Purchaser prior to
the Closing of such delivery):

 

3.2.1.1           Transaction
Documents. This Agreement, the Indenture, the Purchaser’s Subordinated Note (whether a Global Note or in definitive form),
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;

 

(b)          A
certificate of existence/good standing 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 Company, of the Bylaws of the Company;

 

(d)          A
copy, certified by the Secretary or Assistant Secretary of the Company, of the resolutions of the board of directors of the Company, and
any committee thereof, authorizing the issuance of the Subordinated 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

 

    	 	6	 

     

    

 

(f)           The
opinion of Luse Gorman, PC, counsel to the Company, dated as of the Closing Date, substantially in the form set forth at Exhibit C
attached hereto addressed to the Purchasers and Placement Agents.

 

3.2.1.3           Other
Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents 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 Company’s receipt
of the Subordinate 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 and in good standing 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 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 so qualify 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.

 

4.1.1.2           Schedule
4.1.1.2 sets forth the only direct and 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 an Indiana-chartered bank, in each case in good standing under the laws of the jurisdiction
of its incorporation, formation or organization has corporate or organizational power and authority to own, lease and operate its properties
and to conduct its business and is duly qualified as a foreign corporation or other entity to transact business and is in good standing
in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure to so qualify 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.

 

    	 	7	 

     

    

 

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

 

4.1.2       Capital
Stock and Related Matters. The Charter of the Company authorizes the Company to issue 20,000,000 shares of common stock, par value
$ 0.01 per share, and 1,000,000 shares of preferred stock, par value $ 0.01 per share. As of the date of this Agreement, there are 7,169,826
shares of the Company’s common stock issued and outstanding and no shares of the Company’s preferred stock issued and outstanding.
All of the outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and non-assessable.
There are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating the Company to
issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of the Company or obligating
the Company to grant, extend or enter into any such agreement or commitment to any Person other than the Company except pursuant to the
Company’s equity incentive plans or employee stock ownership plan 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
and thereto, including the Trustee for purposes of the Indenture, constitute the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

4.2.3       Subordinated
Notes. The Subordinated Notes have been duly authorized by the Company and when executed by the Company and completed and authenticated
by the Trustee in accordance with, and in the forms contemplated by, the Indenture and issued, delivered to and paid for by the Purchasers
in accordance with the terms of the Agreement, will have been duly executed, authenticated, issued and delivered, under the Indenture
and will constitute legal, valid and binding obligations of the Company, entitled to the benefits of the Indenture, and enforceable in
accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws relating to or affecting creditors’ rights generally or by general equitable principles. 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, to the Company’s knowledge, 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, and of the Placement Agents set forth in their written representations to the Company, no registration
under the Securities Act is required for the offer and sale of the Subordinated Notes by the Company to the Purchasers and the Subordinated
Notes will be issued in a transaction exempt from the registration requirements of the Securities Act. No “bad actor” disqualifying
event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable
to the Company or, to the Company’s knowledge, any Person described in Rule 506(d)(1) (each, a “Company Covered
Person”). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e).

 

    	 	8	 

     

    

 

4.2.5       No
Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents by the Company nor compliance by the
Company 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 or the Bank, except, (x) in the case of item (2) for such violations and conflicts
consented to or approved by the counterparty to the Company or the Bank under any contract, agreement or instrument, and (y), 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.

 

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 to so 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.

 

    	 	9	 

     

    

 

4.4           Financial
Condition.

 

4.4.1       Company
Financial Statements. The financial statements of the Company included in the Company’s Reports (including the related notes,
where applicable), which have been made available to the Purchasers (i) have been prepared from, and are in accordance with, the
books and records of the Company; (ii) fairly present in all material respects the results of operations, cash flows, changes in
stockholders’ 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 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 the end of the Company’s last first year ended September 30, 2021, 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 or the Bank the right to accelerate
the maturity of any material Indebtedness of the Company or the Bank. The Company and the Bank are not in default under any other Lease,
agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, except where non-compliance
could not reasonably be expected to result in a Material Adverse Effect on the Company and the Bank, taken as a whole.

