Document:

EX-10.16

 Exhibit 10.16 

SOUTHERN STATES BANCSHARES, INC. 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of December 28, 2016, by and among
Southern States Bancshares, Inc., an Alabama corporation (the “Company”), and the purchasers signatory hereto (each, a “Registration Rights Purchaser” and collectively, the “Registration Rights
Purchasers”). 
 This Agreement is made pursuant to the Stock Purchase Agreement, dated as of December 27, 2016, among the
Company, each Registration Rights Purchaser, and the other purchasers that are party thereto (the “Purchase Agreement”). 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each of the Registration Rights Purchasers agree as follows: 
 1.
Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the
following meanings: 
 “Advice” shall have the meaning set forth in Section 8(h). 

“Affiliate” means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by, or
is under common control with, such Person. 
 “Agreement” shall have the meaning set forth in the Preamble. 

“Allowable Grace Period” shall have the meaning set forth in Section 5(d). 

“Business Day” means a day other than a Saturday or Sunday or other day on which banks located in New York or Alabama are
authorized or required by law to close. 
 “Capital Stock” means, with respect to any Person at any time, any and all
shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of capital stock, securities convertible into or exchangeable or exercisable for any of its shares,
interests, participations or other equivalents, partnership interests (whether general or limited), limited liability company interests, or equivalent ownership interests in or issued by such Person. 

“Closing Date” has the meaning set forth in the Purchase Agreement. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the voting common stock of the Company, $5.00 par value per share, and any securities into which such
shares of voting common stock may hereinafter be reclassified. 

 “Company” shall have the meaning set forth in the Preamble. 

“Company Notice” has the meaning set forth in Section 2(a). 

“Demand Registration” has the meaning set forth in Section 2(a). 

“Demand Registration Statement” has the meaning set forth in Section 2(a). 

“Effective Date” means the date that the Registration Statement filed pursuant to Section 2(a) is first declared
effective by the Commission. 
 “Effectiveness Deadline” means, with respect to a Demand Registration Statement, the fifth
(5th) Trading Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review; provided, that if the
Effectiveness Deadline falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness Deadline shall be extended to the next Business Day on which the Commission is open for business. 

“Effectiveness Period” shall have the meaning set forth in Section 2(c). 

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

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Filing Deadline” has the meaning set forth in Section 2(a). 

“FINRA” shall have the meaning set forth in Section 5(n). 

“Grace Period” shall have the meaning set forth in Section 5(d). 

“Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable
Securities. 
 “Holders’ Counsel” means one counsel designated by a majority of the outstanding Registerable
Securities. 
 “Indemnified Party” shall have the meaning set forth in Section 7(c). 

“Indemnifying Party” shall have the meaning set forth in Section 7(c). “Inspectors” shall have the meaning set
forth in Section 5(j). 
 “Liquidated Damages” shall have the meaning set forth in Section 2(d).
“Losses” shall have the meaning set forth in Section 7(a). 

  
 2 

 “New York Courts” means the state and federal courts sitting in the borough
of Manhattan, in the State of New York. 
 “Non-Responsive Holder” shall have the
meaning set forth in Section 8(d). 
 “Non-Voting Common Stock” means the
Company’s non-voting common stock, $5.00 par value per share, into which the Series B Preferred Stock is convertible following the Company’s amendment to its articles of incorporation authorizing
said stock, and any securities into which such shares of Non-Voting Common Stock may hereinafter be reclassified. 

“OTC Pink” means the marketplace for trading over the counter stocks provided and operated by OTC Markets Group, Inc. 

“Other Securities” means shares of Common Stock, Series B Preferred Stock, Non-Voting
Common Stock or shares of other Capital Stock of the Company which are contractually entitled to registration rights or Capital Stock which the Company is registering pursuant to a Registration Statement. 

“Participating Holder” means any Holder that has elected to include Registrable Securities in a Registration Statement
pursuant to Section 2. 
 “Patriot” shall mean, collectively, Patriot Financial Partners II, L.P., a Delaware limited
partnership and Patriot Financial Partners Parallel, L.P., a Delaware limited partnership. 
 “Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Piggyback Registration” shall have the meaning set forth in Section 3(a). 

“Principal Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, if any.

 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation
or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus
included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

  
 3 

 “Purchase Agreement” shall have the meaning set forth in the Recitals.
“Records” shall have the meaning set forth in Section 5(j). 
 “Registrable Securities” means all of the
Shares, the Underlying Shares and any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the Shares or the Underlying Shares, provided that Shares or the Underlying
Shares shall cease to be Registrable Securities upon the earliest to occur of the following: (A) if such Shares or Underlying Shares have ceased to be outstanding; (B) the date such Shares or Underlying Shares are sold pursuant to an
effective Registration Statement or such Shares or Underlying Shares have been resold in compliance with Rule 144 (in which case, only such shares sold shall cease to be a Registrable Security); or (C) if such Shares or Underlying Shares have
been sold in a private transaction in which the Holder’s rights under this Agreement have not been assigned to the transferee. 

“Registration” means a registration with the Commission of the offer and sale to the public of Registrable Securities under a
Registration Statement. The terms “Register,” “Registered” and “Registering” shall have a correlative meaning. 

“Registration Rights Purchaser” or “Registration Rights Purchasers” shall have the meaning set forth in the
Preamble. 
 “Registration Statements” means any one or more registration statements of the Company filed under the
Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation any Demand Registration Statement), amendments and supplements to such Registration Statements,
including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements. 

“Requested Information” shall have the meaning set forth in Section 8(d). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any successor rule thereto. 
 “Rule 144A” means Rule 144A promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any successor rule thereto. 
 “Rule 424” means Rule 424
promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any successor rule thereto. 

“SEC Guidance” means (i) any publicly-available written guidance, comments, requirements or requests of the Commission
staff and (ii) the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 

  
 4 

 “Series B Preferred Stock” means the Company’s Convertible Perpetual
Preferred Stock, Series B $0.01 par value per share, and any securities into which such shares of Series B Convertible Perpetual Preferred Stock may hereinafter be reclassified. 

“Shares” means the shares of Common Stock and the shares of Series B Preferred Stock issued or issuable to the Registration
Rights Purchasers pursuant to the Purchase Agreement. 
 “Shelf Offering” shall have the meaning set forth in
Section 4(a). “Take-Down Notice” shall have the meaning set forth in Section 4(a). 
 “Trading Day”
means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day
on which the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading
Market, a day on which the Common Stock is quoted in the over-the-counter market as reported in the OTC Pink; provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day. 
 “Trading
Market” means the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or another national securities exchange. 

“Underlying Shares” means the shares of Common Stock and Non-Voting Common Stock into
which the shares of Series B Preferred Stock are convertible, and includes the shares of Common Stock into which the shares of Non-Voting Common Stock are convertible. 

2. Demand Registration. 

a. At any time after the date that is the anniversary of three and one half (3.5) years of the Closing Date, Patriot shall have the right to
request that the Company file a Registration Statement (a “Demand Registration Statement”) with the Commission on the appropriate registration form for all or part of the Registrable Securities held by Patriot by delivering a
written request to the Company specifying the class and number of shares of Registrable Securities that Patriot wishes to Register and the intended method of distribution thereof (a “Demand Registration”). The Company shall
(i) within ten (10) Business Days of the receipt of such request, give written notice of such Demand Registration to the other Holders of Registrable Securities (the “Company Notice”), (ii) use its commercially reasonable
efforts to file a Registration Statement (or an amendment or supplement to a previously filed shelf Registration Statement) in respect of such Demand Registration as soon as reasonably practicable and in any event within seventy-five
(75) calendar days of the receipt of the request for a Demand Registration (the “Filing Deadline”), and (iii) use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as
reasonably practicable thereafter and in any event by the Effectiveness Deadline. Subject to Section 2(d) below, the Company shall include in such Registration all Registrable Securities the Holders request to be included (each, a
“Participating Holder”) within the ten (10) Business Days following receipt of the Company Notice, as applicable. No Holder shall be named as an “underwriter” in any Registration Statement without such Holder’s
prior written consent. 

  
 5 

 b. Patriot shall have the right to require the Company to make a total of two
(2) Demand Registrations pursuant to Section 2(a); provided, however, that Patriot may not require the Company to effect a Demand Registration within one hundred eighty (180) calendar days of the date a previous Demand Registration
was requested by Patriot; provided, further, that if a request under Section 2(a) is withdrawn by Patriot or is not deemed effective such request will not reduce the total number of Demand Registrations then available to Patriot. For the
Company to be obligated to effect a Demand Registration pursuant to this Section 2, Patriot either alone or with the other Holders must agree to include a number of Registrable Securities in any Demand Registration with an original value as of
the Closing Date of at least Five Million Dollars ($5,000,000). 
 c. The Company shall be deemed to have effected a Demand Registration for
purposes of Section 2(b) if the Registration Statement is declared effective by the Commission or becomes effective upon filing with the Commission, and remains effective until such time as all of the Registrable Securities covered by such
Registration Statement have been publicly sold by the Holders (the “Effectiveness Period”). 
 d. If: (i) a Demand
Registration Statement is not filed with the Commission on or prior to the Filing Deadline, (ii) a Demand Registration Statement is not declared effective by the Commission (or otherwise does not become effective) for any reason on or prior to
the Effectiveness Deadline, (iii) after its Effective Date, (A) such Registration Statement ceases to be effective for any reason (including without limitation by reason of a stop order, or the Company’s failure to update the
Registration Statement), or fails to remain continuously effective as to all Registrable Securities for which it is required to be effective, or (B) the Participating Holders are not permitted to utilize the Prospectus therein to resell such
Registrable Securities (other than during an Allowable Grace Period), or (iv) a Grace Period applicable to a Demand Registration Statement exceeds the length of an Allowable Grace Period (any such failure or breach in clauses (i) through
(iv) above being referred to as an “Event,” and, for purposes of clauses (i), (ii) or (iii), the date on which such Event occurs, or for purposes of clause (iv) the date on which such Allowable Grace Period is exceeded, being
referred to as an “Event Date”), then in addition to any other rights the Participating Holders (which for purposes of clarity includes Patriot) may have hereunder or under applicable law, on each such Event Date and on each monthly
anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Participating Holder an amount in cash as liquidated damages and not as a penalty
(“Liquidated Damages”), equal to one percent (1.0%) of the aggregate purchase price paid by such Participating Holder pursuant to the Purchase Agreement for any Registrable Securities held by such Participating Holder on the Event
Date. The parties agree that notwithstanding anything to the contrary herein or in the Purchase Agreement, no Liquidated Damages shall be payable (i) with respect to a Participating Holder, for an Event that relates to or is caused by any
action or inaction taken by such Participating Holder, (ii) with respect to a Participating Holder, in the event such Participating Holder is unable to lawfully sell any of its Registrable Securities (including, without limitation, in the event
a Grace Period exceeds the length of an Allowable Grace Period) because of possession of material non-public information or (iii) with respect to any period after the expiration of the Effectiveness
Period (it being understood that this clause shall not relieve the Company of any Liquidated Damages accruing prior to the expiration of the 

  
 6 

 
Effectiveness Period). If the Company fails to pay any Liquidated Damages pursuant to this Section 2(d) in full within ten (10) Business Days after the date payable, the Company will
pay interest on the amount of Liquidated Damages then owing to a Participating Holder at a rate of one percent (1.0%) per month on an annualized basis (or such lesser maximum amount that is permitted to be paid by applicable law) to such
Participating Holder, accruing daily from the date such Liquidated Damages are due until such amounts, plus all such interest thereon, are paid in full. The Liquidated Damages pursuant to the terms hereof shall apply on a daily pro rata basis for
any portion of a month prior to the cure of an Event, except in the case of the first Event Date. 
 3. Piggyback Registration. 

a. If the Company intends to file a Registration Statement (other than a Demand Registration Statement, pursuant to Section 2) covering a
primary or secondary offering of any of its Common Stock, Series B Preferred Stock, Non-Voting Common Stock or Other Securities, whether or not the sale for its own account, which is not a registration solely
to implement an employee benefit plan pursuant to a registration statement on Form S -8 (or successor form), a registration statement on Form S-4 (or successor form) or
a transaction to which Rule 145 or any other similar rule of the Commission is applicable, the Company will promptly (and in any event at least fifteen (15) Business Days before the anticipated filing date) give written notice to the Holders of
its intention to effect such a registration. The Company will affect the registration under the Securities Act of all Registrable Securities that the Holder(s) request(s) be included in such registration (a “Piggyback Registration”)
by a written notice delivered to the Company within ten (10) Business Days after the notice given by the Company in the preceding sentence. Subject to Section 3(b), securities requested to be included in a Company registration pursuant to
this Section 3 shall be included by the Company on the same form of Registration Statement as has been selected by the Company for the securities the Company is registering for sale referred to above. The Holders shall be permitted to withdraw
all or part of the Registrable Securities from the Piggyback Registration at any time at least two (2) Business Days prior to the effective date of the Registration Statement relating to such Piggyback Registration. If the Company elects to
terminate any registration filed under this Section 3 prior to the effectiveness of such registration, the Company will have no obligation to register the securities sought to be included by the Holders in such registration under this
Section 3. There shall be no limit to the number of Piggybank Registrations pursuant to this Section 3(a). 
 b. If a Registration
Statement pursuant to a Piggyback Registration under this Section 3 relates to an underwritten offering and the managing underwriter(s) advise(s) the Company that in its or their reasonable opinion the number of securities requested to be
included in such offering exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company will include in such registration or Prospectus
only such number of securities that in the reasonable opinion of such underwriter(s) can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so
included in the following order of priority: (i) first, the Common Stock and other securities the Company proposes to sell, (ii) second, the Registrable Securities of the Holders who have requested inclusion of Registrable Securities
pursuant to this Section 3, pro rata on the basis of the aggregate number of such securities or shares owned by each such person, or as such Holders may otherwise agree, and (iii) third, any other securities of the Company that have been
requested to be so included, subject to the terms of this Agreement. The Company shall select the investment banking firm or firms to act as the lead underwriter or underwriters in connection with an underwritten offering made pursuant to this
Section 3. No Holder may participate in any underwritten registration under this Section 3 unless such Holder (i) agrees to sell the Registrable 

  
 7 

 
Securities it desires to have covered by the underwritten offering on the basis provided in any underwriting arrangements in customary form and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

4. Underwritten Shelf Offerings. 

a. At any time that a shelf registration statement covering Registrable Securities pursuant to Section 2 or Section 3 is effective,
if any Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to sell all or part of its Registrable Securities included by it on the shelf registration statement (a “Shelf
Offering”), then, the Company shall amend or supplement the shelf registration statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account the inclusion
of Registrable Securities by any other Holders pursuant to this Section 4(a)). In connection with any Shelf Offering, including any Shelf Offering that is an underwritten offering, such proposing holder(s) shall also deliver the Take-Down
Notice to all other holders of Registrable Securities included on such shelf Registration Statement and permit each such Holder to include its Registrable Securities included on the shelf Registration Statement in the Shelf Offering if such holder
notifies the proposing holder(s) and the Company within ten (10) Business Days after delivery of the Take-Down Notice to such Holder. 

b. The Company shall have no obligation to effect an underwritten offering under this Section 4 on behalf of the holders of Registrable
Securities electing to participate in such offering unless the expected gross proceeds from such offering exceed Two Million Dollars ($2,000,000). 

c. If a Shelf Offering of Registrable Securities included in a Demand Registration Statement is to be conducted as an underwritten offering,
Patriot shall select the investment banking firm or firms to act as the lead underwriter or underwriters in connection with such offering; provided, that such selection shall be reasonably acceptable to the Company. If, in connection with any such
underwritten offering, the managing underwriter(s) advise(s) the Company that in its or their reasonable opinion the number of securities requested to be included in such offering exceeds the number which can be sold without adversely affecting the
marketability of such offering (including an adverse effect on the per share offering price), the Company will include in such registration or Prospectus only such number of securities that in the reasonable opinion of such underwriter(s) can be
sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: (i) first, the Registrable Securities of
the Holders who have requested registration of Registrable Securities pursuant to this Section 4, pro rata on the basis of the aggregate number of such securities or shares owned by each such person, or as the Holders may otherwise agree
amongst themselves, (ii) second, the Common Stock and other securities the Company proposes to sell, and (iii) third, any other securities of the Company that have been requested to be so included, subject to the terms of this Agreement.
No Holder may participate in any underwritten registration under this Section 4 unless such Holder (i) agrees to sell the Registrable Securities it desires to include in the underwritten offering on the basis provided in any underwriting
arrangements in customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

d. In addition to Sections (a) and (b) of this Section 4, a Shelf Offering of Registrable Securities included on a Demand
Registration Statement initiated by Patriot shall be subject to the procedures set forth in Section 2 and a Piggyback Registration Statement initiated by Holders shall be subject to the procedures set forth in Section 3(b). 

  
 8 

 5. Registration Procedures. 

In connection with the Company’s registration obligations hereunder: 

a. The Company shall, not less than three (3) Trading Days prior to the filing of a Registration Statement or any related Prospectus or
any amendment or supplement thereto (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, proxy statements and Current Reports on Form 8-K and any similar or successor reports), furnish to each Participating Holder, copies of such Registration Statement, Prospectus or amendment or supplement thereto, as proposed to be filed, which documents will be
subject to the reasonable review of each Participating Holder. The Company shall not file any Registration Statement or amendment or supplement thereto containing information to which a Participating Holder reasonably objects in good faith, unless
the Company shall have been advised by its counsel that the information objected to is required under the Securities Act or the rules or regulations adopted thereunder. 

b. (i) The Company shall prepare and file with the Commission such amendments, including post-effective amendments and supplements, to each
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period (except during an
Allowable Grace Period); (ii) the Company shall cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to
Rule 424 (except during an Allowable Grace Period); (iii) the Company shall respond as promptly as reasonably practicable to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as
promptly as reasonably possible, provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as “Selling Shareholders”; and
(iv) the Company shall comply in all material respects with the applicable provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by a Registration Statement until such time as all of such
Registrable Securities shall have been disposed of (subject to the terms of this Agreement) in accordance with the intended methods of disposition by the Holders thereof as set forth in such Registration Statement as so amended or in such Prospectus
as so supplemented; provided, that each Holder shall be responsible for the delivery of the Prospectus to the Persons to whom such Holder sells any of the Registrable Securities (including in accordance with Rule 172 under the Securities Act), and
each Holder agrees to dispose of Registrable Securities in compliance with applicable federal and state securities laws. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement
(including pursuant to this Section 5(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or
any analogous report under the Exchange Act, the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the Commission as promptly as practicable.

 c. The Company shall notify the Holders (which notice shall, pursuant to clauses (ii) through (iv) hereof, be accompanied by an
instruction to suspend the use of the Prospectus until the requisite changes have been made, if applicable) as promptly as reasonably practicable following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to
a Registration Statement has been filed with the Commission; (B) with respect to each Registration Statement or any post-effective amendment, when the same has become effective; (ii) of the issuance by the Commission or any other federal
or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iii) of the receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for 

  
 9 

 
sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (iv) of the occurrence of any event or passage of time that makes the financial statements
included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they were made), not misleading.

 d. Notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared effective by the
Commission, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of such information at the time is not, in the good faith judgment of the Company,
in the best interests of the Company (such delay, a “Grace Period”). During the Grace Period, the Company shall not be required to maintain the effectiveness of any Registration Statement filed hereunder and, in any event, Holders
shall suspend sales of Registrable Securities pursuant to such Registration Statements during the pendency of the Grace Period provided, the Company shall promptly (i) notify the Holders in writing of the existence of material non-public information giving rise to a Grace Period or the need to file a post-effective amendment, as applicable, and the date on which such Grace Period will begin, (ii) use commercially reasonable efforts
to terminate a Grace Period as promptly as practicable provided that such termination is, in the good faith judgment of the Company, in the best interest of the Company and (iii) notify the Holders in writing of the date on which the Grace
Period ends; provided, further, that, with respect to a Demand Registration Statement only, no single Grace Period shall exceed forty five (45) consecutive days, and during any three hundred sixty-five (365) day period, the aggregate of
all Grace Periods shall not exceed an aggregate of one hundred twenty (120) days (each Grace Period complying with this provision being an “Allowable Grace Period”). For purposes of determining the length of a Grace Period, the
Grace Period shall be deemed to begin on and include the date the Holders receive the notice referred to in clause (i) above and shall end on and include the later of the date the Holders receive the notice referred to in clause
(iii) above and the date referred to in such notice; provided, that no Grace Period shall be longer than an Allowable Grace Period. Notwithstanding anything to the contrary, the Company shall use commercially reasonable efforts to cause the
Transfer Agent to deliver unlegended Shares to a transferee of a Holder in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which a Holder has entered into an irrevocable
contract for sale prior to the Holder’s receipt of the notice of a Grace Period and for which the Holder has not yet settled. 
 e. The
Company shall use commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as soon as practicable. 
 f. The Company
shall, if requested by a Holder, furnish to such Holder, without charge, at least one (1) conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those
previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the
Commission’s EDGAR or successor system. 

