Document:

Purchase Agreement dated as of January 29, 2009

 Exhibit 10.1 
 PURCHASE AGREEMENT 
 This PURCHASE AGREEMENT, dated as of January 29, 2009 (together with
the related exhibits, schedules and appendices, which are incorporated herein by this reference and comprise a part hereof, this “Agreement”), is by and among Crescent Banking Company, a Georgia corporation (the
“Company”), and each of the purchasers set forth on Schedule A hereto (the “Purchasers,” and each a “Purchaser,” and, together with the Company, the “Parties,” and each a
“Party”). 
 WHEREAS, the Company proposes to issue and sell (the “Offering”) to the Purchasers shares of
the Company’s Series B Floating-Rate Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share, having the terms set forth in the Articles of Amendment to the Company’s Articles if Incorporation attached hereto as
Exhibit A (the “Charter Amendment” and the Series B preferred stock described therein, the “Series B Preferred Stock”), at a price per share equal to One Thousand Dollars ($1,000); 
 WHEREAS, each of the Purchasers is an “accredited investor” as such term is defined under Rule 501(a) of Regulation D (“Regulation
D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”); 
 WHEREAS, pursuant to the
terms and conditions of the Offering, as described in this Agreement, the Purchasers desire to subscribe for and purchase the amount of Series B Preferred Stock set forth opposite his name on Schedule A to this Agreement; 
 WHEREAS, the Purchasers and the Company intend to enter into with each Purchaser a Subscription Agreement, an Escrow Agreement and a Registration Rights
Agreement substantially in the forms attached hereto as Exhibit B, Exhibit C and Exhibit D, respectively (the “Related Agreements”); and 
 WHEREAS, in making such subscription, the Purchasers are relying upon the representations, warranties, covenants and agreements of the Company set forth
herein and in the Related Agreements, and, in considering and accepting the Purchasers’ subscription for the shares of Series B Preferred Stock offered hereunder (the “Shares”), the Company is relying upon the representations,
warranties, covenants and agreements of the Purchasers set forth in this Agreement and in the Related Agreements. 
 NOW, THEREFORE, BE IT
RESOLVED, that, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency hereby are acknowledged, the Parties hereto, intending to be legally bound hereby, do hereby agree as follows: 

Section 1. Subscription. On the terms and subject to the conditions set forth herein, the Purchasers will purchase from the
Company, and the Company will sell to the Purchasers 27,249 shares of Series B Preferred Stock for a total aggregate purchase price of $27,249,000 (the “Purchase Price”). Upon the execution of this Agreement, each Purchaser shall
deliver to the Company a Subscription Agreement and shall immediately pay to the Escrow Agent (as defined below) the purchase price set forth opposite his name on Schedule A. 
 Section 2. Closing; Conditions to Closing; Escrow. 
 (a) Closing Date. The closing (the “Closing”) and settlement of the Purchasers’ purchase of the Shares shall occur upon such
date (the “Closing Date”) on which each of the conditions to the 

 
Closing set forth in this Agreement are satisfied (other than those conditions that by their nature are to be satisfied at the Closing, but subject to
fulfillment or waiver of those conditions), at the offices of Alston & Bird LLP located at 1201 West Peachtree Street, Atlanta, Georgia 30309, or such other date or location as agreed by the Parties. 
 (b) Actions Taken at Closing. Subject to the satisfaction or waiver on the Closing Date of the applicable conditions to Closing in
Section 2(c) of this Agreement, at the Closing, the Company shall (i) file with the Secretary of State of the State of Georgia an Amendment to the Company’s articles of incorporation (the “Articles of Incorporation”)
(including the Charter Amendment relating to the Series B Preferred Stock), effective at and as of the Closing Date and (ii) confirm to the Purchasers that the Company’s transfer agent has reflected the Purchasers’ purchase and
ownership of the Shares in the Company’s stock ledger maintained by such transfer agent against payment by the Purchasers of the Purchase Price in good and immediately available funds. 
 (c) Closing Conditions. 
 (1) The respective obligations of the Purchasers on the one hand, and the Company, on the other hand, to consummate the Closing are subject to the fulfillment or written waiver by the Purchasers and the Company prior to the Closing of the
following conditions: 
 (i) No provision of any applicable law or regulation and no judgment, injunction, order or decree
shall prohibit the Closing or shall prohibit or restrict the Purchasers from owning, voting, converting or exercising, the Series B Preferred Stock in accordance with the terms thereof and no lawsuit shall have been commenced by any court,
administrative agency or commission or other governmental authority or instrumentality, whether federal, state, local or foreign, and any applicable industry self-regulatory organization (each a “Governmental Entity”) seeking to
effect any of the foregoing; 
 (ii) No action, suit, or proceeding shall be pending or threatened before any Governmental
Entity wherein an unfavorable order, judgment or decree would (i) prevent consummation of any of the transactions contemplated by this Agreement or the Related Agreements, or (ii) cause any of the transactions contemplated by this
Agreement or the Related Agreements to be rescinded following consummation; 
 (iii) The Federal Reserve Bank of Atlanta shall
have approved the Rebuttal of Control submitted by Mr. Gary Copeland authorizing him to acquire up to 24.9% of the voting securities of the Company; 
 (iv) All agreements, approvals, consents, licenses, orders, exemptions, waivers, authorizations or other actions by, or notices to, or filings with, Governmental Entities and other persons in respect of all
Governmental Consents (as defined below) required to have been obtained at or prior to the Closing Date in connection with the execution, delivery or performance of this Agreement and the Related Agreements and the consummation of the transactions
contemplated hereby and thereby shall have been obtained and be in full force and effect and all waiting periods in respect thereof shall have lapsed without extension or the imposition of any conditions or restrictions; 
 (v) The Company’s shareholders shall have approved the following actions at a duly called special meeting of such shareholders:

 (A) Approval of the Offering pursuant to Nasdaq Marketplace Rule 4350 which requires stockholder approval prior to either
(i) the sale, issuance or potential issuance by the issuer of common stock (or securities convertible into or exercisable for common stock) at a price less than the greater of book or market value which equals 20% or more of the issuer’s
common stock or 20% or more of the voting power outstanding before the issuance; or (ii) the sale, issuance or potential issuance by the company of common stock (or securities convertible into or exercisable common stock) equal to 20% or more
of the issuer’s common stock or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of the stock; 
  

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 (B) Approval of the sale of Series B Preferred Stock to Mr. Michael W. Lowe
pursuant to Article VI of the Company’s Articles of Incorporation, which sets for the requirements with respect to “Business Combinations,” including the sale of securities by the Company to a shareholder who, prior to the proposed
Business Combination, owns at least 15% of the voting securities of the Company; and 
 (C) Approval of the Charter Amendment
increasing the number of authorized shares of the Company’s common stock, par value $1.00 per share (the “Common Stock”), from 10,000,000 shares to 50,000,000 shares and designating the rights, preferences and other terms of
the Series B Preferred Stock; 
 (vi) The Company’s application to participate in the U.S. Treasury Department’s
Capital Purchase Program administered under the Troubled Asset Relief Program shall have been approved; and 
 (vii) The
trading in the Company’s Common Stock shall not have been restricted or suspended by the Securities and Exchange Commission (the “Commission”), the Nasdaq Capital Market (“Nasdaq”) or any other market or
exchange where such Common Stock is traded (except for any suspension of trading of limited duration solely to permit dissemination of material information regarding the Company). 
 (2) The obligation of the Purchasers to consummate the purchase of the Series B Preferred Stock to be purchased by them at the Closing is
also subject to the fulfillment or written waiver by the Purchasers prior to the Closing of each of the following conditions: 
 (i) The representations and warranties of the Company (i) contained in Section 3 hereof, without giving effect to any materiality or material adverse effect qualifications therein, shall be true and correct at and as of the
Closing Date as though made at and as of the Closing Date (except for such representations and warranties that expressly speak as of an earlier date, which representations and warranties shall be true as of such specified date) except for such
failures to be true and correct as do not constitute a material adverse effect, and (ii) contained in Sections 3(a), (b), (c), and (k), shall be true and correct in all respects at and as of the Closing Date as though made at and as of the
Closing Date (except for such representations and warranties that expressly speak as of an earlier date, which representations and warranties shall be true as of such specified date); 
  

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 (ii) The Company shall have performed in all material respects all of the material
agreements, covenants, obligations and conditions set forth herein that are required to be performed or complied with by the Company hereunder as of or prior to the Closing Date; 
 (iii) The Purchasers shall have received a certificate signed on behalf of the Company by a senior executive officer certifying to the
effect that the conditions set forth in Section 2(c)(2)(i) and (ii) have been satisfied on and as of the Closing Date; 
 (iv) The Company and each of the other parties to the Related Agreements shall have executed and delivered the Related Agreements; and 
 (v) The Purchasers shall have received true, complete and correct copies of all certificates, instruments, and other documents of the Company required to effect the sale of the Series B Preferred Stock and the
transactions contemplated hereby and in the Related Agreements, all in form and substance reasonably satisfactory to the Purchasers prior to the Closing; 
 (3) The obligation of the Company to consummate the Closing of the sale of the Series B Preferred Stock to the Purchasers is also subject to the fulfillment or written waiver by the Company prior to the Closing, as
the case may be, of each of the following conditions: 
 (i) The representations and warranties of the Purchasers
(i) contained in Section 4 hereof, without giving effect to any materiality or material adverse effect qualifications therein, shall be true and correct in all respects at and as of the Closing Date as though made at and as of the Closing
Date (except for such representations and warranties that expressly speak as of an earlier date, which representations and warranties shall be true as of such specified date); 
 (ii) The Purchasers shall have performed in all material respects all of the material agreements, covenants, obligations and conditions
set forth herein that are required to be performed by them hereunder as of or prior to the Closing Date; 
 (iii) The
Purchasers and each of the other parties to the Related Agreements shall have executed and delivered the Related Agreements to which the Company is a party; and 
 (iv) The Company shall have received true, complete and correct copies of all certificates, instruments, and other documents of the
Purchasers required to effect the sale of the Series B Preferred Stock and the transactions contemplated hereby and in the Related Agreements, all in form and substance reasonably satisfactory to the Company prior to the Closing. 
 (d) Escrow. 
 (1) In
connection with the transactions contemplated hereby, the Parties shall enter into an Escrow Agreement pursuant to which Crescent Bank & Trust Company (the “Escrow 

  

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Agent”) shall agree to hold and disburse the Purchase Price upon satisfaction or waiver of each of the closing conditions set forth in
Section 2(c) of this Agreement, for the benefit of the Company and the Purchasers, in accordance with the terms and conditions of this Agreement and the Escrow Agreement. 
 (2) No later than two business days following the execution of this Agreement, the Purchasers shall deposit with the Escrow Agent cash
representing the Purchase Price opposite their names as set forth on Schedule A to this Agreement. The Parties agree that the obligation to release the Purchase Price to the Company is subject only to the terms and conditions of this
Agreement and the Escrow Agreement. In the event that this Agreement is terminated pursuant to Section 7 hereof, the Purchase Price shall be disbursed to the Purchasers by wire transfer of immediately available funds to such account or accounts
of the Purchasers as specified in writing to the Escrow Agent in the manner set forth in the Escrow Agreement. 
 Section 3.
Representations and Warranties of the Company. 
 The Company represents and warrants to the Purchasers, as of the date of this
Agreement and as of the Closing Date (except to the extent made only as of a specified date, in which case as of such date), that: 
 (a)
Organization. 
 (i) The Company has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the State of Georgia with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business, and to enter into and perform its obligations under this Agreement.

 (ii) Each Subsidiary of the Company listed on Schedule B hereto (each a “Subsidiary” and together,
the “Subsidiaries”) has been duly formed and is validly existing as a corporation, business trust, limited liability company or limited partnership, as the case may be, in good standing under the laws of the jurisdiction in which it
is chartered or organized with full power and authority (corporate and other) to own or lease, as the case may be, and to operate its properties and conduct its business. 
 (b) Capitalization. The authorized capital stock of the Company, prior to the Charter Amendment, consists of 10,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, par value $1.00 per share
(the “Company Preferred Stock”). As of the close of business on December 31, 2008, there were approximately 5,384,547 shares of Common Stock outstanding and no shares of Company Preferred Stock outstanding. The Company has
reserved 996,000 shares of Common Stock for issuance, of which, 179,462 are available for issuance, pursuant to its stock option and stock purchase plans and existing outstanding warrants. The Company has applied to sell 26,482 shares of senior
preferred stock (the “Series A Preferred Stock”) and a related warrant to purchase such number of shares of Common Stock equal to 15% of the Series A Preferred Stock to the U.S. Department of Treasury in connection with its Capital
Purchase Program. Except as set forth above, there are no options, warrants or other rights (including conversion, pre-emptive or other rights) or agreements outstanding to purchase any of the Company’s authorized and unissued capital stock.
All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability attaching to the ownership thereof. All the outstanding
shares of capital stock or other ownership interests of each Subsidiary of the Company have been duly authorized and validly issued and are fully paid and nonassessable, and all outstanding shares of capital 

  

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stock or other ownership interests of the Subsidiaries are owned by the Company either directly or through wholly owned Subsidiaries free and clear of any
perfected security interest or any other security interests, claims, mortgages, pledges, liens, encumbrances or other restrictions of any kind. 
 (c) Authorization. The Company has the corporate power and authority to enter into this Agreement and each of the Related Agreements and to carry out its obligations hereunder and thereunder. The execution, delivery and performance
of this Agreement and each of the Related Agreements by the Company and the consummation of the transactions contemplated hereby and thereby have been duly and unanimously approved and authorized by a properly acting and constituted Special
Committee (the “Special Committee”) of the Company’s Board of Directors (the “Board of Directors”) and ratified by the Board of Directors. This Agreement and each of the Related Agreements have been duly
authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery by the Purchasers and other parties thereto, constitute legally valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws affecting creditors’ rights and general
principles of equity, and except as to rights to indemnity and contribution thereunder may be limited by applicable law or policies underlying such law (the “Bankruptcy and Equity Exceptions”). 
 (d) Governmental Consents. Other than (i) the Rebuttal of Control submitted to the Federal Reserve Bank of Atlanta by Mr. Copeland,
(ii) pursuant to the federal securities laws, the securities or blue sky laws of the various states, and (iii) the Company’s application to participate in the U.S. Treasury Department’s Capital Purchase Program, no material
notice to, registration, declaration or filing with, exemption or review by, or authorization, order, consent or approval of, any Governmental Entity, nor expiration or termination of any statutory waiting periods, is necessary for the consummation
by the Company of the transactions contemplated by this Agreement (each, a “Governmental Consent”). 
 (e) Financial
Statements. The Company’s Annual Report on Form 10-K for the year ended December 31, 2007, the Company’s Quarterly Reports on Form 10-Q that have been filed for all quarters ended since December 31, 2007, the definitive proxy
statement for the Company’s 2008 annual meeting of shareholders, and any Current Reports on Form 8-K filed since December 31, 2007 (as such documents have since the time of their filing been amended or supplemented) together with all
reports, documents and information hereafter filed with the SEC, including all information incorporated therein by reference (collectively, the “SEC Reports”) (i) complied and will comply as to form in all material respects
with the requirements of the Securities Act and Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (ii) did not contain and will 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. The audited consolidated financial statements and unaudited interim consolidated
financial statements (including, in each case, the notes, if any, thereto), if any, included in the SEC Reports complied and will comply as to form in all material respects with the SEC’s rules and regulations with respect thereto), were
prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except as may be indicated therein or in the notes thereto) and fairly present (subject, in the case of the unaudited
interim financial statements, to normal, recurring year-end audit adjustments not material and to the absence of footnotes) the financial position and shareholders’ equity of the Company as of the respective dates thereof and the consolidated
earnings and cash flows for the respective periods then ended. 
 (f) Status of Securities. The shares of Series B Preferred Stock to
be issued pursuant to this Agreement have been duly authorized by all necessary corporate action and, when issued and sold 

  

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against receipt of the consideration therefor as provided in this Agreement and the related Subscription Agreement, such shares of Series B Preferred Stock
will be validly issued, fully paid and nonassessable, will not subject the holders thereof to personal liability and will not be subject to preemptive rights of any other shareholder of the Company. The shares of Common Stock issuable upon the
conversion of the Series B Preferred Stock will have been duly authorized by all necessary corporate action and when so issued upon such conversion will be validly issued, fully paid and nonassessable, will not subject the holders thereof to
personal liability and will not be subject to preemptive rights of any other shareholder of the Company. 
 (g) No Integration.
Neither the Company nor, to the Company’s knowledge, its “affiliates” (as defined in Rule 501(b) under the Securities Act) has, directly or through any agent, during the six month period ending on the date of this Agreement, sold,
offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) in a manner that would cause the offer and sale of the Shares to fail to be entitled to the exemption afforded by Rule
506 of Regulation D, or otherwise under Section 4(2) of the Securities Act. 
 (h) Exemption from Registration; No Public
Offering. 
 (i) Neither the offer for sale nor sale of the Shares has been or will be registered with the Commission, any
state securities commission or any other regulatory authority, nor have any of the foregoing passed upon or endorsed the merits of the Offering. The Shares are to be offered for sale, and sold in reliance upon the exemptions from the registration
requirements of Section 5 of the Securities Act provided by the provisions of Regulation D. The Company has conducted and will continue to conduct the Offering in compliance with the requirements of Regulation D, and the Company will file all
appropriate notices of the Offering with the Commission. 
 (ii) Neither the Company nor, to the Company’s knowledge, its
affiliates has engaged, in connection with the Offering, (i) in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D, (ii) in any manner involving a public offering within the meaning of
Section 4(2) of the Securities Act, or (iii) in any action which would violate applicable state securities, or “blue sky,” laws. 
 (i) Litigation and Other Proceedings. There is no pending or, to the knowledge of the Company, threatened, claim, action, suit, investigation or proceeding, against the Company or any of its Subsidiaries or to
which any of their assets are subject, nor is the Company or any of its Subsidiaries subject to any order, judgment or decree, in each case except as would not reasonably be expected to have a material adverse effect. Except as would not reasonably
be expected to have a material adverse effect, there is no unresolved violation, criticism or exception by any Governmental Entity with respect to any report or relating to any examinations or inspections of the Company or any of its Subsidiaries.

 (j) Compliance with Laws; Insurance. 
 (i) The Company and each of its Subsidiaries have all material permits, licenses, franchises, authorizations, orders and approvals of, and have made all filings, applications and registrations with, Governmental
Entities that are required in order to permit them to own or lease their properties and assets and to carry on their business as presently conducted and that are material to the business of the Company or such Subsidiaries. The Company and each of
its Subsidiaries has complied in all material respects and is not in default or violation in any respect of, and none of them is, to the knowledge of the Company, under investigation with respect to or, 

  

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to the knowledge of the Company, has been threatened to be charged with or given notice of any material violation of, any applicable material domestic
(federal, state or local) or foreign law, statute, ordinance, license, rule, regulation, policy or guideline, order, demand, writ, injunction, decree or judgment of any Governmental Entity, other than such noncompliance, defaults or violations that
would not reasonably be expected to have a material adverse effect. Except for statutory or regulatory restrictions of general application, no Governmental Entity has placed any material restriction on the business or properties of the Company or
any Company Subsidiary. 
 (ii) The Company and each of its Subsidiaries are presently insured, and during each of the past
five calendar years (or during such lesser period of time as the Company has owned such Company Subsidiary) have been insured, for reasonable amounts with financially sound and reputable insurance companies against such risks as companies engaged in
a similar business would, in accordance with good business practice, customarily be insured. 
 (k) Anti-takeover Provisions Not
Applicable. The Board of Directors and the Special Committee have taken all necessary action to ensure that the transactions contemplated by this Agreement and any of the transactions contemplated hereby will be deemed to be exceptions to the
provisions of the Georgia Business Corporation Act, including Sections 14-2-1111 and 14-2-1132 thereunder, and that any other similar “moratorium,” “control share,” “fair price,” “takeover” or “interested
shareholder” law does not and will not apply to this Agreement or to any of the transactions contemplated hereby. 
 (l) Brokers and
Finders. Except as disclosed in Schedule 3(l) to this Agreement, neither the Company nor any of its Subsidiaries nor any of their respective officers, directors, employees or agents 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 the Company or any of its Subsidiaries, in connection with this Agreement or the transactions
contemplated hereby. 
 Section 4. Representations and Warranties of the Purchasers. 
 Each of the Purchasers hereby represents and warrants to the Company, as of the date of this Agreement and as of the Closing Date (except to the extent
made only as of a specified date, in which case as of such date), that: 
 (a) Reliance on Purchaser Representations and Warranties.
The Purchaser acknowledges that the Company is making the Offering in reliance upon an exemption from the registration requirements of the Securities Act pursuant to Regulation D. The Purchaser also acknowledges that the Company is availing itself
of this exemption in reliance, in part, upon the Purchaser’s representations, warranties and agreements contained in this Agreement and the related Subscription Agreement and that the basis for such exemptions may not be present if,
notwithstanding the representations, the Purchaser intends to acquire the Shares for resale on the occurrence or non-occurrence of some predetermined event. The Purchaser is not aware of any fact or circumstance that would render any of the
representations, warranties, covenants and agreements contained in this Agreement or the related Subscription Agreement to be incorrect or inaccurate, or to form a basis for the Company not to rely thereupon. 
 (b) Accredited Investor Status. The Purchaser is an “accredited investor,” as defined in Rule 502(c) of Regulation D. 
  

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 (c) Investment Intent. The Purchaser has no present intention of reselling the Shares, or any
direct or indirect interest therein, or of effecting a “distribution” (as such term is defined in the Securities Act) of the Shares in violation of U.S. securities laws. The Shares are being acquired solely for the Purchaser’s own
account, for investment. 
 (d) Confidential Access to Information. The Purchaser acknowledges that, prior to executing this
Agreement, the Purchaser has had the opportunity to ask questions of and receive answers or obtain additional information from a representative of the Company concerning the financial and other affairs of the Company and the terms and conditions of
the Offering, and, to the extent the Purchaser believes necessary in light of his knowledge of the Company’s affairs, has asked these questions and received satisfactory answers and/or additional requested information. The Purchaser has had
access to all additional information necessary to verify the accuracy of the information set forth in this Purchase Agreement, the SEC Reports, and other documents and agreements related to an investment in the Shares, and has taken all the steps
necessary to evaluate the merits and risks of an investment as proposed hereby. The Purchaser further acknowledges that he has been provided with such due diligence and other materials as the Purchaser has requested from the Company for purposes of
making his or her investment decision. The Purchaser acknowledges that he has been provided access to material, non-public information and that the Purchaser will keep all such information confidential in accordance with Section 6(b) of this
Agreement. Further, the Purchaser acknowledges and understands the fact that the Company is seeking to effect the private placement of the Shares is material non-public information and disclosure of such information or use of such information by the
Purchaser or anyone receiving such information from the Purchaser in connection with the purchase, sale or trade of the Company’s securities (other than use by the Purchaser in acquiring the Shares), or any hedging, derivative or similar
transactions or activities involving the Company’s securities, is a violation of securities laws. Neither such inquiries nor any other due diligence investigation conducted by such Purchaser or any of its advisors or representatives shall
modify, amend or affect such Purchaser’s right to rely on the Company’s representations, warranties and covenants contained herein or in the other Related Agreements. The Purchaser has not distributed any information relating to the
Offering to any person other than his professional advisers. 
 (e) Financial Projections. The Purchaser acknowledges that any
financial projections previously provided to the Purchaser are based on numerous assumptions and estimates by management as to future events, and that the Company makes no representation or warranty as to the accuracy or correctness of such
projections. The Purchaser has made an independent examination of, and judgment with respect to, the Company’s prospects and the Shares and has been advised by the Company that the Purchaser should consult with his own legal, financial and
other third party professional advisors with respect to the purchase of the Shares. The Purchaser acknowledges that legal advice has been provided to the Company by Alston & Bird LLP, and that such law firm has neither provided advice to
the Purchasers nor performed any due diligence on their behalf. The Purchaser also acknowledges that neither the Company, nor its directors, officers, agents or any other person has promised, represented, or guaranteed: (i) the safety of any
investment in the Company or the Shares; (ii) that the Company will be profitable; (iii) that any particular investment return will be achieved; or (iv) the profitability of any investment return. 
 (f) Independent Investigation. The Purchaser is not acquiring the Shares based upon any representation, oral or written, by any person with
respect to the Company, but rather upon an independent examination and judgment as to the prospects of the Company 
 (g) Access to Third
Party Professionals and Advisors. In considering an investment in the Shares, the Purchaser has retained and consulted, or has had the opportunity to retain and consult, with 

  

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his or her own legal counsel, accountants, tax advisors, investment advisors and other third party professionals, and is not relying upon the Company, its
affiliates or their respective officers, directors or third party representatives in making an investment decision with respect to the purchase of the Shares. 
 (h) Financial Sophistication. The Purchaser is familiar with the business in which the Company is or will be engaged, and, based upon his knowledge and experience in financial and business matters, the
Purchaser is familiar with the investments of the type that he is undertaking to purchase in this Agreement; the Purchaser is fully aware of the problems and risks involved in making an investment of this type; and the Purchaser is capable of
evaluating the merits and risks of this investment. 
 (i) Investment Risk. The Purchaser can financially bear the economic risk of
this investment, including the ability to hold the Shares for an indefinite period or to bear a complete loss of this investment. The Purchaser also has adequate means of providing for current financial and other needs and possible contingencies,
and has no need for liquidity of this investment in the Shares. The Purchaser understands that the Shares, or any portion of the Shares, are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any
other government agency and are subject to loss of value. 
 (j) Tax Matters. The Purchaser is a person for purposes of U.S.
income taxation, and the social security number and principal address set forth in the Subscription Agreement, including the Substitute Form W-9, are true and complete. The Purchaser has no present intention of becoming a resident of any state or
jurisdiction other than as indicated in the Subscription Agreement. The Purchaser agrees to notify the Company within 60 days after the date on which he becomes a nonresident alien is not acquiring the Shares with a view to realizing any benefit
under U.S. federal income tax laws and no representations have been made to the Purchaser that any such benefits will be available as a result of his acquisition, ownership, or disposition of the Shares. The Purchaser understands that this
representation may be disclosed to the Internal Revenue Service by the Company and that any false statement contained herein could be punished by fine, imprisonment, or both. 
 (k) Restrictive Legend. 
 (i) The Purchaser understands that the certificates evidencing the Shares, will bear the following legend: 
 “THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES, OR “BLUE SKY,” LAWS OF ANY STATE OR OTHER DOMESTIC OR FOREIGN JURISDICTION. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO A REGISTRATION STATEMENT IN EFFECT UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR A WRITTEN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED AND THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE FOR SUCH TRANSACTIONS UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS. 
  