 

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

 

4.4.4       Ownership
of Property. The Company and each of its Subsidiaries has 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) those which would not, individually or in the aggregate, have Material Adverse Effect on the Company or any of its
Subsidiaries. The Company and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal
properties that are material to the Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such
properties as presently occupied and used by it. Such existing Leases and commitments to Lease constitute or will constitute operating
Leases for both tax and financial accounting purposes except as otherwise disclosed in the Company’s Reports and the Lease expense
and minimum rental commitments with respect to such Leases and Lease commitments are as disclosed in all material respects in the Company’s
Reports.

 

    	 	10	 

     

    

 

4.5           No
Material Adverse Change. Since the end of the Company’s last fiscal year ended September 30, 2021, there has been no
development or event which has had or could reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries
taken as a whole.

 

4.6           Legal
Matters.

 

4.6.1       Compliance
with Law. The Company and each of its Subsidiaries (i) has complied with and (ii) to the Company’s knowledge,
is not under investigation with respect to, and has not been threatened to be charged with or given any notice of, any material violation
of any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality
or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure
to comply or violation would not reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as
a whole. The Company and each of its Subsidiaries is in compliance with, and at all times prior to the date hereof has been in compliance
with (x) all statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any Governmental Agency,
applicable to it, and (y) its own privacy policies and written commitments to customers, consumers and employees, concerning data
protection, the privacy and security of personal data, and the nonpublic personal information of its customers, consumers and employees,
in each case except where any such failure to comply, would not result, individually or in the aggregate, in a Material Adverse Effect
on the Company and its Subsidiaries taken as a whole. 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 on the Company and its Subsidiaries taken as a whole. 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.

 

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 Government Agency that, either separately
or in the aggregate, would reasonably be expected to have a Material Adverse Effect on the Company and 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, would have a Material Adverse Effect on the Company and its Subsidiaries,
taken as a whole.

 

    	 	11	 

     

    

 

4.6.4       Environmental.
Except was would not result in a Material Adverse Effect, (i) 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, and (ii) 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 or payable to the Placement Agents, neither the Company nor any Affiliate of the Company
is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this
Agreement.

 

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

 

4.7           No
Misstatement. None of the representations, warranties, covenants and agreements made in this Agreement or in any certificate or
other document delivered to the Purchasers by or on behalf of the Company pursuant to, or in connection with, this Agreement contains
any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained therein not misleading
in light of the circumstances when made or furnished to the Purchasers and as of the date of this Agreement.

 

4.8           Internal
Accounting Controls. The Company, the Bank and each other Subsidiary of the Company has established and maintains a system of
internal control over financial reporting that pertains to the maintenance of records that accurately and fairly reflect the transactions
and dispositions of the Company’s assets (on a consolidated basis), provides reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with GAAP, and that the Company’s and the Bank’s
receipts and expenditures and receipts and expenditures of each of the Company’s other Subsidiaries are being made only in accordance
with authorizations of the Company management and Board of Directors, and provides reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of assets of the Company on a consolidated basis that could have a Material
Adverse Effect on the Company and its Subsidiaries taken as a whole. 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.

 

    	 	12	 

     

    

 

4.9          Tax
Matters. The Company, the Bank and each Subsidiary of the Company have (i) filed all material foreign, U.S. federal, state
and local tax returns, information returns and similar reports that are required to be filed (taking into account extensions), 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 (taking into account extensions) 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 the Company set forth in this Agreement, or in any other agreement
entered into by the Company pursuant to the requirements of this Agreement, are true and correct as of the date hereof and as otherwise
specifically provided herein or therein.

 

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.

 

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.

 

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 and its Subsidiaries
taken as a whole.

 

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 its Subsidiaries taken as a whole 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.