  
 10 

 g. The Company agrees to promptly deliver to each Holder whose Registrable Securities are
included in the applicable Registration Statement, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request. The Company
hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of Registrable Securities covered by such Prospectus and any amendment or supplement
thereto. 
 h. The Company shall, prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to
register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or
Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts
or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified, subject the Company to any general tax in any such jurisdiction where it is not then so subject or file a consent to service of process in any such jurisdiction. 

i. The Company shall enter into such customary agreements (including an underwriting agreement in customary form) and take all such other
actions reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith or by the managing underwriter(s), if any, in order to expedite or facilitate the disposition of such Registrable Securities.
In connection with any such permitted underwritten offering of Registrable Securities, (i) the Company shall (A) make such representations and warranties to the selling Holders and the managing underwriter(s), if any, with respect to the
business of the Company and its subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by
issuers in underwritten offerings, and, if true, confirm the same if and when requested, (B) use its commercially reasonable efforts to furnish opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope
and substance) shall be reasonably satisfactory to the managing underwriter(s), if any, addressed to each of the managing underwriter(s), if any, covering the matters customarily covered in opinions requested in underwritten offerings, (C) use
its commercially reasonable efforts to obtain “cold comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any
subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) who have certified the financial statements included in such
Registration Statement, addressed to each of the managing underwriter(s), if any, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten
offerings, (D) include in the underwriting agreement indemnification provisions and procedures customary in such underwritten offerings and (E) deliver such documents and certificates as may be reasonably requested by the Holders of a
majority of the Registrable Securities being sold in connection therewith, their counsel and the 

  
 11 

 
managing underwriter(s), if any, to evidence the continued validity of the representations and warranties made pursuant to clause (A) above and to evidence compliance with any customary
conditions contained in the underwriting agreement or other agreement entered into by the Company, (ii) each Participating Holder shall not, during such period (which period shall in no event exceed one hundred eighty (180) days, subject
to any then customary “booster shot” extension (which extension shall not exceed thirty (30) days) following the effective date of any Registration Statement to the extent requested by any managing underwriter, sell, pledge,
hypothecate, transfer, make any short sale of, loan, grant any option or right to purchase of, or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any Registrable Securities owned by it at any time during such
period, except Registrable Securities included in such registration; provided that any release of Registrable Securities from such agreement shall be effected among the Holders on a pro rata basis according to the Registrable Securities then owned
by them, and (iii) the Company shall use its commercially reasonable efforts to cause each of its directors and senior executive officers to execute and deliver customary lockup agreements in such form and for such time period up to one hundred
eighty (180) days (subject to any then customary “booster shot” extensions) as may be requested by any managing underwriter. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent
required thereunder. 
 j. The Company shall make available for inspection by any Holder of Registrable Securities included in such
Registration Statement, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller or underwriter (collectively, the “Inspectors”), at
the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its Subsidiaries (collectively, the “Records”), as shall be reasonably
necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector in connection with such Registration
Statement; provided, however, that any Records that are not generally publicly available at the time of delivery of such Records shall be kept confidential by such Inspectors unless (i) the disclosure of such Records is necessary in the
reasonable judgment of the Inspectors to avoid or correct a misstatement or omission in the Registration Statement, (ii) the information in such Records has been made generally available to the public other than by disclosure by such Inspectors
in violation of this Agreement, or (iii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction; provided, further, that each Holder of Registrable Securities agrees that it will,
upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company to the extent legally permitted and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure
of the Records deemed confidential. 
 k. The Company shall, in the case of an underwritten offering, cause its officers to use their
commercially reasonable efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including, without limitation, by participation in “road shows”) if requested by the managing underwriter(s) and
taking into account the Company’s business needs. 
 l. The Company shall reasonably cooperate with the Holders to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free, to the extent permitted by the

  
 12 

 
Purchase Agreement and under law, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may reasonably
request. Certificates for Registrable Securities free from all restrictive legends may be transmitted by the transfer agent to a Holder by crediting the account of such Holder’s prime broker with DTC as directed by such Holder. 

m. The Company shall following the occurrence of any event contemplated by Sections 5(c)(ii)- (iv), as promptly as reasonably practicable, as
applicable: (i) use its commercially reasonable efforts to prevent the issuance of any stop order or obtain its withdrawal at the earliest possible moment if the stop order have been issued, or (ii) taking into account the Company’s
good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure of such event, prepare and file a supplement or amendment, including a post-effective amendment, to the affected Registration
Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus
will 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 (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the
circumstances under which they were made), not misleading. 
 n. The Company may require each selling Holder to furnish to the Company a
certified statement as to (i) the number of securities of the Company beneficially owned by such Holder and any Affiliate thereof, (ii) any Financial Industry Regulatory Authority (“FINRA”) affiliations, (iii) any natural
persons who have the power to vote or dispose of the Common Stock and (iv) any other information as may be requested by the Commission, FINRA, any state securities commission or any other government or regulatory body with jurisdiction over the
Company or its activities. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of Registrable Securities because any Holder fails to furnish such information within five (5) Trading
Days of the Company’s request, any Liquidated Damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until
such information is delivered to the Company. 
 o. The Company shall cooperate with any registered broker through which a Holder proposes
to resell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as requested by any such Holder and the Company shall pay the filing fee required for the first (1st) such filing (but not additional filings) within
two (2) Business Days of the request therefore. 
 p. If the Company becomes eligible to use Form S
-3 during the term of this Agreement, the Company shall use its commercially reasonable efforts to maintain eligibility for use of Form S -3 (or any successor form
thereto) for the registration of the resale of Registrable Securities. 
 q. If requested by a Holder, the Company shall (i) promptly
incorporate in a Prospectus supplement or post-effective amendment to the Registration Statement such information as the Company reasonably agrees (upon advice of counsel) is required to be included therein and (ii) make all required filings of
such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment. 

r. The Company shall use commercially reasonable efforts to cause such Registrable Securities to be listed on the national securities exchange
selected by Patriot and, once listed, the Company shall use commercially reasonable efforts to maintain such listing. 

  
 13 

 s. The Company may require each Holder of Registrable Securities as to which any
registration is being effected to furnish to the Company in writing such information required in connection with such registration regarding such Holder and the distribution of such Registrable Securities as the Company may, from time to time,
reasonably request in writing and the Company may exclude from such registration the Registrable Securities of any Holder who fails to furnish such information within a reasonable time after receiving such request. 

6. Registration Expenses. 

All fees and expenses incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any
underwriting discounts and selling commissions, stock transfer taxes and fees of counsel for any Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses
referred to in the foregoing sentence that are the Company’s responsibility shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required
to be made with any Trading Market on which the Common Stock is then listed for trading, (B) with respect to compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel for the
Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders) and
(C) if not previously paid by the Company in connection with an issuer filing, with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant
to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable
Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses of
the Company, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement, and (vii) those expenses of the selling Holders actually and reasonably incurred, including without limitation, the reasonable fees of Holders’ Counsel. In addition,
the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. 

7. Indemnification. 
 a.
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each Holder, the officers, directors, agents, general partners, managing members, managers, Affiliates,
employees and investment advisers of such Holder, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers,

  
 14 

 
directors, general partners, managing members, managers, agents, Affiliates, employees and investment advisers of each such controlling Person, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable and documented attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus
or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or
any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged
omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder or on behalf of such Holder expressly for use therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was reviewed and approved by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement
thereto, (B) Holder’s failure to deliver or cause to be delivered the Prospectus or any amendment or supplement thereto made available by the Company in compliance with Section 8(g), or (C) in the case of an occurrence of an
event of the type specified in Sections 5(c)(ii)-(iv), related to the use by a Holder of an outdated or defective Prospectus after the Company has notified such Holder that the Prospectus is outdated or defective and prior to the receipt by such
Holder of the Advice contemplated and defined in Section 8(h) below, but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 7(c)) and shall survive the transfer of the Registrable Securities by the Holders. 

b. Indemnification by Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon (i) any untrue or alleged untrue statement of a material
fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (A) to the
extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by or on behalf of such Holder expressly for use therein, or (B) to the extent,
but only to the extent, that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was 

  
 15 

 
reviewed and approved by such Holder expressly for use in a Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (C) in the case of
an occurrence of an event of the type specified in Sections 5(c)(ii)- (iv), to the extent, but only to the extent, related to the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that
the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 8(h), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such
Loss would have been corrected, or (ii) Holder’s failure to deliver or cause to be delivered the Prospectus or any amendment or supplement thereto made available by the Company in compliance with Section 8(g). In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

c. Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of one (1) counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable and documented fees and expenses incurred in connection with defense thereof; provided, that the failure of
any Indemnified Party to give such written notice within a reasonable time of commencement of any such Proceeding shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent
that such failure shall have materially and adversely prejudiced the Indemnifying Party in its ability to defend such Proceeding. 
 An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless:
(1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such
Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by
counsel in writing that a conflict of interest exists if the same counsel were to represent such Indemnified Party and the Indemnifying Party; provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one
(1) separate firm of attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld,
delayed or unreasonably conditioned. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 

Subject to the terms of this Agreement, all documented fees and expenses of the Indemnified Party (including reasonable fees and expenses to
the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 7(c)) shall be paid to the Indemnified Party, as incurred, within twenty (20) Trading

  
 16 

 
Days of written notice thereof to the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses
applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder. 

d. Contribution. If a claim for indemnification under Section 7(a) or 7(b) is unavailable to an Indemnified Party (other than in
accordance with its terms) or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to
include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for
such fees or expenses if the indemnification provided for in this Section 7(d) was available to such party in accordance with its terms. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 7(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this
Section 7(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding
exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

The indemnity and contribution agreements contained in this Section 7 are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement. 

8. Miscellaneous. 
 a.
Remedies. In the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under
this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by
reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

  
 17 

 b. Prohibition on Other Registrations. The Company agrees (i) not to effect or
initiate a registration statement for any public sale or distribution of any securities similar to those being registered pursuant to this Agreement, or any securities convertible into or exchangeable or exercisable for such securities (other than a
registration solely to implement an employee benefit plan pursuant to a registration statement on Form S -8 (or successor form), a registration statement on Form S -4
(or successor form) or a transaction to which Rule 145 or any other similar rule of the Commission is applicable), during the fourteen (14) calendar days prior to, and during the sixty
(60) calendar-day period beginning on, the effective date of any Registration Statement in which the Holders of Registrable Securities are participating (except as part of any such registration, if
permitted). 
 c. Rule 144 Requirements. If, and for so long as, the Company is subject to the reporting requirements of the Exchange
Act, the Company will use its commercially reasonable efforts to timely file with the Commission such reports and information required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the
Commission thereunder and as the Commission may require. The Company shall furnish to any Holder of Registrable Securities forthwith upon request a written statement as to its compliance with the reporting requirements of Rule 144 (or any successor
exemptive rule), the Securities Act and the Exchange Act (at any time that it is subject to such reporting requirements); a copy of its most recent annual or quarterly report; and such other reports and documents as such Person may reasonably
request in availing itself of any rule or regulation of the Commission allowing it to sell any such securities without registration. 
 d.
Obligations of Holders and Others in a Registration. Each Participating Holder agrees to timely furnish in writing such information regarding such Holder, the securities sought to be registered and the intended method of disposition of the
Registrable Securities held by it, as shall be reasonably be required to effect the registration of such Registrable Securities (the “Requested Information”) and shall take such other action as the Company may reasonably request in
connection with the registration, qualification or compliance or as otherwise provided herein. At least ten (10) Business Days prior to the first (1st) anticipated filing date of a Registration Statement, the Company shall notify each Holder of
the information the Company requires from such Holder if such Holder elects to have any of such Holder’s Registrable Securities included in the Registration Statement. If at least five (5) Business Days prior to the filing date, the
Company has not received the Requested Information from a Holder (a “Non-Responsive Holder”), then the Company may exclude from any Registration Statement the Registrable Securities of such Non-Responsive Holder. 
 e. Rule 144A. The Company agrees that, upon the request of any Holder of
Registrable Securities or any prospective purchaser of Registrable Securities designated by a Holder, the Company shall promptly provide (but in any case within fifteen (15) calendar days of a request) to such Holder or potential purchaser, the
following information: 
 i. a brief statement of the nature of the business of the Company and any subsidiaries and the products and
services they offer; 
 ii. the most recent consolidated balance sheets and profit and losses and retained earnings statements, and similar
financial statements of the Company for the two (2) most recent fiscal years (such financial information shall be audited, to the extent reasonably available); and 

iii. such other information about the Company, any subsidiaries, and their business, financial condition and results of operations as the
requesting Holder or purchaser of such Registrable Securities shall reasonably request in order to comply with Rule 144A, as amended, and in connection therewith the anti-fraud provisions of the federal and state securities laws. 

  
 18 

 The Company hereby represents and warrants to any such requesting Holder and any prospective purchaser of
Registrable Securities from such Holder that the information provided by the Company pursuant to this Section 8(e) will, as of their dates, not contain any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements made, in light of the circumstances under which they were made, not misleading. 
 f. Limitations on Subsequent
Registration Rights. The Company will not enter into any agreements with any holder or prospective holder of any securities of the Company which would grant such holder or prospective holder registration rights with respect to the securities of
the Company which would have priority over the Registrable Securities with respect to the inclusion of such securities in any registration. If the Company enters into an agreement that contains terms more favorable, in form or substance, to any
shareholders than the terms provided to the Holders under this Agreement, then the Company will modify or revise the terms of this Agreement in order to reflect any such more favorable terms for the benefit of the Holders. 

g. Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as
applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration Statement and shall sell the Registrable Securities only in accordance with a method of distribution
described in the Registration Statement. 
 h. Discontinued Disposition. By its acquisition of Registrable Securities, each Holder
agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Sections 5(c)(ii) - (iv), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement
until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate stop orders to enforce the
provisions of this paragraph. 
 i. No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of
the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date hereof, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof 
 j. Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Company and Holders of a majority of the then outstanding Registrable Securities; provided that any such
amendment, modification, supplement or waiver that materially, adversely and disproportionately effects the rights or obligations of any Holder vis-à-vis the
other Holders shall require the prior written consent of such Holder. 
 k. Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile or e-mail (provided the sender receives a machine-generated confirmation of successful facsimile transmission or e -mail notification or confirmation of receipt of an e-mail
transmission) at the facsimile number or e-mail address specified in this Section prior to 5:00 p.m., Eastern time, on a Business Day, (b) the next Business Day after the date of transmission, if such
notice or communication is delivered via facsimile or 

  
 19 

 
e-mail at the facsimile number or e-mail address specified in this Section on a day that is not a Business Day or
later than 5:00 p.m., Eastern time, on any Business Day, (c) if sent by U.S. nationally recognized overnight courier service with next day delivery specified (receipt requested) the Business Day following delivery to such courier service, or
(d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to Company:	  	Southern State Bancshares, Inc.
		  	615 Quintard Avenue
		  	Anniston, Alabama 36201
		  	Attention: Stephen W. Whatley
		
	With a copy to:	  	Jones Walker LLP
		  	1819 5th Avenue N, Ste 1100
		  	Birmingham, Alabama 35203
		  	Attention: Michael D. Waters

 If to a Registration Rights Purchaser: Only to the address set forth under such Registration Rights
Purchaser’s name on the signature page hereof; 
 or such other address as may be designated in writing hereafter, in the same manner, by such Person.

 l. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason
of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights (except by merger or in connection with another entity acquiring all or substantially all of the Company’s assets) or obligations hereunder
without the prior written consent of all the Holders of the then outstanding Registrable Securities. The rights to have the Company register Registrable Securities pursuant to this Agreement shall be automatically assigned by Registration Rights
Purchaser to any transferee of the Shares only if: (a) the transferee or assignee (i) acquires Shares of the Registration Rights Purchaser’s Registrable Securities with an original value as of the Closing Date of Two Million Dollars
($2,000,000); (b) the Registration Rights Purchaser agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable period of time after such assignment;
(c) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (i) the name and address of such transferee or assignee and (ii) the securities with respect to which such registration
rights are being transferred or assigned; (d) immediately following such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the Securities Act and applicable state securities
laws; and (e) at or before the time the Company received the written notice contemplated by clause (c) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein
with respect to a Holder or Registration Rights Purchaser. In the event of any delay in filing or effectiveness of the Registration Statement as a result of such assignment by a Registration Rights Purchaser or its transferee, the Company shall not
be liable for any damages arising from such delay. 

  
 20 

 m. Execution and Counterparts. This Agreement may be executed in two (2) or more
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 and shall become effective when counterparts have been signed by each party and delivered to
the other party, it being understood that both parties need not sign the same counterpart. 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 or “.pdf’ signature were the original
thereof 
 n. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof that would cause the laws of another jurisdiction to apply. Each party agrees
that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, employees or agents) shall be commenced on an
exclusive basis in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an
improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 o. Cumulative Remedies. Except as
provided in Section 2(d) with respect to Liquidated Damages, the remedies provided herein are cumulative and not exclusive of any other remedies provided by law. 

p. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their good faith reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

q. Headings. The headings in this Agreement are for convenience only and shall not limit or otherwise affect the meaning hereof. 

  
 21 

 r. Independent Nature of Registration Rights Purchasers’ Obligations and Rights.
The obligations of each Registration Rights Purchaser under this Agreement are several and not joint with the obligations of any other Registration Rights Purchaser hereunder, and no Registration Rights Purchaser shall be responsible in any way for
the performance of the obligations of any other Registration Rights Purchaser hereunder. The decision of each Registration Rights Purchaser to purchase the Shares pursuant to the Purchase Agreement has been made independently of any other
Registration Rights Purchaser. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Registration Rights Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Registration Rights Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Registration Rights Purchasers are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Registration Rights Purchaser acknowledges that no other Registration Rights Purchaser has acted as agent for such Registration Rights Purchaser in connection with making its investment hereunder and
that no Registration Rights Purchaser will be acting as agent of such Registration Rights Purchaser in connection with monitoring its investment in the Shares or enforcing its rights under the Purchase Agreement. Each Registration Rights Purchaser
shall be entitled to protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Registration Rights Purchaser to be joined as an additional party in any
Proceeding for such purpose. The Company acknowledges that each of the Registration Rights Purchasers has been provided with the same Registration Rights Agreement for the purpose of closing a transaction with multiple Registration Rights Purchasers
and not because it was required or requested to do so by any Registration Rights Purchaser. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and a Registration Rights Purchaser, solely, and
not between the Company and the Registration Rights Purchasers collectively and not between and among the Registration Rights Purchasers. 

s. Entire Agreement. This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to
the subject matter hereof. There are no restrictions, promises, warranties or undertakings, other than as set forth or referred to herein and in the Purchase Agreement. This Agreement supersedes all prior agreements and understandings among the
parties hereto with respect to the subject matter hereof. 
 [ REMAINDER OF PAGE INTENTIONALLY LEFT BLANK ] 

  
 22 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights agreement as of the
date first above written. 
  

			
	SOUTHERN STATES BANCSHARES, INC.
		
	By:	 	 /s/ Stephen W. Whatley

	Name:	 	Stephen W. Whatley
	Title:	 	Chairman, President and CEO

  
 23 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights agreement as of the
date first above written. 
  

			
	PATRIOT FINANCIAL PARTNERS II, L.P.

 
			
		
	By:	 	 /s/ James J. Lynch

	Name:	 	James J. Lynch
	Title:	 	Managing Partner
	
	Address for Notice:
	
	Patriot Financial Partners, L.P.
	Cira Centre
	2929 Arch Street, 27th Floor
	Philadelphia, PA 19104

  
 24 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights agreement as of the
date first above written. 
  

			
	PATRIOT FINANCIAL PARTNERS PARALLEL II, L.P.
		
	By:	 	 /s/ James J. Lynch

	Name:	 	James J. Lynch
	Title:	 	Managing Partner
	
	Address for Notice:
	
	Patriot Financial Partners, L.P.
	Cira Centre
	2929 Arch Street, 27th Floor
	Philadelphia, PA 19104

  
 25 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights agreement as of the
date first above written. 
  

			
	EJF SIDECAR FUND, SERIES LLC - SERIES E
		
	By:	 	EJF Capital LLC
	Its:	 	Manager
		
	By:	 	 /s/ Neal J. Wilson

	Name:	 	Neal J. Wilson
	Title:	 	Chief Operating Officer
	
	Address for Notice:
	
	EJF Capital LLC
	2107 Wilson Blvd., Suite 400
	Arlington, VA 22201

  
 26 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights agreement as of the
date first above written. 
  

			
	ITHAN CREEK INVESTORS USB, LLC
		
	By:	 	Wellington Management Company, LLP,
		 	As investment adviser
		
	By:	 	 /s/ Emily Babalas

	Name:	 	Emily Babalas
	Title:	 	Managing Director and Counsel
	
	Address for Notice:
	
	c/o Wellington Management Company, LLP
	280 Congress St.
	Boston, MA 02210

  
 27 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights agreement as of the
date first above written. 
  

			
	DAVIS PARTNERSHIP, L.P.
		
	By:	 	 /s/ Lansing Davis

	Name:	 	Lansing Davis
	Title:	 	Managing Member of GP
	
	Address for Notice:
	
	Davis Partnership, L.P.
	3 Harbor Drive, Suite 301
	Sausalito, CA 94965

  
 28 

 
			
	SOUTHERN STATE BANCSHARES, INC.
		
	By:	 	  

	Name:	 	Stephen W. Whatley
	Title:	 	Chairman, President and CEO

 Agreed and acknowledged as of the date first above written: 

 

			
	BANC FUND VIII L.P.
		
	By:	 	MidBanc VIII, L.P.,
		 	an Illinois limited partnership,
		 	its General Partner
		
	By:	 	THE BANC FUNDS COMPANY, L.L.C.
		 	an Illinois limited liability company,
		 	its General Partner
		
	By:	 	 /s/ Charles J. Moore

		 	Charles J. Moore, Member

  
 29 

 
			
	SOUTHERN STATE BANCSHARES, INC.
		
	By:	 	  

	Name:	 	Stephen W. Whatley
	Title:	 	Chairman, President and CEO

 Agreed and acknowledged as of the date first above written: 

 

			
	BANC FUND IX L.P.
		
	By:	 	MidBanc VIII, L.P.,
		 	an Illinois limited partnership,
		 	its General Partner
		
	By:	 	THE BANC FUNDS COMPANY, L.L.C.
		 	an Illinois limited liability company,
		 	its General Partner
		
	By:	 	 /s/ Charles J. Moore

		 	Charles J. Moore, Member

  
 30 

 
			
	SIENA CAPITAL PARTNERS ACCREDITED, L.P.
		
	By:	 	Siena Capital Management LLC
		
	By:	 	 /s/ David Abraham

	Name:	 	David Abraham
	Title:	 	Executive Vice President
	
	Address for Notice:
	
	100 North Riverside Plaza
	Suite 1630
	Chicago, IL 60606

  
 31 

 
			
	SIENA CAPITAL PARTNERS I ACCREDITED, L.P.
		
