Document:

Exhibit 4.2

Plan Document

 

 

 

 

 

 

Orange Employee Share Offering 2021

“Together 2021”

U.S. EMPLOYEE PLAN DOCUMENT

 

 

 

 

 

 

 

    	 	1 	 

     

    

		 	

  

		I.	INTRODUCTION

This document sets forth
the terms and conditions of the Plan as applicable to U.S. employees, which involves the offering of Shares to eligible employees of the
Company and its majority-owned subsidiaries who reside in the United States.

		II.	DEFINED TERMS

As used in this document,
the following terms have the meanings indicated below.

	
    Defined
    Term
	
    Meaning

	“Bonus Shares”	As defined in Section III.G.8 below.
	“Committee”	As defined in Section III.G.9 below.
	“Company”	Orange SA, a French Company.
	“Delivery Date”	The date on which Shares acquired pursuant to the Plan are delivered to Participating Employees through transfer to accounts maintained on their behalf with the Registrar.
	“Eligible Employees”	Employees who are eligible to acquire Shares under the Plan.  The conditions for eligibility are set forth in Section III.B below. 
	“Lock-up Period”	As defined in Section III.F.2 below.
	“Offering 2021”	Second offering under the Plan.  The Company may propose new offerings under similar terms in the future pursuant to the Plan (but shall be under no obligation to do so).
	“Offering Price”	As defined in Section III.D below.
	“Orange Group”	As defined in Section III.G.9 below.
	“Participating Employee”	An Eligible Employee who elects to acquire Shares under the Plan.
	“Plan”	The terms and conditions of the Orange Employee Share Offering   as set forth in this document.
	“Price-Fixing Date”	As defined in Section III.D below.
	“Reference Price”	As defined in Section III.D below.
	“Registrar”	BNP Paribas Securities Services, which has been retained by the Company to perform certain administrative functions in connection with the Plan and to manage Shares that are held in direct registered form.

 

    	 	2 	 

     

    

	
    Defined
    Term
	
    Meaning

	“Reservation and Subscription Form”	As defined in Section III.G.3 below.
	“Reservation Period”	A period of time to be fixed by the Company for each offering under the Plan, during which Eligible Employees may submit reservation orders which are non-binding requests to acquire Shares under the Plan. These requests may be cancelled by the Eligible Employees during the Revocation/Subscription Period.
	“Revocation Form”	As defined in Section III.G.3 below.
	“Revocation/Subscription Period”	A period of time to be fixed by the Company for each offering under the Plan, during which Eligible Employees may cancel their reservation orders.  Upon expiration of this period, outstanding reservation orders become binding and irrevocable subscription orders.  In addition, Eligible Employees who have not reserved Shares during the Reservation Period may submit limited subscription requests during the Revocation/Subscription Period.  The Company may in the future choose to make offerings without a Revocation/Subscription Period or other analogous time period during which Eligible Employees may revoke their reservations.
	“Securities Act”	As defined in Section III.G.7 below.
	“Shares”	The Ordinary Shares of the Company.  Each Share has a nominal value of 4 euro.
	“U.S. Subsidiaries”	Those companies organized within the United States in which the Company owns, directly or indirectly, a majority interest: 
	 	·GlobeCast America Inc
	 	·Orange Silicon Valley LLC
	 	·Orange Business Services US Inc
	 	The Company may, from time to time, update the list of U.S. Subsidiaries. 
	“Worldwide Employee Offering”	An offering of Shares to eligible employees of the Company and its majority-owned subsidiaries throughout the world.  Offerings made pursuant to the Plan constitute parts of Worldwide Employee Offerings.

 

		III.	TERMS AND CONDITIONS OF THE PLAN

		A.	Purpose

The purpose of the Plan is
to enable Eligible Employees to acquire Shares on preferential terms and thereby to encourage them to align their interests with those
of the Company. Shares offered under the Plan may be new Shares issued through a capital increase or existing Shares delivered from the
Company’s treasury stock.

The Plan is not subject to
the provisions of the U.S. Employee Retirement Income Security Act of 1974, as amended, and is not a “qualified plan” under
Section 401(a) of the U.S. Internal Revenue Code of 1986, as amended.

    	 	3 	 

     

    

		B.	Eligibility

“Eligible Employees”
include all individuals who, at the moment of remittance of a Reservation and Subscription form, are employed on a regular full-time basis,
or on a regular part-time basis, by any U.S. Subsidiary subject to a minimum employment condition of three months as of the last day of
the Revocation/Subscription Period or such other period as shall be determined by the Company in respect of future offerings under the
Plan.

Eligible Employees include
employees of the Company or a U.S. Subsidiary who otherwise meet the requirements described in the preceding paragraph, but who are absent
from active service due to an authorized leave for disability, workers compensation, family leave or other authorized leave of absence.

Former employees of the Company
or a U.S. Subsidiary (retired or otherwise) are not Eligible Employees.

		C.	Reservation Period for the Offering 2021

The Reservation Period for
the Offering 2021 is expected to open at 9:00 A.M. (Paris time) on Friday, September 17, 2021, through 11:59 P.M. (Paris time) on Thursday,
September 30, 2021.

The Company reserves the
right to change the expected start or end dates of the Reservation Period for the Offering 2021. The Company will notify Eligible Employees
of any such change.

The Company may propose new
offerings in the future by providing to Eligible Employees information regarding the dates of the Reservation Periods of each such offering.

		D.	Offering Price

The Offering Price is calculated
as 70% of the average of the daily volume-weighted average prices over the 20 trading days preceding a given date specified by the Company
(the “Price-Fixing Date”) (the average price is called the “Reference Price”), i.e., a 30% discount
on the Reference Price. Eligible Employees will be informed of the Offering Price prior to the start of the Revocation/Subscription Period.

The Company will convert
the Offering Price to U.S. dollars. See section E.1 below.

		E.	Revocation/Subscription Period for the Offering 2021

The Revocation/Subscription
Period for the Offering 2021 is expected to open at 9:00 A.M. (Paris time) on Thursday, November 4, 2021 and will remain open until 11:59
P.M. (Paris time) on Monday, November 8, 2021.

The Company reserves the
right to change the expected start or end dates of the Revocation/Subscription Period for the Offering 2021. The Company will notify Eligible
Employees of any such change.

The Company may propose new
offerings in the future by providing to Eligible Employees updated information regarding the dates of the Revocation/Subscription Period
of each such offering.

		F.	Specific Terms

Eligible Employees under
the Plan will benefit from the following terms:

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		1.	Conversion of Purchase Price to U.S. Dollars

Participating Employees in
the United States will make payment for the Shares subscribed in U.S. dollars.

This U.S. dollar equivalent
of the initial amount due for the Shares purchased under the Plan is based on an exchange rate established immediately prior to the Price-Fixing
Date. For the Offering 2021, the Offering Price will be converted in U.S. dollars at the exchange rate applicable on November 2, 2021.
The Company’s determination of these U.S. dollar amounts is final, binding and conclusive on all Participating Employees.

Participating Employees bear
the risk of exchange rate fluctuations between the euro and the U.S. dollar for so long as they hold the Shares acquired under the Plan,
while the Company will assume the risk of fluctuations between the date of determination of the purchase price in U.S. dollars and the
Delivery Date.

		2.	Restrictions on Resale

A Participating Employee
may not sell, pledge or otherwise transfer (including by gift) any Shares purchased pursuant to the Plan for a period of five years from
the Delivery Date. This period is referred to herein as the “Lock-up Period.”

A Participating Employee
may not liquidate his or her investment by selling, pledging or otherwise transferring his or her Shares purchased under the Plan during
the Lock-up Period and must, therefore, bear the financial risk of their investment during the Lock-up Period.

However, Shares may be sold
before the end of the Lock-up Period in certain exceptional situations listed below:

		·	Marriage or civil union agreement (*);

		·	Birth or adoption of a third (or subsequent) child provided that the household of the Participating Employee
is already financially responsible for at least two children (*);

		·	Divorce or separation when it is accompanied by a court decision specifying that Participating Employee’s
home is to be the sole or shared ordinary place of residence of at least one child (*);

		·	Termination of the Participating Employee’s employment with the Company or U.S. Subsidiary;

		·	Use of invested amounts for the purpose of creation of certain type of business by the Participating Employee,
spouse or child (*);

		·	Use of invested amounts for the purpose of acquisition or enlargement of a principal residence which includes
the creation of new living space (*);

		·	Disability of Participating Employee or disability of spouse or child;

		·	Death of the Participating Employee or death of spouse;

		·	Overindebtedness acknowledged by a judge;

		·	Violence committed against the employee by his/her spouse, partner, civil partner, or his/her former spouse,
partner or civil partner.

