Document:

EX-10.1 AMENDED & RESTATED TRUST AGREEMENT

Exhibit 10.1

Execution Copy

 

AMENDED AND RESTATED TRUST AGREEMENT

OF

SERVISFIRST CAPITAL TRUST I

SEPTEMBER 2, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I INTERPRETATIONS AND DEFINITIONS
	 	 	1	 
	 
	SECTION 1.1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II TRUST INDENTURE ACT
	 	 	8	 
	 
	SECTION 2.1 Trust Indenture Act; Application
	 	 	8	 
	SECTION 2.2 Lists of Holders of Securities
	 	 	8	 
	SECTION 2.3 Reports by the Property Trustee
	 	 	8	 
	SECTION 2.4 Periodic Reports to Property Trustee
	 	 	9	 
	SECTION 2.5 Evidence of Compliance with Conditions Precedent
	 	 	10	 
	SECTION 2.6 Events of Default; Waiver
	 	 	10	 
	SECTION 2.7 Event of Default; Notice
	 	 	12	 
	 
	 	 	 	 
	ARTICLE III ORGANIZATION
	 	 	12	 
	 
	 	 	 	 
	SECTION 3.1 Name
	 	 	12	 
	SECTION 3.2 Office
	 	 	13	 
	SECTION 3.3 Purpose
	 	 	13	 
	SECTION 3.4 Authority
	 	 	13	 
	SECTION 3.5 Title to Property of the Trust
	 	 	13	 
	SECTION 3.6 Powers and Duties of the Administrative Trustees
	 	 	13	 
	SECTION 3.7 Prohibition of Actions by the Trust and the Trustees
	 	 	16	 
	SECTION 3.8 Powers and Duties of the Property Trustee
	 	 	16	 
	SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee
	 	 	18	 
	SECTION 3.10 Certain Rights of Property Trustee
	 	 	20	 
	SECTION 3.11 Delaware Trustee
	 	 	22	 
	SECTION 3.12 Execution of Documents
	 	 	23	 
	SECTION 3.13 Not Responsible for Recitals or Issuance of Securities
	 	 	23	 
	SECTION 3.14 Duration of Trust
	 	 	23	 
	SECTION 3.15 Mergers
	 	 	23	 
	 
	 	 	 	 
	ARTICLE IV SPONSOR
	 	 	25	 
	 
	 	 	 	 
	SECTION 4.1 Sponsor’s Purchase of Common Securities
	 	 	25	 
	SECTION 4.2 Responsibilities of the Sponsor
	 	 	25	 
	SECTION 4.3 Right to Proceed
	 	 	26	 
	 
	 	 	 	 
	ARTICLE V TRUSTEES
	 	 	26	 
	 
	 	 	 	 
	SECTION 5.1 Number of Trustees: Appointment of Co-Trustee
	 	 	26	 
	SECTION 5.2 Delaware Trustee
	 	 	26	 
	SECTION 5.3 Property Trustee; Eligibility
	 	 	27	 
	SECTION 5.4 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally
	 	 	28	 
	SECTION 5.5 Administrative Trustees
	 	 	28	 

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	 	 	Page	 
	SECTION 5.6 Delaware Trustee
	 	 	28	 
	SECTION 5.7 Appointment, Removal and Resignation of Trustees
	 	 	29	 
	SECTION 5.8 Vacancies Among Trustees
	 	 	30	 
	SECTION 5.9 Effect of Vacancies
	 	 	30	 
	SECTION 5.10 Meetings
	 	 	31	 
	SECTION 5.11 Delegation of Power
	 	 	31	 
	SECTION 5.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	31	 
	 
	 	 	 	 
	ARTICLE VI DISTRIBUTIONS
	 	 	32	 
	 
	 	 	 	 
	SECTION 6.1 Distributions
	 	 	32	 
	 
	 	 	 	 
	ARTICLE VII ISSUANCE OF SECURITIES
	 	 	32	 
	 
	 	 	 	 
	SECTION 7.1 General Provisions Regarding Securities
	 	 	32	 
	SECTION 7.2 Execution and Authentication
	 	 	33	 
	SECTION 7.3 Form and Dating
	 	 	33	 
	SECTION 7.4 Registrar and Paying Agent
	 	 	35	 
	SECTION 7.5 Paying Agent to Hold Money in Trust
	 	 	35	 
	SECTION 7.6 Replacement Securities
	 	 	36	 
	SECTION 7.7 Outstanding Preferred Securities
	 	 	36	 
	SECTION 7.8 Preferred Securities in Treasury
	 	 	36	 
	SECTION 7.9 Temporary Securities
	 	 	36	 
	SECTION 7.10 Cancellation
	 	 	37	 
	SECTION 7.11 CUSIP Numbers
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VIII TERMINATION OF TRUST
	 	 	38	 
	 
	 	 	 	 
	SECTION 8.1 Termination of Trust
	 	 	38	 
	SECTION 8.2 Liquidation
	 	 	38	 
	 
	 	 	 	 
	ARTICLE IX TRANSFER OF INTERESTS
	 	 	40	 
	 
	 	 	 	 
	SECTION 9.1 Transfer of Securities
	 	 	40	 
	SECTION 9.2 Transfer Procedures and Restrictions
	 	 	41	 
	SECTION 9.3 Deemed Security Holders
	 	 	45	 
	SECTION 9.4 Restriction on Transfers
	 	 	45	 
	SECTION 9.5 Book Entry Interests
	 	 	45	 
	SECTION 9.6 Notices to Clearing Agency
	 	 	46	 
	SECTION 9.7 Appointment of Successor Clearing Agency
	 	 	46	 
	 
	 	 	 	 
	ARTICLE X LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS
	 	 	46	 
	 
	 	 	 	 
	SECTION 10.1 Liability
	 	 	46	 
	SECTION 10.2 Exculpation
	 	 	46	 
	SECTION 10.3 Fiduciary Duty
	 	 	47	 
	SECTION 10.4 Indemnification
	 	 	48	 
	SECTION 10.5 Outside Businesses
	 	 	51	 

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	 	 	Page	 
	ARTICLE XI ACCOUNTING
	 	 	51	 
	 
	 	 	 	 
	SECTION 11.1 Fiscal Year
	 	 	51	 
	SECTION 11.2 Certain Accounting Matters
	 	 	51	 
	SECTION 11.3 Banking
	 	 	52	 
	SECTION 11.4 Withholding
	 	 	52	 
	 
	 	 	 	 
	ARTICLE XII AMENDMENTS AND MEETINGS
	 	 	53	 
	 
	 	 	 	 
	SECTION 12.1 Amendments
	 	 	53	 
	SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent
	 	 	54	 
	 
	 	 	 	 
	ARTICLE XIII REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE
	 	 	56	 
	 
	 	 	 	 
	SECTION 13.1 Representations and Warranties of Property Trustee
	 	 	56	 
	SECTION 13.2 Representations and Warranties of Delaware Trustee
	 	 	56	 
	 
	 	 	 	 
	ARTICLE XIV MISCELLANEOUS
	 	 	57	 
	 
	 	 	 	 
	SECTION 14.1 Notices
	 	 	57	 
	SECTION 14.2 Governing Law
	 	 	58	 
	SECTION 14.3 Intention of the Parties
	 	 	58	 
	SECTION 14.4 Headings
	 	 	59	 
	SECTION 14.5 Successors and Assigns
	 	 	59	 
	SECTION 14.6 Partial Enforceability
	 	 	59	 
	SECTION 14.7 Counterparts
	 	 	59	 
	 
	 	 	 	 
	ANNEX A — FORM OF LETTER TO BE DELIVERED BY ACCREDITED INVESTORS
	 	 	1	 
	 
	 	 	 	 
	ANNEX I            Terms of 8.5% Preferred Securities and 8.5% Common Securities
	 	 	I-1	 
	 
	 	 	 	 
	EXHIBIT A-1    Form of Preferred Security Certificate
	 	 	A1-1	 
	EXHIBIT A-2    Form of Common Security Certificate
	 	 	A2-1	 
	EXHIBIT B        Form of Transfer Certificate
	 	 	B-1	 
	EXHIBIT C        Form of Letter to be Delivered by Accredited Investors
	 	 	C-1	 
	EXHIBIT D       Officer’s Certificate
	 	 	D-1	 

iii

 

AMENDED AND RESTATED

TRUST AGREEMENT

OF

SERVISFIRST CAPITAL TRUST I

SEPTEMBER 2, 2008

     AMENDED AND RESTATED TRUST AGREEMENT (“Trust Agreement”) dated and effective as of September
2, 2008, by the Trustees (as defined herein), the Sponsor (as defined herein) and by the Holders
(as defined herein), from time to time, of undivided beneficial interests in the Trust to be issued
pursuant to this Trust Agreement;

     WHEREAS, the Delaware Trustee and the Sponsor established ServisFirst Capital Trust I (the
“Trust”), a statutory trust created under the Delaware Statutory Trust Act pursuant to a Trust
Agreement dated as of August 4, 2008 (the “Original Agreement”), and a Certificate of Trust filed
with the Secretary of State of the State of Delaware on August 4, 2008, for the sole purpose of
issuing and selling certain securities representing undivided beneficial interests in the assets of
the Trust and investing the proceeds thereof in certain Debentures of the Debenture Issuer (each as
hereinafter defined);

     WHEREAS, prior to the date hereof, no Trust Securities have been issued;

     WHEREAS, all of the Trustees and the Sponsor, by this Trust Agreement, amend and restate each
and every term and provision of the Original Agreement; and

     NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a
statutory trust under the Statutory Trust Act (as defined herein) and that this Trust Agreement
constitute the governing instrument of such statutory trust, the Trustees declare that all assets
contributed to the Trust will be held in trust for the benefit of the Holders (as defined herein),
from time to time, of the securities representing undivided beneficial interests in the assets of
the Trust issued hereunder, subject to the provisions of this Trust Agreement.

ARTICLE I

INTERPRETATION AND DEFINITIONS

SECTION 1.1 Definitions.

          Unless the context otherwise requires:

     (a) Capitalized terms used in this Trust Agreement but not defined in the preamble
above or elsewhere herein have the respective meanings assigned to them in this Section 1.1;

          (b) a term defined anywhere in this Trust Agreement has the same meaning throughout;

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     (c) all references to “the Trust Agreement” or “this Trust Agreement” are to this Trust
Agreement (including Appendix I hereto and Exhibit A hereto) as modified, supplemented or
amended from time to time;

     (d) all references in this Trust Agreement to Articles and Sections and Annexes and
Exhibits are to Articles and Sections of and Annexes and Exhibits to this Trust Agreement
unless otherwise specified;

     (e) a term defined in the Trust Indenture Act has the same meaning when used in this
Trust Agreement unless otherwise defined in this Trust Agreement or unless the context
otherwise requires;

     (f) a term defined in the Indenture (as defined herein) has the same meaning when used
in this Trust Agreement unless otherwise defined in this Trust Agreement or the context
otherwise requires; and

     (g) a reference to the singular includes the plural and vice versa.

          “Accredited Investor” has the meaning set forth in Rule 501(a) of Regulation D under
the Securities Act

          “Administrative Trustee” has the meaning set forth in Section 5.1.

          “Affiliate” has the same meaning as given to that term in Rule 405 under the
Securities Act or any successor rule thereunder.

          “Agent” means any Paying Agent or Registrar.

          “Authorized Officer” of a Person means any other Person that is authorized to legally
bind such former Person.

          “Book Entry Interest” means a beneficial interest in a Global Certificate registered
in the name of a Clearing Agency or its nominee, ownership and transfers of which shall be
maintained and made through book entries by a Clearing Agency as described in Section 9.4.

          “Business Day” means any day other than a Saturday or a Sunday or a day on which
banking institutions in The City of New York or Wilmington, Delaware are authorized or required by
law or executive order to close.

          “Clearing Agency” means an organization registered as a “Clearing Agency” pursuant to
Section 17A of the Exchange Act that is acting as depositary for the Preferred Securities and in
whose name or in the name of a nominee of that organization shall be registered a Global
Certificate and which shall undertake to effect book entry transfers and pledges of the Preferred
Securities.

          “Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time the Clearing Agency effects book entry
transfers and pledges of securities deposited with the Clearing Agency.

2

 

          “Closing Time” means September 2, 2008.

          “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor legislation.

          “Commission” means the United States Securities and Exchange Commission as from time
to time constituted, or if any time after the execution of this Trust Agreement such Commission is
not existing and performing the duties now assigned to it under applicable Federal securities laws,
then the body performing such duties at such time.

          “Common Securities” has the meaning specified in Section 7.1(a).

          “Company” means ServisFirst Bancshares, Inc., a Delaware corporation, or any successor
entity resulting from any consolidation, amalgamation, merger or other business combination.

          “Company Indemnified Person” means (a) any Administrative Trustee; (b) any Affiliate
of any Administrative Trustee; (c) any officers, directors, shareholders, members, partners,
employees, representatives or agents of any Administrative Trustee; or (d) any officer, employee or
agent of the Trust or its Affiliates.

          “Confidential Offering Memorandum” has the meaning set forth in Section 3.6(b).

          “Corporate Trust Office” means the office of the Property Trustee at which the
corporate trust business of the Property Trustee shall, at any particular time, be principally
administered, which office at the date of execution of this Agreement is located at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890 Attention: Corporate Trust
Administration.

          “Covered Person” means: (a) any officer, director, shareholder, partner, member,
representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any
Holders of Securities.

          “Debenture Issuer” means ServisFirst Bancshares, Inc., a Delaware corporation, or any
successor entity resulting from any consolidation, amalgamation, merger or other business
combination, in its capacity as issuer of the Debentures under the Indenture.

          “Debenture Trustee” means Wilmington Trust Company, a Delaware banking corporation, as
trustee under the Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee.

          “Debentures” means the 8.5% Junior Subordinated Deferrable Interest Debentures due
September 1, 2038 of the Debenture Issuer issued pursuant to the Indenture.

          “Default” means an event, act or condition that with notice or lapse of time, or both,
would constitute an Event of Default.

3

 

          “Definitive Preferred Securities” shall have the meaning set forth in Section 7.3(b).

          “Delaware Trustee” has the meaning set forth in Section 5.2.

          “Direct Action” shall have the meaning set forth in Section 3.8(e).

          “Distribution” means a distribution payable to Holders of Securities in accordance
with Section 6.1.

          “DTC” means The Depository Trust Company, the initial Clearing Agency.

          “Event of Default” in respect of the Securities means an Event of Default (as defined
in the Indenture) that has occurred and is continuing in respect of the Debentures.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, or any successor legislation.

          “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b).

          “GAAP” means generally accepted accounting principles, as recognized by the American
Institute of Certificated Public Accountants and the Financial Accounting Standards Board,
consistently applied and maintained on a consistent basis for the Sponsor and its subsidiaries
throughout the period indicated and consistent with the prior financial practice of the Sponsor and
its subsidiaries.

          “Global Preferred Securities” has the meaning set forth in Section 7.3(b).

          “Guarantor” means ServisFirst Bancshares, Inc., a Delaware corporation, or any
successor entity resulting from any consolidation, amalgamation, merger or other business
combination in its capacity as guarantor under the Preferred Securities Guarantee.

          “Holder” means (i) a Person in whose name a Security is registered, such Person being
a beneficial owner within the meaning of the Statutory Trust Act, and (ii) a Preferred Security
Beneficial Owner.

          “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified
Person.

          “Indenture” means the Indenture dated as of September 2, 2008 among the Debenture
Issuer and the Debenture Trustee, as amended from time to time.

          “Initial Optional Redemption Date” has the meaning set forth in Section 4(b) of Annex
I hereto.

          “Investment Company” means an investment company as defined in the Investment Company
Act.

4

 

          “Investment Company Act” means the Investment Company Act of 1940, as amended from
time to time, or any successor legislation.

          “Legal Action” has the meaning set forth in Section 3.6(g).

          “Liquidation Amount” with respect to any Security means the amount designated as such
with respect thereto in Annex I hereto.

          “Majority in Liquidation Amount” means, with respect to the Trust Securities, except
as provided in the terms of the Preferred Securities or by the Trust Indenture Act, Holder(s) of
outstanding Trust Securities voting together as a single class or, as the context may require,
Holders of outstanding Preferred Securities or Holders of outstanding Common Securities voting
separately as a class, who are the record owners of more than 50% of the aggregate Liquidation
Amount (including the stated amount that would be paid on redemption, liquidation or otherwise,
plus accrued and unpaid Distributions to the date upon which the voting percentages are determined)
of all outstanding Securities of the relevant class.

          “Ministerial Action” has the meaning set forth in Annex I hereto.

          “Officers’ Certificate” means, with respect to any Person, a certificate signed by two
of the following: the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Secretary or the Treasurer of such Person. Any Officers’ Certificate
delivered with respect to compliance with a condition or covenant provided for in this Trust
Agreement shall include:

          (a) a statement that each officer signing the Certificate has read the covenant or condition
and the definitions relating thereto;

          (b) a brief statement of the nature and scope of the examination or investigation undertaken
by each officer in rendering the Certificate;

          (c) a statement that each such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

          (d) a statement as to whether, in the opinion of each such officer, such condition or covenant
has been complied with.

          “Opinion of Counsel” shall mean a written opinion of counsel, who may be an employee
of the Sponsor, and who shall be acceptable to the Property Trustee.

          “Paying Agent” has the meaning specified in Section 7.4.

          “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision thereof, or any
other entity of whatever nature.

5

 

          “Preferred Securities” has the meaning specified in Section 7.1(a).

          “Preferred Securities Guarantee” means the guarantee agreement dated as of September
2, 2008 of the Guarantor in respect of the Preferred Securities.

          “Preferred Security Beneficial Owner” means, with respect to a Book Entry Interest, a
Person who is the beneficial owner of such Book Entry Interest, as reflected on the books of the
Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency
(directly as a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

          “Property Trustee” has the meaning set forth in Section 5.3(a).

          “Property Trustee Account” has the meaning set forth in Section 3.8(c).

          “Qualified Institutional Buyer” has the meaning set forth in Rule 144A under the
Securities Act.

          “Quorum” means a majority of the Administrative Trustees or, if there are only two
Administrative Trustees, both of them.

          “Redemption Price” has the meaning set forth in Section 4(a) of Annex I hereto.

          “Registrar” has the meaning set forth in Section 7.4.

          “Related Party” means, with respect to the Sponsor, any direct or indirect wholly
owned subsidiary of the Sponsor or any other Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Sponsor.

          “Responsible Officer” means, with respect to the Property Trustee, any officer
assigned to the Trust and Security Services Office of the Property Trustee, including any managing
director, vice president, assistant vice president, assistant treasurer, assistant secretary or any
other officer of the Trustee customarily performing functions similar to those performed by any of
the above designated officers, and having direct responsibility for the administration of this
Trust Agreement and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer’s knowledge of and familiarity with
the particular subject.

          “Rule 3a-5” means Rule 3a-5 under the Investment Company Act, or any successor rule or
regulation.

          “Rule 144A” means Rule 144A under the Securities Act, or any successor rule or regulation.

          “Securities” or “Trust Securities” means the Common Securities and the
Preferred Securities.

6

 

          “Securities Act” means the Securities Act of 1933, as amended from time to time, or
any successor legislation.

          “Special Event” has the meaning set forth in Section 4(c) of Annex I hereto.

          “Sponsor” means ServisFirst Bancshares, Inc., a Delaware corporation, or any successor
entity resulting from any merger, consolidation, amalgamation or other business combination, in its
capacity as sponsor of the Trust.

          “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
Section3801 et seq., as it may be amended from time to time or any successor legislation.

          “Successor Entity” has the meaning specified in Section 3.15(b).

          “Successor Delaware Trustee” has the meaning specified in Section 5.7(b)(ii).

          “Successor Property Trustee” has the meaning specified in Section 5.7(b)(i).

          “Successor Securities” has the meaning specified in Section 3.15(b).

          “Super Majority” has the meaning set forth in Section 2.6(a)(ii).

          “10% in Liquidation Amount” means, with respect to the Trust Securities, except as
provided in the terms of the Preferred Securities or by the Trust Indenture Act, Holder(s) of
outstanding Trust Securities voting together as a single class or, as the context may require,
Holders of outstanding Preferred Securities or Holders of outstanding Common Securities voting
separately as a class, who are the record owners of 10% or more of the aggregate Liquidation Amount
(including the stated amount that would be paid on redemption, liquidation or otherwise, plus
accrued and unpaid Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class.

          “Treasury Regulations” means the income tax regulations, including temporary and
proposed regulations, promulgated under the Code by the United States Treasury, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

          “Trustee” or “Trustees” means each Person who has signed this Trust Agreement
as a trustee (including the Property Trustee, the Delaware Trustee and the Administrative
Trustees), so long as such Person shall continue as a trustee of the Trust in accordance with the
terms hereof, and all other Persons who may from time to time be duly appointed, qualified and
serving as Trustees in accordance with the provisions hereof, and references herein to a Trustee or
the Trustees shall refer to such Person or Persons solely in their capacity as trustees hereunder.

          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to
time, or any successor legislation.

7

 

ARTICLE II

TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

          (a) This Trust Agreement is not subject to or governed by the Trust Indenture Act except to
the extent set forth herein as expressly agreed to by the parties to this Trust Agreement.

          (b) The Property Trustee shall be the only Trustee which is a Trustee for the purposes of
construing this Trust Agreement in accordance with the Trust Indenture Act, as applicable.

          (c) The application of the provisions of the Trust Indenture Act to this Trust Agreement as
set forth herein shall not affect the nature of the Securities as equity securities representing
undivided beneficial interests in the assets of the Trust.

SECTION 2.2 Lists of Holders of Securities.

          (a) Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide
the Property Trustee, unless the Property Trustee is Registrar for the Securities, (i) within 5
days after each record date for payment of Distributions, a list, in such form as the Property
Trustee may reasonably require, of the names and addresses of the Holders of the Securities (“List
of Holders”) as of such record date, provided that neither the Sponsor nor the Administrative
Trustees on behalf of the Trust shall be obligated to provide such List of Holders at any time the
List of Holders does not differ from the most recent List of Holders given to the Property Trustee
by the Sponsor and the Administrative Trustees on behalf of the Trust, and (ii) at any other time,
within 30 days of receipt by the Trust of a written request for a List of Holders as of a date no
more than 14 days before such List of Holders is given to the Property Trustee. The Property
Trustee shall preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it or which it receives in the capacity as Paying Agent (if
acting in such capacity), provided that the Property Trustee may destroy any List of Holders
previously given to it on receipt of a new List of Holders.

          (b) The Property Trustee shall comply with the obligations under Sections 311(a), 311(b) and
312(b) of the Trust Indenture Act.

SECTION 2.3 Reports by the Property Trustee.

          (a) The Property Trustee shall transmit to the Holders of the Preferred Securities such
reports concerning the Property Trustee and its actions under this Trust Agreement as may be
required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant
thereto. If required by Section 313(a) of the Trust Indenture Act, the Property Trustee shall,
within sixty days after each anniversary following the date of this Trust Agreement, commencing
September 2, 2009, deliver to the Holders of the Preferred Securities a brief report, dated as of
such date, which complies with the provisions of such Section 313(a).

8

 

          (b) A copy of each such report shall, at the time of such transmission to the Holders of the
Preferred Securities, be filed by the Property Trustee with the Company. The Company will promptly
notify the Property Trustee in writing if and when the Preferred Securities are listed on any stock
exchange.

SECTION 2.4 Periodic Reports to Property Trustee.

          (a) General. The Sponsor will furnish to the Property Trustee:

          (i) unless the Sponsor is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within 45 days
after the end of the first, second and third quarterly accounting periods of each fiscal
year (commencing with the quarter ending September 30, 2008), the Sponsor’s unaudited
consolidated balance sheet as of the last day of such quarterly period and the related
consolidated statements of income and cash flows during such quarterly period prepared in
accordance with GAAP and (in the case of second and third quarterly periods) for the portion
of the fiscal year ending with the last day of such quarterly period, setting forth in each
case in comparative form corresponding unaudited figures from the preceding fiscal year;

          (ii) unless the Sponsor is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within 90 days
after the end of each fiscal year (commencing with the fiscal year ending December 31,
2008), the Sponsor’s consolidated balance sheet as of the end of such year and the related
consolidated statements of income, cash flows, and shareholders’ equity during such year
setting forth in each case in comparative form corresponding figures from the preceding
fiscal year accompanied by an audit report thereon of a firm of independent public
accountants registered with the Public Company Accounting Oversight Board (the “PCAOB”);

          (iii) at the time of the delivery of the report provided for in clause (ii) above (or
at the time of the filing of the comparable report pursuant to the Exchange Act), an
Officers’ Certificate as set forth in Exhibit D to this Trust Agreement to the
effect that, to the best of such officers’ knowledge, no Default or Event of Default under
this Trust Agreement has occurred and is continuing or, if any Default or Event of Default
hereunder has occurred and is continuing, specifying the nature and extent thereof and what
action the Sponsor is taking or proposes to take in response thereto;

          (iv) the Sponsor and the Administrative Trustees shall file annually with the Property
Trustee a certificate as to whether or not they are in compliance with all the conditions
and covenants applicable to them under the Trust Agreement; and

          (v) promptly after the Sponsor obtains actual knowledge of the occurrence thereof,
written notice of the occurrence of any event or condition which constitutes an Event of
Default, and an Officers’ Certificate of the Sponsor specifically
stating that such Event of Default has occurred and setting forth the details thereof
and the action which the Sponsor is taking or proposes to take with respect thereto.

9

 

          (b) All such information provided to the Property Trustee as indicated above also will be
provided by the Property Trustee upon written request to the Property Trustee (which may be a
single continuing request), to (x) Holders and (y) prospective purchasers of Preferred Securities
(and of beneficial interests in Preferred Securities). The Sponsor will furnish to the Property
Trustee, upon its request, sufficient copies of all such information to accommodate the requests of
such Holders and prospective purchasers of Preferred Securities (and of beneficial interests in
Preferred Securities).

          (c) Upon the request of any Holder or the Property Trustee (on behalf of a Holder), the
Sponsor will furnish such information as is specified in paragraph (d)(4) of Rule 144A to Holders
and prospective purchasers of Preferred Securities (and of beneficial interests in Preferred
Securities) who are Qualified Institutional Buyers or Accredited Investors or to the Property
Trustee for delivery to such Holders or prospective purchasers of Preferred Securities (or of
beneficial interests in Preferred Securities) as the case may be, unless, at the time of such
request, the Sponsor is subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent.