	By:	 	Siena Capital Management LLC
		
	By:	 	 /s/ David Abraham

	Name:	 	David Abraham
	Title:	 	Executive Vice President
	
	Address for Notice:
	
	100 North Riverside Plaza
	Suite 1630
	Chicago, IL 60606

  
 32 

 
			
	JCSD PARTNERS, LP
		
	By:	 	 /s/ Steven J. Didion

	Name:	 	Steven J. Didion
	Title:	 	General Partner
	
	Address for Notice:
	
	1676 N. California Blvd. #630
	Walnut Greek, CA 94596

  
 33EX-10.17

 Exhibit 10.17 

STOCK PURCHASE AGREEMENT 
 By and
Among 
 SOUTHERN STATES BANCSHARES, INC. 

and 
 THE PURCHASERS IDENTIFIED ON
THE SIGNATURE PAGES HERETO 
 Dated as of 

December 27, 2016 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	ARTICLE 1 DEFINITIONS	  	 	4	 
			
		 	 1.1   Definitions.
	  	 	4	 
		
	ARTICLE 2 PURCHASE AND SALE	  	 	12	 
			
		 	 2.1   Purchase.
	  	 	12	 
			
		 	 2.2   Closing.
	  	 	12	 
			
		 	 2.3   Closing Deliveries.
	  	 	12	 
		
	ARTICLE 3 REPRESENTATIONS AND WARRANTIES	  	 	14	 
			
		 	 3.1   Representations and Warranties of the Company.
	  	 	14	 
			
		 	 3.2   Representations and Warranties of the Purchasers.
	  	 	27	 
		
	ARTICLE 4 OTHER AGREEMENTS OF THE PARTIES	  	 	29	 
			
		 	 4.1   Transfer Restrictions.
	  	 	29	 
			
		 	 4.2   Acknowledgment of Dilution.
	  	 	30	 
			
		 	 4.3   Access, Information and Confidentiality.
	  	 	31	 
			
		 	 4.4   Form D and Blue Sky.
	  	 	31	 
			
		 	 4.5   No Integration.
	  	 	32	 
			
		 	 4.6   Public Announcement.
	  	 	32	 
			
		 	 4.7   Indemnification.
	  	 	32	 
			
		 	 4.8   Use of Proceeds.
	  	 	33	 
			
		 	 4.9   Certain Transactions.
	  	 	34	 
			
		 	 4.10  Acquisition Proposals.
	  	 	34	 
			
		 	 4.11  No Additional Issuances.
	  	 	34	 
			
		 	 4.12  Conduct of Business.
	  	 	34	 
			
		 	 4.13  Avoidance of Control.
	  	 	34	 
			
		 	 4.14  Most Favored Nation.
	  	 	35	 
			
		 	 4.15  Filings; Other Actions.
	  	 	35	 
			
		 	 4.16  Gross-Up Rights.
	  	 	36	 
			
		 	 4.17  Governance Matters.
	  	 	39	 
			
		 	 4.18  Notice of Certain Events.
	  	 	41	 
			
		 	 4.19  Shareholder Litigation.
	  	 	41	 
		
	ARTICLE 5 CONDITIONS PRECEDENT TO CLOSING	  	 	42	 
			
		 	 5.1   Conditions Precedent to the Obligations of the Purchasers to Purchase
Shares.
	  	 	42	 
			
		 	 5.2   Conditions Precedent to the Obligations of the Company to sell the
Shares.
	  	 	43	 

  
 i 

							
		
	ARTICLE 6 MISCELLANEOUS	  	 	44	 
			
		 	 6.1   Fees and Expenses.
	  	 	44	 
			
		 	 6.2   Entire Agreement.
	  	 	44	 
			
		 	 6.3   Notices.
	  	 	44	 
			
		 	 6.4   Amendments; Waivers; No Additional Consideration.
	  	 	45	 
			
		 	 6.5   Construction.
	  	 	45	 
			
		 	 6.6   Successors and Assigns.
	  	 	45	 
			
		 	 6.7   No Third-Party Beneficiaries.
	  	 	46	 
			
		 	 6.8   Governing Law.
	  	 	46	 
			
		 	 6.9   Survival.
	  	 	46	 
			
		 	 6.10  Execution.
	  	 	46	 
			
		 	 6.11  Severability.
	  	 	47	 
			
		 	 6.12  Replacement of Shares.
	  	 	47	 
			
		 	 6.13  Remedies.
	  	 	47	 
			
		 	 6.14  Payment Set Aside.
	  	 	47	 
			
		 	 6.15  Independent Nature of Purchasers’ Obligations and Rights.
	  	 	48	 
			
		 	 6.16  Termination.
	  	 	48	 
			
		 	 6.17  Rescission and Withdrawal Right.
	  	 	49	 
			
		 	 6.18  Adjustments in Common Stock Numbers and Prices.
	  	 	49	 

  
 ii 

 STOCK PURCHASE AGREEMENT 

This Stock Purchase Agreement (this “Agreement”) is dated as of December 27, 2016, by and among Southern States
Bancshares, Inc., a bank holding company organized under the laws of the State of Alabama (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a
“Purchaser” and collectively, the “Purchasers”). 
 RECITALS 

A. The Company and each Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”) and Rule 506 of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the
“Commission”) under the Securities Act. 
 B. Each Purchaser, severally and not jointly, wishes to purchase, and the
Company wishes to sell, the securities described herein, upon the terms and conditions stated in this Agreement. The securities to be purchased by each Purchaser at the Closing are shares of (i) voting common stock, $5.00 par value per share,
of the Company (the “Common Stock,” set forth below such Purchaser’s name on the signature page of this Agreement (which shall be collectively referred to herein as the “Common Shares”)) and (ii) a
newly-issued series of convertible perpetual preferred stock, series B, $0.01 value per share, of the Company (the “Series B Preferred Stock”, set forth below such Purchaser’s name on the signature page of this Agreement (which
shall be collectively referred to herein as the “Series B Preferred Shares”)) which shall be convertible into shares of the Common Stock subject to the terms and conditions set forth in the Second Articles of Amendment (as defined
below) and, following the Shareholder Approval (as defined below) and subject to the terms and conditions of the Third Articles of Amendment (as defined below), non-voting common stock of the Company, $5.00
par value per share (the “Non-Voting Common Stock”). The Common Shares and the Series B Preferred Shares shall be collectively referred herein to as the “Shares”. The Shares
of Common Stock and Non-Voting Common Stock into which the Series B Preferred Stock is convertible are referred to herein as the “Underlying Shares” and the Underlying Shares and the Shares
are referred to herein, collectively, as the “Securities.” The Company anticipates these Series B Preferred Shares would be converted into shares of a newly created class of Non-Voting Common
Stock promptly following the Shareholder Approval at the Shareholders’ Meeting (as defined below. 
 C. The Company has engaged
SunTrust Robinson Humphrey as its placement agent (the “Placement Agent”) for the offering of the Shares. 
 D.
Contemporaneously with the execution and delivery of this Agreement, the Company and the Qualifying Purchasers are executing and delivering a registration rights agreement, substantially in the form attached hereto as Exhibit A (the
“Registration Rights Agreement”), pursuant to which, among other things, the Company will agree to provide certain registration rights with respect to the Securities under the Securities Act and the rules and regulations promulgated
thereunder and applicable state securities laws. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this
Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Purchasers hereby agree as follows: 

  
 3 

 ARTICLE 1 

DEFINITIONS 
 1.1
Definitions. 
 In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
shall have the meanings indicated in this Section 1.1: 
 “9.9% Purchaser” has the meaning set forth in
Section 5.1(j). 
 “Acquisition Proposal” means a written offer or proposal involving the Company or its Subsidiary
with respect to: (i) any merger, reorganization, consolidation, share exchange, share issuance, recapitalization, business combination, liquidation, dissolution or other similar transaction involving any sale, issuance, lease, exchange,
mortgage, pledge, transfer or other disposition of, all or a material portion of the assets or equity securities or deposits of, the Company or its Subsidiary, in a single transaction or series of related transactions; (ii) any tender offer or
exchange offer for all or a material portion of the outstanding shares of capital stock of the Company or its Subsidiary; or (iii) any public announcement of a proposal, plan or intention to do any of the foregoing or any agreement to engage in
any of the foregoing. 
 “Action” means any action, suit, inquiry, notice of violation, proceeding (including any partial
proceeding such as a deposition), or investigation pending or, to the Company’s Knowledge, threatened against the Company, its Subsidiary, or any of their respective properties or any officer, director, or employee of the Company or its
Subsidiary acting in his or her capacity as an officer, director, or employee before or by any Governmental Entity. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more
intermediaries, Controls, is controlled by, or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Agency” has the meaning set forth in Section 3.1(00). 

“Agreement” has the meaning ascribed to such term in the Preamble. 

“Articles of Incorporation” means the Amended and Restated Articles of Incorporation of the Company and all amendments
thereto, as the same may be amended from time to time. 
 “Bank” means Southern States Bank, an Alabama state-chartered
bank. 
 “Bank Board” has the meaning set forth in Section 4.17(a). 

“BHCA” has the meaning set forth in Section 3.1(b). 

“BHCA Control” has the meaning set forth in Section 3.1(yy). 

“Board of Directors” has the meaning set forth in Section 4.17(a). 

“Board Representative” has the meaning set forth in Section 4.17(a). 

“Burdensome Condition” means any restriction or condition that a Purchaser determines, in its reasonable good faith judgment,
(i) would require the ownership, capitalization, governance or operations 

  
 4 

 
of the Company and the Bank following the Closing to deviate in any material respect from the ownership, capitalization, governance or operations contemplated by any of the Transaction Documents,
(ii) would result in a materially burdensome regulatory condition being imposed on the Company, the Bank, or such Purchaser or its Affiliates or its investment advisers, (iii) would reduce the benefits of the transactions contemplated
hereby to such Purchaser to such a degree that such Purchaser would not, in its reasonable judgment, have entered into this Agreement had such condition or restriction been known to it on the date of this Agreement or (iv) would require the
disclosure of the identities or financial condition of limited partners, shareholders, or non-managing members of such Purchaser or its Affiliates or its investment advisers. 

“Business Combination” has the meaning set forth in this Section 1.1. 

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York and Alabama are open for the general
transaction of business. 
 “Change in Control” means, with respect to the Company, the occurrence of any of the following
events: 
 (1) any Person or “group” (other than the Purchasers and their Affiliates) becomes a beneficial owner (as defined in
Rules 13d-3 of the Exchange Act), directly or indirectly, of 50% or more of the aggregate shares of Common Stock; 

(2) any Person or “group” (other than the Purchasers and their Affiliates) becomes a beneficial owner (as defined in Rules 13d-3 of the Exchange Act), directly or indirectly, of 24.9% or more of the aggregate shares of Common Stock, and in connection with such event, individuals who, on the date of this Agreement, constitute the board
of directors cease for any reason to constitute at least a majority of the board of directors; 
 (3) the consummation of a merger,
consolidation, statutory share exchange, or similar transaction that requires adoption by the Company’s shareholders (a “Business Combination”), unless immediately following such Business Combination more than 50% of the total voting
power of the corporation resulting from such Business Combination (the “Surviving Corporation”), or, if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership (as defined in Rules 13d-3 of the Exchange Act) of 100% of the voting securities eligible to elect directors of the Surviving Corporation, is represented by Common Stock that was outstanding immediately before such Business Combination;

 (4) the shareholders of the Company approve a plan of liquidation or dissolution of the Company or a sale of all or substantially all of
the Company’s assets; or 
 (5) the Company has entered into a definitive agreement, the consummation of which would result in the
occurrence of any of the events described in clauses (1) through (4) of this definition above. 
 “CIBC Act” means the
Change in Bank Control Act of 1978. 
 “Closing” means the Closing of the purchase and sale of the Shares pursuant to this
Agreement. 
 “Closing Date” has the meaning set forth in Section 2.2. 

“Code” means the Internal Revenue Code of 1986, including the regulations and published interpretations thereunder. 

  
 5 

 “Commission” has the meaning set forth in the Recitals. 

“Common Shares” has the meaning set forth in the Recitals. 

“Common Stock” has the meaning set forth in the Recitals and also includes any securities into which the Common Stock may
hereafter be reclassified or changed. 
 “Company” has the meaning set forth in the Preamble. 

“Company Counsel” means Jones Walker LLP. 

“Company Deliverables” has the meaning set forth in Section 2.3(a). 

“Company Financial Statements” has the meaning set forth in Section 3.1(i). 

“Company Recommendation” has the meaning set forth in Section 4.17(g). 

“Company Reports” has the meaning set forth in Section 3.1(jj). 

“Company Stock Option” has the meaning set forth in Section 3.1(g)(i). 

“Company’s Knowledge” means with respect to any statement made to the knowledge of the Company, that the statement is
based upon the actual knowledge after reasonable inquiry of the executive officers of the Company having responsibility for the matter or matters that are the subject of the statement. 

“Control” (including the terms “controlling,” “controlled by” or “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise for purposes of the BHCA or the CIBC
Act. 
 “Covered Person” has the meaning set forth in Section 3.1(ss). 

“CRA” has the meaning set forth in Section 3.1(mm). 

“Davis Partnership Letter Agreement” means the letter agreement in the form attached hereto as Exhibit I, dated as of the
Closing Date, between the Company and Davis Partnership, L.P. 
 “Disqualification Event” has the meaning set forth in
Section 3.1(ss). 
 “Effective Date” means the date on which the initial Registration Statement required by
Section 2(a) of the Registration Rights Agreement is first declared effective by the Commission. 
 “Environmental
Laws” has the meaning set forth in Section 3.1(1). “ERISA” has the meaning set forth in Section 3.1(qq). 

“Exchange Act” means the Securities Exchange Act of 1934 any successor statute, and the rules and regulations promulgated
thereunder. 

  
 6 

 “Expense Reimbursement Agreement” means the agreement regarding the
Proposed Terms by and between Patriot and the Company, dated December 12, 2016, pursuant to which the Company agreed to provide Patriot with certain expense reimbursements. 

“FDIC” means the Federal Deposit Insurance Corporation. 

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

“GAAP” means U.S. generally accepted accounting principles as applied by the Company. 

“Governmental Entity” means any court, administrative agency, arbitrator, or commission or other governmental or regulatory
authority or instrumentality, whether federal, state, local, or foreign, and any applicable industry self-regulatory organization or securities exchange. 

“Information” has the meaning set forth in Section 4.3(b). 

“Information Rights Letter Agreements” means each separate letter agreement substantially in the form attached hereto as
Exhibit H, dated as of the Closing Date, between the Company and each Qualifying Purchaser other than Patriot. 
 “Insurer”
has the meaning set forth in Section 3.1(oo). “Intellectual Property” has the meaning set forth in Section 3.1(r). 

“Investor Presentation” means that certain Confidential Presentation for Accredited Investors prepared by the Company, dated
November 2016. 
 “Law” means any federal, state, county, municipal or local ordinance, permit, concession, grant,
franchise, law, statute, code, rule or regulation or any judgment, ruling, order, writ, injunction or decree promulgated by any Governmental Entity. 

“Lien” means any lien, charge, claim, encumbrance, security interest, right of first refusal, preemptive right, mortgage,
deed of trust, pledge, conditional sale agreement, restriction on transfer or other restrictions of any kind. 
 “Loan
Investor” has the meaning set forth in Section 3.1(oo). 
 “Loan Agreement” means that certain Loan
Agreement, dated October 22, 2015, between the Company, as borrower, and First Tennessee Bank National Association, as lender. 

“Losses” has the meaning set forth in Section 4.7(a). 

“Material Adverse Effect” means any event, circumstance, change or occurrence that has had or would reasonably be expected to
have, individually or in the aggregate, (i) a material and adverse effect on the legality, validity, or enforceability of any Transaction Document, (ii) a material and adverse effect on the results of operations, assets, properties,
business, condition (financial or otherwise), liabilities or prospects of the Company and the Subsidiary, taken as a whole, or (iii) any adverse impairment to the Company’s ability to perform in any material respect on a timely basis its
obligations under any Transaction Document; provided, however, that clause (ii) shall not include the impact of (A) changes, after the date hereof, in banking and similar laws of general applicability or interpretations thereof by any
applicable governmental authority, (B) changes, after the date hereof, in GAAP or regulatory accounting requirements applicable to banks and their holding companies generally, (C) changes, after the date

  
 7 

 
hereof, in general economic conditions, including interest rates, affecting banks generally, or (D) the effects of any action or omission taken by the Company or the Bank with the prior
written consent of the Qualifying Purchasers, except, with respect to clauses (A), (B) and (C), to the extent that the effect of such changes has a material and disproportionate impact on the Company and the Subsidiary, taken as a whole, relative to
other similarly situated banks and their holding companies generally. 
 “Material Contract” means any of the following
agreements of the Company or its Subsidiary: 
 (1) regarding any outstanding debt securities, notes, credit agreements, credit facilities
or other agreements, documents or instruments evidencing indebtedness of the Company or by which the Company is bound, including without limitation the Loan Agreement and the Company’s outstanding subordinated notes; 

(2) any contract containing covenants that limit in any material respect the ability of the Company or its Subsidiary to compete in any line
of business or with any person or which involve any material restriction of the geographical area in which, or method by which or with whom, the Company or its Subsidiary may carry on its business (other than as may be required by law or applicable
regulatory authorities), and any contract that could require the disposition of any material assets or line of business of the Company or its Subsidiary; 

(3) any joint venture, partnership, strategic alliance, or other similar contract (including any franchising agreement, but in any event
excluding introducing broker agreements), and any contract relating to the acquisition or disposition of any material business or material assets (whether by merger, sale of stock or assets, or otherwise), which acquisition or disposition is not yet
complete or where such contract contains continuing material obligations or contains continuing indemnity obligations of the Company or its Subsidiary; 

(4) any real property lease and any other lease with annual rental payments aggregating $25,000 or more; 

(5) other than with respect to loans, any contract providing for, or reasonably likely to result in, the receipt or expenditure of more than
$25,000 on an annual basis, including the payment or receipt of royalties or other amounts calculated based upon revenues or income; 
 (6)
any contract or arrangement under which the Company or its Subsidiary is licensed or otherwise permitted by a third party to use any Intellectual Property (as defined in Section 3.1(r)) that is material to its business (except for any
“shrinkwrap” or “click through” license agreements or other agreements for software that is generally available to the public and has not been customized for the Company or its Subsidiary) or under which a third party is licensed
or otherwise permitted to use any Intellectual Property owned by the Company or its Subsidiary; 
 (7) any contract that by its terms limits
the payment of dividends or other distributions by the Company or its Subsidiary; 
 (8) any standstill or similar agreement pursuant to
which any party has agreed not to acquire assets or securities of another person; 
 (9) any contract that would reasonably be expected to
prevent, materially delay, or materially impede the Company’s ability to consummate the transactions contemplated by this Agreement and the other Transaction Documents; 

  
 8 

 (10) any contract providing for indemnification by the Company or its Subsidiary of any
person, except for immaterial contracts entered into in the ordinary course of business consistent with past practice; 
 (11) any contract
that contains a put, call, or similar right pursuant to which the Company or its Subsidiary could be required to purchase or sell, as applicable, any equity interests or assets that have a fair market value or purchase price of more than $25,000;
and 
 (12) any other contract, agreement or understanding material to the Company or its Subsidiary or their respective operations. 

“Material Permits” has the meaning set forth in Section 3.1(p). 

“Minimum Ownership Interest” means, with respect to a Purchaser, ownership by such Purchaser together with its Affiliates, of
either in the aggregate 50% or more of all of the Securities purchased by such Purchaser and its Affiliates under this Agreement or, in the aggregate, 4.9% or more of the Common Stock then outstanding (provided that, in making such calculation,
(i) all shares of Common Stock into or for which shares of any securities owned by such Purchaser and its Affiliates are directly or indirectly convertible or exercisable (which, for the avoidance of doubt, shall include those shares of Common
Stock and Non-Voting Common Stock issuable upon the conversion of shares of Series B Preferred Stock), shall be included in the numerator, (ii) the shares described in clause (i) and all such shares
owned by or attributed to other Purchasers shall be included in the denominator, and (iii) all securities issued by the Company after the Closing Date other than in connection with an issuance in which the Purchaser was offered the right to
purchase its pro rata portion of such securities in accordance with Section 4.16 shall be excluded from the denominator. 

“Money Laundering Laws” has the meaning set forth in Section 3.1(hh). “New Security” has the meaning set forth
in Section 4.16(a). 
 “New York Courts” means the state and federal courts sitting in the borough of Manhattan, in
the State of New York. 
 “Non-Voting Common Stock” has the meaning set forth in
the Recitals. 
 “Observer” has the meaning set forth in Section 4.17(d). 

“OFAC” has the meaning set forth in Section 3.1(gg). 

“Offering” has the meaning set forth in Section 4.16(c). 

“Outside Date” means December 30, 2016. 

“Patriot” means Patriot Financial Partners II, L.P. and its Affiliates. 

“Patriot Indemnitors” has the meaning set forth in Section 4.17(f). 

“Patriot VCOC Letter Agreement” means the letter agreement in the form attached hereto as Exhibit F, dated as of the Closing
Date, between the Company and Patriot. 

  
 9 

 “Person” means an individual, corporation, partnership, limited liability
company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority, or any other form of entity not specifically listed herein. 

“Proceeding” means an action, claim, suit, investigation, or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Purchase Price” means $14.00 per Common
Share or $70.00 per Series B Preferred Share. 
 “Purchased Shares” means the number of Shares to be purchased hereunder by
each Purchaser. 
 “Purchaser Deliverables” has the meaning set forth in Section 2.3(b). 

“Purchaser” has the meaning set forth in the Preamble. 

“Purchaser Party” has the meaning set forth in Section 4.7(a). 

“Qualifying Purchasers” means Patriot, EJF Sidecar Fund, Series LLC - Series E; each Wellington Purchaser; Davis Capital
Partners, LLC; The Banc Funds Company, L.L.C.; Siena Capital Partners; and JCSD PARTNERS, LP. 
 “Registration Rights
Agreement” has the meaning set forth in the Recitals. 
 “Registration Statement” means a registration statement
meeting the requirements set forth in the Registration Rights Agreement and covering the resale by the Qualifying Purchasers, which are Registrable Securities (as defined in the Registration Rights Agreement). 

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

“Regulatory Agreement” has the meaning set forth in Section 3.1(11). “Required Approvals” has the meaning set
forth in Section 3.1(e). 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule 144. 

“Second Articles of Amendment” has the meaning set forth in Section 2.3(a)(viii). 

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

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

“Series B Preferred Shares” has the meaning set forth in the Recitals. 

“Series B Preferred Stock” has the meaning set forth in the Recitals. 

“Shareholder Approval” has the meaning set forth in Section 4.17(g). 

“Shareholder Litigation” has the meaning set forth in Section 4.19. 