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 IN ADDITION, THESE SECURITIES HAVE BEEN ISSUED OR SOLD IN RELIANCE ON PARAGRAPH (13) OF CODE
SECTIONS 10-5-9 AND 10-5-11, AS APPLICABLE, OF THE GEORGIA SECURITIES ACT OF 1973, AS AMENDED, AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN A TRANSACTION WHICH IS EXEMPT UNDER SUCH ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION UNDER SUCH ACT.”

 (ii) In addition, the Purchasers acknowledge that each certificate for Shares shall bear any additional legend required by
any other applicable domestic or foreign securities or blue sky laws. 
 (iii) The Company will direct its transfer agent and
registrar to maintain stop transfer instructions on record for the Shares until it has been notified by the Company, upon the advice of counsel, that such instructions may be waived consistent with the Securities Act and applicable domestic and
foreign securities laws. Such stop transfer instructions will limit the method of sale of the Shares, consistent with Rule 144 or other available exemptions from registration under the Securities Act. Any transfers other than pursuant to a
registration statement under the Securities Act will require an opinion of counsel reasonably satisfactory to the Company and its counsel prior to such transfers. 
 (l) Restrictions on Transferability. The Purchaser is aware that (i) there are substantial restrictions on the transferability of the Shares and that the Shares cannot be resold unless they are registered
under the Securities Act (and applicable state securities laws) or unless an exemption from registration is available; (ii) there will be no public market for the Shares until such time as they are (x) registered under the Securities Act
and listed for quotation on the Nasdaq Capital Market or another stock exchange or (y) converted to shares of Common Stock which are then registered under the Securities Act and listed for quotation on the Nasdaq Capital Market or another stock
exchange; and (iii) the Purchase will be an “affiliate” of the Company as defined in Rule 405 under the Securities Act and, pursuant to Rule 144 under the Securities Act, it will be subject to the volume and manner of sale limitations
contained in Rule 144. 
 (m) Change in Control. The Purchaser understands that the Offering may result in a “Change in
Control” under the Company’s 2001 Long-Term Incentive Plan, the Director Plans, the Supplemental Retirement Plan, and the Executive Change in Control Agreements, which could result in the immediate vesting of the awards under such plans.

  

 11 

 (n) No Governmental Review. The Purchaser understands that no United States federal or state
agency or any other government or governmental agency or authority has passed upon or made any recommendation or endorsement whatsoever with respect to the Shares. 
 (o) Residency. The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on his Subscription Agreement. 
 (p) No Manipulation. Neither the Purchaser nor, to the Purchaser’s knowledge, any of its affiliates has taken, or presently plans to take,
directly or indirectly, any action designed to or which might reasonably be expected to cause or result in, or which has constituted, under the Exchange Act, the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Shares. 
 (q) Registration of Common Stock. The Purchaser acknowledges that, in connection with the resale of
shares of Common Stock into which the Series B Preferred Stock is convertible pursuant to a registration statement called for under the Registration Rights Agreement, the Purchasers may be deemed to be statutory underwriters as defined in
Section 11 of the Securities Act and subject to liability thereunder. 
 Section 5. Covenants. 
 (a) Filings; Other Actions. The Purchasers, on the one hand, and the Company, on the other hand, will cooperate and consult with the other and use
reasonable best efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all necessary permits, consents, orders, approvals and authorizations of,
or any exemption by, all third parties and Governmental Entities, and the expiration or termination of any applicable waiting periods, necessary or advisable to consummate the transactions contemplated by this Agreement, and to perform the covenants
contemplated by this Agreement. Each Party 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. Mr. Copeland shall file a Rebuttal of Control with the Federal Reserve Bank of Atlanta requesting approval to acquire up to 24.9% of the voting securities of the Company. The
Purchasers shall use their reasonable best efforts to obtain approval and acceptance of such filings as promptly as possible, including without limitation responding fully to all requests for additional information from the Federal Reserve Bank of
Atlanta, and providing such other information or commitments as the Federal Reserve Bank of Atlanta may require as a condition to approving and accepting such notices. The Purchasers 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, all the information relating to such other party, 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. In exercising the foregoing right, each of the parties
hereto agrees to act reasonably and as promptly as practicable. Each party hereto agrees to keep the other party apprised of the status of matters referred to in this Section 5(a). Each of the Purchasers and the Company shall promptly furnish
the other with copies of written communications received by it from, or delivered by any of the foregoing to, any Governmental Entity in respect of the transactions contemplated by this Agreement (other than any portions thereof that relate to
confidential supervisory matters). 
 (b) Conduct of Business. Prior to the earlier of the Closing Date and the termination of this
Agreement pursuant to Section 7(b) (the “Pre-Closing Period”), the Company shall, and shall cause each 

  

 12 

 
of its Subsidiaries to, use commercially reasonable efforts to carry on its business in the ordinary course of business and use reasonable best efforts to
maintain and preserve its and such Subsidiary’s business (including its organization, assets, properties, goodwill and insurance coverage) and preserve its business relationships with customers, strategic partners, suppliers, distributors and
others having business dealings with it; provided that nothing in this sentence shall limit or require any actions that the Company’s Board of Directors may, in good faith, determine to be inconsistent with their duties or the
Company’s obligations under applicable law; provided further, that the Parties agree that any action taken by the Company at he direction of the regulators or in connection with the transactions contemplated by this Agreement are expressly
permitted. 
 (c) Reasonable Best Efforts. Upon the terms and subject to the conditions herein provided, except as otherwise provided
in this Agreement, each of the Parties hereto agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done and to assist and cooperate with the other party hereto in doing all things necessary, proper
or advisable under applicable laws and regulations to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated hereby, including but not limited to: (i) the satisfaction of the conditions
precedent to the obligations of the parties hereto; (ii) the obtaining of applicable Government Consents, and consents, waivers and approvals of any third parties (including Governmental Entities); (iii) the defending of any claim, action,
suit, investigation or proceeding, whether judicial or administrative, challenging this Agreement or the Related Agreements or the performance of the obligations hereunder and thereunder; and (iv) the execution and delivery of such instruments,
and the taking of such other actions as the other parties hereto may reasonably request in order to carry out the intent of this Agreement and the Related Agreements. Notwithstanding the foregoing, neither the Company nor the Purchasers shall be
obligated to make any payments or otherwise pay any consideration to any third party to obtain any applicable consent, waiver or approval (including the execution by any third party to the Related Agreements) other than any payment to a Governmental
Entity necessary for the satisfaction of the conditions contained in Section 2 hereof. 
 Section 6 Additional
Agreements. 
 (a) Reservation for Issuance. The Company will at all times reserve that number of shares of Common Stock
sufficient for issuance upon conversion of Series B Preferred Stock owned at by the Purchasers without regard to any limitation on such conversion. 
 (b) Confidentiality. Except as may be required by law or regulatory authority, the Company and each of the Purchasers agrees to keep the terms of this Agreement or the Offering, any discussions or negotiations concerning the terms of
this Agreement or the Offering, and any materials or information provided to any Party in connection herewith, strictly confidential and agrees not to disclose such information to any third party other than its attorneys and such advisors as are
reasonably necessary in connection with the completion of the Offering; provided, however, that such attorneys and other advisors similarly agree to maintain such information in strict confidence. Notwithstanding the foregoing, this Agreement
may be provided by the Company and/or Crescent Bank & Trust Company to their respective regulatory agencies on a confidential basis, including, without limitation, in connection with the Company’s application to participate in the U.S.
Treasury Department’s Capital Purchase Program administered under the Troubled Asset Relief Program. 
 (c) Indemnification. The
Purchasers recognize that the offer and sale of the Shares to the Purchasers is based upon the representations and warranties of the Purchasers contained in this Agreement and the Related Agreements, and such Purchasers hereby agree to indemnify the
Company, its officers, directors, and affiliates and anyone acting on their behalf with respect to the offer and sale of 

  

 13 

 
the Shares, and to hold each of such persons harmless against all losses, damages, liabilities, costs or expenses (including reasonable attorney’s fees)
arising by reason of or in connection with any misrepresentation or any breach of such warranties by the Purchaser, or rising as a result of the sale or distribution of the Shares by the Purchasers in violation of the Securities Act, applicable
state securities laws, or any other applicable law. This indemnification obligation shall be several and not joint. The Purchasers acknowledge and agree that this Agreement and the Related Agreements and the representations and warranties contained
herein and therein shall be binding upon the Purchasers’ heirs, legal representatives, successors and assigns. 
 Section 7. Termination. 
 (a) This Agreement may be terminated prior to the Closing: 
 (i) by mutual written agreement of the Company and the Purchasers; 
 (ii) by any party, upon written notice to the other parties, in the event that the Closing does not occur on or before April 30,
2009; provided, however, that the right to terminate this Agreement pursuant to this Section 7(a) shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or
shall have resulted in, the failure of the Closing to occur on or prior to such date; or 
 (iii) by any party, 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. 
 (b) Effects of Termination. In the event of
any termination of this Agreement as provided in Section 7(a), this Agreement (other than Section 6(b) and Section 8, which shall remain in full force and effect) shall forthwith become wholly void and of no further force and effect;
provided that nothing herein shall relieve any party from liability for intentional breach of this Agreement. 
 Section 8.
Miscellaneous. 
 (a) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF GEORGIA, WITHOUT REGARD FOR THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 (b) Waiver of Jury Trial. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (c) Notice. All notices, requests and other communications under this Agreement must be in writing and will be deemed to have been duly given upon
receipt to the Parties at the following addresses or facsimiles (or at such other address or facsimile for a party as shall be specified by the notice): 
 If to the Company: 
 Crescent Banking Company 
 7 Caring Way 
 Jasper, Georgia 
 Attention: Leland W. Brantley, Jr. 
 Facsimile: (678) 454-2282 
  

 14 

 With a copy (which shall not constitute notice) to: 
 Alston & Bird LLP 
 One Atlantic
Center 
 1201 W. Peachtree Street 
 Atlanta, Georgia 30309-3424 
 Attention: Mark C. Kanaly 
 Facsimile: 404-253-8390 
 If to the
Purchasers: 
 See Schedule A to this Agreement for Purchaser contact information. 
 (d) Entire Agreement. This Agreement constitutes the sole and entire agreement among the Parties to this Agreement with respect to the subject
matter of this Agreement, and supersedes all prior and contemporaneous agreements and understandings, written or oral, with respect to the subject matter hereof. 
 (e) Waiver. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument
duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term
or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative. 
 (f) Amendment; Modification. This Agreement may be amended, supplemented or modified only by a written instrument duly executed by or on behalf of each Party to this Agreement. 
 (g) Specific Performance. The Parties hereto agree that if any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist and damages would be difficult to determine, and that the parties shall be entitled to specific performance of the terms hereof, in
addition to any other remedy at law or equity. 
 (h) Counterparts and Facsimile. This Agreement may be executed in any number of
counterparts, by facsimile or otherwise, all of which will constitute one and the same instrument. Executed signature pages to this Agreement may be delivered by facsimile and such facsimiles will be deemed as sufficient as if actual signature pages
had been delivered. 
 (i) Headings. The headings in this Agreement are for convenience of reference only, and they shall not limit or
otherwise affect the interpretation of any term or provision hereof. 
 (j) Successors and Assigns; Assignment. This Agreement and the
rights, powers and duties set forth herein shall, except as set forth herein, bind and inure of the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the Parties hereto. The Parties hereto may 

  

 15 

 
not assign any of their respective rights or interests in and under this Agreement without the prior express written consent of the other Party, and any
attempted assignment without any such consent shall be void and without effect. 
 (k) No Third Party Beneficiaries. Nothing contained
in this Agreement, expressed or implied, is intended to confer upon any person or entity other than the parties hereto, any benefit right or remedies, except that the provisions of Section 6(c) shall inure to the benefit of the persons referred
to in that Section. 
 (l) Severability. If any part of this Agreement is held by a court of competent jurisdiction to be
unenforceable, illegal or invalid, the balance of this Agreement shall remain in full force and effect unaffected by such unenforceability, illegality or invalidity. 
 (m) Expenses. Each of the Parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement.

 [Remainder of page intentionally left blank; signatures on following page(s).] 
  

 16 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written.

  

	
	CRESCENT BANKING COMPANY
	
	 /s/ Leland W. Brantley, Jr.

	Leland W. Brantley, Jr.
	Chief Financial Officer
	
	PURCHASERS
	
	 /s/ J. Donald Boggus, Jr.

	J. Donald Boggus, Jr.
	
	 /s/ R. Gary Copeland

	R. Gary Copeland
	
	 /s/ Michael W. Lowe

	Michael W. Lowe
	
	 /s/ Richard Combs

	Richard Combs
	
	 /s/ Ryker Lowe

	Ryker Lowe
	
	 /s/ A. Bradley Rutledge

	A. Bradley Rutledge
	
	 /s/ Bonnie Boling

	Bonnie Boling
	
	 /s/ Parke Day

	Parke Day

 [Signatures continued on the following page] 
  

 [Signature Page to Series B Preferred Stock Purchase Agreement] 

	
	
	 /s/ Lorrie L. Shaw

	Lorrie L. Shaw
	
	 /s/ Anthony N Stancil

	Anthony N Stancil
	
	 /s/ Leland W. Brantley, Jr.

	Leland W. Brantley, Jr.
	
	 /s/ Donald S. Shapleigh

	Donald S. Shapleigh
	
	 /s/ Brian G. Whelan

	Brian G. Whelan
	
	 /s/ Richard Zorn

	Richard Zorn

  

 [Signature Page to Series B Preferred Stock Purchase Agreement] 

 Schedule A 
 Purchasers 
  

				
	 Name, Address and Facsimile (in the State of Principal Residence) of Purchaser
	  	Purchase Price
	 J. Donald Boggus, Jr.
	  	$	2,000,000
		
	 R Gary Copeland
	  	$	12,000,000
		
	 Michael W. Lowe
	  	$	12,000,000
		
	 Richard Combs
	  	$	1,000,000
		
	 Ryker Lowe
	  	$	100,000
		
	 A. Bradley Rutledge
	  	$	1,000
		
	 Bonnie Boling
	  	$	10,000
		
	 Parke Day
	  	$	64,000

				
	 Name, Address and Facsimile (in the State of Principal Residence) of Purchaser
	  	Purchase Price
	 Lorrie L Shaw
	  	$	10,000
		
	 Anthony N Stancil
	  	$	10,000
		
	 Leland W Brantley, Jr.
	  	$	3,000
		
	 Donald S. Shapleigh
	  	$	25,000
		
	 Brian G Whelan
	  	$	25,000
		
	 Richard Zorn
	  	$	1,000
		  	 	 
	 Total:
	  	$	27,249,000.00
		  	 	 

 Schedule B 
 Subsidiaries 
  

			
	 Name of Subsidiary
	  	Jurisdiction of
Organization
	 Crescent Bank & Trust Company
	  	GA
	 Crescent Mortgage Services
	  	GA

 Schedule 3(l) 
 Brokers and Finders 
 On November 4, 2008, the Company entered into an engagement letter (the
“Engagement Letter”) with FIG Partners, LLC (“FIG”) with respect to the Company’s consideration of any number of strategic transactions, including, without limitation, a securities offering such as the Offering
contemplated by the Agreement, involving the Company and one or more third parties to be identified by FIG. Prior to Closing, the Company and FIG shall enter into a Letter Agreement (the “Letter Agreement”) amending the terms of the
Engagement Letter. Pursuant to the proposed Letter Agreement, the Company shall agree to pay FIG a one time fee in consideration of its advisory services in connection with the consideration of various strategic alternatives. The Letter Agreement
shall provide that FIG will not be entitled to any commission or other fee in connection with the sale of any securities by the Company to Mr. Gary Copeland or Mr. Richard Combs. No fees or commissions shall be due or payable to FIG in
connection with the Offering. 

 Exhibit A 
 CRESECENT BANKING COMPANY 
 ARTICLES OF AMENDMENT 
 to the 
 ARTICLES OF INCORPORATION

 Crescent Banking Company, a corporation organized and existing under the laws of the State of Georgia (the
“Corporation”), in accordance with the provisions of Section 14-2-1006 of the Georgia Business Corporation Code, hereby amends the Corporation’s Articles of Incorporation (as amended, the “Articles”) as
follows: 
 ARTICLE I 
 The name
of the Corporation is “Crescent Banking Company.” 
 ARTICLE II 
 Section 2.1 of the Articles is hereby amended and restated in its entirety as follow: 
 “Section 2.1. The Corporation shall have the authority to be exercised by the Board of Directors, or a duly authorized committee thereof, to issue
not more than 50,000,000 shares of common stock, par value $1.00 per share (the “Common Stock”), and 1,000,000 shares of preferred stock, par value $1.00 per share (the “Preferred Stock”).” 
 ARTICLE III 
 These Articles of Amendment
hereby add the following Sections 2.4 and 2.5 to the Articles, to designate and set forth the designations, preferences, limitations and relative rights of a new series of Preferred Stock. Any terms used but not defined in this Article III shall
have the meanings set forth in the Articles: 
 “Section 2.4. [Reserved] 
 Section 2.5. Series B Preferred Stock 
 (a) Designation. The distinctive designation of the series of Preferred Stock established hereby shall be the “Series B Floating-Rate Cumulative Convertible Perpetual Preferred Stock” (the “Series B Preferred
Stock”). 
 (b) Number of Shares. The total number of shares of Series B Preferred Stock shall be 27,249 shares. The Series B
Preferred Stock shall have a $1.00 par value per share and a liquidation preference of $1,000 per share. 
 (c) Definitions. Unless
the context or use indicates another meaning or intent, the following terms shall have the following meanings, whether used in the singular or the plural: 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes
of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Applicable Conversion Price” means the Conversion Price in effect at any given time. 
  

 A-1 

 “Board of Directors” means the Board of Directors of the Corporation. 
 “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal Federal holiday nor a day on which banking
institutions in New York, New York or Atlanta, Georgia are authorized or required by law, regulation or executive order to close. 
 “Conversion at the Option of the Corporation Date” has the meaning set forth in Section 2.5(i)(2). 
 “Conversion Date” has the meaning set forth in Section 2.5(i)(1). 
 “Conversion Price” means
the Initial Conversion Price, subject to adjustment as set forth herein. 
 “Dividend Period” means each period from and
including a Payment Date (or the Original Issue Date for the first Dividend Period) to but excluding the next Payment Date. 
 “Dividend Rate” has the meaning set forth in Section 2.5(d)(2)(i). 
 “Exchange Property” has
the meaning set forth in Section 2.5(k)(1). 
 “Ex-Date”, when used with respect to any issuance or distribution, means
the first date on which the Common Stock or other securities trade without the right to receive the issuance or distribution giving rise to an adjustment to the Conversion Price (after the declaration thereof) pursuant to Section 2.5(i).

 “Holder” means the Person in whose name the shares of the Series B Preferred Stock are registered, which may be treated
by the Corporation as the absolute owner of the shares of Series B Preferred Stock for the purpose of making payment and settling the related conversions and for all other purposes. 
 “Initial Conversion Price” means $4.22. 
 “Junior Securities” has the meaning set forth in Section 2.5(m). 
 “Liquidation” has the meaning set forth in Section 2.5(e)(1). 
 “Liquidation Preference”
means, as to the Series B Preferred Stock, $1,000 per share (as adjusted for any split, subdivision, combination, consolidation, recapitalization or similar event with respect to the Series B Preferred Stock). 
 “Notice of Conversion at the Option of the Corporation” has the meaning set forth in Section 2.5(i)(2). 
 “Original Issue Date” means the date on which shares of the Series B Preferred Stock are first issued. 
 “Payment Date” has the meaning set forth in Section 2.5(d)(1). 
 “Parity Securities” has the meaning set forth in Section 2.5(m). 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock
company, limited liability company or trust. 
 “Record Date” has the meaning set forth in Section 2.5(d)(1).

 “Reorganization Event” has the meaning set forth in Section 2.5(k)(1). 
  

 A-2 

 “Series A Preferred Stock” means the Corporation’s Series A Fixed Rated Cumulative
Perpetual Preferred Stock issued to the U.S. Department of the Treasury in connection with its Capital Purchase Program administered under the Troubled Asset Relief Program. 
 (d) Dividends. 
 (1) The Holders shall be entitled to receive, as, if and when declared by the Board
of Directors, or a duly authorized committee thereof, out of assets of the Corporation legally available under Georgia law for the payment of dividends, cumulative cash dividends at the rate set forth below in this Section 2.5(d) applied to the
$1,000 liquidation preference per share. Such dividends shall be payable quarterly, in arrears, as, if and when declared by the Board of Directors, or a duly authorized committee thereof, on March 31, June 30, September 30,
and December 31 (the “Payment Dates”) commencing on June 30, 2009; provided that if any such Payment Date is not a Business Day, then the Payment Date will be the next succeeding day that is a Business Day, unless
such day falls in the next calendar month, in which case the Payment Date will be the immediately preceding Business Day. No interest or additional dividends or other sums shall accrue or be payable on the amount so payable from the Payment Date to
such next succeeding Business Day. Dividends will be payable to the Holders as they appear in the shareholder records of the Corporation at the close of business on the applicable record date, which shall be the 15th day of the calendar month in which the Payment Date falls or on such other date designated by the Board of Directors, or a duly authorize committee thereof, for the payment of
dividends that is not more than 45 nor less than 15 days prior to the applicable Payment Date (each, a “Record Date”). 
 (2)
(i) The dividend rate on the shares of Series B Preferred Stock for each Dividend Period shall be a floating rate per annum (the “Dividend Rate”) equal to the prime rate as reported by the Wall Street Journal’s bank survey,
plus 3.25%. 
 (ii) Dividends on the Series B Preferred Stock shall (if and when declared, as herein provided) be computed on
the basis of a 360-day year and the actual number of days elapsed in each Dividend Period. Accordingly, the amount of dividends payable per share for each Dividend Period for the Series B Preferred Stock shall (if and when declared, as herein
provided) be equal to the product of (x) the Dividend Rate, (y) $1,000 and (z) a fraction, the numerator of which will be the actual number of days elapsed in such Dividend Period, and the denominator of which will be 360. The amount
of dividends payable on the Series B Preferred Stock shall be rounded to the nearest cent, with one-half cent being rounded upwards. 
 (3) Dividends on the Series B Preferred Stock shall be cumulative and shall accrue whether or not (i) the Corporation has earnings, (ii) there are funds legally available for the payment of such dividends, (iii) such
dividends are declared by the Board of Directors, or a duly authorized committee thereof, or (iv) any agreements to which the Corporation is a party or regulations to which the Corporation is subject prohibit the payment of dividends. Any
dividend payment made on the Series B Preferred Stock shall first be credited against the earliest accrued but unpaid dividends due with respect to such Series B Preferred Stock that remains payable. No interest or sum of money in lieu of interest
shall be payable in respect of any dividend payment or payments on the Series B Preferred Stock that may have been cumulated or accrued and is in arrears. 
 (4) Without limiting the rights set forth in Section 2.5(d)(2), no dividends on the Series B Preferred Stock shall be declared by the Board of Directors, or a duly authorized committee thereof, or paid or set
apart for payment by the Corporation at such time as the terms and provisions of any agreement of the Corporation, including any agreement relating to its indebtedness and any related waiver or amendment thereto, prohibits such declaration, payment
or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment is restricted or prohibited by law. 
  

 A-3 

 (5) Whenever dividends on the Series B Preferred Stock are in arrears, the Corporation
shall not declare or pay, or set apart for payment, dividends with respect to, or redeem, purchase or acquire any of, its Parity Securities or Junior Securities, other than (i) redemptions, purchases or other acquisitions of Junior Securities
in connection with any benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants or in connection with a dividend reinvestment or shareholder stock purchase plan, (ii) any
declaration of a dividend in connection with any shareholders’ rights plan, or the issuance of rights, stock or other property under any shareholders’ rights plan, or the redemption or repurchase of rights pursuant thereto,
(iii) conversions into or exchanges for other Junior Securities and cash solely in lieu of fractional shares of the Junior Securities, and (iv) redemptions or purchases of or dividends on the Series A Preferred Stock, which shall continue
to accrue and be payable in accordance with their terms. If dividends payable pursuant to Section this 2.5(d) for any Payment Date are not paid in full, and there are issued and outstanding shares of Parity Securities with the same Payment Date,
then all dividends declared on shares of the Series B Preferred Stock and such Parity Securities on such date shall be declared pro rata so that the respective amounts of such dividends shall bear the same ratio to each other as full
quarterly dividends per share payable on the shares of the Series B Preferred Stock pursuant to this Section 2.5(d) and all such Parity Securities otherwise payable on such Payment Date (subject to their having been declared by the Board of
Directors out of legally available funds and including, in the case of any such Parity Securities that bear cumulative dividends, all accrued but unpaid dividends) bear to each other. 
 (6) No dividends may be declared or paid or set aside for payment on any shares of Series B Preferred Stock if at the same time any
arrears exists in the payment of dividends on any outstanding class or series of stock of the Corporation ranking, as to the payment of dividends, prior to the Series B Preferred Stock. 
 (7) All dividends paid with respect to shares of the Series B Preferred Stock shall be paid pro rata to the holders of such shares
entitled thereto. The Holders shall not be entitled to any dividend, whether payable in cash, property or shares of any class or series (including the Series B Preferred Stock), in excess of the full cumulative dividends on the Series B Preferred
Stock as provided herein. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series B Preferred Stock which may be in arrears. 
 (e) Liquidation Preference. 
 (1) Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation (each, a “Liquidation”), the Holders shall be entitled to be paid out of the assets of the Corporation legally
available for distribution to its shareholders a liquidation preference of $1,000 per share of Series B Preferred Stock, plus an amount equal to any accrued or accumulated, but unpaid dividends through and including the date of payment to the
Holders (whether or not such dividends have been declared by the Board of Directors or a duly authorized committee thereof), before any distribution or payment shall be made to holders of shares of Common Stock or any other class or series of
capital stock of the Corporation ranking junior to the Series B Preferred Stock as to liquidation rights. In the event that, upon such Liquidation, the available assets of the Corporation are insufficient to pay the amount of the liquidating
distributions on all outstanding shares of Series B Preferred Stock and the corresponding amounts payable on all Parity Securities having the same liquidation preference, then the Holders and all other such classes or series of Parity Securities
shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled, and the Holders will not be entitled to any further participation in any distribution
of assets by the Corporation. 
  