A Participating Employee
must submit requests for early release to his or her employer. The employer may approve or reject the request for early release in its
sole discretion. For events marked (*), the request for early release must be submitted to the Participating Employee’s employer
within six months following the occurrence of the event. Events giving rise to the right to request early release from the Lock-up Period
are determined in accordance with French law. The Company’s determination as to whether a Participating Employee has met the conditions
for early release shall be final and definitive. The Company may amend the list of events giving rise to the right to request early release
with respect to any future offering in order to comply with French law or for any other reason.

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		3.	Payment Terms

A Participating Employee
must make payment in full for Shares acquired under the Plan. A Participating Employee is required to make a wire transfer for the full
purchase price of their Shares (in the equivalent U.S. dollar amount as provided in the Reservation and Subscription Form). For the Offering
2021, payment must be received no later than 25 November, 2021.

		4.	Consequences of a Default in Payment

All orders under the Plan
will become binding and irrevocable at the end of the Revocation/Subscription Period.

A default in payment of the
Offering Price due for Shares acquired under the Plan will not relieve a Participating Employee of his or her obligations under the Plan.
The Company may enforce its right to be paid any delinquent amount and/or may seek recovery of any damages it may incur as a result of
the Participating Employee’s default.

		5.	Termination of Employment

The following terms shall
apply upon termination of a Participating Employee’s employment, whether by retirement, voluntary resignation, involuntary termination
or otherwise.

Early Release from Lock-up Period.
A Participating Employee may request early release from the Lock-up Period’s restrictions upon his or her termination of employment.

Payment Obligations.
Termination of employment will not affect a Participating Employee’s rights to Shares acquired under the Plan or the obligation
to pay for them.

		G.	Certain General Terms and Conditions

		1.	Allotment and Allocation

The number of Shares available
for each Worldwide Employee Offering is capped. For the Worldwide Employee Offering 2021, the maximum number of Shares available is calculated
based on a total maximum amount of subscription (including cost of Bonus Shares for employees) of €260 million; based on a Share
price of €10 the maximum amount would be 26 million Shares. If total employee orders in the Worldwide Employee Offering 2021 exceed
the maximum amount as calculated, an allocation or reduction rule will be applied as follows:

		-	a maximum amount (to be converted in a number of Shares) available per Participating Employee will be
calculated;

		-	all requests that are less than or equal to this maximum will be filled;

		-	requests above the maximum will be reduced so that each Participating Employee receives no more than the
maximum number of Shares calculated pursuant to this Section III.G.1.

		2.	Maximum and Minimum investment

The minimum investment amount
is equal to €15 (or its equivalent in USD).

Under applicable French law,
the amounts that can be invested in the Plan by a Participating Employee are capped at an amount equal to 25% of the gross annual compensation
of such Participating Employee.

		3.	Participation Formalities

A Participating Employee
must submit his or her reservation and subscription request by completing a form (the “Reservation and Subscription Form”)
on-line via a secure website with an ID and passcode provided by the Company (or under its instruction) to each Eligible Employee. Paper
forms will be available on request. On-line reservation orders and revocation and subscription orders can be modified until the end of
the Reservation Period and Revocation/Subscription Period, respectively.

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If the Reservation and Subscription
Form is submitted during the Reservation Period, it may be revoked during the Revocation/Subscription Period by submitting a Revocation
and Subscription Form. Following this Revocation/Subscription Period, and provided that the Eligible Employee does not revoke his or her
reservation, the order will become a final and binding subscription order.

If the Reservation and Subscription
Form is submitted during the Revocation/Subscription Period, the order is deemed to become a final and binding subscription order on the
last day of the Revocation/Subscription Period. During this period, subscription amounts are limited. In the Offering 2021, subscriptions
during the Revocation/Subscription Period cannot exceed a value of €150 (or its equivalent in USD).

All orders that became binding
and irrevocable at the end of the Revocation/Subscription Period will constitute a legally enforceable contract of the Participating Employee
at that time.

If the total subscription
requests received exceed the maximum amount available for the Offering 2021 (see 1. Allotment and Allocation above), reduction of requests
will be calculated and the Participating Employee will be notified of the number of Shares allocated to him or her. Shares will be allocated
in whole numbers only. Any funds paid but not applied to the acquisition of Shares will be refunded to the Participating Employee as soon
as practicable after the Delivery Date.

Participating Employees will
also be advised of any applicable withholding tax payment. See “Required Tax Payments” below.

		4.	Required Tax Payments

The Company or its U.S. Subsidiaries
are required to withhold U.S. federal income tax and, where applicable, state and local income and employment taxes applicable to compensation
realized upon the acquisition of Shares under the Plan. Participating Employees who are citizens or permanent residents of the United
States, or otherwise subject to taxation in the United States on compensation earned from the Company or its U.S. Subsidiaries, will recognize
ordinary income for U.S. federal income tax purposes in (1) an amount equal to (i) the fair market value of the Shares purchased, determined
at the time Shares are allocated to Participating Employees, minus (ii) the Offering Price and (2) the full fair market value of the Bonus
Shares transferred to the Participating Employee as an employer matching contribution. U.S. federal employment taxes (Social Security
and Medicare (FICA and FUTA) taxes), as well as state and local income tax, may also be due, depending on the circumstances of the Participating
Employee.

Prior to or concurrently
on the Delivery Date, the Company or its U.S. Subsidiaries will notify Participating Employees of the applicable amount of the taxes required
to be paid in connection with their investment. Required tax amounts will be withheld from future payments of salary (or payments of other
compensation) to Participating Employees to the extent possible. If the Participating Employee’s employer determines that salary
withholding will not be an adequate or feasible way to satisfy withholding tax obligations, such Participating Employee will be required
to forward a check in the appropriate amount to the Company or the appropriate U.S. Subsidiary within ten days. If a Participating Employee’s
employment terminates before the Delivery Date, he or she will be required to submit a check in the appropriate amount to the Company
or a U.S. Subsidiary.

Notwithstanding anything
else in the Plan, the Company reserves the right to pursue any and all remedies that may be available to it if a Participating Employee
fails to forward a check in the amount of any required tax payment within the specified period, including, without limitation, the right
to treat an order as void and without effect or to delay delivery of acquired Shares until payment has been made. The security interest
held by the Company or its U.S. Subsidiary in a Participating Employee’s Shares will continue in effect until the Participating
Employee has satisfied all tax obligations under the Plan. If a Participating Employee fails to make any required tax payment, the Company
or its U.S. Subsidiary may exercise any rights it has under law. See “Consequences of a Default in Payment” above. The Participating
Employee will remain liable for any shortfall.

    	 	7 	 

     

    

		5.	Safekeeping

The Shares acquired pursuant
to the Plan will be issued in book-entry form and registered in the name of each Participating Employee in separate individual accounts
on the books of BNP Paribas Securities Services S.A. (the “Registrar”) in France. The Company may, in its discretion,
designate a different financial institution to serve as Registrar in the future.

The Registrar will issue
periodic statements to Participating Employees. Such statements will reflect any dividends received and distributed to a Participating
Employee since the last statement.

The Company or one or more
of its subsidiaries will bear all administrative charges relating to maintenance of a Participating Employee’s accounts with the
Registrar at least until the end of the Lock-up Period, provided that the Participating Employee maintains his or her account with the
Registrar during this period and is an employee of the Orange Group. A Participating Employee will be responsible for taxes, brokerage
and similar charges incurred in connection with resales of Shares. See “Specific Terms - Consequences of a Default in Payment.”

		6.	Resales

For so long as Shares are
held by a Participating Employee through the Registrar, any sale of Shares by such Participating Employee will be made through the Registrar.
The Registrar will offer the Shares, or cause the Shares to be offered for sale, on the Euronext market. The sale of Shares is subject
to brokerage commissions, for which the selling Participating Employee will be responsible.

		7.	Rights of Participating Employees as Shareholders

Except as otherwise noted,
a Participating Employee will have the rights and privileges provided under French law with respect to the Shares that he or she acquires
under the Plan. Voting and dividend rights with respect to the Shares are described below.

Voting and Dividends. As of the Delivery
Date, each Participating Employee will have all of the rights of holders of Ordinary Shares, including all applicable voting and dividend
rights.

The Company is not subject
to the proxy rules of the U.S. Securities Exchange Act of 1934, as amended.

The Company currently pays
dividends. There can be no assurance that the Company will continue to pay dividends on the Shares in the future, nor can any assurance
be given as to the amount of any such dividends.

Rights. The Company
may, from time to time, offer to its shareholders rights to subscribe for additional Shares or rights of any other nature. The Company
may, in its sole discretion, decide not to register such rights or the securities to which such rights relate under the U.S. Securities
Act of 1933, as amended (the “Securities Act”), where such registration would be required in connection with the offer
or sale of such rights or securities to Participating Employees. In such case, Participating Employees may not be permitted to acquire
such securities or otherwise exercise such rights and the Registrar may dispose of such rights for the account of the Participating Employees
in a manner that it deems equitable and practicable and distribute the proceeds to the Participating Employees (subject to the payment
of any expenses incurred in connection with such disposal).