  
 10 

 “Shareholders’ Meeting” has the meaning set forth in
Section 4.17(g). 
 “Shares” has the meaning set forth in the Recitals. 

“Solicitor” has the meaning set forth in Section 3.1(ss). 

“Stock Plan” has the meaning set forth in Section 3.1(g)(i). 

“Subsidiary” means any entity in which the Company or the Bank, directly or indirectly, owns 50% or more of the outstanding
capital stock or otherwise has Control over such entity. For the avoidance of doubt, the Bank is the only Subsidiary of the Company. 

“Surviving Corporation” has the meaning set forth in Section 1.1. 

“Tax” or “Taxes” mean (i) any federal, state, local or foreign income, gross receipts, property, sales,
use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever,
together with any interest or penalty, imposed by any Governmental Entity and (ii) any liability in respect of any items described in clause (i) above payable by reason of contract, assumption, transferee or successor liability, operation
of law, Treasury Regulations Section 1.1502-6(a) (or any predecessor or successor thereof or analogous or similar provisions of Law) or otherwise. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to any Tax
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return or declaration of estimated Tax. 

“Third Articles of Amendment” has the meaning set forth in Section 4.17(g). 

“Transaction Documents” means this Agreement, the Schedules and Exhibits attached hereto, including the Patriot VCOC Letter,
the Information Rights Letter Agreements, the Registration Rights Agreement, the Second Articles of Amendment, and any other documents or agreements executed by the Company or the Purchasers in connection with the transactions contemplated
hereunder, including the Expense Reimbursement Agreement. 
 “Transfer Agent” means Computershare Inc. or any successor
transfer agent for the Company. 
 “Underlying Shares” has the meaning set forth in the Recitals. 

“Voting Securities” means the capital stock of the Company that is then entitled to vote generally in the election of
directors of the Company. 
 “Wellington Purchasers” means the Purchasers that are advisory clients of Wellington
Management Company LLP. 

  
 11 

 ARTICLE 2 

PURCHASE AND SALE 

2.1 Purchase. 
 Subject
to the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue and sell to each Purchaser, and each Purchaser shall, severally and not jointly, purchase from the Company, the number of shares of Common Stock and the
number of shares of Series B Preferred Stock set forth below such Purchaser’s name on the signature page of this Agreement under “Number of Shares Purchased at Closing”, at a per share price equal to the applicable Purchase Price.

 2.2 Closing. 

Unless this Agreement has been terminated pursuant to Section 6.16, subject to the satisfaction (or waiver, as applicable) of the
conditions set forth in Article V and the delivery of the Company Deliverables and Purchaser Deliverables, the Closing shall take place as soon as commercially practicable, but in no event more than three (3) business days, following the day on
which the conditions set forth in Article V (other than those that by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver, as applicable, of those conditions) are satisfied (or waived, as applicable) (the
“Closing Date”), via electronic communication, or at such location as agreed by the parties in writing; provided that the Closing shall not occur less than one (1) business day following the date of this Agreement. Subject to
the satisfaction (or waiver, as applicable) of the conditions described in Article V and the delivery of the Company Deliverables and the Purchaser Deliverables, at the Closing, the Company will deliver to the Purchasers, in accordance with the
requirements set forth in Section 2.3 (a)(ii), the Purchased Shares against payment by the Purchasers of an aggregate of an amount equal to the Purchase Price per Purchased Share, in accordance with the requirements set forth in
Section 2.3(b)(ii). Notwithstanding anything to the contrary set forth herein, each Wellington Purchaser shall not be required to send its payment by wire transfer for the Purchased Shares being purchased by such Wellington Purchaser until it
(or its designated custodian per its delivery instructions) confirms receipt of the stock certificate representing its Purchased Shares. 

2.3 Closing Deliveries. 

(a) Unless otherwise indicated, at or prior to the Closing, the Company shall issue, deliver, or cause to be delivered to each Purchaser
(unless otherwise indicated) the following (the “Company Deliverables”): 
 (i) this Agreement, duly executed by the
Company; 
 (ii) one or more stock certificates (if physical certificates are required by the Purchaser to be held immediately prior to the
Closing; if not, then facsimile or “.pdf’ copies of such certificates shall suffice for purposes of the Closing with the original stock certificates to be delivered within two (2) Business Days of the Closing Date), evidencing the
Shares subscribed for by Purchaser as of the Closing, registered in the name of such Purchaser or its nominee; 
 (iii) a legal opinion of
Company Counsel, dated as of the Closing Date and in the form attached hereto as Exhibit C, executed by such counsel and addressed to the Purchasers; 

(iv) with respect to the Qualifying Purchasers, the Registration Rights Agreement duly executed by the Company; 

(v) a certificate of the Secretary of the Company, in the form attached hereto as Exhibit D, dated as of the Closing Date,
(a) certifying the resolutions adopted by the board of directors of the Company or a duly authorized committee thereof approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the
Purchased Shares pursuant to this Agreement and the other Transaction Documents, (b) certifying the current versions of the Articles of Incorporation and Bylaws of the Company, and (c) certifying as to the signatures and authority of
persons signing the Transaction Documents and related documents on behalf of the Company; 

  
 12 

 (vi) a certificate, dated as of the Closing Date and signed by its President and Chief
Executive Officer or its Chief Financial Officer, substantially in the form attached hereto as Exhibit E; 
 (vii) a certificate of good
standing or existence for each of the Company and the Bank from the Alabama Secretary of State as of a recent date; 
 (viii) the Second
Amendment to the Articles of Incorporation of the Company (the “Second Articles of Amendment”) filed with the Judge of Probate in Calhoun County, Alabama in the form attached hereto as Exhibit G, setting forth the terms of the
Series B Preferred Stock and the Non-Voting Common Stock; 
 (ix) with respect to Patriot, the
Patriot VCOC Letter Agreement duly executed by the Company; 
 (x) with respect to each other Qualifying Purchaser, such Qualifying
Purchaser’s Information Rights Letter Agreement duly executed by the Company; and 
 (xi) with respect to Davis Partnership, L.P., the
Davis Partnership Letter Agreement duly executed by the Company. 
 (b) Unless otherwise indicated, at or prior to the Closing, each
Purchaser shall deliver or cause to be delivered to the Company the following (the “Purchaser Deliverables”): 
 (i) this
Agreement, duly executed by such Purchaser; 
 (ii) each Purchaser shall deliver to the Company the Purchase Price, in U.S. dollars and in
immediately available funds, by wire transfer to the account provided by the Company; 
 (iii) with respect to the Qualifying Purchasers,
the Registration Rights Agreement duly executed by such Qualifying Purchaser; 
 (iv) a fully completed and duly executed Accredited
Investor Questionnaire in the form attached hereto as Exhibit B, respectively; 
 (v) with respect to Patriot, the Patriot VCOC Letter
Agreement duly executed by Patriot; and 
 (vi) with respect to each other Qualifying Purchaser, such Qualifying Purchaser’s
Information Rights Letter Agreement duly executed by such Qualifying Purchaser; and 
 (vii) with respect to Davis Partnership, L.P., the
Davis Partnership Letter Agreement duly executed by Davis Partnership, L.P. 

  
 13 

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. 

The Company hereby represents and warrants as of the date hereof and as of the Closing Date, except for the representations and warranties
that speak as of a specific date, which shall be made as of such date and qualified as set forth on the Schedules attached to this Agreement, to each of the Purchasers that: 

(a) Subsidiaries. The Company has no direct or indirect Subsidiaries except for the Bank. Except as disclosed in Schedule 3.1(a), the
Company owns, directly or indirectly, all of the capital stock (except for any preferred securities issued by Subsidiaries that are trusts) or comparable equity interests of each Subsidiary free and clear of any and all Liens, and all the issued and
outstanding shares of capital stock or comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable, and free of preemptive and similar rights to subscribe for or
purchase securities. 
 (b) Organization and Qualification. The Company and its Subsidiary are each an entity duly incorporated or
otherwise organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own or lease and use its properties and assets and to
carry on its business as currently conducted. Neither the Company nor its Subsidiary is in violation of any of the provisions of its respective certificate or articles of incorporation, bylaws, or other organizational or charter documents. The
Company and its Subsidiary are each duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not in the reasonable judgment of the Company be expected to have a Material Adverse Effect. The Company is duly registered as a bank
holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Bank is the Company’s only Subsidiary banking institution. The Bank’s deposit accounts are insured up to applicable limits by the
FDIC, and all premiums and assessments required to be paid in connection therewith have been paid when due and no proceeding for the termination of such insurance is pending or, to the Company’s Knowledge, threatened. The Company has conducted
its business in compliance with all applicable federal, state and foreign laws, orders, judgments, decrees, rules, regulations, including all laws and regulations restricting activities of bank holding companies and banking organizations, in all
material respects. 
 (c) Authorization; Enforcement; Validity. The Company has the requisite corporate power and authority to enter
into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder, including, without limitation, to issue the Securities in accordance with the terms
hereof. The Company’s execution and delivery of each of the Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby (including, but not limited to, the sale and delivery of the Securities pursuant to
this Agreement and the other Transaction Documents) have been duly authorized by all necessary corporate action on the part of the Company, and no further corporate action is required by the Company, its board of directors, or its shareholders in
connection therewith other than in connection with the Required Approvals. Each of the Transaction Documents has been (or upon delivery will have been) duly executed by the Company and is, or when delivered in accordance with the terms hereof or
thereof, will constitute the legal, valid, and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. There are no shareholder agreements, voting agreements,
or other similar arrangements with respect to the Company’s capital stock to which the Company is a party or, to the Company’s Knowledge, between or among any of the Company’s shareholders. 

  
 14 

 (d) No Conflicts. The execution, delivery, and performance by the Company of the
Transaction Documents and the consummation by the Company of the transactions contemplated hereby or thereby (including, without limitation, the issuance of the Securities pursuant to this Agreement and the other Transaction Documents) do not and
will not, subject to receipt of the Required Approvals, (i) conflict with or violate any provisions of the Company’s or its Subsidiary’s certificate or articles of incorporation, bylaws, or otherwise result in a violation of the
organizational documents of the Company or its Subsidiary, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would result in a default) under, result in the creation of any Lien upon any of the
properties or assets of the Company or its Subsidiary or give to others any rights of termination, amendment, acceleration, or cancellation (with or without notice, lapse of time or both) of, any agreement, indenture or instrument to which the
Company or its Subsidiary is a party, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree, or other restriction of any court or governmental
authority to which the Company is subject (including federal and state securities laws and regulations and the rules and regulations thereunder, assuming, without investigation, the correctness of the representations and warranties made by the
Purchasers herein, of any self-regulatory organization to which the Company or its securities are subject), or by which any property or asset of the Company is bound or affected, except in the case of clauses (ii) and (iii) such as would not
have or reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (e) Filings, Consents and
Approvals. Neither the Company nor its Subsidiary is required to obtain any consent, waiver, authorization, or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local, or other governmental
authority, self-regulatory organization, or other Person in connection with the execution, delivery, and performance by the Company of the Transaction Documents (including, without limitation, the issuance of the Securities pursuant to this
Agreement and the other Transaction Documents), other than (i) the filing with the Commission of one or more Registration Statements in accordance with the requirements of the Registration Rights Agreement, if applicable, (ii) the filings
required in accordance with Section 4.4 of this Agreement, (iii) the Shareholder Approval regarding the authorization of the shares of Non-Voting Common Stock to be issued on conversion of the Series
B Preferred Stock, (iv) the filing of the Second Articles of Amendment to create the Series B Preferred stock, (v) the filing of the Third Articles of Amendment to create the Non-Voting Common Stock,
and (vi) those that have been made or obtained prior to the date of this Agreement (collectively, the “Required Approvals”). The Company is unaware of any facts or circumstances relating to the Company or its Subsidiary which would be
likely to prevent the Company from obtaining or effecting any of the foregoing. 
 (f) Issuance of the Shares. The issuance of the
Shares has been duly authorized and the Shares, when issued and paid for in accordance with the terms of the Transaction Documents, will be duly and validly issued, fully paid, and non-assessable and free and
clear of all Liens, other than restrictions on transfer imposed by applicable securities laws, restrictions contemplated by this Agreement and Liens, if any, created by a Purchaser, and shall not be subject to preemptive or similar rights. The
issuance of the shares of Common Stock into which the shares of Series B Preferred Stock and Non-Voting Common Stock, as applicable, are convertible into have been duly authorized and, if and when issued in
accordance with the terms of the Articles of Incorporation, will be duly and validly issued, fully paid and non-assessable and free and clear of all Liens, other than restrictions on transfer imposed by
applicable securities Laws, restrictions contemplated by this Agreement and Liens, if any, created by a Purchaser, and shall not be subject to preemptive or similar rights. The issuance of the shares of
Non-Voting Common Stock into which the shares of Series B Preferred Stock are convertible will, upon receipt of the Shareholder Approval and filing of the Third Articles of Amendment, have been duly authorized
and the shares of Non-Voting Common Stock into which the shares of Series B Preferred Stock are convertible, if and when issued in accordance with the terms of the Articles of Incorporation,

  
 15 

 
will be duly and validly issued, fully paid and non-assessable and free and clear of all Liens, other than restrictions on transfer imposed by applicable
securities Laws, restrictions contemplated by this Agreement and Liens, if any, created by a Purchaser, and shall not be subject to preemptive or similar rights. Assuming the accuracy of the representations and warranties of the Purchasers in this
Agreement, the Shares will be issued in compliance with all applicable federal and state securities laws. 
 (g) Capitalization. 

(i) (i) The authorized capital stock of the Company consists of (1) 15,000,000 shares of Common Stock and (2) 1,000,000 shares of Preferred
Stock, $0.01 value per share. As of the date hereof, there are 3,281,581 shares of Common Stock issued and outstanding, and no Preferred Stock issued and outstanding. As of the date hereof, there are outstanding stock options to purchase 216,500
shares of the Common Stock (each, a “Company Stock Option”) each issued under the Company’s 2007 Incentive Stock Compensation Plan (the “Stock Plan”), and 159,283 shares of Common Stock reserved for future
grants under the Stock Plan. Other than in respect of awards outstanding under or pursuant to the Stock Plan, no shares of Common Stock are reserved for issuance. All of the issued and outstanding shares of capital stock of the Company are duly
authorized, validly issued, fully paid and non-assessable, have been issued in compliance in all material respects with all applicable federal and state securities laws, and none of such outstanding shares was
issued in violation of any preemptive rights or similar rights to subscribe for or purchase any capital stock of the Company. The shares of Series B Preferred Stock (upon filing of the related Certificate of Designations with the Judge of Probate in
Calhoun County, Alabama) will be duly authorized by all necessary corporate action, and when issued and sold against receipt of the consideration therefor as provided in this Agreement, such shares of Series B Preferred Stock will be validly issued,
fully paid and non-assessable and free of preemptive rights except for those stated herein. The shares of Non-Voting Common Stock issuable upon the conversion of the
Series B Preferred Stock will, upon receipt of the approval by the Company’s shareholders of the shareholder proposal and filing of the related amendment to the Articles of Incorporation with the Judge of Probate in Calhoun County, Alabama,
have been duly authorized by all necessary corporate action and when so issued upon such conversion or exercise will be validly issued, fully paid and non-assessable, and free of preemptive rights except for
those stated herein. The Company will reserve, free of any preemptive or similar rights of shareholders of the Company, a number of unissued shares of Common Stock, sufficient to issue and deliver the Underlying Shares into which the Series B
Preferred Stock or Non-Voting Common Stock is convertible. No shares of the Company’s outstanding capital stock are subject to preemptive rights or any other similar rights. Except for the Company Stock
Options described above, there are no outstanding options, warrants, scrip, rights to subscribe to, calls, or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any
shares of capital stock of the Company, or contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of capital stock of the Company or options, warrants, scrip, rights to subscribe
to, calls, or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company. Except for the Registration Rights Agreement, if applicable,
there are no agreements or arrangements under which the Company is obligated to register the sale of any of its securities under the Securities Act. There are no outstanding securities or instruments of the Company that contain any redemption or
similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is or may become bound to redeem a security of the Company or its Subsidiary. The Company does not have any stock appreciation rights or
“phantom stock” plans or agreements or any similar plan or agreement. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance
of the Shares pursuant to this Agreement and the other Transaction Documents. 

  
 16 

 (ii) There are no outstanding debt securities, notes, credit agreements, credit facilities
or other agreements, documents or instruments evidencing indebtedness of the Company or by which the Company is bound other than as disclosed in Schedule 3.1(g)(ii) and such Schedule provides the outstanding principal and accrued interest balances
for all such indebtedness as of the date hereof. 
 (iii) Immediately following the Closing, (i) 5,418,724 shares of Common Stock and (ii)
161,143 shares of Series B Preferred Stock will be issued and outstanding. 
 (h) Investor Presentation. The Investor Presentation
did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 (i) Financial Statements. The consolidated balance sheets of the Company as of December 31, 2015 and 2014 and related
consolidated statements of operations, changes in shareholders’ equity and cash flows for the three years ended December 31, 2015, together with the notes thereto, audited by Mauldin & Jenkins, LLC, and the unaudited consolidated
balance sheet of the Company as of September 30, 2016 and the related unaudited consolidated statements of operations, change in shareholders’ equity and cash flows for the nine month period ended September 30, 2016 (collectively, the
“Company Financial Statements”) (1) have been prepared from, and are in accordance with, the books and records of the Company and its Subsidiary, (2) have been prepared in accordance with GAAP applied on a consistent basis and
(3) present fairly in all material respects the consolidated financial position of the Company and its Subsidiary taken as a whole as of and for the dates set forth therein and the consolidated results of operations, changes in
shareholders’ equity and cash flows of the Company and its Subsidiary for the periods stated therein (subject to the absence of notes and normal year-end audit adjustments in the case of interim unaudited
statements, which would not be material, either individually or in the aggregate). 
 (j) Tax Matters. The Company and its Subsidiary
each has (i) timely filed all material foreign, U.S. federal, state and local Tax Returns that are or were required to be filed, and all such Tax Returns are true, correct and complete in all material respects, (ii) paid all material Taxes
required to be paid by it and any other material assessment, fine or penalty levied against it, whether or not shown or determined to be due on such Tax Returns, other than any such amounts (x) currently payable without penalty or interest, or
(y) being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP; (iii) timely withheld, collected or deposited as the case may be all material Taxes (determined
both individually and in the aggregate) required to be withheld, collected or deposited by it, and to the extent required, have been paid to the relevant taxing authority in accordance with applicable Law; and (iv) complied with all applicable
information reporting requirements in all material respects. Neither the Company nor its Subsidiary (i) is subject to any outstanding audit, assessment, dispute or claim concerning any material Tax liability of the Company or its Subsidiary
either within the Company’s Knowledge or claimed, pending or raised by an authority in writing; (ii) is a party to, bound by or otherwise subject to any obligation under any Tax sharing or Tax indemnity agreement or similar contract or
arrangement (other than an agreement, similar contract or arrangement to which only the Company and its Subsidiary are parties); (iii) has participated in a “listed transaction” within the meaning of Treasury Regulation
Section 1.6011- 4(b)(2); or (iv) has any liability for Taxes of any Person arising from the application of Treasury Regulation Section 1.1502-6 or any analogous provision of state, local or
foreign Law, or as a transferee or successor, by contract, or otherwise. No claim has been made by a tax authority in a jurisdiction where the Company or its Subsidiary does not pay Taxes or file Tax Returns asserting that the Company or its
Subsidiary is or may be subject to Taxes assessed by such jurisdiction. Neither the Company nor its Subsidiary will be required to include any item of income in, or exclude any item of deduction from, taxable income for any period

  
 17 

 
(or any portion thereof) ending after the Closing as a result of any: (1) installment sale or other open transaction disposition made on or prior to the Closing; (2) prepaid amount
received on or prior to the Closing; (3) written and legally binding agreement with a governmental authority relating to taxes for any taxable period ending on or before the Closing; (4) change in method of accounting in any taxable period
ending on or before the Closing; or (5) election under Section 108(i) of the Code. 
 (k) Material Changes. Since
December 31, 2015, except as disclosed in Schedule 3.1(k), (i) there have been no events, occurrences, or developments that have had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect,
(ii) the Company has not incurred any material liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses, and other liabilities incurred in the ordinary course of business consistent with past practice, and
(B) liabilities not required to be reflected in the Company Financial Statements pursuant to GAAP, (iii) the Company has not altered materially its method of accounting or the manner in which it keeps its accounting books and records,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed, or made any agreements to purchase or redeem any shares of its capital stock, (v) except for the
Company Stock Options, the Company has not issued any equity securities to any officer, director, or Affiliate, (vi) there has not been any material change or amendment to, or any waiver of any material right by the Company under, any Material
Contract under which the Company or its Subsidiary is bound or subject, and (vii) to the Company’s Knowledge, there has not been a material increase in the aggregate dollar amount of (A) the Bank’s nonperforming loans (including
nonaccrual loans and loans 90 days or more past due and still accruing interest) or (B) the reserves or allowances established on the Company’s or the Bank’s financial statements with respect thereto. Moreover, since the date(s) the
Company afforded Purchaser (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and
risks of investing in the Shares, and (ii) access to information about the Company and its Subsidiary and their respective financial condition, results of operations, business, properties, management, prospects, and any potential transactions
sufficient to enable it to evaluate its investment, there have been no events, occurrences, or developments that have materially affected or would reasonably be expected to materially affect, either individually or in the aggregate, the information
as presented to the Purchasers in connection with the offering of the Shares. 
 (l) Environmental Matters. Neither the Company nor
its Subsidiary (i) is in violation of any Law of any Governmental Entity relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or
toxic substances (collectively, “Environmental Laws”), (ii) is liable for any off-site disposal or contamination pursuant to any Environmental Laws, (iii) owns or operates any real
property contaminated with any substance that is in violation of any Environmental Laws or (iv) is subject to any claim relating to any Environmental Laws; in each case, which violation, contamination, liability or claim has had or would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; and there is no pending or, to the Company’s Knowledge, threatened investigation that might lead to such a claim. Except as would not result in a
Material Adverse Effect, there are no circumstances or conditions (including the presence of asbestos, underground storage tanks, lead products, polychlorinated biphenyls, prior manufacturing operations,
dry-cleaning or automotive services) involving the Company or its Subsidiary, or any currently or formerly owned or operated property of the Company or its Subsidiary, that could reasonably be expected to
result in any claim, liability, investigation, cost or restriction against the Company or its Subsidiary, or result in any restriction on the ownership, use, or transfer of any property pursuant to any Environmental Law, or adversely affect the
value of any currently owned property of the Company or its Subsidiary. 