 

    	 	13	 

     

    

 

5.3.3       Taxes.
The Company shall and shall cause the Bank and any other of its Subsidiaries to promptly pay and discharge all material 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, will result in the imposition of 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 the corporate or limited liability existence of its 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, provided, however, that the
Company may consummate a merger that is permitted under the Indenture.

 

5.3.5       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 (as defined in the Subordinated Note), and thereafter, subject to the terms of the
Indenture, the Company and the Holder (as defined in the Subordinated Note) 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. At any
time and from time to time, if the capital adequacy requirements and guidelines of the FRB otherwise applicable to bank holding companies
are not applicable to the Company by reason of the “Small Bank Holding Company and Savings and Loan Holding Company Policy Statement”
of the FRB, codified as Appendix C to 12 CFR Part 225, as amended from time to time, (the “SBHC Policy Statement”),
then the provisions of this Agreement that refer to capital adequacy or related concepts shall be applied, solely for purposes of this
Agreement, as if the SBHC Policy Statement did not exempt the Company from them.

 

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. To the extent and so long as not in violation of Section 6.4 hereof, 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 the Purchasers and otherwise reasonably
assist the Purchasers in satisfying the market standards to which the Purchasers customarily adhere or which may be reasonably required
in the marketplace or by applicable rating agencies in connection with any such Secondary Market Transaction, but in no event shall the
Company be required to incur any costs or expenses in excess of $10,000 in connection therewith. Subject to any written confidentiality
obligation, including the terms of any non-disclosure agreements between Purchaser and the Company, all information regarding the Company
may be furnished to any Purchaser and to any Person reasonably deemed necessary by Purchaser in connection with participation in such
Secondary Market Transaction. The Purchaser shall cause any Person to whom the Purchaser wishes to deliver Company confidential information
related to the Secondary Market Transaction to execute and deliver to the Company a non-disclosure agreement reasonably acceptable to
the Company unless such Person is a party to a commercially reasonable non-disclosure agreement to which the Company is a third party
beneficiary. 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.

 

    	 	14	 

     

    

 

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

 

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

 

5.8          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.

 

5.9           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.

 

5.10        DTC
Registration. Provided that applicable depository eligibility requirements are met, upon the request of a holder of a Subordinated
Note that is either (a) a Qualified Institutional Buyer, as defined in Rule 144A under the Securities Act (each, a “QIB”),
or (b) an institutional “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act, the Company shall use commercially reasonable efforts to cause the Subordinated Notes held by such holder to be registered
in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”) or a nominee of DTC. For purposes of
clarity and pursuant to (and as further described in) the terms of the Indenture, any partial redemption will be made pro rata among all
of the Holders of Subordinated Notes (such redemption to be considered a “Pro Rata Pass-Through of Principal” for purpose
of a redemption processed through DTC in accordance with its rules and procedures).

 

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

 

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

 

    	 	15	 

     

    

 

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

 

6.4          Purchase
for Investment. The Purchaser is purchasing the Subordinated Note for its own account and not with a view to distribution and
with no present intention of reselling, distributing or otherwise disposing of the same. The Purchaser 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 or QIB. The Purchaser is and will be on the Closing Date either (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, domiciled in the United States or
(ii) a QIB domiciled in the United States.

 

6.6          Financial
and Business Sophistication. The 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. The Purchaser has relied solely upon its own
knowledge of, and/or the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and other considerations
involved in deciding to invest in the Subordinated Notes.

 

6.7          Ability
to Bear Economic Risk of Investment. The Purchaser recognizes that an investment in the Subordinated Notes is a speculative investment
that involves substantial risk, including risks related to the Company’s business, operating results, financial condition and cash
flows, which risks it has carefully considered in connection with making an investment in the Subordinated Notes. The Purchaser has the
ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to hold the Subordinated
Notes indefinitely, and further including the ability to bear a complete loss of all of its investment in the Company.