		8.	Bonus Shares

The Company may offer matching
contributions in the form of bonus Shares (“Bonus Shares”) to each Participating Employee in an amount of up to €2,600
per Participating Employee per offering under the Plan. The number of Bonus Shares allocated to each Participating Employee will be fixed
in proportion to such Participating employee’s investment amount.

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Details regarding the rules
of allocation of Bonus Shares applicable to each offering under the Plan, if any, will be provided to each Eligible Employee prior to
the start of the Reservation Period.

		9.	Administration and Amendment

Administration.
The Plan shall be administered by a committee (the “Committee”). The members of the Committee shall be appointed with
the approval of, and serve at the discretion of, the Company. Any member of the Committee who is an employee of the Company or a participating
subsidiary shall be eligible to participate in the Plan on the same terms as other Eligible Employees. Decisions of the Committee are
final, binding and conclusive in all matters relating to the Plan, including, without limitation, any determination of whether an individual
is an Eligible Employee.

The Plan provides for the
making of certain determinations, including, without limitation, determinations of fair market value of Shares. The Company (which may,
but shall not be required to, act through the Committee) shall be responsible for making all such determinations, and all such determinations
shall be final, binding and conclusive on Participating Employees.

No member of the Committee
shall be liable for anything whatsoever in connection with the administration of the Plan except such member’s own willful misconduct.
Under no circumstances shall any member of the Committee be liable for any act or omission of any other member of the Committee. In the
performance of its functions with respect to the Plan, the Committee shall be entitled to rely upon information and advice furnished by
the officers of the Company, it subsidiaries (including the U.S. Subsidiaries) and affiliates (the “Orange Group”),
the Orange Group’s accountants and counsel and any other party the Committee deems necessary, and no member of the Committee shall
be liable for any action taken or not taken in reliance upon any such advice. Members of the Committee will be indemnified by the Company
or another member of the Orange Group (including the U.S. Subsidiaries) for any liabilities, expenses or losses incurred by them in connection
with the administration of the Plan.

Right to Amend
or Terminate the Plan. The Company in its discretion may amend the terms of the Plan at any time, or from time to time. No such amendment,
however, may adversely affect the rights of Participating Employees in Shares that they have already purchased under the Plan. In addition,
the Company reserves the right to terminate operation of the Plan at any time in its sole discretion. Should it elect to do so before
delivery of any of the Shares for which orders were tendered, the orders shall be canceled, and this Plan shall cease to have any effect.

		10.	Continued Employment

A reservation or subscription
under the Plan is not an employment agreement. Neither the Plan nor any reservation or subscription order will confer on any Participating
Employee or Eligible Employee any rights to continued employment with any member of the Orange Group.

		11.	Governing Law

The Plan shall be subject
to the laws of the French Republic. Any dispute, controversy or claim arising out or relating to this Plan shall be submitted to the exclusive
jurisdiction of the courts of Paris (France).

 

 

 

 

    	 	9Exhibit 10.1

 

 

 

PREFERRED STOCK PURCHASE AGREEMENT

 

by and between

Carver Bancorp, Inc.

 

and

 

J.P. Morgan Chase Community Development Corporation

 

dated as of

September 27, 2021

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

		1.	Purchase of the Preferred Stock.	1

 

		1.1	Purchase of the Preferred Stock	1

		1.2	Closing	1

 

		2.	Representations and Warranties of the Company.	2

 

		2.1	Organization, Good Standing and Authorization	2

		2.2	Capitalization	3

		2.3	No Conflicts; No Consents	4

		2.4	Subsidiaries; Investments	4

		2.5	Financial Statements	5

		2.6	Undisclosed Liabilities	5

		2.7	Tax Matters	5

		2.8	Actions; Orders	6

		2.9	Compliance with Laws; Governmental Authorizations	6

		2.10	Investment Company Act	6

		2.11	No Broker	6

		2.12	Anti-Money Laundering, Anti-Corruption, Sanctions	7

		2.13	Valid Issuance of Shares	7

		2.14	Intellectual Property	8

 

		3.	Representations and Warranties of the Investor.	8

 

		3.1	Organization, Good Standing and Authorization	8

		3.2	Investment Representations	8

		3.3	No Broker	9

 

		4.	Covenants of the Company and the Investor.	9

 

		4.1	Corporate Actions for the Issuance of the Shares and Performance of Other Obligations	9

		4.2	Use of Proceeds	9

		4.3	Access to Information	10

		4.4	Expenses	11

		4.5	Publicity	11

		4.6	BHC Act Control.	11

		4.7	Transfer Rights.	13

		4.8	FIRPTA Certificate	13

		4.9	Opinion of Company Counsel	13

		4.10	Officer’s Certificate	13

		4.11	Secretary’s Certificate	13

		4.12	Anti-Money Laundering, Anti-Corruption, Sanctions.	13

 

		5.	Termination.	14

 

    i

     

    

 

		5.1	Termination	14

		5.2	Effect of Termination	14

 

		6.	Miscellaneous.	14

 

		6.1	Notices	14

		6.2	Governing Law; Consent to Jurisdiction	15

		6.3	Binding Effect	16

		6.4	Assignment	16

		6.5	Amendment, Waivers	16

		6.6	Entire Agreement	16

		6.7	Survival	16

		6.8	Severability	16

		6.9	Headings	17

		6.10	Counterparts	17

		6.11	No Implied Rights	17

		6.12	Recognition of the U.S. Special Resolutions Regimes	17

 

Schedules

 

Schedule A: Term Sheet

Schedule B: Wire Instructions

Schedule C: Significant Subsidiaries

Schedule D: Form of Opinion of Company Counsel

 

    ii

     

    

 

PREFERRED Stock PURCHASE
AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made and entered into as of the 27th day of September, 2021, by and between Carver Bancorp, Inc., a Delaware corporation
(the “Company”), and J.P. Morgan Chase Community Development Corporation, a Delaware corporation (the “Investor”).

 

W I T N E S E T H
:

 

WHEREAS, the Company desires to issue and sell
to the Investor, and the Investor desires to purchase from the Company 4,000 shares of Non-Cumulative Non-Voting Participating Preferred
Stock, Series F, par value $0.01 per share (the “Series F Preferred Stock”), the terms of which are set forth
in the Term Sheet attached as Schedule A hereto (the “Shares”);

 

WHEREAS, the Company operates predominately through
its wholly owned banking Subsidiary (as defined below) Carver Federal Savings Bank, a minority-owned depository institution organized
under the laws of the United States as a federal savings bank (the “Bank”); and

 

WHEREAS, the Investor is committed to supporting
economic growth in the diverse communities in which the Company and the Bank operate and providing direction to the Company and Bank in
support of their objectives to provide financial services to underserved populations.

 

NOW, THEREFORE, the parties hereto hereby agree
as follows.

 

		1.	Purchase of the Preferred Stock.

 

1.1             
Purchase of the Preferred Stock. Subject to the terms and conditions set forth in this Agreement, the Company shall issue
and sell to the Investor, and the Investor shall purchase from the Company, the Shares at a purchase price as set forth on Schedule
A hereto (the “Purchase Price”).

 

1.2             
Closing. The closing of the sale and purchase of the Shares (the “Closing”) shall take place at the offices
of Luse Gorman PC, located at 5335 Wisconsin Ave NW # 780, Washington, DC 20015, or remotely via the electronic or other exchange of documents
and signature pages, at such place, time or date as the parties hereto may agree (the time and date of the Closing being herein referred
to as the “Closing Date”). At the Closing, the Investor (or its designee) shall deliver payment of the Purchase Price
to the Company by wire transfer of immediately available funds to the account (as set forth on Schedule B attached hereto) and
against payment by the Investor, the Company will deliver to the Investor a receipt or similar record confirming that the Shares, which
shall be in book-entry form, have been registered in the name of the Investor in the Company’s stock register.

 

    

     

    

 

		2.	Representations and Warranties of the Company.

 

As used in this Article 2, (i) any reference
to any event, change or effect being “material” with respect to the Company or any of the Company Subsidiaries (as
defined below) means an event, circumstance, development, change or effect which is material in relation to the business, condition or
results of operations of the Company and the Company Subsidiaries, taken as a whole, and (ii) the term “Material Adverse Effect”
means a material adverse effect on the assets, liabilities, business, financial condition or results of operations of the Company and
the Company Subsidiaries, taken as a whole; provided, however, that, with respect to the Company, a Material Adverse Effect
shall not include an effect resulting from (a) any change in law or GAAP (as defined in Section 2.5(b) hereof) or interpretations
thereof that applies to the Company or any Company Subsidiary, (b) any change in general economic, business, financial or credit market
conditions, (c) changes after the date hereof in global or United States or foreign national or regional economic, financial, regulatory
or geopolitical conditions or events, or (d) disasters, calamities, weather conditions, similar events, any military conflict, act of
terrorism, outbreak or escalation of hostilities or declared or undeclared war or any other force majeure event, except to the extent
any such change, event, occurrence, fact, effect or condition has a disproportionate adverse effect on business, results of operations
or financial condition of the Company and its Subsidiaries, taken as a whole, as compared to other persons similarly situated in the same
industry.