 A-4 

 (2) Written notice of any Liquidation, stating the payment date or dates and the place or
places on and at which the amounts distributable as a result thereof shall be payable, shall be given by first class mail, postage paid, not less than 30 nor more than 60 days prior to the first payment date stated therein, to each Holder of shares
of Series B Preferred Stock at the respective addresses of such Holders as they appear on the Corporation’s stock transfer records. 
 (3) After payment to the Holders of the full liquidation amounts provided in this Section 2.5(e), the Holders, as such, will have no right or claim to any of the remaining assets of the Corporation. 

(4) For purposes of this Section 2.5(e), the Corporation’s consolidation or merger with or into any other corporation or
corporations, the sale or pledge of all or substantially all of the Corporation’s or its subsidiaries’ assets, or the sale of a controlling interest of the Corporation’s capital stock is not a Liquidation. 
 (f) Maturity. The Series B Preferred Stock shall be perpetual unless converted in accordance with these Articles. 
 (g) Redemption. The Series B Preferred Stock shall not be subject to mandatory redemption, sinking fund or other similar provisions. 

(h) Conversion. 
 (1) Right to Convert. Shares of the Series B Preferred Stock shall be convertible, at the option of the a Holder or the Corporation, at any time on or after [•], 2011, into shares of Common Stock as set forth below. A Holder or
the Corporation may elect to convert all or any portion of their respective shares of Series B Preferred Stock in accordance with Section 2.5(h)(3) below. The number of shares of Common Stock into which a share of Series B Preferred Stock shall
be convertible shall be determined by dividing the Liquidation Preference by the Applicable Conversion Price (subject to the conversion procedures of Section 2.5(i) hereof). 
 (2) Accrued but Unpaid Dividends at Conversion. Upon conversion of any shares of Series B Preferred Stock, the Holders shall have
the right to receive an additional number of fully paid and non-assessable shares of Common Stock equal to the amount of all accrued and unpaid dividends on such share of Series B Preferred Stock (other than previously declared dividends payable to
a holder of record on a prior Record Date which dividends shall be paid by the Corporation to such holder on the next Payment Date) to the Conversion Date, whether or not declared, divided by the applicable Conversion Price. 
 (3) Partial Conversion. 
 (i) If the Corporation elects to cause less than all the shares of the Series B Preferred Stock to be converted pursuant to Section 2.5(h)(1), then the shares so converted shall be converted on a pro rata
basis. 
 (ii) A Holder may elect to cause less than all of the shares of Series B Preferred Stock held by such Holder to
be converted pursuant to Section 2.5(h)(1), regardless of whether any other Holders elect to convert their shares of Series B Preferred Stock. 
  

 A-5 

 (i) Conversion Procedures. 
 (1) Holder Conversion Procedures. Before any Holder of shares Series B Preferred Stock shall be entitled to convert the same into
shares of Common Stock, such Holder shall surrender the certificate or certificates therefore (to the extent that such shares were issued in certificate form), duly endorsed, at the office of the Corporation or of any transfer agent for such Series
B Preferred Stock, and shall give written notice to the Corporation at its principal corporate office of the election to convert the same and shall state therein the name or names in which the shares of Common Stock are to be issued and the number
of shares of Series B Preferred Stock that the Holder is converting. The Corporation shall, as soon as practicable thereafter, issue and deliver at such office to such Holder, or to the nominee or nominees of such Holder, a certificate or
certificates for the number of shares of Common Stock to which such holder shall be entitled as aforesaid or, in the event such shares of Common Stock are not certificated, a notice of issuance of such shares executed by an authorized officer of the
Corporation. Except as otherwise provided in Section 2.5(h), such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the shares of Series B Preferred Stock to be converted,
and the Person or Persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock as of such date (the “Conversion
Date”). If the conversion is in connection with an underwritten registered offering of securities, the conversion may, at the option of any holder tendering shares of Series B Preferred Stock for conversion, be conditioned upon the closing
with the underwriters of the sale of securities pursuant to such offering, in which event the Persons entitled to receive the Common Stock upon conversion of shares of Series B Preferred Stock shall not be deemed to have converted such shares until
immediately prior to the closing of such sale of securities. 
 (2) Corporation Conversion Procedures. In order for the
Corporation to exercise the conversion right described in Section 2.5(h), the Corporation shall provide notice of such conversion to the applicable Holder (such notice, a “Notice of Conversion at the Option of the
Corporation”). The Conversion Date shall be a date selected by the Corporation (the “Conversion at the Option of the Corporation Date”) and shall be no more than 20 days after the date on which the Corporation provides such
Notice of Conversion at the Option of the Corporation. In addition to any information required by applicable law or regulation, the Notice of Conversion at the Option of the Corporation shall state, as appropriate: 
 (i) the Conversion at the Option of the Corporation Date; 
 (ii) the number of shares of Series B Preferred Stock to be converted; and 
 (iii) the number of shares of Common Stock into which the Series B Preferred Stock shall be converted; and 
 (3) Shares of Series B Preferred Stock duly converted in accordance with these Articles, or otherwise reacquired by the Corporation, will
resume the status of authorized and unissued Preferred Stock, undesignated as to series and available for future issuance. The Corporation may from time-to-time take such appropriate action as may be necessary to reduce the authorized number of
shares of Series B Preferred Stock; provided, however, that the Corporation shall not take any such action if such action would reduce the authorized number of shares of Series B Preferred Stock below the number of shares of Series B
Preferred Stock then outstanding plus any shares of Series B Preferred Stock to be paid as dividends. 
 (4) The Person or
Persons entitled to receive the Common Stock issuable upon conversion of Series B Preferred Stock shall be treated for all purposes as the record holder(s) of such shares of Common Stock as of the close of business on the Conversion Date with
respect thereto. In the event that a Holder shall not by written notice designate the name in which shares of 

  

 A-6 

 
Common Stock to be issued upon conversion of shares of Series B Preferred Stock should be registered or the manner in which such shares should be delivered,
the Corporation shall be entitled to register and deliver such shares in the name of the Holder and in the manner shown on the records of the Corporation. 
 (5) On the Conversion Date, an appropriate entry shall be made to the stock ledger of the Corporation to reflect the number of shares of Common Stock into which the shares of Series B Preferred Stock are convertible
and the remaining shares of Series B Preferred Stock, if any, and a notice of issuance of such shares executed by an authorized officer of the Corporation shall be delivered to each Holder whose shares have been converted. 
 (j) Anti-Dilution Adjustments. 
 (1) The Conversion Price shall be subject to the following adjustments. 
 (i) Stock
Dividends and Distributions. If the Corporation pays dividends or other distributions on the Common Stock in shares of Common Stock, then the Conversion Price in effect immediately prior to the Ex-Date for such dividend or distribution will be
multiplied by the following fraction: 
  

					
		 	 OS0
	 	
		 	OS1	 	

 Where, 
  

			
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the Ex-Date for such dividend or distribution.
		
	OS1 =	  	the sum of the number of shares of Common Stock outstanding immediately prior to the Ex-Date for such dividend or distribution, plus the total number of shares of Common Stock constituting
such dividend or distribution.

 For the purposes of this clause (i), the number of outstanding shares of Common
Stock at the applicable time shall not include shares acquired or otherwise owned or held by the Corporation. If any dividend or distribution described in this clause (i) is declared but not so paid or made, then the Conversion Price shall be
readjusted, effective as of the date the Board of Directors or a regulatory authority determines not to make or permit, as appropriate, such dividend or distribution, to such Conversion Price that would be in effect if such dividend or distribution
had not been declared. 
 (ii) Subdivisions, Splits and Combination of the Common Stock. If the Corporation subdivides,
splits or combines the shares of Common Stock, then the Conversion Price in effect immediately prior to the effective date of such share subdivision, split or combination will be multiplied by the following fraction: 
  

					
		 	 OS0
	 	
		 	OS1	 	

 Where, 
  

			
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the effective date of such share subdivision, split or combination.
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after the effective time of such share subdivision, split or combination.

  

 A-7 

 For the purposes of this clause (ii), the number of outstanding shares of Common Stock at the applicable
time shall not include shares acquired or otherwise owned or held by the Corporation. If any subdivision, split or combination described in this clause (ii) is announced but the outstanding shares of Common Stock are not subdivided, split or
combined, then the Conversion Price shall be readjusted, effective as of the date the Board of Directors not to subdivide, split or combine the outstanding shares of Common Stock, or a regulatory authority determines not to permit such actions, to
such Conversion Price that would be in effect if such subdivision, split or combination had not been announced. 
 (2) (i) All adjustments to
the Conversion Price shall be calculated to the nearest cent, with one-half cent being rounded upwards. No adjustment in the Conversion Price shall be required if such adjustment would be less than $0.01; provided, that any adjustments which
by reason of this subparagraph are not required to be made shall be carried forward and taken into account in any subsequent adjustment; provided further that, on the Conversion Date, adjustments to the Conversion Price will be made with
respect to any such adjustment carried forward and which has not been taken into account before such date. 
 (ii) No
adjustment to the Conversion Price shall be made if Holders participate in or receive the benefits of the transaction that would otherwise give rise to an adjustment, without having to convert the Series B Preferred Stock, as if they held the full
number of shares of Common Stock into which a share of the Series B Preferred Stock may then be converted. 
 (iii) The
Applicable Conversion Price shall not be adjusted: 
 (A) upon the issuance of any shares of Common Stock pursuant to any
present or future plan providing for the reinvestment of dividends or interest payable on the Corporation’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan; 
 (B) upon the issuance of any shares of Common Stock or options, rights or warrants to purchase those shares pursuant to any present or
future employee, director or consultant benefit plan (or similar arrangement) or program of or assumed by the Corporation or any of its subsidiaries; 
 (C) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security outstanding as of the Original Issue Date and not substantially amended
thereafter; 
 (D) upon the issuance of Series A Fixed Rate Cumulative Perpetual Preferred Stock, or the related warrant
convertible into shares of Common Stock, to the U.S. Department of Treasury in the event the Corporation’s application to participate in the Capital Purchase Program administered under the Troubled Asset Relief Program is approved; 

(E) for a change in the par value or no par value of Common Stock; or 
 (F) for accrued and unpaid dividends on the Series B Preferred Stock. 
  

 A-8 

 (3) Whenever the Conversion Price is to be adjusted in accordance with
Section 2.5(j)(1) or Section 2.5(j)(2), the Corporation shall: (i) compute the Conversion Price in accordance with Section 2.5(j)(1) or Section 2.5(j)(2), taking into account the threshold set forth in Section 2.5(j)(3)
hereof; (ii) as soon as practicable following the occurrence of an event that requires an adjustment to the Conversion Price pursuant to Section 2.5(j)(1) or Section 2.5(j)(2), taking into account the threshold set forth in
Section 2.5(j)(3) hereof (or if the Corporation is not aware of such occurrence, as soon as practicable after becoming so aware), provide, or cause to be provided, a written notice to the Holders of the occurrence of such event; and
(iii) as soon as practicable following the determination of the revised Conversion Price in accordance with Section 2.5(j)(1) or Section 2.5(j)(2) hereof, provide, or cause to be provided, a written notice to the Holders setting forth
in reasonable detail the method by which the adjustment to the Conversion Price was determined and setting forth the revised Conversion Price. 
 (4) Without the approval of the Holders of a majority of the then outstanding shares of Series B Preferred Stock, the Corporation will not, by amendment of the Articles or through any recapitalization, reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the material terms to be observed or performed hereunder by the
Corporation (including, without limitation, to affect the calculation of the Conversion Price in any way adverse to the Holders, but will at all times in good faith assist in the carrying out of all the provisions of Sections 2.5(i) and 2.5(j)
hereof and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the Holders against undue impairment. 
 (k) Reorganization Events. 
 (1) In the event that, prior to any Conversion Date with
respect to the shares of Series B Preferred Stock of any Holder, there occurs (any such event specified in the following clauses (i) through (iv), a “Reorganization Event”): 
 (i) any consolidation, merger or other similar business combination of the Corporation with or into another Person, in each case pursuant
to which the Common Stock will be converted into cash, securities or other property of the Corporation or another Person; 
 (ii) any sale, transfer, lease or conveyance to another Person of all or substantially all of the property and assets of the Corporation, in each case pursuant to which the Common Stock will be converted into cash, securities or other
property of the Corporation or another Person; 
 (iii) any reclassification of the Common Stock into securities including
securities other than the Common Stock; or 
 (iv) any statutory exchange of the outstanding shares of Common Stock for
securities of another Person (other than in connection with a merger or acquisition); 
 then each share of such Holder’s Series B
Preferred Stock outstanding immediately prior to such Reorganization Event shall automatically convert, effective as of the consummation of the Reorganization Event, into the type and amount of securities, cash and other property receivable in such
Reorganization Event by the holder (excluding the counterparty to the Reorganization Event or an affiliate of such counterparty) equal to the greater of (i) the number of shares of Common Stock into which one share of Series B Preferred Stock
would then otherwise be convertible and (ii) the number of shares of Common Stock that, if one share of Series B Preferred Stock were converted into such number of shares, would result in the fair market value of the securities, cash 

  

 A-9 

 
and other property receivable in such Reorganization Event by a Holder of such number of shares equaling the Liquidation Preference (such securities, cash
and other property, the “Exchange Property”). In the event that a Reorganization Event referenced in Section 2.5(k)(1) involves common stock of another person as all or part of the consideration being offered in a fixed
exchange ratio transaction, the fair market value per share of such common stock shall be determined by reference to (i) the average of the closing prices of such common stock for the ten trading day period ending immediately prior to the
consummation of such Reorganization Event if the stock is publicly traded, or (ii) an appraisal to be performed by an independent accounting firm acceptable to the Holder and the Corporation or its successor. 
 (2) In the event that holders of the shares of Common Stock have the opportunity to elect the form of consideration to be received in such
transaction, the consideration that the Holders are entitled to receive shall be deemed to be the types and amounts of consideration received by the majority of the holders of the shares of Common Stock that affirmatively make an election.

 (3) The above provisions of this Section 2.5(k) shall similarly apply to successive Reorganization Events, and the
provisions of Section 2.5(j) shall apply to any shares of capital stock of the Corporation (or any successor) received by the holders of the Common Stock in any such Reorganization Event. 
 (4) The Corporation (or any successor) shall, within seven days of the consummation of any Reorganization Event, provide written notice to
the Holders of such consummation of such event and of the kind and amount of the cash, securities or other property that constitutes the Exchange Property. Failure to deliver such notice shall not affect the operation of this Section 2.5(k).

 (5) The Corporation shall not enter into any agreement for a transaction constituting a Reorganization Event unless such
agreement provides for or does not interfere with or prevent (as applicable) conversion of the Series B Preferred Stock into the Exchange Property in a manner that is consistent with and gives effect to this Section 2.5(k). 
 (l) Voting Rights. 
 (1) Holders shall vote together with the holders of Common Stock on an as-converted basis and not as a separate class, except as provided by applicable law and as set forth in this Section 2.5(l). 
 (2) The voting provisions of this Section 2.5(l) shall not apply if, at or prior to the time when the act with respect to which such
vote would otherwise be required shall be effected, all outstanding shares of Series B Preferred Stock shall have been converted by the Corporation upon proper notice. 
 (3) On each matter submitted to a vote of the Holders in accordance with this Section 2.5(l), or as otherwise required by law, each
Share of Series B Preferred Stock shall be entitled to vote on an as-converted basis based on the Applicable Conversion Rate, except that when any other series of Preferred Stock of the Corporation shall have the right to vote with the Series B
Preferred Stock as a single class on any matter, the Series B Preferred Stock and such other series shall have with respect to such matters, one vote per each $1,000 of stated liquidation preference. With respect to each share of Series B Preferred
Stock, the holder thereof may designate a proxy, with each such proxy having the right to vote on behalf of the holder. 
 (m)
Ranking. The Series B Preferred Stock will, with respect to dividend rights and rights upon Liquidation rank (i) on a parity with any other class or series of equity securities of the Corporation the terms of which do not expressly
provide that such class or series will rank senior or junior to the Series 

  

 A-10 

 
B Preferred Stock as to dividend rights and rights upon Liquidation (collectively referred to as “Parity Securities”), and (ii) senior
to the Common Stock and each other class or series of capital stock authorized, issued, outstanding or established after the Original Issue Date by the Corporation the terms of which do not expressly provide that it ranks on a parity with or senior
to the Series B Preferred Stock as to dividend rights and rights upon Liquidation of the Corporation (collectively referred to as “Junior Securities”). The Series B Preferred Stock will rank junior to all of the Corporation’s
indebtedness. For purposes of this Section 2.5(m), debt securities of the Corporation that are convertible into or exchangeable for shares of the Corporation’s capital stock or any other debt securities of the Corporation shall not
constitute a class or series of shares of the Corporation’s capital stock. 
 (n) Headings, etc. The headings hereof are for
convenience of reference only and shall not affect the interpretation of any of the provisions hereof. The words “include,” “including” and derivatives thereof shall be without limitation by reason of enumeration or otherwise,
the singular shall include the plural and vice versa. 
 (o) Severability of Provisions. If any preferences or other rights, voting
powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the shares of Series B Preferred Stock set forth in these Articles are invalid, unlawful or incapable of being enforced
by reason of any rule of law or public policy, all other preferences or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications or terms or conditions of redemption of the shares of Series B
Preferred Stock set forth in these Articles that can be given effect without giving effect to the invalid, unlawful or unenforceable provision shall, nevertheless, remain in full force and effect and no preferences or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the shares of Series B Preferred Stock herein set forth shall be deemed dependent upon any other provision hereof unless so
expressed herein. 
 (p) No Preemptive Rights. No holder of Series B Preferred Stock shall be entitled to any preemptive rights to
subscribe for or acquire any unissued shares of any class of series (whether now or hereafter authorized) or securities of the Corporation convertible into or carrying a right to subscribe to or acquire shares of any class or series. 
 ARTICLE IV 
 These Articles of Amendment were
duly adopted on March [•], 2009. 
 ARTICLE V 
 These Articles of Amendment were adopted by the Corporation’s shareholder, in accordance with the provisions of Sections 14-2-1003 of the Georgia Business Corporation Code. 
 [Remainder of Page Intentionally Left Blank] 
  

 A-11 

 IN WITNESS WHEREOF, Crescent Banking Company has caused these Articles of Amendment to be signed by
Leland W. Brantley, Jr., its Chief Financial Officer, this [•] day of March, 2009. 
  

			
	CRESCENT BANKING COMPANY
		
	By:	 	  

	Name:	 	Leland W. Brantley, Jr.
	Title:	 	Chief Financial Officer

 [Signature Page to Articles of Amendment] 

 Exhibit B 
 CRESCENT BANKING COMPANY 
 SUBSCRIPTION AGREEMENT 
 The undersigned Purchaser has (i) carefully read the Purchase Agreement (the “Purchase Agreement”), dated as of January 29,
2009, by and among Crescent Banking Company (the “Company”) and each of the purchasers named therein; (ii) carefully read the Articles of Amendment to the Company’s Articles of Incorporation designating the Series B
Floating-Rate Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (the “Series B Preferred Stock”), the Escrow Agreement and the Registration Rights Agreement attached to the Purchase Agreement as Exhibits
A, C and D, respectively; and (iii) completed in full and properly executed this Subscription Agreement (this “Subscription Agreement”). The undersigned Purchaser, by signing below, hereby agrees, subject to
the terms and conditions set forth herein and in the Purchase Agreement, and further subject to the Company’s acceptance of this Subscription Agreement, to purchase the number of shares (the “Shares”) of the Series B Preferred
Stock set forth in Section 1(a) below, for the aggregate purchase price set forth therein. 
 Acceptance by the Purchaser of the Shares
shall constitute a confirmation by the Purchaser that all agreements and representations made by the Purchaser in this Subscription Agreement and the Purchase Agreement shall be true and correct at such time. 
 The undersigned Purchaser hereby provides the following information to the Company: 
  

	1.	General Information 

  

	 	(a)	Please provide the following information regarding the Purchaser: 

  

						
	 Name and Address of Principal Residence
	  	Number of Shares	  	Total Purchase Price
			
	  
	  	                    	  	$	                    
			
	  
	  		  		
			
	  
	  		  		
			
	 Facsimile: (            )
            —            
	  		  		

  

	 	(b)	If different from the information provided in Section 1(a) above, please provide the exact name that the Purchaser’s Shares are to be registered in (this is the name that
will appear on the stock certificate(s). The Purchaser may use a nominee name if appropriate: 

  

					
	 Name and Address
	  	 	  	 
			
	  
	  		  	
			
	  
	  		  	
			
	  
	  		  	
			
	 Facsimile: (            )
            —            
	  		  	

  

 B-1 

	 	(c)	Please describe the relationship between the Purchaser of the Shares and the Registered Holder listed in response to Section 1(b) above, if any: 

  

	
	  

  

	 	(d)	If different from the information provided in Section 1(a) above, please provide the mailing address of the Registered Holder listed in response to Section 1(b) above:

  

	
	
	  

	
	  

  

	2.	Accredited Investor Qualification 

 I hereby
represent and warrant that each of the following statements is true and accurate as of the date hereof and will be true and shall be true and accurate as of the date of my payment of the full purchase price of the Shares and shall survive
thereafter: 
 (a) Accredited Investor. Please indicate whether any of the following apply to you (Please check all that apply): 

 

	 	 ̈	You are a natural person whose individual net worth (or whose joint net worth with your spouse) as of the date of this Subscription Agreement exceeds $1,000,000.

  

	 	 ̈	You are a natural person who had an individual income in excess of $200,000 for each of the last two calendar years (or joint income with your spouse in excess of $300,000 in each
of those years) and who reasonably expects to reach the same income level in the current calendar year. 

  

	 	 ̈	You are a director or executive officer of the Company. 

  

	 	 ̈	You are an entity with total assets in excess of $5,000,000 which was not formed for the purpose of investing in the Shares and which is one of the following:

  

	 	•	 	 a corporation; 

  

	 	•	 	 a partnership; 

  

	 	•	 	 a Massachusetts or similar business trust; or 

  

	 	•	 	 a tax-exempt organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended. 

  

	 	 ̈	You are a trust (other than a business trust) with total assets in excess of $5,000,000 which was not formed for the purpose of investing in the Shares and whose decision to invest
in the Shares has been directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investment. 

  

 B-2 

	 	 ̈	You are a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the
Securities Act whether acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; an insurance company as defined in Section 2(a)(13) of the Securities Act;
an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; a Small Business Investment Company licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its
employees, if such plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in
Section 3(21) of that Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plans has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors. 

  

	 	 ̈	You are a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. 

  

	 	 ̈	You are an entity in which all of the equity owners are Accredited Investors. 

 (b) Are you able to bear the economic risk of the proposed investment in the Company for an indefinite period of time?      ̈  Yes     ̈  No 
 (c) Do you,
individually or through your purchaser representative, have such knowledge and experience in financial and business matters that you are capable of evaluating the merits of risks of an investment in the Shares?     ̈  Yes     ̈  No 
 (d) Tax
Information 
 Social Security or Tax I.D. No.: 
 Country of Citizenship: 
 State of Residence: 
  

 B-3 

 (e) Revocable Trusts and Grantor Trusts 
 If you are an individual or individuals that has or have checked one of the boxes above as an “accredited investor,” and wish to purchase shares
in a revocable or grantor trust established by you, please complete the following: 
  

	 	 ̈	The undersigned is/are the sole grantor(s) of a revocable trust where you can revoke or amend the trust at any time, and as such grantor(s), I/we are taxed on the gains and losses
on investments made by such trust. 

  

							
	  
	 		 	  

	Name of Trust	 		 	Date
				
	By:	 	  
	 		 	  

		 	Signature	 		 	Date
	  
	 		 	
	Printed Name	 		 	
	  
	 		 	
	Title	 		 	

  

 B-4 

	3.	Substitute Form W-9 

 THE SUBSTITUTE FROM W-9 MUST BE COMPLETED
AND SIGNED. PLEASE PROVIDE YOUR SOCIAL SECURITY NUMBER OR OTHER TAXPAYER IDENTIFICATION NUMBER (“TIN”) AND CERTIFY THAT YOU ARE NOT SUBJECT TO BACKUP WITHHOLDING. 
  

											
	 	 	 	 
	  
 SUBSTITUTE
  
 Form W-9
	  	Part I – Taxpayer Identification Number.	 	  
	 	 
	  	Enter your taxpayer number in the box at right. (For most individuals, this is your social security number).	 	Social Security Number	 	 
	  		 	OR	 	  
	 	 
	  		 		 	 Employer Identification Number
  
 (If awaiting TIN write “Applied For”)
	 	 
	 Department of the Treasury
 Internal Revenue Service
	  	Part II	 	 
	 	  	  
 Certification – Under penalties of perjury, I certify that:
  
 (1)    The number shown on this form is my correct Taxpayer Identification Number (or I am waiting for a
number to be issued to me),
  
 (2)    I am not subject to backup withholding either because: (a) I am exempt from backup withholding; or (b) I have not been notified by the Internal Revenue Service (“IRS”) that I am subject to backup
withholding as a result of failure to report all interest or dividends; or (c) the IRS has notified me that I am no longer subject to backup withholding,
  
 (3)    I am a U.S. person (including a U.S. resident alien), and
  
 (4)    All information provided in this
form is true, correct and complete.
  
 Certification Instructions – You must
cross out item (2) above if you have been notified by the IRS that you are subject to backup withholding because of under-reporting interest or dividends on your tax return. However, if after being notified by the IRS that you were subject to backup
withholding you received another notification from the IRS that you are no longer subject to backup withholding, do not cross out item (2).
  

	 		 
	Signature:                                      
                	 	Date:                                      
            	 	 
	 	  	 	 	 	 	 	 	 	 	 

  

	NOTE:	FAILURE TO COMPLETE AND RETURN THIS SUBSTITUTE FORM W-9 MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ALL REPORTABLE PAYMENTS MADE TO YOU. 

 NOTE:     YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU ARE AWAITING A TAXPAYER IDENTIFICATION NUMBER. 
  