 

6.8           Information.
The Purchaser acknowledges that: (i) the Purchaser 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, private
placement memorandum or prospectus prepared in connection with the offer and sale of the Subordinated Notes; (ii) the Purchaser 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 its decision to invest in the Subordinated Notes; (iii) the Purchaser has availed itself of publicly available financial
and other information concerning the Company to the extent it deems necessary to make its decision to purchase the Subordinated Notes;
and (iv) the Purchaser has not received nor relied on any form of general solicitation or general advertising (within the meaning
of Regulation D) from the Company in connection with the offer and sale of the Subordinated Notes. The Purchaser has reviewed the information
set forth in the Company’s Reports, the exhibits and schedules hereto and the information contained in the data room established
by the Company in connection with the transactions contemplated by this Agreement.

 

    	 	16	 

     

    

 

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

 

6.11        Private
Placement; No Registration; Restricted Legends. The 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 except pursuant
to available exemptions from the Securities Act and applicable state securities. The Purchaser 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 or any other method of “general solicitation”
as that term is defined in Regulation D. The Purchaser 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.
The Purchaser 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. The Purchaser further acknowledges that neither the
Placement Agents nor the Company has made or is making any representation, warranty or covenant, express or implied, as to the availability
of any exemption from registration under the Securities Act or any applicable state securities laws for the resale, pledge or other transfer
of the Subordinated Notes, or that the Subordinated Notes purchased by it will ever be able to be lawfully resold, pledged or otherwise
transferred.

 

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

 

6.13        Not
Debt of the Bank; Not Savings Accounts, etc. The Purchaser acknowledges that the Company is a holding company and the Company’s
rights and the rights of the Company’s creditors, including the Holders (as defined in the Indenture), to participate in the assets
of any Subsidiary during its liquidation or reorganization are structurally subordinate to the prior claims of the Subsidiary’s
creditors. The Purchaser acknowledges and agrees that the Subordinated Notes are not savings accounts or deposits of the Bank and are
not insured or guaranteed by the FDIC or any Governmental Agency, and that no Governmental Agency has passed upon or will pass upon the
offer or sale of the Subordinated Notes or has made or will make any finding or determination as to the fairness of this investment.

 

    	 	17	 

     

    

 

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

 

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

 

6.16        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 described in Article VII of 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 first class mail or 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 Savings Financial Group, Inc.

    702 North Shore Drive, Suite 300

    Jeffersonville, Indiana 47130

    Attention: Larry W. Myers and Anthony A. Schoen

	 	 
	with a copy to:	
    Luse Gorman, PC

    5335 Wisconsin Avenue, NW, Suite 780

    Washington, DC 20005

    Attention: Victor L. Cangelosi

	 	 
	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 hereto 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 reasonably satisfactory to such Purchaser.

 

7.9          Entire
Agreement. This Agreement, the Indenture, the Registration Rights Agreement and the Subordinated Notes, along with any exhibits
hereto or 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.

 

    	 	19	 

     

    

 

7.10        Choice
of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana 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. Each Purchaser hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the Southern District of Indiana, Indianapolis Division, over any action or proceeding arising out of or relating to this Agreement
and each other Transaction Document and the transactions related thereto, regardless of whether a claim sounds in contract, tort, or otherwise
and regardless of whether a claim is at law or in equity, and each Purchaser hereby irrevocably agrees that all claims in respect of such
action or proceeding may be heard and determined in such Indiana state or federal court. Each Purchaser on behalf of itself and its successors
and assigns, hereby irrevocably waives, to the fullest extent permitted by law, any objection it may now or hereafter have to the laying
of venue in any action or proceeding in any such court as well as any right it may now or hereafter have to remove such action or proceeding,
once commenced, to another court on the grounds of Forum Non Conveniens or otherwise. Each Purchaser agrees that a final, non-appealable
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by law.

 

7.11        No
Third Party Beneficiary. This Agreement is made for the sole benefit of the Company and the Purchasers, and no other Person shall
be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall
any other Person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder; provided,
that the Placement Agents may rely on the representations and warranties contained herein to the same extent as if 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, without investigation, 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.