 

The Company represents and warrants to the Investor
as of the date hereof and at the time of payment and delivery of the Purchase Price (the “Time of Payment and Delivery”)
as follows:

 

2.1             
Organization, Good Standing and Authorization.

 

(a)             
The Company and each Company Subsidiary is an entity duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, with full power and authority to perform its obligations under this Agreement. The Company and each Company
Subsidiary is duly qualified or licensed to do business as a foreign entity and is in good standing in each jurisdiction in which either
the ownership or use of the properties owned or used by it or the nature of the activities conducted by it requires such licensing, qualification
or good standing, except for any failure to be so licensed, qualified or be in such good standing which could not be reasonably expected
to have a Material Adverse Effect. The Company has furnished to the Investor true, correct and complete copies of its certificate of incorporation
and bylaws (or similar governing documents) as amended through the date of this Agreement for the Company and the Bank. Attached hereto
as Annex 1 to Schedule A is a true and correct copy of the Amended and Restated Certificate of Designations related to the Shares. The
Company is duly registered as a savings and loan holding company under the Home Owners’ Loan Act of 1934, as amended. Each of the
Company and the Bank is, and will continue to be, duly certified as a “Community Development Financial Institution” by the
U.S. Department of the Treasury’s Community Development Financial Institutions Fund.

 

    2

     

    

 

(b)             
The Schedule of Subsidiaries, attached hereto as Schedule C, sets forth a true and complete list of all Subsidiaries (as
defined below) of the Company (each hereinafter referred to individually as a “Company Subsidiary” and collectively
as the “Company Subsidiaries”). For purposes of this Agreement, the term “Subsidiary” shall mean
with respect to any Person (as defined below), any corporation or other entity of which such Person has, directly or indirectly, ownership
of securities or other interests having the power to elect a majority of such corporation’s or other entity’s board of directors
(or similar governing body), or otherwise having the power to direct the business and policies of such corporation or other entity. For
purposes of this Agreement, the term “Person” shall mean any individual, corporation (including any non-profit corporation),
general or limited partnership, limited liability company, governmental entity, joint venture, estate, trust, association, organization
or other entity of any kind or nature.

 

(c)             
The Company has the requisite corporate power and authority and has, with the exception of filing the Amended and Restated Certificate
of Designations of the Company, as amended to date, to increase the number of authorized shares of Series F Preferred Stock (the “A&R
Certificate”), taken all corporate action necessary in order to execute, deliver and perform its obligations hereunder. This
Agreement has been duly executed and delivered by the Company and constitutes the valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, subject to bankruptcy, insolvency, moratorium, fraudulent transfer and other laws affecting
creditors’ rights and to general equity principles.

 

2.2             
Capitalization.

 

(a)             
The authorized capital stock of the Company consists of (i) 10,000,000 shares of Common Stock, of which 3,548,774 shares of Common
Stock are issued and outstanding, and (ii) 2,000,000 shares of the Company’s preferred stock (the “Preferred Stock”
and together with the Common Stock, the “Capital Stock”), of which 15,951 shares of Preferred Stock designated as Convertible
Non-Cumulative Non-Voting Participating Preferred Stock, Series D are issued and outstanding, 3,300 are designated as Non-Cumulative Non-Voting
Participating Preferred Stock, Series E (the “Series E Preferred Stock”), of which 3,177 are issued and outstanding,
and 5,000 are currently designated as Series F Preferred Stock, of which 5,000 are issued and outstanding. After giving effect to the
transactions contemplated hereby, an additional 4,000 shares of Preferred Stock will be designated as Series F Preferred Stock, of which
4,000 will be issued and outstanding. All of the issued and outstanding shares of Capital Stock of the Company have been duly authorized
and are validly issued, fully paid and nonassessable. As of the date hereof, all of the shares of Series A Convertible Preferred Stock,
par value $0.01 per share, Series B Convertible Preferred Stock, par value $0.01 per share, and Mandatorily Convertible Non-Voting Participating
Preferred Stock, Series C, par value $0.01 per share, have been repurchased, redeemed or converted in accordance with all applicable laws
and there are no ongoing obligations with respect to such securities. Except for 250,000 shares reserved for issuance pursuant to the
Carver Bancorp, Inc. 2014 Equity Plan, as of the date hereof, the Company has not issued and does not have any shares of Capital Stock
reserved for issuance or otherwise issuable (without regard to any vesting requirements) under any equity awards, equity compensation,
deferred compensation or similar arrangements (including any stock options or restricted stock awards). The Company does not have any
issued and outstanding bonds, debentures, notes or other indebtedness that grant the right to vote
on any matters on which the shareholders of the Company may vote.

 

    3

     

    

 

(b)             
There are no shares of Capital Stock or other securities of the Company reserved for issuance or subject to preemptive rights (other
than such preemptive rights granted to Wells Fargo Central Pacific Holding, Inc. (“Wells Fargo”), pursuant to that
certain Stock Purchase Agreement, dated as of February 1, 2021, by and between the Company and Wells Fargo, which such rights have been
duly waived) or any outstanding subscriptions, options, warrants, calls, rights, convertible securities or other agreements or other instruments
outstanding or in effect giving any Person the right to acquire any shares of Capital Stock or other securities of the Company or any
commitments of any character relating to the issued or unissued Capital Stock or other securities of the Company.

 

2.3             
No Conflicts; No Consents. The execution and delivery by the Company of this Agreement does not, and the performance and
consummation by the Company of the transactions contemplated hereby will not:

 

(a)             
Following the effectiveness and filing of the A&R Certificate, contravene, conflict with, or constitute or result in a breach
or violation of, or a default, or otherwise require any consent pursuant to, under any of the Company’s organizational documents;

 

(b)             
contravene, conflict with, or constitute or result in a breach or violation of, or a default under, or otherwise require any consent
pursuant to, any material agreement under which the Company or any of the Company Subsidiaries is bound or to which any materials assets
thereof are subject; or

 

(c)             
contravene, conflict with, or constitute or result in a breach or violation of, or otherwise require any consent pursuant to, any
law, judgment, decree or order of any court, administrative agency, governmental entity or other tribunal of competent jurisdiction (“Order”)
to which the Company is subject.

 

2.4             
Subsidiaries; Investments.

 

(a)             
Except for the Subsidiaries of the Company set forth in Schedule B hereto, the Company does not own any shares of capital
stock or other equity or voting securities of, or similar interest in, any other Person. The Company does not act or carry on business
in partnership with any other Person, nor is it a member with ownership interests (otherwise than through the holding of share capital)
of any corporate entity.

 

(b)             
The Company owns, either directly or indirectly through one or more subsidiaries, all of the capital stock or other equity interests
of the Subsidiaries free and clear of all Liens, other than transfer restrictions imposed by applicable Laws. All of the issued and outstanding
shares of capital stock or other equity interests of each of the Subsidiaries held directly or indirectly by the Company have been duly
authorized and are validly issued, fully paid and nonassessable. There are no shares of capital stock or other securities of any of the
Company Subsidiaries reserved for issuance or subject to preemptive rights or any outstanding subscriptions, options, warrants, calls,
rights, convertible securities or other agreements or other instruments outstanding or in effect giving any Person the right to acquire
any shares of capital stock or other securities of any of the Company Subsidiaries or any commitments of any character relating to the
issued or unissued capital stock or other securities of any Company Subsidiary.

 

    4

     

    

 

(c)             
Each of the Company Subsidiaries is a corporation, limited liability company, partnership, business association or other Person
duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the requisite power and
authority to carry on its business as it is now being conducted except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. Each of the Subsidiaries is duly qualified and licensed to do business, and is in good standing, in
each jurisdiction where the character of its assets owned or held under lease or the nature of the business conducted by it makes such
qualification necessary except where the failures of all of such Company Subsidiaries to so qualify or be licensed has not and would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The deposit accounts of the Bank are insured
by the Federal Deposit Insurance Corporation (the “FDIC”) to the fullest extent permitted by the Federal Deposit Insurance
Act, as amended, and the rules and regulations of the FDIC thereunder, and all premiums and assessments required to be paid in connection
therewith have been paid when due (after giving effect to any applicable extensions). The Bank has a Community Reinvestment Act rating
of “satisfactory” or better. The Bank is, and will continue to be, duly qualified as a “minority-owned depository institution”
(as defined in Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989).