											
	 CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER
  
 I CERTIFY UNDER PENALTIES OF PERJURY THAT A TAXPAYER IDENTIFICATION NUMBER HAS NOT BEEN ISSUED TO ME, AND EITHER (1) I HAVE MAILED OR DELIVERED AN
APPLICATION TO RECEIVE A TAXPAYER IDENTIFICATION NUMBER TO THE APPROPRIATE INTERNAL REVENUE SERVICE CENTER OR SOCIAL SECURITY ADMINISTRATION OFFICE OR (2) I INTEND TO MAIL OR DELIVER AN APPLICATION IN THE NEAR FUTURE. I UNDERSTAND THAT, IF I DO NOT
PROVIDE A TAXPAYER IDENTIFICATION NUMBER BY THE TIME OF PAYMENT, 28% OF ALL REPORTABLE CASH PAYMENTS MADE TO ME THEREAFTER WILL BE WITHHELD UNTIL I PROVIDE A TAXPAYER IDENTIFICATION NUMBER.
  

	 					 
	Signature:	 	  
	 		 	Date:	 	  
	 	 
	 					 
	 	 	 	 	 	 	 	 	 	 	 

  

 B-5 

	4.	Shareholder Election 

 If the Purchaser checked at
least one box in Section 2(a) and checked yes in Sections 2(b) and (c), then the Purchaser meets the definition of an accredited investor and may purchase Shares in this Offering. 
 The Purchaser elects to purchase the number of Shares set forth in Section 1(a) of this Subscription Agreement for the purchase price indicated
therein. The Purchaser agrees that, unless expressly provided otherwise under applicable law, this subscription is binding upon such Purchaser and is irrevocable. The Purchaser acknowledges that this Subscription Agreement shall not constitute a
valid and binding obligation of the Company until accepted by the Company in writing, and that the Company has the right to reject this Subscription Agreement, either in whole or in part, in its sole discretion. 
  

 B-6 

 IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement and hereby certifies that
the foregoing information is true, correct and complete as of the date hereof and may be relied upon by the Company. Furthermore, the undersigned agrees to notify the Company of any change with respect to the foregoing information and to provide
such further information as the Company may reasonably require. 
  

			
	To be completed by the Purchaser:
		
	Date:	 	  

	Print Name:	 	  

			
	Social Security Number or Tax I.D.:	  	  

			
	Address:	 	  

	  

	Phone No.:	 	  

	Signature:	 	  

  

			
	ACCEPTED AS TO              SHARES:
	
	CRESCENT BANKING COMPANY
		
	By:	 	  

	Title:	 	  

	Date:	 	  

  

 B-7 

 Exhibit C 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this “Agreement”), dated as of
January 29, 2009 (the “Effective Time”), is by and among Crescent Banking Company, a Georgia corporation (the “Company”), each of the Purchasers (the “Purchasers”) as set forth on Schedule
A to the Purchase Agreement (as defined below), and Crescent Bank & Trust Company, a Georgia state-chartered bank, as escrow agent hereunder (the “Escrow Agent”). 
 Preamble 
 WHEREAS, the Company and the Purchasers have entered into that
certain Purchase Agreement, dated as of January 29, 2009 (together with the related exhibits, schedules, appendices and annexes, which comprise a part thereof, the “Purchase Agreement”), pursuant to which the Purchasers have
agreed to purchase 27,249 shares of the Company’s Series B Floating-Rate Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (the “Series B Preferred Stock”) at a price per share equal to One Thousand
Dollars ($1,000) for a total aggregate purchase price of $27,249,000 (the “Purchase Price”); 
 WHEREAS, pursuant to the
Purchase Agreement, the Company and the Purchasers have agreed that the Purchase Price shall be placed into escrow as a source of payment for the Shares upon satisfaction or waiver of the closing conditions set forth in Section 2(c) of the
Purchase Agreement (the “Closing Conditions”); 
 WHEREAS, the Company and the Purchasers desire that the Escrow Agent
perform certain services with respect to the Escrow Amount (as defined below), and the Escrow Agent is willing to hold and administer such Escrow Amount and any income thereon and additions thereto, and to pay and distribute the Escrow Amount in
accordance with the terms of this Agreement; and 
 WHEREAS, capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Purchase Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound agree as follows: 
 ARTICLE I 
 ESTABLISHMENT OF ESCROW 
  

	Section 1.1	Escrow Amount 

 Contemporaneously with the
execution of the Purchase Agreement, each Purchaser shall immediately deposit, or arrange for the immediate deposit of the amount set forth opposite such Purchaser’s name on Schedule A to the Purchase Agreement (collectively, the
“Escrow Amount”) with the Escrow Agent. The Escrow Amount shall be held as the source for payment of the Purchase Price upon satisfaction or waiver of the Closing Conditions. From and after receipt of the Escrow Amount by the Escrow
Agent, the Escrow Agent will hold and disburse the Escrow Amount (together with any cash or other property received in respect thereof or earned thereon, which shall become a part of the Escrow Amount) only in accordance with the provisions of this
Agreement. Prior to the release and distribution of the Escrow Amount, the Escrow Agent shall hold the Escrow Amount for the benefit of the Company and the Purchasers pursuant to the terms of this Agreement. 
  

 C-1 

	Section 1.2	Investments. 

 (a) The Escrow Agent shall
invest the Escrow Amount and any other cash received by the Escrow Agent with respect thereto in such Eligible Investments as the Company and the Purchasers designate in writing to the Escrow Agent and shall not be responsible or liable for any
loss, tax or other charge accruing from any investment made in accordance herewith. “Eligible Investments” shall mean (i) obligations issued or guaranteed by the United States of America or any agency or instrumentality thereof
(provided that the full faith and credit of the United States is pledged in support thereof); (ii) obligations (including certificates of deposit and banker's acceptances) of any domestic commercial bank having capital and surplus in excess of
$500,000,000; (iii) repurchase obligations for underlying securities of the type described in clause (i); or (iv) shares of money market funds at least 95% of the assets of which constitute obligations of the type described in clause
(i) above. In the absence of written instruction from the Company and the Purchasers, funds shall be held in cash. 
 (b) The Escrow
Agent shall, at the request and direction (including, without limitation, as to timing, method of payment and other terms) of the Purchasers, distribute all interest and other earnings from the investment of the Escrow Amount by the Escrow Agent to
them on a pro rata basis; provided, however, that the Escrow Agent shall be required to distribute such interest and other earnings no more than two (2) times per month; and, provided further, that (i) the distribution
of such interest and other earnings shall be made after the deduction or waiver of any fees payable to the Escrow Agent in accordance with Section 3.2 hereof, and (ii) no disbursements to the Purchasers shall be made that would cause the
Escrow Amount to be less than the Purchase Price. 
  

	Section 1.3	Tax-Related Terms. 

 The Company and the
Purchasers agree that, for tax reporting purposes, all interest or other income earned from the investment of the Escrow Amount in any tax year shall, to the extent such interest or other income is distributed by the Escrow Agent to any person or
entity pursuant to the terms of this Agreement during such tax year, be reported as allocated to such person or entity, to the extent required by applicable law. The Company and the Purchasers will provide the Escrow Agent with appropriate W-9 forms
for tax identification number certification. The Escrow Agent shall be responsible for income reporting only with respect to income earned on the Escrow Amount and shall not be responsible for any other reporting. 
 ARTICLE II 
 TERM; RELEASE OF ESCROW
FUNDS 
  

	Section 2.1	Term. 

 The term of this Agreement shall
commence at the Effective Time and shall terminate at such time as the Escrow Amount has been distributed pursuant to the terms of this Agreement. 
  

	Section 2.2	Release of Escrow Amount. 

 The Escrow Agent
shall release and distribute the Escrow Amount (a) to the Company upon the Escrow Agent’s receipt of a certificate duly executed by the Company certifying to the Escrow Agent that the Closing Conditions have been satisfied and such amounts
are due to the Company pursuant to the terms and conditions of the Purchase Agreement, or (b) to the Purchasers in the event that the Closing Conditions have not been met or waived by April 30, 2009. 
  

 C-2 

	Section 2.3	Effect of Final Delivery. 

 This Agreement
shall continue in full force and effect until the Escrow Agent has delivered all of the Escrow Amount pursuant to the terms hereof. Except as set forth in Section 4.12, after all of such funds have been so delivered, all rights, duties and
obligations of the respective parties hereunder shall terminate. 
 ARTICLE III 
 THE ESCROW AGENT 
  

	Section 3.1	Appointment. 

 The Company and the Purchasers
hereby designate and appoint the Crescent Bank & Trust Company as “Escrow Agent” under this Agreement, and the Escrow Agent hereby accepts such designation and appointment, subject to all of the provisions of this Agreement.

  

	Section 3.2	Compensation; Expenses Reimbursement. 

 (a)
The Company, on the one hand, and the Purchasers, on the other hand, agree that each shall bear equally the cost of the Escrow Agent’s compensation for its normal services hereunder in accordance with the fee schedule set forth on Exhibit
A to this Agreement, which may be subject to change as mutually agreed upon from time to time by the Company, the Purchasers and the Escrow Agent. 
 (b) The Company and the Purchasers agree, jointly and severally, to reimburse the Escrow Agent on demand for all costs and expenses incurred in connection with the administration of this Agreement or the escrow
created hereby or the performance or observance of its duties hereunder which are in excess of its compensation for normal services hereunder, including payment of any reasonable legal fees and expenses incurred by the Escrow Agent in connection
with resolution of any claim by any party hereunder. 
 (c) The Company and the Purchasers agree that, if any fees, expenses or costs
incurred by, or any obligations owed to, the Escrow Agent pursuant to this Section 3.2 are not promptly paid when due, the Escrow Agent may reimburse itself therefor from the Escrow Amount. In the event of any reimbursement pursuant to this
Section 3.2(c), the Escrow Agent shall notify the Company and the Purchasers of such reimbursement and shall furnish to the Company and the Purchasers copies of all related invoices and other statements. 
  

	Section 3.3	Escrow Agent Terms and Conditions. 

 (a) The
duties, responsibilities and obligations of the Escrow Agent shall be limited to those expressly set forth herein, and no duties, responsibilities or obligations shall be inferred or implied. The Escrow Agent, in its capacity as such, shall not be
subject to, nor required to comply with, any other agreement to which the Company and the Purchasers are a party, even though reference thereto may be made herein, or to comply with any direction or instruction (other than those contained herein or
delivered in accordance with this Escrow Agreement) from the Company or the Purchasers or any entity acting on their behalf. The Escrow Agent shall not be required to, and shall not, expend or risk any of its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder. 
 (b) If at any time the Escrow Agent is served with any judicial or
administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects the 

  

 C-3 

 
Escrow Amount (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of
the Escrow Amount), the Escrow Agent is authorized to comply therewith in any manner as it or legal counsel of its own choosing deems appropriate; and if the Escrow Agent complies with any such judicial or administrative order, judgment, decree,
writ or other form of judicial or administrative process, the Escrow Agent shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified or
vacated or otherwise determined to have been without legal force or effect. 
 (c) (i) The Escrow Agent shall not be liable for any action
taken or omitted, or for any loss or injury resulting from its actions or its performance or lack of performance of its duties hereunder in the absence of gross negligence or willful misconduct on its part. In no event shall the Escrow Agent be
liable (i) for acting in accordance with or relying upon any instruction, notice, demand, certificate or document from the Company or the Purchasers or any entity acting on behalf of the Company or the Purchasers, (ii) for any
consequential, punitive or special damages, (iii) for the acts or omissions of its nominees, correspondents, designees, subagents or subcustodians selected with reasonable care, or (iv) for an amount in excess of the value of the Escrow
Amount. 
 (ii) As security for the due and punctual performance of any and all of the Company’s and the Purchasers’ obligations to
the Escrow Agent hereunder, now or hereafter arising, the Company and the Purchasers hereby pledge, assign and grant to the Escrow Agent a continuing security interest in, and a lien on, their respective right, title and interest in and to the
Escrow Amount and all distributions thereon or additions thereto (whether such additions are the result of deposits by the parties to this Agreement or the investment of the Escrow Amount). The security interest of the Escrow Agent shall at all
times be valid, perfected and enforceable by the Escrow Agent against the Company, the Purchasers and all third parties in accordance with the terms of this Escrow Agreement. 
 (iii) The Escrow Agent may consult with legal counsel of its own selection at the reasonable expense of the Company and the Purchasers as to any matter
relating to this Escrow Agreement, and the Escrow Agent shall not incur any liability in acting in good faith in accordance with any advice from such counsel. 
 (iv) The Escrow Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Escrow Agent
(including, but not limited to, any act or provision of any present or future law or regulation or governmental authority, any act of God or war, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication
facility). 
 (d) Unless otherwise specifically set forth herein, the Escrow Agent shall proceed as soon as practicable to collect any checks
or other collection items at any time deposited hereunder. All such collections shall be subject to the Escrow Agent’s usual collection practices or terms regarding items received by the Escrow Agent for deposit or collection. 
 (e) Notices, instructions or other communications shall be in writing and shall be given to the address set forth in the “Notices” provision
herein (or to such other address as may be substituted therefor by written notification to the Escrow Agent, the Company and the Purchasers). Notices to the Escrow Agent shall be deemed to be given when actually received by the Escrow Agent. The
Escrow Agent is authorized to comply with and rely upon any notices, instructions or other communications believed by it in good faith to have been sent or given by the Company or the Purchasers or by a person or persons authorized by the Company or
the Purchasers. Whenever under the terms hereof the time for giving a notice or performing an act falls upon a Saturday, Sunday, or banking holiday, such time shall be extended to the next day on which the Escrow Agent is open for business.

  

 C-4 

 (f) The Company and the Purchasers shall be jointly and severally liable for and shall reimburse and
indemnify the Escrow Agent and hold the Escrow Agent harmless from and against any and all claims, losses, liabilities, costs, damages or expenses (including reasonable attorneys’ fees and expenses) (collectively, “Losses”)
arising from or in connection with or related to this Escrow Agreement or being the Escrow Agent hereunder (including, but not limited to, Losses incurred by the Escrow Agent in connection with its successful defense, in whole or in part, of any
claim of gross negligence or willful misconduct on its part); provided, however, that nothing contained herein shall require the Escrow Agent to be indemnified for Losses caused by its own gross negligence or willful misconduct. 

(g) (i) In the event of any ambiguity or uncertainty hereunder or in any notice, instruction or other communication received by the Escrow Agent
hereunder, the Escrow Agent may, in its sole discretion, refrain from taking any action other than retain possession of the Escrow Amount, until the Escrow Agent receives written instructions, signed by the Company and the Purchasers, which
eliminate such ambiguity or uncertainty. 
 (ii) IN THE EVENT OF ANY DISPUTE BETWEEN OR CONFLICTING CLAIMS BY OR AMONG THE COMPANY AND THE
PURCHASERS AND/OR ANY OTHER PERSON OR ENTITY WITH RESPECT TO ANY ESCROW AMOUNT, THE ESCROW AGENT SHALL BE ENTITLED, IN ITS SOLE DISCRETION, TO REFUSE TO COMPLY WITH ANY AND ALL CLAIMS, DEMANDS OR INSTRUCTIONS WITH RESPECT TO SUCH ESCROW AMOUNT SO
LONG AS SUCH DISPUTE OR CONFLICT SHALL CONTINUE, AND THE ESCROW AGENT SHALL NOT BE OR BECOME LIABLE IN ANY WAY TO THE COMPANY OR THE PURCHASERS FOR FAILURE OR REFUSAL TO COMPLY WITH SUCH CONFLICTING CLAIMS, DEMANDS OR INSTRUCTIONS. THE ESCROW AGENT
SHALL BE ENTITLED TO REFUSE TO ACT UNTIL, IN ITS SOLE DISCRETION, EITHER (I) SUCH CONFLICTING OR ADVERSE CLAIMS OR DEMANDS SHALL HAVE BEEN DETERMINED BY A FINAL ORDER, JUDGMENT OR DECREE OF A COURT OF COMPETENT JURISDICTION, WHICH ORDER,
JUDGMENT OR DECREE IS NOT SUBJECT TO APPEAL, OR SETTLED BY AGREEMENT BETWEEN THE CONFLICTING PARTIES AS EVIDENCED IN A WRITING SATISFACTORY TO THE ESCROW AGENT OR (II) THE ESCROW AGENT SHALL HAVE RECEIVED SECURITY OR AN INDEMNITY SATISFACTORY TO IT
SUFFICIENT TO HOLD IT HARMLESS FROM AND AGAINST ANY AND ALL LOSSES WHICH IT MAY INCUR BY REASON OF SO ACTING. THE ESCROW AGENT MAY, IN ADDITION, ELECT, IN ITS SOLE DISCRETION, TO COMMENCE AN INTERPLEADER ACTION OR SEEK OTHER JUDICIAL RELIEF OR
ORDERS AS IT MAY DEEM, IN ITS SOLE DISCRETION, NECESSARY. THE COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES AND EXPENSES) INCURRED IN CONNECTION WITH SUCH PROCEEDING SHALL BE PAID BY, AND SHALL BE DEEMED AN OBLIGATION OF THE COMPANY
AND THE PURCHASERS. 
 (h) The Escrow Agent shall in no event have any liability in connection with its investment, reinvestment or
liquidation, in good faith and in accordance with the terms hereof, of any Escrow Amount held by it hereunder, including, without limitation, any liability for any delay not resulting from gross negligence or willful misconduct in such investment,
reinvestment or liquidation, or for any loss of income incident to any such delay. 
 (i) It is understood that fees and usual charges agreed
upon with respect to the Escrow Agent’s services shall be considered compensation for its services as contemplated by this Agreement, and if the Escrow Agent renders any service not provided for in this Agreement, or if there is any assignment
of any interest in the subject matter of this Agreement by Sellers or Buyer or any modification of this Agreement, or if any controversy arises under this Agreement or the Escrow Agent is made a party 

  

 C-5 

 
to any litigation pertaining to this Agreement, or the subject matter of this Agreement, the Escrow Agent shall be reasonably compensated for those
extraordinary services and reimbursed for all costs and expenses occasioned by such services, controversy or litigation and Buyer hereby promises to pay such sums upon demand. 
 ARTICLE IV 
 MISCELLANEOUS 
  

	Section 4.1	Governing Law. 

 This Agreement shall be
interpreted, construed, enforced and administered in accordance with the internal substantive laws (and not the choice of law rules) of the State of Georgia. The Company and the Purchasers hereby submit to the personal jurisdiction of and each
agrees that all proceedings relating hereto shall be brought in courts located within the State of Georgia. 
  

	Section 4.2	Amendment. 

 Except as otherwise permitted
herein, this Escrow Agreement may be modified only by a written amendment signed by all the parties hereto, and no waiver of any provision hereof shall be effective unless expressed in a writing signed by the party to be charged. 
  

	Section 4.3	Waiver. 

 The rights and remedies conferred
upon the parties hereto shall be cumulative, and the exercise or waiver of any such right or remedy shall not preclude or inhibit the exercise of any additional rights or remedies. The waiver of any right or remedy hereunder shall not preclude the
subsequent exercise of such right or remedy. 
  

	Section 4.4	Binding Obligation. 

 The Company and the
Purchasers hereby represent and warrant (a) that this Escrow Agreement has been duly authorized, executed and delivered on its behalf and constitutes its respective legal, valid and binding obligation and (b) that the execution, delivery
and performance of this Escrow Agreement by the Company and the Purchasers do not and will not violate any applicable law or regulation. 
  

	Section 4.5	Severability. 

 The invalidity, illegality or
unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision; and if any provision is held to be unenforceable as a matter of law, the other provisions shall not be
affected thereby and shall remain in full force and effect. 
  

	Section 4.6	Entire Agreement. 

 This Agreement shall
constitute the entire agreement of the parties with respect to the subject matter and supersedes all prior oral or written agreements in regard thereto. 
  

	Section 4.7	Headings. 

 The headings contained in this
Agreement are for convenience of reference only and shall have no effect on the interpretation or operation hereof. 
  

 C-6 

	Section 4.8	Counterparts. 

 This Escrow Agreement may be
executed, by facsimile or otherwise, by each of the parties hereto in any number of counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all such counterparts shall together constitute one
and the same agreement. 
  

	Section 4.9	Transferability; Third Party Beneficiaries. 

 The parties to this Agreement may not transfer any interest in the Escrow Amount or any other right under this Escrow Agreement to any other party without the prior written consent of the other party to this Agreement. Except as set forth
in this Section 4.9, this Agreement is for the exclusive benefit of the parties hereto and their respective successors hereunder, and shall not be deemed to give, either express or implied, any legal or equitable right, remedy, or claim to any
other entity or person whatsoever. 
  

	Section 4.10	Binding Effect. 

 This Agreement shall inure
to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the parties hereto. 
  

	Section 4.11	Notices. 

 All notices or other
communications which are required or permitted hereunder shall be in writing and sufficient if delivered by hand, by facsimile transmission, by registered or certified mail, postage pre-paid, or by courier or overnight carrier, to the Company or the
Escrow Agent at the address set forth below and to the Purchasers at their respective addresses set forth on Schedule A to the Purchase Agreement (or at such other address as may be provided hereunder), and shall be deemed to have been
delivered as of the date so delivered. 
 If to the Company, to: 
 Crescent Banking Company 
 7 Caring Way

 Jasper, Georgia 30143 
 Attention: Leland W. Brantley, Jr. 
 Telephone: (678) 454-2258 
 Facsimile: (678) 454-2282 
 With a copy
(which shall not constitute notice) to 
 Alston & Bird LLP 
 1201 West Peachtree Street 
 Atlanta, Georgia

 Attention: Mark C. Kanaly 
 Telephone: (404) 881-7975 
 Facsimile: (404) 253-8390 
  

 C-7 

 If to the Escrow Agent to: 
 Crescent Bank & Trust Company 
 7 Caring Way 
 Jasper, Georgia 30143 
 Attention: Leland W.
Brantley, Jr. 
 Telephone: (678) 454-2258 
 Facsimile: (678) 454-2282 
 If to the Purchasers: 
 Please refer to Schedule A of the Purchase Agreement for Purchaser contact information. 
  

	Section 4.12	Survival. 

 The following provisions shall
survive any termination of this Agreement or the resignation or removal of the Escrow Agent: Sections 3.2(b), 4.9 and this Section 4.12 
 [Remainder of page intentionally left blank; signatures on following page(s)] 
  

 C-8 

 IN WITNESS WHEREOF, the parties have executed this Escrow Agreement as of the day and year first
above written. 
  

			
	ESCROW AGENT
		
	By:	 	  

	Name:	 	Leland W. Brantley, Jr.
	Title:	 	Chief Financial Officer
	
	CRESCENT BANKING COMPANY
		
	By:	 	  

	Name:	 	Leland W. Brantley, Jr.
	Title:	 	Chief Financial Officer

  

			
	PURCHASERS
		
		 	  

		 	J. Donald Boggus, Jr.
		
		 	  

		 	R. Gary Copeland
		
		 	  

		 	Michael W. Lowe
		
		 	  

		 	Richard Combs
		
		 	  

		 	Ryker Lowe
		
		 	  

		 	A. Bradley Rutledge

 [Signatures continued on the following page] 
 [Signature Page to Escrow Agreement] 

			
		
		 	  

		 	Lorrie L. Shaw
		
		 	  

		 	Bonnie Boling
		
		 	  

		 	Parke Day
		
		 	  

		 	Anthony N Stancil
		
		 	  

		 	Leland W. Brantley, Jr.
		
		 	  

		 	Donald S. Shapleigh
		
		 	  

		 	Brian G. Whelan
		
		 	  

		 	Richard Zorn

 [Signature Page to Escrow Agreement] 

 Exhibit A 
 Fee Schedule 

 Exhibit D 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
is made and entered into as of                     , 2009, by and among CRESCENT BANKING COMPANY, a Georgia corporation (the
“Company”), and those purchasers (the “Purchasers”) identified on, and a party to, an executed copy of the Purchase Agreement, dated as of January 29, 2009, by and among the Company and the Purchasers, to which
this Agreement is an Exhibit (the “Purchase Agreement”). 
 WHEREAS, pursuant to the Purchase Agreement, the Company is
issuing and selling up to 27,249 shares (the “Shares”) of its Series B Floating-Rate Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (the “Series B Preferred Stock”) to the Purchasers;

 WHEREAS, the Shares are being offered and sold to the Purchasers without registration under the Securities Act of 1933, as amended (the
“Securities Act”), in reliance upon the exemption from registration provided by Regulation D promulgated under the Securities Act; and 
 WHEREAS, in order to induce the Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Purchasers (and their direct and indirect permitted transferees, if any) the registration
rights set forth in this Agreement with respect to the resale of the Conversion Shares (as defined below). 
 NOW THEREFORE, in consideration
of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
 SECTION 1 
 Definitions

 1. Definitions. Capitalized terms used herein without definition shall have the respective meanings set forth in the
Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means, with respect to any specified person, an “affiliate,” as defined in Rule 144, of such person. 
 “Agreement” has the meaning set forth in the preamble. 
 “Amendment
Effectiveness Deadline Date” has the meaning set forth in Section 2(d)(i)(B) hereof. 
 “Automatic Shelf
Registration Statement” has the meaning ascribed to it in Rule 405. 
 “Business Day” means any day,
other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in New York, New York or Atlanta, Georgia are authorized or required by Federal law, regulation or executive order to close. 
 “Common Stock” means the shares of Company’s common stock, $1.00 par value per share. 
 “Company” has the meaning set forth in the preamble. 
  

 D-1 

 “Company Indemnified Party” has the meaning set forth in
Section 6.2 hereof. 
 “Controlling Person” has the meaning set forth in Section 6.1 hereof.

 “Conversion Price” has the meaning ascribed to it in the Purchase Agreement. 
 “Conversion Shares” means the Common Stock issued and issuable upon conversion of the Shares. 
 “Covered Security” has the meaning set forth below in the definition of “Registrable Security.” 
 “Cutback Securities” means any of the Initial Required Registration Amount of Registrable Securities not included in all
Registration Statements previously declared effective hereunder as a result of a limitation on the maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC pursuant to Rule 415(a)(1)(i). 

“Designated Counsel” means one (1) counsel, if any, for the Holders in connection with the Shelf Registration
Statement, which Designated Counsel shall be designated in writing to the Company by the Required Holders. 
 “Effectiveness Deadline Date” has the meaning set forth in Section 2(a) hereof. 
 “Effectiveness Period” means a period (subject to extension pursuant to Section 3(n) hereof) that terminates when there are no Registrable Securities outstanding. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Filing Deadline Date” means [—], 2011.