  
 18 

 (m) Litigation. There is no Action pending or, to the Company’s Knowledge,
threatened, which (i) adversely affects or challenges the legality, validity, or enforceability of any of the Transaction Documents, the issuance of Shares pursuant to this Agreement and the other Transaction Documents, or the conversion of the
Shares of Series B Preferred Stock into the Underlying Shares, or (ii) is reasonably likely to be material to the Company or its Subsidiary, individually or in the aggregate, if there were an unfavorable decision. Neither the Company nor its
Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty nor is any Action, to the
Company’s Knowledge, currently threatened. There is no Action by the Company or its Subsidiary pending or which the Company or its Subsidiary intends to initiate (other than collection or similar claims in the ordinary course of business).
There has not been, and to the Company’s Knowledge there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. There are no outstanding orders,
judgments, injunctions, awards or decrees of any court, arbitrator or governmental or regulatory body against the Company or any executive officers or directors of the Company in their capacities as such, which individually or in the aggregate,
would reasonably be expected to be material to the Company or its Subsidiary. 
 (n) Employment Matters. No labor dispute exists or,
to the Company’s Knowledge, is imminent with respect to any of the employees of the Company or its Subsidiary which would have or reasonably be expected to have a Material Adverse Effect. None of the employees of the Company or its Subsidiary
is a member of a union that relates to such employee’s relationship with the Company or its Subsidiary, and neither the Company nor its Subsidiary is a party to a collective bargaining agreement, and the Company and its Subsidiary each believes
that its relationship with its employees is good. To the Company’s Knowledge, there is no activity involving any of the employees of the Company or its Subsidiary seeking to certify a collective bargaining unit or similar organization. To the
Company’s Knowledge, no executive officer is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or
non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of a third party, and to the Company’s Knowledge, the continued employment of each such executive officer
does not subject the Company or its Subsidiary to any liability with respect to any of the foregoing matters. The Company and its Subsidiary are each in compliance with all Laws and regulations relating to employment and employment practices,
immigration, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not have or reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. As of the date of this
Agreement, except as otherwise disclosed to the Purchasers, no material employee has given notice to the Company or its Subsidiary of his or her intent to terminate his or her employment or service relationship with the Company or its Subsidiary.
The Company and its Subsidiary are in material compliance with all Laws concerning the classification of employees and independent contractors and have properly classified all such individuals for purposes of participation in employee benefit plans.

 (o) Compliance. Neither the Company nor its Subsidiary (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or its Subsidiary under), nor has the Company or its Subsidiary received written notice of a claim that it is in default under or that it
is in violation of, any Material Contract (whether or not such default or violation has been waived), (ii) is in violation of any order of which the Company has been made aware in writing of any court, arbitrator, or governmental body having
jurisdiction over the Company or its Subsidiary or their respective properties or assets, (iii) is in violation of, or in receipt of written notice that it is in violation of, any statute, rule, regulation, policy, guideline, or order of any
governmental authority or self-regulatory organization applicable to the Company or its Subsidiary, or which would have the effect of revoking or limiting FDIC deposit insurance, except in each case as would not have or reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 

  
 19 

 (p) Regulatory Permits. The Company and its Subsidiary each possess or have applied
for all certificates, authorizations, consents, and permits issued by the appropriate federal, state, local, or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, except where the failure to
possess such certificates, authorizations, consents, or permits, individually or in the aggregate, has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (“Material
Permits”), and (i) neither the Company nor its Subsidiary has received any notice in writing of proceedings relating to the revocation or material adverse modification of any such Material Permits, and (ii) the Company is unaware
of any facts or circumstances that would give rise to the revocation or material adverse modification of any Material Permits. 
 (q)
Title to Assets. The Company and its Subsidiary have good and marketable title to all real property and tangible personal property owned by them which is material to the business of the Company and its Subsidiary, taken as a whole, in each
case free and clear of all Liens, except such as do not materially affect the value of such property or do not interfere with the use made and proposed to be made of such property by the Company and its Subsidiary. Any real property and facilities
held under lease by the Company and its Subsidiary are held by them under valid, subsisting, and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and
facilities by the Company and its Subsidiary. No notice of a claim of default by any party to any lease entered into by the Company or its Subsidiary has been delivered to either the Company or its Subsidiary or is now pending, and there does not
exist any event or circumstance that with notice or passing of time, or both, would constitute a default or excuse performance by any party thereto. None of the owned or leased premises or properties of the Company or its Subsidiary is subject to
any current or potential interests of third parties or other restrictions or limitations that would impair or be inconsistent in any material respect with the current use of such property by the Company or its Subsidiary, as the case may be. 

(r) Patents and Trademarks. The Company and its Subsidiary own, possess, license, or have other rights to use all foreign and domestic
patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, inventions, trade secrets, technology, internet domain names, know-how, and other
intellectual property (collectively, the “Intellectual Property”) necessary for the conduct of their respective businesses as now conducted or as proposed to be conducted except where the failure to own, possess, license, or have
such rights would not have or reasonably be expected to have a Material Adverse Effect. Except where such violations or infringements would not have or reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect, (a) there are no rights of third parties to any such Intellectual Property, (b) there is no infringement by third parties of any such Intellectual Property, (c) there is no pending or threatened action, suit, proceeding, or
claim by others challenging the Company’s and its Subsidiary’s rights in or to any such Intellectual Property, (d) there is no pending or threatened action, suit, proceeding, or claim by others challenging the validity or scope of any
such Intellectual Property, and (e) there is no pending or threatened action, suit, proceeding, or claim by others that the Company and/or its Subsidiary infringes or otherwise violates any patent, trademark, copyright, trade secret, or other
proprietary rights of others. 
 (s) Insurance. The Company and its Subsidiary each are, and following the Closing Date will remain,
insured against such losses and risks and in such amounts as the Company reasonably believes to be prudent and customary in the businesses and locations in which and where the Company and its Subsidiary are engaged. The Company and its Subsidiary
have not been refused any insurance coverage sought or applied for, and the Company and its Subsidiary do not have any reason to believe that they will not be able to renew their existing insurance coverage as and when such coverage expires or

  
 20 

 
to obtain similar coverage from similar insurers as may be necessary to continue their business at a cost that would not have a Material Adverse Effect. All premiums due and payable under all
such policies and bonds have been timely paid, and the Company and its Subsidiary are in material compliance with the terms of such policies and bonds. Neither the Company nor its Subsidiary has received any written notice of cancellation of any
such insurance, nor, to the Company’s Knowledge, will it or its Subsidiary be unable to renew their respective existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would be materially higher than their existing insurance coverage. The Company (i) maintains directors’ and officers’ liability insurance and fiduciary liability insurance with benefits and
levels of coverage as disclosed in Schedule 3.1(s), (ii) has timely paid all premiums on such policies, and (iii) there has been no lapse in coverage during the term of such policies. 

(t) Transactions with Affiliates and Employees. Except as disclosed in Schedule 3.1(t), none of the officers or directors of the
Company or its Subsidiary and, to the Company’s Knowledge, none of the employees of the Company or its Subsidiary, is presently a party to any transaction with the Company or its Subsidiary or to a presently contemplated transaction (other than
for services as employees, officers, and directors). 
 (u) Internal Control over Financial Reporting. The Company and its Subsidiary
maintain internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, and has
disclosed, based on its most recent evaluation prior to the date of this Agreement, to the Company’s outside auditors and the audit committee of the board of directors (A) any significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting that are reasonably likely to adversely affect the Company’s ability to record, process, summarize, and report financial information, and (B) any fraud, whether or not material,
that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. The Company has no knowledge or any reason that its outside auditors and its principal executive officer and
principal financial officer will not be able to give the certifications and attestations required pursuant to the rules and regulations adopted pursuant to 12 C.F.R. § 363.2. Since December 31, 2011, (i) neither the Company nor its
Subsidiary nor, to the Company’s Knowledge, any director, officer, employee, auditor, accountant or representative of the Company or its Subsidiary has received or otherwise had or obtained knowledge of any material complaint, allegation,
assertion or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods of the Company or its Subsidiary or their respective internal accounting controls, including any material complaint,
allegation, assertion or claim that the Company or its Subsidiary has engaged in questionable accounting or auditing practices, and (ii) to the Company’s Knowledge, no attorney representing the Company or its Subsidiary, whether or not
employed by the Company or its Subsidiary, has reported evidence of a violation of securities laws, breach of fiduciary duty or similar violation by the Company, its Subsidiary or any of its officers, directors, employees or agents to the board of
directors or any committee thereof or to any director or officer of the Company or its Subsidiary. 
 (v) Certain Fees. No person or
entity will have, as a result of the transactions contemplated by this Agreement, any valid right, interest, or claim against or upon the Company, its Subsidiary or any Purchaser for any commission, fee, or other compensation pursuant to any
agreement, arrangement, or understanding entered into by or on behalf of the Company or its Subsidiary, other than the Placement Agent with respect to the offer and sale of the Shares pursuant to this Agreement (which placement agent fees are being
paid by the Company and are set forth in the Investor Presentation) and as contemplated by the Expense Reimbursement Agreement. 

  
 21 

 (w) Private Placement. Assuming the accuracy of the Purchasers’ representations
and warranties set forth in Section 3.2 of this Agreement, the accuracy of the information disclosed in the Accredited Investor Questionnaires, no registration under the Securities Act is required for the offer and sale of the Shares by the
Company to the Purchasers under the Transaction Documents. 
 (x) Registration Rights. Other than each of the Qualifying Purchasers,
no Person has any right to cause the Company or its Subsidiary to effect the registration under the Securities Act of any securities of the Company or its Subsidiary. 

(y) No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
none of the Company, its Subsidiary nor, to the Company’s Knowledge, any of its Affiliates or any Person acting on its behalf has, directly or indirectly, at any time within the past six months, made any offers or sales of any Company security
or solicited any offers to buy any security under circumstances that would eliminate the availability of the exemption from registration under Regulation D under the Securities Act in connection with the offer and sale by the Company of the Shares
as contemplated hereby. 
 (z) Investment Company. Neither the Company nor its Subsidiary is required to be registered as, and is not
an Affiliate of, and immediately following the Closing will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940. 

(aa) Unlawful Payments. Neither the Company nor its Subsidiary, nor to the Company’s Knowledge, any directors, officers,
employees, agents, or other Persons acting at the direction of or on behalf of the Company or its Subsidiary has, in the course of its actions for, or on behalf of, the Company or its Subsidiary (a) directly or indirectly, used any corporate
funds for unlawful contributions, gifts, entertainment, or other unlawful expenses relating to foreign or domestic political activity, (b) made any direct or indirect unlawful payments to any foreign or domestic governmental officials or
employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended, or (d) made any other unlawful bribe, rebate, payoff,
influence payment, kickback, or other material unlawful payment to any foreign or domestic government official or employee. 
 (bb)
Application of Takeover Protections; Rights Agreements. The Company has not adopted any shareholder rights plan or similar arrangement relating to accumulations of beneficial ownership of its Common Stock or a Change in Control of the
Company. The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement), or other
similar anti-takeover provision under the Company’s Articles of Incorporation or other organizational documents or the laws of the jurisdiction of its incorporation or otherwise which is or could become applicable to any Purchaser solely as a
result of the transactions contemplated by this Agreement, including, without limitation, the Company’s issuance of the Shares and any Purchaser’s ownership of the Shares. 

(cc) No Undisclosed Liabilities. There are no material liabilities or obligations of the Company or its Subsidiary of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable, or otherwise, except for (i) liabilities appropriately reflected or reserved against in accordance with GAAP in the Company’s audited consolidated balance sheet
for the year ended December 31, 2015, and (ii) liabilities that have arisen in the ordinary and usual course of business and consistent with past practice since December 31, 2015, except for such liabilities that have not had and
would not reasonably be expected to have a Material Adverse Effect. 

  
 22 

 (dd) Off Balance Sheet Arrangements. There is no transaction, arrangement, or other
relationship between the Company (or its Subsidiary) and an unconsolidated or other off-balance sheet entity that is not reflected on the Company Financial Statements. 

(ee) Acknowledgment Regarding Purchasers’ Purchase of Shares. The Company acknowledges and agrees that each of the Purchasers is
acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or
fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with
the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares. 

(ff) Absence of Manipulation. The Company has not, and to the Company’s Knowledge no one acting on its behalf has, taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares. 

(gg) OFAC. Neither the Company nor its Subsidiary nor, to the Company’s Knowledge, any director, officer, agent, employee,
Affiliate, or Person acting on behalf of the Company or its Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will
not knowingly use the proceeds of the sale of the Shares towards any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar, or any other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to
any U.S. sanctions administered by OFAC. 
 (hh) Money Laundering Laws. The operations of each of the Company and its Subsidiary are,
and have been conducted at all times, in compliance in all material respects with the money laundering statutes of applicable jurisdictions, the rules and regulations thereunder, and any related or similar rules, regulations, or guidelines, issued,
administered, or enforced by any applicable governmental agency (collectively, the “Money Laundering Laws”), and to the Company’s Knowledge, no action, suit, or proceeding by or before any court or governmental agency, authority, or
body or any arbitrator involving the Company and/or its Subsidiary with respect to the Money Laundering Laws is pending or threatened. 

(ii) No Additional Agreements. The Company has no agreements or understandings (including, without limitation, side letters) with any
Purchaser or other Person to purchase shares of Common Stock or Series B Preferred Stock on terms more favorable to such Person than as set forth herein. Except for this Agreement, the Company does not have any agreement or understanding with any
Purchaser with respect to the transactions contemplated by the Transaction Documents. 
 (jj) Reports, Registrations and Statements.
Since January 1, 2013, the Company and its Subsidiary each have filed all material reports, registrations, and statements, together with any required amendments thereto, that it was required to file with the Federal Reserve, the FDIC and any
other applicable federal or state securities or banking authorities. All such reports and statements filed with any such regulatory body or authority are collectively referred to herein as the “Company Reports.” As of their respective
dates, the Company Reports complied in all material respects with all the rules and regulations promulgated by the Federal Reserve, the FDIC and any other applicable foreign, federal, or state securities or banking authorities, as the case may be.
As of their respective dates, each such Company Report did not, in all material respects, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made
therein, in light of the circumstances under which they were made, not misleading. 

  
 23 

 (kk) Bank Regulatory Capitalization. As of September 30, 2016, the Bank was
considered “well capitalized” under the FDIC’s regulatory framework for prompt corrective action. 
 (ll) Agreements with
Regulatory Agencies. Neither the Company nor its Subsidiary is subject to any cease-and-desist or other similar order or enforcement action issued by, or is a party
to any written agreement, consent agreement, or memorandum of understanding with, or is a party to any commitment letter or similar undertaking to, or is subject to any capital directive by, or since January 1, 2013, has adopted any board
resolutions at the request of, any Governmental Entity that currently restricts the conduct of its business or that relates to its capital adequacy, its liquidity and funding policies and practices, its ability to pay dividends, its credit, risk
management or compliance policies, its internal controls, its management, or its operations or business (each item in this sentence, a “Regulatory Agreement”), nor has the Company or its Subsidiary been advised since January 1, 2013
by any Governmental Entity that it intends to issue, initiate, order, or request any such Regulatory Agreement. 
 (mm) Compliance with
Certain Banking Regulations. To the Company’s Knowledge, there are no facts or circumstances, and the Company has no reason to believe that any facts or circumstances exist, that would cause the Bank (i) to be deemed not to be in
satisfactory compliance with the Community Reinvestment Act (“CRA”) and the regulations promulgated thereunder or to be assigned a CRA rating by federal or state banking regulators of lower than “satisfactory,” (ii) to be
deemed to be operating in violation, in any material respect, of the Bank Secrecy Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, as amended, any order
issued with respect to anti-money laundering by OFAC, or any other anti-money laundering statute, rule, or regulation, (iii) to be deemed not to be in satisfactory compliance, in any material respect, with the Home Mortgage Disclosure Act, the
Fair Housing Act, the Community Reinvestment Act, the Equal Credit Opportunity Act, or (iv) to be deemed not to be in satisfactory compliance, in any material respect, with all applicable privacy of customer information requirements contained
in any applicable federal and state privacy laws and regulations as well as the provisions of all information security programs adopted by the Bank. 

(nn) No General Solicitation or General Advertising. Neither the Company nor, to the Company’s Knowledge, any Person acting on its
behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the Shares. 

(oo) Mortgage Banking Business. Except as has not had and would not reasonably be expected to have a Material Adverse Effect: 

(i) The Company and its Subsidiary each has complied with, and all documentation in connection with the origination, processing,
underwriting, and credit approval of any mortgage loan originated, purchased, or serviced by the Company or its Subsidiary satisfied, (A) all applicable federal, state, and local laws, rules, and regulations with respect to the origination,
insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection with mortgage loans, including all laws relating to real estate settlement procedures, consumer credit protection, truth in lending laws, usury
limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity, and adjustable rate mortgages, (B) the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Company
or its Subsidiary and any Agency, Loan Investor, or Insurer, (C) the applicable rules, regulations, guidelines, handbooks, and other requirements of any Agency, Loan Investor, or Insurer, and (D) the terms and provisions of any mortgage or
other collateral 

  
 24 

 
documents and other loan documents with respect to each mortgage loan; and (ii) No Agency, Loan Investor, or Insurer has (A) claimed in writing that the Company or its Subsidiary has
violated or has not complied with the applicable underwriting standards with respect to mortgage loans sold by the Company or its Subsidiary to a Loan Investor or Agency, or with respect to any sale of mortgage servicing rights to a Loan Investor,
(B) imposed in writing restrictions on the activities (including commitment authority) of the Company or its Subsidiary, or (C) indicated in writing to the Company or its Subsidiary that it has terminated or intends to terminate its
relationship with the Company or its Subsidiary for poor performance, poor loan quality, or concern with respect to the Company’s or its Subsidiary’s compliance with laws. 

(ii) For purposes of this Section 3.1(00), (A) “Agency” means the Federal Housing Administration, the Federal Home Loan
Mortgage Corporation, the Farmers Home Administration (now known as Rural Housing and Community Development Services), the Federal National Mortgage Association, the United States Department of Veterans’ Affairs, the Rural Housing Service of
the U.S. Department of Agriculture, or any other federal or state agency with authority to (i) determine any investment, origination, lending, or servicing requirements with regard to mortgage loans originated, purchased, or serviced by the
Company or its Subsidiary, or (ii) originate, purchase, or service mortgage loans, or otherwise promote mortgage lending, including state and local housing finance authorities, (B) “Loan Investor” means any person (including an
Agency) having a beneficial interest in any mortgage loan originated, purchased, or serviced by the Company or its Subsidiary or a security backed by or representing an interest in any such mortgage loan, and (C) “Insurer” means a person
who insures or guarantees for the benefit of the mortgagee all or any portion of the risk of loss upon borrower default on any of the mortgage loans originated, purchased, or serviced by the Company or its Subsidiary, including the Federal Housing
Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture, and any private mortgage insurer, and providers of hazard, title, or other insurance with respect to such
mortgage loans or the related collateral. 
 (pp) Risk Management Instruments. The Company and its Subsidiary have in place risk
management policies and procedures sufficient in scope and operation to protect against risks of the type and in amounts reasonably expected to be incurred by companies of similar size and in similar lines of business as the Company and its
Subsidiary. Except as has not had or would not reasonably be expected to have a Material Adverse Effect, since January 1, 2013, all derivative instruments, including, swaps, caps, floors, and option agreements, whether entered into for the
Company’s own account, or for the account of its Subsidiary, were entered into (1) only in the ordinary course of business, (2) in accordance with prudent practices and in all respects with all applicable laws, rules, regulations, and
regulatory policies, and (3) with counterparties believed to be financially responsible at the time, and each of them constitutes the valid and legally binding obligation of the Company or its Subsidiary, enforceable in accordance with its
terms. Neither the Company nor its Subsidiary, nor, to the Company’s Knowledge, any other party thereto, is in breach of any of its obligations under any such agreement or arrangement. 

(qq) ERISA. The Company and its Subsidiary are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, including the regulations and published interpretations thereunder (“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any “pension
plan” (as defined in ERISA) for which the Company or its Subsidiary would have any liability; the Company and its Subsidiary have not incurred and does not expect to incur liability under Title IV of ERISA with respect to termination of, or
withdrawal from, any “pension plan,” or Sections 412 or 4971 of the Code; and each “Pension Plan” for which the Company or its Subsidiary would have liability that is intended to be qualified under Section 401(a) of the Code
is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

  
 25 

 (rr) Shell Company Status. The Company is not, and has never been, an issuer
identified in Rule 144(i)(1) of the Securities Act. 
 (ss) No “Bad Actor” Disqualification. The Company has exercised
reasonable care, in accordance with Commission rules and guidance, and has conducted a factual inquiry including the procurement of relevant questionnaires from each Covered Person (as defined below) or other means, the nature and scope of which
reflect reasonable care under the relevant facts and circumstances, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the
Securities Act (“Disqualification Events”). To the Company’s Knowledge, after conducting such sufficiently diligent factual inquiries, no Covered Person is subject to a Disqualification Event, except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Covered Persons” are those persons
specified in Rule 506(d)(1) under the Securities Act, including the Company, any predecessor or affiliate of the Company, any director, executive officer, other officer participating in the offering, general partner or managing member of the
Company, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, any promoter (as defined in Rule 405 under the Securities Act) connected with the Company in any
capacity at the time of the sale of the Securities, and any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Shares (a “Solicitor”), any
general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering of any Solicitor or general partner or managing member of any Solicitor. 

(tt) Nonperforming Assets. To the Company’s Knowledge, since the date of the latest audited financial statements, the Company
believes that the Bank will be able to fully and timely collect substantially all interest, principal, or other payments when due under its loans, leases, and other assets that are not classified as nonperforming and such belief is reasonable under
all the facts and circumstances known to the Company and Bank, and the Company believes that the amount of reserves and allowances for loan and lease losses and other nonperforming assets established on the Company’s and Bank’s financial
statements is adequate, and such belief is reasonable under all the facts and circumstances known to the Company and Bank, except for such failures or deficiencies as have not had and would not be reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. 
 (uu) No Change in Control. Neither the Company nor its Subsidiary is a party to any
employment, Change in Control, severance, or other compensatory agreement or any benefit plan pursuant to which the issuance of the Shares to the Purchasers as contemplated by this Agreement would trigger a “change of control” or other
similar provision in any of the agreements, which results in payments to the counterparty or the acceleration of vesting of benefits. 