 

2.5             
Financial Statements.

 

(a)             
The Investor has been furnished with the (i) audited consolidated balance sheet of the Company as at the end of the two most recently
completed fiscal years for which financial statements are available as of the date of this Agreement, (ii) audited consolidated statements
of income, changes in stockholders’ equity and cash flows of the Company for each of the two most recently completed fiscal years
for which financial statements are available as of the date of this Agreement, (iii) unaudited consolidated balance sheet of the Company
as at the end of the most recently completed quarter for which financial statements are available as of the date of this Agreement (the
 “Base Balance Sheet Date”), and (iv) unaudited statements of income and cash flows for the six-month period ended as
of the Base Balance Sheet Date (collectively, the “Financial Statements”), including the notes thereto, together with
the report thereon of the Company’s independent certified public accountants.

 

(b)             
The Financial Statements and notes fairly present the financial condition and the results of operations, changes in stockholders’
equity and cash flows of the Company as at the respective dates of and for the periods referred to in such Financial Statements, all in
accordance with the United States generally accepted accounting principles (“GAAP”) applied on a consistent basis during
the periods presented.

 

2.6             
Undisclosed Liabilities. The Company does not have any liabilities other than those (i) reflected or reserved against
in the Financial Statements (including the notes thereto) or (ii) incurred in the ordinary course of business since the Base Balance
Sheet Date.

 

    5

     

    

 

2.7             
Tax Matters. The Company has prepared and timely filed (including extensions that have been duly perfected) all income tax
returns and all other tax returns required to be filed by it and all such tax returns were true, correct and complete in all material
respects. The Company has paid all taxes due and owing by it (whether or not shown on any tax return as due). As of the date of this Agreement,
there are not pending or threatened in writing, any audits, examinations, investigations or other proceedings in respect of U.S. federal
income or other material tax matters. The Company’s presentation of its deferred tax assets and deferred tax liabilities on its
Financial Statements is accurate in all material respects. The sum of accrued but unpaid taxes of the Company did not, as of the Base
Balance Sheet Date, exceed the reserve of taxes set forth on the face of the most recent financial statements. There are no material liens
for taxes on any of the assets of the Company or Company Subsidiaries. None of the Company or any of the Company Subsidiaries has been
a “controlled corporation” or a “distributing corporation” in any distribution occurring during the two-year period
ending on the date hereof that was purported or intended to be governed by Section 355 of the Code (or any similar provision of state,
local or foreign Law). The Company and each Company Subsidiary is, and has been since the date of its formation, a corporation for U.S.
federal income tax purposes, and neither the Company nor any Company Subsidiary has elected pursuant to the Code to be treated as a Subchapter S
corporation or a collapsible corporation pursuant to Section 1362(a) or Section 341(f) of the Code. The Company and each Company Subsidiary
has not participated in any “listed transactions” as defined under Treasury Regulations § 1.6011-4(b)(2) (or otherwise
participated in, or advised on, any transaction that required disclosure to a taxing authority to reduce or eliminate tax, interest or
penalties). Each of the Company and the Company Subsidiaries has complied with all applicable Laws related to the payment and withholding
of material Taxes and has duly and timey paid over to the appropriate taxing authorities all material amounts required to be so withheld
and paid over.

 

2.8             
Actions; Orders. There are no material civil, criminal or administrative actions, demands, claims or other similar proceedings
(“Actions”) or Orders issued, pending or, to the knowledge of the Company, threatened, against the Company or any Company
Subsidiary or any of their respective assets, before any governmental entity.

 

2.9             
Compliance with Laws; Governmental Authorizations. The Company and each Company Subsidiary has complied in all material
respects with the laws applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets. The
Company and each Company Subsidiary possesses, all permits, licenses, franchises, approvals, certificates, consents, waivers, concessions,
exemptions, Orders, registrations, notices or other authorizations of any governmental authority necessary for the Company or Company
Subsidiary to own, lease and operate its properties and to carry on its business as currently conducted (the “Permits”)
and each such Permit is in full force and effect and are currently being, and have been, complied with in all material respects.

 

2.10         
Investment Company Act. Neither the Company nor any of the Company Subsidiaries is an “investment company” or
an “affiliated person” thereof or an “affiliated person” of any such “affiliated person,” as such
terms are defined in the Investment Company Act of 1940, as amended.

 

2.11         
No Broker. The Company has not retained, or authorized to act on its behalf, any broker, finder, agent or like party who
would be entitled to any fee or commission in connection with the transactions contemplated by this Agreement.

 

    6

     

    

 

2.12         
Anti-Money Laundering, Anti-Corruption, Sanctions.

 

The Company, Company Subsidiaries and its and their respective officers,
directors, employees and agents are in compliance with all applicable (i) anti-money laundering laws and laws designed to prevent terrorist
financing (collectively, “AML Laws”), (ii) international trade, economic sanctions, and export controls and any other
requirement applicable for any import, export controls and economic sanctions laws and regulations (collectively, “Sanctions
Laws”), and (iii) anti-bribery and anti-corruption laws (collectively, “Anti-Corruption Laws”). No action,
suit or proceeding by or before any court, or government agency, authority or body, or any arbitrator or nongovernmental authority involving
the Company or any Company Subsidiary with respect to AML Laws, Sanctions Laws, or Anti-Corruption Laws is pending, or to the knowledge
of the Company, threatened. Each of the Company and Company Subsidiaries have implemented and shall maintain systems of internal controls
(including accounting systems, purchasing systems and billing systems) and have adopted and shall maintain policies and procedures that
collectively ensure compliance with all AML Laws, Sanctions Laws, and Anti-Corruption Laws. Additionally, the Company maintains an AML-BSA
compliance program as required under the relevant laws and regulations in the U.S., including the Bank Secrecy Act, as amended by the
USA PATRIOT Act of 2001, and other applicable laws where the Company operates. The Company represents that none of it, Company Subsidiaries,
and its and their respective directors, officers, employees and (to the Company’s knowledge) agents is a Sanctioned Person.

 

(a)            
Definitions. As used in this Section 2.12:

 

(i)             
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from
time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or the U.S. Department of State, or other relevant sanctions authority;

 

(ii)            
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target
of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria); and

 

(iii)           
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or other relevant
sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by
any such Person or Persons described in the foregoing clauses (a) or (b).

 

2.13         
Valid Issuance of Shares. The Shares sold and delivered in accordance with the terms hereof for the consideration expressed
herein will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer
under applicable state and federal securities laws. Assuming the accuracy of the representations of the Investor in Section 3,
the Shares will be issued in compliance with all applicable federal and state securities laws.

 

    7

     

    

 

2.14           
Intellectual Property. The Company and the Company Subsidiaries own or possess adequate rights or licenses to use all trademarks,
service marks and all applications and registrations therefor, trade names, patents, patent rights, copyrights, original works of authorship,
inventions, trade secrets and other intellectual property rights (collectively, “Intellectual Property Rights”) used
in their businesses as conducted on the date of this Agreement, except as would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. No product or service of the Company or the Company Subsidiaries infringes the Intellectual
Property Rights of others.

 

		3.	Representations and Warranties of the Investor.

 

The Investor represents and warrants to the Company
and the Bank as of the date hereof:

 

3.1             
Organization, Good Standing and Authorization.  

 

(a)              
The Investor is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization,
with full power and authority to perform its obligations under this Agreement. The Investor is duly qualified or licensed to do business
as a foreign entity and is in good standing in each jurisdiction in which either the ownership or use of the properties owned or used
by it or the nature of the activities conducted by it requires such licensing, qualification or good standing, except for any failure
to be so licensed, qualified or be in such good standing which could not be reasonably expected to have a material adverse effect on the
Investor and its Subsidiaries, taken as a whole.

 

(b)              
The Investor has the requisite corporate power and authority and has taken all corporate action necessary in order to execute,
deliver and perform its obligations hereunder. This Agreement has been duly executed and delivered by the Investor and constitutes the
valid and binding agreement of the Investor, enforceable against the Investor in accordance with its terms, subject to bankruptcy, insolvency,
moratorium, fraudulent transfer and other laws affecting creditors’ rights and to general equity principles.

 

3.2             
Investment Representations. The Investor understands that the Shares have not been registered under the Securities Act of
1933, as amended (the “Securities Act”). The Investor also understands that the Shares are being offered and sold pursuant
to an exemption from registration contained in the Securities Act based in part upon Investor’s representations contained in this
Agreement, as follows:

 

(a)              
Information. The Investor has had an opportunity to ask the Company’s representatives questions regarding the offer
and sale of the Shares and the terms related thereto, the Company’s business and operations, and other relevant matters, and to
receive answers from them. The Company has given the Investor the opportunity to fully perform the Investor’s own due diligence.
The foregoing, however, does not limit or modify the representations or warranties of the Company in Section 2 or the right of
the Investor to rely thereon.

 

    8

     

    

 

(b)              
Accredited Investor. The Investor is an “accredited investor” (as defined under Rule 501 of Regulation D under
the Securities Act), capable of evaluating the merits and risks of an investment in the Shares and of protecting the Investor’s
own interest in connection with the purchase of Shares.

 

(c)              
Adequate Means. The Investor has adequate means to provide for its financial needs with no expectation of a return on its
investment in the Shares.