 “Form S-1” means Form S-1 under the Securities Act. 
 “Form S-3” means Form S-3 under the Securities Act. 
 “Holder” means the Person in whose name the shares of the Series B Preferred Stock are registered, which may be treated
by the Corporation as the absolute owner of the shares of Series B Preferred Stock for the purpose of making payment and settling the related conversions and for all other purposes. 
 “Holder Indemnified Party” has the meaning set forth in Section 6.1 hereof. 
 “Holder Information” has the meaning set forth in Section 6.2 hereof. 
 “Indemnified Party” has the meaning set forth in Section 6.3 hereof. 
 “Indemnifying Party” has the meaning set forth in Section 6.3 hereof. 
 “Initial Required Registration Amount” means (i) the number of Conversion Shares issued and issuable pursuant to the
Shares as of the trading day immediately preceding the 

  

 D-2 

 
applicable date of determination, subject to adjustment as provided in Section 2(f), without regard to any limitations on conversions of the Shares or
(ii) such other amount as may be required by the staff of the SEC pursuant to Rule 415, with any cutback applied pro rata to all Registrable Securities, except to the extent prohibited by the SEC. 
 “Initial Shelf Registration Statement” has the meaning set forth in Section 2(a) hereof. 
 “Issue Date” means [—], 2009. 
 “Material Event” has the meaning set forth in Section 2(n) hereof. 
 “Notice and Questionnaire” means a written questionnaire containing substantially the information called for by the
Selling Shareholder Notice and Questionnaire attached as Schedule A hereto. 
 “Notice Holder” means,
on a given date, any Holder that has delivered a Notice and Questionnaire to the Company on or prior to such date, provided not all of such Holder’s Registrable Securities that have been registered for resale pursuant to a Notice and
Questionnaire have been sold in accordance with a Shelf Registration Statement. 
 “Proceeding” has the
meaning set forth in Section 6.3(a) hereof. 
 “Prospectus” means each prospectus relating to any Shelf
Registration Statement, including all supplements and amendments to such prospectus, in each case in the form furnished pursuant to this Agreement by the Company to Holders or filed by the Company with the SEC pursuant to Rule 424 or as part of such
Shelf Registration Statement, as the case may be, and in each case including all materials, if any, incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 “Purchase Agreement” has the meaning set forth in the preamble hereof. 
 “Registrable Securities” means (i) at all times, the Conversion Shares and any securities into or for which such
Conversion Shares have been converted or exchanged, and (ii) any security issued with respect thereto upon any stock dividend, split or similar event (each of the foregoing, a “Covered Security”) until, in the case of any such
security, the earliest of: 
 (1) the date on which such security has been effectively registered under the Securities Act and
disposed of in accordance with the Registration Statement relating thereto; 
 (2) the date on which such security may be
resold without restriction pursuant to Rule 144(k) or any successor provision thereto; or 
 (3) the date on which such
security has been sold pursuant to Rule 144 or any successor provision thereto. 
 “Registration Statement”
means each registration statement, under the Securities Act, of the Company that covers any of the Registrable Securities pursuant to this Agreement, including amendments and supplements to such registration statement and including all
post-effective amendments to, all exhibits of, and all materials incorporated by reference or deemed to be incorporated by reference in, such registration statement, amendment or supplement. 
  

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 “Required Holders” means the holders of at least a majority of the
Registrable Securities. 
 “Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “Rule 144A” means Rule
144A under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “Rule 405” means Rule 405 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “Rule 415” means Rule 415 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 
 “Rule 424” means Rule 424 under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “Rule
429” means Rule 429 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “Rule 430B” means Rule 430B under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC. 
 “Rule 456” means Rule 456 under the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “Rule
457” means Rule 457 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” means the Securities and Exchange Commission. 
 “SEC Non-Reporting Requirements” means the rules and regulations of the SEC other than the SEC Reporting Requirements.

 “SEC Reporting Requirements” means the rules and regulations of the SEC requiring the filing, with the
SEC, of financial statements, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder. 
 “Shelf Registration Statement” means the Initial Shelf Registration Statement and any Subsequent Shelf Registration Statement. 
 “Subsequent Shelf Registration Statement” has the meaning set forth in Section 2(b) hereof. 
 “Subsequent Shelf Registration Statement Effectiveness Deadline Date” has the meaning set forth in Section 2(d)
hereof. 
  

 D-4 

 “Suspension Notice” has the meaning set forth in Section 3(n)
hereof. 
 “Suspension Period” means the period during which the availability of the Shelf Registration
Statement and any Prospectus may be suspended. 
 SECTION 2 
 Registration Rights 
 (a) The Company shall prepare and file, or
cause to be prepared and filed, with the SEC, as soon as practicable but in no event later than the Filing Deadline Date, a Registration Statement (the “Initial Shelf Registration Statement”), subject to Section 2(f), for an
offering to be made on a delayed or continuous basis pursuant to Rule 415 registering the resale from time to time by the Holders thereof of at least the number of shares of Common Stock equal to the Initial Required Registration Amount determined
as of the date the Initial Shelf Registration Statement is initially filed with the SEC. The Initial Shelf Registration Statement shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any
reasonable method of distribution elected by the Holders. The Company shall use its reasonable best efforts to (i) cause the Initial Shelf Registration Statement to become effective under the Securities Act as promptly as practicable but in any
event by the date (the “Effectiveness Deadline Date”) that is one hundred and twenty (120) days after the date that is the earlier of (A) the date the Initial Shelf Registration Statement is filed with the SEC and
(B) the Filing Deadline Date; and (ii) keep the Initial Shelf Registration Statement (and any Subsequent Shelf Registration Statement) continuously effective under the Securities Act until the expiration of the Effectiveness Period. At the
time the Initial Shelf Registration Statement becomes effective under the Securities Act, each Holder that became a Notice Holder on or before the tenth (10th) Business Day before the date of such effectiveness shall be named as a selling
shareholder in the Initial Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law. 
 (b) If, for any reason, at any time during the Effectiveness Period any Shelf Registration Statement ceases to be effective under the
Securities Act, or ceases to be usable for the purposes contemplated hereunder, the Company shall use its reasonable best efforts to promptly cause such Shelf Registration Statement to become effective under the Securities Act (including obtaining
the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and in any event shall, within twenty (20) Business Days of such cessation of effectiveness, (i) amend such Shelf Registration Statement
in a manner reasonably expected to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or (ii) file an additional Registration Statement (a “Subsequent Shelf Registration
Statement”), subject to Section 2(f), for an offering to be made on a delayed or continuous basis pursuant to Rule 415 registering the resale from time to time by Holders thereof of all securities that are Registrable Securities as of
the time of such filing; provided, however, that if registration of Registrable Securities not held by Notice Holders is not at such time permitted by the rules and regulations of the SEC, then such Subsequent Shelf Registration Statement
shall instead, subject to Section 2(f), register the resale from time to time by Notice Holders of their securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration Statement is filed, the
Company shall use its reasonable best efforts to (A) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as practicable after such filing, but in no event later than the Subsequent Shelf
Registration Statement Effectiveness Deadline Date and (B) keep such 

  

 D-5 

 
Subsequent Shelf Registration Statement (or another Subsequent Shelf Registration Statement) continuously effective until the end of the Effectiveness
Period. Each such Subsequent Shelf Registration Statement, if any, shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders.

 (c) The Company shall supplement and amend any Shelf Registration Statement if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such Shelf Registration Statement, if required by the Securities Act or as reasonably requested by the Trustee on behalf of the Holders of the Registrable Securities covered by
such Shelf Registration Statement. 
 (d) (i) Each Holder of Registrable Securities agrees that, if such Holder wishes to sell Registrable
Securities pursuant to a Shelf Registration Statement and related Prospectus, it will do so only in accordance with this Section 2(d) and Section 3(n). Each Holder of Registrable Securities wishing to sell Registrable Securities pursuant
to a Shelf Registration Statement and related Prospectus agrees (A) to deliver a completed and executed Notice and Questionnaire to the Company prior to any attempted or actual distribution of Registrable Securities under a Shelf Registration
Statement; and (B) to provide to the Company any other information the Company may reasonably request in connection with such sale. If a Holder becomes a Notice Holder after the tenth (10th) Business Day before the date the Initial Shelf
Registration Statement becomes effective under the Securities Act, the Company shall, as promptly as practicable after the date such Holder became a Notice Holder, and in any event, subject to clause (B) below, within the later of
(x) twenty (20) Business Days after such date or (y) twenty (20) Business Days after the expiration of any Suspension Period that either (I) is in effect when such Holder became a Notice Holder or (II) is put into effect
within twenty (20) Business Days after the date such Holder became a Notice Holder, 
 (A) file with the SEC a
supplement to the related Prospectus (or, if required by law, a post-effective amendment to the Shelf Registration Statement or a Subsequent Shelf Registration Statement), and all other document(s), in each case as is required or desirable so that
such Notice Holder is named as a selling shareholder in a Shelf Registration Statement and the related Prospectus in such a manner as to permit such Notice Holder to deliver a Prospectus to purchasers of the Registrable Securities in accordance with
applicable law; provided, however, that, if a Prospectus or Prospectus supplement, post-effective amendment or a Subsequent Shelf Registration Statement is required by the rules and regulations of the SEC in order to permit resales by such
Notice Holder, the Company shall not be required (i) to file more than one (1) post-effective amendment or Subsequent Shelf Registration Statement for such purpose in any thirty (30) day period and (ii) to file more than one
(1) Prospectus or Prospectus supplement in any twenty (20) day period; 
 (B) if, pursuant to
Section 2(d)(i)(A), a post-effective amendment to the Shelf Registration Statement or a Subsequent Shelf Registration Statement shall have been filed, the Company shall use its reasonable best efforts to cause such post-effective amendment or
Subsequent Shelf Registration Statement, as the case may be, to become effective under the Securities Act as promptly as practicable, but in any event by the date (the “Amendment Effectiveness Deadline Date,” in the case of a
post-effective amendment, and the “Subsequent  

  

 D-6 

 
Shelf Registration Statement Effectiveness Deadline Date,” in the case of a Subsequent Shelf Registration Statement) that is thirty
(30) days after the date such post-effective amendment or Subsequent Shelf Registration Statement, as the case may be, is required by this Section 2(d) to be filed with the SEC; 
 (C) if requested by such Notice Holder, the Company shall provide such Notice Holder a reasonable number of copies of any documents filed
pursuant to clause (A) above; 
 (D) the Company shall notify such Notice Holder as promptly as practicable after the
effectiveness under the Securities Act of any post-effective amendment or Subsequent Shelf Registration Statement filed pursuant to clause (A) above; 
 (E) if such Holder became a Notice Holder during a Suspension Period, or a Suspension Period is put into effect within twenty (20) Business Days after the date such Holder became a Notice Holder, the Company
shall so inform such Notice Holder and shall take the actions set forth in clauses (A), (B), (C) and (D) above within twenty (20) Business Days after expiration of such Suspension Period in accordance with Section 3(n); and

 (F) if, under applicable law, the Company has more than one option as to the type or manner of making any such filing, the
Company shall make the required filing or filings in the manner or of a type that is reasonably expected to result in the earliest availability of a Prospectus for effecting resales of Registrable Securities. 
 (ii) Notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to name any Holder that is not a
Notice Holder as a selling shareholder in any Shelf Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder (regardless of when such Holder became a Notice Holder) shall be named as a
selling shareholder in a Shelf Registration Statement or related Prospectus in accordance with the requirements of this Section 2(d) or Section 2(a) as applicable. 
 (e) For avoidance of doubt, each Registration Statement filed pursuant hereto shall register a number of Conversion Shares based on the
Conversion Price in effect on the effective date of such Registration Statement. Subject to Section 2(f), if, at any time after the execution and delivery of this Agreement, the Conversion Price is decreased pursuant to the Purchase Agreement,
then the Company shall, within thirty (30) days following the date of such decrease in the Conversion Price prepare and file with the SEC a Subsequent Shelf Registration Statement which shall register the offer and sale, by Notice Holders, of
the additional Conversion Shares issuable upon conversion of the Shares on account of such decrease in the Conversion Price. Each such Subsequent Shelf Registration Statement shall contain a Prospectus which, pursuant to Rule 429, satisfies the
requirements of the Securities Act and the rules and regulations thereunder for the offerings registered under such Subsequent Shelf Registration Statements and the Registration Statements filed with the SEC pursuant hereto prior to the effective
date of such Subsequent Shelf Registration Statement. The Subsequent Shelf Registration Statement Effectiveness Deadline Date with respect to each such Subsequent Shelf Registration Statement shall be deemed to be (30) days after the date such
Subsequent Shelf Registration Statement is required by this Section 2(e) to be filed with the SEC. 
  

 D-7 

 (f) If the SEC shall determine that a registration of the offer and sale of all of the
Registrable Securities may not be made pursuant to Rule 415(a)(1)(i), then notwithstanding anything to the contrary in this Section 2, the number and amount of Registrable Securities to be included in the applicable Registration Statement shall
be reduced in accordance with this Section 2(f) to the maximum number and amount of Registrable Securities whose offer and sale may be registered under the Securities Act in reliance on such rule. The Registrable Securities included in such
Registration Statement shall be allocated among all Notice Holders, based on the pro rata percentage of Registrable Securities requested by such Notice Holders in their respective Notice and Questionnaires to be included in the Registration
Statement, treating each holder of Shares as a holder of the number of Conversion Shares then underlying such Shares; provided, however, that if any Holder requests inclusion of a number or amount of Registrable Securities less than the
maximum number or amount of Registrable Securities allocated to it pursuant to its pro rata allocation, then the remaining portion of such Holder’s allocation shall be reallocated among those Notice Holders whose allocations did not satisfy
their initial requests as set forth in their respective Notice and Questionnaires, and this procedure shall be repeated until all of the Registrable Securities which may be included in such Registration Statement on behalf of the Notice Holders have
been so allocated. If the number or amount of Registrable Securities included in any Registration Statement is reduced pursuant to this Section 2(f), then (1) the Company, to the extent the Company is permitted by the SEC to file and have
declared effective by the SEC a Registration Statement for the offer and sale by the Holders of the Cutback Securities pursuant to Rule 415(a)(1)(i), shall file a Subsequent Shelf Registration Statement with respect to the Cutback Securities on or
before the earlier of (i) the sixtieth (60) day after the Company acquires actual knowledge that the Notice Holders in the Prior Registration Statement have resold substantially all of the Registrable Securities included in such
Registration Statement; (ii) the one-hundred-and-eightieth (180th) day after the date the prior Registration Statement became effective under the Securities Act; and (iii) such later date as may be required by the SEC; and
(2) the Company shall use its reasonable best efforts to cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as practicable, but in any event by the date (which shall be deemed to be the
Subsequent Shelf Registration Statement Effectiveness Deadline Date with respect to such Subsequent Shelf Registration Statement) that is thirty (30) days after the date such Subsequent Shelf Registration Statement is required to be filed with
the SEC pursuant to this Section 2(f). Notwithstanding anything herein to the contrary, in no event shall a Holder be identified in any Registration Statement, public disclosure or filing with the SEC as an “underwriter” without the
prior written consent of such Holder and any Holder being deemed an underwriter by the SEC shall not relieve the Company of any obligations it has under this Agreement or any other Related Agreement (as defined in the Purchase Agreement).

 SECTION 3 
 Registration Procedures 
 In connection with the registration obligations of the Company under Section 2 hereof, the
Company shall take the following actions with respect to the Registration of the Registrable Securities: 
 (a) Prepare and
file with the SEC a Shelf Registration Statement or Shelf Registration Statements in the manner provided in this Agreement and use its reasonable best efforts to cause each such Shelf Registration Statement to become effective under the Securities
Act and remain effective under the Securities Act as provided herein; provided, that, before filing 

  

 D-8 

 
any Shelf Registration Statement or Prospectus or any amendments or supplements thereto with the SEC, the Company shall furnish to Designated Counsel, if
any, copies of all such documents proposed to be filed and reflect in each such document when so filed with the SEC such comments as such Designated Counsel reasonably shall propose within five (5) Business Days of the delivery of such copies
to such Designated Counsel. The Company shall not file any Registration Statement or amendment or supplement thereto in a form to which Designated Counsel reasonably objects. The Company shall not submit a request for acceleration of the
effectiveness of a Registration Statement or any amendment or supplement thereto without the prior approval of Designated Counsel, which consent shall not be unreasonably withheld. The Company shall reasonably cooperate with Designated Counsel in
performing the Company's obligations pursuant to this Section 3. 
 (b) Each Registration Statement that is, or is
required by this Agreement to be, filed with the SEC shall be filed on Form S-3 if the Company is then eligible to use Form S-3 for the purposes contemplated by this Agreement, or, if the Company is not then so eligible to use Form S-3, then the
Company shall use Form S-1 or another appropriate form that is then available to the Company for the purposes contemplated by this Agreement and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is
available; provided, that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the
SEC. Each such Registration Statement that is filed on Form S-3 shall constitute an Automatic Shelf Registration Statement if the Company is then eligible to file an Automatic Shelf Registration Statement on Form S-3 for the purposes contemplated by
this Agreement. For the avoidance of doubt, to the extent that the SEC determines that a registration of the offer and sale of all of the Registrable Securities may not be made pursuant to Rule 415(a)(1)(i), this Section 3(b) shall not limit
the Company’s ability to file a subsequent Registration Statement on Form S-3 in accordance with Section 2(f) hereof. 
 (c) If, at the time any Registration Statement is filed with the SEC, the Company is eligible, pursuant to Rule 430B(b), to omit, from the prospectus that is filed as part of such Registration Statement, the identities of selling
shareholders and amounts of securities to be registered on their behalf, then the Company shall (i) prepare and file such Registration Statement in a manner as to permit such omission and to allow for the subsequent filing of such information
in a prospectus pursuant to Rule 424(b) in the manner contemplated by Rule 430B(d) and (ii) by 12:00 p.m., New York City time, on the second day following the Effectiveness Deadline Date, the Amendment Effectiveness Deadline Date, or the
Subsequent Shelf Registration Statement Effectiveness Deadline Date, as applicable, the Company shall file with the SEC in accordance with Rule 424 under the Securities Act the final Prospectus to be used in connection with sales pursuant to a
Registration Statement. 
 (d) The Company and the Holders shall cooperate to ensure that each Registration Statement
(including any amendments or supplements thereto and prospectuses contained therein) shall not 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
therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. 
 (e)
Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement or Subsequent Shelf Registration Statement continuously effective until
the expiration of the Effectiveness Period; cause the related Prospectus to be supplemented by any required Prospectus supplement and, as so supplemented, to be filed with the SEC pursuant to Rule 424; 

  

 D-9 

 
and comply with the provisions of the Securities Act applicable to it with respect to the disposition of all securities covered by each Shelf Registration
Statement during the Effectiveness Period in accordance with the intended methods of disposition by the sellers thereof set forth in such Shelf Registration Statement as so amended or such Prospectus as so supplemented. 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 3(e)) by reason of the Company filing a report on Form 10-Q, Form 10-QSB, Form 10-K, Form 10-KSB 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 SEC within five (5) Business Days from
the day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement. 
 (f) If the third anniversary of the initial effective date of any Registration Statement (within the meaning of Rule 415(a)(5)) shall occur at any time during the Effectiveness Period, and if offers or sales pursuant
to such Registration Statement are thereafter prohibited by Rule 415(a)(5), file with the SEC, prior to such third anniversary, a new Registration Statement covering the Registrable Securities, in the manner contemplated by, and in compliance with,
Rule 415(a)(6), and use its reasonable best efforts to cause such new Registration Statement to become effective under the Securities Act as soon as practicable, but in any event within 180 days after such third anniversary. Each such new
Registration Statement, if any, shall be deemed, for purposes of this Agreement, to be a Subsequent Shelf Registration Statement. 
 (g) If, at any time during the Effectiveness Period, any Registration Statement shall cease to comply with the requirements of the Securities Act with respect to eligibility for the use of the form on which such Registration Statement was
filed with the SEC (or if such Registration Statement constituted an Automatic Shelf Registration Statement at the time it was filed with the SEC and shall thereafter cease to constitute an Automatic Shelf Registration Statement, or if the Company
shall have received, from the SEC, a notice, pursuant to Rule 401(g)(2) under the Securities Act, of objection to the use of the form on which such Registration Statement was filed with the SEC), (i) promptly give notice to the Notice Holders
and Designated Counsel, if any, and (ii) promptly file with the SEC a new Registration Statement under the Securities Act, or a post-effective amendment to such Registration Statement, to effect compliance with the Securities Act. The Company
shall use its reasonable best efforts to cause such new Registration Statement or post-effective amendment to become effective under the Securities Act as soon as practicable and shall promptly give notice of such effectiveness to the Notice Holders
and Designated Counsel, if any. Each such new Registration Statement, if any, shall be deemed, for purposes of this Agreement, to be a Subsequent Shelf Registration Statement. 
 (h) As promptly as practicable, give notice to the Notice Holders and Designated Counsel, if any: 
 (i) when any Prospectus, Prospectus supplement, Shelf Registration Statement or post-effective amendment to a Shelf Registration Statement
has been filed with the SEC and, with respect to a Shelf Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act; 
 (ii) of any request, following the effectiveness of a Shelf Registration Statement under the Securities Act, by the SEC or any other
governmental authority for amendments or supplements to such Shelf Registration Statement or the related Prospectus or for additional information; 
  

 D-10 

 (iii) of the issuance by the SEC or any other governmental authority of any stop order
suspending the effectiveness of any Shelf Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the registration or qualification or exemption from qualification of any of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose; 
 (v) after the effective date of any Shelf Registration
Statement filed with the SEC pursuant to this Agreement, of the occurrence of (but not the nature of or details concerning) a Material Event; and 
 (vi) of the determination by the Company that a post-effective amendment to a Shelf Registration Statement or a Subsequent Shelf Registration Statement will be filed with the SEC, which notice may, at the discretion
of the Company (or as required pursuant to Section 3(n)), state that it constitutes a Suspension Notice, in which event the provisions of Section 3(n) shall apply. 
 (i) Use its reasonable best efforts to (i) prevent the issuance of, and, if issued, to obtain the withdrawal of, any order suspending
the effectiveness of a Shelf Registration Statement and (ii) obtain the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been
qualified for sale, in either case at the earliest possible moment, and provide prompt notice to each Notice Holder and Designated Counsel, if any, of the withdrawal or lifting of any such order or suspension. 
 (j) If requested by any Notice Holder or Designated Counsel, if any, as promptly as practicable incorporate in a Prospectus supplement or
a post-effective amendment to a Shelf Registration Statement such information as such Notice Holder or Designated Counsel shall determine to be required to be included therein by applicable law and make any required filings of such Prospectus
supplement or such post-effective amendment; provided, however, that the Company shall not be required to take any actions under this Section 3(j) that, in the written opinion of counsel for the Company, are not required by applicable law.

 (k) The Company shall furnish to the Notice Holders and Designated Counsel, if any, without charge, copies of any
correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration Statement. 
 (l) During the Effectiveness Period, deliver to each Notice Holder and Designated Counsel, if any, in connection with any sale of Registrable Securities pursuant to a Shelf Registration Statement, without charge, as many copies of the
Prospectus or Prospectuses relating to such Registrable Securities (including each preliminary prospectus) and any amendment or supplement thereto as such Notice Holder or Designated Counsel may reasonably request; and the Company hereby consents
(except during such periods that a Suspension Notice is outstanding and has not been revoked) to the use of such Prospectus and each amendment or supplement thereto by each Notice Holder, in connection with any offering and sale of the Registrable
Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein. 
  

 D-11 

 (m) Prior to any public offering of the Registrable Securities pursuant to a Shelf
Registration Statement, use its reasonable best efforts to register or qualify (unless an exemption from registration or qualification applies) such Registrable Securities for offer and sale under the securities or Blue Sky laws of any applicable
jurisdictions in the United States; use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and sale of
Registrable Securities pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities
in the manner set forth in the relevant Shelf Registration Statement and the related Prospectus. 
 (n) Upon: (A) the
occurrence or existence of any pending corporate development (a “Material Event”) that, in the reasonable discretion of the Company, makes it appropriate to suspend the availability of any Shelf Registration Statement and the
related Prospectus; (B) the issuance by the SEC of a stop order suspending the effectiveness of any Shelf Registration Statement or the initiation of proceedings with respect to any Shelf Registration Statement under Section 8(d) or 8(e)
of the Securities Act; or (C) the occurrence of any event or the existence of any fact as a result of which any Shelf Registration Statement shall 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 not misleading, or any Prospectus shall contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, 
 (i) in the case of clause (A) or (C) above, subject
to the next sentence, as promptly as practicable, prepare and file, if necessary pursuant to applicable law, a post-effective amendment to such Shelf Registration Statement or a supplement to such Prospectus or any document incorporated therein by
reference or file any other required document that would be incorporated by reference into such Shelf Registration Statement and Prospectus so that such Shelf Registration Statement does 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 not misleading, and so that such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective
amendment to a Shelf Registration Statement, subject to the next sentence, use its reasonable best efforts to cause it to become effective under the Securities Act as promptly as practicable; and 
 (ii) give notice in writing to the Notice Holders and Designated Counsel, if any, as promptly as practicable after becoming aware of such
event that the availability of the Shelf Registration Statement is suspended (a “Suspension Notice”); provided, that in no event shall such notice contain any material, nonpublic information (and, upon receipt of any
Suspension Notice, each Notice Holder agrees (x) not to sell any Registrable Securities pursuant to such Shelf Registration Statement until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in
clause (i) above or until such Notice Holder is advised in writing by the Company that the Prospectus may be used) and (y) to hold such Suspension Notice in strict confidence. 
 The Company will use its reasonable best efforts to provide that the use of the Prospectus may be resumed (x) in the case of (A) above, as soon
as, in the reasonable discretion of the Company, such suspension is no longer appropriate, (y) in the case of clause (B) above, as promptly as is 

  

 D-12 

 
practicable, and (z) in the case of clause (C) above, as soon as, in the reasonable judgment of the Company, the Shelf Registration Statement does
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 not misleading and the Prospectus does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Effectiveness Period shall be extended by the number of days from and
including the date of the giving of the Suspension Notice to and including the date on which the Notice Holder received copies of the supplemented or amended Prospectus provided in clause (ii) above, or the date on which it is advised in
writing by the Company that the Prospectus may be used and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. 
 (o) Make available for inspection during normal business hours by representatives for any applicable Notice Holder, designated in writing
by such Notice Holder, and any attorneys and accountants retained by such Notice Holders, all relevant financial and other records and pertinent corporate documents and properties of the Company and its subsidiaries, and cause the appropriate
officers, directors and employees of the Company and its subsidiaries to make available for inspection during normal business hours all relevant information reasonably requested by such representatives for the Notice Holders, or any such attorneys
or accountants in connection with such disposition, in each case as may be reasonably necessary to enable them to conduct a reasonable investigation in accordance with Section 11 of the Securities Act; provided, however, that such
persons shall, at the Company’s request, first agree in writing with the Company that any information that is reasonably and in good faith designated by the Company in writing as confidential at the time of delivery of such information shall be
kept confidential by such persons and shall be used solely for the purposes of exercising rights under this Agreement, unless (i) disclosure of such information is required by court or administrative order or is necessary to respond to
inquiries of governmental or regulatory authorities, (ii) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of any Shelf Registration
Statement or the use of any Prospectus referred to in this Agreement) or is necessary to avoid or correct a misstatement or omission in any Registration Statement or necessary to defend or prosecute a claim brought against or by any such persons
(e.g., to establish a “due diligence” defense), (iii) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard such information by any such person or (iv) such
information becomes available to any such person from a source other than the Company and such source is not bound by a confidentiality agreement or is not otherwise under a duty of trust to the Company; provided further, that the foregoing
inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of all the Notice Holders and the other parties entitled thereto by the counsel for the Holders in connection with Shelf Registration Statements.