(vv) Common Control. The Company is not and, after giving effect to the offering and sale of the Shares, will not be under the control
(as defined in the BHCA and the Federal Reserve’s Regulation Y (12 C.F.R. Part 225) (“BHCA Control”) of any company (as defined in the BHCA and the Federal Reserve’s Regulation Y). The Company is not in BHCA Control of any
federally insured depository institution other than the Bank. The Bank is not under the BHCA Control of any company (as defined in the BHCA and the Federal Reserve’s Regulation Y) other than Company. Neither the Company nor the Bank controls,
in the aggregate, more than five percent of the outstanding voting class, directly or indirectly, of any federally insured depository institution. The Bank is not subject to the liability of any commonly controlled depository institution pursuant to
Section 5(e) of the Federal Deposit Insurance Act (12 U.S.C. § 1815(e)). 

  
 26 

 (ww) Material Contracts. The Company has made available to the Purchaser or its
representatives, prior to the date hereof, true, correct, and complete copies of, and listed on Schedule 3.1(ww), each Material Contract to which the Company or its Subsidiary is a party or subject (whether written or oral, express or implied) as of
the date of this Agreement. Each Material Contract is a valid and binding obligation of the Company or its Subsidiary (as applicable) that is a party thereto and, to the Company’s Knowledge, each other party to such Material Contract, except
for such failures to be valid and binding as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Each such Material Contract is enforceable against the Company or its Subsidiary (as applicable) that
is a party thereto and, to the Company’s Knowledge, each other party to such Material Contract in accordance with its terms (subject in each case to applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting the
enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding of law or at equity), except for such failures to be enforceable as, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor its Subsidiary, nor to the Company’s Knowledge, any other party to a Material Contract, is in material default or material breach of a
Material Contract and there does not exist any event, condition or omission that would constitute such a default or breach (whether by lapse of time or notice or both), in each case, except as, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect. 
 3.2 Representations and Warranties of the Purchasers. 

Each Purchaser hereby, for itself and for no other Purchaser, represents and warrants as of the date hereof and as of the Closing Date to the
Company as follows: 
 (a) Organization; Authority. 

(i) If such Purchaser is an entity, it is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
organization with the requisite corporate, partnership, limited liability company, or other applicable similar power and authority to enter into and to consummate the transactions contemplated by the applicable Transaction Documents and otherwise to
carry out its obligations hereunder and thereunder. If such Purchaser is an entity, the execution, delivery, and performance by such Purchaser of the applicable Transaction Documents to which it is a party and the transactions contemplated by this
Agreement have been duly authorized by all necessary corporate or, if such Purchaser is not a corporation, such partnership, limited liability company, or other applicable like action, on the part of such Purchaser. If such Purchaser is an entity,
each of the applicable Transaction Documents to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such
Purchaser, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, or similar laws relating to, or affecting generally the
enforcement of, creditors’ rights and remedies or by other equitable principles of general application. 
 (ii) If such Purchaser is
not an entity, the execution, delivery, and performance by such Purchaser of the applicable Transaction Documents to which it is a party and the transactions contemplated by this Agreement have been duly authorized. Each of the applicable
Transaction Documents to which such Purchaser is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, or similar laws relating to, or affecting generally the
enforcement of, creditors’ rights and remedies or by other equitable principles of general application. 

  
 27 

 (b) No Conflicts. The execution, delivery, and performance by such Purchaser of this
Agreement and the Registration Rights Agreement, if applicable, and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of such Purchaser (if
such Purchaser is an entity), (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
any agreement, indenture, or instrument to which such Purchaser is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, or decree (including federal and state securities laws) applicable to such Purchaser,
except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights, or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Purchaser
to perform its obligations hereunder. 
 (c) Investment Intent. Such Purchaser understands that the Shares are “restricted
securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Shares as principal for its own account and not with a view to, or for distributing or reselling such Shares or any
part thereof in violation of the Securities Act or any applicable state securities laws, provided, however, that by making the representations herein, such Purchaser does not agree to hold any of the Shares for any minimum period of time and
reserves the right at all times to sell or otherwise dispose of all or any part of such Shares pursuant to an effective registration statement under the Securities Act or under an exemption from such registration and in compliance with applicable
federal and state securities laws. Such Purchaser is acquiring the Shares hereunder in the ordinary course of its business. Such Purchaser does not presently have any agreement, plan, or understanding, directly or indirectly, with any Person to
distribute or effect any distribution of any of the Shares (or any securities which are derivatives thereof) to or through any person or entity. 

(d) Purchaser Status. At the time such Purchaser was offered the Shares, it was, and at the date hereof it is, an “accredited
investor” as defined in Rule 501(a) under the Securities Act. Such Purchaser has provided the information in the Accredited Investor Questionnaire attached hereto as Exhibit B. 

(e) General Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice, or other
communication regarding the Shares published in any newspaper, magazine, or similar media or broadcast over television or radio or presented at any seminar or any other form of “general solicitation” or “general advertising” (as
such terms are used in Regulation D promulgated under the Securities Act and interpreted by the Commission). 
 (f) Direct Purchase.
Purchaser is purchasing the Shares directly from the Company and not from the Placement Agent. The Placement Agent did not make any representations or warranties to Purchaser, express or implied, regarding the Shares, the Company, or the
Company’s offering of the Shares. 
 (g) Experience of Such Purchaser. Such Purchaser, either alone or together with its
representatives, has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares and has so evaluated the merits and risks of
such investment. Such Purchaser is capable of protecting its own interests in connection with this investment and has experience as an investor in securities of companies like the Company. Such Purchaser is able to hold the Shares indefinitely if
required, is able to bear the economic risk of an investment in the Shares, and, at the present time, is able to afford a complete loss of such investment. Further, Purchaser understands that no representation is being made as to the future trading
value or trading volume of the Shares. 

  
 28 

 (h) Brokers and Finders. Neither such Purchaser, nor its respective Affiliates nor
any of their respective officers or directors has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s fees, and no broker or finder has acted directly or indirectly
for such Purchaser in connection with this Agreement or the transactions contemplated hereby. 
 (i) Independent Investment Decision.
Such Purchaser has independently evaluated the merits of its decision to purchase Shares pursuant to the Transaction Documents, and such Purchaser confirms that it has not relied on the advice of the Company or the Placement Agent (or any of their
respective agents, counsel, or Affiliates) or any other Purchaser or other Purchaser’s business and/or legal counsel in making such decision; provided that the foregoing shall in no way limit such Purchaser’s right to rely on the truth,
accuracy and completeness of the representations and warranties of the Company made herein. Such Purchaser understands that the Placement Agent has acted solely as the agent of the Company in this placement of the Shares and such Purchaser has not
relied on the business, legal, or regulatory advice of the Placement Agent or any of their agents, counsel, or Affiliates in making its investment decision hereunder, and confirms that none of such Persons has made any representations or warranties
to such Purchaser in connection with the transactions contemplated by the Transaction Documents. 
 (j) Residency. Such
Purchaser’s residence (if an individual) or office in which its investment decision with respect to the Shares was made (if an entity) is located at the address immediately below such Purchaser’s name on its signature page hereto. 

ARTICLE 4 
 OTHER
AGREEMENTS OF THE PARTIES 
 4.1 Transfer Restrictions. 

(a) Compliance with Laws. Notwithstanding any other provision of this Article IV, each Purchaser covenants that the Shares may be
disposed of only pursuant to an effective registration statement under, and in compliance with the requirements of, the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act, and in compliance with any applicable state, federal or foreign securities laws. In connection with any transfer of the Shares other than (i) pursuant to an effective registration statement, (ii) to the Company, or
(iii) pursuant to Rule 144 (provided that the transferor provides the Company with reasonable assurances (in the form of a seller representation letter and, if applicable, a broker representation letter) that such securities may be sold
pursuant to such rule), the Company may require the transferor thereof to provide to the Company and the Transfer Agent, at the transferor’s expense, an opinion of counsel selected by the transferor and reasonably acceptable to the Company and
the Transfer Agent, the form and substance of which opinion shall be reasonably satisfactory to the Company and the Transfer Agent, to the effect that such transfer does not require registration of such transferred securities under the Securities
Act. As a condition of transfer (other than pursuant to clauses (i), (ii) or (iii) of the preceding sentence), any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights of the Purchaser that
transferred such Shares under this Agreement and the Registration Rights Agreement, if applicable, with respect to such transferred Shares. 

  
 29 

 (b) Legends. Certificates evidencing the Securities shall bear any legend as required
by the “blue sky” laws of any state and a restrictive legend in substantially the following form, until such time as they are not required under Section 4.1(c) or applicable law: 

THE ISSUANCE OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR
APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE ACT (PROVIDED THAT THE TRANSFEROR PROVIDES THE COMPANY WITH REASONABLE ASSURANCES (IN THE FORM OF A SELLER REPRESENTATION LETTER AND, IF APPLICABLE, A BROKER
REPRESENTATION LETTER) THAT THE SECURITIES MAY BE SOLD PURSUANT TO SUCH RULE). 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCK PURCHASE AGREEMENT, DATED AS OF DECEMBER 27, 2016, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY AT THE COMPANY’S PRINCIPAL EXECUTIVE OFFICES. 

(c) Removal of Legends. Upon the written request of the holder, the restrictive legend set forth in Section 4.1(b) above shall be
removed and the Company shall issue a certificate without such restrictive legend or any other restrictive legend to the holder of the applicable Securities upon which it is stamped, if (i) such Securities are registered for resale under the
Securities Act, (ii) such Securities are sold or transferred pursuant to Rule 144, or (iii) such Securities are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public
information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to such securities and without volume or manner-of-sale restrictions. Following the
earlier of (A) the Effective Date or (B) Rule 144 becoming available for the resale of Securities, without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule
144(i)(2), if applicable) as to the Securities and without volume or manner-of-sale restrictions, the Company, upon the written request of the holder, shall instruct the
Transfer Agent to remove the legend from the Securities and shall cause its counsel to issue any legend removal opinion required by the Transfer Agent. Any fees (with respect to the Transfer Agent, Company counsel, or otherwise) associated with the
issuance of such opinion or the removal of such legend shall be borne by the Company. If a legend is no longer required pursuant to the foregoing, the Company will no later than three Business Days following the delivery by a Purchaser to the
Company or the Transfer Agent (with notice to the Company) of a legended certificate representing such Securities (endorsed or with stock powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or
transfer) and a representation letter to the extent required by Section 4.1(a), deliver or cause to be delivered to such Purchaser a certificate representing such Securities that is free from all restrictive legends. The Company may not make
any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.1(c). 

4.2 Acknowledgment of Dilution. 

The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares of Common Stock. The Company
further acknowledges that its obligation to issue the Securities pursuant to this Agreement is unconditional (except as otherwise set forth herein) and absolute 

  
 30 

 
and not subject to any right of set off, counterclaim, delay, or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of
the dilutive effect that such issuance may have on the ownership of the other shareholders of the Company. 
 4.3 Access, Information and
Confidentiality. 
 (a) Patriot shall be provided with access, information, and other rights as provided in the Patriot VCOC Letter
Agreement. Each other Qualifying Purchaser shall have information rights as set forth in such Qualifying Purchaser’s Information Rights Letter Agreement. 

(b) Each party to this Agreement will hold, and will use commercially reasonable efforts to cause its respective subsidiaries and their
directors, officers, employees, agents, consultants and advisors to hold, in strict confidence, unless disclosure to a Governmental Entity is necessary or appropriate in connection with any necessary regulatory approval, or request for information
or similar process, or unless compelled to disclose by judicial or administrative process or, based on the advice of its counsel, by other requirement of law or the applicable requirements of any Governmental Entity (in which case, the party
permitted to disclose such information shall, to the extent legally permissible and reasonably practicable, provide the other party with prior written notice of such permitted disclosure), all nonpublic records, books, contracts, instruments,
computer data and other data and information (collectively, “Information”) concerning the other party hereto furnished to it by such other party or its representatives pursuant to this Agreement (except to the extent that such information
can be shown to have been (1) previously known by such party on a nonconfidential basis, (2) in the public domain through no fault of such party or (3) later lawfully acquired from other sources by the party to which it was
furnished), and neither party hereto shall release or disclose such Information to any other person, except its Affiliates, partners, auditors, attorneys, financial advisors, other consultants and advisors with the express understanding that such
parties will maintain the confidentiality of the Information and, to the extent permitted above, to auditors and bank and securities regulatory authorities; provided, however, that (i) each Purchaser is permitted to disclose Information to
auditors and bank and securities regulatory authorities without prior written notice to the Company in connection with any audit or examination that does not explicitly reference the Company or this Agreement and (ii) each Purchaser may
identify the Company and the value of such Purchaser’s security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies without prior notice to or consent from the Company. 

(c) The obligations of each Purchaser under this Section 4.3 shall survive the Closing for so long as such Purchaser owns any Shares or
other equity interest in the Company and for a period of one (1) year thereafter; provided, however, that the obligations of each Purchaser under this Section 4.3 shall terminate and be of no further force or effect upon the earliest to
occur of (i) immediately before, but subject to, the consummation of the Company’s first underwritten public offering of its Common Stock under the Securities Act or (ii) when the Company first becomes subject to the periodic
reporting requirements of Section 12(g) or 15(d) of the Exchange Act. 
 4.4 Form D and Blue Sky. 

The Company agrees to timely file a Form D with respect to the Shares as required under Regulation D. Purchaser agrees to timely provide Company with any and
all needed information in connection with Company’s preparation and filing of a Form D. The Company, on or before the Closing Date, shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for or to qualify the applicable Shares for sale to the Purchasers at the Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or to obtain an exemption from such
qualification). The Company shall make all filings and reports relating to the offer and sale of the Shares required under applicable securities or blue sky laws of the states of the United States following the Closing Date. 

  
 31 

 4.5 No Integration. 

The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company shall, sell, offer for
sale, or solicit offers to buy, or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Shares in a manner that would require the registration under
the Securities Act of the sale of the Shares to the Purchasers. 
 4.6 Public Announcement. 

The Company and the Purchasers will cooperate with each other in the development and distribution of all news releases and other public
information disclosures with respect to the Transaction Documents. The Company shall not publicly disclose the name of any Purchaser or any Affiliate or investment adviser of any Purchaser, or include the name of any Purchaser or any Affiliate or
investment adviser of any Purchaser in any press release or in any filing with the Commission (other than the Registration Statement) or any regulatory agency, without the prior written consent of such Purchaser, except as required by federal
securities law in connection with any registration statement contemplated by the Registration Rights Agreement. Whenever any party determines, based upon the advice of such party’s counsel, that a public announcement or other disclosure is
required by or advisable with respect to any applicable law or regulation, the parties shall discuss such disclosure with each other in good faith prior to the making of such public announcement or other disclosure. 

4.7 Indemnification. 

(a) Indemnification of Purchasers. In addition to the indemnity provided in the Registration Rights Agreement, if applicable, the
Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees, agents, and investment advisors (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners, employees, agents, or investment advisors (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling person
(each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs, and expenses, including all judgments, amounts paid in settlements, court costs, and reasonable attorneys’
fees and costs of investigation (collectively, “Losses”), that any such Purchaser Party may suffer or incur as a result of (i) any breach of any of the representations, warranties, covenants, or agreements made by the Company in this
Agreement or in the other Transaction Documents, (ii) any action instituted against a Purchaser Party in any capacity, or any of them or their respective affiliates, by any shareholder of the Company who is not an affiliate of such Purchaser
Party, with respect to any of the transactions contemplated by this Agreement, and (iii) any Proceeding involving the Company arising out of or related to any event, fact, change, occurrence, development or condition prior to the Closing Date.
The Company will not be liable to any Purchaser Party under this Agreement to the extent, but only to the extent that a loss, claim, damage, or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties,
covenants, or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents or attributable to the actions or inactions of such Purchaser Party. Any indemnification payment made pursuant to this Agreement shall be
treated as an adjustment to purchase price for Tax purposes, except as otherwise required by Law or deemed impermissible under GAAP. 

  
 32 

 (b) Conduct of Indemnification Proceedings. Promptly after receipt by any Purchaser
Party of notice of any demand, claim, or circumstances which would or might give rise to a claim or the commencement of any action, proceeding, or investigation in respect of which indemnity may be sought pursuant to Section 4.7(a), such
Purchaser Party shall promptly notify the Company in writing and the Company shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Purchaser Party, and shall assume the payment of all fees and
expenses; provided, however, that the failure of any Purchaser Party so to notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually and materially and adversely prejudiced by
such failure to notify. In any such proceeding, any Purchaser Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party unless (i) the Company and the
Purchaser Party shall have mutually agreed to the retention of such counsel, (ii) the Company shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such Purchaser Party in such
proceeding, or (iii) in the reasonable judgment of counsel to such Purchaser Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not be
liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. Without the prior written consent of the Purchaser Party, the Company shall not effect any
settlement of any pending or threatened proceeding in respect of which any Purchaser Party is or could have been a party and indemnity could have been sought hereunder by such Purchaser Party, unless such settlement includes an unconditional release
of such Purchaser Party from all liability arising out of such proceeding. 
 (c) Limitation on Amount of Company’s Indemnification
Liability. 
 (i) Tipping Basket. The Company will not be liable for Losses that otherwise are indemnifiable under
Section 4.7(a)(i) until the total of all Losses under Section 4.7(a)(i) incurred by all Purchasers exceeds $50,000, at which point the full amount of all Losses shall be recoverable. 

(ii) Maximum. The maximum aggregate liability of the Company for all Losses under Section 4.7(a)(i) is the aggregate Purchase
Price by all Purchasers, provided however, that the maximum aggregate liability of the Company for all Losses under Section 4.7(a)(i) as to any individual Purchaser is the aggregate Purchase Price of such individual Purchaser. 

(iii) Exceptions. The provisions of Section 4.7(c)(i) and (ii) do not apply to (A) claims due to the inaccuracy of any
of the representations or breach of any of the warranties of the Company in Sections 3.1(a), 3.1(b), 3.1(c), 3.1(e), 3.1(f), 3.1(g), 3.1(i), 3.1(j), 3.1(v), 3.1(bb) or 3.1(qq), or (B) indemnification claims involving fraud or knowing and
intentional misconduct by the Company. For purposes of the indemnity contained in Section 4.7(a)(i) and Section 4.7(c), all qualifications and limitations set forth in the parties’ representations and warranties as to
“materiality,” “Material Adverse Effect” and words of similar import shall be disregarded in determining whether there shall have been any inaccuracy in or breach of any representations and warranties in this Agreement and the
Losses arising therefrom. 
 4.8 Use of Proceeds. 

The Company shall use the net proceeds from the sale of the Shares to repay in full the outstanding balance owed pursuant to the Loan
Agreement, for organic growth, future acquisitions and for general corporate purposes. 

  
 33 

 4.9 Certain Transactions. 

Between the date of this Agreement and the Closing Date, the Company will not merge or consolidate into, or sell, transfer or lease all or
substantially all of its property or assets to, any other party unless the successor, transferee or lessee party, as the case may be (if not the Company), expressly assumes the due and punctual performance and observance of each and every covenant
and condition of this Agreement and the Registration Rights Agreement to be performed and observed by the Company. 
 4.10 Acquisition
Proposals. 
 Between the date of this Agreement and the Closing Date, the Company shall notify Purchasers orally and in writing
promptly (but in no event later than one (1) Business Day) after receipt by the Company of any proposal or offer from any Person to effect an Acquisition Proposal or any request in connection with a prospective Acquisition Proposal for non-public information relating to the Company or for access to the properties, books or records of the Company by any Person other than the Purchasers, indicating in such notice the material terms and conditions of
any such proposal or offer and the identity of the Person making the proposal or offer, and thereafter shall keep Purchasers reasonably informed with respect to the status of such proposal or offer. 

4.11 No Additional Issuances. 

Between the date of this Agreement and the Closing Date, except for the Shares being issued pursuant to this Agreement, the Company shall not
issue or agree to issue any additional shares of Common Stock or other securities which provide the holder thereof the right to convert such securities into, or acquire, shares of Common Stock. 

4.12 Conduct of Business. 

From the date hereof until the earlier of the Closing Date or the termination of this Agreement in accordance with its terms, except as
contemplated by this Agreement, the Company will, and will cause its Subsidiary to: (i) operate their business in the ordinary course consistent with past practice of the Company and its Subsidiary; (ii) use commercially reasonable efforts
to preserve intact the current business organization of the Company; (iii) use commercially reasonable efforts to retain the services of their employees, consultants, and agents; (iv) use commercially reasonable efforts to preserve the
current relationships of the Company and its Subsidiary with material customers and other Persons with whom the Company and its Subsidiary have and intend to maintain significant relations; (v) maintain all of its operating assets in their
current condition (normal wear and tear excepted); (vi) refrain from taking or omitting to take any action that would constitute a breach of Section 3.1(k); and (vii) refrain from (1) declaring, setting aside or paying any
distributions or dividends on, or making any distributions (whether in cash, securities, or other property) in respect of, any of its capital stock, (2) splitting, combining or reclassifying any of its capital stock or issuing or authorizing
the issuance of any other securities in respect of, in lieu of or in substitution for capital stock or any of its other securities, and (3) purchasing, redeeming or otherwise acquiring any capital stock, assets or other securities or any
rights, warrants or options to acquire any such capital stock, assets or other securities, other than acquisitions of investment securities in the ordinary course of business. 

4.13 Avoidance of Control. 

(a) Notwithstanding anything to the contrary in this Agreement, no Purchaser (together with its affiliates (as such term is used under the
BHCA)) shall have the ability to purchase or exercise any voting rights of any class of securities in excess of 9.9% of the total outstanding Voting Securities of the Company. In the event a Purchaser breaches its obligations under this
Section 4.13 or believes that it is reasonably likely to breach such an obligation, it shall promptly notify the other parties hereto and shall cooperate in good faith with such parties to modify ownership or make other arrangements or take any
other action, in each case, as is necessary to cure or avoid such breach. 