 

(d)              
No Registration. The Investor understands that the Shares have not been registered under the Securities Act and, therefore,
cannot be resold unless it is registered under the Securities Act or unless an exemption from such registration requirement is available.
Investor is aware that the Company is not under any obligation to effect any such registration with respect to the Shares or to file for
or comply with any exemption from registration.

 

(e)              
Legend. The Investor understands that the Shares may be notated with the following legend:

 

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT COVERING THE TRANSFER OR AN OPINION OF COUNSEL OR OTHER EVIDENCE
OF COMPLIANCE WITH THE ACT SATISFACTORY TO THE COMPANY THAT REGISTRATION UNDER SAID ACT IS NOT REQUIRED.”

 

(f)               
Acquisition for Investment. The Investor is acquiring the Shares for the Investor’s own account, for investment only
and not with a view toward their resale or distribution, and Investor has no present intention of selling, granting any participation
in, or otherwise distributing the same.

 

3.3             
No Broker. The Investor has not retained, or authorized to act on its behalf, any broker, finder, agent or like party who
would be entitled to any fee or commission in connection with the transactions contemplated by this Agreement.

 

		4.	Covenants of the Company and the Investor.

 

4.1             
Corporate Actions for the Issuance of the Shares and Performance of Other Obligations. Prior to the Closing, the Company
shall take all corporate actions necessary or appropriate to validly issue, sell and deliver the Shares to the Investor in accordance
with the terms of this Agreement. The Company shall ensure that the terms set forth on Schedule A attached will be duly and promptly
incorporated into the Company’s organizational documents and other agreements with stockholders, as applicable, and shall promptly
share such executed documentation with the Investor.

 

4.2             
Use of Proceeds·. The Company shall use the net proceeds received by it
from the sale of the Shares for the purposes set forth on Schedule A hereto. Furthermore, the Company shall not use, or cause to be used,
and shall procure that Company Subsidiaries and its and their respective directors, officers, employees and agents, shall not use, or
cause to be used, the proceeds from any capital investment made by Investor:

 

    9

     

    

 

(a)              
in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person in violation of Anti-Corruption Laws; or

 

(b)              
for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,
or in any Sanctioned Country, to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by
a corporation incorporated in the United States, or in any manner that would result in the violation of any Sanctions applicable to any
party hereto.

 

4.3             
Access to Information.

 

(a)              
The Company shall permit the Investor, in a manner designed to not interfere with the normal business operations of the Company,
to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times during normal business hours
as may be requested by the Investor upon reasonable advance notice, and subject to any limitations required by applicable law.

 

(b)              
The Company shall deliver to the Investor the following, unless already available on the United States Securities and Exchange
Commission’s (the “SEC”) Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”)
or successor system:

 

(i)                
as soon as reasonably practicable, but in any event within 90 days after the end of each fiscal year of the Company, an audited
consolidated income statement, statement of cash flows and statement of shareholder’s equity and an audited consolidated balance
sheet of the Company, together with all related financial notes thereto, in each case prepared in accordance with GAAP;

 

(ii)             
as soon as practicable, but in any event within 45 days after the end of each quarter of each fiscal year of the Company (including
the fourth quarter of each fiscal year), an unaudited consolidated income statement and an unaudited consolidated balance sheet as of
the end of such fiscal quarter (or unaudited unconsolidated income statement and unaudited unconsolidated balance sheet of the Company
and, the Company Subsidiaries), in each case prepared in accordance with GAAP;

 

(iii)           
as soon as reasonably practicable reasonably detailed reports with respect to (A) material legal or compliance matters of which
the Company or any of the Company Subsidiaries is, or is reasonably expected to become, a party or otherwise subject, or any other matters
that may reasonably be expected to adversely impact the reputation of the Company or its investors, and (B) any event that has caused,
or may reasonably be expected to cause, the Bank to fail to qualify as a “minority-owned depository institution”;

 

    10

     

    

 

(iv)            
prompt notice that the Company or the Bank has fallen, or anticipates that it may at any time in the succeeding 180 days fall,
below any minimum capital tier (i.e., well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized or critically
undercapitalized) within the meaning of any state or federal regulations applicable to the Company or the Bank; and

 

(v)              
any information relating to the financial condition or business and affairs of the Company or the Company Subsidiaries that the
Investor may from time to time reasonably request (for the avoidance of doubt, solely to the extent such information is reasonably available).

 

Notwithstanding anything in
this Agreement to the contrary, the Company shall not be obligated pursuant to Sections 4.3(a) or (b)(iii) though (v)
to provide information that it reasonably considers to be confidential supervisory information, confidential competitive information or
for which it reasonably determines the disclosure of which will violate applicable law (including applicable bank secrecy laws and similar
legislation) or result in the loss of any legal privilege; provided, however, that if the foregoing applies the Company shall use reasonable
efforts to make substitute disclosure arrangements (including redacting information) that would enable the provision of such information
without disclosing such competitive information, violating such law or losing such privilege.

 

4.4             
Expenses. Except as otherwise expressly provided herein, whether or not the transactions contemplated hereby are consummated,
all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party
incurring such expense.

 

4.5             
Publicity. This Agreement and its terms and the transactions contemplated hereby shall be kept confidential until the parties
hereto mutually agree upon the language and timing of a press release, or until such time as one such party determines, based upon the
advice of counsel, that a public announcement is required by law, in which case the parties hereto shall in good faith attempt to agree
on any public announcements or publicity statements with respect thereto. Notwithstanding the foregoing, the Company shall make any required
regulatory filings, registrations and disclosures pursuant to applicable federal, state or local law, including filings pursuant to Regulation
D of the Securities Act.

 

4.6             
BHC Act Control.

 

(a)              
Neither the Company nor the Company Subsidiary shall take any action (including any redemption, repurchase, or recapitalization
of Voting Securities or Nonvoting Securities of the Company, or securities or rights, options or warrants to purchase Voting Securities
or Nonvoting Securities of the Company, or securities of any type whatsoever that are, or may become, convertible into or exchangeable
into or exercisable for Voting Securities or Nonvoting Securities of the Company, except where, solely with respect to any such redemption,
repurchase or recapitalization of the Common Stock, the Investor is given the right to participate in such redemption, repurchase or recapitalization
to the extent of the Investor’s pro rata proportion), that would cause the Investor’s total aggregate ownership percentage
of Voting Securities and Nonvoting Securities of the Company to exceed 24.9% of the total issued and outstanding equity of the Company,
consistent with the restrictions set forth in the Board of Governors of the Federal Reserve (the “Federal Reserve”)
guidance for non-controlling equity investments, without the prior written consent of the Investor; provided, that in the event
of a sale, merger, consolidation or other similar transaction involving the Company, the Company shall not take any action that would
cause the Investor to own more than 24.9% of the total issued and outstanding equity, of the acquirer or surviving company, as applicable,
following consummation of any such transaction. For the purposes of this Agreement, “Voting Securities” shall have
such meaning as defined in 12 CFR 225.2(q)(1) and “Nonvoting Securities” shall have such meaning as defined in 12 CFR
225.2(q)(2), as may be amended or modified from time to time.

 

    11

     

    

 

(b)              
In the event that the Company breaches its obligations under Section 4.6(a) or believes that it is reasonably likely to
breach such obligations, it shall notify the Investor as promptly as practicable (and, to the extent applicable, prior to any such breach
having occurred) and shall cooperate in good faith with the Investor to modify any ownership or
other arrangements or take any other action, in each case, as is necessary to cure or avoid such breach, in accordance with Sections
4.6(c).

 

(c)              
In the event of (i) a determination by the Investor, based on advice of counsel (including
internal counsel) that (A) it is impermissible under the BHC Act or other applicable law
or regulatory or supervisory guidance for the Investor to continue to hold, directly or indirectly, without limitation or otherwise, any
Shares, or (B) such continued holding of the Shares would be reasonably likely to result in the imposition of conditions or restrictions
on the Investor’s activities or regulatory or supervisory requirements on the Investor arising under the BHC Act or other applicable
law or regulatory or supervisory guidance (including any requirement that the Investor obtain an approval under the BHC Act); or (ii)
the occurrence of any of the following: (A) a determination by the Federal Reserve that the Investor “controls” the Company
(as “control” is used for purposes of the BHC Act), or an affirmative indication that the Federal Reserve would likely take
such a view (through published guidance or other supervisory communications); (B) any other regulatory requirement, instruction or request
by a governmental entity having jurisdiction over the Investor that the Investor divest or reduce its equity interest in the Company;
or (C) a determination by the Investor, based on the advice of counsel (including internal counsel) that divesting or reducing its equity
interest in the Company is necessary or advisable to satisfy legal and/or regulatory requirements or supervisory expectations (any occurrence
referred to in clause (i) or (ii) above, a “Regulatory Trigger Event”), then the Company shall use its commercially
reasonable efforts to consult and cooperate with the Investor in order to restructure the Investor’s investment in the Company in
a manner that avoids or remediates the matters giving rise to the Regulatory Trigger Event to the reasonable satisfaction of the Investor,
taking account of legal or regulatory restrictions applicable to the Company. If any such avoidance or remediation involves the sale by
the Investor of all or a portion of the Shares to a third party, then the Company shall use commercially reasonable efforts to facilitate
such sale and transfer, including by making the Company’s management reasonably available during normal business hours to the prospective
purchaser(s) of the Shares and providing customary due diligence material, subject to customary confidentiality undertakings.