 

    	 	20	 

     

    

 

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

 

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

 

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

 

[Signature Pages Follow]

 

    	 	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 SAVINGS FINANCIAL GROUP, INC.
	 	 
	 	By:	 
	 	 	Name:	Larry W. Myers
	 	 	Title:	President and Chief Executive 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:
	 	 
	 	$[●]Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT
(the “Agreement”) is dated as of March 18, 2022 and is made by and among First Savings Financial Group, Inc.,
an Indiana corporation and registered bank holding company (the “Company”), and the several purchasers of the Subordinated
Notes (as defined below) identified on the signature pages to the Purchase Agreement (as defined below) (collectively, the “Purchasers”).

 

This Agreement is made pursuant
to the Subordinated Note Purchase Agreement March 18, 2022 by and among the Company and the Purchasers (the “Purchase Agreement”),
which provides for the sale by the Company to the Purchasers of $31.0 million aggregate principal amount of the Company’s 4.50%
Fixed-to-Floating Rate Subordinated Notes due 2032, which were issued on March 18, 2022 (the “Subordinated Notes”).
In order to induce the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’ obligations
thereunder, the Company has agreed to provide to the Purchasers and their respective direct and indirect transferees and assigns the registration
rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”
shall mean March 18, 2022.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

“Exchange Securities”
shall mean the 4.50% Fixed-to-Floating Rate Subordinated Notes due 2032 issued by the Company under the Indenture containing terms substantially
identical to the Subordinated Notes (except that (i) interest thereon shall accrue from the last date to which interest has been
paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for, from the Interest Accrual
Date, (ii) provisions relating to an increase in the stated rate of interest thereon upon the occurrence of a Registration Default
shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership and transfer thereof as a
result of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated, (iv) the minimum denominations
thereof shall be $100,000 and integral multiples of $1,000 and (v) all of the Exchange Securities will be represented by one or more
global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive certificated form under the circumstances
provided in the Indenture) to be offered to Holders of Registrable Securities in exchange for Registrable Securities pursuant to the Exchange
Offer.

 

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

 

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

 

“Indenture”
shall mean the indenture, dated as of March 18, 2022 by and between the Company and UMB Bank, N.A., as trustee, as the same may be
amended or supplemented from time to time in accordance with the terms thereof.

 

“Interest Accrual
Date” means March 18, 2022.

 

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

 

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

 

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

 

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

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Registration Expenses”
shall mean any and all reasonable expenses incident to performance of or compliance by the Company with this Agreement, including without
limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection
with compliance with state or other securities or blue sky laws and compliance with the rules of FINRA (including reasonable fees
and disbursements of one counsel for any Holders in connection with qualification of any of the Exchange Securities or Registrable Securities
under state or other securities or blue sky laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing,
printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements,
certificates representing the Subordinated Notes or Exchange Securities and other documents relating to the performance of and compliance
with this Agreement, (iv) all rating agency fees, (v) all fees and expenses incurred in connection with the listing, if any,
of any of the Subordinated Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all
fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements
of counsel for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business
or assets whose financial statements are included in any Registration Statement or Prospectus, including the expenses of any special audits
or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees and expenses
of the Trustee, any registrar, any depositary, any paying agent, any escrow agent or any custodian, in each case including fees and disbursements
of their respective counsel.

 

    3 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.            Registration
Under the 1933 Act.

 

(a)           Exchange
Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to the 90th
day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange all of
the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use its commercially reasonable efforts
to cause such Exchange Offer Registration Statement to become effective with the SEC no later than the 120th day after the Closing Date,
(C) use its commercially reasonable efforts to cause such Registration Statement to remain effective until the closing of the Exchange
Offer and (D) use its commercially reasonable efforts to consummate the Exchange Offer no later than 45 days after the effective
date of the Exchange Offer Registration Statement. Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall
promptly commence the Exchange Offer, it being the objective of such Exchange Offer to enable each Holder eligible and electing to exchange
Registrable Securities for Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of Rule 405
under the 1933 Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements or
understandings with any Person to participate in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade
such Exchange Securities from and after their receipt without any limitations or restrictions under the 1933 Act or under the securities
or blue sky laws of the states of the United States.