          (a) The Sponsor shall furnish to the Property Trustee evidence of compliance with the
conditions precedent, if any, provided for in the Trust Agreement (including any covenants
compliance with which constitutes a condition precedent) which relate to the satisfaction and
discharge of the Trust Agreement, or to any other action to be taken by the Property Trustee at the
request or upon the application of such obligor. Such evidence shall consist of the following:

          (i) Certificates or opinions made by officers of the Sponsor who are specified in the
Trust Agreement, stating that such conditions precedent have been complied with; and

          (ii) An opinion of counsel (who may be of counsel of the Sponsor) stating that in his
opinion such conditions precedent have been complied with.

          (b) Each certificate or opinion with respect to compliance with a condition or covenant
provided for in the Trust Agreement shall include (1) a statement that the person making such
certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; (3) a statement that, in the opinion of such person, he has
made such examination or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (4) a statement as to
whether or not, in the opinion of such person, such condition or covenant has been complied with.

SECTION 2.6 Events of Default; Waiver.

          (a) The Holders of a Majority in Liquidation Amount of Preferred Securities may, by vote, on
behalf of the Holders of all of the Preferred Securities, waive any past Event of

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Default in
respect of the Preferred Securities and its consequences, provided that, if the
underlying Event of Default under the Indenture:

          (i) is not waivable under the Indenture, the Event of Default under the Trust Agreement
shall also not be waivable; or

          (ii) requires the consent or vote of greater than a majority in aggregate principal
amount of the holders of the Debentures (a “Super Majority”) to be waived under the
Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of
the Holders of at least the proportion in aggregate Liquidation Amount of the Preferred
Securities that the relevant Super Majority represents of the aggregate principal amount of
the Debentures outstanding.

Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to
the Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of
this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an
Event of Default with respect to the Preferred Securities or impair any right consequent thereon.
Any waiver by the Holders of the Preferred Securities of an Event of Default with respect to the
Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common
Securities of any such Event of Default with respect to the Common Securities for all purposes of
this Trust Agreement without any further act, vote, or consent of the Holders of the Common
Securities.

          (b) The Holders of a Majority in Liquidation Amount of the Common Securities may, by vote, on
behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect
to the Common Securities and its consequences, provided that, if the underlying
Event of Default under the Indenture:

          (i) is not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under the Trust Agreement as
provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall
also not be waivable; or

          (ii) requires the consent or vote of a Super Majority to be waived, except where the
Holders of the Common Securities are deemed to have waived such Event of Default under the
Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the
Trust Agreement may only be waived by the vote of the Holders of at least the proportion in
aggregate Liquidation Amount of the Common Securities that the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding;

provided further, that each Holder of Common Securities will be deemed to have
waived any such Event of Default and all Events of Default with respect to the Common Securities
and its
consequences if all Events of Default with respect to the Preferred Securities have been cured,
waived or otherwise eliminated, and until such Events of Default have been so cured, waived or
otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the
Holders of the Preferred Securities and only the Holders of the Preferred Securities will have the

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right to direct the Property Trustee in accordance with the terms of the Securities. Subject to
the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease to
exist and any Event of Default with respect to the Common Securities arising therefrom shall be
deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall
extend to any subsequent or other Default or Event of Default with respect to the Common Securities
or impair any right consequent thereon.

          (c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the
written direction of the Holders of the Preferred Securities, constitutes a waiver of the
corresponding Event of Default under this Trust Agreement.

SECTION 2.7 Event of Default; Notice.

          (a) The Property Trustee shall, within 90 days after a Responsible Officer of the Property
Trustee obtains actual knowledge of the occurrence of an Event of Default, transmit by mail, first
class postage prepaid, to the Holders of the Securities, notices of all Defaults with respect to
the Securities actually known to a Responsible Officer of the Property Trustee, unless such
Defaults have been cured before the giving of such notice; provided that, except for a Default in
the payment of principal of (or premium, if any) or interest on any of the Debentures, the Property
Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of
the Property Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Securities.

          (b) The Property Trustee shall not be deemed to have actual knowledge of any Default or Event
of Default except:

          (i) Default or Event of Default under Sections 5.01(a) and 5.01(b) of the Indenture; or

          (ii) any Default or Event of Default as to which the Property Trustee shall have
received written notice or of which a Responsible Officer of the Property Trustee charged
with the administration of the Trust Agreement shall have actual knowledge.

          (c) Within five Business Days after the occurrence of any Event of Default actually known to
the Property Trustee, the Property Trustee shall transmit notice of such Event of Default to the
Holders of the Preferred Securities, the Administrative Trustees and the Sponsor, unless such Event
of Default shall have been cured or waived.

ARTICLE III

ORGANIZATION

SECTION 3.1 Name.

     The Trust is named “ServisFirst Capital Trust I” as such name may be modified from time to
time by the Administrative Trustees following written notice to the Property Trustee, the Delaware
Trustee and the Holders of Securities. The Trust’s activities may be conducted under the name of
the Trust or any other name deemed advisable by the Administrative Trustees.

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SECTION 3.2 Office.

     The address of the principal office of the Trust is c/o ServisFirst Bancshares, Inc., 3300
Cahaba Road, Suite 300, Birmingham, Alabama 35223. On 10 Business Days written notice to the
Property Trustee, the Delaware Trustee and the Holders of Securities, the Administrative Trustees
may designate another principal office.

SECTION 3.3 Purpose.

     The exclusive purposes and functions of the Trust are (a) to issue and sell Securities, (b) to
use the gross proceeds from the sale of the Securities to acquire the Debentures, and (c) except as
otherwise limited herein, to engage in only those other activities necessary, advisable or
incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from
investments, mortgage or pledge any of its assets, or otherwise undertake (or permit to be
undertaken) any activity that would cause the Trust not to be classified for United States federal
income tax purposes as a grantor trust.

SECTION 3.4 Authority.

     Subject to the limitations provided in this Trust Agreement and to the specific duties of the
Property Trustee, the Administrative Trustees shall have exclusive and complete authority to carry
out the purposes of the Trust. An action taken by the Administrative Trustees in accordance with
their powers shall constitute the act of and serve to bind the Trust and an action taken by the
Property Trustee on behalf of the Trust in accordance with its powers shall constitute the act of
and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person
shall be required to inquire into the authority of the Trustees to bind the Trust. Persons dealing
with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Trust Agreement.

SECTION 3.5 Title to Property of the Trust.

     Except as provided in Section 3.8 with respect to the Debentures and the Property Trustee
Account or as otherwise provided in this Trust Agreement, legal title to all assets of the Trust
shall be vested in the Trust. The Holders shall not have legal title to any part of the assets of
the Trust, but shall have an undivided beneficial interest in the assets of the Trust.

SECTION 3.6 Powers and Duties of the Administrative Trustees.

     The Administrative Trustees shall have the exclusive power, duty and authority to cause the
Trust to engage in the following activities:

          (a) to issue and sell the Preferred Securities and the Common Securities in accordance with
this Trust Agreement; provided, however, that except, in the case of (i) and (ii), as contemplated
in Section 7.1(a), (i) the Trust may issue no more than one series of Preferred Securities and no
more than one series of Common Securities, (ii) there shall be no interests in the Trust other than
the Securities, and (iii) the issuance of Securities shall be limited to a simultaneous issuance of
both Preferred Securities and Common Securities at any Closing Time;

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     (b) in connection with the issue and sale of the Preferred Securities, at the direction of the
Sponsor, to:

          (i) execute, if necessary, a confidential offering memorandum (the “Confidential
Offering Memorandum”) in preliminary and final form, including any amendments or supplements
thereto, prepared by the Sponsor, in relation to the offering and sale of Preferred
Securities under an exemption from the registration requirements of Section 5 of the
Securities Act;

          (ii) execute and file any documents prepared by the Sponsor, or take any acts as
determined by the Sponsor to be necessary in order to qualify the offering and sale of
Preferred Securities under an exemption from the registration requirements of Section 5 of
the Securities Act;

          (iii) execute and file any documents prepared by the Sponsor, or take any acts as
determined by the Sponsor to be necessary in order to qualify or register all or part of the
Preferred Securities in any State in which the Sponsor has determined to qualify or register
such Preferred Securities for sale; and

          (iv) execute and deliver letters, documents, or instruments with DTC and other Clearing
Agencies relating to the Preferred Securities.

          (c) to acquire the Debentures with the proceeds of the sale of the Preferred Securities and
the Common Securities; provided, however, that the Administrative Trustees shall cause legal title
to the Debentures to be held by the Property Trustee for the benefit of the Holders of the
Preferred Securities and the Holders of Common Securities;

          (d) to give the Sponsor and the Property Trustee prompt written notice of the occurrence of a
Special Event;

          (e) to establish a record date with respect to all actions to be taken hereunder that require
a record date be established, including and with respect to Distributions, voting rights,
redemptions and exchanges, and to issue relevant notices to the Holders of Preferred Securities and
Holders of Common Securities as to such actions and applicable record dates;

          (f) to take all actions and perform such duties as may be required of the Administrative
Trustees pursuant to the terms of the Securities;

          (g) to bring or defend, pay, collect, compromise, arbitrate, resort to legal action, or
otherwise adjust claims or demands of or against the Trust (“Legal Action”), unless pursuant to
Section 3.8(e), the Property Trustee has the exclusive power to bring such Legal Action;

          (h) to employ or otherwise engage employees and agents (who may be designated as officers with
titles) and managers, contractors, advisors, and consultants and pay reasonable compensation for
such services;

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          (i) to incur expenses that are necessary or incidental to carry out any of the purposes of the
Trust;

          (j) to act as, or appoint another Person to act as, Registrar for the Securities or to appoint
a Paying Agent for the Securities as provided in Section 7.4 except for such time as such power to
appoint a Paying Agent is vested in the Property Trustee;

          (k) to give prompt written notice to the Property Trustee and to Holders of the Securities of
any notice received from the Debenture Issuer of its election to defer payments of interest on the
Debentures by extending the interest payment period under the Indenture;

          (l) to execute all documents or instruments, perform all duties and powers, and do all things
for and on behalf of the Trust in all matters necessary or incidental to the foregoing;

          (m) to take all action that may be necessary or appropriate for the preservation and the
continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust
under the laws of the State of Delaware and of each other jurisdiction in which such existence is
necessary to protect the limited liability of the Holders of the Preferred Securities or to enable
the Trust to effect the purposes for which the Trust was created;

          (n) to take any action, not inconsistent with this Trust Agreement or with applicable law,
that the Administrative Trustees determine in their discretion to be necessary or desirable in
carrying out the activities of the Trust as set out in this Section 3.6, including, but not limited
to:

          (i) causing the Trust not to be deemed to be an Investment Company required to be
registered under the Investment Company Act;

          (ii) causing the Trust to be classified for United States federal income tax purposes
as a grantor trust; and

          (iii) cooperating with the Debenture Issuer to ensure that the Debentures will be
treated as indebtedness of the Debenture Issuer for United States federal income tax
purposes; and

          (o) to take all action necessary to cause all applicable tax returns and tax information
reports that are required to be filed with respect to the Trust to be duly prepared and filed by
the Administrative Trustees, on behalf of the Trust.

          The Administrative Trustees must exercise the powers set forth in this Section 3.6 in a manner
that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the
Administrative Trustees shall not take any action that is inconsistent with the purposes and
functions of the Trust set forth in Section 3.3.

          Subject to this Section 3.6, the Administrative Trustees shall have none of the powers or the
authority of the Property Trustee set forth in Section 3.8.

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          Any expenses incurred by the Administrative Trustees pursuant to this Section 3.6 shall be
reimbursed by the Sponsor.

SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.

          The Trust shall not, and the Trustees (including the Property Trustee) shall not cause the
Trust to, engage in any activity other than as required or authorized by this Trust Agreement. The
Trust shall not:

          (a) invest any proceeds received by the Trust from holding the Debentures, but shall
distribute all such proceeds to Holders of Securities pursuant to the terms of this Trust Agreement
and of the Securities;

          (b) acquire any assets other than as expressly provided herein;

          (c) possess Trust property for other than a Trust purpose;

          (d) make any loans or incur any indebtedness other than loans represented by the Debentures;

          (e) possess any power or otherwise act in such a way as to vary the Trust assets or the terms
of the Securities in any way whatsoever;

          (f) issue any securities or other evidences of beneficial ownership of, or beneficial interest
in, the Trust other than the Securities; or

          (g) other than as provided in this Trust Agreement or Annex I, (A) direct the time, method and
place of conducting any proceeding with respect to any remedy available to the Debenture Trustee,
or exercising any trust or power conferred upon the Debenture Trustee with respect to the
Debentures, (B) waive any past default that is waivable under the Indenture, (C) exercise any right
to rescind or annul any declaration that the principal of all the Debentures shall be due and
payable, or (D) consent to any amendment, modification or termination of the Indenture or the
Debentures where such consent shall be required unless the Trust shall have received an opinion of
a nationally recognized independent tax counsel experienced in such
matters to the effect that such amendment, modification or termination will not cause more
than an insubstantial risk that, for United States federal income tax purposes, the Trust will not
be classified as a grantor trust.

SECTION 3.8 Powers and Duties of the Property Trustee.

          (a) The legal title to the Debentures shall be held by the Property Trustee in trust for the
benefit of the Holders of the Securities. The right, title and interest of the Property Trustee to
the Debentures shall vest automatically in each Person who may hereafter be appointed as Property
Trustee in accordance with Section 5.7. Such vesting and cessation of title shall be effective
whether or not conveyancing documents with regard to the Debentures have been executed and
delivered.

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          (b) The Property Trustee shall not transfer its right, title and interest in the Debentures to
the Administrative Trustees or to the Delaware Trustee (if the Property Trustee does not also act
as Delaware Trustee).

          (c) The Property Trustee shall:

          (i) establish and maintain a segregated non-interest bearing trust account (the
“Property Trustee Account”) in the name of and under the exclusive control of the Property
Trustee on behalf of the Holders of the Securities and, upon the receipt of payments of
funds made in respect of the Debentures held by the Property Trustee, deposit such funds
into the Property Trustee Account and make, or cause any Paying Agent to make, payments to
the Holders of the Preferred Securities and Holders of the Common Securities from the
Property Trustee Account in accordance with Section 6.1. Funds in the Property Trustee
Account shall be held uninvested until disbursed in accordance with this Trust Agreement;

          (ii) engage in such ministerial activities as shall be necessary or appropriate to
effect the redemption of the Preferred Securities and the Common Securities to the extent
the Debentures are redeemed or mature; and

          (iii) upon written notice of distribution issued by the Administrative Trustees in
accordance with the terms of the Securities, engage in such ministerial activities as shall
be necessary or appropriate to effect the distribution of the Debentures to Holders of
Securities upon the occurrence of certain events.

          (d) The Property Trustee shall take all actions and perform such duties as may be specifically
required of the Property Trustee pursuant to the terms of this Trust Agreement and the Securities.

          (e) Subject to Section 3.9(a), the Property Trustee shall take any Legal Action which arises
out of or in connection with an Event of Default of which a Responsible Officer of the Property
Trustee has actual knowledge or the Property Trustee’s duties and obligations under this Trust
Agreement and if the Property Trustee shall have failed to take such Legal Action, the Holders of
the Preferred Securities may take such Legal Action, to the same extent as if such
Holders of Preferred Securities held an aggregate principal amount of Debentures equal to the
aggregate Liquidation Amount of such Preferred Securities, without first proceeding against the
Property Trustee or the Trust; provided, however, that if an Event of Default has
occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to
pay the principal of or premium, if any, or interest on the Debentures on the date such principal,
premium, if any, or interest is otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly institute a proceeding for enforcement of
payment to such Holder of the principal of or premium, if any, or interest on the Debentures having
a principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such
Holder (a “Direct Action”) on or after the respective due date specified in the Debentures. In
connection with such Direct Action, the rights of the Holders of the Common Securities will be
subrogated to the rights of such Holder of Preferred Securities to the extent of any payment made
by the Debenture Issuer to such Holder of Preferred Securities in such Direct

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Action. Except as
provided in the preceding sentences, the Holders of Preferred Securities will not be able to
exercise directly any other remedy available to the holders of the Debentures.

          (f) The Property Trustee shall continue to serve as a Trustee until either:

          (i) the Trust has been completely liquidated and the proceeds of the liquidation
distributed to the Holders of Securities pursuant to the terms of the Securities; or

          (ii) a Successor Property Trustee has been appointed and has accepted that appointment
in accordance with Section 5.7(b).

          (g) The Property Trustee shall have the legal power to exercise all of the rights, powers and
privileges of a holder of Debentures under the Indenture and, if an Event of Default actually known
to a Responsible Officer of the Property Trustee occurs and is continuing, the Property Trustee
shall, for the benefit of Holders of the Securities, enforce its rights as holder of the Debentures
subject to the rights of the Holders pursuant to this Trust Agreement and the terms of the
Securities. The Property Trustee must exercise the powers set forth in this Section 3.8 in a
manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and
the Property Trustee shall not take any action that is inconsistent with the purposes and functions
of the Trust set out in Section 3.3.

          (h) The Property Trustee shall be authorized to undertake any actions set forth in Section
317(a) of the Trust Indenture Act.

     For such time as the Property Trustee is the Paying Agent, the Property Trustee may authorize
one or more Persons to act as additional Paying Agents and to pay Distributions, redemption
payments or liquidation payments on behalf of the Trust with respect to all securities and any such
Paying Agent shall comply with the provisions of Section 317(b) of the Trust Indenture Act. Any
such additional Paying Agent may be removed by the Property Trustee at any time the Property
Trustee remains as Paying Agent and a successor Paying Agent or additional Paying Agents may be
(but are not required to be) appointed at any time by the Property Trustee.

          (i) Subject to this Section 3.8, the Property Trustee shall have none of the duties,
liabilities, powers or the authority of the Administrative Trustees set forth in Section 3.6.

          The Property Trustee must exercise the powers set forth in this Section 3.8 in a manner that
is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Property
Trustee shall not take any action that is inconsistent with the purposes and functions of the Trust
set out in Section 3.3.

     SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee.

          (a) The Property Trustee, before the occurrence of any Event of Default and after the curing
or waiving of all Events of Default that may have occurred, shall undertake to perform only such
duties as are specifically set forth in this Trust Agreement and in the Securities and no implied
covenants shall be read into this Trust Agreement against the Property

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Trustee. In case an Event
of Default has occurred (that has not been cured or waived pursuant to Section 2.6) of which a
Responsible Officer of the Property Trustee has actual knowledge, the Property
Trustee shall
exercise such of the rights and powers vested in it by this Trust Agreement, and use the same
degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

          (b) No provision of this Trust Agreement shall be construed to relieve the Property Trustee
from liability for its own gross negligent action, its own gross negligent failure to act, or its
own willful misconduct, except that:

          (i) prior to the occurrence of an Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

          (A) the duties and obligations of the Property Trustee shall be determined
solely by the express provisions of this Trust Agreement and in the Securities and
the Property Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Trust Agreement and in the
Securities, and no implied covenants or obligations shall be read into this Trust
Agreement against the Property Trustee; and

          (B) in the absence of bad faith on the part of the Property Trustee, the
Property Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Property Trustee and conforming to the requirements of this Trust
Agreement; provided, however, that in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the
Property Trustee, the Property Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Trust Agreement;

          (ii) the Property Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Property Trustee, unless it shall be proved that the
Property Trustee was grossly negligent in ascertaining the pertinent facts;

          (iii) the Property Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a Majority in Liquidation Amount of the Securities relating to the time,
method and place of conducting any proceeding for any remedy available to the Property
Trustee, or exercising any trust or power conferred upon the Property Trustee under this
Trust Agreement;

          (iv) no provision of this Trust Agreement shall require the Property Trustee to expend
or risk its own funds or otherwise incur personal financial liability in the performance of
any of its duties or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Trust Agreement or indemnity

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satisfactory
to the Property Trustee against such risk or liability is not reasonably assured to it;

          (v) the Property Trustee’s sole duty with respect to the custody, safe keeping and
physical preservation of the Debentures and the Property Trustee Account shall be to deal
with such property in a similar manner as the Property Trustee deals with similar property
for its own account, subject to the protections and limitations on liability afforded to the
Property Trustee under this Trust Agreement;

          (vi) the Property Trustee shall have no duty or liability for or with respect to the
value, genuineness, existence or sufficiency of the Debentures or the payment of any taxes
or assessments levied thereon or in connection therewith;

          (vii) the Property Trustee shall not be liable for any interest on any money received
by it except as it may otherwise agree in writing with the Sponsor. Money held by the
Property Trustee need not be segregated from other funds held by it except in relation to
the Property Trustee Account maintained by the Property Trustee pursuant to Section
3.8(c)(i) and except to the extent otherwise required by law; and

          (viii) the Property Trustee shall not be responsible for monitoring the compliance by
the Administrative Trustees or the Sponsor with their respective duties under this Trust
Agreement, nor shall the Property Trustee be liable for any default or misconduct of the
Administrative Trustees, any other Trustees or the Sponsor.

SECTION 3.10 Certain Rights of Property Trustee.

          (a) Subject to the provisions of Section 3.9:

          (i) the Property Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed, sent or presented by the proper party or parties;

          (ii) any direction or act of the Sponsor or the Administrative Trustees contemplated by
this Trust Agreement may be sufficiently evidenced by an Officers’ Certificate;

          (iii) whenever in the administration of this Trust Agreement, the Property Trustee
shall deem it desirable that a matter be proved or established before taking, suffering or
omitting any action hereunder, the Property Trustee (unless other evidence is herein
specifically prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall
be promptly delivered by the Sponsor or the Administrative Trustees;

          (iv) the Property Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation statement

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or any
filing under tax or securities laws)  or any rerecording, refiling or reregistration thereof;

          (v) the Property Trustee may consult with counsel or other experts of its selection and
the advice or opinion of such counsel and experts with respect to legal matters or advice
within the scope of such experts’ area of expertise shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in accordance with such advice or opinion, such counsel may be counsel to the
Sponsor or any of its Affiliates, and may include any of its employees. The Property Trustee
shall have the right at any time to seek instructions concerning the administration of this
Trust Agreement from any court of competent jurisdiction;

          (vi) the Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request or direction of any Holder,
unless such Holder shall have provided to the Property Trustee security and indemnity,
satisfactory to the Property Trustee, against the costs, expenses (including attorneys’ fees
and expenses and the expenses of the Property Trustee’s agents, nominees or custodians) and
liabilities that might be incurred by it in complying with such request or direction,
including such advances as may be requested by the Property Trustee; provided, that, nothing
contained in this Section 3.10(a)(vi) shall be taken to relieve the Property Trustee, upon
the occurrence of an Event of Default, of its obligation to exercise the rights and powers
vested in it by this Trust Agreement;

          (vii) the Property Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Property Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit;

          (viii) the Property Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, custodians, nominees
or attorneys and the Property Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it hereunder;

          (ix) any action taken by the Property Trustee or its agents hereunder shall bind the
Trust and the Holders of the Securities, and the signature of the Property Trustee or its
agents alone shall be sufficient and effective to perform any such action and no third party
shall be required to inquire as to the authority of the Property Trustee to so act or as to
its compliance with any of the terms and provisions of this Trust Agreement, both of which
shall be conclusively evidenced by the Property Trustee’s or its agent’s taking such action;

          (x) whenever in the administration of this Trust Agreement the Property Trustee shall
deem it desirable to receive instructions with respect to enforcing

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any remedy or right or taking any other action hereunder, the Property Trustee (i) may
request instructions from the Holders of the Securities which instructions may only be given
by the Holders of the same proportion in Liquidation Amount of the Securities as would be
entitled to direct the Property Trustee under the terms of the Securities in respect of such
remedy, right or action, (ii) may refrain from enforcing such remedy or right or taking such
other action until such instructions are received, and (iii) shall be fully protected in
conclusively relying on or acting in or accordance with such instructions;

          (xi) except as otherwise expressly provided by this Trust Agreement, the Property
Trustee shall not be under any obligation to take any action that is discretionary under the
provisions of this Trust Agreement;

          (xii) the Property Trustee shall not be liable for any action taken, suffered, or
omitted to be taken by it in good faith, without gross negligence, and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by
this Trust Agreement;

          (xiii) when the Property Trustee incurs expenses or renders services in connection with
an Event of Default under Sections 5.01(d) or 5.01(e) of the Indenture, such expenses
(including the fees and expenses of its counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy law or law relating
to creditors rights generally;

          (xiv) in no event shall the Property Trustee be liable for the selection of investments
or for investment losses incurred thereon. The Property Trustee shall have no liability in
respect of losses incurred as a result of the liquidation of any such investment prior to
its stated maturity or the failure of the party directing such investment to provide timely
written investment direction. The Property Trustee shall have no obligation to invest or
reinvest any amounts held hereunder in the absence of such written investment direction; and

          (xv) in the event that the Property Trustee is also acting as Paying Agent, Registrar
or exchange agent hereunder, the rights and protections afforded to the Property Trustee
pursuant to this Article Three shall also be afforded to such Paying Agent, Registrar or
exchange agent.

          (b) No provision of this Trust Agreement shall be deemed to impose any duty or obligation on
the Property Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the
Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts, or to exercise any such right, power, duty or obligation. No permissive
power or authority available to the Property Trustee shall be construed to be a duty.

SECTION 3.11 Delaware Trustee.

     Notwithstanding any other provision of this Trust Agreement other than Section 5.2, the
Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee

22

 

have any of the duties and responsibilities of the Administrative Trustees or the Property
Trustee described in this Trust Agreement. Except as set forth in Section 5.2, the Delaware
Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Statutory Trust Act and taking such actions as are required to be taken by the
Delaware Trustee under the Statutory Trust Act. In the event the Delaware Trustee shall at any
time be required to take any action or perform any duty hereunder, the Delaware Trustee shall be
entitled to the benefits of Section 3.9(b)(ii) through (vii) and Section 3.10. No implied
covenants or obligations shall be read into this Trust Agreement against the Delaware Trustee.

SECTION 3.12 Execution of Documents.

     Unless otherwise determined by the Administrative Trustees, and except as otherwise required
by the Statutory Trust Act, any Administrative Trustee is authorized to execute on behalf of the
Trust any documents that the Administrative Trustees have the power and authority to execute
pursuant to Section 3.6.

SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.

     The recitals contained in this Trust Agreement and the Securities shall be taken as the
statements of the Sponsor, and the Trustees do not assume any responsibility for their correctness.
The Trustees make no representations as to the value or condition of the property of the Trust or
any part thereof. The Trustees make no representations as to the validity or sufficiency of this
Trust Agreement or the Securities.

SECTION 3.14 Duration of Trust.