 

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4.7             
Transfer Rights.

 

(a)             
The Investor may at any time and from time to time transfer all or any part of its Shares to any third party.

 

(b)             
The Investor (or any Affiliate to which the Investor has transferred Shares) may, at any
time in its discretion, including in connection with any Regulatory Trigger Event, elect to voluntarily surrender to the Company any or
all of the Shares (a “Voluntary Surrender”). The Company shall, upon written notice of the Investor’s intention
to effect a Voluntary Surrender (the “Notice of Surrender”), accept the surrender of such Shares as a contribution
to the Company for no consideration payable to or by the Investor. The Company shall accept all such Shares specified in the Notice of
Surrender as soon as practicable, which surrendered Shares shall be retired by the Company for accounting purposes and treated as authorized
but unissued shares of the Company. The exercise of a Voluntary Surrender shall be within the Investor’s sole and exclusive discretion
and shall be in addition to, and not in lieu of, any other remedies available to the Investor under this Agreement.

 

4.8             
FIRPTA Certificate. Prior to the Closing, the Company shall deliver to the Investor either (i) a validly executed Internal
Revenue Service Form W-9, or (ii) a statement meeting the requirements of Treasury Regulations Section 1.1445-2(b)(2) to the effect that
the Company is not a “foreign person” as defined under such Treasury Regulations.

 

4.9             
Opinion of Company Counsel. Prior to the Closing, Luse Gorman PC, counsel for the Company shall deliver to the Investor
an opinion, dated as of the Closing Date, in substantially the form of Schedule D attached hereto.

 

 

4.10         
Officer’s Certificate. Prior to the Closing, an Officer of the Company shall deliver to the Investor a certificate
certifying (i) that the representations and warranties of the Company contained in Section 2 are true as of the date hereof and as of
the Time of Payment and Delivery, and (ii) the Company shall have performed and complied in all material respects with all covenants,
agreements and obligations contained in this Agreement that are required to be performed or complied with by it on or prior to the Closing,
in accordance with Section 4.1.

 

4.11         
Secretary’s Certificate. Prior to the Closing, the Secretary of the Company shall deliver to the Investor a certificate
certifying (i) the Certificate of Incorporation of the Company, as amended to date, (ii) the Bylaws of the Company and (iii) resolutions
of the board of directors of the Company approving the Agreement and the transactions contemplated under the Agreement.

 

 

4.12         
Anti-Money Laundering, Anti-Corruption, Sanctions. The Company shall, and cause each of Company Subsidiaries and its and
their respective officers, directors, employees and agents to, comply with all applicable (i) AML Laws, (ii) Sanctions Laws, and (iii)
Anti-Corruption Laws. In addition, the Company shall inform Investor in writing promptly after receiving any written notice of any inquiry
or request from any governmental authority relating to whether the Company or Company Subsidiaries are in compliance with any applicable
laws (each, a “Regulatory Inquiry”). As to any such Regulatory Inquiry, the Company shall keep Investor reasonably
informed following any related developments. The Company will promptly notify Investor of any event or occurrence with respect to the
Company or any Company Subsidiary that would result in a violation of any (A) Anti-Corruption Laws; (B) AML Laws; or (C) Sanctions Laws.

 

    13

     

    

 

		5.	Termination.

 

5.1             
Termination. This Agreement may not be terminated prior to the Time of Payment and Delivery except by the written agreement
of the Company and the Investor.

 

5.2             
Effect of Termination. If this Agreement is terminated pursuant to Section 5.1, all further obligations of the
parties under this Agreement shall terminate, except for the obligations which are intended, expressly or impliedly, to survive the termination
of this Agreement.

 

		6.	Miscellaneous.

 

6.1             
Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) mailed by certified or registered airmail
with postage prepaid, (iii) sent by next-day or overnight mail or delivery or (iv) sent by email (provided a confirmation copy is sent
by one of the other methods set forth above), as follows:

 

As to the Company:

 

Carver Bancorp, Inc.

75 West 125th Street

New York, NY 10027

Attention:     Isaac Torres, General
Counsel

Email:             Isaac.torres@carverbank.com

 

with a copy (which shall not constitute notice)
to:

 

Luse Gorman PC

5335 Wisconsin Avenue NW, Suite 780

Washington, DC 20015

Attention:     Lawrence M. F. Spaccasi

Email:             lspaccasi@luselaw.com

 

As to the Investor:

 

J.P. Morgan Chase Community Development Corporation

c/o JPMorgan Chase Bank, N.A.

237 Park Avenue, 7th Floor

New York, NY 10017-3140

Attention:     Andrew T. Guida, Managing
Director

Email:             andrew.t.guida@jpmorgan.com

 

    14

     

    

 

with a copy (which shall not constitute notice) to:

 

JPMorgan Chase Legal Department.

4 New York Plaza, Floor 19

New York, NY 10004-2413

Attention:     Cris T. Kako, Associate General
Counsel

Email:             cris.kako@jpmchase.com

 

with a copy (which shall not constitute notice)
to:

 

Wilmer Cutler Pickering Hale and Dorr LLP

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention:     Lisa Firenze

Email:             lisa.firenze@WilmerHale.com

 

or, in each case, at such other address as may
be specified in writing to the other parties to this Agreement pursuant to this Section 6.1.

 

6.2             
Governing Law; Consent to Jurisdiction.

 

(a)              
This Agreement and any dispute, claim, suit, action or proceeding of whatever nature arising out of or in any way related to it
or its formation (including any non-contractual disputes or claims) are governed by, and shall be construed in accordance with, the internal
laws of the State of Delaware, without regard to the conflict of laws principles thereof to the extent that such principles would direct
a matter to another jurisdiction.

 

(b)              
 Each party hereto agrees that it shall bring any action or proceeding in respect of any claim arising out of or related to this
Agreement exclusively the courts of the State of Delaware and the Federal courts of the United States of America located in the State
of Delaware (the “Chosen Courts”), and solely in connection with claims arising under this Agreement (i) irrevocably
submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding
in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over
any party hereto and (iv) agrees that service of process upon such party in any such action or proceeding shall be effective if notice
is given in accordance with Section 6.1. Each of the parties hereto agrees that a final judgment in any lawsuit, action or other
proceeding arising out of or relating to this Agreement brought in the Chosen Courts shall be conclusive and binding upon each of the
parties hereto and may be enforced in any other courts the jurisdiction of which each of the parties is or may be subject, by suit upon
such judgment.

 

    15

     

    

 

(c)              
WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES HERETO
HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY
FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, CAUSE OF ACTION, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT
OR THE SUBJECT MATTER HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT OR TORT OR OTHERWISE. ANY
OF THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 6.2 WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF EACH OF THE PARTIES HERETO TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

6.3             
Binding Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and permitted assigns.

 

6.4             
Assignment. Except as otherwise provided herein, this Agreement shall not be assignable or otherwise transferable by any
party hereto without the prior written consent of the other party hereto (such consent not to be unreasonably delayed, conditioned or
withheld), and any purported assignment or other transfer without such consent shall be void and unenforceable; provided, however,
that Investor may assign all of its rights and obligations to an affiliate of the Investor that may hold Shares from time to time.

 

6.5             
Amendment, Waivers.

 

(a)              
This Agreement may be amended only by an instrument in writing signed by the parties. Any provision of this Agreement may be waived
if, but only if, such waiver is in writing and is signed by each party against whom the waiver is to be effective.

 

(b)              
No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

6.6             
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto and supersedes all prior agreements
and understandings, both written and oral, among such parties with respect to the subject matter hereof. In the event of any conflict
between this Agreement and the Term Sheet attached as Schedule A hereto, the terms of this Agreement or the A&R Certificate
shall prevail.

 

6.7             
Survival. The covenants, agreements, representations and warranties set forth in Articles 2, 3 and 4
shall survive the Time of Payment and Delivery.

 

6.8             
Severability. If any provision, including any phrase, sentence, clause, section or subsection, of this Agreement is invalid,
inoperative or unenforceable as for or against any party hereto for any reason, such circumstances shall not have the effect of rendering
such provision in question invalid, inoperative or unenforceable in any other case or circumstance or as for or against the other parties
hereto, or of rendering any other provision herein contained invalid, inoperative, or unenforceable to any extent whatsoever.

 

    16

     

    

 

6.9             
Headings. The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning
or interpretation of this Agreement.