 (p) If any Holder is required under applicable securities laws to be described in the Registration Statement as an
underwriter, at the reasonable request of such Holder, the Company shall furnish to such Holder, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as a Holder may reasonably request
(i) a letter, dated such date, from the Company's independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed
to the Holders, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily delivered to the underwriters in an underwritten public
offering, addressed to the Holders. 
  

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 (q) To the extent an exemption is not available to the Company: (i) comply with all
applicable SEC Non-Reporting Requirements; and (ii) comply with all applicable SEC Reporting Requirements. 
 (r)
Cooperate with each Notice Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities, if such shares are certificated, sold pursuant to a Shelf Registration Statement, which certificates shall not
bear any restrictive legends, and cause such Registrable Securities to be registered in such names as such Notice Holder may request in writing at least two (2) Business Days prior to any sale of such Registrable Securities. 
 (u) Provide a CUSIP number for all Registrable Securities covered by a Shelf Registration Statement not later than the effective date of
the Initial Shelf Registration Statement and provide the Trustee and the transfer agent for the Common Stock with certificates for the Registrable Securities that are in a form eligible for deposit with The Depository Trust Company. 
 (v) Take all actions and enter into such customary agreements (including, if requested, an underwriting agreement in customary form) as
are necessary, or reasonably requested by the Holders of a majority of the Registrable Securities being sold, in order to expedite or facilitate disposition of such Registrable Securities; and in such connection, whether or not an underwriting
agreement is entered into and whether or not the registration is an underwritten registration, provided, however, that if any Holder is required under applicable securities laws to be described in the Registration Statement as an underwriter:

 (i) the Company shall, if and as requested by the Holders, make such reasonable representations and warranties to the
Holders of such Registrable Securities and the underwriters, if any, in form, substance and scope as would be customarily made by the Company to underwriters in similar offerings of securities; 
 (ii) the Company shall, if and as requested by the Holders, obtain opinions of counsel of the Company and updates thereof (which counsel
and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and to the counsel to the Holders of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, if
any, covering the matters that would be customarily covered in opinions requested in sales of securities or underwritten offerings; 
 (iii) the Company shall, if and as requested by the Holders, obtain “comfort letters” and updates thereof from the Company’s independent certified public accountants addressed to the underwriters, if any, and the selling
Holders of Registrable Securities (to the extent consistent with Statement on Auditing Standards No. 72 of the American Institute of Certified Public Accounts), such letters to be in customary form and covering matters of the type that would
customarily be covered in “comfort letters” to underwriters in connection with similar underwritten offerings; 
 (iv) the Company shall, if an underwriting agreement is entered into, cause any such underwriting agreement to contain indemnification provisions and procedures substantially equivalent to the indemnification provisions and procedures set
forth in Section 6 hereof with respect to the underwriters and all other parties to be indemnified pursuant to said Section 6; and 
  

 D-14 

 (v) the Company shall deliver such documents and certificates as may be reasonably
requested and as are customarily delivered in similar offerings to the holders of a majority of the Registrable Securities being sold and to the Managing Underwriters, if any; 
 the above to be done at (x) the effectiveness of any Shelf Registration Statement (and each post-effective amendment thereto) and (y) each
closing under any underwriting or similar agreement as and to the extent required thereunder. 
 (w) Use its reasonable best
efforts to cause the Conversion Shares to be listed on The NASDAQ Capital Market or any other securities exchange or quotation system on which the Common Stock is then listed. 
 SECTION 4 
 Holder’s Obligations 
 Each Holder agrees, by acquisition of the Registrable Securities, that no Holder of Registrable Securities shall be entitled to sell any of such
Registrable Securities pursuant to a Shelf Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a Notice and Questionnaire as required pursuant to Section 2(d)(i) hereof
(including the information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Notice Holder agrees promptly to furnish to the Company all information required to be disclosed in order
to make the information previously furnished to the Company by such Notice Holder not misleading and any other information regarding such Notice Holder and the distribution of such Registrable Securities as the Company may from time to time
reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that the Holder Information of such Holder furnished in writing by or on behalf of such Holder to the Company does
not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements in such Holder Information, in the light of the circumstances under which they were made, not misleading. 
 SECTION 5 
 Registration Expenses

 The Company shall pay all expenses, fees and costs incurred in connection with its obligations under Sections 3 and 4 of this
Agreement, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, fees and state securities, or “blue sky,” fees and expenses, and the expense of any special
audits incident to or required by, or in connection with the filing and effectiveness of the Registration Statement (but excluding the compensation of regular employees of the Company, which shall be paid in any event by the Company). The Holders
shall pay all underwriting fees and discounts, selling commissions, brokerage fees and stock transfer taxes applicable to the Registrable Securities sold by such Holder and the fees and expenses of the Designated Counsel, if any. 
  

 D-15 

 SECTION 6 
 Indemnification 
 6.1. Indemnification by the Company. The Company agrees
to indemnify, defend and hold harmless each Holder, each person (a “Controlling Person”), if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and the
respective officers, directors, members, partners, employees, representatives and agents of any Holder or any Controlling Person (each, an “Holder Indemnified Party”), from and against any loss, damage, expense, liability, claim or
any actions in respect thereof (including the reasonable cost of investigation) (“Indemnified Damages”) which such Holder Indemnified Party may incur or become subject to under the Securities Act, the Exchange Act or otherwise,
insofar as such loss, damage, expense, liability, claim or action arises out of or is based upon (A) any untrue statement or alleged untrue statement of a material fact contained in any Shelf Registration Statement or Prospectus, including any
document incorporated by reference therein, or in any amendment or supplement thereto or in any preliminary prospectus, or in any filing made by or at the direction of the Company in connection with the qualification of the offering under the
securities or other Blue Sky laws of any jurisdiction in which Registrable Securities are offered or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated in any Shelf Registration Statement
or in any amendment or supplement thereto or necessary to make the statements therein not misleading, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements made in any
Prospectus or in any amendment or supplement thereto or in any preliminary prospectus, in the light of the circumstances under which such statements were made, not misleading, (B) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or
(C) any violation of this Agreement, and the Company agrees to reimburse, as incurred, the Holder Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
damage, expense, liability, claim or action in respect thereof; provided, however, that the Company shall not be required to provide any indemnification pursuant to this Section 6.1 in any such case insofar as any such loss, damage,
expense, liability, claim or action arises out of or is based upon (A) any untrue statement or omission or alleged untrue statement or omission of a material fact contained in, or omitted from, and in conformity with information furnished in
writing by or on behalf of a Holder to the Company expressly for use in, any Shelf Registration Statement or any Prospectus; or (B) any sale, by a Holder pursuant to a Shelf Registration Statement in or with respect to which such Holder is
named as a selling shareholder, of Registrable Securities during a Suspension Period, provided that the Company shall have theretofore provided such Holder a Suspension Notice in accordance with Section 3(n)(ii); provided further,
however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Holder Indemnified Party. 
 6.2. Indemnification by the Holders. Each Holder, severally and not jointly, agrees to indemnify, defend and hold harmless the Company, its directors, officers, employees and any person who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Company Indemnified Party”) from and against any loss, damage, expense, liability, claim or any actions in respect
thereof (including the reasonable cost of investigation) which such Company Indemnified Party may incur or become subject to under the Securities Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability, claim or action
arises out of or is based upon (A) any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information (the “Holder Information”) furnished in writing by or on behalf of such
Holder to the Company expressly for use in, any Shelf Registration Statement or Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in connection with such Holder Information, which material fact
was not contained in such Holder Information, and which material fact was either required to be stated in any Shelf Registration Statement or Prospectus or necessary to make such Holder Information not misleading; or (B) a sale, by such Holder
pursuant to a Shelf Registration Statement in or with respect to which such Holder is named as a selling shareholder, of Registrable Securities during a Suspension Period, provided that the Company shall have theretofore 

  

 D-16 

 
provided such Holder a Suspension Notice in accordance with Section 3(n)(ii); and, subject to the limitation set forth in the immediately preceding
clause, each Holder shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, damage, expense, liability, claim
or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. In no event shall the liability of any selling Holder of Registrable
Securities hereunder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale, pursuant to the Shelf Registration Statement, of the Registrable Securities giving rise to such indemnification obligation.

 6.3. Procedures. 
 (a) If any action, suit or proceeding (each, a “Proceeding”) is brought against any person in respect of which indemnity may be sought pursuant to either Section 6.1 or Section 6.2, such
person (the “Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the institution of such Proceeding and the Indemnifying Party
shall assume the defense of such Proceeding; provided, however, that the failure to so notify such Indemnifying Party shall not relieve such Indemnifying Party from any liability which it may have to such Indemnified Party or otherwise,
except to the extent that such Indemnifying Party is materially prejudiced by such failure to notify. Such Indemnified Party shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party unless the employment of such counsel shall have been authorized in writing by such Indemnifying Party in connection with the defense of such Proceeding or such Indemnifying Party shall not have employed counsel to
have charge of the defense of such Proceeding within thirty (30) days of the receipt of notice thereof or such Indemnified Party shall have reasonably concluded upon the written advice of counsel that there may be one or more defenses available
to it that are different from, additional to or in conflict with those available to such Indemnifying Party (in which case such Indemnifying Party shall not have the right to direct that portion of the defense of such Proceeding on behalf of the
Indemnified Party, but such Indemnifying Party may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of such Indemnifying Party), in any of which events such reasonable fees and
expenses shall be borne by such Indemnifying Party and paid as incurred (it being understood, however, that such Indemnifying Party shall not be liable for the expenses of more than one separate counsel in any one Proceeding or series of related
Proceedings together with reasonably necessary local counsel representing the Indemnified Parties who are parties to such action). An Indemnifying Party shall not be liable for any settlement of such Proceeding effected without the written consent
of such Indemnifying Party, but if settled with the written consent of such Indemnifying Party, such Indemnifying Party agrees to indemnify and hold harmless an Indemnified Party from and against any loss or liability by reason of such settlement.
Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to reimburse such Indemnified Party for fees and expenses of counsel as contemplated by the second sentence of this paragraph,
then such Indemnifying Party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than sixty (60) Business Days after receipt by such
Indemnifying Party of the aforesaid request, (ii) such Indemnifying Party shall not have fully reimbursed such Indemnified Party in accordance with such request prior to the date of such settlement and (iii) such Indemnified Party shall
have given such Indemnifying Party at least thirty (30) days’ prior notice of its intention to settle. No Indemnifying Party shall, without the prior written consent of any Indemnified Party, effect any settlement of any pending or
threatened Proceeding in respect of which such Indemnified Party is or could have been a party and 

  

 D-17 

 
indemnity could have been sought hereunder by such Indemnified 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 and does not include an admission of fault or culpability or a failure to act by or on behalf of such Indemnified Party. 
 (b) If the indemnification provided for in this Section 6.3 is unavailable to an Indemnified Party under Section 6.1 or
Section 6.2, or insufficient to hold such Indemnified Party harmless, in respect of any losses, damages, expenses, liabilities, claims or actions referred to therein, then each applicable 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, damages, expenses, liabilities, claims or actions any amounts for which it would otherwise be liable under Section 6.1 or
Section 6.2 (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and by the Holders, on the other hand, from the offering of the Registrable Securities or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the
one hand, and of the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities, claims or actions, as well as any other relevant equitable considerations. The relative
fault of the Company, on the one hand, and of the Holders, on the other hand, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission
relates to information supplied by the Company or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a
result of the losses, damages, expenses, liabilities, claims and actions referred to above shall be deemed to include any reasonable legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any
Proceeding. 
 (c) The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in Section 6.3(b) above. Notwithstanding the provisions of this Section 6,
no Holder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities giving rise to such contribution obligation and sold by such Holder were offered to the public exceeds the
amount of any damages which it 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 Holders’ respective obligations to contribute pursuant to this Section 6 are several in proportion to the
respective amount of Registrable Securities they have sold pursuant to a Shelf Registration Statement, and not joint. The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise
be available to any indemnified party at law or in equity. 
 (d) The indemnification required by this Section 6 shall be
made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. 
 (e) The indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect
regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or any person controlling any Holder, or the Company, or the Company’s officers or directors or any person controlling the
Company and (iii) the sale of any Registrable Security by any Holder. 
  

 D-18 

 SECTION 7 
 Provision of Information by the Holders 
 Each of the Holders whose Registrable Securities are
included in the Registration Statement shall furnish to the Company such information regarding such Holder as the Company may reasonably request in writing and as shall be reasonably required or advisable in connection with any registration,
qualification or compliance referred to in this Agreement, and shall promptly notify the Company if such information becomes incorrect or misleading, or requires amendment or updating. Each of the Holders agrees that the plan of distribution
included in any Prospectus relating to the Registrable Securities shall be as set forth on Schedule B hereto and that such Holder will not resell any Registrable Securities pursuant to the Registration Statement in any manner other than as
provided therein or herein. Each Holder represents, warrants and covenants to the Company that the information regarding such Holder that appears in the Purchase Agreement, the Subscription Agreement and any Notice and Questionnaire is accurate and
complete in all material respects consistent with Commission Regulation S-K, Items 507 and 508. The Purchaser will confirm promptly by delivery of a signed copy of Schedule C, the sale of any Shares pursuant to Rule 144 or the Registration
Statement. 
 SECTION 8 
 Holdback; Postponement 
 Notwithstanding the other provisions of this Agreement, if (a) there is material non-public
information regarding the Company which the Company’s Board of Directors reasonably and in good faith determines not to be in the Company’s best interest to disclose and which the Company is not otherwise required to disclose, or
(b) there is a extraordinary business opportunity (including but not limited to the acquisition or disposition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer or other similar extraordinary
transaction not in the ordinary course of business) available to the Company which the Board of Directors reasonably and in good faith determines not to be in the Company’s best interest to disclose, then the Company may postpone or suspend
filing or effectiveness of a registration statement for a period not to exceed sixty (60) days, provided that the Company may not postpone or suspend filing or effectiveness of a registration statement for more than one hundred and
twenty (120) days in the aggregate during any 365-day period and there shall be an aggregate of not more than two (2) suspensions during any 365-day period; provided, however that no postponement or suspension shall be permitted for
consecutive sixty (60) day periods arising out of the same set of facts, circumstances or transactions. 
 SECTION 9 

SEC Reporting Compliance 
 With a
view to making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Registrable Securities to the public without registration, through the second anniversary of this Agreement, the
Company will: 
 (a) make and keep “current public information” regarding the Company available, as defined in
Commission Rule 144(c) under the Securities Act; 
  

 D-19 

 (b) use its commercially reasonable best efforts to file with the Commission in a timely
manner all SEC Reports and other filings and documents required of the Company under the Securities Act and the Exchange Act and otherwise; and 
 (c) so long as a Holder owns any Registrable Securities, furnish the Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements under the Securities Act and
the Exchange Act, including compliance with SEC Rule 144(c), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company and other information in the possession of, or reasonably
obtainable by, the Company as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration. 
 SECTION 10 
 Miscellaneous 
 10.1. Assignment. The registration rights set forth herein may be assigned, in whole or in part, to any transferee of Registrable
Securities permitted in accordance with the Purchase Agreement, which transferee, upon registration on the Company’s or its transfer agent’s books and records as a holder of record of Registrable Securities, shall be considered thereafter
to be a Holder (provided that any transferee who is not an affiliate of a Purchaser shall be a Holder only with respect to such Registrable Securities so acquired and any stock of the Company issued as a dividend or other distribution with respect
to, or in exchange for or in replacement of, such Registrable Securities) and shall be bound by all obligations and limitations of this Agreement and the Purchase Agreement. 
 10.2. Section Headings. The titles and headings of the sections and subsections of this Agreement are inserted for convenience only and
shall not be deemed to constitute a part thereof. 
 10.3. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF GEORGIA OR ANY OTHER JURISDICTIONS) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
JURISDICTIONS OTHER THAN THE STATE OF GEORGIA. 
 10.4. Notices. 
 (a) All communications under this Agreement shall be in writing and shall be delivered by facsimile, by hand, by reliable overnight
delivery service such as UPS or FedEx or by registered or certified mail, postage prepaid: 
 If to the Company: 
 Crescent Banking Company 
 7 Caring Way 
 Jasper, Georgia 
 Attention: Leland W. Brantley, Jr. 
 Facsimile: (678) 454-2282 
  

 D-20 

 With a copy (which shall not constitute notice) to: 
 Alston & Bird LLP 
 One Atlantic Center 
 1201 W. Peachtree Street 
 Atlanta, Georgia 30309-3424 
 Attention: Mark C. Kanaly 
 Facsimile: 404-253-8390 
 If to the Purchasers: 
 Please refer to Schedule A of the Purchase Agreement for Purchaser contact information. 
 (b) Any notice so
addressed shall be deemed to be given (i) if delivered by hand, on the date of such delivery, (ii) if sent by reliable overnight delivery service such as UPS or FedEx, on the first business day following the date of delivery to such
service for overnight delivery, (iii) if delivered by facsimile, on the date of such facsimile, or (iv) if mailed by registered or certified mail, on the third business day after the date of such mailing. 
 10.5. Successors and Assigns; No Third Party Beneficiaries. Any person who purchases any Registrable Security from any Holder shall be
deemed, for purposes of this Agreement, to be an assignee of such Holder. This Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of each of the parties hereto and shall inure to the benefit of and be
binding upon each Holder of any Covered Security. 
 10.6. Counterparts. This Agreement may be executed in one or more
identical counterparts, each of which shall be deemed an original and all of which shall be one and the same agreement. Any signature that is delivered by facsimile signature page shall be valid and binding, with the same force and effect as if an
original, manually signed counterpart. 
 10.7. Remedies. Each Holder of Registrable Securities, in addition to being entitled
to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 10.8. Severability. If any term, provision, covenant or restriction of this Agreement is held 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 thereby, and the parties hereto shall use its
reasonable best 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 being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law. 
 10.9. Delays or Omissions. It is agreed that no
delay or omission to exercise any right, power or remedy accruing to the Holders, upon any breach or default of the Company under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any provision
hereof, or of any similar breach or default thereafter occurring; nor shall any wavier of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver,
permit, consent or approval of any kind or character by a Holder of any breach or default under this Agreement, or any waiver by a Holder of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in the writing, and that all remedies, either under this Agreement, or by law or otherwise afforded to a Holder, shall be cumulative and not alternative. 
  

 D-21 

 10.10. Attorney’s Fees. If any action at law or in equity is necessary to enforce or
interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
 10.11. Entire Agreement; Amendment. This Agreement is intended by the parties hereto as a final expression of their agreement and is
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and the registration rights granted by the Company with respect to the Registrable
Securities. Except as provided in the Purchase Agreement, there are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect
to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to such registration rights. This Agreement may be amended only in a writing signed by the Company and the Holders of a
majority of the then outstanding Registrable Securities. 
 10.12. Termination. This Agreement and the obligations of the
parties hereunder shall terminate upon the end of the Effectiveness Period, except for any liabilities or obligations under Section 4, Section 5 or Section 6 hereof, each of which shall remain in effect in accordance with its term.

 [Remainder of page intentionally left blank; signatures on following page(s).] 
  

 D-22 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written.

  

	
	CRESCENT BANKING COMPANY
	
	  

	Leland W. Brantley, Jr.
	Chief Financial Officer
	
	PURCHASERS
	
	  

	J. Donald Boggus, Jr.
	
	  

	R. Gary Copeland
	
	  

	Michael W. Lowe
	
	  

	Richard Combs
	
	  

	Ryker Lowe
	
	  

	A. Bradley Rutledge
	
	  

	Bonnie Boling
	
	  

	Parke Day

 [Signatures continued on the following page] 
  

 [Signature Page to Registration Rights Agreement] 

	
	
	  

	Lorrie L. Shaw
	
	  

	Anthony N Stancil
	
	  

	Leland W. Brantley, Jr.
	
	  

	Donald S. Shapleigh
	
	  

	Brian G. Whelan
	
	  

	Richard Zorn

  

 [Signature Page to Registration Rights Agreement] 

 Schedule A 
 Form of Selling Shareholder Notice and Questionnaire 
 The undersigned beneficial holder of Series B
Floating-Rate Cumulative Convertible Perpetual Preferred Stock (the “Series B Preferred Stock”) of Crescent Banking Company (the “Company”) understands that the Company has filed, or intends to file, with the
Securities and Exchange Commission (the “Commission”) a registration statement (the “Shelf Registration Statement”) for the registration and resale, under Rule 415 under the Securities Act of 1933, as amended (the
“Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement, dated as of [—], 2009 (the “Registration Rights Agreement”),
among the Company and the Purchasers named therein. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Registration Rights Agreement. 
 Each beneficial owner of Registrable Securities is entitled to the benefits of the
Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Securities pursuant to the Shelf Registration Statement, a beneficial owner of Registrable Securities generally must be named as a selling shareholder in the
related prospectus, deliver a prospectus to the purchasers of the Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions, as
described below). Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as provided below will not be named as selling shareholders in the prospectus and will not be permitted to sell any Registrable
Securities pursuant to the Shelf Registration Statement. Beneficial owners are encouraged to complete and deliver this Notice and Questionnaire at least ten business days prior to the effectiveness of the Shelf Registration Statement so that such
beneficial owners may be named as selling shareholders in the related prospectus at the time the Shelf Registration Statement becomes effective. Upon receipt of a completed Notice and Questionnaire from a beneficial owner after the tenth business
day prior to the effectiveness of the Shelf Registration Statement, the Company will, as promptly as practicable, make filings with the Commission as are necessary to permit such holder to deliver such prospectus to purchasers of Registrable
Securities, subject to the terms of the Registration Rights Agreement. 
 Certain legal consequences arise from being named as a selling
shareholder in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities should consult their own securities law counsel regarding the consequences of being named or not being
named as a selling shareholder in the Shelf Registration Statement and the related prospectus. 
 NOTICE 
 The undersigned beneficial owner (the “Selling Shareholder”) of Registrable Securities hereby gives notice to the Company of its
intention to sell or otherwise dispose of Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant to the Shelf Registration Statement. The undersigned, by signing
and returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 
 Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company, its directors, officers and
employees and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and against certain
claims and losses arising in connection with statements or omissions concerning the undersigned made in the Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire.

  

 A-1 

 The undersigned hereby provides the following information to the Company and represents and warrants that
such information is accurate and complete: 
 QUESTIONNAIRE 
  

	1.	Selling Shareholder information: 

  

	 	(a)	Full legal name of Selling Shareholder: 

  

	
	  
 

  

	 	(b)	Full legal name of registered holder (if not the same as (a) above) through which the Registrable Securities listed in Item 3 below are held: 

  

	
	  
 

  

	 	(c)	Full legal name of Depositary Trust Company participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item 3 below are
held: 

  

	
	  
 

  

	 	(d)	Taxpayer identification or social security number of Selling Shareholder: 

  

	
	  
 

  

	2.	Mailing address for notices to Selling Shareholder: 

  

			
	  

	
	  

	
	  

		
	Telephone:	 	  

		
	Fax:	 	  

		
	E-mail address:	 	  

		
	Contact person:	 	  

  

	3.	Beneficial ownership of Registrable Securities: 

 State the number of shares of Series B Preferred Stock beneficially owned by you. Check any of the following that applies to you. 
  

	 	 ̈	I own Series B Preferred Stock: 

  

 A-2 

			
	Principal amount:	 	  

		
	CUSIP No(s).:	 	  

  

	4.	Beneficial ownership of other securities of the Company owned by the Selling Shareholder: 

 Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than
the Registrable Securities listed in Item 3 above. 
  

	 	(a)	Type and amount of other securities beneficially owned by the Selling Shareholder: 

  

	
	  
 
	  
 

  

	 	(b)	CUSIP No(s). of the other securities listed in (a) beneficially owned: 

  

	
	  
 
	  
 

  

	5.	Relationships with the Company: 

  

	 	(a)	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the undersigned) held any position or office or
had any other material relationship with the Company (or its predecessors or affiliates) during the past three years? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(b)	If your response to (a) above is “Yes,” please state the nature and duration of your relationship with the Company: 

  

	
	  
 
	  
 

  

	6.	Plan of distribution: 

 Except as set forth below,
the undersigned (including its donees, pledges, transferees and other successors in interest) intends to distribute the Registrable Securities listed in Item 3 above pursuant to the Shelf Registration Statement only in accordance with
Schedule B to the Registration Rights Agreement (if at all): 
 State any exceptions here: 
  

	
	  
 
	  
 

  

 A-3 

 Note: In no event may such method(s) of distribution take the form of an underwritten offering of
Registrable Securities without the prior written agreement of the Company. 
  