     The Trust, unless terminated pursuant to the provisions of Article VIII hereof, shall have
existence up to September 1, 2039 (the “Expiration Date”).

SECTION 3.15 Mergers.

          (a) The Trust may not merge or convert with or into, consolidate, amalgamate, or be replaced
by, or convey, transfer or lease its properties and assets substantially as an entirety to any
Person, except as described in Section 3.15(b) and (c).

          (b) The Trust may, at the request of the Sponsor, with the consent of the Administrative
Trustees or, if there are more than two, a majority of the Administrative Trustees and without the
consent of the Holders of the Securities, the Delaware Trustee or the Property Trustee, merge or
convert with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, a trust organized as such
under the laws of any State; provided that:

               (i) such successor entity (the “Successor Entity”) either:

                    (A) expressly assumes all of the obligations of the Trust under the Securities;
or

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                    (B) substitutes for the Securities other securities having substantially the
same terms as the Securities (the “Successor Securities”) so long as the Successor
Securities rank the same as the Securities rank with respect to Distributions and
payments upon liquidation, redemption and otherwise;

          (ii) the Sponsor expressly appoints a trustee of the Successor Entity that possesses
the same powers and duties as the Property Trustee as the holder of the Debentures;

          (iii) the Successor Securities are listed or quoted, or any Successor Securities will
be listed or quoted upon notification of issuance, on any national securities exchange or
with another organization on which the Preferred Securities are then listed or quoted, if
any;

          (iv) such merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not cause the Preferred Securities (including any Successor
Securities) to be downgraded by any nationally recognized statistical rating organization;

          (v) such merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and privileges of the
Holders of the Securities (including any Successor Securities) in any material respect
(other than with respect to any dilution of such Holders’ interests in the new entity);

          (vi) such Successor Entity has a purpose identical to that of the Trust;

          (vii) prior to such merger, conversion, consolidation, amalgamation, replacement,
conveyance, transfer or lease, the Sponsor has received an opinion of an independent counsel
to the Trust experienced in such matters to the effect that:

          (A) such merger, conversion, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and
privileges of the Holders of the Securities (including any Successor Securities) in
any material respect (other than with respect to any dilution of the Holders’
interest in the new entity);

          (B) following such merger, conversion, consolidation, amalgamation,
replacement, conveyance, transfer or lease, neither the Trust nor the Successor
Entity will be required to register as an Investment Company under the Investment
Company Act; and

          (C) following such merger, conversion, consolidation, amalgamation,
replacement, conveyance, transfer, or lease, the Trust (or the Successor Entity)
will continue to be classified as a grantor trust for United States federal income
tax purposes; and

24

 

          (viii) the Sponsor or any permitted successor or assignee owns all of the common
securities of such Successor Entity and guarantees the obligations of such Successor Entity
under the Successor Securities at least to the extent provided by the Preferred Securities
Guarantee.

          (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of all
Holders of the Securities in liquidation amount of the Securities, consolidate, amalgamate, merge
or convert with or into, or be replaced by, or convey, transfer or lease its properties and assets
as an entirety or substantially as an entirety to, any other Person or permit any other Person to
consolidate, amalgamate, merge or convert with or into, or replace it if such consolidation,
amalgamation, merger, conversion, replacement, conveyance, transfer or lease would cause the Trust
or the Successor Entity not to be classified as a grantor trust for United States federal income
tax purposes.

          (d) The Administrative Trustees shall furnish to the Delaware Trustee at least five Business
Days prior notice of the consummation of any merger, consolidation, amalgamation, or replacement;
provided, however, that failure to provide such notice shall not effect the validity of any such
transaction.

ARTICLE IV

SPONSOR

SECTION 4.1 Sponsor’s Purchase of Common Securities.

     At the Closing Time, the Sponsor will purchase all of the Common Securities then issued by the
Trust, in an amount at least equal to three percent (3%) of the capital of the Trust, at the same
time as the Preferred Securities are issued and sold.

SECTION 4.2 Responsibilities of the Sponsor.

          In connection with the issue and sale of the Preferred Securities, the Sponsor shall have the
exclusive right and responsibility to engage in the following activities:

          (a) to prepare the Confidential Offering Memorandum, including any amendments or supplements
thereto;

          (b) to do any and all such acts, other than actions which must be taken by the Trust, and
advise the Trust of actions it must take, and prepare for execution and filing any documents to be
executed and filed by the Trust, as the Sponsor deems necessary or advisable in order to comply
with any exemption from the registration requirements of Section 5 of the Securities Act; and

          (c) to determine the States in which to take appropriate action to qualify or register for
sale all or part of the Preferred Securities and to do any and all such acts, other than actions
which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for
execution and filing any documents to be executed and filed by the Trust, as the Sponsor deems
necessary or advisable in order to comply with the applicable laws of any such States.

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SECTION 4.3 Right to Proceed.

     The Sponsor acknowledges the rights of the Holders of Preferred Securities, in the event that
a failure of the Trust to pay Distributions on the Preferred Securities is attributable to the
failure of the Company to pay interest or principal on the Debentures, to institute Direct Actions
against the Debenture Issuer for enforcement of its payment obligations on the Debentures.

ARTICLE V

TRUSTEES

SECTION 5.1 Number of Trustees: Appointment of Co-Trustee.

          The number of Trustees initially shall be four (4), and:

          (a) at any time before the issuance of any Securities, the Sponsor may, by written instrument,
increase or decrease the number of Trustees; and

          (b) after the issuance of any Securities, the number of Trustees may be increased or decreased
by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities; provided, however,
that, the number of Trustees shall in no event be less than two (2); provided
further, that (1) one Trustee shall be the Delaware Trustee; (2) there shall be at least
one Trustee who is an employee or officer of, or is affiliated with the Sponsor (an “Administrative
Trustee”); and (3) one Trustee shall be the Property Trustee, and such Trustee may also serve as
Delaware Trustee if it meets the applicable requirements. Notwithstanding the above, unless an
Event of Default shall have occurred and be continuing, at any time or times, for the purpose of
meeting the requirements hereof or of any legal requirements of any jurisdiction in which any part
of the Trust’s property may at the time be located, the Holders of a Majority in Liquidation Amount
of the Common Securities acting as a class at a meeting of the Holders of the Common Securities,
and the Administrative Trustees shall have power to appoint one or more Persons either to act as a
co-trustee, jointly with the Property Trustee, of all or any part of the Trust’s property, or to
act as separate trustee of any such property, in either case with such powers as may be provided in
the instrument of appointment, and to vest in such person or persons in such capacity any property,
title, right or power deemed necessary or desirable, subject to the provisions of this Trust
Agreement. In case an Event of Default has occurred and is continuing, the Property Trustee alone
shall have power to make any such appointment of a co-trustee.

SECTION 5.2 Delaware Trustee.

          If required by the Statutory Trust Act, one Trustee (the “Delaware Trustee”) shall be:

          (a) a natural person who is a resident of the State of Delaware; or

          (b) if not a natural person, an entity which has its principal place of business in the State
of Delaware, and otherwise meets the requirements of applicable law,

26

 

provided that, if the Property Trustee has its principal place of business in the
State of Delaware and otherwise meets the requirements of applicable law, then the Property Trustee
shall also be the Delaware Trustee and Section 3.11 shall have no application to the Property
Trustee in its capacity as Property Trustee.

SECTION 5.3 Property Trustee; Eligibility.

          (a) There shall at all times be one Trustee (the “Property Trustee”) which shall act as
Property Trustee and which shall:

          (i) not be an Affiliate of the Sponsor; and

          (ii) be a corporation or national banking association organized and doing business
under the laws of the United States of America or any State or Territory thereof or of the
District of Columbia, or a corporation or Person permitted by the Commission to act as an
institutional trustee under the Trust Indenture Act, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least 50 million U.S.
dollars ($50,000,000), and subject to supervision or examination by federal, state,
territorial or District of Columbia authority. If such corporation or national banking
association publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority referred to above, then for the
purposes of this Section 5.3(a)(ii), the combined capital and surplus of such corporation or
national banking association shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published.

          (b) If at any time the Property Trustee shall cease to be eligible to so act under Section
5.3(a), the Property Trustee shall immediately resign in the manner and with the effect set forth
in Section 5.7(c).

          (c) If the Property Trustee has or shall acquire any “conflicting interest” within the meaning
of Section 310(b) of the Trust Indenture Act, the Property Trustee and the Holder of the Common
Securities (as if it were the obligor referred to in Section 310(b) of the Trust Indenture Act)
shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

          (d) The Preferred Securities Guarantee shall be deemed to be specifically described in this
Trust Agreement for purposes of clause (i) of the first provision contained in Section 310(b) of
the Trust Indenture Act.

	 	 (e)	 	The initial Property Trustee shall be:

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Administration

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SECTION 5.4 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally.

     Each Administrative Trustee and the Delaware Trustee (unless the Property Trustee also acts as
Delaware Trustee) shall be either a natural person who is at least 21 years of age or a legal
entity that shall act through one or more Authorized Officers.

SECTION 5.5 Administrative Trustees.

	 	(a)	 	The initial Administrative Trustees shall be:

Thomas A. Broughton III

c/o ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama 35223
	 
	 	 	 	William M. Foshee

c/o ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama 35223

     (b) Except as expressly set forth in this Trust Agreement and except if a meeting of the
Administrative Trustees is called with respect to any matter over which the Administrative Trustees
have power to act, any power of the Administrative Trustees may be exercised by, or with the
consent of, any one such Administrative Trustee.

     (c) Unless otherwise determined by the Administrative Trustees, and except as otherwise
required by the Statutory Trust Act or applicable law, any Administrative Trustee is authorized to
execute on behalf of the Trust any documents which the Administrative Trustees have the power and
authority to cause the Trust to execute pursuant to Section 3.6; and

     (d) An Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purposes of
signing any documents which the Administrative Trustees have power and authority to cause the Trust
to execute pursuant to Section 3.6.

SECTION 5.6 Delaware Trustee.

     The initial Delaware Trustee shall be:

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Administration

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SECTION 5.7 Appointment, Removal and Resignation of Trustees.

          (a) Subject to Section 5.7(b), any Trustee may be appointed or removed without cause at any
time:

          (i) until the issuance of any Securities, by written instrument executed by the
Sponsor;

          (ii) in the case of Administrative Trustees, after the issuance of any Securities, by
vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities;

          (iii) in the case of the Property Trustee and the Delaware Trustee, unless an Event of
Default shall have occurred and be continuing after the issuance of any Securities, by vote
of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities; and

          (iv) in the case of the Property Trustee and the Delaware Trustee, if an Event of
Default shall have occurred and be continuing after the issuance of the Securities, by vote
of Holders of a Majority in Liquidation Amount of the Preferred Securities voting as a class
at a meeting of Holders of the Preferred Securities.

          (b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance
with Section 5.7(a) until a successor Trustee possessing the qualifications to act as
Property Trustee under Section 5.3 (a “Successor Property Trustee”) has been appointed and
has accepted such appointment by written instrument executed by such Successor Property
Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the
Sponsor; and

          (ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with
this Section 5.7(a) until a successor Trustee possessing the qualifications to act as
Delaware Trustee under Sections 5.2 and 5.4 (a “Successor Delaware Trustee”) has been
appointed and has accepted such appointment by written instrument executed by such Successor
Delaware Trustee and delivered to the removed Delaware Trustee, the Administrative Trustees
and the Sponsor.

          (c) A Trustee appointed to office shall hold office until his successor shall have been
appointed or until his death, removal or resignation. Any Trustee may resign from office (without
need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and
delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or
upon such later date as is specified therein; provided, however, that:

          (i) No such resignation of the Trustee that acts as the Property Trustee shall be
effective:

          (A) until a Successor Property Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor

29

 

Property Trustee and delivered to the Administrative Trustees, the Sponsor and
the resigning Property Trustee; or

          (B) until the assets of the Trust have been completely liquidated and the
proceeds thereof distributed to the Holders of the Securities; and

          (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor Delaware Trustee and delivered to the
Administrative Trustees, the Sponsor and the resigning Delaware Trustee.

          (d) The Holders of the Common Securities shall use their best efforts to promptly appoint a
Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property
Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this
Section 5.7.

          (e) If no Successor Property Trustee or Successor Delaware Trustee shall have been appointed
and accepted appointment as provided in this Section 5.7 within 60 days after delivery of an
instrument of resignation or removal, the Property Trustee or Delaware Trustee resigning or being
removed, as applicable, may petition any court of competent jurisdiction for appointment of a
Successor Property Trustee or Successor Delaware Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper and prescribe, appoint a Successor Property
Trustee or Successor Delaware Trustee, as the case may be.

          (f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions of any
Successor Property Trustee or Successor Delaware Trustee, as the case may be.

SECTION 5.8 Vacancies Among Trustees.

     If a Trustee ceases to hold office for any reason and the number of Trustees is not reduced
pursuant to Section 5.1, or if the number of Trustees is increased pursuant to Section 5.1, a
vacancy shall occur. A resolution certifying the existence of such vacancy by the Administrative
Trustees or, if there are more than two, a majority of the Administrative Trustees, shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee
appointed in accordance with Section 5.7.

SECTION 5.9 Effect of Vacancies.

     The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation,
incompetence or incapacity to perform the duties of a Trustee shall not operate to annul the Trust.
Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is
filled by the appointment of an Administrative Trustee in accordance with Section 5.7, the
Administrative Trustees in office, regardless of their number, shall have all the powers granted to
the Administrative Trustees and shall discharge all the duties imposed upon the Administrative
Trustees by this Trust Agreement.

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SECTION 5.10 Meetings.

     If there is more than one Administrative Trustee, meetings of the Administrative Trustees
shall be held from time to time upon the call of any Administrative Trustee. Regular meetings of
the Administrative Trustees may be held at a time and place fixed by resolution of the
Administrative Trustees. Notice of any in-person meetings of the Administrative Trustees shall be
hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by
overnight courier) not less than 24 hours before such meeting. Notice of any telephonic meetings
of the Administrative Trustees or any committee thereof shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than
24 hours before a meeting. Notices shall contain a brief statement of the time, place and
anticipated purposes of the meeting. The presence (whether in person or by telephone) of an
Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except
where an Administrative Trustee attends a meeting for the express purpose of objecting to the
transaction of any activity on the ground that the meeting has not been lawfully called or
convened. Unless provided otherwise in this Trust Agreement, any action of the Administrative
Trustees may be taken at a meeting by vote of a majority of the Administrative Trustees present
(whether in person or by telephone) and eligible to vote with respect to such matter, provided that
a Quorum is present, or without a meeting by the written consent of the Administrative Trustees.
In the event there is only one Administrative Trustee, any and all action of such Administrative
Trustee shall be evidenced by a written consent of such Administrative Trustee.

SECTION 5.11 Delegation of Power.

          (a) Any Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purpose of
executing any documents contemplated in Section 3.6, including any confidential offering memorandum
or amendment thereto; and

          (b) The Administrative Trustees shall have power to delegate from time to time to such of
their number or to officers of the Trust the doing of such things and the execution of such
instruments either in the name of the Trust or the names of the Administrative Trustees or
otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not
prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein.

SECTION 5.12 Merger, Conversion, Consolidation or Succession to Business.

          Any Person into which the Property Trustee or the Delaware Trustee or any Administrative
Trustee that is not a natural person, as the case may be, may be merged or converted or with which
it may be consolidated, or any Person resulting from any merger, conversion or consolidation to
which such Trustee shall be a party, or any Person succeeding to all or substantially all the
corporate trust business of such Trustee, shall be the successor of such Trustee hereunder without
the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided such Person shall be otherwise qualified and eligible under this Article.

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ARTICLE VI

DISTRIBUTIONS

SECTION 6.1 Distributions.

     Each Holder shall receive Distributions in accordance with the applicable terms of such
Holder’s Securities. If and to the extent that the Debenture Issuer makes a payment of interest
(including Compounded Interest (as defined in the Indenture) and Additional Sums (as defined in the
Indenture)), premium and/or principal or any other payments on the Debentures held by the Property
Trustee (the amount of any such payment being a “Payment Amount”), the Property Trustee shall and
is directed, to the extent funds are available for that purpose, to make a distribution (a
“Distribution”) of the Payment Amount to Holders in accordance with the respective terms of the
Securities held by them (each date on which distributions are payable in accordance with this
Section 6.1, a “Distribution Date”).

ARTICLE VII

ISSUANCE OF SECURITIES

SECTION 7.1 General Provisions Regarding Securities.

          (a) The Administrative Trustees shall on behalf of the Trust issue one class of Preferred
Securities representing undivided beneficial interests in the assets of the Trust having such terms
as are set forth in Annex I (the “Preferred Securities”) and one class of common securities
representing undivided beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (the “Common Securities”). The Trust shall issue no securities or other interests
in the assets of the Trust other than the Preferred Securities and the Common Securities.

          (b) The Preferred Securities rank pari passu and payment thereon shall be made Pro Rata (as
defined in Annex I hereto) with the Common Securities except that, where an Event of
Default has occurred and is continuing, the rights of Holders of the Common Securities to payment
in respect of Distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights to payment of the Holders of the Preferred Securities.

          (c) The consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute a loan to the Trust.

          (d) Upon issuance of the Securities as provided in this Trust Agreement, the Securities so
issued shall be deemed to be validly issued, fully paid and non-assessable.

          (d) Every Person, by virtue of having become a Holder in accordance with the terms of this
Trust Agreement, shall be deemed to have expressly assented and agreed to the terms of, and shall
be bound by, this Trust Agreement.

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SECTION 7.2 Execution and Authentication.

          The Securities shall be signed on behalf of the Trust by an Administrative Trustee. Such
signature may be by manual or facsimile signature. Typographical and other minor errors or defects
in any reproduction of any such signature shall not affect the validity of any Security. In case
any Administrative Trustee who shall have signed any of the Securities shall cease to be such
Administrative Trustee before the Securities so signed shall be delivered by the Trust, such
Securities nevertheless may be delivered as though the Person who signed such Securities had not
ceased to be such Administrative Trustee; and any Securities may be signed on behalf of the Trust
by such Persons who, at the actual date of execution of such Security, shall be the Administrative
Trustees of the Trust, although at the date of the execution and delivery of the Trust Agreement
any such Person was not such an Administrative Trustee.

          A Common Security shall be valid upon execution by an Administrative Trustee without any act
of the Property Trustee. A Preferred Security shall not be valid until authenticated by the manual
signature of an authorized officer of the Property Trustee. The signature shall be conclusive
evidence that the Preferred Security has been authenticated under this Trust Agreement.

          Upon a written order of the Trust signed by one Administrative Trustee, the Property Trustee
shall authenticate the Preferred Securities for original issue. The aggregate number of Preferred
Securities outstanding at any time shall not exceed the number set forth in the Terms in Annex I
hereto except as provided in Section 7.6. All Securities shall be dated the date of their
authentication.

          The Property Trustee may appoint an authenticating agent acceptable to the Trust to
authenticate Preferred Securities. An authenticating agent may authenticate Preferred Securities
whenever the Property Trustee may do so. Each reference in this Trust Agreement to authentication
by the Property Trustee includes authentication by such agent. An authenticating agent has the
same rights as the Property Trustee to deal with the Sponsor or an Affiliate.

SECTION 7.3 Form and Dating.

          (a) General.

          (i) The Preferred Securities will initially be sold only to Qualified Institutional
Buyers in reliance on Rule 144A under the Securities Act and to Accredited Investors in
reliance on Rule 506 of Regulation D under the Securities Act. The Preferred Securities may
thereafter be transferred to, among others, Qualified Institutional Buyers and Accredited
Investors in each case, subject to the restrictions on transfer set forth herein.

          (ii) The Preferred Securities and the Property Trustee’s certificate of authentication
shall be substantially in the form of Exhibit A-1 and the Common Securities shall be
substantially in the form of Exhibit A-2, each of which is hereby incorporated in and
expressly made a part of this Trust Agreement. Certificates representing the Securities may
be printed, lithographed or engraved or may be produced in any other manner as is reasonably
acceptable to the Administrative Trustees, as

33

 

evidenced by their execution thereof. The Securities may have letters, CUSIP or other
numbers, notations or other marks of identification or designation and such legends or
endorsements required by law, stock exchange rule, agreements to which the Trust is subject,
if any, or usage (provided that any such notation, legend or endorsement is in a form
acceptable to the Administration Trustees, as evidenced by their execution thereof). The
Trust at the direction of the Sponsor shall furnish any such legend not contained in Exhibit
A-1 to the Property Trustee in writing. Each Preferred Security shall be dated the date of
its authentication. The terms and provisions of the Securities set forth in Annex I and the
forms of Securities set forth in Exhibits A-1 and A-2 are part of the terms of this Trust
Agreement and to the extent applicable, the Property Trustee and the Sponsor, by their
execution and delivery of this Trust Agreement, expressly agree to such terms and provisions
and to be bound thereby.

          (b) Definitive Preferred Securities. All Preferred Securities shall initially be
issued in the form of one or more certificates in fully registered form without Distribution
coupons with the appropriate legends set forth in Exhibit A-1 hereto, which Definitive Preferred
Securities shall be delivered to the purchasers thereof and registered in the name of such
purchasers, duly executed by the Trust and authenticated by the Property Trustee as provided
herein.

          (c) Global Preferred Securities. The Preferred Securities offered and sold to
Qualified Institutional Buyers may, but will not initially be, issued in the form of one or more
permanent global certificates in definitive, fully registered form without Distribution coupons
with the appropriate global legends set forth in Exhibit A-1 hereto (a “Global Preferred
Security”), which, if and when so issued, shall be deposited on behalf of the purchasers of the
Preferred Securities represented thereby with the Property Trustee or the Registrar, as custodian
for the Clearing Agency, and registered in the name of the Clearing Agency or a nominee of the
Clearing Agency, duly executed by the Trust and authenticated by the Property Trustee as
hereinafter provided. The number of Preferred Securities represented by the Global Preferred
Security may from time to time be increased or decreased by adjustments made on the records of the
Property Trustee and the Clearing Agency or its nominee as hereinafter provided. Except as provided
in Section 7.9, Preferred Security Beneficial Owners will not be entitled to receive physical
delivery of certificated Preferred Securities (sometimes referred to herein as the “Definitive
Preferred Securities”).

          (d) Book-Entry Provisions. In the event any Preferred Security is issued as a Global
Preferred Security, the Administrative Trustees shall execute and the Property Trustee shall, in
accordance with this Section 7.3, authenticate and make available for delivery initially one or
more Global Preferred Securities that (i) shall be registered in the name of Cede & Co. or other
nominee of such Clearing Agency and (ii) shall be delivered by the Property Trustee to such
Clearing Agency or pursuant to such Clearing Agency’s written instructions or held by the Property
Trustee or the Registrar as custodian for the Clearing Agency.

          Members of, or participants in, the Clearing Agency (“Participants”) shall have no rights
under this Trust Agreement with respect to any Global Preferred Security held on their behalf by
the Clearing Agency or by the Property Trustee or the Registrar as the custodian of the Clearing
Agency or under such Global Preferred Security, and the Clearing Agency may be

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treated by the Trust, the Property Trustee and any agent of the Trust or the Property Trustee
as the absolute owner of such Global Preferred Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Trust, the Property Trustee or any
agent of the Trust or the Property Trustee from giving effect to any written certification, proxy
or other authorization furnished by the Clearing Agency or impair, as between the Clearing Agency
and its Participants, the operation of customary practices of such Clearing Agency governing the
exercise of the rights of a holder of a beneficial interest in any Global Preferred Security.

SECTION 7.4 Registrar and Paying Agent.

          The Trust shall maintain in Wilmington, Delaware, (i) an office or agency where Preferred
Securities may be presented for registration of transfer (“Registrar”) and (ii) an office or agency
where Preferred Securities may be presented for payment (“Paying Agent”). The Registrar shall keep
a register of the Preferred Securities and of their transfer. The Trust may appoint the Registrar
and the Paying Agent and may appoint one or more co-registrars, one or more additional paying
agents in such other locations as it shall determine. The term “Registrar” includes any additional
registrar and the term “Paying Agent” includes any additional paying agent. The Trust may change
any Paying Agent, Registrar or co-registrar without prior notice to any Holder. The Paying Agent
shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Property Trustee
and the Sponsor. The Trust shall notify the Property Trustee in writing of the name and address of
any Agent not a party to this Trust Agreement. If the Trust fails to appoint or maintain another
entity as Registrar or Paying Agent, the Property Trustee shall act as such. The Trust or any of
its Affiliates may act as Paying Agent or Registrar. The Property Trustee shall act as Paying Agent
and Registrar for the Common Securities.

          The Trust initially appoints the Property Trustee as Registrar and Paying Agent for the
Preferred Securities.

SECTION 7.5 Paying Agent to Hold Money in Trust.

          The Trust shall require each Paying Agent other than the Property Trustee to agree in writing
that the Paying Agent will hold in trust for the benefit of Holders or the Property Trustee all
money held by the Paying Agent for the payment of Liquidation Amounts or Distributions on the
Securities, and will notify the Property Trustee in writing if there are insufficient funds for
such purpose. While any such insufficiency continues, the Property Trustee may require a Paying
Agent to pay all money held by it to the Property Trustee. The Trust at any time may require a
Paying Agent to pay all money held by it to the Property Trustee and to account for any money
disbursed by it. Upon payment over to the Property Trustee the Paying Agent (if other than the
Trust or an Affiliate of the Trust) shall have no further liability for the money. If the Trust or
the Sponsor or an Affiliate of the Trust or the Sponsor acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent.

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SECTION 7.6 Replacement Securities.

          If the Holder of a Security claims that the Security has been lost, destroyed or wrongfully
taken or if such Security is mutilated and is surrendered to the Trust or in the case of the
Preferred Securities to the Property Trustee, the Administrative Trustees shall execute and the
Property Trustee shall authenticate a replacement Security if the Property Trustee’s and the
Administrative Trustees’ requirements, as the case may be, are met. An indemnity bond must be
provided by the Holder which, in the judgment of the Property Trustee, is sufficient to protect the
Trustees, the Sponsor or any authenticating agent from any loss which any of them may suffer if a
Security is replaced. The Trust may charge such Holder for its expenses in replacing a Security.

           Every replacement Security is an additional beneficial interest in the Trust.

SECTION 7.7 Outstanding Preferred Securities.

          The Preferred Securities outstanding at any time are all the Preferred Securities
authenticated by the Property Trustee except for those cancelled by it, those delivered to it for
cancellation, and those described in this Section as not outstanding.

          If a Preferred Security is replaced, paid or purchased pursuant to Section 7.6 hereof, it
ceases to be outstanding unless the Property Trustee receives proof satisfactory to it that the
replaced, paid or purchased Preferred Security is held by a bona fide purchaser.