 

6.10         
Counterparts. This Agreement may be executed and delivered by facsimile or electronic signatures and in several counterparts,
each of which shall be deemed an original and all of which shall together constitute one and the same instrument. Counterparts may be
delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g. www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.

 

6.11         
No Implied Rights. Except as otherwise expressly provided herein, nothing herein is intended to or shall be construed to
confer upon or give to any Person, other than the parties hereto and their affiliates, any interests, rights, remedies or other benefits
with respect to or in connection with any agreement or provision contained herein or contemplated hereby.

 

6.12         
Recognition of the U.S. Special Resolutions Regimes.

 

(a)             
In the event that the Investor is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from the Investor of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the
same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.

 

(b)             
In the event that Investor or a BHC Act Affiliate of Investor becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under this Agreement that may be exercised against the Investor are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United
States or a state of the United States.

 

(c)             
Definitions. As used in this Section 6.12:

 

(i)             
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted
in accordance with, 12 U.S.C. § 1841(k);

 

(ii)            
“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 252.82(b), (ii) a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b) or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b);

 

(iii)           
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
 §§ 252.81, 47.2 or 382.1, as applicable.; and

 

    17

     

    

 

(iv)            
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

[Signature Pages Follow]

 

    18

     

    

 

IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date first above written.

 

 

	 	CARVER BANCORP, INC.
	 	 
	 	 
	 	By:	
    /s/ Michael T. Pugh

	 	 	
    Name:

    Title:
	Michael T. Pugh

    President and Chief Executive Officer

     

	 	J.P. Morgan chase community DEVELOPMENT corporation 
	 	 
	 	 
	 	By:	
    /s/ John Vogiatjis

	 	 	Name:

                                                                           Title:
	 John Vogiatjis

 Managing Director

 

[Signature Page to Preferred
Stock Purchase Agreement]

 

    

     

    

 

SCHEDULE A

Summary of the Terms of the Shares

 

This Term Sheet summarizes certain of the principal terms of the
Shares to be acquired by the Investor from the Company. Capitalized terms used herein but not otherwise defined shall have the meaning
ascribed to such terms in the Preferred Stock Purchase Agreement, dated February 16, 2021, by and between the Investor and the Company
(the “Agreement”). This Term Sheet should be reviewed together with the form of Amended and Restated Certificate of
Designations for the Series F Preferred Stock, attached hereto as Annex 1.

 

	General Terms
	Security Type:	Shares of the Company’s Non-Cumulative Non-Voting Participating Preferred Stock, Series F, par value $0.01 per share (the “Series F Preferred Stock”).
	Valuation & Purchase Price:	
    Aggregate Purchase Amount: $4,000,000 in consideration for 4,000
    shares of the Series F Preferred Stock (the “Shares”).

     

    Price per Share: $1,000 per Preferred Share (the “Purchase
    Price”).

     

	Closing Date:	As soon as practicable following execution of the Agreement.
	Use of Proceeds:	The Company agrees that it will use the proceeds from the Investor’s purchase of the Shares for general corporate purposes and will not use such proceeds to repurchase, redeem, or otherwise monetize any interest held by other existing shareholders.
	Information Rights:	
    The Company shall permit the Investor, in a manner designed to not
    interfere with the normal business operations of the Company, to discuss the Company’s affairs, finances and accounts with its officers,
    all at such reasonable times during normal business hours as may be requested by the Investor upon reasonable advance notice, and subject
    to any limitations required by applicable law.

     

    The Investor will be entitled to receive customary information rights,
    including the right to receive; (i) audited financials of Company to be delivered within 90 days of year-end; (ii) unaudited financials
    of Company to be delivered within 45 days after the end of each quarter of each fiscal year; (iii) adverse compliance/reputational reports
    to be delivered to Purchaser as soon as reasonably practicable upon Company or any of its Subsidiaries becoming party or subject of such
    adverse matters, (iv) notice from Company to Purchaser that the Company or Bank has fallen or anticipates that in the subsequent 180 days
    it may fall, below any minimum capital tier within the federal regulations applicable to the Company or Bank; (v) notice of any other
    material regulatory action or litigation and (vi) any information relating to the financial condition or business and affairs of the Company
    and Subsidiaries that the Investor may from time to time reasonably request.

     

 

    A-1

     

    

 

	Voluntary Surrender & Transfer Rights: 	
    The Investor may at any time and from time to time transfer all or
    any part of its Shares to any third party.

     

    The Investor (or any Investor Affiliate to which the Investor has transferred
    Shares) may, at any time in its discretion, including in connection with any certain regulatory events, elect to voluntarily surrender
    to the Company any or all of the Shares (a “Voluntary Surrender”). Upon written notice of the Investor’s intention
    to effect a Voluntary Surrender, the Company shall accept the surrender of such Shares as a contribution to the Company for no consideration
    payable to or by the Investor, which such surrendered Shares shall be retired by the Company for accounting purposes and treated as authorized
    but unissued shares of the Company. The exercise of a Voluntary Surrender shall be within the Investor’s sole and exclusive discretion
    and shall be in addition to, and not in lieu of, any other remedies available to the Investor.

     

	Covenants Related to Regulatory Matters:	For the avoidance of doubt, the Company will not take, or omit to take, any action, that will result in the Investor holding or controlling more than 24.9% of the total issued and outstanding equity of the Company, consistent with the restrictions set forth in Section 3(a)(3) of the BHC Act and the Federal Reserve Board’s guidance for non-controlling equity investments.
	Ranking:	The Series F Preferred Stock will rank (i) pari passu with the Preferred Stock and (ii) senior to the Common Stock.
	Conversion Rights:	None.
	Liquidation Preference:	In the event of a liquidation, dissolution or winding-up of the assets of the Company, the Investor will first receive an amount equal to the Purchase Price, together with declared but unpaid dividends (the “Liquidation Amount”), before the distribution of any proceeds to holders of Common Stock.
	Dividends:	
    Dividends on the Series F Preferred Stock shall not be cumulative.

     

    On each date that dividends (other than Common Stock) are payable in
    respect of Common Stock, holders of the Series F Preferred Stock shall be entitled to receive, if and as declared by the board of directors
    of the Company, dividends in an amount per share equal to the aggregate amount of such dividends or other distributions that would be
    payable on such date to a holder of the number of 563,063 shares of Common Stock, subject to customary anti-dilution adjustments.

     

 

    A-2

     

    

 

	Priority on Dividends: 	
    So long as any share of Series F Preferred Stock is outstanding, no
    dividends may be declared on the Common Stock unless full dividends on the Series F Preferred Stock for the corresponding dividend payment
    date have been declared, no dividends may be paid on the Common Stock unless full dividends on the Series F Preferred Stock for the corresponding
    dividend payment date have been paid, and no dividends may be declared or paid on any other class or series of junior stock unless full
    dividends have been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside) in the immediately
    preceding calendar quarter.

     

    If full dividends are not paid on the Series F Preferred Stock, then
    any dividends declared on parity stock must be declared pro rata so that the amount of dividends declared on the Series F Preferred
    Stock and the parity stock bear the same ratio to each other as all dividends accrued on the Series F Preferred Stock and all such parity
    stock bear to each other.

     

	Capital Treatment:	The Shares are intended to qualify as additional Tier 1 capital, consistent with the requirements set forth at 12 C.F.R. § 217.20.
	Redemption Rights:	
    Not redeemable at the option of the Investor.

     

    Redeemable only at the Company’s discretion (i) in whole or in
    part, on or after the date that is five years following the Closing Date or (ii) in whole but not in part within 90 days of a regulatory
    capital treatment event, in each case, consistent with the terms set forth in 12 C.F.R. § 217.20.

     

	Voting Rights (Protective Provisions):	
    None, except that the approval of the holders of a majority of the
    Series F Preferred Stock, voting as a single class, will be required with respect to certain matters, including the following:

     

    •       charter or bylaw amendments adversely affecting
    the powers, preferences or special rights of the Series F Preferred Stock;

     

    •       creation of any series of senior equity securities;

     

    •       mergers, reclassifications and similar events, if the class would be adversely affected by such event or if
    the terms of any stock into which this stock converts are not substantially the same; and

     

    •       as otherwise provided by law.

     

  
	Reorganization Event:	
    The merger, consolidation or other business combination of the Company
    with or into any other corporation, including a transaction in which the holders of the Series F Preferred Stock receive cash or property
    for their shares, or the sale, conveyance, lease, exchange or transfer (for cash, shares of stock, securities or other consideration)
    of all or substantially all of the assets of the Company (each, a “Reorganization Event”), shall not constitute a liquidation,
    dissolution or winding up of the Corporation.

     

    Prior to a Reorganization Event, the Company and the Investor will
    consult with one another in good faith regarding the Investor’s status as a stockholder of the Company.

     

 

    A-3

     

    

 

	Preemptive Rights:	None.

  

    A-4

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