 

    4 

     

    

 

In connection with the Exchange
Offer, the Company shall:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

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

 

For the avoidance of doubt,
notwithstanding any provision herein purporting to require physical mailing, delivery or acceptance of any document or instrument, the
Company may conduct the Exchange Offer exclusively through the automated tender offer program of the Depositary, provided that this provision
shall apply only to Registrable Securities held in the form of beneficial interests in a global note deposited with (or held by a custodian
for) the Depositary.

 

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

 

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

 

(A)          use
its commercially reasonable efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the
90th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and sale of
the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the Majority Holders
of such Registrable Securities and set forth in such Shelf Registration Statement;

 

    6 

     

    

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

 

(d)          Effective
Registration Statement.

 

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

 

(ii)           An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof
shall not be deemed to have become effective unless it has been declared effective by the SEC or becomes effective in accordance with
the provisions of Section 8(a) of the 1933 Act; provided, however, that if, after such Registration Statement
has become effective, the offering of Registrable Securities pursuant to a Registration Statement is interfered with by any stop order,
injunction or other order or requirement of the SEC or any other governmental agency or court, such Registration Statement shall be deemed
not to have been effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration
Statement may legally resume.

 

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

 

    8 

     

    

 

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

 

(i)            the
Exchange Offer Registration Statement is not filed with the SEC on or prior to the 90th day following the Closing Date, or

 

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

 

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

 

(iv)          if
required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th day following the Closing Date or
(B) the 90th day after the obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or

 

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

 

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

 

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

 

    9 

     

    

 

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

 

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

 

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

 

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

 

    10 

     

    

 

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

 

(a)           prepare
and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in Section 2,
on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf
Registration Statement, be available for the sale of the Registrable Securities by the selling Holders thereof and (iii) shall comply
as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial
statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially reasonable efforts
to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 1
hereof;

 

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

 

(c)          in
the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least 10 Business Days prior to filing, that
a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution
of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish to each Holder
of Registrable Securities and counsel for the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus,
and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably request, including financial
statements and schedules and, if such Holder or counsel so requests, all exhibits (including those incorporated by reference) in order
to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph
of this Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, or any
amendment or supplement thereto by each of the Holders of Registrable Securities in accordance with applicable law in connection with
the offering and sale of the Registrable Securities covered by and in the manner described in any Prospectus or any amendment or supplement
thereto;

 

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

 

    11 

     

    

 

(e)          in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested
by such Holder or counsel, confirm such advice in writing promptly

 

(i)            when
a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective,

 

(ii)           of
any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement or Prospectus
or for additional information after a Registration Statement has become effective (other than comments to 1934 Act reports incorporated
therein by reference),

 

(iii)          of
the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or
the initiation of any proceedings for that purpose,

 

(iv)         [RESERVED],

 

(v)          of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale
in any jurisdiction or the initiation or threatening of any proceeding for such purpose,

 

(vi)         of
the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which is contemplated
in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the related Prospectus untrue
in any material respect or which constitutes an omission to state a material fact in such Shelf Registration Statement or Prospectus and

 

(vii)        of
any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate. Without limitation
to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable, mutatis mutandis,
with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such Prospectus is being
used by Participating Broker-Dealers as contemplated by Section 3(f);

 

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

 

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

 

    12 

     

    

 

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

 

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

 

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

 

    13 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    14 

     

    

 

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

 

(p)          [RESERVED];

 

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

 

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

 

(s)          cooperate
and assist in any filings required to be made with FINRA.