          If Preferred Securities are considered paid in accordance with the terms of this Trust
Agreement, they cease to be outstanding and Distributions on them shall cease to accumulate.

          Except as otherwise provided herein, a Preferred Security does not cease to be outstanding
because one of the Trustees, the Sponsor or an Affiliate of the Sponsor holds the Security.

SECTION 7.8 Preferred Securities in Treasury.

          In determining whether the Holders of the required amount of Securities have concurred in any
direction, waiver or consent, Preferred Securities owned by the Trust, the Sponsor or an Affiliate
of the Sponsor, as the case may be, shall be disregarded and deemed not to be outstanding, except
that for the purposes of determining whether the Property Trustee shall be fully protected in
relying on any such direction, waiver or consent, only Preferred Securities which a Responsible
Officer of the Property Trustee actually knows are so owned shall be so disregarded.

SECTION 7.9 Temporary Securities.

          (a) Until definitive Securities are ready for delivery, the Trust may prepare and, in the case
of the Preferred Securities, the Property Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Trust considers appropriate for temporary Securities. Without

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unreasonable delay, the Trust shall prepare and, in the case of the Preferred Securities, the
Property Trustee shall authenticate definitive Securities in exchange for temporary Securities.

          (b) A Global Preferred Security deposited with the Clearing Agency or with the Property
Trustee as custodian for the Clearing Agency pursuant to Section 7.3 shall be transferred to a
Preferred Security Beneficial Owner thereof in the form of Definitive Preferred Securities only if
such transfer complies with Section 9.2 and (i) the Clearing Agency notifies the Company that it is
unwilling or unable to continue as Clearing Agency for such Global Preferred Security or if at any
time such Clearing Agency ceases to be a “clearing agency” registered under the Exchange Act and a
clearing agency is not appointed by the Sponsor within 90 days of such notice, (ii) a Default or an
Event of Default has occurred and is continuing or (iii) the Trust at its sole discretion elects to
cause the issuance of Definitive Preferred Securities.

          (c) Any Global Preferred Security that is transferable to the Preferred Security Beneficial
Owners in the form of Definitive Preferred Securities pursuant to this Section 7.9 shall be
surrendered by the Clearing Agency to the Property Trustee located in Wilmington, Delaware, to be
so transferred, in whole or from time to time in part, without charge, and the Property Trustee
shall authenticate and make available for delivery, upon such transfer of each portion of such
Global Preferred Security, an equal aggregate Liquidation Amount of Securities of authorized
denominations in the form of Definitive Preferred Securities. Any portion of a Global Preferred
Security transferred pursuant to this Section shall be registered in such names as the Clearing
Agency shall direct.

          (d) Subject to the provisions of Section 7.9(c), the Holder of a Global Preferred Security may
grant proxies and otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which such Holder is entitled to take under this
Trust Agreement or the Securities.

          (e) In the event of the occurrence of any of the events specified in Section 7.9(b), the Trust
will promptly make available to the Property Trustee a reasonable supply of Definitive Preferred
Securities in fully registered form without Distribution coupons.

SECTION 7.10 Cancellation.

          The Trust at any time may deliver Preferred Securities to the Property Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Property Trustee any Preferred
Securities surrendered to them for registration of transfer, redemption, exchange or payment. The
Property Trustee shall promptly cancel all Preferred Securities surrendered for registration of
transfer, redemption, exchange, payment, replacement or cancellation and shall dispose of canceled
Preferred Securities in accordance with its customary procedures unless any Administrative Trustee
otherwise directs the Property Trustee in writing. The Trust may not issue new Preferred
Securities to replace Preferred Securities that it has paid or that have been delivered to the
Property Trustee for cancellation or that any Holder has exchanged.

SECTION 7.11 CUSIP Numbers.

          The Trust in issuing the Preferred Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of

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redemption as a convenience to Holders of Preferred Securities; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on
the Preferred Securities or as contained in any notice of a redemption and that reliance may be
placed only on the other identification numbers printed on the Preferred Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Sponsor will
promptly notify the Property Trustee of any change in the CUSIP numbers.

ARTICLE VIII

TERMINATION OF TRUST

SECTION 8.1 Termination of Trust.

          (a) The Trust shall automatically be terminated and dissolved and its affairs wound up upon
the earliest to occur of the following events:

          (i) upon the bankruptcy of the Sponsor;

          (ii) upon the filing of a certificate of dissolution or liquidation or its equivalent
with respect to the Sponsor, or the revocation of the Sponsor’s charter and the expiration
of 90 days after the date of revocation without a reinstatement thereof;

          (iii) following the distribution of a Like Amount of the Debentures to the Holders of
the Securities, provided that, the Property Trustee has received written notice and an
Officer’s Certificate from the Sponsor directing the Property Trustee to terminate the Trust
(which direction is optional and within the discretion of the Sponsor);

          (iv) upon the entry of a decree of judicial dissolution of the Trust by a court of
competent jurisdiction;

          (v) when all of the Securities shall have been called for redemption and the amounts
necessary for redemption thereof shall have been paid to the Holders in accordance with the
terms of the Securities; or

          (vi) the expiration of the term of the Trust provided in Section 3.14.

          (b) As soon as is practicable after the occurrence of an event referred to in Section 8.1(a)
and the completion of the winding up of the Trust and after satisfaction of all liabilities of the
Trust (whether by payment or by making reasonable provision for payment thereof), the
Administrative Trustees shall file a certificate of cancellation with the Secretary of State of the
State of Delaware.

          (c) The provisions of Section 3.9 and Article X shall survive the termination of the Trust.

SECTION 8.2 Liquidation.

          (a) If an event specified in clause (i), (iii) or (iv) of Section 8.1 occurs, or upon the
Expiration Date, the Trust shall be liquidated by the Trustees as expeditiously as the

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Trustees determine to be possible by distributing, after satisfaction of liabilities to
creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of
Debentures, subject to Section 8.2(d). Notice of liquidation shall be given by the Property
Trustee by first-class mail, postage prepaid mailed not later than 30 nor more than 90 days prior
to the date upon which the Trust is liquidated (the “Liquidation Date”) to each Holder of Trust
Securities at such Holder’s address appearing in the Securities Register. All notices of
liquidation shall:

          (i) state the Liquidation Date;

          (ii) state that from and after the Liquidation Date the Trust Securities will no longer
be deemed to be Outstanding and any Preferred Securities certificates and/or Common
Securities certificates not surrendered for exchange will be deemed to represent a Like
Amount of Debentures; and

          (iii) provide such information with respect to the mechanics by which Holders may
exchange Preferred Securities certificates and/or Common Securities certificates for
Debentures, or if Section 8.2(d) applies receive a Liquidation Distribution, as the
Administrative Trustees or the Property Trustee shall deem appropriate.

          (b) Except where Section 8.1(a)(v) or 8.2(d) applies, in order to effect the liquidation of
the Trust and distribution of the Debentures to Securityholders, the Property Trustee, either
itself acting as exchange agent or through the appointment of a separate exchange agent, shall
establish such procedures as it shall deem appropriate to effect the distribution of Debentures in
exchange for the Outstanding Preferred Securities certificates and/or the Outstanding Common
Securities certificates.

          (c) Except where Section 8.1(a)(v) or 8.2(d) applies, after the Liquidation Date, (i) the
Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like
Amount of Debentures will be issued to holders of Preferred Securities certificates and/or Common
Securities certificates, upon surrender of such certificates to the Administrative Trustees or
their agent for exchange, (iii) the Sponsor shall use its best efforts to have the Debentures
listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or
self-regulator organization as the Preferred Securities are then listed, if any, (iv) any Preferred
Securities certificates and/or Common Securities certificates not so surrendered for exchange will
be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in
the Debentures, from the last Distribution Date on which a Distribution was made on such Preferred
Securities certificates and/or Common Securities certificates until such certificates are so
surrendered (and until such certificates are so surrendered, no payments of interest or principal
will be made to Holders of Preferred Securities certificates and/or Common Securities certificates
with respect to such Debentures) and (v) all rights of Securityholders holding Trust Securities
will cease, except the right of such Securityholders to receive Debentures upon surrender of
Preferred Securities certificates and/or Common Securities certificates.

          (d) In the event that, notwithstanding the other provisions of this Section 8.2, whether
because of an order for dissolution entered by a court of competent jurisdiction or otherwise,
distribution of the Debentures in the manner provided herein is determined by the

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Property Trustee not to be practical, the property of the Trust shall be liquidated, and the
Trust shall be dissolved, wound-up or terminated, by the Property Trustee in such manner as the
Property Trustee determines. In such event on the date of the dissolution, winding-up or other
termination of the Trust, Securityholders will be entitled to receive out of the assets of the
Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors
of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust
Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount
being the “Liquidation Distribution”). If, upon any such dissolution, winding up or termination,
the Liquidation Distribution can be paid only in part because the Trust has insufficient assets
available to pay in full the aggregate Liquidation Distribution, then, subject to the next
succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a
pro rata basis (based upon Liquidation Amounts). The holder of the Common Securities will be
entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination
pro rata (determined as aforesaid) with Holders of Preferred Securities, except that, if a
Debenture Event of Default has occurred and is continuing, the Preferred Securities shall have a
priority over the Common Securities. Any such determination and liquidation by the Property
Trustee shall be conclusive upon the Securityholders and the Property Trustee shall have no
liability in connection therewith.

ARTICLE IX

TRANSFER OF INTERESTS

SECTION 9.1 Transfer of Securities.

          (a) Securities may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Trust Agreement and in the terms of the Securities. Any transfer or
purported transfer of any Security not made in accordance with this Trust Agreement shall be null
and void.

          (b) Subject to this Article IX, Preferred Securities may only be transferred, in whole or in
part, in accordance with the terms and conditions set forth in this Trust Agreement and in the
terms of the Preferred Securities, and upon submission by the transferor of a duly executed
Transfer Certificate, in the form attached hereto as Exhibit B and, upon transfer to an Accredited
Investor, a letter in the form of Exhibit C hereto. If a Holder that is a Qualified Institutional
Buyer has an interest in a Global Preferred Security and wishes to transfer its interest therein to
an Accredited Investor that is not a Qualified Institutional Buyer, such Accredited Investor
transferee must take delivery of such interest in the form of an interest in a Definitive Preferred
Security, and the Property Trustee shall effect the transfer in accordance with the procedures set
forth in this Article IX and shall make the appropriate adjustment on its books and records and on
the Preferred Security Ownership Interest Table set forth as Schedule A to the Global Preferred
Security. If an Accredited Investor or Qualified Institutional Buyer who is the holder of a
Definitive Preferred Security wishes to transfer their interest therein to a Qualified
Institutional Buyer, and such Qualified Institutional Buyer wishes to take delivery of such
interest in the form of a Global Preferred Security and the Administrative Trustees approve in
writing the delivery as a Global Preferred Security, the Property Trustee shall effect the transfer
in accordance with the procedures set forth in this Article IX, and shall make the

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appropriate adjustment on its books and records and on the Preferred Security Ownership
Interest Table set forth as Schedule A to the Global Preferred Security.

          (c) Subject to Section 3.15, the Sponsor and any Related Party may only transfer the Common Securities to the Sponsor or a Related Party after the delivery to the Property Trustee of an Officers’ Certificate certifying that the transferee is either the Sponsor or a Related Party.

          (d) The Property Trustee shall provide for the registration of Securities and of the transfer
of Securities, which will be effected without charge but only upon payment (with such indemnity as
the Property Trustee may require) in respect of any tax or other governmental charges that may be
imposed in relation to it. Upon surrender for registration of transfer of any Securities, the
Administrative Trustees shall execute and the Property Trustee shall cause one or more new
Securities to be issued in the name of the designated transferee or transferees. Every Security
surrendered for registration of transfer shall be accompanied by a written instrument of transfer
in form satisfactory to the Property Trustee duly executed by the Holder or such Holder’s attorney
duly authorized in writing. Each Security surrendered for registration of transfer shall be
delivered to the Property Trustee and canceled in accordance with Section 7.10. A transferee of a
Security shall be entitled to the rights and subject to the obligations of a Holder hereunder upon
the receipt by such transferee of a Security. By acceptance of a Security, each transferee shall
be deemed to have agreed to be bound by this Trust Agreement.

SECTION 9.2 Transfer Procedures and Restrictions.

          (a) Transfer and Exchange of Definitive Preferred Securities. When Definitive
Preferred Securities are presented to the Registrar or co-Registrar:

          (i) to register the transfer of such Definitive Preferred Securities, or

          (ii) to exchange such Definitive Preferred Securities which became mutilated,
destroyed, defaced, stolen or lost, for an equal number of Definitive Preferred Securities,

the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its
reasonable requirements for such transaction are met; provided, however, that the Definitive
Preferred Securities surrendered for registration of transfer or exchange shall be duly endorsed or
accompanied by a written instrument of transfer in form satisfactory to the Property Trustee and
the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing.

          (b) Restrictions on Transfer of a Definitive Preferred Security for a Beneficial Interest
in a Global Preferred Security. A Definitive Preferred Security may not be exchanged for a
beneficial interest in a Global Preferred Security except upon satisfaction of the requirements set
forth below and written approval thereof by the Administrative Trustees. Upon receipt by the
Property Trustee of a Definitive Preferred Security, duly endorsed or accompanied by appropriate
instruments of transfer, in form satisfactory to the Property Trustee, together with written
instructions directing the Property Trustee to make, or to direct the Clearing Agency to make, an
adjustment on its books and records with respect to the appropriate Global Preferred

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Security to reflect an increase in the number of the Preferred Securities represented by such
Global Preferred Security and further receipt of written approval thereof by the Administrative
Trustees, then the Property Trustee shall cancel such Definitive Preferred Security and cause, or
direct the Clearing Agency to cause, the aggregate number of Preferred Securities represented by
the appropriate Global Preferred Security to be increased accordingly. If no Global Preferred
Securities are then outstanding, the Trust shall issue and the Property Trustee shall authenticate,
upon written order of any Administrative Trustee, an appropriate number of Preferred Securities in
global form.

          (c) Transfer and Exchange of Global Preferred Securities. Subject to Section 9.2(d),
the transfer and exchange of Global Preferred Securities or beneficial interests therein shall be
effected through the Clearing Agency, in accordance with this Trust Agreement (including applicable
restrictions on transfer set forth herein, if any) and the procedures of the Clearing Agency
therefor.

          (d) Transfer of a Beneficial Interest in a Global Preferred Security for a Definitive
Preferred Security.

          (i) Any Person having a beneficial interest in a Global Preferred Security may upon
request, but only upon 20 days prior notice to the Property Trustee, and if accompanied by
the information specified below, exchange such beneficial interest for a Definitive
Preferred Security representing the same number of Preferred Securities. Upon receipt by
the Property Trustee from the Clearing Agency, or its nominee on behalf of any Person having
a beneficial interest in a Global Preferred Security, of written instructions or such other
form of instructions as is customary for the Clearing Agency, or the Person designated by
the Clearing Agency as having such a beneficial interest in a Preferred Security, and a
certification from the transferor (in a form substantially similar to that attached hereto
as the “Form of Assignment” in Exhibit A-1), which may be submitted by facsimile, then the
Property Trustee will cause the aggregate number of Preferred Securities represented by
Global Preferred Securities to be reduced on its books and records and, following such
reduction, the Trust will execute and the Property Trustee will authenticate and make
available for delivery to the transferee a Definitive Preferred Security;

          (ii) Definitive Preferred Securities issued in exchange for a beneficial interest in a
Global Preferred Security pursuant to this Section 9.2(d) shall be registered in such names
and in such authorized denominations as the Clearing Agency, pursuant to instructions from
its Participants or indirect participants or otherwise, shall instruct the Property Trustee
in writing. The Property Trustee shall deliver such Preferred Securities to the Persons in
whose names such Preferred Securities are so registered in accordance with such instructions
of the Clearing Agency.

          (e) Restrictions on Transfer and Exchange of Global Preferred Securities.
Notwithstanding any other provisions of this Trust Agreement (other than the provisions set forth
in subsection (g) of this Section 9.2), a Global Preferred Security may not be transferred as a
whole except by the Clearing Agency to a nominee of the Clearing Agency or another nominee

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of the Clearing Agency or by the Clearing Agency or any such nominee to a successor Clearing
Agency or a nominee of such successor Clearing Agency.

          (f) Authentication of Definitive Preferred Securities. If at any time Global Preferred
Securities are outstanding:

          (i) there occurs a Default or an Event of Default which is continuing,

          (ii) the Sponsor, in its sole discretion, notifies the Property Trustee in writing that
it elects to cause the issuance of Definitive Preferred Securities under this Trust
Agreement, or

          (iii) the Trust is required to exchange such Global Preferred Securities for Definitive
Preferred Securities as described in 

Section 7.9(b),

then the Trust will execute, and the Property Trustee, upon receipt of a written order of the Trust
signed by one Administrative Trustee requesting the authentication and delivery of Definitive
Preferred Securities to the Persons designated by the Trust, will authenticate and make available
for delivery Definitive Preferred Securities, equal in number to the number of Preferred Securities
represented by the Global Preferred Securities, in exchange for such Global Preferred Securities.

          (g) Cancellation or Adjustment of Global Preferred Security. At such time as all
beneficial interests in a Global Preferred Security have either been exchanged for Definitive
Preferred Securities to the extent permitted by this Trust Agreement or redeemed, repurchased or
canceled in accordance with the terms of this Trust Agreement, such Global Preferred Security shall
be canceled by the Property Trustee. At any time prior to such cancellation, if any beneficial
interest in a Global Preferred Security is exchanged for Definitive Preferred Securities, Preferred
Securities represented by such Global Preferred Security shall be reduced and an adjustment shall
be made on the books and records of the Property Trustee (if it is then the custodian for such
Global Preferred Security) with respect to such Global Preferred Security, by the Property Trustee
or the Securities custodian, to reflect such reduction.

          (h) Obligations with Respect to Transfers and Exchanges of Preferred Securities.

          (i) To permit registrations of transfers and exchanges, the Trust shall execute and the
Property Trustee shall authenticate Definitive Preferred Securities and Global Preferred
Securities at the Registrar’s or co-Registrar’s request in accordance with the terms of this
Trust Agreement.

          (ii) Registrations of transfers or exchanges will be effected without charge, but only
upon payment (with such indemnity as the Trust, the Property Trustee or the Sponsor may
require) in respect of any tax or other governmental charge that may be imposed in relation
to it.

          (iii) The Registrar or co-registrar shall not be required to register the transfer of
or exchange (a) Preferred Securities during a period beginning at the opening

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of business 15 days before the day of mailing of a notice of redemption or any notice
of selection of Preferred Securities for redemption and ending at the close of business on
the day of such mailing; or (b) any Preferred Security so selected for redemption in whole
or in part, except the unredeemed portion of any Preferred Security being redeemed in part.

          (iv) Prior to the due presentation for registrations of transfer of any Preferred
Security, the Trust, the Property Trustee, the Paying Agent, the Registrar or any
co-registrar may deem and treat the Person in whose name a Preferred Security is registered
as the absolute owner of such Preferred Security for the purpose of receiving Distributions
on such Preferred Security and for all other purposes whatsoever, and none of the Trust, the
Property Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by
notice to the contrary.

          (v) All Preferred Securities issued upon any registration of transfer or exchange
pursuant to the terms of this Trust Agreement shall evidence the same security and shall be
entitled to the same benefits under this Trust Agreement as the Preferred Securities
surrendered upon such registration of transfer or exchange.

          (i) No Obligation of the Property Trustee.

          (i) The Property Trustee shall have no responsibility or obligation to any Preferred
Security Beneficial Owner, a Participant in the Clearing Agency or other Person with respect
to the accuracy of the records of the Clearing Agency or its nominee or of any Participant
thereof, with respect to any ownership interest in the Preferred Securities or with respect
to the delivery to any Participant, Preferred Security Beneficial Owner or other Person
(other than the Clearing Agency) of any notice (including any notice of redemption) or the
payment of any amount, under or with respect to such Preferred Securities. All notices and
communications to be given to the Holders and all payments to be made to Holders under the
Preferred Securities shall be given or made only to or upon the order of the registered
Holders (which shall be the Clearing Agency or its nominee in the case of a Global Preferred
Security). The rights of Preferred Security Beneficial Owners shall be exercised only
through the Clearing Agency subject to the applicable rules and procedures of the Clearing
Agency. The Property Trustee may conclusively rely and shall be fully protected in relying
upon information furnished by the Clearing Agency or any agent thereof with respect to its
Participants and any Preferred Security Beneficial Owners.

          (ii) The Property Trustee and Registrar shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this
Trust Agreement or under applicable law with respect to any transfer of any interest in any
Preferred Security (including any transfers between or among Clearing Agency Participants or
Preferred Security Beneficial Owners) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Trust Agreement, and to examine the same to
determine substantial compliance as to form with the express requirements hereof.

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SECTION 9.3 Deemed Security Holders.

          The Trustees may treat the Person in whose name any Security shall be registered on the books
and records of the Property Trustee as the sole owner of such Security for purposes of receiving
Distributions and for all other purposes whatsoever and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such Security on the part of any Person,
whether or not the Trustees shall have actual or other notice thereof.

SECTION 9.4 Restriction on Transfers.

          The Securities may not be transferred unless (i) the Property Trustee receives an Opinion of
Counsel satisfactory to the Property Trustee stating that such transfer is exempt from registration
under applicable state and federal securities laws, will not cause the Trust to be an “Investment
Company” or under the “control” of an “Investment Company” within the meaning of the Investment
Company Act of 1940, as amended, and otherwise complies with the restrictions on transfer contained
in this Trust Agreement, (ii) the transferee certifies to the Property Trustee that it is not (x)
an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (y) a plan described in Section 4975(e)(1) of the Code or (z) any entity whose
underlying assets include plan assets by reason of a plan’s investment in the Trust (each a
“Benefit Plan”) and (iii) the Property Trustee receives the duly completed documents as required by
Section 9.1(b) hereof. By accepting and holding a Security the transferee thereof shall be deemed
to have represented and warranted that it is not a Benefit Plan. The Property Trustee shall have
no obligation to determine whether or not a transferee of a Security is or is not a Benefit Plan.

SECTION 9.5 Book Entry Interests.

          Global Preferred Securities, if any, shall initially be registered on the books and records of
the Trust in the name of Cede & Co., the nominee of the Clearing Agency, and no Preferred Security
Beneficial Owner will receive a definitive Preferred Security certificate (a “Preferred Security
Certificate”) representing such Preferred Security Beneficial Owner’s interests in such Global
Preferred Securities, except as provided in Section 9.2. Unless and until definitive, fully
registered Preferred Securities certificates have been issued to the Preferred Security Beneficial
Owners pursuant to Section 9.2:

          (a) the provisions of this Section 9.5 shall be in full force and effect;

          (b) the Trust and the Property Trustee and the Administrative Trustees shall be entitled to
deal with the Clearing Agency for all purposes of this Trust Agreement (including the payment of
Distributions on the Global Preferred Securities and receiving approvals, votes or consents
hereunder) as the Holder of the Preferred Securities and the sole holder of the Global Certificates
and shall have no obligation to the Preferred Security Beneficial Owners;

          (c) to the extent that the provisions of this Section 9.5 conflict with any other provisions
of this Trust Agreement, the provisions of this Section 9.5 shall control; and

          (d) the rights of the Preferred Security Beneficial Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and

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agreements between such Preferred Security Beneficial Owners and the Clearing Agency and/or
the Clearing Agency Participants and receive and transmit payments of Distributions on the Global
Certificates to such Clearing Agency Participants. DTC will make book entry transfers among the
Clearing Agency Participants.

SECTION 9.6 Notices to Clearing Agency.

          Whenever a notice or other communication to the Preferred Security Holders is required under
this Trust Agreement, the Trustees shall give all such notices and communications specified herein
to be given to the Holders of Global Preferred Security to the Clearing Agency, and shall have no
notice obligations to the Preferred Security Beneficial Owners.

SECTION 9.7 Appointment of Successor Clearing Agency.

          If any Clearing Agency elects to discontinue its services as securities depositary with
respect to the Preferred Securities, the Administrative Trustees may, in their sole discretion,
appoint a successor Clearing Agency with respect to such Preferred Securities.

ARTICLE X

LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1 Liability.

          (a) Except as expressly set forth in this Trust Agreement, the Preferred Securities Guarantee
and the terms of the Securities, the Sponsor shall not be:

          (i) personally liable for the return of any portion of the capital contributions (or
any return thereon) of the Holders of the Securities which shall be made solely from assets
of the Trust; and

          (ii) be required to pay to the Trust or to any Holder of Securities any deficit upon
dissolution of the Trust or otherwise.

          (b) The Sponsor shall be liable for all of the fees, expenses, debts and obligations of the
Trust (other than with respect to the Securities) to the extent not satisfied out of the Trust’s
assets.

          (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of the Preferred
Securities shall be entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law of the State of
Delaware.

SECTION 10.2 Exculpation.

          (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise
to the Trust or any Covered Person for any loss, damage or claim incurred

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by reason of any act or omission performed or omitted by such Indemnified Person in good
faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this Trust Agreement or
by law, except that an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person’s gross negligence or willful misconduct with respect
to such acts or omissions.

          (b) An Indemnified Person shall be fully protected in relying in good faith upon the records
of the Trust and upon such information, opinions, reports or statements presented to the Trust by
any Person as to matters the Indemnified Person reasonably believes are within such other Person’s
professional or expert competence and who has been selected with reasonable care by or on behalf of
the Trust, including information, opinions, reports or statements as to the value and amount of the
assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders of Securities might properly be paid.

SECTION 10.3 Fiduciary Duty.

          (a) To the extent that, at law or in equity, an Indemnified Person has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an
Indemnified Person acting under this Trust Agreement shall not be liable to the Trust or to any
other Covered Person for its good faith reliance on the provisions of this Trust Agreement. The
provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of
an Indemnified Person otherwise existing at law or in equity (other than the duties imposed on the
Property Trustee under the Trust Indenture Act), are agreed by the parties hereto to replace such
other duties and liabilities of such Indemnified Person.

          (b) Unless otherwise expressly provided herein:

          (i) whenever a conflict of interest exists or arises between any Covered Persons; or

          (ii) whenever this Trust Agreement or any other agreement contemplated herein or
therein provides that an Indemnified Person shall act in a manner that is, or provides terms
that are, fair and reasonable to the Trust or any Holder of Securities,

each Covered Person or Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each party (including its
own interest) to such conflict, agreement, transaction or situation and the benefits and burdens
relating to such interests, any customary or accepted industry practices, and any applicable
generally accepted accounting practices or principles. In the absence of bad faith by the
Indemnified Person, the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Trust Agreement or any other agreement contemplated
herein or of any duty or obligation of the Indemnified Person at law or in equity or otherwise.