  
 34 

 (b) Notwithstanding anything to the contrary in this Agreement, neither the Company nor its
Subsidiary shall take any action (including, without limitation, any redemption, repurchase, rescission or recapitalization of Common Stock, or securities or rights, options or warrants to purchase Common Stock, or securities of any type whatsoever
that are, or may become, convertible into or exchangeable into or exercisable for Common Stock in each case, where each Purchaser is not given the right to participate in such redemption, repurchase, rescission or recapitalization to the extent of
such Purchaser’s pro rata proportion), that would reasonably be expected to pose a substantial risk that (a) such Purchaser’s equity of the Company (together with equity owned by such Purchaser’s affiliates (as such term is used
under the BHCA) to exceed 33.3% of the Company’s total equity (provided that there is no ownership or control in excess of 9.9% of any class of Voting Securities of the Company by such Purchaser, together with such Purchaser’s Affiliates)
or (b) such Purchaser’s ownership of any class of Voting Securities of the Company (together with the ownership by such Purchaser’s affiliates (as such term is used under the BHCA) of Voting Securities of the Company) to exceed 9.9%,
in each case without the prior written consent of such Purchaser, or to increase to an amount that would constitute “control” under the BHCA, the CIBC Act, or any rules or regulations promulgated thereunder (or any successor provisions) or
otherwise cause such Purchaser to “control” the Company under and for purposes of the BHCA, the CIBC Act or any rules or regulations promulgated thereunder (or any successor provisions). Notwithstanding anything to the contrary in this
Agreement, no Purchaser (together with its Affiliates (as such term is used under the BHCA)) shall have the ability to purchase more than 33.3% of the Company’s total equity or exercise any voting rights of any class of securities in excess of
9.9% of the total outstanding Voting Securities of the Company. In the event either the Company or a Purchaser breaches its obligations under this Section 4.13 or believes that it is reasonably likely to breach such an obligation, it shall
promptly notify the other parties hereto and shall cooperate in good faith with such parties to modify ownership or, to the extent commercially reasonable, make other arrangements or take any other action, in each case, as is necessary to cure or
avoid such breach. 
 4.14 Most Favored Nation. 

During the period from the date of this Agreement through the Closing, neither the Company nor its Subsidiary shall enter into any additional,
or modify any existing, agreements, arrangements or understandings with any existing or future investors in the Company or its Subsidiary that have the effect of establishing rights or otherwise benefiting such investor in a manner more favorable in
any material respect to such investor than the rights and benefits established in favor of the Qualifying Purchasers by this Agreement and the Registration Rights Agreement, unless, in any such case, the Qualifying Purchasers have been provided with
such rights and benefits. 
 4.15 Filings; Other Actions. 

Each Purchaser, with respect to itself only, on the one hand, and the Company, on the other hand, will reasonably cooperate and consult with
the other and use commercially reasonable efforts to provide all necessary and customary information and data, to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, to
provide evidence of non-control of the Company and the Bank, to the extent requested by the applicable Governmental Entity, including executing and delivery to the applicable Governmental Entities customary
passivity commitments, disassociation commitments, and commitments not to act in concert, with respect to the Company or the Bank, and to obtain all necessary permits, consents, orders, approvals, and authorizations of, or any exemption by, all
third parties and Governmental Entities, in each case, (i) necessary to consummate the transactions contemplated by this Agreement, and to perform the covenants 

  
 35 

 
contemplated by this Agreement, in each case required by it, and (ii) with respect to each Purchaser, to the extent typically provided by such Purchaser to such third parties or Governmental
Entities, as applicable, under such Purchaser’s policies or practices, and subject to such confidentiality requests as the Purchaser may reasonably seek. Each of the parties hereto shall execute and deliver both before and after the Closing
such further certificates, agreements, and other documents and take such other actions as the other parties may reasonably request to consummate or implement such transactions or to evidence such events or matters, subject, in each case, to clauses
(i) and (ii) of the first sentence of this Section 4.15. Each Purchaser, with respect to itself only, and the Company will have the right to review in advance, and to the extent practicable each will consult with the other, in each case
subject to applicable laws relating to the exchange of information and confidential information related to such Purchaser, all the information (other than confidential information) relating to such other parties, and any of their respective
Affiliates, which appears in any filing made with, or written materials submitted to, any third party or any Governmental Entity in connection with the transactions to which it will be party contemplated by this Agreement; provided that (i) for
the avoidance of doubt, no Purchaser shall have the right to review any such information relating to another Purchaser and (ii) a Purchaser shall not be required to disclose to the Company or any other Purchaser any information that is
confidential and proprietary to such Purchaser, its Affiliates, its investment advisors, or its or their control persons or equity holders. In exercising the foregoing right, each of the parties hereto agrees to act reasonably and as promptly as
practicable. Each Purchaser, with respect to itself only, on the one hand, and the Company, on the other hand, agrees to keep the other reasonably apprised of the status of matters referred to in this Section 4.15. Each Purchaser, with respect
to itself only, and the Company shall promptly furnish the other, to the extent permitted by applicable law, with copies of written communications received by it or its Affiliates from, or delivered by any of the foregoing to, any Governmental
Entity in respect of the transactions contemplated by this Agreement; provided, that the party delivering any such document may redact any confidential information contained therein. Notwithstanding anything in this Section 4.15 or elsewhere in
this Agreement to the contrary, the Purchaser shall not be required to provide to any person pursuant to this Agreement any of its, its Affiliates’, its investment advisors’ or its or their control persons’ or equity holders’
nonpublic, proprietary, personal, or otherwise confidential information including the identities or financial condition of limited partners, shareholders, or non-managing members of the Purchaser or its
Affiliates or their investment advisors. The Company shall file Form Ds timely with the Commission and other jurisdictions’ securities and blue sky officials. Notwithstanding anything to the contrary in this Section 4.15, no Purchaser
shall be required to perform any of the above actions if such performance would constitute or could reasonably result in a Burdensome Condition; for the avoidance of doubt, any requirement to disclose the identities or financial condition of limited
partners, shareholders, or non-managing members of such Purchaser or its Affiliates or its investment advisers shall be deemed a Burdensome Condition unless otherwise determined by such Purchaser in its sole
discretion. 
 4.16 Gross-Up Rights. 

(a) Sale of New Securities. For so long as a Qualifying Purchaser owns the Minimum Ownership Interest, if at any time after the date
hereof the Company makes any public or nonpublic offering or sale of any equity (including Common Stock, Series B Preferred Stock, Non-Voting Common Stock or restricted stock), or any securities, options or
debt that is convertible or exchangeable into equity or that includes an equity component (such as, an “equity kicker”) (including any hybrid security) (any such security, a “New Security”) (other than (i) any Common Stock,
Series B Preferred Stock or other securities issuable upon the exercise or conversion of any securities of the Company issued or agreed or contemplated (and disclosed to the Qualifying Purchaser in writing) to be issued as of the date hereof;
(ii) pursuant to the granting or exercise of employee stock options, restricted stock or other stock incentives pursuant to the Company’s stock incentive plans approved by the board of directors or the issuance of stock pursuant to the
Company’s employee stock purchase plan approved by the board of directors or similar plan where stock is being issued or offered to a trust, other entity or otherwise, for the 

  
 36 

 
benefit of any employees, officers or directors of the Company, in each case in the ordinary course of providing incentive compensation; (iii) issuances of capital stock as full or partial
consideration for a merger, acquisition, joint venture, strategic alliance, license agreement or other similar nonfinancing transaction; or (iv) within thirty (30) days following completion of this offering, issuances of Common Stock
pursuant to a proposed unregistered offering to non-institutional investors, consisting of existing shareholders and certain other Persons, to sell up to an aggregate of $5,800,004 in shares of Common Stock at
the Purchase Price); then each Qualifying Purchaser shall be afforded the opportunity to acquire from the Company for the same price (net of any underwriting discounts or sales commissions) and on the same terms as such securities are proposed to be
offered to others, up to the amount of New Securities in the aggregate required to maintain its proportionate Common Stock-equivalent interest in the Company immediately prior to any such issuance of New Securities. The amount of New Securities that
the Qualifying Purchaser shall be entitled to purchase in the aggregate shall be determined by multiplying (x) the total number or principal amount of such offered New Securities by (y) a fraction, the numerator of which is the total
number of shares of Common Stock then held by the Purchaser (counting for such purposes all shares of Common Stock into or for which any securities owned by the Purchaser are directly or indirectly convertible or exercisable, including the Series B
Preferred Stock and the Non-Voting Common Stock, if any, and the denominator of which is the total number of shares of Common Stock then outstanding (counting for such purposes all shares of Common Stock into
or for which any securities owned by the Purchaser are directly or indirectly convertible or exercisable, including the Series B Preferred Stock and the Non-Voting Common Stock. 

(b) Limitation on Voting Securities. Notwithstanding anything in this Section 4.16 to the contrary, upon the request of a
Qualifying Purchaser that a Qualifying Purchaser not be issued Voting Securities in whole or in part upon the exercise of its rights to purchase New Securities, the Company shall cooperate with the Qualifying Purchaser to modify the proposed
issuance of New Securities to the Qualifying Purchaser to provide for the issuance of Series B Preferred Stock, Non-Voting Common Stock or other non-voting securities in
lieu of Voting Securities; provided, however, that to the extent, following such reasonable cooperation, such modification would cause any other Qualifying Purchaser to exceed its respective ownership limitation set forth in the applicable other
securities purchase agreement, the Company shall, and shall only be obligated to, issue and sell to the Qualifying Purchaser such number of Voting Securities and nonvoting securities as will not cause any other Qualifying Purchaser to exceed its
respective ownership limitation set forth in the applicable other securities purchase agreement and that the Qualifying Purchaser has indicated it is willing to hold following consummation of such Offering (as defined in Section 4.16(c) below),
and any remaining securities may be offered, sold or otherwise transferred to any other person or persons in accordance with Section 4.16(e). 

(c) Notice. In the event the Company proposes to offer or sell New Securities (the “Offering”), it shall give the Qualifying
Purchasers written notice of its intention, describing the price (or range of prices), anticipated amount of New Securities, timing, and other terms upon which the Company proposes to offer the same (including, in the case of a registered public
offering and to the extent possible, a copy of the prospectus included in the registration statement filed with respect to such offering), no later than 15 Business Days, as the case may be, after the initial filing of a registration statement with
the Commission with respect to an underwritten public Offering or after the commencement of marketing with respect to a Rule 144A Offering or an Offering pursuant to Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder.
If the information contained in the notice constitutes material non-public information (as defined under the applicable securities laws), the Company shall deliver such notice only to the individuals
identified (with respect to the Qualifying Purchaser) in Section 6.3 hereof, and shall not communicate the information to anyone else acting on behalf of the Qualifying Purchaser without the consent of one of the designated individuals. The
Qualifying Purchaser shall have 20 Business Days from the date of receipt of such a notice to notify the Company in writing that it intends to 

  
 37 

 
exercise its rights provided in this Section 4.16 and as to the amount of New Securities the Qualifying Purchaser desires to purchase, up to the maximum amount permitted pursuant to the last
sentence of Section 4.16(a). Such notice shall constitute a nonbinding indication of interest of the Qualifying Purchaser to purchase the amount of New Securities so specified at the price and other terms set forth in the Company’s notice
to it. The failure of a Qualifying Purchaser to respond within such 20 Business Day period shall be deemed to be a waiver of such Qualifying Purchaser’s rights under this Section 4.16 only with respect to the Offering described in the
applicable notice. 
 (d) Purchase Mechanism. If the Qualifying Purchaser exercises its rights provided in this Section 4.16,
the closing of the purchase of the New Securities in connection with the closing of the offering with respect to which such right has been exercised shall take place within 30 calendar days after the giving of notice of such exercise, which period
of time shall be extended for a maximum of 180 days in order to comply with applicable laws and regulations (including receipt of any applicable regulatory or shareholder approvals). Notwithstanding anything to the contrary herein, the closing of
the purchase of the New Securities by the Qualifying Purchasers will occur no earlier than the closing of the offering triggering the right being exercised by the Qualifying Purchaser. Each of the Company and the Qualifying Purchasers agrees to use
its commercially reasonable efforts to secure any regulatory or shareholder approvals or other consents, and to comply with any law or regulation necessary in connection with the offer, sale and purchase of, such New Securities. 

(e) Failure of Purchase. In the event a Qualifying Purchaser fails to exercise its rights provided in this Section 4.16 within
this 20 Business Day period or, if so exercised, the Qualifying Purchaser is unable to consummate such purchase within the time period specified in Section 4.16(d) above because of its failure to obtain any required regulatory or shareholder
consent or approval, the Company shall thereafter be entitled (during the period of 90 days following the conclusion of the applicable period) to sell or enter into an agreement (pursuant to which the sale of the New Securities covered thereby shall
be consummated, if at all, within 90 days from the date of such agreement) to sell the New Securities not elected to be purchased pursuant to this Section 4.16 by the Qualifying Purchaser or which the Qualifying Purchaser is unable to purchase
because of such failure to obtain any such consent or approval, at a price and upon terms no more favorable in the aggregate to the purchasers of such New Securities than were specified in the Company’s notice to the Qualifying Purchasers.
Notwithstanding the foregoing, if such sale is subject to the receipt of any regulatory or shareholder approval or consent or the expiration of any waiting period, the time period during which such sale may be consummated shall be extended until the
expiration of five Business Days after all such approvals or consents have been obtained or waiting periods expired, but in no event shall such time period exceed 180 days from the date of the applicable agreement with respect to such sale. In the
event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within such 90-day period (or sold and issued New Securities in accordance with the foregoing within 90
days from the date of such agreement (as such period may be extended in the manner described above for a period not to exceed 180 days from the date of such agreement)), the Company shall not thereafter offer, issue or sell such New Securities
without first offering such New Securities to the Qualifying Purchaser in the manner provided above. 
 (f) Non-Cash Consideration. In the case of the offering of securities for a consideration in whole or in part other than cash, including securities acquired in exchange therefor (other than securities by their terms
so exchangeable), the consideration other than cash shall be deemed to be the fair value thereof as determined by the board of directors; provided, however, that such fair value as determined by the board of directors shall not exceed the aggregate
market price of the securities being offered as of the date the board of directors authorizes the offering of such securities. 

  
 38 

 (g) Cooperation. The Company and the Qualifying Purchaser shall cooperate in good
faith to facilitate the exercise of the Qualifying Purchaser’s rights under this Section 4.16, including to secure any required approvals or consents. 

4.17 Governance Matters. 

(a) Following the Closing and upon the written request of Patriot, the Company will promptly cause one representative of Patriot (the
“Board Representative”) to be elected or appointed to the board of directors of the Company (the “Board of Directors”), subject to satisfaction of all legal and regulatory requirements regarding service and election or
appointment as a director of the Company, and the board of directors of the Bank (the “Bank Board”), subject to all legal and regulatory requirements regarding service and election or appointment as a director of the Bank, in each case,
with respect to Patriot, so long as Patriot, together with its Affiliates, owns the Minimum Ownership Interest. So long as Patriot, together with its Affiliates, has a Minimum Ownership Interest, the Company will recommend to its shareholders the
election of the Board Representative to the Board of Directors at a special meeting of the Company’s shareholders or the annual meeting of shareholders, as applicable, subject to satisfaction of all legal and regulatory requirements regarding
service and election or appointment as a director of the Company. If Patriot no longer has a Minimum Ownership Interest, Patriot will have no further rights under Sections 4.17(a) and 4.17(b) and, at the written request of the Board of Directors,
shall use commercially reasonable efforts to cause its Board Representative to resign from the Board of Directors and the Bank Board as promptly as possible thereafter. 

(b) The Board Representative shall, subject to applicable law, be one of the Company’s nominees to serve on the Board of Directors. The
Company shall use its reasonable best efforts to have the Board Representative elected as a director of the Company by the shareholders of the Company, and the Company shall solicit proxies for the Board Representative to the same extent as it does
for any of its other Company nominees to the Board of Directors. The Company shall ensure, and shall cause the Bank to ensure, that the Board of Directors and the Bank Board shall have at least four members for so long as Patriot shall have the
right to appoint a Board Representative. Patriot covenants and agrees to hold any information obtained from its Board Representative in confidence. Notwithstanding anything to the contrary contained herein, at all times when Patriot maintains a
Minimum Ownership Interest, it shall comply in all respects with the Federal Reserve’s Policy Statement on equity investments in banks and bank holding companies and any other guidance promulgated in connection with the matters addressed
therein. 
 (c) Subject to Section 4.17(a), upon the death, resignation, retirement, disqualification, or removal from office as a
member of the Board of Directors or the Bank Board of its Board Representative, Patriot shall have the right to designate the replacement for such Board Representative, which replacement shall satisfy all legal, bank regulatory and governance
requirements regarding service as a director of the Company. The Board and the Bank Board shall use their respective reasonable best efforts to take all action required to fill the vacancy resulting therefrom with such person (including such person,
subject to applicable Law, being one of the Company’s nominees to serve on the Board and the Bank Board), using reasonable best efforts to have such person elected as director of the Company by the shareholders of the Company and the Company
soliciting proxies for such person to the same extent as it does for any of its other nominees to the Board, as the case may be. 
 (d) The
Company hereby agrees that, from and after the Closing Date, for so long as Patriot and its Affiliates in the aggregate have a Minimum Ownership Interest, the Company shall invite a person designated by Patriot (the “Observer”) to attend
meetings of the Board of Directors and the Bank Board (including any meetings of committees thereof on which the Board Representative is permitted to attend) in a nonvoting, nonparticipating observer capacity. The Observer shall not have any right
to make 

  
 39 

 
motions or vote on any matter presented to the Board of Directors or the Bank Board or any committee thereof The Company shall give the Observer written notice of each meeting of the Board of
Directors and the Bank Board at the same time and in the same manner as the members of the Board of Directors or the Bank Board (as the case may be), shall provide the Observer with all written materials and other information given to members of the
Board of Directors or the Bank Board (as the case may be) at the same time such materials and information are given to such members (provided, however, that the Observer shall not be provided any confidential supervisory information) and shall
permit the Observer to attend as an observer at all meetings thereof, and in the event the Company proposes to take any action by written consent in lieu of a meeting, the Company shall give written notice thereof to the Observer prior to the
effective date of such consent describing the nature and substance of such action and including the proposed text of such written consents. If Patriot no longer has a Minimum Ownership Interest, the Investor will have no further rights under this
Section 4.17(d). 
 (e) The Board Representative shall be entitled to compensation and indemnification and insurance coverage in
connection with his or her role as a director to the same extent as other directors on the Board of Directors or the Bank Board, as applicable, and shall be entitled to reimbursement for reasonable and documented out-of-pocket expenses incurred in attending meetings of the Board of Directors and the Bank Board, or any committee thereof in accordance with Company policy. The Company shall notify the Board
Representative or the Observer, as the case may be, of all regular meetings and special meetings of the Board of Directors or the Bank Board and of all regular and special meetings of any committee of the Board of Directors or the Bank Board. The
Company shall provide the Board Representative or the Observer, as the case may be, with copies of all notices, minutes, consents and other material that it provides to all members of the Board of Directors or the Bank Board (as applicable) at the
same time such materials are provided to the other members. 
 (f) The Company acknowledges that the Board Representative may have certain
rights to indemnification, advancement of expenses and/or insurance provided by Patriot and/or its Affiliates (collectively, the “Patriot Indemnitors”). The Company hereby agrees on behalf of itself and the Bank that with respect to a
claim by a Board Representative for indemnification arising out his or her service as a director of the Company and/or the Bank (1) that it is the indemnitor of first resort (i.e., its obligations to the Board Representative with respect to
indemnification, advancement of expenses and/or insurance (which obligations shall be the same as, but in no event greater than, any such obligations to members of the Board or the Bank Board, as applicable) are primary and any obligation of the
Patriot Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Board Representative are secondary), and (2) the Patriot Indemnitors shall have a right of contribution and/or be
subrogated to the extent of such advancement or payment to all of the rights of recovery of such Board Representative against the Company. 

(g) No later than April 30, 2017, the Company shall duly call, give notice of, establish a record date for, convene and hold its annual
shareholders’ meeting or a special shareholders’ meeting (the “Shareholders’ Meeting”), for the purpose of, among other matters, voting upon approval and adoption of an amendment to the Articles of Incorporation (the
“Shareholder Approval”), in the form attached as Annex A to Exhibit G (the “Third Articles of Amendment”). The Company shall: (A) through its Board of Directors recommend to its shareholders the approval and adoption of the
Third Articles of Amendment (the “Company Recommendation”); (B) include such Company Recommendation in the proxy statement delivered to shareholders; and (C) use its best efforts to obtain the Shareholder Approval. Neither the Board
of Directors of the Company nor any committee thereof shall withdraw, qualify or modify, or propose publicly to withdraw, qualify or modify, in a manner adverse to the Purchasers, the Company Recommendation or take any action, or make any public
statement, filing or release inconsistent with the Company Recommendation. The Company shall adjourn or postpone the Shareholders’ Meeting, if, as of the time for which such meeting is originally scheduled there are

  
 40 

 
insufficient shares of Common Stock represented (either in person or by proxy) to constitute a quorum necessary to conduct the business of such meeting. The Company shall also adjourn or postpone
the Shareholders’ Meeting, if on the date of the Shareholders’ Meeting the Company has not received proxies representing a sufficient number of shares necessary to obtain the Shareholder Approval and, following such adjournment or
postponement, the Company shall solicit proxies representing a sufficient number of shares to obtain the Shareholder Approval. Following the first of either such adjournment or postponement, if requested by the Purchasers, the Company shall retain a
proxy solicitor reasonably acceptable to, and on terms reasonably acceptable to, Purchasers in connection with obtaining the Shareholder Approval. 