 

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

 

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

 

    15 

     

    

 

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

 

4.            Indemnification
and Contribution.

 

(a)          The
Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls any
Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act,
as follows:

 

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

 

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

 

(iii)          against
any and all expense whatsoever, as incurred (including, subject to Section 4(c) below, the fees and disbursements of
counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to the extent that any
such expense is not paid under subparagraph (i) or (ii) above;

 

    16 

     

    

 

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

 

(b)          Each
Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer of the
Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person, if any,
who controls the Company, any Participating Broker-Dealer or any other selling Holder within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained
in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements
or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any amendment
or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company
by such Holder expressly for use in the Shelf Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or
supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount
of net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement.

 

(c)          Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it
in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve
it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the respective indemnified parties
shall be selected as follows: (i) counsel to the Company, its directors, each of its officers who signed the Registration Statement
and all Persons, if any, who control the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating Broker-Dealers) and all Persons, if any,
who control any Holders (other than any Participating Broker-Dealers) within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall be selected by the Holders who held or hold, as the case may be, a majority in aggregate principal amount of the
Registrable Securities held by all such Holders; and (iii) counsel to the Participating Broker-Dealers and all Persons, if any, who
control any such Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall be selected by the Participating Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of
the Exchange Securities referred to in Section 3(f) hereof held by all such Participating Broker-Dealers. In no event shall
the indemnifying party or parties be liable for (A) the fees and expenses of more than one counsel (in addition to any local counsel)
separate from the indemnifying parties’ own counsel for the Company and all other Persons referred to in clause (i) of this
paragraph, (B) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’
own counsel for all Holders (other than Participating Broker-Dealers) and all other Persons referred to in clause (ii) of this paragraph,
and (C) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’
own counsel for all Participating Broker-Dealers and all other Persons referred to in clause (iv) of this paragraph, in each case
in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances. The indemnifying party shall be entitled to participate therein and, to the extent that it shall elect,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party, provided, however, if the defendants in any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party
and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties
shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action
on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal
expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the
defense thereof other than reasonable costs of investigation unless (A) the indemnified party shall have employed separate counsel
in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable
for the expenses of more than one separate counsel, approved by the indemnifying party) or (B) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the action,
in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties
are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of
each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

    17 

     

    

 

(d)          If
the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute
to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages
or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party or parties on the one
hand and the indemnified party or parties on the other hand shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied
by such indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

 

(e)          The
Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 4 were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
paragraph (d) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and
referred to above in this Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

Notwithstanding the provisions
of this Section 4, other than in the case of intentional misrepresentation or omission of a material fact, no Holder or Participating
Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities
sold by it were offered exceeds the amount of any damages that such Holder or Participating Broker-Dealer has otherwise been required
to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

 

    18 

     

    

 

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

 

For purposes of this Section 4,
each Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer, as the case may be, and each
director of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as
the Company.

 

The respective obligations
of the Holders and Participating Broker-Dealers to contribute pursuant to this Section 4 are several in proportion to the
principal amount of Subordinated Notes purchased by them and not joint.

 

The indemnity and contribution
provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or any Person controlling
any Holder or Participating Broker-Dealer, or by or on behalf of the Company, its officers or directors or any Person controlling the
Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities or Exchange Securities
pursuant to a Shelf Registration Statement.

 

5.            Miscellaneous.

 

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

 

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

 

    19 

     

    

 

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

 

(d)          Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class
mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer at the most
current address set forth on the records of the registrar under the Indenture, and (ii) if to the Company, initially at the address
set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of
this Section 5(d).

 

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

 

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

 

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

 

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

 

(g)          Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. In the event that
any signature is delivered by facsimile transmission, or by electronic 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.

 

    20 

     

    

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGES FOLLOW]

 

    21 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	FIRST SAVINGS FINANCIAL GROUP, INC.
	 	 
	 	By:	 
	 	 	Name: Larry W. Myers
	 	 	Title: President and Chief Executive Officer

 

    

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]