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          (c) Whenever in this Trust Agreement an Indemnified Person is permitted or required to make a
decision:

          (i) in its “discretion” or under a grant of similar authority, the Indemnified Person
shall be entitled to consider such interests and factors as it desires, including its own
interests, and shall have no duty or obligation to give any consideration to any interest of
or factors affecting the Trust or any other Person; or

          (ii) in its “good faith” or under another express standard, the Indemnified Person
shall act under such express standard and shall not be subject to any other or different
standard imposed by this Trust Agreement or by applicable law.

SECTION 10.4 Indemnification.

     (a) (i) The Sponsor shall indemnify, to the full extent permitted by law, any Company
Indemnified Person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Trust) by
reason of the fact that he is or was a Company Indemnified Person against expenses
(including attorneys’ fees and expenses), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or proceeding
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself, create a presumption that the Company
Indemnified Person did not act in good faith and in a manner which he reasonably believed to
be in or not opposed to the best interests of the Trust, and with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was unlawful.

          (ii) The Sponsor shall indemnify, to the full extent permitted by law, any Company
Indemnified Person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the Trust to procure a
judgment in its favor by reason of the fact that he is or was a Company Indemnified Person
against expenses (including attorneys’ fees and expenses) actually and reasonably incurred
by him in connection with the defense or settlement of such action or suit if he acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Trust and except that no such indemnification shall be made in respect of
any claim, issue or matter as to which such Company Indemnified Person shall have been
adjudged to be liable to the Trust unless and only to the extent that the Court of Chancery
of Delaware or the court in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances
of the case, such Person is fairly and reasonably entitled to indemnity for such expenses
which such Court of Chancery or such other court shall deem proper.

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          (iii) To the extent that a Company Indemnified Person shall be successful on the merits
or otherwise (including dismissal of an action without prejudice or the settlement of an
action without admission of liability) in defense of any action, suit or proceeding referred
to in paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any claim, issue or
matter therein, he shall be indemnified, to the full extent permitted by law, against
expenses (including attorneys’ fees) actually and reasonably incurred by him in connection
therewith.

          (iv) Any indemnification under paragraphs (i) and (ii) of this Section 10.4(a) (unless
ordered by a court) shall be made by the Sponsor only as authorized in the specific case
upon a determination that indemnification of the Company Indemnified Person is proper in the
circumstances because he has met the applicable standard of conduct set forth in paragraphs
(i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a
majority vote of a quorum consisting of such Administrative Trustees who were not parties to
such action, suit or proceeding, (2) if such a quorum is not obtainable, or, even if
obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent
legal counsel in a written opinion, or (3) by the Common Security Holder of the Trust.

          (v) Expenses (including attorneys’ fees and expenses) incurred by a Company Indemnified
Person in defending a civil, criminal, administrative or investigative action, suit or
proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by
the Sponsor in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such Company Indemnified Person to repay such
amount if it shall ultimately be determined that he is not entitled to be indemnified by the
Sponsor as authorized in this Section 10.4(a). Notwithstanding the foregoing, no advance
shall be made by the Sponsor if a determination is reasonably and promptly made (i) by the
Administrative Trustees by a majority vote of a quorum of disinterested Administrative
Trustees, (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of
disinterested Administrative Trustees so directs, by independent legal counsel in a written
opinion or (iii) the Common Security Holder of the Trust, that, based upon the facts known
to the Administrative Trustees, counsel or the Common Security Holder at the time such
determination is made, such Company Indemnified Person acted in bad faith or in a manner
that such Person did not believe to be in or not opposed to the best interests of the Trust,
or, with respect to any criminal proceeding, that such Company Indemnified Person believed
or had reasonable cause to believe his conduct was unlawful. In no event shall any advance
be made in instances where the Administrative Trustees, independent legal counsel or Common
Security Holder reasonably determine that such Person deliberately breached his duty to the
Trust or its Common or Preferred Security Holders.

          (vi) The indemnification and advancement of expenses provided by, or granted pursuant
to, the other paragraphs of this Section 10.4(a) shall not be deemed exclusive of any other
rights to which those seeking indemnification and advancement of expenses may be entitled
under any agreement, vote of stockholders or disinterested directors of the Sponsor or
Preferred Security Holders of the Trust or otherwise, both as to action in his official
capacity and as to action in another capacity while holding such

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office. All rights to indemnification under this Section 10.4(a) shall be deemed to be
provided by a contract between the Sponsor and each Company Indemnified Person who serves in
such capacity at any time while this Section 10.4(a) is in effect. Any repeal or
modification of this Section 10.4(a) shall not affect any rights or obligations then
existing.

          (vii) The Sponsor or the Trust may purchase and maintain insurance on behalf of any
Person who is or was a Company Indemnified Person against any liability asserted against him
and incurred by him in any such capacity, or arising out of his status as such, whether or
not the Sponsor would have the power to indemnify him against such liability under the
provisions of this Section 10.4(a).

          (viii) For purposes of this Section 10.4(a), references to “the Trust” shall include,
in addition to the resulting or surviving entity, any constituent entity (including any
constituent of a constituent) absorbed in a consolidation or merger, so that any Person who
is or was a director, trustee, officer or employee of such constituent entity, or is or was
serving at the request of such constituent entity as a director, trustee, officer, employee
or agent of another entity, shall stand in the same position under the provisions of this
Section 10.4(a) with respect to the resulting or surviving entity as he would have with
respect to such constituent entity if its separate existence had continued.

          (ix) The indemnification and advancement of expenses provided by, or granted pursuant
to, this Section 10.4(a) shall, unless otherwise provided when authorized or ratified,
continue as to a Person who has ceased to be a Company Indemnified Person and shall inure to
the benefit of the heirs, executors and administrators of such a Person.

          (b) The Sponsor agrees to indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii)
any Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any officers, directors,
shareholders, members, partners, employees, representatives, custodians, nominees or agents of the
Property Trustee or the Delaware Trustee (each of the Persons in (i) through (iv) being referred to
as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified Person harmless
against, any and all loss, liability, damage, claim or expense including taxes (other than taxes
based on the income of such Fiduciary Indemnified Person) incurred without gross negligence or bad
faith on its part, arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against or investigating any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder. The obligation to indemnify
as set forth in this Section 10.4(b) shall survive the resignation or removal of the Property
Trustee or the Delaware Trustee and the satisfaction and discharge of this Trust Agreement.

          (c) The Sponsor agrees to pay the Property Trustee and the Delaware Trustee, from time to
time, such compensation for all services rendered by the Property Trustee and the Delaware Trustee
hereunder including reasonable compensation expenses and disbursements as of its agents and counsel
as may be mutually agreed upon in writing by the Sponsor and the Property Trustee or the Delaware
Trustee, as the case may be, and, except as otherwise expressly provided herein, to reimburse the
Property Trustee and the Delaware Trustee upon its or their

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request for all reasonable expenses, disbursements and advances incurred or made by the
Property Trustee or the Delaware Trustee, as the case may be, in accordance with the provisions of
this Trust Agreement, except any such expense, disbursement or advance as may be attributable to
its or their gross negligence or bad faith. No Sponsor may claim any liens or charge on any Trust
Property as a result of any amount due pursuant to this Section 10.4.

SECTION 10.5 Outside Businesses.

          Any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee may engage in
or possess an interest in other business ventures of any nature or description, independently or
with others, similar or dissimilar to the business of the Trust, and the Trust and the Holders of
Securities shall have no rights by virtue of this Trust Agreement in and to such independent
ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or improper. No Covered
Person, the Sponsor, the Delaware Trustee, or the Property Trustee shall be obligated to present
any particular investment or other opportunity to the Trust even if such opportunity is of a
character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the
Sponsor, the Delaware Trustee and the Property Trustee shall have the right to take for its own
account (individually or as a partner or fiduciary) or to recommend to others any such particular
investment or other opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee
may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate
of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body
of holders of, securities or other obligations of the Sponsor or its Affiliates.

ARTICLE XI

ACCOUNTING

SECTION 11.1 Fiscal Year.

          The fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other year as
is required by the Code.

SECTION 11.2 Certain Accounting Matters.

          (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or
cause to be kept, full books of account, records and supporting documents, which shall reflect in
reasonable detail, each transaction of the Trust. The books of account shall be maintained on the
accrual method of accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for United States
federal income tax purposes. The books of account and the records of the Trust shall be examined
by and reported upon as of the end of each Fiscal Year of the Trust by a firm of independent
certified public accountants registered with the PCAOB selected by the Administrative Trustees.

          (b) The Administrative Trustees shall cause to be prepared and delivered to each of the
Holders of Securities, within 90 days after the end of each Fiscal Year of the Trust,

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annual financial statements of the Trust, including a balance sheet of the Trust as of the end
of such Fiscal Year, and the related statements of income or loss.

          (c) The Administrative Trustees shall cause to be duly prepared and delivered to each of the
Holders of Securities, any annual United States federal income tax information statement, required
by the Code, containing such information with regard to the Securities held by each Holder as is
required by the Code and the Treasury Regulations. Notwithstanding any right under the Code to
deliver any such statement at a later date, the Administrative Trustees shall endeavor to deliver
all such information statements within 30 days after the end of each Fiscal Year of the Trust.

          (d) The Administrative Trustees shall cause to be duly prepared and filed with the appropriate
taxing authority, an annual United States federal income tax return, on a Form 1041 or such other
form required by United States federal income tax law, and any other annual income tax returns
required to be filed by the Administrative Trustees on behalf of the Trust with any state or local
taxing authority.

SECTION 11.3 Banking.

          The Trust shall maintain one or more bank accounts in the name and for the sole benefit of the
Trust; provided, however, that all payments of funds in respect of the Debentures held by the
Property Trustee shall be made directly to the Property Trustee Account and no other funds of the
Trust shall be deposited in the Property Trustee Account. The sole signatories for such accounts
shall be designated by the Administrative Trustees; provided, however, that the Property Trustee
shall designate the signatories for the Property Trustee Account.

SECTION 11.4 Withholding.

          The Trust and the Administrative Trustees shall comply with all withholding requirements under
United States federal, state and local law. The Trust shall request, and the Holders shall provide
to the Trust, such forms or certificates as are necessary to establish an exemption from
withholding with respect to each Holder, and any representations and forms as shall reasonably be
requested by the Trust to assist it in determining the extent of, and in fulfilling, its
withholding obligations. The Administrative Trustees shall file required forms with applicable
jurisdictions and, unless an exemption from withholding is properly established by a Holder, shall
remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that
the Trust is required to withhold and pay over any amounts to any authority with respect to
Distributions or allocations to any Holder, the amount withheld shall be deemed to be a
Distribution in the amount of the withholding to the Holder. In the event of any claimed over
withholding, Holders shall be limited to an action against the applicable jurisdiction. If the
amount required to be withheld was not withheld from actual Distributions made, the Trust may
reduce subsequent Distributions by the amount of such withholding.

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ARTICLE XII

AMENDMENTS AND MEETINGS

SECTION 12.1 Amendments.

          (a) Except as otherwise provided in this Trust Agreement or by any applicable terms of the
Securities, this Trust Agreement may only be amended by a written instrument approved and executed
by:

          (i) the Administrative Trustees (or if there are more than two Administrative Trustees
a majority of the Administrative Trustees);

          (ii) if the amendment affects the rights, powers, duties, obligations or immunities of
the Property Trustee, the Property Trustee; and

          (iii) if the amendment affects the rights, powers, duties, obligations or immunities of
the Delaware Trustee, the Delaware Trustee.

          (b) No amendment shall be made, and any such purported amendment shall be void and
ineffective:

          (i) unless, in the case of any proposed amendment, the Property Trustee shall have
first received an Officers’ Certificate from each of the Trust and the Sponsor that such
amendment is permitted by, and conforms to, the terms of this Trust Agreement (including the
terms of the Securities);

          (ii) unless, in the case of any proposed amendment which affects the rights, powers,
duties, obligations or immunities of the Property Trustee, the Property Trustee shall have
first received:

          (A) an Officers’ Certificate from each of the Trust and the Sponsor that such
amendment is permitted by, and conforms to, the terms of this Trust Agreement
(including the terms of the Securities); and

          (B) an opinion of counsel (who may be counsel to the Sponsor or the Trust) that
(x) such amendment is permitted by, and conforms to, the terms of this Trust
Agreement (including the terms of the Securities) and (y) all conditions precedent
to the execution and delivery of such amendment have been satisfied,

          provided, however, that the Property Trustee shall not be required to sign any
such amendment, and

          (iii) to the extent the result of such amendment would be to:

          (A) cause the Trust to fail to continue to be classified for purposes of United
States federal income taxation as a grantor trust;

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          (B) reduce or otherwise adversely affect the powers of the Property Trustee in
contravention of the Trust Indenture Act; or

          (C) cause the Trust to be deemed to be an Investment Company required to be
registered under the Investment Company Act;

          (c) At such time after the Trust has issued any Securities that remain outstanding, any
amendment that would adversely affect the rights, privileges or preferences of any Holder of
Securities may be effected only with such additional requirements as may be set forth in the terms
of such Securities;

          (d) Section 10.1(c) and this Section 12.1 shall not be amended without the consent of all of
the Holders of the Securities;

          (e) Article IV shall not be amended without the consent of the Holders of a Majority in
Liquidation Amount of the Common Securities;

          (f) The rights of the Holders of the Common Securities under Article V to increase or decrease
the number of, and appoint and remove Trustees shall not be amended without the consent of the
Holders of a Majority in Liquidation Amount of the Common Securities; and

          (g) Notwithstanding Section 12.1(c), this Trust Agreement may be amended without the consent
of the Holders of the Securities to:

          (i) cure any ambiguity, correct or supplement any provision in this Trust Agreement
that may be inconsistent with any other provision of this Trust Agreement or to make any
other provisions with respect to matters or questions arising under this Trust Agreement
which shall not be inconsistent with the other provisions of the Trust Agreement; and

          (ii) to modify, eliminate or add to any provisions of the Trust Agreement to such
extent as shall be necessary to (A) ensure that the Trust will be classified for United
States federal income tax purposes as a grantor trust at all times that any Securities are
outstanding, (B) to ensure that the Trust will not be required to register as an Investment
Company under the Investment Company Act, or (C) to ensure that the proceeds from the sale
of the Securities will constitute “Tier 1 capital” under capital adequacy requirements which
may be applicable to the Sponsor;

provided, however, that in the case of clause (i), such action shall not adversely
affect in any material respect the interests of the Holders of the Securities, and any amendments
of this Trust Agreement shall become effective when notice thereof is given to the Holders of the
Securities.

SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent.

          (a) Meetings of the Holders of any class of Securities may be called at any time by the
Administrative Trustees (or as provided in the terms of the Securities) to consider and act on any
matter on which Holders of such class of Securities are entitled to act under the

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terms of this Trust Agreement, the terms of the Securities or the rules of any stock exchange
on which the Preferred Securities are listed or admitted for trading. The Administrative Trustees
shall call a meeting of the Holders of such class if directed to do so by the Holders of at least
10% in Liquidation Amount of such class of Securities. Such direction shall be given by delivering
to the Administrative Trustees one or more notices in a writing stating that the signing Holders of
Securities wish to call a meeting and indicating the general or specific purpose for which the
meeting is to be called. Any Holders of Securities calling a meeting shall specify in writing the
Security Certificates held by the Holders of Securities exercising the right to call a meeting and
only those Securities specified shall be counted for purposes of determining whether the required
percentage set forth in the second sentence of this paragraph has been met.

          (b) Except to the extent otherwise provided in the terms of the Securities, the following
provisions shall apply to meetings of Holders of Securities:

          (i) notice of any such meeting shall be given to all the Holders of Securities having a
right to vote thereat at least seven days and not more than 60 days before the date of such
meeting. Whenever a vote, consent or approval of the Holders of Securities is permitted or
required under this Trust Agreement or the rules of any stock exchange on which the
Preferred Securities are listed or admitted for trading, such vote, consent or approval may
be given at a meeting of the Holders of Securities. Any action that may be taken at a
meeting of the Holders of Securities may be taken without a meeting if a consent in writing
setting forth the action so taken is signed by the Holders of Securities owning not less
than the minimum amount of Securities in Liquidation Amount that would be necessary to
authorize or take such action at a meeting at which all Holders of Securities having a right
to vote thereon were present and voting. Prompt notice of the taking of action without a
meeting shall be given to the Holders of Securities entitled to vote who have not consented
in writing. The Administrative Trustees may specify that any written ballot submitted to
the Security Holder for the purpose of taking any action without a meeting shall be returned
to the Trust within the time specified by the Administrative Trustees;

          (ii) each Holder of a Security may authorize any Person to act for it by proxy on all
matters in which a Holder of Securities is entitled to participate, including waiving notice
of any meeting, or voting or participating at a meeting. No proxy shall be valid after the
expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every
proxy shall be revocable at the pleasure of the Holder of Securities executing it. Except
as otherwise provided herein, all matters relating to the giving, voting or validity of
proxies shall be governed by the General Corporation Law of the State of Delaware relating
to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Securities were stockholders of a Delaware corporation;

          (iii) each meeting of the Holders of the Securities shall be conducted by the
Administrative Trustees or by such other Person that the Administrative Trustees may
designate; and

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          (iv) unless the Statutory Trust Act, this Trust Agreement, the terms of the Securities,
the Trust Indenture Act or the listing rules of any stock exchange on which the Preferred
Securities are then listed or trading, otherwise provides, the Administrative Trustees, in
their sole discretion, shall establish all other provisions relating to meetings of Holders
of Securities, including notice of the time, place or purpose of any meeting at which any
matter is to be voted on by any Holders of Securities, waiver of any such notice, action by
consent without a meeting, the establishment of a record date, quorum requirements, voting
in person or by proxy or any other matter with respect to the exercise of any such right to
vote.

ARTICLE XIII

REPRESENTATIONS OF PROPERTY TRUSTEE

AND DELAWARE TRUSTEE

SECTION 13.1 Representations and Warranties of Property Trustee.

          The Trustee that acts as initial Property Trustee represents and warrants to the Trust and to
the Sponsor at the date of this Trust Agreement, and each Successor Property Trustee represents and
warrants to the Trust and the Sponsor at the time of the Successor Property Trustee’s acceptance of
its appointment as Property Trustee that:

          (a) The Property Trustee is a Delaware banking corporation with trust powers and authority to
execute and deliver, and to carry out and perform its obligations under the terms of, this Trust
Agreement;

          (b) The execution, delivery and performance by the Property Trustee of this Trust Agreement
has been duly authorized by the Property Trustee. This Trust Agreement has been duly executed and
delivered by the Property Trustee and constitutes a legal, valid and binding obligation of the
Property Trustee, enforceable against it in accordance with its terms, subject to applicable
bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’
rights generally and to general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity or at law); and

          (c) The execution, delivery and performance of this Trust Agreement by the Property Trustee
does not conflict with or constitute a breach of the charter or by-laws of the Property Trustee.

SECTION 13.2 Representations and Warranties of Delaware Trustee.

          The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to
the Sponsor at the date of this Trust Agreement, and each Successor Delaware Trustee represents and
warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of
its appointment as Delaware Trustee that:

          (a) The Delaware Trustee is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, or is a national banking association,

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with trust power and authority to execute and deliver, and to carry out and perform its
obligations under the terms of, this Trust Agreement;

          (b) The execution, delivery and performance by the Delaware Trustee of this Trust Agreement
has been duly authorized by all necessary corporate action on the part of the Delaware Trustee and
does not conflict with or constitute a breach of the charter or by-laws of the Delaware Trustee.
This Trust Agreement has been duly executed and delivered by the Delaware Trustee and constitutes a
legal, valid and binding obligation of the Delaware Trustee, enforceable against it in accordance
with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors’ rights generally and to general principles of equity and the
discretion of the court (regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law);

          (c) No consent, approval or authorization of, or registration with or notice to, any federal
or Delaware banking authority is required for the execution, delivery or performance by the
Delaware Trustee of this Trust Agreement; and

          (d) The Delaware Trustee is a natural person who is a resident of the State of Delaware or, if
not a natural person, an entity which has its principal place of business in the State of Delaware.

ARTICLE XIV

MISCELLANEOUS

SECTION 14.1 Notices.

          All notices provided for in this Trust Agreement shall be in writing, duly signed by the party
giving such notice, and shall be delivered, telecopied or mailed by first class mail, as follows:

          (a) if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing
address set forth below (or such other address as the Trust may give notice of to the Holders of
the Securities):

ServisFirst Capital Trust I

c/o ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama 35223

Attention: Thomas A. Broughton III

Telecopy: (205) 949-0303

          (b) if given to the Delaware Trustee, at the mailing address set forth below (or such other
address as Delaware Trustee may give notice of to the Holders of the Securities):

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

57

 

Attention: Corporate Trust Administration

Telecopy: (302) 636-4145

          (c) if given to the Property Trustee, at the Property Trustee’s mailing address set forth
below (or such other address as the Property Trustee may give notice of to the Holders of the
Securities):

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Administration

Telecopy: (302) 636-4145

          (d) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set
forth below (or such other address as the Holder of the Common Securities may give notice to the
Trust):

ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama 35223

Attention: Thomas A. Broughton III

Telecopy: (205) 949-0303

          (e) if given to any other Holder, at the address set forth on the books and records of the
Registrar.

          All such notices shall be deemed to have been given when received in person, telecopied with
receipt confirmed, or mailed by first class mail, postage prepaid except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

SECTION 14.2 Governing Law.

          This Trust Agreement and the rights of the parties hereunder shall be governed by and
interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall
be governed by such laws without regard to principles of conflict of laws.

SECTION 14.3 Intention of the Parties.

          It is the intention of the parties hereto that the Trust be classified for United States
federal income tax purposes as a grantor trust. The provisions of this Trust Agreement shall be
interpreted to further this intention of the parties.

58

 

SECTION 14.4 Headings.

          Headings contained in this Trust Agreement are inserted for convenience of reference only and
do not affect the interpretation of this Trust Agreement or any provision hereof.

SECTION 14.5 Successors and Assigns.

          Whenever in this Trust Agreement any of the parties hereto is named or referred to, the
successors and assigns of such party shall be deemed to be included, and all covenants and
agreements in this Trust Agreement by the Sponsor and the Trustees shall bind and inure to the
benefit of their respective successors and assigns, whether or not so expressed.

SECTION 14.6 Partial Enforceability.

          If any provision of this Trust Agreement, or the application of such provision to any Person
or circumstance, shall be held invalid, the remainder of this Trust Agreement, or the application
of such provision to Persons or circumstances other than those to which it is held invalid, shall
not be affected thereby.

SECTION 14.7 Counterparts.

          This Trust Agreement may contain more than one counterpart of the signature page and this
Trust Agreement may be executed by the affixing of the signature of each of the Trustees to one of
such counterpart signature pages. All of such counterpart signature pages shall be read as though
one, and they shall have the same force and effect as though all of the signers had signed a single
signature page.

[Signatures on Following Page]

59

 

          IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and
year first above written.

	 	 	 	 	 
	 

	 	
	 	 
	 

	 	 	 	 
	 

	 	Thomas A. Broughton III, solely in his capacity as	 	 
	 

	 	Administrative Trustee	 	 
	 
	 	 	 	 
	 

	 		 	 
	 

	 	 	 	 
	 

	 	William M. Foshee, solely in his capacity as	 	 
	 

	 	Administrative Trustee	 	 
	 
	 	 	 	 
	 

	 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely in its capacity as Delaware

Trustee	 	 

	 	 	 	 	 	 	 
	 

	 	By:
	 	
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely in its capacity as Property

Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 		 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SERVISFIRST BANCSHARES, INC., as Sponsor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 		 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Thomas A. Broughton III	 	 
	 

	 	 	 	Title: President and Chief Executive Officer	 	 

60

 

Execution Copy

ANNEX I

TERMS OF THE

8.5% PREFERRED SECURITIES AND

8.5% COMMON SECURITIES

          Pursuant to Section 7.1 of the Amended and Restated Trust Agreement, dated as of September 2,
2008 (as amended from time to time, the “Trust Agreement”), the designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred Securities and the Common
Securities (collectively, the “Securities”) are set out below (each capitalized term used but not
defined herein has the meaning set forth in the Trust Agreement or, if not defined in such Trust
Agreement, as defined in the Indenture):

          1. Designation and Number.

          (a) Preferred Securities. Up to 15,000 Preferred Securities of the Trust with an
aggregate liquidation amount with respect to the assets of the Trust of Fifteen Million Dollars
($15,000,000) and each with a liquidation amount with respect to the assets of the Trust of $1,000
per security (the “Preferred Liquidation Amount”), are hereby designated for the purposes of
identification only as “8.5% Preferred Securities” (the “Preferred Securities”). The certificates
evidencing the Preferred Securities shall be substantially in the form of Exhibit A-1 to
the Trust Agreement, with such changes and additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice or to conform to the rules of any stock exchange or
quotation system on which the Preferred Securities are listed or quoted.

          (b) Common Securities. Up to 463,917 Common Securities of the Trust with an aggregate
liquidation amount with respect to the assets of the Trust of Four Hundred Sixty-Three Thousand
Nine Hundred Seventeen Dollars ($463,917) and a liquidation amount with respect to the assets of
the Trust of $1 per security (the “Common Liquidation Amount” and, together with the Preferred
Liquidation Amount, the “Liquidation Amount”), are hereby designated for the purposes of
identification only as “8.5% Common Securities” (the “Common Securities”). The certificates
evidencing the Common Securities shall be substantially in the form of Exhibit A-2 to the
Trust Agreement, with such changes and additions thereto or deletions therefrom as may be required
by ordinary usage, custom or practice.

          2. Distributions.

          (a) During the Interest Period, distributions payable on each Security will be fixed at a rate
per annum of 8.5% (the “Coupon Rate”) of the Liquidation Amount. The “Interest Period” means the
period commencing on the issue date and ending on September 1, 2038. Distributions in arrears for
more than one quarterly period will bear additional distributions thereon compounded quarterly at
the Coupon Rate (to the extent permitted by applicable law). The term “Distributions”, as used
herein, includes distributions of any such interest payable unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of the Debentures held
by the Property Trustee and to the extent the Property Trustee has funds on hand legally available
therefor.