	7.	Broker-dealers and their affiliates: 

 If the
Selling Shareholder is a broker-dealer or an affiliate of a broker-dealer and did not purchase its Series B Preferred Stock in the ordinary course of business or, at the time of the purchase, had any agreements or understandings, directly or
indirectly, to distribute the securities, we may have to identify the Selling Shareholder as an underwriter in the Shelf Registration Statement or related prospectus. Persons identified as underwriters in the Shelf Registration Statement or related
prospectus may be subject to additional potential liabilities under the Securities Act. 
  

	 	(a)	Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(b)	If your response to (a) above is “No,” are you an “affiliate” of a broker-dealer that is registered pursuant to Section 15 of the Exchange Act?

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

 For the purposes of this Item 7(b), an
“affiliate” of a registered broker-dealer includes any company that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such broker-dealer. 
  

	 	(c)	If your response to (b) above is “Yes,” please describe your affiliation with any such broker-dealer: 

  

	
	  
 
	  
 

	 	(d)	Did you acquire the securities listed in Item 3 above in the ordinary course of business? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(e)	If your response to (d) above is “No,” please describe the circumstances under which you acquired the securities listed in Item 3 above:

  

	
	  
 
	  
 

  

 A-4 

	 	(f)	At the time of your purchase of the securities listed in Item 3 above, did you have any agreements or understandings, directly or indirectly, with any person to distribute the
securities? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(g)	If your response to (f) above is yes, please describe such agreements or understandings: 

  

	
	  
 
	  
 

  

	 	(h)	Did you receive the securities listed in Item 3 above as compensation for underwriting activities or investment banking services or as investment shares?

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(i)	If your response to (h) above is yes, please describe the circumstances: 

  

	
	  
 
	  
 

  

	8.	Nature of Beneficial Holding: 

 The purpose of this
section is to identify the ultimate natural person(s) or publicly held entity that exercise(s) sole or shared voting or dispositive power over the Registrable Securities. 
  

	 	(a)	Is the Selling Shareholder a natural person? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(b)	Is the Selling Shareholder required to file, or is it a wholly owned subsidiary of a company that is required to file, periodic and other reports (for example, Forms 10-K, 10-Q and
8-K) with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(c)	Is the Selling Shareholder an investment company, or a subsidiary of an investment company, registered under the Investment Company Act of 1940, as amended?

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

 A-5 

	 	(d)	If the Selling Shareholder is a subsidiary of such an investment company, please identify the publicly held parent entity: 

  

	
	  
 
	  
 

 ***PLEASE NOTE THAT THE COMMISSION REQUIRES THAT THESE NATURAL PERSONS BE NAMED IN THE
PROSPECTUS*** 
  

	9.	Securities Received From Named Selling Shareholder: 

  

	 	(a)	Did you receive your Registrable Securities or Series B Preferred Stock listed above in Item 3 as a transferee from selling shareholder(s) previously identified in the Shelf
Registration Statement? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(b)	If your response to (a) above is “Yes,” please answer the following two questions: 

  

	 	(i)	Did you receive such Registrable Securities or Series B Preferred Stock listed above in Item 3 from the named selling shareholder(s) prior to the effectiveness of the Shelf
Registration Statement? 

  

	 	 ̈	Yes. 

  

	 	 ̈	No. 

  

	 	(ii)	Identify below the names of the selling shareholder(s) from whom you received the Registrable Securities or Series B Preferred Stock listed above in Item 3 and the date on
which such securities were received. 

  

	
	  
 
	  
 
	  
 
	  
 

 If you need more space for your responses, please attach additional sheets of paper. Please be sure to indicate
your name and the number of the item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Notice and Questionnaire. Please note that you may be asked to answer
additional questions depending on your responses to the above questions. 
  

 A-6 

 ACKNOWLEDGEMENTS 
 The undersigned acknowledges that it understands its obligation to comply with the provisions of the Exchange Act and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any
successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in
violation of such provisions. 
 The Selling Shareholder hereby acknowledges its obligations under the Registration Rights Agreement to
indemnify and hold harmless certain persons as set forth therein. 
 Pursuant to the Registration Rights Agreement, the Company has agreed
under certain circumstances to indemnify the Selling Shareholder against certain liabilities. 
 In accordance with the undersigned’s
obligation under the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the undersigned agrees to provide any additional information the Company may reasonably
request and to promptly notify the Company of any inaccuracies or changes in the information provided that may occur at any time while the Shelf Registration Statement remains effective. 
 All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 
 By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 9 and the inclusion of
such information in the Shelf Registration Statement, the related prospectus and any required state securities or Blue Sky application. The undersigned understands that such information will be relied upon by the Company, without independent
investigation or inquiry, in connection with the preparation or amendment of the Shelf Registration Statement, the related prospectus and any required state securities or Blue Sky application. 
 Once this Notice and Questionnaire is executed by you and received by the Company, the terms of this Notice and Questionnaire and the representations and
warranties contained herein shall be binding on, shall inure to the benefit of, and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the Company and you with respect to the Registrable Securities
beneficially owned by you and listed in Item 3 above. This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of Georgia. 
  

 A-7 

 IN WITNESS WHEREOF the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

									
	 Dated:
	  	  
	  		 	Beneficial owner:	 	  

		  		  		 	By:	 	  

		  		  		 	Name:	 	  

		  		  		 	Title:	 	  

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE 
 AND QUESTIONNAIRE TO CRESCENT BANKING COMPANY AT: 
 Crescent Banking Company 
 7 Caring Way 
 Jasper, Georgia 30143 
 Attention: Chief Financial Officer 
  

 A-8 

 Schedule B 
 Plan of Distribution 
 Any or all of the shares offered by the selling shareholders may be offered
for sale and sold by, or on behalf of, the selling shareholders from time to time in varying amounts, including in block transactions, on the Nasdaq Capital Market, or the over-the-counter market, in privately negotiated transactions, or otherwise,
at prices prevailing in such market or as may be negotiated at the time of the sale. The shares may be sold by the selling shareholders directly to one or more purchasers, through agents designated from time to time or to or through broker-dealers
designated from time to time. In the event the shares are publicly offered through broker-dealers or agents, the selling shareholders may enter into agreements with respect thereto. Such broker-dealers or agents may receive compensation in the form
of discounts, concessions or commissions from the selling shareholders, and any such broker-dealers or agents that participate in the distribution of the shares may be deemed to be underwriters within the meaning of the Securities Act, and any
profit on the sale of the shares by them and any discounts and commissions might be deemed to be underwriting discounts or commissions under the Securities Act. Any such broker-dealers and agents may engage in transactions with, and perform services
for, the Company. At the time a particular offer of shares is made by the selling shareholders, to the extent required, a prospectus supplement will be distributed which will set forth the aggregate number of shares being offered, and the terms of
the offering, including the public offering price thereof, the name or names of any broker-dealers or agents, any discounts, commissions and other items constituting compensation from, and the resulting net proceeds to, the selling shareholders.

 In order to comply with the securities laws of certain states, sales of shares offered hereby to the public in such states may be made
only through broker-dealers who are registered or licensed in such states. Sales of shares offered hereby must also be made by the selling shareholders in compliance with other applicable state securities laws and regulations. 

 Schedule C 
 Purchaser’s Certificate of Subsequent Sale1 
 The undersigned, an officer of, or other person duly
authorized by the Purchaser named below hereby certifies to the Company, as defined in the Registration Right Agreement, dated as of
                    , 2009 (the “Agreement”) that he/she (said institution) is the Purchaser of the shares evidenced by the
attached certificate, and as such, sold such shares on                     , 200     in accordance with:

  

	 	(i)	Registration Statement number
                                        ,
in the manner indicated under “Plan of Distribution” in the current prospectus and has delivered a current prospectus, or 

  

	 	(ii)	Pursuant to the applicable requirements of Rule 144 of the Securities Act of 1933, as amended, in which case, a copy of Form 144 as filed with the Securities and Exchange
Commission, together with the representation letter of the undersigned and the broker’s representation letter are enclosed. 

 Print or
Type: 
 Name of Purchaser (Individual or Institution):
                                         
                                    
 Name of Individual Representing Purchaser (if an Institution): 
  

									
	  
	  		  	
	Title:	 	  
	  		  	

 Confirmed by the undersigned thereunto duly authorized: 
  

									
	  
	  		  	
	Purchaser Name	  		  	
				
	By:	 	  
	  		  	
	Name:	 		 		  		  	
	Title:	 		 		  		  	

  

	 1
	 All capitalized terms used but not defined herein shall have the meanings provided in the Registration Rights Agreement.Form of Senior Indenture

 Cadence Financial Corporation 
 as Issuer 
 to 
 [Trustee’s Name], 
 as Trustee 
 SENIOR INDENTURE 
 Dated as of
                    , 200_ 

 TABLE OF CONTENTS 
  

			
	  	  	Page
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	
		
	 SECTION 101 Definitions
	  	1
		
	 Act
	  	2
	 Affiliate
	  	2
	 Authenticating Agent
	  	2
	 Board of Directors
	  	2
	 Business Day
	  	2
	 Capital Stock
	  	2
	 Commission
	  	2
	 Common Stock
	  	2
	 Company
	  	2
	 Company Request
	  	2
	 Conversion Agent
	  	3
	 Corporate Trust Office
	  	3
	 corporation
	  	3
	 Covenant Defeasance
	  	3
	 Defaulted Interest
	  	3
	 Defeasance
	  	3
	 Depositary
	  	3
	 Event of Default
	  	3
	 Exchange Act
	  	3
	 Expiration Date
	  	3
	 Global Security
	  	3
	 Indenture
	  	3
	 interest
	  	3
	 Interest Payment Date
	  	3
	 Maturity
	  	4
	 Notice of Default
	  	4
	 Officers’ Certificate
	  	4
	 Opinion of Counsel
	  	4
	 Original Issue Discount Security
	  	4
	 Outstanding
	  	4
	 Paying Agent
	  	5
	 Person
	  	5
	 Place of Payment
	  	5
	 Predecessor Security
	  	5
	 Redemption Date
	  	5
	 Redemption Price
	  	5
	 Regular Record Date
	  	5
	 Responsible Officer
	  	5
	 Securities
	  	6

  

 i 

			
	 Securities Act
	  	6
	 Security Register
	  	6
	 Security Registrar
	  	6
	 Special Record Date
	  	6
	 Stated Maturity
	  	6
	 Subsidiary
	  	6
	 Trust Indenture Act
	  	6
	 Trustee
	  	6
	 U.S. Government Obligation
	  	6
	 Vice President
	  	6
	 Voting Stock
	  	7
		
	 SECTION 102 Compliance Certificates and Opinions
	  	7
		
	 SECTION 103 Form of Documents Delivered to Trustee
	  	7
		
	 SECTION 104 Acts of Holders; Record Dates
	  	8
		
	 SECTION 105 Notices, Etc., to Trustee and Company
	  	10
		
	 SECTION 106 Notice to Holders; Waiver
	  	10
		
	 SECTION 107 Conflict with Trust Indenture Act
	  	11
		
	 SECTION 108 Effect of Headings and Table of Contents
	  	11
		
	 SECTION 109 Successors and Assigns
	  	11
		
	 SECTION 110 Separability Clause
	  	11
		
	 SECTION 111 Benefits of Indenture
	  	11
		
	 SECTION 112 Governing Law
	  	11
		
	 SECTION 113 Legal Holidays
	  	11
	ARTICLE TWO SECURITY FORMS	  	
		
	 SECTION 201 Forms Generally
	  	12
		
	 SECTION 202 Form of Face of Security
	  	12
		
	 SECTION 203 Form of Reverse of Security
	  	14
		
	 SECTION 204 Form of Legend for Global Securities
	  	17
		
	 SECTION 205 Form of Trustee’s Certificate of Authentication
	  	18
		
	 SECTION 206 Form of Conversion Notice
	  	18

  

 ii 

			
	ARTICLE THREE THE SECURITIES	  	
		
	 SECTION 301 Amount Unlimited; Issuable in Series
	  	19
		
	 SECTION 302 Denominations
	  	22
		
	 SECTION 303 Execution, Authentication, Delivery and Dating
	  	22
		
	 SECTION 304 Temporary Securities
	  	23
		
	 SECTION 305 Registration, Registration of Transfer and Exchange
	  	24
		
	 SECTION 306 Mutilated, Destroyed, Lost and Stolen Securities
	  	25
		
	 SECTION 307 Payment of Interest; Interest Rights Preserved
	  	26
		
	 SECTION 308 Persons Deemed Owners
	  	27
		
	 SECTION 309 Cancellation
	  	27
		
	 SECTION 310 Computation of Interest
	  	28
		
	ARTICLE FOUR SATISFACTION AND DISCHARGE	  	
		
	 SECTION 401 Satisfaction and Discharge of Indenture
	  	28
		
	 SECTION 402 Application of Trust Money
	  	29
		
	ARTICLE FIVE REMEDIES	  	
		
	 SECTION 501 Events of Default
	  	29
		
	 SECTION 502 Acceleration of Maturity; Rescission and Annulment
	  	30
		
	 SECTION 503 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	31
		
	 SECTION 504 Trustee May File Proofs of Claim
	  	32
		
	 SECTION 505 Trustee May Enforce Claims Without Possession of Securities
	  	33
		
	 SECTION 506 Application of Money Collected
	  	33
		
	 SECTION 507 Limitation on Suits
	  	33
		
	 SECTION 508 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	34
		
	 SECTION 509 Restoration of Rights and Remedies
	  	34
		
	 SECTION 510 Rights and Remedies Cumulative
	  	34

  

 iii 

			
	 SECTION 511 Delay or Omission Not Waiver
	  	34
		
	 SECTION 512 Control by Holders
	  	35
		
	 SECTION 513 Waiver of Past Defaults
	  	35
		
	 SECTION 514 Undertaking for Costs
	  	35
		
	 SECTION 515 Waiver of Usury, Stay or Extension Laws
	  	35
		
	ARTICLE SIX THE TRUSTEE	  	
		
	 SECTION 601 Certain Duties and Responsibilities
	  	36
		
	 SECTION 602 Notice of Defaults
	  	36
		
	 SECTION 603 Certain Rights of Trustee
	  	36
		
	 SECTION 604 Not Responsible for Recitals or Issuance of Securities
	  	37
		
	 SECTION 605 May Hold Securities
	  	38
		
	 SECTION 606 Money Held in Trust
	  	38
		
	 SECTION 607 Compensation and Reimbursement
	  	38
		
	 SECTION 608 Conflicting Interests
	  	39
		
	 SECTION 609 Corporate Trustee Required; Eligibility
	  	39
		
	 SECTION 610 Resignation and Removal; Appointment of Successor
	  	39
		
	 SECTION 611 Acceptance of Appointment by Successor
	  	40
		
	 SECTION 612 Merger, Conversion, Consolidation or Succession to Business
	  	41
		
	 SECTION 613 Preferential Collection of Claims Against Company
	  	42
		
	 SECTION 614 Appointment of Authenticating Agent
	  	42
		
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	
		
	 SECTION 701 Company to Furnish Trustee Names and Addresses of Holders
	  	43
		
	 SECTION 702 Preservation of Information; Communications to Holders
	  	44
		
	 SECTION 703 Reports by Trustee
	  	44
		
	 SECTION 704 Reports by Company
	  	44

  

 iv 

			
	ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	
		
	 SECTION 801 Company May Consolidate, Etc., Only on Certain Terms
	  	44
		
	 SECTION 802 Successor Substituted
	  	45
		
	ARTICLE NINE SUPPLEMENTAL INDENTURES	  	
		
	 SECTION 901 Supplemental Indentures Without Consent of Holders
	  	46
		
	 SECTION 902 Supplemental Indentures With Consent of Holders
	  	47
		
	 SECTION 903 Execution of Supplemental Indentures
	  	48
		
	 SECTION 904 Effect of Supplemental Indentures
	  	48
		
	 SECTION 905 Conformity with Trust Indenture Act
	  	48
		
	 SECTION 906 Reference in Securities to Supplemental Indentures
	  	48
		
	ARTICLE TEN COVENANTS	  	
		
	 SECTION 1001 Payment of Principal, Premium and Interest
	  	48
		
	 SECTION 1002 Maintenance of Office or Agency
	  	49
		
	 SECTION 1003 Money for Securities Payments to Be Held in Trust
	  	49
		
	 SECTION 1004 Statement by Officers as to Default
	  	50
		
	 SECTION 1005 Existence
	  	50
		
	 SECTION 1006 [Intentionally Omitted]
	  	51
		
	 SECTION 1007 Payment of Taxes and Other Claims
	  	51
		
	 SECTION 1008 [Intentionally Omitted]
	  	51
		
	 SECTION 1009 Waiver of Certain Covenants
	  	51
		
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	  	
		
	 SECTION 1101 Applicability of Article
	  	51
		
	 SECTION 1102 Election to Redeem; Notice to Trustee
	  	52
		
	 SECTION 1103 Selection by Trustee of Securities to Be Redeemed
	  	52
		
	 SECTION 1104 Notice of Redemption
	  	53

  

 v 

			
	 SECTION 1105 Deposit of Redemption Price
	  	53
		
	 SECTION 1106 Securities Payable on Redemption Date
	  	54
		
	 SECTION 1107 Securities Redeemed in Part
	  	54
		
	ARTICLE TWELVE [INTENTIONALLY OMITTED]	  	
		
	ARTICLE THIRTEEN [INTENTIONALLY OMITTED]	  	
		
	ARTICLE FOURTEEN [INTENTIONALLY OMITTED]	  	
		
	ARTICLE FIFTEEN DEFEASANCE AND COVENANT DEFEASANCE	  	
		
	 SECTION 1501 Company’s Option to Effect Defeasance or Covenant Defeasance
	  	54
		
	 SECTION 1502 Defeasance and Discharge
	  	55
		
	 SECTION 1503 Covenant Defeasance
	  	55
		
	 SECTION 1504 Conditions to Defeasance or Covenant Defeasance
	  	56
		
	 SECTION 1505 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions
	  	57
		
	 SECTION 1506 Reinstatement
	  	58
		
	ARTICLE SIXTEEN SINKING FUNDS	  	
		
	 SECTION 1601 Applicability of Article
	  	58
		
	 SECTION 1602 Satisfaction of Sinking Fund Payments with Securities
	  	59
		
	 SECTION 1603 Redemption of Securities for Sinking Fund
	  	59

  

 vi 

 CADENCE FINANCIAL CORPORATION 
 CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 
 THROUGH 318, INCLUSIVE, OF THE TRUST INDENTURE
ACT OF 1939: 
  

			
	 TRUST INDENTURE ACT SECTION
	  	INDENTURE SECTION
	 Section 310(a)(1)
	  	609
	 (a)(2)
	  	609
	 (a)(3)
	  	Not
Applicable
	 (a)(4)
	  	Not
Applicable
	 (a)(5)
	  	609
	 (b)
	  	608, 610
	 Section 311(a)
	  	613
	 (b)
	  	613
	 Section 312(a)
	  	701, 702
	 (b)
	  	702
	 (c)
	  	702
	 Section 313(a)
	  	703
	 (b)
	  	703
	 (c)
	  	703
	 (d)
	  	703
	 Section 314(a)
	  	704
	 (a)(4)
	  	1004
	 (b)
	  	Not
Applicable
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (c)(3)
	  	Not
Applicable
	 (d)
	  	Not
Applicable
	 (e)
	  	102
	 Section 315(a)
	  	601
	 (b)
	  	602
	 (c)
	  	601
	 (d)
	  	601
	 (e)
	  	514
	 Section 316(a)
	  	512, 513
	 (a)(1)(A)
	  	512
	 (a)(1)(B)
	  	513
	 (a)(2)
	  	Not
Applicable
	 (b)
	  	508
	 (c)
	  	104
	 Section 317(a)(1)
	  	503
	 (a)(2)
	  	504
	 (b)
	  	1003
	 Section 318(a)
	  	107

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture. 
  

 vii 

 INDENTURE, dated as of
                    , 200    , among Cadence Financial Corporation, a corporation duly organized and existing under
the laws of the State of Mississippi (herein called the “Company”), having its principal office at 301 East Main Street, Starkville, Mississippi and [Trustee’s Name], a banking corporation duly organized and existing under the
laws of the State of [             ], as Trustee (herein called the “Trustee”). 
 RECITALS OF THE COMPANY 
 The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided. 
 All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the
premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER
PROVISIONS 
 OF GENERAL APPLICATION 
 SECTION 101 Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise
requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them
therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally
accepted at the date of this instrument; 
 (4) unless the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture; and 
 (5) the words “herein”, “hereof”, “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
  

 1 

 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing; provided that direct or indirect beneficial ownership of 10% or more of the Voting
Stock of a Person shall be deemed to control. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to
act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Board of Directors” means either the board of directors of the
Company or any committee of that board duly authorized to act for it in respect hereof. 
 “Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company, to have been duly adopted by its Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or executive order to close. 
 “Capital Stock” of any Person means any
and all shares, interests, participations or other equivalents (however designated) of corporate stock or other equity participations, including partnership interests, whether general or limited, of such Person. 
 “Commission” means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the
execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Common Stock” means the common stock, no par value, of the Company as the same exists at the date of execution and delivery of this Indenture or other Capital
Stock of the Company into which such common stock is converted, reclassified or changed from time to time. 
 “Company” means the Person named as
the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board
of Directors, its Vice Chairman of the Board of Directors, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
  

 2 

 “Conversion Agent” means any Person authorized by the Company to convert any Securities on behalf of the
Company. 
 “Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall
be administered, such office being located on the date hereof at [Trustee’s Address]. 
 “corporation” means a corporation, association,
limited liability company, joint-stock company or business trust. 
 “Covenant Defeasance” has the meaning specified in Section 1503.

 “Defaulted Interest” has the meaning specified in Section 307. 
 “Defeasance” has the meaning specified in Section 1502. 
 “Depositary” means, with respect to
Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301.

 “Event of Default” has the meaning specified in Section 501. 
 “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 104. 
 “Global Security” means a Security
that evidences all or part of the Securities of any series and bears the legend set forth in Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301. 
 “interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
  

 3 

 “Investment Company Act” means the Investment Company Act of 1940 and any statute successor thereto, in each
case as amended from time to time. 
 “Maturity”, when used with respect to any Security, means the date on which the principal of such Security or
an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “Notice of Default” means a written notice of the kind specified in Section 501(4). 
 “Officers’
Certificate” means a certificate signed by the Chairman of the Board of Directors, a Vice Chairman of the Board of Directors, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company. 
 “Opinion of Counsel” means a written opinion of counsel, who shall be acceptable to the Trustee. 
 “Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502. 
 “Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation; 
 (2) Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (3) Securities as to which
Defeasance has been effected pursuant to Section 1502; and 
 (4) Securities which have been paid pursuant to Section 306 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders
of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original
Issue Discount Security which shall be deemed to be Outstanding shall be 

  

 4 

 
the amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to
Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or
determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of
such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined as provided in such clause), and
(D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the Company. 
 “Person” means any individual, corporation, partnership,
limited liability company, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301.

 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”, when used with respect to any Security to be redeemed, means the
date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
 “Responsible Officer” when
used with respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who 

  

 5 

 
customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture. 
 “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 “Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such
Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary”
of any Person means (1) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and
one or more Subsidiaries thereof or (2) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at
least a majority ownership and power to direct the policies, management and affairs thereof. 
 “Trust Indenture Act” means the Trust Indenture Act
of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there
is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “U.S. Government Obligation” has the meaning specified in Section 1504. 
 “Vice President”, when
used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 
  

 6 

 “Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the
election of directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 
 SECTION 102 Compliance Certificates and Opinions. 
 Upon any
application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such
certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act
and any other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this Indenture shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4)
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103 Form of Documents
Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  

 7 

 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104 Acts of
Holders; Record Dates. 
 Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the
Securities of any or all series may take action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the time of taking any such action the Holders
of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, (b) by the record of the Holders
voting in favor thereof at any meeting of Holders duly called and held in accordance with procedures approved by the Trustee, (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders or (d) in
the case of Securities evidenced by a Global Security, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s applicable procedures. Such evidence (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the relevant Holders. Proof of execution of any such instrument or of a writing appointing any such agent or proxy shall be sufficient for any purpose of this
Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 The fact
and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also
constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.

 The ownership of Securities shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such
Security. 
 The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the 

  

 8 

 
Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the
relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in
Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join
in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of
the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action
taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall
cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party
hereto which set such record date shall be 

  

 9 

 
deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by
one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
 SECTION
105 Notices, Etc., to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document
provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 
 (1) the Trustee by any Holder or by the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing in the English language to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department; or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing in the English
language and mailed, first-class postage prepaid, addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company.

 SECTION 106 Notice to Holders; Waiver. 
 Except as
otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice
to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 
  

 10 

 SECTION 107 Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall
control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the
case may be. 
 SECTION 108 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 109 Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
 SECTION 110 Separability Clause. 
 In case any provision in this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 111 Benefits of Indenture. 
 Nothing
in this Indenture or the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 SECTION 112 Governing Law. 
 This Indenture and the
Securities shall be governed by and construed in accordance with the law of the State of New York. 
 SECTION 113 Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date, purchase date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if
any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or purchase date, or at
the Stated Maturity. 
  

 11 

 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201 Forms Generally. 
 The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental
hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of
Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 The definitive
Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 SECTION 202 Form of Face of Security. 
 [Insert any legend required by
the Internal Revenue Code and the regulations thereunder.] 
 Cadence Financial Corporation 
 ______________ 
  

			
	No.                 	  	$                    

 Cadence Financial Corporation, a corporation duly organized and existing under the laws of Mississippi (herein
called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                         , or registered assigns, the principal sum of
             Dollars on              [if the Security is to bear interest prior to Maturity, insert — , and to
pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on              and
             in each year, commencing             , at the rate of
            % per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest, which is
overdue shall bear interest at the rate of             % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
             or              (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date 

  

 12 

 
and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture].