(h) After obtaining the Shareholder Approval, the Company shall as promptly as reasonably practical, file the Third Articles of Amendment with
the Judge of Probate in Calhoun County, Alabama, as required by applicable Law and provide Patriot a certificate from the Judge of Probate in Calhoun County, Alabama evidencing that the Third Articles of Amendment is in full force and effect as of a
date within five Business Days after the date of the Shareholders’ Meeting. 
 (i) Davis Partnership, L.P. may have the right for one
representative to be elected or appointed to the Board of Directors as set forth in the Davis Partnership Letter Agreement. 
 4.18
Notice of Certain Events. 
 Each party hereto shall promptly notify the other party hereto of (a) any event, condition, fact,
circumstance, occurrence, transaction or other item of which such party becomes aware prior to the Closing that would constitute a violation or breach of the Transaction Documents (or a breach of any representation or warranty contained herein or
therein) or, if the same were to continue to exist as of the Closing Date, would constitute the non-satisfaction of any of the conditions set forth in Sections 5.1 or 5.2 hereof, and (b) any event,
condition, fact, circumstance, occurrence, transaction or other item of which such party becomes aware that would have been required to have been disclosed pursuant to the terms of this Agreement had such event, condition, fact, circumstance,
occurrence, transaction or other item existed as of the date hereof; provided that delivery of any notice pursuant to this Section 4.18 shall not modify the representations, warranties, covenants, agreements or obligations of the parties (or
remedies with respect thereto) or the conditions to the obligations of the parties under this Agreement. Notwithstanding the foregoing, neither party shall be required to take any action that would jeopardize such party’s attorney-client
privilege. 
 4.19 Shareholder Litigation. 

The Company shall promptly inform the Qualified Purchasers of any claim, action, suit, arbitration, mediation, demand, hearing, investigation
or proceeding (“Shareholder Litigation”) against the Company, its Subsidiary or any of the past or present executive officers or directors of the Company or its Subsidiary that is threatened in writing or initiated by or on behalf of any
shareholder of the Company in connection with or relating to the transactions contemplated hereby or by the Transaction Documents. The Company shall consult with the Qualified Purchasers and keep the Qualified Purchasers informed of all material
filings and developments relating to any such Shareholder Litigation. 

  
 41 

 ARTICLE 5 

CONDITIONS PRECEDENT TO CLOSING 

5.1 Conditions Precedent to the Obligations of the Purchasers to Purchase Shares. 

The obligation of each Purchaser to acquire Shares at the Closing is subject to the fulfillment to the Qualifying Purchasers’
satisfaction, on or prior to the Closing Date, of each of the following conditions, any of which may be waived by a Qualifying Purchaser (as to itself and other Purchasers who are not Qualifying Purchasers only): 

(a) Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct as of
the date when made and as of the Closing Date, as though made on and as of such date, except for such representations and warranties that speak as of a specific date. 

(b) Performance. The Company shall have performed, satisfied, and complied in all material respects with all covenants, agreements, and
conditions required by the Transaction Documents to be performed, satisfied, or complied with by it at or prior to the Closing. 
 (c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling, or injunction shall have been enacted, entered, promulgated, or endorsed by any court or governmental authority of competent jurisdiction, nor shall there have been any
regulatory communication, that prohibits the consummation of any of the transactions contemplated by the Transaction Documents or restricts any Purchaser or any of a Purchaser’s Affiliates from owning or voting any securities of the Company in
accordance with the terms thereof. 
 (d) Consents. The Company shall have obtained in a timely fashion any and all consents,
permits, approvals, non-objections, registrations, and waivers necessary for consummation of the sale of the Shares (including all Required Approvals of the Company), all of which shall be and remain so long
as necessary in full force and effect. 
 (e) Company Deliverables. The Company shall have delivered the Company Deliverables in
accordance with Section 2.3(a). 
 (f) Minimum Offering Amount. At the Closing, the number of shares of the Common Stock and
Series B Preferred Stock to be sold under this Agreement shall result in gross proceeds to the Company of $41.2 million (including at least $29.9 million from the sale of Common Stock). 

(g) Termination. This Agreement shall not have been terminated as to such Purchaser in accordance with Section 6.16 herein. 

(h) No Burdensome Condition. Since the date hereof, there shall not be imposed any Burdensome Condition. 

(i) Registration Rights Agreement. The Company and each Qualifying Purchaser shall have executed and delivered the Registration Rights
Agreement. 
 (j) Non-Control Determination. Each Purchaser who, together with its Affiliates
and persons who share a common investment advisor with such Purchaser, has committed to acquire a beneficial ownership of 5% or more of the outstanding shares of Common Stock (collectively, the “9.9% Purchaser” and each a “9.9%
Purchaser”) has received, in each 9.9% Purchaser’s sole discretion, satisfactory feedback from the Federal Reserve (which may be the absence of any communication from the Federal Reserve) that such 9.9% Purchaser will not have
“control” of the Company or the Bank for purposes of the BHCA and that no notice is required under the CIBC Act. 

  
 42 

 (k) Ownership Limitation. The purchase of the Shares by each Purchaser shall not
(i) cause such Purchaser or any of its affiliates to violate any banking regulation, (ii) require such Purchaser or any of its affiliates to file a prior notice under the CIBC Act, or otherwise seek prior approval of any banking regulator,
(iii) require such Purchaser or any of its affiliates to become a bank holding company or otherwise serve as a source of strength for the Company or its Subsidiary, or (iv) cause such Purchaser, together with any other person whose Company
securities would be aggregated with such Purchaser’s Company securities for purposes of any banking regulation or law, to collectively be deemed to own, control, or have the power to vote securities which (assuming, for this purpose only, full
conversion and/or exercise of such securities by the Purchaser and such other Persons) would represent more than 9.9% of any class of Voting Securities of the Company outstanding at such time. 

(l) Material Adverse Effect. No Material Adverse Effect shall have occurred since the date of this Agreement. 

(m) Information Agreements. The Company and Patriot shall have executed and delivered the Patriot VCOC Letter Agreement. The Company
and each other Qualifying Purchasers shall have executed and delivered the Information Rights Letter Agreements. 
 (n) No Change in
Control. The Company shall not have agreed to enter into or entered into (i) any agreement or transaction in order to raise capital, or (ii) any transaction that resulted in, or would result in if consummated, a Change in Control of
the Company, in each case, other than in connection with the transactions contemplated by the Transaction Documents. 
 (o) Second
Articles of Amendment. At the Closing, the Company shall have filed with the Judge of Probate in Calhoun County, Alabama (and the Judge of Probate in Calhoun County, Alabama shall have issued a certificate of amendment evidencing the
effectiveness of) the Second Articles of Amendment. 
 (p) Board Representatives. At the Closing, the Board Representative designated
by Patriot shall be elected or appointed to the Board of Directors in accordance with the terms of Section 4.17(a). 
 (q) Purchase
of Starboard Shares. Starboard Fund for New Bancs LLC owns 300,000 shares of the Company’s common stock. Effective at the Closing, certain members of management of the Company shall purchase approximately 200,000 of such shares at a per
share price of $14.00. The remainder of such shares, if not otherwise purchased at the Closing, shall be sold as part of the offering to non-institutional investors as referenced in Section 4.16(a)(iv)
and such shares shall be sold first before authorized but unissued shares are issued by the Company. 
 5.2 Conditions Precedent to the
Obligations of the Company to sell the Shares. 
 The Company’s obligation to sell and issue the Shares to each Purchaser at the
Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date (except to the extent made only as of a different specified date, in which case as of such date) of the following conditions, any of which may
be waived by the Company: 
 (a) Representations and Warranties. The representations and warranties of the Purchasers contained
herein shall be true and correct as of the date when made and as of the Closing Date, as though made on and as of such date, except for such representations and warranties that speak as of a specific date. 

  
 43 

 (b) Performance. Such Purchaser shall have performed, satisfied, and complied in all
material respects with all covenants, agreements, and conditions required by the Transaction Documents to be performed, satisfied, or complied with by such Purchaser at or prior to the Closing Date. 

(c) No Injunction. No statute, rule, regulation, executive order, decree, ruling, or injunction shall have been enacted, entered,
promulgated, or endorsed by any court or governmental authority of competent jurisdiction, nor shall there have been any regulatory communication, that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

 (d) Ownership Limitation. The purchase of the Shares by each Purchaser shall not cause the Federal Reserve to require such
Purchaser or any of its affiliates (i) to file a prior notice under the CIBC Act, or (ii) to become a bank holding company or otherwise serve as a source of strength for the Company or its Subsidiary. 

(e) Purchaser Deliverables. Each Purchaser shall have delivered its Purchaser Deliverables in accordance with Section 2.3(b). 

(f) Termination. This Agreement shall not have been terminated as to such Purchaser in accordance with Section 6.16 herein. 

ARTICLE 6 

MISCELLANEOUS 
 6.1
Fees and Expenses. 
 Other than as set forth in the Expense Reimbursement Agreement, or elsewhere in the Transaction Documents, the
parties hereto shall be responsible for the payment of all expenses incurred by them in connection with the preparation and negotiation of the Transaction Documents and the consummation of the transactions contemplated hereby. The Company shall pay
all amounts owed to the Placement Agent relating to or arising out of the transactions contemplated hereby. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the sale and issuance of the
Shares to the Purchasers. 
 6.2 Entire Agreement. 

The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding of the parties with respect to
the subject matter hereof and supersede all prior agreements, understandings, discussions, and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits, and
schedules. At or after the Closing, and without further consideration, the Company and the Purchasers will execute and deliver to the other such further documents as may be reasonably requested in order to give practical effect to the intention of
the parties under the Transaction Documents. 
 6.3 Notices. 

Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile or e-mail (provided the sender receives a machine-generated
confirmation of successful facsimile transmission or e -mail notification or confirmation of receipt of an e-mail transmission) at the facsimile number or e -mail address specified in this Section prior to
5:00 p.m., Eastern time, on a Business Day, (b) the next Business Day after the date 

  
 44 

 
of transmission, if such notice or communication is delivered via facsimile or e -mail at the facsimile number or e-mail address specified in this Section
on a day that is not a Business Day or later than 5:00 p.m., Eastern time, on any Business Day, (c) if sent by U.S. nationally recognized overnight courier service with next day delivery specified (receipt requested) the Business Day following
delivery to such courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 

 

					
		 	If to the Company:	 	 Southern States Bancshares, Inc.

615 Quintard Avenue
 Anniston, Alabama 36201

Attention: Stephen W. Whatley

			
		 	with a copy to:	 	 Jones Walker LLP
 1819 5th Ave N, Ste 1100

Birmingham, Alabama 35203
 Attention: Michael D.
Waters

		
	If to a Purchaser:	 	Only to the address set forth under such Purchaser’s name on the signature page hereof;

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

6.4 Amendments; Waivers; No Additional Consideration. 

No amendment or waiver of any provision of this Agreement will be effective with respect to any party unless made in writing and signed by a
duly authorized representative of such party. No waiver of any default with respect to any provision, condition, or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a
waiver of any other provision, condition, or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. No consideration shall be offered or paid to any
Purchaser to amend or consent to a waiver or modification of any provision of any Transaction Document unless the same consideration is also offered to all Purchasers who then hold Shares. 

6.5 Construction. 
 The
headings herein are for convenience only, do not constitute a part of this Agreement, and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents. 
 6.6
Successors and Assigns. 
 The provisions of this Agreement shall inure to the benefit of and be binding upon the parties and their
successors and permitted assigns. This Agreement, or any rights or obligations hereunder, may not be assigned by (a) the Company without the prior written consent of the Purchasers or (b) by the Purchaser without the prior written consent
of the Company, except as set forth in the following 

  
 45 

 
sentence. Without the prior written consent of the Company, any Purchaser may assign its rights hereunder in whole or in part to any Affiliate of such Purchaser, provided such Affiliate shall
agree in writing to be bound by the terms and conditions of this Agreement that apply to the “Purchasers.” 
 6.7 No
Third-Party Beneficiaries. 
 This Agreement is intended for the benefit of the parties hereto, their respective successors and
permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, other than, solely with respect to the provisions of Section 4.7, the Purchaser Parties. 

6.8 Governing Law. 
 All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof that would cause the laws of another jurisdiction to apply. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other
Transaction Documents (whether brought against a party hereto or its respective Affiliates, employees or agents) shall be commenced on an exclusive basis in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper or
inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 6.9 Survival. 

The representations, warranties, agreements, and covenants contained herein shall survive the Closing and the delivery of the Shares as
follows: (i) the representations and warranties of the Company set forth in Sections 3.1(a), 3.1(b), 3.1(c), 3.1(e), 3.1(f), 3.1(g), 3.1(i), 3.1(v), and 3.1(bb), and shall survive indefinitely, (ii) the representations and warranties of
the Company set forth in Sections 3.1(j), 3.1(1), 3.1(qq) shall survive for the applicable statute of limitations, and (iii) all other representations and warranties of the Company set forth in Sections 3.1 shall survive for a period of 24
months following the Closing and the delivery of the Shares. All representations and warranties of the Purchasers set forth in Section 3.2 shall survive for a period of 12 months following the Closing Date. 

6.10 Execution. 
 This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it
being understood that the parties need 

  
 46 

 
not sign the same counterpart. 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 

6.11 Severability. 
 If
any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will
attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 

6.12 Replacement of Shares. 

If any certificate or instrument evidencing any Shares is mutilated, lost, stolen, or destroyed, the Company shall issue or cause to be issued
in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company and the Transfer Agent of such loss,
theft, or destruction and the execution by the holder thereof of a customary lost certificate affidavit of that fact and an agreement to indemnify and hold harmless the Company and the Transfer Agent for any losses in connection therewith and, if
required by the Transfer Agent, a bond in such form and amount as is required by the Transfer Agent. The applicants for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated with the
issuance of such replacement Shares. If a replacement certificate or instrument evidencing any Shares is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition precedent to
any issuance of a replacement. 
 6.13 Remedies. 

In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers
and the Company will be entitled to seek specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the
foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation (other than in connection with any action for a temporary restraining order) the defense that a remedy at law would be adequate. 

6.14 Payment Set Aside. 

To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or
exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by, or
are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver, or any other person under any law (including, without limitation, any bankruptcy law, state, or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not
occurred. 

  
 47 

 6.15 Independent Nature of Purchasers’ Obligations and Rights. 

The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no
Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under any Transaction Document. The decision of each Purchaser to purchase Shares pursuant to the Transaction Documents has been made by such
Purchaser independently of any other Purchaser and independently of any information, materials, statements, or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or
otherwise), or prospects of the Company or its Subsidiary which may have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser and none of its agents or employees shall have any liability to
any other Purchaser (or any other Person) relating to or arising from any such information, materials, statements, or opinions. Nothing contained herein or in any Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be
deemed to constitute the Purchasers as a partnership, an association, a joint venture, or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by the Transaction Documents. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as agent of
such Purchaser in connection with monitoring its investment in the Shares or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers. 

6.16 Termination. 
 (a)
This Agreement may be terminated and the sale and purchase of the Shares abandoned at any time prior to the Closing: 
 (i) by the written
consent of the Company and any Purchaser (with respect to itself only); 
 (ii) by any Purchaser (with respect to itself only) upon written
notice to the other parties, if the Closing has not been consummated on or prior to 11:59 p.m., Eastern Time, on the Outside Date; provided, however, that the right to terminate this Agreement under this Section 6.16(a)(ii) shall not be
available to any Person whose failure to comply with its obligations under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or before such time; 

(iii) by the Company or any Purchaser, upon written notice to the other parties, in the event that any Governmental Entity shall have issued
any order, decree or injunction or taken any other action restraining, enjoining or prohibiting any of the transactions contemplated by this Agreement, and such order, decree, injunction or other action shall have become final and nonappealable;

 (iv) by any Purchaser (with respect to itself only), upon written notice to the Company, if there has been a breach of any
representation, warranty, covenant or agreement made by the Company in this Agreement, or any such representation or warranty shall have become untrue after the date of this Agreement, in each case such that a closing condition in
Section 5.1(a) or Section 5.1(b) would not be satisfied; 
 (v) by the Company, upon written notice to any Purchaser, if there
has been a breach of any representation, warranty, covenant or agreement made by such a Purchaser in this 

  
 48 

 
Agreement, or any such representation or warranty shall have become untrue after the date of this Agreement, in each case such that a closing condition in Section 5.2(a) or
Section 5.2(b) would not be satisfied with respect to such Purchaser; provided, however, that such termination by the Company shall only be as to the breaching Purchaser and that notice of such termination shall be provided to the non-breaching Purchaser(s); or 
 (vi) by any Purchaser, with respect to such Purchaser, if the Company
directly or indirectly effects or causes to be effected any transaction with a third party with respect to an Acquisition Proposal or that would reasonably be expected to result in a Change in Control. 

(b) The Company shall give prompt notice of any such termination to each other Purchaser, and, as necessary, work in good faith to restructure
the transaction to allow each Purchaser the does not exercise a termination right to purchase the full number of Shares set forth below such Purchaser’s name on the signature page of this Agreement while remaining in compliance with
Section 4.13. Nothing in this Section 6.16 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any
party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents. In the event of a termination pursuant to this Section, the Company shall promptly notify all non-terminating Purchasers. Upon a termination in accordance with this Section, the Company and the terminating Purchaser(s) shall not have any further obligation or liability (including arising from such
termination) to the other, and no Purchaser will have any liability to any other Purchaser under the Transaction Documents as a result therefrom. 

6.17 Rescission and Withdrawal Right. 

Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever any
Purchaser exercises a right, election, demand, or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole
discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights. 

6.18 Adjustments in Common Stock Numbers and Prices. 

In the event of any stock split, subdivision, dividend, or distribution payable in shares of Common Stock (or other securities or rights
convertible into, or entitling the holder thereof to receive directly or indirectly shares of Common Stock), combination, or other similar recapitalization or event occurring after the date hereof and prior to the Closing, each reference in any
Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Purchase Agreement to be duly
executed by their respective authorized signatories as of the date first indicated above. 
  

			
	“Company”
	
	SOUTHERN STATES BANCSHARES, INC.
		
	By:	 	 /s/ Stephen W. Whatley

		
	Name:	 	Stephen W. Whatley
		
	Title:	 	Chairman, President and CEO

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	PATRIOT FINANCIAL PARTNERS II, L.P.
		
	By:	 	 /s/ James J. Lynch

		
	Name:	 	James J. Lynch
		
	Title:	 	Managing Partner
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	237,947

  

			
	Series B Preferred Stock:	 	144,304

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	
	
	Patriot Financial Partners, L.P.
	
	Circa Centre
	
	2929 Arch Street, 27th Floor
	
	Philadelphia, PA 19104

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	PATRIOT FINANCIAL PARTNERS PARALLEL II, L.P.
		
	By:	 	 /s/ James J. Lynch

		
	Name:	 	James J. Lynch
		
	Title:	 	Managing Partner
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	27,767

  

			
	Series B Preferred Stock:	 	16,839

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	
	
	Patriot Financial Partners, L.P.
	
	Circa Centre
	
	2929 Arch Street, 27th Floor
	
	Philadelphia, PA 19104

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	EJF SIDECAR FUND, SERIES LLC - SERIES E
		
	By:	 	 /s/ Neal J. Wilson

		
	By:	 	EJF Capital LLC
	Its:	 	Manager
		
	Name:	 	Neal J. Wilson
		
	Title:	 	Chief Operating Officer
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	503,571

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	
	
	EJF Capital LLC
	
	2107 Wilson Blvd., Suite 400
	
	Arlington, VA 22201

  

			
	Delivery Instructions:
	Citi	 	
	Attn:	 	Winsome White/Galina Levina
	399 Park Avenue, Level B
	New York, NY 10022
	Attn:	 	Custody/Transfer

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	ITHAN CREEK INVESTORS USB, LLC
		
	By:	 	 Wellington Management Company LLP,
 As
investment adviser

		
	By:	 	 /s/ Emily Babalas

		
	Name:	 	 Emily Babalas

		
	Title:	 	 Managing Director and Counsel

	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	503,571

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	
	
	c/o Wellington Management Company LLP
	
	280 Congress St.
	
	Boston, MA 02210

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	DAVIS PARTNERSHIP, L.P.
		
	By:	 	 /s/ Lansing Davis

		
	Name:	 	 Lansing Davis

		
	Title:	 	Managing Member of the General Partner Davis Capital Partners, LLC
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	503,571

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	
	
	3 Harbor Drive, Suite 301
	
	Sausalito, CA 94965

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	BANC FUND IX, L.P.
	By:	 	MidBan IX L.P. an Illinois limited partnership, Its General Partner
	By:	 	THE BANC FUNDS COMPANY, L.L.C. an Illinois limited liability company, Its General Partner
		
	By:	 	 /s/ Charles J. Moore

		
	Name:	 	 Charles J. Moore

		
	Title:	 	Member
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	116,143

  

			
	Tax ID No:	 	Address for Notice:

  

			
	20 North Wacker Drive
	
	Suite 3300
	
	Chicago, IL 60606

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	BANC FUND VIII, L.P.
	By:	 	MidBanc VIII L.P. an Illinois limited partnership, Its General Partner
	By:	 	THE BANC FUNDS COMPANY, L.L.C. an Illinois limited liability company, Its General Partner
		
	By:	 	 /s/ Charles J. Moore

		
	Name:	 	 Charles J. Moore

		
	Title:	 	Member
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	116,000

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	

  

			
	20 North Wacker Drive
	
	Suite 3300
	
	Chicago, IL 60606

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	SIENA CAPITAL PARTNERS I, L.P.
		
	By:	 	Siena Capital Management LLC
		
	By:	 	 /s/ David Abraham

		
	Name:	 	 David Abraham

		
	Title:	 	Executive Vice President
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	34,715

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	

  

			
	100 North Riverside Plaza
	
	Suite 1630
	
	Chicago, IL 60606

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	SIENA CAPITAL PARTNERS ACCREDITED, L.P.
		
	By:	 	Siena Capital Management LLC
		
	By:	 	 /s/ David Abraham

		
	Name:	 	 David Abraham

		
	Title:	 	Executive Vice President
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	1,000

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	

  

			
	100 North Riverside Plaza
	
	Suite 1630
	
	Chicago, IL 60606

  

			
	Delivery Instructions:	 	  

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement] 

 
			
	“Purchaser”
	
	JCSD PARTNERS, LP
		
	By:	 	 /s/ Steven J. Didron

		
	Name:	 	 Steven J. Didron

		
	Title:	 	General Partner
	
	Number of Purchased Shares at Closing:

  

			
	Common Stock:	 	92,858

  

			
	Tax ID No:	 	

  

			
	Address for Notice:	 	

  

			
	1676 N. California Blvd., #630
	
	Walnut Creek, CA 94596

  

			
	Delivery Instructions:	 	 Physical certificate

			
	(if different than above)

  
 [Signature Page to
Stock Purchase Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]