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          (b) Distributions on the Securities will be cumulative, will accumulate from the most recent
date to which Distributions have been paid or, if no Distributions have been paid, from September
2, 2008, and will be payable quarterly in arrears on December 1, March 1, June 1 and September 1 of
each year, commencing on December 1, 2008, except as otherwise described below. The amount of
Distributions payable for any period will be computed on the basis of the actual number of days
elapsed over a 360-day year. If any date on which Distributions are payable on the Securities is
not a Business Day, then payment of the Distribution payable on such date shall be made on the next
succeeding day that is a Business Day (and without any interest or other payment in respect of any
such delay), with the same force and effect as if made on such date (each date on which
Distributions are payable in accordance with the foregoing, each a “Distribution Date,” correspond
to the interest payment dates on the Debentures). As long as no Event of Default has occurred and
is continuing under the Indenture, the Debenture Issuer has the right under the Indenture to defer
payments of interest by extending the interest payment period at any time and from time to time on
the Debentures for a period not exceeding 20 consecutive quarterly periods, including the first
such quarterly period during such period (each an “Extension Period”), provided that no Extension
Period shall extend beyond the stated maturity date of the Debentures (the “Stated Maturity”).
Upon any such election, Distributions will be deferred during such Extension Period.
Notwithstanding such deferral, Distributions to which Holders of Securities are entitled shall
continue to accumulate with additional Distributions thereon (to the extent permitted by applicable
law but not at a rate greater than the rate at which interest is then accruing on the Debentures)
at the Coupon Rate compounded quarterly from the relevant Distribution Date, during any such
Extension Period. Prior to the expiration of any such Extension Period, the Debenture Issuer may
further defer payments of interest by further extending such Extension Period; provided that such
Extension Period, together with all such previous and further extensions within such Extension
Period, may not exceed 20 consecutive quarterly periods, including the first quarterly period
during such Extension Period, or extend beyond the Stated Maturity of the Debentures. Upon the
expiration of any Extension Period and the payment of all amounts then due, the Debenture Issuer
may commence a new Extension Period, subject to the above requirements.

          (c) Distributions on the Securities will be payable to the Holders thereof as they appear on
the books and records of the Registrar at the close of business on the fifteenth (15th)
day (whether or not a Business Day) next preceding the relevant Distribution Date. Subject to any
applicable laws and regulations and the provisions of the Trust Agreement, each such payment in
respect of the Preferred Securities will be made as follows: (i) if the Preferred Securities are
held in global form by a Clearing Agency (or its nominee), in accordance with the procedures of the
Clearing Agency; and (ii) if the Preferred Securities are held in definitive form by check mailed
or wired to the address of the Holder thereof as reflected in the records of the Registrar unless
otherwise agreed by the Trust. The relevant record dates for the Common Securities shall be the
same as the record dates for the Preferred Securities. Distributions payable on any Securities that
are not punctually paid on any Distribution Date, as a result of the Debenture Issuer having failed
to make a payment under the Debentures, will cease to be payable to the Holder on the relevant
record date, and such defaulted Distribution will instead be payable to the Person in whose name
such Securities are registered on the special record date or other specified date determined in
accordance with the Indenture.

I-2

 

          (d) In the event that there is any money or other property held by or for the Trust that is
not accounted for hereunder, such property shall be distributed Pro Rata (as defined herein)
pursuant to Section 8 among the Holders of the Securities.

          3. Liquidation Distribution Upon Dissolution.

          In the event of any termination of the Trust or the Sponsor otherwise gives notice of its
election to liquidate the Trust pursuant to Section 8.1(a)(iii) of the Trust Agreement, the Trust
shall be liquidated by the Administrative Trustees as expeditiously as the Administrative Trustees
determine to be possible by distributing, after satisfaction of liabilities to creditors of the
Trust as provided by applicable law, to the Holders of the Securities a Like Amount (as defined
below) of the Debentures, unless such distribution is determined by the Property Trustee not to be
practicable, in which event such Holders will be entitled to receive out of the assets of the Trust
legally available for distribution to Holders, after satisfaction of liabilities to creditors of
the Trust as provided by applicable law, an amount equal to the aggregate of the Liquidation Amount
of the Securities plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the “Liquidation Distribution”).

          “Like Amount” means (i) with respect to a redemption of the Securities, Securities having a
Liquidation Amount equal to the principal amount of Debentures to be paid in accordance with their
terms and (ii) with respect to a distribution of Debentures upon the liquidation of the Trust,
Debentures having a principal amount equal to the Liquidation Amount of the Securities of the
Holder to whom such Debentures are distributed.

          If, upon any such liquidation, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets on hand legally available to pay in full the aggregate
Liquidation Distribution, then the amounts payable directly by the Trust on the Securities shall be
paid on a Pro Rata basis as set forth in Section 8.

          4. Redemption and Distribution.

          (a) Upon the repayment of the Debentures on the Stated Maturity thereof or prepayment thereof
prior thereto in accordance with the terms thereof, the proceeds from such repayment or prepayment
shall be simultaneously applied by the Property Trustee (subject to the Property Trustee having
received notice no later than 45 days prior to such repayment or prepayment) to redeem a Like
Amount of the Securities (i) at a redemption price equal to 105% of the Liquidation Amount of the
Securities if prior to September 1, 2011 and in the event of a Special Event (as hereinafter
defined) and (ii) at a redemption price equal to 100% of the Liquidation Amount of the Securities
if on or after September 1, 2011, in each case plus accumulated and unpaid Distributions thereon,
if any, to the date of such redemption (the “Redemption Price”). Holders will be given not less
than 30 nor more than 60 days notice of such redemption.

          (b) At any time on or after September 1, 2011, the Debenture Issuer shall have the right to
prepay the Debentures in whole or in part, from time to time, and simultaneous with such
redemption, to cause a Like Amount of the Securities to be redeemed by the Trust at the Redemption
Price on a Pro Rata basis.

I-3

 

          (c) If at any time a Capital Event, Tax Event or an Investment Company Event (each as defined
below, and each a “Special Event”) occurs, the Debenture Issuer shall have the right (subject to
the conditions set forth in the Indenture), upon not less than 30 nor more than 60 days notice, to
the Property Trustee to prepay the Debentures in whole, but not in part, within the 90 days
following the occurrence of such Special Event (the “90 Day Period”), and, simultaneous with such
redemption, to cause a Like Amount of the Securities to be redeemed by the Trust at the Redemption
Price on a Pro Rata basis.

          “Capital Event” shall mean the receipt by the Company and the Trust of an opinion of Haskell
Slaughter Young & Rediker, LLC, or any other independent bank regulatory counsel experienced in
such matters, to the effect that, as a result of (a) any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of the United States or
any rules, guidelines or policies of the Federal Deposit Insurance Corporation, the Board of
Governors of the Federal Reserve System or any other federal bank regulatory agency or (b) any
official administrative pronouncement or judicial decision interpreting or applying such laws or
regulations, which amendment or change is effective or such pronouncement or decision is announced
on or after the date the Subordinated Debentures are issued by the Company to the Trust pursuant to
the Indenture (the “Issue Date”), (i) the Company is or within 90 days will be subject to capital
adequacy requirements and such requirements do not or will not permit the Preferred Securities to
constitute, subject to limitations on inclusion of the Preferred Securities as Tier 1 capital
imposed by Federal Reserve capital guidelines in effect and applicable to the Company as of the
date of the Confidential Offering Memorandum, Tier 1 capital (or its then-equivalent) or (ii) the
amount of net proceeds received from the sale of the Preferred Securities and contributed by the
Company to ServisFirst Capital Trust I does not or within 90 days will not constitute Tier 1 (core)
capital (or its then-equivalent).

          “Tax Event” shall mean the receipt by the Sponsor and the Trust of an Opinion of Counsel,
requested by the Sponsor, (a “Tax Event Opinion”) experienced in such matters to the effect that,
as a result of any amendment to, or change (including any announced prospective change) in, the
laws or any regulations thereunder of the United States or any political subdivision or taxing
authority thereof or therein, or as a result of any official administrative written decision or
pronouncement or judicial decision interpreting or applying such laws or regulations, which
amendment or change is effective or which pronouncement or decision is made on or after the Issue
Date, there is more than an insubstantial risk that (i) the Trust is, or will be within 90 days
following the date of such opinion, subject to United States federal income tax with respect to
income received or accrued on the Debentures, (ii) interest payable by the Debenture Issuer on the
Debentures is not, or within 90 days following the date of such opinion, will not be, deductible by
the Debenture Issuer, in whole or in part, for United States federal income tax purposes, or (iii)
the Trust is, or will be within 90 days following the date of such opinion, subject to more than a
de minimis amount of other taxes, duties or other governmental charges.

          “Investment Company Event” means the Sponsor and the Trust shall have received an opinion,
requested by the Sponsor of counsel experienced in practice under the Investment Company Act, to
the effect that, as a result of the occurrence of a change in law or regulation or a change in
interpretation or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a “Change in Investment Company

I-4

 

Act Law”), there is more than an insubstantial risk that the Trust is or will be considered an
“investment company” which is required to be registered under the Investment Company Act, which
Change in Investment Company Act Law becomes effective on or after the Issue Date.

          (d) On and from the date fixed by the Administrative Trustees for any distribution of
Debentures and liquidation of the Trust: (i) the Securities will no longer be deemed to be
outstanding, (ii) the Clearing Agency or its nominee (or any successor Clearing Agency or its
nominee), as the Holder of the Preferred Securities, will receive a registered global certificate
or certificates representing the Debentures to be delivered upon such distribution and (iii) any
certificates representing Securities not held by the Clearing Agency or its nominee (or any
successor Clearing Agency or its nominee) will be deemed to represent beneficial interests in a
Like Amount of Debentures until such certificates are presented to the Administrative Trustees or
their agent for cancellation, whereupon the Debenture Issuer will issue to such holder, and the
Debenture Trustee will authenticate, a certificate representing such Debentures.

          (e) The procedure with respect to redemptions of Securities, or distributions of Debentures in
exchange therefor, shall be as follows:

          (i) If less than all the Securities are to be redeemed, the particular Securities to be
redeemed shall be selected on a pro rata basis (as determined in accordance with paragraph 8
below), or by such other method as the Property Trustee deems fair and appropriate, not more
than 60 days prior to the date of redemption by the Property Trustee from the outstanding
Securities not previously called for redemption or, if the Preferred Securities are then
held in the form of a Global Preferred Security, in accordance with the customary procedures
for the Clearing Agency.

          (ii) Notice of any redemption of, or notice of distribution of Debentures in exchange
for, the Securities (a “Redemption/Distribution Notice”) will be given by the Trust by mail
to each Holder of Securities to be redeemed or exchanged not fewer than 30 nor more than 60
days before the date fixed for redemption or exchange thereof which, in the case of a
redemption, will be the date fixed for repayment or prepayment of the Debentures. For
purposes of the calculation of the date of redemption or exchange and the dates on which
notices are given pursuant to this Section 4(e)(i), a Redemption/Distribution Notice shall
be deemed to be given on the day such notice is first mailed by first-class mail, postage
prepaid, to Holders of Securities. Each Redemption/Distribution Notice shall be addressed to
the Holders of Securities at the address of each such Holder appearing in the books and
records of the Registrar. No defect in the Redemption/Distribution Notice or in the mailing
of either thereof with respect to any Holder shall affect the validity of the redemption or
exchange proceedings with respect to any other Holder.

          (iii) If Securities are to be redeemed and the Trust gives a Redemption/Distribution
Notice, (which notice will be irrevocable), then (A) with respect to Preferred Securities
registered in the name of or held of record by a Clearing Agency or its nominee, by 12:00
noon, New York City time, on the redemption date, and Debentures have been presented
provided that the Debenture Issuer has paid the Property Trustee a sufficient amount of cash
in connection with the related maturity or prepayment

I-5

 

of the Debentures by 10:00 a.m., New York City time, on the Stated Maturity or the date
of prepayment, as the case may be, the Property Trustee will deposit irrevocably with the
Clearing Agency or its nominee (or successor Clearing Agency or its nominee) funds
sufficient to pay the applicable Redemption Price with respect to such Preferred Securities
and will give the Clearing Agency irrevocable instructions and authority to pay the
Redemption Price to the relevant Clearing Agency Participants, and (B) with respect to
Preferred Securities issued in certificated form and Common Securities, provided that the
Debenture Issuer has paid the Property Trustee a sufficient amount of cash in connection
with the related maturity or prepayment of the Debentures, the Property Trustee will pay the
relevant Redemption Price to the Holders of such Securities by check mailed or wired to the
address of the relevant Holder appearing on the books and records of the Trust on the
redemption date. If a Redemption/Distribution Notice shall have been given and funds
deposited as required and Debentures have been presented, if applicable, then immediately
prior to the close of business on the date of such deposit, or on the redemption date, as
applicable, Distributions will cease to accumulate on the Securities so called for
redemption and all rights of Holders of such Securities so called for redemption will cease,
except the right of the Holders of such Securities to receive the Redemption Price, but
without interest on such Redemption Price, and such Securities shall cease to be
outstanding.

          (iv) Payment of accumulated and unpaid Distributions on the Redemption Date of the
Securities will be subject to the rights of Holders of Securities on the close of business
on a regular record date in respect of a Distribution Date occurring on or prior to such
Redemption Date.

          (v) Neither the Administrative Trustees nor the Trust shall be required to register or
cause to be registered the transfer of (i) any Securities beginning on the opening of
business 15 days before the day of mailing of a notice of redemption or any notice of
selection of Securities for redemption or (ii) any Securities selected for redemption. If
any date fixed for redemption of Securities is not a Business Day, then payment of the
Redemption Price payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay), with
the same force and effect as if made on such date fixed for redemption. If payment of the
Redemption Price in respect of any Securities is improperly withheld or refused and not paid
either by the Property Trustee or the Paying Agent or by the Sponsor as guarantor pursuant
to the Preferred Securities Guarantee, Distributions on such Securities will continue to
accumulate from the original redemption date to the actual date of payment, in which case
the actual payment date will be considered the date fixed for redemption for purposes of
calculating the Redemption Price.

          (vi) Redemption/Distribution Notices shall be sent by the Property Trustee on behalf of
the Trust to (A) in respect of the Preferred Securities, the Clearing Agency or its nominee
(or any successor Clearing Agency or its nominee) if the Global Certificates have been
issued or, if Definitive Preferred Security Certificates have been issued, to the Holder
thereof, and (B) in respect of the Common Securities to the Holder thereof.

I-6

 

          (vii) Subject to the foregoing and applicable law (including, without limitation,
United States federal securities laws and banking laws), provided the acquiror is not the
Holder of the Common Securities or the obligor under the Indenture, the Sponsor or any of
its Affiliates may at any time and from time to time purchase outstanding Preferred
Securities by tender, in the open market or by private agreement.

          5. Voting Rights — Preferred Securities.

          (a) Except as provided under Sections 5(b) and 7 and as otherwise required by law and the
Trust Agreement, the Holders of the Preferred Securities will have no voting rights.

          (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i)
direct the time, method and place of conducting any proceeding for any remedy available to the
Debenture Trustee, or executing any trust or power conferred on such Debenture Trustee with respect
to the Debentures, (ii) waive any past default that is waivable under Section 5.07 of the
Indenture, (iii) exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures or (iv) consent to any amendment, modification or
termination of the Indenture or the Debentures, where such consent shall be required, without, in
each case, obtaining the prior approval of the Holders of a Majority in Liquidation Amount of all
outstanding Preferred Securities; provided, however, that where a consent under the Indenture would
require the consent of each holder of Debentures affected thereby, no such consent shall be given
by the Property Trustee without the prior approval of each Holder of the Preferred Securities. The
Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of
the Preferred Securities except by subsequent vote of such Holders. The Property Trustee shall
notify each Holder of Preferred Securities of any notice of default with respect to the Debentures.
In addition to obtaining the foregoing approvals of such Holders of the Preferred Securities,
prior to taking any of the foregoing actions, the Trustees shall obtain an opinion of counsel
experienced in such matters to the effect that the Trust will not be classified as an association
taxable as a corporation for United States federal income tax purposes on account of such action.

          If an Event of Default under the Trust Agreement has occurred and is continuing and such event
is attributable to the failure of the Debenture Issuer to pay principal of or premium, if any, or
interest on the Debentures on any due date (including any Interest Payment Date or prepayment date
or Stated Maturity), then a Holder of Preferred Securities may directly institute a proceeding for
enforcement of payment to such Holder of the principal of or premium, if any, or interest on a Like
Amount of Debentures (a “Direct Action”) on or after the respective due date specified in the
Debentures. In connection with such Direct Action, the rights of the Common Securities Holder will
be subrogated to the rights of such Holder of Preferred Securities to the extent of any payment
made by the Debenture Issuer to such Holder of Preferred Securities in such Direct Action. Except
as provided in the second preceding sentence, the Holders of Preferred Securities will not be able
to exercise directly any other remedy available to the holders of the Debentures.

          Any approval or direction of Holders of Preferred Securities may be given at a separate
meeting of Holders of Preferred Securities convened for such purpose, at a meeting of all of the
Holders of Securities in the Trust or pursuant to written consent. The Property Trustee

I-7

 

will cause a notice of any meeting at which Holders of Preferred Securities are entitled to
vote, or of any matter upon which action by written consent of such Holders is to be taken, to be
mailed to each Holder of record of Preferred Securities. Each such notice will include a statement
setting forth (i) the date of such meeting or the date by which such action is to be taken, (ii) a
description of any resolution proposed for adoption at such meeting on which such Holders are
entitled to vote or of such matter upon which written consent is sought and (iii) instructions for
the delivery of proxies or consent.

          No vote or consent of the Holders of the Preferred Securities will be required for the Trust
to redeem and cancel Preferred Securities or to distribute the Debentures in accordance with the
Trust Agreement and the terms of the Securities.

          Notwithstanding that Holders of Preferred Securities are entitled to vote or consent under any
of the circumstances described above, any of the Preferred Securities that are owned by the Sponsor
or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding.

          6. Voting Rights — Common Securities.

          (a) Except as provided under Sections 6(b), 6(c), and 7 as otherwise required by law and the
Trust Agreement, the Holders of the Common Securities will have no voting rights.

          (b) Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may
be removed at any time by the Holder of the Common Securities. If a Debenture Event of Default has
occurred and is continuing, the Property Trustee and the Delaware Trustee may be removed at such
time by the holders of a Majority in Liquidation Amount of the outstanding Preferred Securities.
In no event will the Holders of the Preferred Securities have the right to vote to appoint, remove
or replace the Administrative Trustees, which voting rights are vested exclusively in the Sponsor
as the holder of the Common Securities. No resignation or removal of a Trustee and no appointment
of a successor trustee shall be effective until the acceptance of appointment by the successor
trustee in accordance with the provisions of the Trust Agreement.

          (c) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i)
direct the time, method and place of conducting any proceeding for any remedy available to the
Debenture Trustee, or executing any trust or power conferred on such Debenture Trustee with respect
to the Debentures, (ii) waive any past default that is waivable under Section 5.07 of the
Indenture, (iii) exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures or (iv) consent to any amendment, modification or
termination of the Indenture or the Debentures, where such consent shall be required, without, in
each case, obtaining the prior approval of the Holders of a Majority in Liquidation Amount of all
outstanding Common Securities; provided, however, that where a consent under the Indenture would
require the consent of each holder of Debentures affected thereby, no such consent shall be given
by the Property Trustee without the prior approval of each Holder of the Common Securities. The
Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of
the Common Securities except by subsequent vote of such Holders. The

I-8

 

Property Trustee shall notify each Holder of Common Securities of any notice of default with
respect to the Debentures. In addition to obtaining the foregoing approvals of such Holders of the
Common Securities, prior to taking any of the foregoing actions, the Trustees shall obtain an
Opinion of Counsel experienced in such matters to the effect that the Trust will not be classified
as an association taxable as a corporation for United States federal income tax purposes on account
of such action.

          If an Event of Default under the Trust Agreement has occurred and is continuing and such event
is attributable to the failure of the Debenture Issuer to pay principal of or premium, if any, or
interest on the Debentures on the due date (including any Interest Payment Date or prepayment date
or Stated Maturity) (or in the case of redemption, on the redemption date), then a Holder of Common
Securities may institute a Direct Action for enforcement of payment to such Holder of the principal
of or premium, if any, or interest on a Like Amount of Debentures on or after the respective due
date specified in the Debentures. In connection with Direct Action, the rights of the Holders of
Preferred Securities will be subrogated to the rights of such Holder of Common Securities to the
extent of any payment made by the Debenture Issuer to such Holder of Common Securities in such
Direct Action. Except as provided in the second preceding sentence, the Holders of Common
Securities will not be able to exercise directly any other remedy available to the holders of the
Debentures.

          Any approval or direction of Holders of Common Securities may be given at a separate meeting
of Holders of Common Securities convened for such purpose, at a meeting of all of the Holders of
Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a
notice of any meeting at which Holders of Common Securities are entitled to vote, or of any matter
upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of
record of Common Securities. Each such notice will include a statement setting forth (i) the date
of such meeting or the date by which such action is to be taken, (ii) a description of any
resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions for the delivery of proxies
or consents.

          No vote or consent of the Holders of the Common Securities will be required for the Trust to
redeem and cancel Common Securities or to distribute the Debentures in accordance with the Trust
Agreement and the terms of the Securities.

          7. Amendments to Trust Agreement and Indenture.

          In addition to the requirements set out in Section 12.1 of the Trust Agreement, the Trust
Agreement may be amended from time to time by the Sponsor and the Trustees, without the consent of
the Holders of the Securities (i) to cure any ambiguity, correct or supplement any provisions in
the Trust Agreement that may be inconsistent with any other provisions, or to make any other
provisions with respect to matters or questions arising under the Trust Agreement which shall not
be inconsistent with the other provisions of the Trust Agreement, or (ii) to modify, eliminate or
add to any provisions of the Trust Agreement to such extent as shall be necessary (A) to ensure
that the Trust will be classified for United States federal income tax purposes as a grantor trust
at all times that any Securities are outstanding, (B)to ensure that the Trust will not be required
to register as an “investment company” under the Investment Company

I-9

 

Act, or (C) to ensure that the proceeds from the sale of the Securities will constitute “Tier
1 capital” under capital adequacy requirements which may be applicable to the Sponsor;
provided, however, that in the case of clause (i), such action shall not adversely
affect in any material respect the interests of any Holder of Securities. Any amendments of the
Trust Agreement pursuant to the foregoing shall become effective when notice thereof is given to
the holders of the Securities. The Trust Agreement also may be amended by the Trustees and the
Sponsor with (i) the consent of Holders representing a Majority in Liquidation Amount of all
outstanding Securities, and (ii) receipt by the Trustees of an Opinion of Counsel to the effect
that such amendment or the exercise of any power granted to the Trustees in accordance with such
amendment will not affect the Trust’s status as a grantor trust for United States federal income
tax purposes or the Trust’s exemption from status as an investment company under the Investment
Company Act, provided that, without the consent of each Holder of Trust Securities,
the Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on
the Trust Securities or otherwise adversely affect the amount of any Distribution required to be
made in respect of the Trust Securities as of a specified date or (ii) restrict the right of a
holder of Trust Securities to institute suit for the enforcement of any such payment on or after
such date.

          8. Pro Rata.

          A reference in these terms of the Securities to any payment, distribution or treatment as
being “Pro Rata” shall mean pro rata to each Holder of Securities according to the aggregate
Liquidation Amount of the Securities held by the relevant Holder in relation to the aggregate
Liquidation Amount of all Securities outstanding unless, in relation to a payment, an Event of
Default under the Trust Agreement has occurred and is continuing, in which case any funds available
to make such payment shall be paid first to each Holder of the Preferred Securities pro rata
according to the aggregate Preferred Liquidation Amount of Preferred Securities held by the
relevant Holder relative to the aggregate Preferred Liquidation Amount of all Preferred Securities
outstanding, and only after satisfaction of all amounts owed to the Holders of the Preferred
Securities, to each Holder of Common Securities pro rata according to the aggregate Common
Liquidation Amount of Common Securities held by the relevant Holder relative to the aggregate
Common Liquidation Amount of all Common Securities outstanding.

          9. Ranking.

          The Preferred Securities rank pari passu with the Common Securities and payment thereon shall
be made Pro Rata with the Common Securities, except that, if an Event of Default under the Trust
Agreement occurs and is continuing, no payments in respect of Distributions on, or payments upon
liquidation, redemption or otherwise with respect to, the Common Securities shall be made until the
Holders of the Preferred Securities shall be paid in full the Distributions, Redemption Price,
Liquidation Distribution and other payments to which they are entitled at such time.

          10. Acceptance of Securities Guarantee and Indenture.

          Each Holder of Preferred Securities and Common Securities, by the acceptance thereof, agrees
to the provisions of the Preferred Securities Guarantee, including the subordination provisions
therein, and to the provisions of the Indenture.

I-10

 

          11. No Preemptive Rights.

          The Holders of the Securities shall have no preemptive rights or similar rights to subscribe
for any additional securities.

          12. Miscellaneous.

          These terms constitute a part of the Trust Agreement.

          The Sponsor will provide a copy of the Trust Agreement, the Preferred Securities Guarantee and
the Indenture (including any supplemental indenture) to a Holder without charge on written request
to the Sponsor at its principal place of business.

I-11

 

Execution Copy

EXHIBIT A-1

FORM OF PREFERRED SECURITY CERTIFICATE

[Restricted Securities Legend]

     THIS PREFERRED SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAW. THIS PREFERRED SECURITY HAS BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO OR FOR RESALE IN CONNECTION WITH THE DISTRIBUTION
THEREOF. NO DISPOSITION OF THIS SECURITY MAY BE MADE IN THE ABSENCE OF (I) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (II) PURSUANT TO AN EXEMPTION FROM OR A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR APPLICABLE STATE
SECURITIES LAW.

     EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A OR
REGULATION D THEREUNDER. EACH HOLDER OF THIS SECURITY REPRESENTS TO SERVISFIRST CAPITAL TRUST I
THAT (A) SUCH HOLDER WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY (WITHOUT THE CONSENT
OF SERVISFIRST CAPITAL TRUST I) OTHER THAN (I) TO SERVISFIRST CAPITAL TRUST I, (II) IN THE UNITED
STATES TO A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION COMPLYING WITH THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (III) IN
ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT, (IV) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT SUBJECT IN THE CASE OF CLAUSE (II), (III) OR (IV) TO THE
RECEIPT BY THE REGISTRAR (AND SERVISFIRST CAPITAL TRUST I, IF IT SO REQUESTS) OF AN OPINION OF
COUNSEL OR SUCH OTHER EVIDENCE ACCEPTABLE TO SERVISFIRST CAPITAL TRUST I THAT SUCH RESALE, PLEDGE
OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (V) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT, AND THAT (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO HEREIN
AND DELIVER TO THE TRANSFEREE (OTHER THAN A QUALIFIED INSTITUTIONAL BUYER) PRIOR TO THE SALE A COPY
OF THE TRANSFER RESTRICTIONS APPLICABLE HERETO (COPIES OF WHICH MAY BE OBTAINED FROM THE TRUSTEE).