 [If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of
            % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for
payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of
            % per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid
or made available for payment. Interest on any overdue interest shall be payable on demand.] 
 Payment of the principal of (and premium, if any) and [if
applicable, insert — any such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in             , in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register. 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 
  

			
	Dated:
	
	 Cadence Financial Corporation

	
	 By

  
 Attest: 
  

 13 

 SECTION 203 Form of Reverse of Security. 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
            , 200     (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company and
[Trustee’s Name], as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof [if applicable, insert —, limited in aggregate principal amount to $ ]. 
 [If applicable, insert — The Securities of this series are
subject to redemption upon not less than 30 days’ notice by mail, [if applicable, insert — (1) on              in any year commencing with the year
             and ending with the year through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if
applicable, insert — on or after             , 20__], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [if applicable, insert — on or before             ,             %, and if
redeemed] during the 12-month period beginning of the years indicated, 
  

							
	 Year
	  	Redemption
Price	  	Year	  	Redemption
Price
		  		  		  	
		  		  		  	

 and thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such
redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holders of such 
 Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred
to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert — The Securities of this series are subject to redemption upon not
less than 30 days’ notice by mail, (1) on              in any year commencing with the year             
and ending with the year              through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning of the years indicated, 
  

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	 Year
	  	Redemption Price For
Redemption Through
Operation of the
Sinking Fund	  	Redemption Price For
Redemption
Otherwise Than
Through Operation of
the Sinking Fund

 and thereafter at a Redemption Price equal to ______% of the principal amount, together in the case of any such
redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert — Notwithstanding the foregoing, the Company may not, prior to __________, redeem any Securities of this series as contemplated by [if applicable, insert — clause (2) of] the
preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial
practice) of less than ____________% per annum.] 
 [If applicable, insert — The sinking fund for this series provides for the redemption on
___________in each year beginning with the year ________and ending with the year _______________of [if applicable, insert — not less than $ (“mandatory sinking fund”) and not more than] $ _____________aggregate principal amount of
Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert —
mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the inverse order in which they become due].] 
 [If the
Security is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.] 
 [If the Security is subject to conversion, insert – Subject to the provisions of the Indenture, each
Holder has the right to convert the principal amount of this Security into fully paid and nonassessable shares of Common Stock of the Company at the initial conversion price per share of Common Stock of $ ____________ (or $ ________in principal
amount of Securities for each such share of Common Stock), or at the adjusted conversion price then in effect, if adjustment has been made as provided in the Indenture, upon surrender of the Security to the Conversion Agent, together with a fully
executed notice in substantially the form attached hereto and, if required by the Indenture, an amount equal to accrued interest payable on this Security.] 
  

 15 

 [If applicable, insert — The Indenture contains provisions for Defeasance at any time of [the entire indebtedness of
this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.] 
 [If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 
 [If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared
due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and
(ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and
premium and interest, if any, on the Securities of this series shall terminate.] 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at
the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
  

 16 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in
registered form without coupons in denominations of $ _________and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 SECTION 204 Form of Legend for Global Securities. 
 Unless otherwise
specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

 17 

 SECTION 205 Form of Trustee’s Certificate of Authentication. 
 The Trustee’s certificates of authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 [Trustee’s Name], 
 As Trustee 
 By

 Authorized Officer 
 SECTION 206 Form of Conversion
Notice. 
 Each convertible Security shall have attached thereto, or set forth on the reverse of the Security, a notice of conversion in substantially the
following form: 
 Conversion Notice 
 To: Cadence Financial Corporation 
 The undersigned owner of this Security hereby: (i) irrevocably exercises the option to convert this
Security, or the portion hereof below designated, for shares of Common Stock of Cadence Financial Corporation in accordance with the terms of the Indenture referred to in this Security and (ii) directs that such shares of Common Stock
deliverable upon the conversion, together with any check in payment for fractional shares and any Security(ies) representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has
been indicated below. If shares are to be delivered registered in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. 
 Any amount required to be paid by the undersigned on account of interest accompanies this Security. 
 Dated 
 Signature 
  

 18 

 Fill in for registration of shares if to be delivered, and of Securities if to be issued, otherwise than to and in the
name of the registered holder. 
 Social Security or other 
 Taxpayer Identification Number 
 (Name) 
 (Please
print name and address) 
 Principal amount to be converted: (if less than all) 
 $                                       
                          
 Signature Guarantee* 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature acceptable to the Trustee). 

 ARTICLE THREE 
 THE SECURITIES 

 SECTION 301 Amount Unlimited; Issuable in Series. 
 The
aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one
or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the
Securities of the series from Securities of any other series); 
  

 19 

 (2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for
any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
 (3) the Person to whom any
interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
 (4) the date or dates on which the principal of any Securities of the series is payable; 
 (5) the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be
payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 
 (6) the place or places where the principal of and any
premium and interest on any Securities of the series shall be payable; 
 (7) the period or periods within which, the price or prices at which and the terms
and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be
evidenced; 
 (8) the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation; 
 (9) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series
shall be issuable; 
 (10) if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an
index or pursuant to a formula, the manner in which such amounts shall be determined; 
 (11) if other than the currency of the United States of America, the
currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any
purpose, including for purposes of the definition of “Outstanding” in Section 101; 
 (12) if the principal of or any premium or interest on
any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or
currency units in which the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so
payable (or the manner in which such amount shall be determined); 
  

 20 

 (13) if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the
series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (14) if the principal amount payable
at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any
purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in
any such case, the manner in which such amount deemed to be the principal amount shall be determined); 
 (15) if applicable, that the Securities of the
series, in whole or any specified part, shall be defeasible pursuant to Section 1502 or Section 1503 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities
shall be evidenced; 
 (16) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the respective Depositories for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204 and any
circumstances in addition to or in lieu of those set forth in clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global
Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (17) any addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 502; 
 (18) any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series;

 (19) whether the Securities of the series will be convertible into Common Stock (or cash in lieu thereof) and, if so, the terms and conditions upon which
such conversion will be effected; and 
 (20) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture,
except as permitted by Section 901(5)). 
 All Securities of any one series shall be substantially identical except as to denomination and except as may
otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture
supplemental hereto. 
  

 21 

 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series.

 SECTION 302 Denominations. 
 The Securities of each
series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any
series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
 SECTION 303 Execution,
Authentication, Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by its Chairman of the Board of Directors, its Vice
Chairman of the Board of Directors, its President or one of its Vice Presidents. If its corporate seal is reproduced thereon, then it shall be attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on
the Securities may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers
of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company and, together with a Company Order for the authentication and delivery of such Securities, the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series
have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 
 (1) if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 
 (2) if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in
conformity with the provisions of this Indenture; and 
 (3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
  

 22 

 If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the
issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall
not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture. 
 SECTION 304 Temporary Securities. 
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities and with such appropriate insertions, omissions, substitutions and other variations as the officers executing
such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such
series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of
any series, the Company shall execute, and the Trustee shall authenticate and deliver, in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until
so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 
  

 23 

 SECTION 305 Registration, Registration of Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of
the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or otherwise not involving any transfer. 
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the
transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such
Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part. 
  

 24 

 The provisions of clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof
and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 
 (2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered,
in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or
(ii) has ceased to be a clearing agency registered under the Exchange Act, and in either case the Company fails to appoint a successor Depositary within 90 days, (B) there shall have occurred and be continuing an Event of Default with
respect to such Global Security and the Depositary shall have notified the Trustee of its decision to exchange such Global Security for Securities in certificated form or (C) there shall exist such circumstances, if any, in addition to or in
lieu of the foregoing as have been specified for this purpose as contemplated by Section 301. 
 (3) Subject to clause (2) above, any exchange of a
Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

 (4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof. 
 SECTION 306 Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee, the Company shall execute, and the Trustee shall authenticate and deliver, in exchange therefor a new Security of
the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless from any loss
that any of them may suffer if a Security is replaced, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute, and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  

 25 

 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable or is to
be converted, the Company in its discretion may, instead of issuing a new Security, pay or authorize the conversion of such Security (without surrender thereof save in the case of a mutilated Security). 
 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Security of any
series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement, payment or conversion of mutilated, destroyed, lost or stolen
Securities. 
 SECTION 307 Payment of Interest; Interest Rights Preserved. 
 Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause
(1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the 

  

 26 

 
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder
of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed,
such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2). 
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each
Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

SECTION 308 Persons Deemed Owners. 
 Prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary. 
 SECTION 309 Cancellation. 
 All Securities surrendered for payment, redemption, purchase, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee
shall be disposed of as directed by a Company Order or in the Trustee’s customary manner, which manner shall be communicated in writing to the Company. 
  

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 SECTION 310 Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401 Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Request cease to be of further effect with respect to the Securities of any series, and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
 (1) either 
 (A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B) all such Securities of such series not theretofore delivered to the Trustee for cancellation 
 (i) have become due and
payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the
Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient, without consideration of any reinvestment of
interest, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable
hereunder by the Company with respect to the Securities of such series; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 
  

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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 607, any surviving rights of conversion, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
 SECTION 402 Application
of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401
shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 
 ARTICLE FIVE 
 REMEDIES 
 SECTION 501 Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any
series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of or any premium on any
Security of that series at its Maturity; or 
 (3) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that
series; or 
 (4) default in the performance, or breach, of any covenant of the Company in Article Eight of this Indenture; or 
 (5) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a
period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
  

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 (6) debt of the Company is not paid within any applicable grace period after final maturity or is accelerated by the
holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds $20.0 million, or its foreign currency equivalent at the time; or 
 (7) any judgment or decree for the payment of money in excess of $20.0 million or its foreign currency equivalent at the time it is entered against the Company remains outstanding for a period of 60 consecutive days
following the entry of such judgment or decree and is not discharged, waived or the execution thereof stayed; or 
 (8) the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, under any applicable Federal or State law, or
appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any
such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (9) the commencement by
the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in
writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 
 (10) any other Event of Default provided with respect to Securities of that series. 
 SECTION 502 Acceleration of Maturity; Rescission and
Annulment. 
 If an Event of Default (other than an Event of Default with respect to the Company specified in Section 501(8) or 501(9)) with respect
to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount
of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the 

  

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terms thereof) to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount) shall become immediately due and payable, together with any accrued and unpaid interest thereon. If an Event of Default with respect to the Company specified in Section 501(8) or 501
(9) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal
amount of such Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable, together with any accrued and unpaid
interest thereon. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay

 (A) all overdue interest on all Securities of that series, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that
payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 
 and 
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of
Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No
such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 503 Collection of Indebtedness and Suits for
Enforcement by Trustee. 
 The Company covenants that if 
 (1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
  

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 (2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof,

 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor
in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem reasonably necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy. 
 SECTION 504 Trustee May File Proofs of Claim. 
 In case of any judicial proceeding relative to the Company or the property or creditors of the Company or any other obligor upon the Securities, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
  

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 SECTION 505 Trustee May Enforce Claims Without Possession of Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or
the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 SECTION 506 Application of Money Collected. 
 Any money collected by
the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts
due the Trustee under Section 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest,
respectively; and 
 THIRD: The balance, if any, to the Company or to such other Person as a court of competent jurisdiction shall direct. 
 SECTION 507 Limitation on Suits. 
 No Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable
security or indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for
60 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and 
  

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 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the
Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 508 Unconditional Right of Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption or offer by the Company to purchase the Securities pursuant to the terms of this Indenture, on the Redemption Date or purchase date, as applicable) and, if applicable, to
convert such Security in accordance with its terms, and to institute suit for the enforcement of any such right, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 509 Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted. 
 SECTION 510 Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511 Delay or Omission Not Waiver. 
 No delay or omission of
the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

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 SECTION 512 Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 
 (1) such direction shall not be in
conflict with any rule of law or with this Indenture, and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with such direction. 
 SECTION 513 Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its
consequences, except a default 
 (1) in the payment of the principal of or any premium or interest on any Security of such series (including any Security
which is required to have been purchased by the Company pursuant to an offer to purchase by the Company made pursuant to the terms of this Indenture), or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514 Undertaking for
Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs including reasonable attorneys’ fees and expenses against any such party litigant, in
the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any
suit instituted by the Company. 
 SECTION 515 Waiver of Usury, Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension
law wherever enacted, now or at any time hereafter in force, which may 

  

 35 

 
affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 ARTICLE SIX 
 THE
TRUSTEE 
 SECTION 601 Certain Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as expressly set forth in this Indenture and as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section. 
 SECTION 602 Notice of Defaults. 
 If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to
the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(5) with respect to Securities of such series, no such notice to Holders shall be given until at least
30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.

 SECTION 603 Certain Rights of Trustee. 
 Subject to the
provisions of Section 601: 
 (1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in original or facsimile form) believed by it to
be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 
  

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 (4) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (5)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee
reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of
any agent or attorney appointed with due care by it hereunder; 
 (8) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (9) the Trustee
shall not be deemed to have notice of any Event of Default with respect to the Securities of any series for which it is acting as Trustee unless either (i) a Responsible Officer of the Trustee assigned to the Corporate Trust Office of the
Trustee (or any successor division or department of the Trustee) has actual knowledge thereof or (ii) written notice of such Event of Default has been received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture; and 
 (10) the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and the Person employed to act hereunder. 
 SECTION 604 Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of
Securities or the proceeds thereof. 
  

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 SECTION 605 May Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to
Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 SECTION 606 Money Held in Trust. 
 Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
 SECTION 607 Compensation and Reimbursement. 
 The Company agrees

 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or bad faith; and 
 (3) to indemnify
the Trustee and its agents for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without gross negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal (or premium, if any) or interest, if any, on Securities. 
 The provisions of this Section shall survive the resignation or removal of the Trustee or the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of an Event of Default specified in Section 501(8) or
(9) the expenses are intended to constitute expenses of administration under any applicable bankruptcy law. 
  

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 SECTION 608 Conflicting Interests. 
 If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with
respect to Securities of more than one series. 
 SECTION 609 Corporate Trustee Required; Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or
more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 610 Resignation and Removal;
Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 The Trustee may
resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Trustee may be removed at any time with respect to the Securities of any series by the Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and to the Company. 
 If at any time: 
 (1) the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder, or

  

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 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the
Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by the Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered
to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in
Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 611 Acceptance of Appointment by Successor. 
 In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder. 
  

 40 

 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and
which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to
or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates. 
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
 No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 SECTION 612 Merger, Conversion, Consolidation or Succession to Business. 
 Any Person into which the Trustee may be merged or converted or
with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. As soon as
practicable, the successor Trustee shall mail a notice of its succession to the Company and the Holders of the Securities then Outstanding. In case any Securities shall have been authenticated, but not 

  

 41 

 
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
 SECTION 613
Preferential Collection of Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company or any other obligor upon the
Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any such other obligor. 
 SECTION 614 Appointment of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents with
respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer, conversion or partial redemption
thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made
in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a Person organized and doing business under
the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or
examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any
Person succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under this Section, without the execution or filing of
any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such 

  

 42 

 
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent
which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Trustee agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 This is one of the Securities of the
series designated therein referred to in the within-mentioned Indenture. 
  

			
	
	
	[Trustee’s Name],
	As Trustee
		
	By	 	 
		 	As Authenticating Agent
	
		
	By	 	 
		 	Authorized Officer

 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701 Company to Furnish Trustee Names and
Addresses of Holders. 
 The Company will furnish or cause to be furnished to the Trustee with respect to the Securities of each series: 
 (1) not more than 10 days after each record date with respect to the payment of interest, if any, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of Securities of such series as of such record date, and 
 (2) at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; excluding from any such list names and addresses received by the
Trustee in its capacity as Security Registrar. 
  

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 SECTION 702 Preservation of Information; Communications to Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the
Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list
so furnished. 
 The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company, nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the
Trust Indenture Act. 
 SECTION 703 Reports by Trustee. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed,
with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange. 
 SECTION 704 Reports
by Company. 
 The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and
such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided that any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. 
 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 SECTION 801 Company May Consolidate, Etc., Only on Certain Terms. 
 The Company shall not, in a single transaction or a series of related transactions, consolidate with or merge into any other Person or permit any other Person to consolidate with or merge into the Company or, directly
or indirectly, transfer, convey, sell, lease or otherwise dispose of all or substantially all of its assets, unless: 
  

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 (1) in a transaction in which the Company does not survive or in which the Company transfers, conveys, sells, leases or
otherwise disposes of all or substantially all of its assets, the successor entity (for purposes of this Article Eight, a “Successor Company”) shall be a corporation, partnership, trust or other entity organized and validly existing under
the laws of the United States of America, any State thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and
punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed; 
 (2) immediately before and after giving pro forma effect to such transaction and treating any indebtedness which becomes an obligation of the Company as a result of such
transaction as having been incurred by the Company at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; 

(3) if, as a result of any such consolidation or merger or such transfer, conveyance, sale, lease or other disposition, properties or assets of the Company would
become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or the Successor Company, as the case may be, shall take such steps as shall be necessary effectively to
secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby; 
 (4) any other conditions provided pursuant to
Section 301 with respect to the Securities of a series are satisfied; and 
 (5) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, transfer, conveyance, sale, lease or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with
this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 SECTION 802 Successor
Substituted. 
 Upon any consolidation of the Company with, or merger of the Company into, any other Person or any transfer, conveyance, sale, lease or
other disposition of all or substantially all of the assets of the Company in accordance with Section 801, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the
Securities. 
  

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 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901 Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person
to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; or 
 (2) to add to the covenants of
the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of
such series) or to surrender any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default for the benefit of the
Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit
of such series); or 
 (4) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 
 (5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or
elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such
Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or 
 (6) to secure the
Securities; or 
 (7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 
 (8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 
 (9) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein; or 
 (10) to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (10) shall
not adversely affect the interests of the Holders of Securities of any series in any material respect; or 
  

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 SECTION 902 Supplemental Indentures With Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by
the Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected thereby: 
 (1) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any
other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of (a) any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or in the case of an offer to purchase
Securities which has been made pursuant to a covenant contained in this Indenture, on or after the applicable purchase date) or (b) any conversion right with respect to any Security, or modify the provisions of this Indenture with respect to
the conversion of the Securities, in a manner adverse to the Holders; or 
 (2) reduce the percentage in principal amount of the Outstanding Securities of
any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture; or 
 (3) modify any of the provisions of this Section, Section 513 or Section 1009, except to
increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1009, or the deletion of this proviso, in accordance with the requirements of
Sections 611 and 901(8); or 
 (4) following the making of an offer to purchase Securities from any Holder which has been made pursuant to a covenant
contained in this Indenture, modify the provisions of this Indenture with respect to such offer to purchase in a manner adverse to such Holder. 
 A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders
of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
  

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 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 903 Execution of Supplemental Indentures.

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture and the Trust Indenture Act, that all conditions precedent in this Indenture to the execution of the supplemental indenture have been complied with and that such supplemental indenture, when executed and delivered by the
Company, will constitute a valid and binding obligation of the Company in accordance with its terms. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 
 SECTION 904 Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form
a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 905 Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act. 
 SECTION 906 Reference in Securities to Supplemental Indentures. 
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company, and such new Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE TEN 
 COVENANTS

 SECTION 1001 Payment of Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities
and this Indenture. Principal, premium, if any, and 

  

 48 

 
interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 A.M., New York
City time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
 SECTION 1002 Maintenance of Office or Agency. 
 The Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented or surrendered for payment or, if applicable, for conversion, where Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 SECTION 1003 Money for Securities Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to
pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to 11:00 A.M., New York City time, on each due date of the
principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any series of Securities other
than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (2) during the 

  

 49 

 
continuance of any default by the Company or any other obligor upon the Securities of that series in the making of any payment in respect of the Securities
of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums
held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then
held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to
the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 SECTION 1004 Statement by Officers as to Default. 
 (a) The Company
will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default
in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such
defaults and the nature and status thereof of which they may have knowledge. 
 (b) The Company shall deliver to the Trustee, as soon as possible and in any
event within five days after the Company becomes aware or should reasonably become aware of the occurrence of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’
Certificate setting forth the details of such Event of Default or default, and the action which the Company proposes to take with respect thereto. 
 SECTION 1005 Existence. 
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect the existence, rights (charter and statutory) and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right or franchise if it shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders. 
  

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 SECTION 1006 [INTENTIONALLY OMITTED] 
 SECTION 1007 Payment of Taxes and Other Claims. 
 The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials and
supplies which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by appropriate proceedings. 
 SECTION 1008 [INTENTIONALLY OMITTED] 
 SECTION 1009 Waiver of Certain Covenants. 
 Except as otherwise
specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any of Sections
1005 through 1008 or in any covenant provided pursuant to Section 301(21), 901(2) or 901(7) for the benefit of the Holders of such series if before the time for such compliance the Holders of at least a majority in principal amount of the
Outstanding Securities of such series shall, by the Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101 Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities)
in accordance with this Article. 
  

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 SECTION 1102 Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the
election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least five Business Days prior to giving notice of such redemption (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with
such restriction. 
 SECTION 1103 Selection by Trustee of Securities to Be Redeemed. 
 If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series not previously called for redemption, (i) in compliance with the requirements of the principal national securities exchange on
which such Securities are listed, if such Securities are listed on any national securities exchange, and (ii) if such Securities are not so listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the principal amount thereof to be redeemed. 
 The provisions of the two preceding paragraphs shall not apply with respect to any
redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security. 
 For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be
redeemed. If any Security selected for partial redemption is surrendered for conversion after such selection, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Upon any redemption of
less than all the Securities of a series, for purposes of selection for redemption the Company and the Trustee may treat as Outstanding Securities surrendered for conversion during the period of 15 days next preceding the mailing of a notice of
redemption, and need not treat as Outstanding any Security authenticated and delivered during such period in exchange for the unconverted portion of any Security converted in part during such period. 
  

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 SECTION 1104 Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address
appearing in the Security Register; provided, however, notice of redemption may be given more than 60 days prior to the Redemption Date if the notice is issued in connection with a satisfaction and discharge pursuant to Article Four. 
 All notices of redemption shall state: 
 (1) the Redemption Date,

 (2) the Redemption Price, if then determinable and otherwise the method of its determination, 
 (3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of
partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of
the particular Security to be redeemed, 
 (4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be
redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places where each such Security is to be
surrendered for payment of the Redemption Price, 
 (6) that the redemption is for a sinking fund, if such is the case; and 
 (7) if applicable, the conversion price then in effect and the date on which the right to convert such Securities will expire. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company and shall be irrevocable. If any Security called for redemption is converted pursuant hereto, any money deposited with the Trustee or any Paying Agent or so segregated and held in trust for the redemption of
such Security shall be paid to the Company upon delivery of a Company Request to the Trustee or such Paying Agent, or, if then held by the Company, shall be discharged from such trust. 
 SECTION 1105 Deposit of Redemption Price. 
 Prior to 11:00 A.M., New York City time, on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
  

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 SECTION 1106 Securities Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity is on or
prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of
Section 307. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1107 Securities Redeemed in Part.

 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and deliver, to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 ARTICLE TWELVE 
 [INTENTIONALLY OMITTED] 
 ARTICLE
THIRTEEN 
 [INTENTIONALLY OMITTED] 
 ARTICLE FOURTEEN 
 [INTENTIONALLY OMITTED] 
 ARTICLE FIFTEEN 
 DEFEASANCE AND
COVENANT DEFEASANCE 
  

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 SECTION 1501 Company’s Option to Effect Defeasance or Covenant Defeasance. 
 The Company may elect, at its option at any time, to have Section 1502 or Section 1503 applied to any Securities or any series of Securities, as the case may
be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1502 or 1503, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below
in this Article. Any such election shall be evidenced in or pursuant to a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. 
 SECTION 1502 Defeasance and Discharge. 
 Upon the Company’s exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations as provided in this Section on and after the date the conditions set forth in Section 1504 are
satisfied (herein called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other
obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive
until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1504 and as more fully set forth in such Section, payments in respect of the
principal of and any premium and interest on such Securities when payments are due, or, if applicable, to convert such Securities in accordance with their terms, (2) the Company’s obligations with respect to such Securities under Sections
304, 305, 306, 1002 and 1003, and, if applicable, its obligations with respect to the conversion of such Securities, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance
with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1503 applied to such Securities. 
 SECTION 1503 Covenant Defeasance. 
 Upon the Company’s exercise
of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (1) the Company shall be released from its obligations under Section 801(3), Sections 1005 through 1008, inclusive, and
any covenants provided pursuant to Section 301(21), 901(2) or 901(7) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified in Sections 501(5) (with respect to any of Section 801(3), Sections
1005 through 1008, inclusive, and any such covenants provided pursuant to Section 301(21), 901(2) or 901(7)), 501(6), 501(7)) and 501(10) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities
as provided in this Section on and after the date the conditions set forth in Section 1504 are satisfied (herein called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities,
the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(5)), whether directly or indirectly
by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities
shall be unaffected thereby. 
  

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 SECTION 1504 Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of Section 1502 or Section 1503 to any Securities or any series of Securities, as the case may be:

 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the
benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities on the respective Stated
Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment
of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 
 (2) In the event of an election to have Section 1502 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to
the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable
Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the
deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge
were not to occur. 
  

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 (3) In the event of an election to have Section 1503 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance
to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 
 (4) The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other Securities of the same series,
if then listed on any securities exchange, will be delisted as a result of such deposit. 
 (5) No event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 501(7) and (8), at any time on or
prior to the 121st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 121st day). 
 (6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of the Trust Indenture Act).

 (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument
to which the Company is a party or by which it is bound. 
 (8) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such
deposit shall not cause either the Trustee or the trust so created to be subject to the Investment Company Act of 1940. 
 (9) The Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 SECTION 1505 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section and Section 1506, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1504 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the
extent required by law. 
  

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 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
U.S. Government Obligations deposited pursuant to Section 1504 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money
or U.S. Government Obligations held by it as provided in Section 1504 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 
 SECTION 1506 Reinstatement. 
 If the Trustee or the Paying Agent is
unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations
under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 1502 or 1503 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such
Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1505 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any
payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money
so held in trust. 
 ARTICLE SIXTEEN 
 SINKING FUNDS 
 SECTION 1601 Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by
Section 301 for such Securities. 
 The minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as
a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking fund payment.” If provided for by the terms of any
Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1602. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities.

  

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 SECTION 1602 Satisfaction of Sinking Fund Payments with Securities. 
 The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a
series which have been (x) converted or (y) redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such
Securities; provided, however, that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the
Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 SECTION 1603 Redemption of Securities for Sinking Fund. 
 Not less than 35 days prior to each sinking fund payment date for any Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied
by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1602 and will also deliver to the Trustee any Securities to be so delivered. Not less than 32 days prior to
each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the day and year first
above written. 
 ISSUER: 
 CADENCE FINANCIAL CORPORATION

  

			
		
	By:	 	 
	 Name:
 Title:
	 	

 TRUSTEE: 
 [TRUSTEE’S NAME], 
 as Trustee 

			
	
		
	By:	 	 
	 Name:
 Title:
	 	

  

 60

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