A1-1

 

[Certificated Securities Legend]

     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT
SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

[Global Securities Legend]

     THIS PREFERRED SECURITY IS A GLOBAL PREFERRED SECURITY WITHIN THE MEANING OF THE TRUST
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
(THE “CLEARING AGENCY”) OR A NOMINEE OF THE CLEARING AGENCY. THIS PREFERRED SECURITY IS
EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING
AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO
TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY
THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO
THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED
CIRCUMSTANCES.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO SERVISFIRST CAPITAL TRUST I OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OR PORTIONS OF
THIS GLOBABL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE TRUST AGREEMENT.

A1-2

 

[FORM OF FACE OF SECURITY]

			
	 	 	 
	Certificate Number
	 	Number of Preferred Securities
	
	 	CUSIP NO.

Certificate Evidencing Preferred Securities

of

SERVISFIRST CAPITAL TRUST I

8.5% Preferred Securities

(Liquidation Amount $1,000 per Preferred Security)

     SERVISFIRST CAPITAL TRUST I, a statutory trust created under the laws of the State of Delaware
(the “Trust”), hereby certifies that                      (the “Holder”) is the
registered owner of                      [or such other amount as is indicated on Schedule A
hereto]1 Preferred Securities of the Trust representing undivided beneficial interests
in the assets of the Trust designated the 8.5% Preferred Securities (Liquidation Amount $1,000 per
Preferred Security) (the “Preferred Securities”). The Preferred Securities are transferable on the
books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed and in proper form for transfer. The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred Securities represented
hereby are issued and shall in all respects be subject to the provisions of the Amended and
Restated Trust Agreement of the Trust dated as of September 2, 2008, as the same may be amended
from time to time (the “Trust Agreement”), including the designation of the terms of the Preferred
Securities as set forth in Annex I to the Trust Agreement. Capitalized terms used but not defined
herein shall have the meaning given them in the Trust Agreement. The Sponsor will provide a copy
of the Trust Agreement, the Preferred Securities Guarantee and the Indenture to a Holder without
charge upon written request to the Trust at its principal place of business.

     Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder and to the benefits of the Preferred Securities Guarantee to the extent
provided therein.

     By its acceptance hereof, the Holder agrees to treat, for United States federal income tax
purposes, the Debentures as indebtedness and the Preferred Securities as evidence of indirect
beneficial ownership in the Debentures.

     IN WITNESS WHEREOF, an Administrative Trustee on behalf of the Trust has duly executed this
certificate.

	 	 	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	SERVISFIRST CAPITAL TRUST I	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	 

Thomas A. Broughton III
	 	 
	 

	 	 	 	 	 	Title:
	 	Administrative Trustee	 	 

 

			
	*	 	Insert in the Global Preferred Security only.

A1-3

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Preferred Securities referred to in the within-mentioned Trust Agreement.

WILMINGTON TRUST COMPANY,

as Property Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Officer
	 	 

{SEAL}

A1-4

 

[FORM OF REVERSE OF SECURITY]

     During the Interest Period, distributions payable on each Security will be fixed at a rate per
annum of 8.50% (the “Coupon Rate”) of the Liquidation Amount of $1,000 per Preferred Security (the
“Liquidation Amount”). The “Interest Period” means the period commencing on the original issue
date and ending on September 1, 2038.

     Such distribution rate being the rate of interest payable on the Debentures to be held by the
Property Trustee. Distributions in arrears for more than one quarterly period will bear interest
thereon compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The
term “Distributions”, as used herein, includes such cash distributions and any such interest
payable unless otherwise stated. A Distribution is payable only to the extent that payments are
made in respect of the Debentures held by the Property Trustee and to the extent the Property
Trustee has funds on hand legally available therefor.

     Distributions on the Preferred Securities will be cumulative, will accumulate from the most
recent date to which Distributions have been paid or, if no Distributions have been paid, from
September 2, 2008, and will be payable quarterly in arrears, on December 1, March 1, June 1 and
September 1 of each year, commencing on December 1, 2008, except as otherwise described below and
in the Trust Agreement. Distributions will be computed on the basis of the actual number of days
elapsed over a 360-day year. As long as no Event of Default has occurred and is continuing under
the Indenture, the Debenture Issuer has the right under the Indenture to defer payments of interest
by extending the interest payment period at any time and from time to time on the Debentures for a
period not exceeding 20 consecutive calendar quarterly periods, including the first such quarterly
period during such extension period (each an “Extension Period”), provided that no Extension Period
shall extend beyond the Stated Maturity of the Debentures. As a consequence of such deferral,
Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue
to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate
exceeding the rate of interest then accruing on the Debentures) at the Coupon Rate compounded
quarterly during any such Extension Period. Prior to the termination of any such Extension Period,
the Debenture Issuer may further defer payments of interest by further extending such Extension
Period; provided that such Extension Period, together with all such previous and further extensions
within such Extension Period, may not exceed 20 consecutive quarterly periods, including the first
quarterly period during such Extension Period, or extend beyond the Stated Maturity of the
Debentures. Payments of Distributions that have accumulated but not been paid during any Extension
Period will be payable to Holders as they appear on the books and records of the Trust on the
records of the Trust on the record date for the first scheduled Distribution Date following the
expiration of such first record date after the end of the Extension Period. Upon the expiration of
any Extension Period and the payment of all amounts then due, the Debenture Issuer may commence a
new Extension Period, subject to the above requirements.

     Subject to certain conditions set forth in the Trust Agreement and the Indenture, the Property
Trustee shall, at the direction of the Sponsor, at any time liquidate the Trust and cause the
Debentures to be distributed to the holders of the Securities in liquidation of the Trust or,

A1-5

 

simultaneous with any redemption of the Debentures, cause a Like Amount of the Securities to
be redeemed by the Trust.

     The Preferred Securities shall be redeemable as provided in the Trust Agreement.

A1-6

 

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Security Certificate to:

	 	 	 
	 

	 	 
	 

	 	 
	 

	 	 

(Insert assignee’s social security or tax identification number)

	 	 	 
	 

	 	 
	 

	 	 
	 

	 	 

(Insert address and zip code of assignee)

and irrevocably appoints

	 	 	 
	 

	 	 
	 

	 agent to transfer this Preferred Security Certificate on the books of the Trust. 
	 

	 
	  The agent
may substitute another to act for him or her.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 
	Signature:
	 	 	 	 
	 

	 	 

	 	 

(Sign exactly as your name appears on the other side of this Preferred Security Certificate)

	 	 	 
	Signature Guarantee*:
	 	 
	 

	 	 
 

 

			
	*	 	Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker,
savings and loan association or credit union meeting the requirements of the Registrar, which
requirements include membership or participation in the Securities Transfer Agents Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities and Exchange
Act of 1934, as amended.

A1-7

 

SCHEDULE A

PREFERRED SECURITY OWNERSHIP INTEREST TABLE

     The initial aggregate principal amount of the Preferred Securities evidenced by the
Certificate to which this Schedule A is attached is $                                        . The notations on the
following table evidence the decreases and increases in the aggregate principal amount of the
Preferred Securities evidenced by such Certificate.

	 	 	 	 	 	 	 
	Decrease in	 	 	 	Principal Amount of	 	 
	Principal Amount	 	Increase in Principal	 	Preferred Securities	 	 
	of Preferred	 	Amount of Preferred	 	Remaining After Such	 	Notation by
	Securities	 	Securities	 	Decrease or Increase	 	Registrar
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 

A1-8

 

 Execution Copy

EXHIBIT A-2

FORM OF COMMON SECURITY CERTIFICATE

     THIS COMMON SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAW. THIS COMMON SECURITY HAS BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO OR FOR RESALE IN CONNECTION WITH THE DISTRIBUTION THEREOF. NO
DISPOSITION OF THIS SECURITY MAY BE MADE IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR (II) PURSUANT TO AN EXEMPTION FROM OR A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAW.

A2-1

 

[FORM OF FACE OF CERTIFICATE]

			
	 	 	 
	Certificate Number
	 	 Number of Common Securities

Certificate Evidencing Common Securities

of

SERVISFIRST CAPITAL TRUST I

8.5% Common Securities

(Liquidation Amount $1 per Common Security)

     SERVISFIRST CAPITAL TRUST I, a statutory trust created under the laws of the State of Delaware
(the “Trust”), hereby certifies that ServisFirst Bancshares, Inc. (the “Holder”) is the registered
owner of                      common securities of the Trust representing undivided
beneficial interests in the assets of the Trust designated the 8.5% Common Securities (liquidation
amount $1 per Common Security) (the “Common Securities”). The Common Securities are transferable
on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender
of this certificate duly endorsed and in proper form for transfer. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Common Securities
represented hereby are issued and shall in all respects be subject to the provisions of the Amended
and Restated Trust Agreement of the Trust dated as of                     , 200_, as the same may be
amended from time to time (the “Trust Agreement”), including the designation of the terms of the
Common Securities as set forth in Annex I to the Trust Agreement. Capitalized terms used but not
defined herein shall have the meaning given them in the Trust Agreement. The Sponsor will provide
a copy of the Trust Agreement and the Indenture (including any supplemental indenture) to a Holder
without charge upon written request to the Sponsor at its principal place of business.

     Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder.

     By its acceptance hereof, the Holder agrees to treat, for United States federal income tax
purposes, the Debentures as indebtedness and the Common Securities as evidence of indirect
beneficial ownership in the Debentures.

     IN WITNESS WHEREOF, an Administrative Trustee on behalf of the Trust has duly executed this
certificate.

	 	 	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	SERVISFIRST CAPITAL TRUST I	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 	 	 	 	 	 	Administrative Trustee	 	 

A2-2

 

[FORM OF REVERSE OF SECURITY]

     During the Interest Period, distributions payable on each Common Security will be fixed at a
rate per annum of 8.50% (the “Coupon Rate”) of the liquidation amount of $1 per Common Security
(the “Liquidation Amount”). The “Interest Period” means the period commencing on the issue date
and ending on September 1, 2038.

     Such distribution rate being the rate of interest payable on the Debentures to be held by the
Property Trustee. Distributions in arrears for more than one quarterly period will bear interest
thereon compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The
term “Distributions”, as used herein, includes such cash distributions and any such interest
payable unless otherwise stated. A Distribution is payable only to the extent that payments are
made in respect of the Debentures held by the Property Trustee and to the extent the Property
Trustee has funds available therefor.

     Distributions on the Common Securities will be cumulative, will accrue from the most recent
date to which Distributions have been paid or, if no Distributions have been paid, from September
2, 2008 and will be payable quarterly in arrears, on December 1, March 1, June 1 and September 1 of
each year, commencing on December 1, 2008, except as otherwise described below and in the Trust
Agreement. Distributions will be computed on the basis of the actual number of days elapsed over a
360-day year. As long as no Event of Default has occurred and is continuing under the Indenture,
the Debenture Issuer has the right under the Indenture to defer payments of interest by extending
the interest payment period at any time and from time to time on the Debentures for a period not
exceeding 10 consecutive calendar quarterly periods, including the first such quarterly period
during such extension period (each an “Extension Period”), provided that no Extension Period shall
extend beyond the Stated Maturity of the Debentures. As a consequence of such deferral,
Distributions will also be deferred. Despite such deferral, Distributions will continue to
accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate
exceeding the rate of interest then accruing on the Debentures) at the Coupon Rate compounded
quarterly during any such Extension Period. Prior to the termination of any such Extension Period,
the Debenture Issuer may further defer payments of interest by further extending such Extension
Period; provided that such Extension Period, together with all such previous and further extensions
within such Extension Period, may not exceed 20 consecutive quarterly periods, including the first
quarterly period during such Extension Period, or extend beyond the Stated Maturity of the
Debentures. Payments of Distributions that have accumulated will be payable to Holders as they
appear on the books and records of the Trust on the record date for the first Distribution Date
following the expiration of such Extension Period. Upon the expiration of any Extension Period and
the payment of all amounts then due, the Debenture Issuer may commence a new Extension Period,
subject to the above requirements.

     Subject to certain conditions set forth in the Trust Agreement and the Indenture, the Property
Trustee shall, at the direction of the Sponsor, at any time liquidate the Trust and cause the
Debentures to be distributed to the holders to the Securities in liquidation of the Trust or,
simultaneous with any redemption of the Debentures, cause a Like Amount of the Securities to be
redeemed by the Trust.

A2-3

 

     The Common Securities shall be redeemable as provided in the Trust Agreement.

     THIS COMMON SECURITY MAY NOT BE TRANSFERRED EXCEPT TO SERVISFIRST BANCSHARES, INC. OR A
RELATED PARTY (AS DEFINED IN THE TRUST AGREEMENT).

A2-4

 

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to:

	 	 	 
	 

	 	 
	 

	 	 
	 

	 	 

(Insert assignee’s social security or tax identification number)

	 	 	 
	 

	 	 
	 

	 	 
	 

	 	 

(Insert address and zip code of assignee)

and irrevocably appoints

	 	 	 
	 

	 	 
	 

	 agent to transfer this Common Security Certificate on the books of the Trust.  
	 

	 
	  The agent may
substitute another to act for him or her.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 
	Signature:
	 	 	 	 
	 

	 	 

	 	 

(Sign exactly as your name appears on the other side of this Common Security Certificate)

	 	 	 
	Signature Guarantee*:
	 	 
	 

	 	 
 

 

			
	*	 	Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker,
savings and loan association or credit union meeting the requirements of the Registrar, which
requirements include membership or participation in the Securities Transfer Agents Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities and Exchange
Act of 1934, as amended.

A2-5

 

EXHIBIT B

FORM OF TRANSFER CERTIFICATE

     In connection with any transfer of any of the Preferred Securities evidenced by this
certificate, the undersigned confirms that such Preferred Securities are being:

CHECK ONE BOX BELOW

	 	 	 	 	 
	(1)

	 	o
	 	exchanged for the undersigned’s own account without transfer; or
	 
	 	 	 	 
	(2)

	 	o
	 	transferred to a person whom the undersigned reasonably believes to be a
“qualified institutional buyer” as defined in Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), who is purchasing such Preferred Securities
for such buyer’s own account or the account of a “qualified institutional buyer” in a
transaction meeting the requirements of Rule 144A under the Securities Act and any
applicable securities laws of any state of the United States or any other jurisdiction;
or
	 
	 	 	 	 
	(3)

	 	o
	 	transferred to an “accredited investor” within the meaning of Rule 501(a) of
Regulation D under the Securities Act pursuant to Rule 144 (and based upon an opinion
of counsel if the Sponsor or the Trustee so requests) and, to the knowledge of the
transferor of the Preferred Securities, such accredited investor to whom such Preferred
Securities are to be transferred is not an “affiliate” (as defined in Rule 144 under
the Securities Act) of the Company; or
	 
	 	 	 	 
	(4)

	 	o
	 	transferred pursuant to another available exemption from the registration
requirements of the Securities Act.

     Unless one of the boxes is checked, the Trustee will refuse to register any of the Preferred
Securities evidenced by this certificate in the name of any person other than the registered Holder
thereof; provided, however, that if box (3) or (4) is checked, the Company may
require, prior to registering any such transfer of the Preferred Securities, such legal opinions,
certifications and other information as the Company has reasonably requested to confirm that such
transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act, such as the exemption provided by Rule 144 under
the Securities Act; provided, further, that if box (2) is checked, the transferee
must also certify that it is a qualified institutional buyer as defined in Rule 144A.

 

Signature                                                

B-1

 

 Execution Copy

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

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

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 
	 	 	 

NOTICE: To be executed by an executive officer.

B-2

 

EXHIBIT C

FORM OF LETTER TO BE DELIVERED BY ACCREDITED INVESTORS

ServisFirst Capital Trust I

c/o ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama 35223

Ladies and Gentlemen:

     The undersigned is delivering this letter in connection with the prospective transfer of the
8.5% Trust Preferred Securities (the “Preferred Securities”) of ServisFirst Capital Trust I, a
Delaware statutory trust (the “Trust”). The undersigned understands that the Preferred Securities
were issued in connection with a transaction not involving any public offering within the United
States within the meaning of, or in transactions not subject to registration under, the Securities
Act of 1933, as amended (the “Securities Act”), and that the Preferred Securities have not been
registered under the Securities Act or any applicable state securities law.

     The undersigned agrees, on its own behalf and on behalf of each account for which the
undersigned may acquire any Preferred Securities, that prior to the expiration of the holding
period applicable to sales of restricted securities pursuant to Rule 144 under the Securities Act,
the Preferred Securities may be offered, resold, pledged or otherwise transferred only in
accordance with any applicable securities laws of any state of the United States or any other
applicable jurisdiction (i) (a) so long as the Preferred Securities are eligible for resale
pursuant to Rule 144A, to a person the seller reasonably believes is a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for
the account of a qualified institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, (b) in a transaction meeting the requirements of
Rule 144 under the Securities Act, or (c) in accordance with another exemption from the
registration requirements of the Securities Act, provided that in the case of a transfer, pledge or
sale pursuant to this clause (c), such transfer is subject to the receipt by the registrar (and
ServisFirst Capital Trust I Bancshares, Inc (the “Company”), if it so requests) of a certification
of the transferor and an opinion of counsel to the effect that such transfer is in compliance with
the Securities Act, (ii) to the Company or its affiliates, (iii) pursuant to an effective
registration statement under the Securities Act and (iv) in each case, in accordance with any
applicable securities laws of the United States or any other applicable jurisdiction and in
accordance with the legends set forth on the Preferred Securities. The undersigned further agrees
to provide any person purchasing any of the Preferred Securities from the undersigned a notice
advising such purchaser that resales of such Preferred Securities are restricted as stated herein.
The undersigned understands that the registrar for the Preferred Securities will not be required to
accept for registration of transfer any Preferred Securities, except upon presentation of evidence
satisfactory to the Company that the foregoing restrictions on transfer have been complied with.
The undersigned further understands that the Preferred Securities will bear a legend reflecting the
substance of this paragraph.

C-1

 

Execution Copy

     The undersigned confirms that:

     (i) the undersigned is an “accredited investor” within the meaning of Rule 501(a) under the
Securities Act (an “Accredited Investor”);

     (ii) any purchase of Preferred Securities by the undersigned will be for the undersigned’s own
account or for the account of one or more Accredited Investors or as fiduciary for the account of
one or more trusts, each of which is an “accredited investor” within the meaning of Rule 501(a)
under the Securities Act and for each of which the undersigned exercises sole investment
discretion;

     (iii) the undersigned has such knowledge and experience in financial and business matters that
the undersigned is capable of evaluating the merits and risks of purchasing Preferred Securities;

     (iv) the undersigned is not acquiring Preferred Securities with a view to distribution thereof
or with any present intention of offering or selling Preferred Securities, except as permitted
above; provided that the disposition of the undersigned’s property and property of any accounts for
which the undersigned is acting as fiduciary shall remain at all times within the undersigned’s
control; and

     (vi) the undersigned has received a copy of the Confidential Offering Memorandum relating to
the Preferred Securities and acknowledges that the undersigned has had access to such financial and
other information, and has been afforded the opportunity to ask such questions of representatives
of the Company and receive answers thereto, as the undersigned deems necessary in connection with
the undersigned’s decision to purchase Preferred Securities.

     The undersigned acknowledges that the Company, others and you will rely upon the undersigned’s
confirmations, acknowledgements and agreements set forth herein, and the undersigned agrees to
notify you promptly in writing if any of the representations or warranties herein ceases to be
accurate and complete. You are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	(Institutional Purchaser)	 	OR	 	(Individual Purchaser)	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name of Institutional Purchaser	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 	 	 	 	 

EXHIBIT D

C-2

 

CERTIFICATE TO TRUSTEE

     Pursuant to Section 2.4 of the Amended and Restated Trust Agreement between ServisFirst
Bancshares, Inc. as the Company (the “Company’), and Wilmington Trust Company, as Trustee, dated as
of September 2, 2008 (the “Trust Agreement”), the undersigned hereby certifies as follows:

	 	1.	 	In my capacity as an officer of the Company, I would normally have knowledge of
any default by the Company during the last fiscal year in the performance of any
covenants of the Company contained in the Indenture.
	 
	 	2.	 	[To my knowledge, the Company is not default in the performance of any
covenants contained in the Indenture.
	 
	 	 	 	 or, alternatively:
	 
	 	 	 	I am aware of the default(s) in the performance of covenants in the Indentures, as
specified below.] PLEASE PICK THE ONE THAT APPLIES and DELETE THE ONE THAT DOES
NOT.

     Capitalized terms used herein, and not otherwise defined herein, have the respective meanings
ascribed to thereto in the Indenture.

     IN WITNESS WHEREOF, the undersigned has executed this Officers’ Certificate.

Date:                      ___, 2008

	 	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

C-3EX-10.2 INDENTURE, DATED SEPTEMBER 2, 2008

Exhibit 10.2

Execution Copy

 

SERVISFIRST BANCSHARES, INC.

INDENTURE

 

WILMINGTON TRUST COMPANY

as Trustee

 

8.5% JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

SEPTEMBER 2, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01. Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II. SECURITIES
	 	 	9	 
	 
	 	 	 	 
	SECTION 2.01. Forms Generally
	 	 	9	 
	SECTION 2.02. Execution and Authentication
	 	 	9	 
	SECTION 2.03. Form and Payment
	 	 	10	 
	SECTION 2.04. Legends
	 	 	10	 
	SECTION 2.05. Global Security
	 	 	10	 
	SECTION 2.06. Interest
	 	 	12	 
	SECTION 2.07. Transfer and Exchange
	 	 	12	 
	SECTION 2.08. Replacement Securities
	 	 	13	 
	SECTION 2.09. Treasury Securities
	 	 	14	 
	SECTION 2.10. Temporary Securities
	 	 	14	 
	SECTION 2.11. Cancellation
	 	 	14	 
	SECTION 2.12. Defaulted Interest
	 	 	15	 
	SECTION 2.13. CUSIP Numbers
	 	 	15	 
	 
	 	 	 	 
	ARTICLE III. PARTICULAR COVENANTS OF THE COMPANY
	 	 	16	 
	 
	 	 	 	 
	SECTION 3.01. Payment of Principal, Premium and Interest
	 	 	16	 
	SECTION 3.02. Offices for Notices and Payments, etc.
	 	 	16	 
	SECTION 3.03. Appointments to Fill Vacancies in Trustee’s Office
	 	 	16	 
	SECTION 3.04. Provision as to Paying Agent
	 	 	16	 
	SECTION 3.05. Certificate to Trustee
	 	 	17	 
	SECTION 3.06. Compliance with Consolidation Provisions
	 	 	18	 
	SECTION 3,07. Limitation on Dividends
	 	 	18	 
	SECTION 3.08. Covenants as to ServisFirst Capital Trust I
	 	 	18	 
	SECTION 3.09. Payment of Expenses
	 	 	19	 
	SECTION 3.10. Payment Upon Resignation or Removal
	 	 	19	 
	SECTION 3.11. No Senior Debt While Securities Outstanding
	 	 	20	 
	 
	 	 	 	 
	ARTICLE IV. SECURITYHOLDERS’ LISTS AND REPORTSBY THE COMPANY AND THE TRUSTEE
	 	 	20	 
	 
	 	 	 	 
	SECTION 4.01. Securityholders’ Lists
	 	 	20	 
	SECTION 4.02. Preservation and Disclosure of Lists
	 	 	20	 
	SECTION 4.03. Reports of the Company
	 	 	21	 
	SECTION 4.04. Reports by the Trustee
	 	 	22	 
	 
	 	 	 	 
	ARTICLE V. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	 	 	23	 

i

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 5.01. Events of Default
	 	 	23	 
	SECTION 5.02. Payment of Securities on Default; Suit Therefor
	 	 	24	 
	SECTION 5.03. Application of Moneys Collected by Trustee
	 	 	26	 
	SECTION 5.04. Proceedings by Securityholders
	 	 	27	 
	SECTION 5.05. Proceedings by Trustee
	 	 	27	 
	SECTION 5.06. Remedies Cumulative and Continuing
	 	 	28	 
	SECTION 5.07. Direction of Proceedings and Waiver of Defaults by Majority of
Securityholders
	 	 	28	 
	SECTION 5.08. Notice of Defaults
	 	 	29	 
	SECTION 5.09. Undertaking to Pay Costs
	 	 	29	 
	 
	 	 	 	 
	ARTICLE VI. CONCERNING THE TRUSTEE
	 	 	29	 
	 
	 	 	 	 
	SECTION 6.01. Duties and Responsibilities of Trustee
	 	 	29	 
	SECTION 6.02. Reliance on Documents, Opinions, etc.
	 	 	30	 
	SECTION 6.03. No Responsibility for Recitals, etc.
	 	 	32	 
	SECTION 6.04. Trustee, Authenticating Agent, Paying Agents, Transfer Agents or
Registrar May Own Securities
	 	 	32	 
	SECTION 6.05. Moneys to be Held in Trust
	 	 	32	 
	SECTION 6.06. Compensation and Expenses of Trustee
	 	 	32	 
	SECTION 6.07. Officers’ Certificate as Evidence
	 	 	33	 
	SECTION 6.08. Conflicting Interest of Trustee
	 	 	34	 
	SECTION 6.09. Eligibility of Trustee
	 	 	34	 
	SECTION 6.10. Resignation or Removal of Trustee
	 	 	34	 
	SECTION 6.11. Acceptance by Successor Trustee
	 	 	35	 
	SECTION 6.12. Successor by Merger, etc.
	 	 	36	 
	SECTION 6.13. Limitation on Rights of Trustee as a Creditor
	 	 	36	 
	SECTION 6.14. Authenticating Agents
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VII. CONCERNING THE SECURITYHOLDERS
	 	 	38	 
	 
	 	 	 	 
	SECTION 7.01. Action by Securityholders
	 	 	38	 
	SECTION 7.02. Proof of Execution by Securityholders
	 	 	38	 
	SECTION 7.03. Who Are Deemed Absolute Owners
	 	 	38	 
	SECTION 7.04. Securities Owned by Company Deemed Not Outstanding
	 	 	39	 
	SECTION 7.05. Revocation of Consents; Future Holders Bound
	 	 	39	 
	 
	 	 	 	 
	ARTICLE VIII. SECURITYHOLDERS’ MEETINGS
	 	 	40	 
	 
	 	 	 	 
	SECTION 8.01. Purpose of Meetings
	 	 	40	 
	SECTION 8.02. Call of Meetings by Trustee
	 	 	40	 
	SECTION 8.03. Call of Meetings by Company or Securityholders
	 	 	40	 
	SECTION 8.04. Qualifications for Voting
	 	 	40	 
	SECTION 8.05. Regulations
	 	 	41	 
	SECTION 8.06. Voting
	 	 	41	 
	 
	 	 	 	 
	ARTICLE IX. AMENDMENTS
	 	 	42	 
	 
	 	 	 	 
	SECTION 9.01. Without Consent of Securityholders
	 	 	42	 
	SECTION 9.02. With Consent of Securityholders
	 	 	43	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 9.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures

	 	 	44	 
	SECTION 9.04. Notation on Securities
	 	 	44	 
	SECTION 9.05. Evidence of Compliance of Supplemental Indenture to be Furnished Trustee

	 	 	44	 
	 
	 	 	 	 
	ARTICLE X. CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	45	 
	 
	 	 	 	 
	SECTION 10.01 Company May Consolidate, etc., on Certain Terms
	 	 	45	 
	SECTION 10.02. Successor Corporation to be Substituted for Company
	 	 	45	 
	SECTION 10.03. Opinion of Counsel to be Given Trustee
	 	 	46	 
	 
	 	 	 	 
	ARTICLE XI. SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	46	 
	 
	 	 	 	 
	SECTION 11.01. Discharge of Indenture
	 	 	46	 
	SECTION 11.02. Deposited Moneys and U.S. Government Obligations to be Held in Trust by
Trustee
	 	 	46	 
	SECTION 11.03. Paying Agent to Repay Moneys Held
	 	 	47	 
	SECTION 11.04. Return of Unclaimed Moneys
	 	 	47	 
	SECTION 11.05. Defeasance Upon Deposit of Moneys or U.S. Government Obligations
	 	 	47	 
	SECTION 11.06. Reinstatement
	 	 	49	 
	 
	 	 	 	 
	ARTICLE XII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	49	 
	 
	 	 	 	 
	SECTION 12.01. Indenture and Securities Solely Corporate Obligations
	 	 	49	 
	 
	 	 	 	 
	ARTICLE XIII. MISCELLANEOUS PROVISIONS
	 	 	49	 
	 
	 	 	 	 
	SECTION 13.01. Successors
	 	 	49	 
	SECTION 13.02. Official Acts by Successor Corporation
	 	 	49	 
	SECTION 13.03. Surrender of Company Powers
	 	 	49	 
	SECTION 13.04. Address for Notices, etc.
	 	 	50	 
	SECTION 13.05. Governing Law
	 	 	50	 
	SECTION 13.06. Evidence of Compliance with Conditions Precedent
	 	 	50	 
	SECTION 13.07. Business Days
	 	 	50	 
	SECTION 13.08. Table of Contents, Headings, etc.
	 	 	51	 
	SECTION 13.09. Execution in Counterparts
	 	 	51	 
	SECTION 13.10. Separability
	 	 	51	 
	SECTION 13.11. Assignment
	 	 	51	 
	SECTION 13.12. Acknowledgement of Rights
	 	 	51	 
	 
	 	 	 	 
	ARTICLE XIV. PREPAYMENT OF SECURITIES
	 	 	52	 
	 
	 	 	 	 
	SECTION 14.01. Prepayment
	 	 	52	 
	SECTION 14.02. Optional Prepayment by Company
	 	 	52	 
	SECTION 14.03. No Sinking Fund
	 	 	52	 
	SECTION 14.04. Notice of Prepayment
	 	 	52	 
	SECTION 14.05. Payment of Securities Called for Prepayment
	 	 	53	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE XV. SUBORDINATION OF SECURITIES
	 	 	54	 
	 
	 	 	 	 
	SECTION 15.01. Agreement to Subordinate
	 	 	54	 
	SECTION 15.02. Default on Senior Debt
	 	 	54	 
	SECTION 15.03. Liquidation; Dissolution; Bankruptcy
	 	 	55	 
	SECTION 15.04. Subrogation
	 	 	56	 
	SECTION 15.05. Trustee to Effectuate Subordination
	 	 	57	 
	SECTION 15.06. Notice by the Company
	 	 	57	 
	SECTION 15.07. Rights of the Trustee; Holders of Senior Debt
	 	 	58	 
	SECTION 15.08. Subordination May Not Be Impaired
	 	 	58	 
	 
	 	 	 	 
	ARTICLE XVI. EXTENSION OF INTEREST PAYMENT PERIOD
	 	 	59	 
	 
	 	 	 	 
	SECTION 16.01. Extension of Interest Payment Period
	 	 	59	 
	SECTION 16.02. Notice of Extension
	 	 	59	 
	 
	 	 	 	 
	EXHIBIT A Form of Debenture
	 	 	A-1	 
	EXHIBIT B Officer’s Certificate
	 	 	B-1	 

iv

 

INDENTURE

     THIS INDENTURE, dated as of September 2, 2008, between ServisFirst Bancshares, Inc., a
Delaware corporation (hereinafter sometimes called the “Company”), and Wilmington Trust Company, a
Delaware banking corporation, as trustee (hereinafter sometimes called the “Trustee”).

W I T N E S S E T H:

     In consideration of the premises, and the purchase of the Securities by the holders thereof,
the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the
respective holders from time to time of the Securities, as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.01 Definitions.

          The terms defined in this Section 1.01 (except as herein otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture shall have the respective
meanings specified in this Section 1.01. All other terms used in this Indenture which are defined
in the Trust Indenture Act, or which are by reference therein defined in the Securities Act, shall
(except as herein otherwise expressly provided or unless the context otherwise requires) have the
meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force
at the date of this Indenture as originally executed. The following terms have the meanings given
to them in the Trust Agreement: (i) Clearing Agency; (ii) Delaware Trustee; (iii) Property Trustee;
(iv) Administrative Trustees; and (v) Direct Action. All accounting terms used herein and not
expressly defined shall have the meanings assigned to such terms in accordance with GAAP. The
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. Headings are used for
convenience of reference only and do not affect interpretation. The singular includes the plural
and vice versa.

          “Additional Sums” shall have the meaning set forth in Section 2.06(c).

          “Affiliate” shall mean, with respect to a specified Person, (a) any Person directly or
indirectly owning, controlling or holding the power to vote 10% or more of the outstanding voting
securities or other ownership interests of the specified Person, (b) any Person 10% or more of
whose outstanding voting securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person, (c) any Person directly or
indirectly controlling, controlled by, or under common control with the specified Person, (d) a
partnership in which the specified Person is a general partner, (e) any officer or director of the
specified Person, and (f) if the specified Person is an individual, any entity of which the
specified Person is an officer, director or general partner.

          “Authenticating Agent” shall mean any agent or agents of the Trustee which at the time shall
be appointed and acting pursuant to Section 6.14.

1

 

          “Bankruptcy Law” shall mean Title 11, U.S. Code, or any similar federal or state law for the
relief of debtors.

          “Board of Directors” shall mean either the Board of Directors of the Company or any duly
authorized committee of that board.

          “Board Resolution” shall mean a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification, and delivered to the Trustee.

          “Business Day” shall mean, with respect to any series of Securities, any day other than a
Saturday or a Sunday or a day on which banking institutions in The City of New York or Wilmington,
Delaware are authorized or required by law or executive order to close.

          “Capital Event” shall mean the receipt by the Company and the Administrative Trustees of an
opinion of Haskell Slaughter Young & Rediker, LLC, or any other independent bank regulatory counsel
experienced in such matters, to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations thereunder) of the
United States or any rules, guidelines or policies of the Federal Deposit Insurance Corporation,
the Board of Governors of the Federal Reserve System (“Federal Reserve”), or any other federal bank
regulatory agency or (b) any official administrative pronouncement or judicial decision
interpreting or applying such laws or regulations, which amendment or change is effective or such
pronouncement or decision is announced on or after the Issue Date, (i) the Company is or within 90
days will be subject to capital adequacy requirements and such requirements do not or will not
permit the Preferred Securities to constitute, subject to limitations on inclusion of the Preferred
Securities as Tier 1 capital imposed by Federal Reserve capital guidelines in effect and applicable
to the Company as of the date of the Confidential Offering Memorandum, Tier 1 capital (or its
then-equivalent) or (ii) the amount of net proceeds received from the sale of the Preferred
Securities and contributed by the Company to ServisFirst Bank does not or within 90 days will not
constitute Tier 1 (core) capital (or its then-equivalent).

          “Capital Leases” means, with respect to the Company or its Subsidiaries, as applicable, any
lease of any property that should, in accordance with GAAP, be classified and accounted for as a
capital lease on a consolidated balance sheet of the Company and its Subsidiaries.

          “Commission” shall mean the Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or if at any time after the execution of this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

          “Common Securities” shall mean undivided beneficial interests in the assets of ServisFirst
Capital Trust I which rank pari passu with Preferred Securities issued by ServisFirst Capital Trust
I; provided, however, that if an Event of Default has occurred and is continuing,
no payments in respect of Distributions on, or payments upon liquidation, redemption or otherwise
with respect to, the Common Securities shall be made until the holders of the Preferred Securities

2

 

shall be paid in full the Distributions and the liquidation, redemption and other payments to
which they are entitled.

          “Common Stock” shall mean the Common Stock, par value $.001 per share, of the Company or any
other class of stock resulting from changes or reclassifications of such Common Stock consisting
solely of changes in par value, or from par value to no par value, or from no par value to par
value.

          “Company” shall mean ServisFirst Bancshares, Inc., a Delaware corporation, and, subject to the
provisions of Article X, shall include its successors and assigns.

          “Company Request” or “Company Order” shall mean a written request or order signed in the name
of the Company by the Chief Executive Officer, the President, a Vice President, the Chief Financial
Officer, the Controller, the Secretary or an Assistant Secretary of the Company, and delivered to
the Trustee.

          “Compounded Interest” shall have the meaning set forth in Section 16.01.

          “Confidential Offering Memorandum” shall mean the Confidential Offering Memorandum related to
the issuance of up to $15,000,000 of Preferred Securities of ServisFirst Capital Trust I, dated
August 15, 2008.

          “Contingent Obligation” means, with respect to the Company and its Subsidiaries, without
duplication, any obligation, contingent or otherwise, of any such Person pursuant to which such
Person has directly or indirectly guaranteed any debt or other obligation of any other Person and,
without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such debt or other obligation (whether arising by virtue of partnership
arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take
or pay, or to maintain financial statement condition or otherwise) or (b) entered into for the
purpose of assuring in any other manner the obligee of such debt or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided,
that the term Contingent Obligation shall not include (i) obligations under insurance or
reinsurance policies, or (ii) endorsements for collection or deposit in the ordinary course of
business.

          “Coupon Rate” shall have the meaning set forth in Section 2.06(a).

          “Custodian” shall mean any receiver, trustee, assignee, liquidator, or similar official under
any Bankruptcy Law.

          “Default” shall mean any event, act or condition that with notice or lapse of time, or both,
would constitute an Event of Default.

          “Deferred Interest” shall have the meaning set forth in Section 16.01.

          “Definitive Securities” shall mean those securities issued in fully registered certificated
form not otherwise in global form.

3

 

          “Depositary” shall mean, with respect to Securities of any series, for which the Company shall
determine that such Securities will be issued as a Global Security, The Depository Trust Company,
New York, New York, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act or other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to Section 2.05(d).

          “Dissolution Event” shall mean the liquidation of the Trust pursuant to the Trust Agreement,
and the distribution of the Securities held by the Property Trustee to the holders of the Trust
Securities issued by the ServisFirst Capital Trust I pro rata in accordance with the Trust
Agreement.

          “Event of Default” shall mean any event specified in Section 5.01, continued for the period of
time, if any, and after the giving of the notice, if any, therein designated.

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

          “Extension Period” shall have the meaning set forth in Section 16.01.

          “Interest Period” means the period commencing on the Issue Date and ending on September 1,
2038.

          “GAAP” means generally accepted accounting principles, as recognized by the American Institute
of Certificated Public Accountants and the Financial Accounting Standards Board, consistently
applied and maintained on a consistent basis for the Company and its Subsidiaries throughout the
period indicated and consistent with the prior financial practice of the Company and its
Subsidiaries.

          “Global Security” shall mean, with respect to the Securities, a Security executed by the
Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in the name of the Depositary or
its nominee.

          “Indebtedness for Money Borrowed” shall mean any obligation of, or any obligation guaranteed
by, the Company for the repayment of borrowed money, whether or not evidenced by bonds, debentures,
notes or other written instruments.

          “Indenture” shall mean this instrument as originally executed or, if amended as herein
provided, as so amended.

          “Interest Payment Date” shall have the meaning set forth in Section 2.06.

          “Investment Company Event” shall mean that ServisFirst Capital Trust I and the Company shall
have received an opinion, requested by the Company, of counsel experienced in practice under the
Investment Company Act of 1940, as amended (the “1940 Act”), to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory authority (a “Change
in 1940 Act Law”), there is more than an insubstantial risk that ServisFirst Capital Trust I is or
will be considered an “investment company” which is required to

4

 

be registered under the 1940 Act, which Change in 1940 Act Law becomes effective on or after
the Issue Date.

          “Issue Date” shall mean September 2, 2008.

          “Lien” means, with respect to any asset, any Mortgage, lien, pledge, charge, security interest
or encumbrance of any kind with respect to such asset. For the purposes of this Indenture, a
Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to
the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other
title retention agreement relating to such asset.

          “Mortgage” shall mean and include any mortgage, pledge, lien, security interest, conditional
sale or other title retention agreement or other similar encumbrance.

          “Non Book-Entry Preferred Securities” shall have the meaning set forth in Section 2.05.

          “Officers” shall mean any of the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer or the Secretary of the Company.

          “Officers’ Certificate” shall mean a certificate signed by two Officers and delivered to the
Trustee.

          “Opinion of Counsel” shall mean a written opinion of counsel, who may be an employee of the
Company, and who shall be acceptable to the Trustee.

          “Other Debentures” shall mean all junior subordinated debentures issued by the Company from
time to time and sold to trusts to be established by the Company (if any), in each case similar to
ServisFirst Capital Trust I.

          “Other Guarantees” shall mean all guarantees to be issued by the Company with respect to
capital securities (if any) and issued to other trusts to be established by the Company (if any),
in each case similar to the ServisFirst Capital Trust I.

          The term “outstanding” when used with reference to Securities, shall, subject to the
provisions of Section 7.04, mean, as of any particular time, all Securities authenticated and
delivered by the Trustee or an Authenticating Agent under this Indenture, except

     (a) Securities theretofore cancelled by the Trustee or an Authenticating Agent or
delivered to the Trustee for cancellation;

     (b) Securities, or portions thereof, for the payment or prepayment of which moneys in
the necessary amount shall have been deposited in trust with the Trustee or with any paying
agent (other than the Company) or shall have been set aside and segregated in trust by the
Company (if the Company shall act as its own paying agent); provided that, if such
Securities, or portions thereof, are to be prepaid prior to maturity thereof, notice of such
prepayment shall have been given as in Article XIV provided or provision satisfactory to the
Trustee shall have been made for giving such notice; and

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     (c) Securities in lieu of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.08 unless proof satisfactory
to the Company and the Trustee is presented that any such Securities are held by bona fide
holders in due course.

          “Person” shall mean a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision thereof, or any
other entity of whatever nature.

          “Predecessor Security” of any particular Security shall mean every previous Security
evidencing all or a portion of the same debt as that evidenced by such particular Security; and,
for the purposes of this definition, any Security authenticated and delivered under Section 2.08 in
lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost,
destroyed or stolen Security.

          “Preferred Securities” shall mean undivided beneficial interests in the assets of ServisFirst
Capital Trust I which rank pari passu with the Common Securities issued by ServisFirst Capital
Trust I; provided, however, that if an Event of Default has occurred and is
continuing, no payments in respect of Distributions on, or payments upon liquidation, redemption or
otherwise with respect to, the Common Securities shall be made until the holders of the Preferred
Securities shall be paid in full the Distributions and the liquidation, redemption and other
payments to which they are entitled.

          “Preferred Securities Guarantee” shall mean any guarantee that the Company may enter into with
any Person or Persons that operate directly or indirectly for the benefit of holders of Preferred
Securities of ServisFirst Capital Trust I.

          “Prepayment Price” shall mean, with respect to any prepayment of the Securities pursuant to
Section 14.01 or 14.02 hereof (i) prior to September 1, 2011, an amount in cash equal to 105% of
the principal amount of the Securities to be prepaid, plus accrued and unpaid interest thereon,
including Compounded Interest and Additional Sums, if any, to the date of such prepayment and (ii)
on or after September 1, 2011, an amount in cash equal to 100% of the principal amount of the
Securities to be prepaid, plus accrued and unpaid interest thereon, including Compounded Interest
and Additional Sums, if any, to the date of such prepayment.

          “Principal Office of the Trustee”, or other similar term, shall mean the principal office of
the Trustee, at which at any particular time its corporate trust business shall be administered,
which office at the date of execution of this Indenture is located at the office of the Trustee,
Wilmington Trust Company, 1100 N. Market Street, Wilmington, DE 19890, Attention: Corporate Trust
Administration, Facsimile: 302.636.4145.

          “Property Trustee” shall have the same meaning as set forth in the Trust Agreement.

          “Qualified Debt Obligations” means, without duplication and other than the Securities, (a)
debt securities of the Company, provided that the terms of any such debt security (i) permit the
deferral of principal and interest payments for a period of up to five years (but not

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beyond the maturity date), as elected by the Company, (ii) have a maturity for payment of
principal of not less than ten (10) years after the date of issuance, and (iii) include provisions
making the debt security expressly subordinate to all other debt of the Company, (b) preferred
securities issued by a Subsidiary, the sole purpose of which is to issue such preferred securities
and invest the proceeds thereof in debt securities of the type described in clause (a) above, and
which preferred securities are payable solely out of the proceeds of payments on account of such
debt securities; and (c) the obligations recorded on the consolidated balance sheet of the Company
and its Subsidiaries with respect to debt securities of the type described in clause (a) above and
preferred securities of the type described in clause (b) above.

          “Responsible Officer”, when used with respect to the Trustee, shall mean any officer assigned
to the Principal Office of the Trustee with direct responsibility for the adminstration of the
Indenture including any managing director, vice president, assistant vice president, assistant
treasurer, assistant secretary or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and having direct responsibility
for the administration of this Indenture and also means, with respect to a particular matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

          “Securities” means the Company’s 8.5% Junior Subordinated Deferrable Interest Debentures due
September 1, 2038, as authenticated and issued under this Indenture.

          “Securities Act” shall mean the Securities Act of 1933, as amended.

          “Securityholder”, “holder of Securities”, or other similar terms, shall mean any Person in
whose name at the time a particular Security is registered on the register kept by the Company or
the Trustee for that purpose in accordance with the terms hereof.

          “Security Register” shall mean (i) prior to a Dissolution Event, the list of holders provided
to the Trustee pursuant to Section 4.01, and (ii) following a Dissolution Event, any security
register maintained by a security registrar for the securities appointed by the Company following
the execution of a supplemental indenture providing for transfer procedures as provided for in
Section 2.07(a).

          “Senior Debt” shall mean, with respect to the Company: (a) all liabilities, obligations and
indebtedness for borrowed money, whether or not evidenced by bonds, debentures, notes or other
similar instruments, (b) all obligations to pay the deferred purchase price of property or services
(other than trade payables due and arising in the ordinary course of business), (c) all Capital
Leases, (d) all debt of any other Person secured by a Lien on any asset of the Company or any of
its Subsidiaries, (e) all Contingent Obligations, and (f) all obligations, contingent or otherwise,
relating to the face amount of letters of credit, whether or not drawn, and banker’s acceptance,
but excluding any obligation relating to an undrawn letter of credit if the undrawn letter of
credit is issued in connection with a liability for which a reserve has been established by the
Company or the applicable Subsidiary in accordance with GAAP. Notwithstanding the foregoing, the
term “Senior Debt” shall not include (a) the Securities, (b) the Preferred Securities Guarantee,
(c) Qualified Debt Obligations, (d) the Company’s existing line of credit in the amount of $500,000
or any replacement indebtedness of equal dollar amount, (e) any indebtedness with the Federal Home
Loan Bank of the Company or any Subsidiary, (f) any

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Lien incurred by any Subsidiary to collateralize deposits under the Alabama SAFE program or
(g) any trade accounts payables of the Company or any Subsidiary arising in the normal course of
business.

          “ServisFirst Capital Trust I” shall mean ServisFirst Capital Trust I, a Delaware statutory
trust created for the purpose of issuing its undivided beneficial interests in connection with the
issuance of Securities under this Indenture.

          “Special Event” means a Capital Event, a Tax Event or an Investment Company Event.

          “Stated Maturity” shall mean September 1, 2038.

          “Subsidiary” shall mean with respect to any Person, (i) any corporation at least a majority of
whose outstanding voting stock of which is owned, directly or indirectly, by such Person or by one
or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries, (ii) any
general partnership, joint venture or similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such Person, or by one or more of
its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general partner. For the purposes
of this definition, “voting stock” means shares, interests, participations or other equivalents in
the equity interest (however designated) in such Person having ordinary voting power for the
election of a majority of the directors (or the equivalent) of such Person, other than shares,
interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

          “Tax Event” shall mean the receipt by ServisFirst Capital Trust I and the Company of an
opinion, requested by the Company, of counsel experienced in such matters to the effect that, as a
result of any amendment to, or change (including any announced prospective change) in, the laws or
any regulations thereunder of the United States or any political subdivision or taxing authority
thereof or therein or as a result of any official administrative written decision or pronouncement
or judicial decision interpreting or applying such laws or regulations, which amendment or change
is effective or which pronouncement or decision is made on or after the Issue Date, there is more
than an insubstantial risk that (i) ServisFirst Capital Trust I is, or will be within 90 days of
the date of such opinion, subject to United States Federal income tax with respect to income
received or accrued on the Securities, (ii) interest payable by the Company on the Securities is
not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in
whole or in part, for United States Federal income tax purposes, or (iii) ServisFirst Capital Trust
I is, or will be within 90 days of the date of such opinion, subject to more than a de minimis
amount of other taxes, duties or other governmental charges.

          “Trustee” shall mean the Person identified as “Trustee” in the first paragraph hereof, and,
subject to the provisions of Article VI hereof, shall also include its successors and assigns as
Trustee hereunder.

          “Trust Agreement” shall mean the Amended and Restated Trust Agreement of ServisFirst Capital
Trust I, dated as of September 2, 2008.

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          “Trust Indenture Act” shall mean the Trust Indenture Act of 1939 as in force at the date of
execution of this Indenture except as provided in Section 9.03; provided, however,
that, in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture
Act” shall mean, to the extent required by any such amendment, the Trust Indenture Act of 1939 as
so amended.

          “Trust Securities” shall mean the Preferred Securities and the Common Securities,
collectively.

          “U.S. Government Obligations” shall mean securities that are (i) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (ii)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case under clauses (i) or (ii)
are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S.
Government Obligation held by such custodian for the account of the holder of a depository receipt,
provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of interest on or
principal of the U.S. Government Obligation evidenced by such depository receipt.

ARTICLE II

SECURITIES

          SECTION 2.01 Forms Generally.

          The Securities and the Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A, the terms of which are incorporated in and made a part of this
Indenture. The Securities may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Company is subject or usage. Each Security shall be dated
the date of its authentication. The Securities shall be issued in denominations of $1 and in
integral multiples thereof.

          SECTION 2.02 Execution and Authentication.

          The Securities shall be signed on behalf of the Company by the Chief Executive Officer, the
President, the Chief Operating Officer or the Chief Financial Officer under corporate seal and
attested by its Secretary. Any signature may be in the form of a manual or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security
is authenticated, the Security shall nevertheless be valid.

          A Security shall not be valid until authenticated by the manual signature of the Trustee. The
signature of the Trustee shall be conclusive evidence that the Security has been
authenticated under this Indenture. The form of Trustee’s certificate of authentication to be

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borne by the Securities shall be substantially as set forth in Exhibit A hereto. A
Security shall be dated the date of its authentication.

          The Trustee shall, upon a Company Order, authenticate for original issue up to, and the
aggregate principal amount of Securities outstanding at any time may not exceed, $15,463,917
aggregate principal amount of the Securities; except as provided in Sections 2.07, 2.08, 2.10 and
14.05.

          SECTION 2.03. Form and Payment.

          Except as provided in Section 2.05, the Securities shall be issued in fully registered
certificated form without interest coupons. Principal of and premium, if any, and interest on the
Securities issued in certificated form will be payable, the transfer of such Securities will be
registrable and such Securities will be exchangeable for Securities bearing identical terms and
provisions at the office or agency of the Trustee; provided, however, that payment
of interest with respect to the Securities (other than Securities issued in global form, the
payment of interest on which shall be made in immediately available funds) may be made at the
option of the Company (i) by check mailed to the holder at such address as shall appear in the
Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto,
provided that proper transfer instructions have been received in writing by the relevant record
date. Notwithstanding the foregoing, so long as the holder of any Securities is the Property
Trustee, the payment of the principal of and premium, if any, and interest (including Compounded
Interest and Additional Sums, if any) on such Securities held by the Property Trustee will be made
in immediately available funds at such place and to such account as may be designated by the
Property Trustee.

          SECTION 2.04 Legends.

          Except as otherwise determined by the Company in accordance with applicable law, each Security
shall bear the applicable legends relating to restrictions on transfer pursuant to the securities
laws in substantially the form set forth on Exhibit A hereto, if any.

          SECTION 2.05 Global Security.

          (a) In connection with a Dissolution Event,

     (i) if any Preferred Securities are held in book-entry form, the related
certificate representing the Preferred Securities shall be presented to the Trustee
(if an arrangement with the Depositary has been maintained) by the Property Trustee
in exchange for one or more Global Securities (as may be required pursuant to
Section 2.07) in an aggregate principal amount equal to the aggregate principal
amount of all outstanding Securities held in book-entry form, to be registered in
the name of the Depositary, or a custodian therefor, or its nominee, and delivered
by the Trustee to the Depositary, or its custodian, for crediting to the accounts of
its participants pursuant to the instructions of the Administrative
Trustees; the Company upon any such presentation shall execute one or more
Global Securities in such aggregate principal amount and deliver the same to the
Trustee for authentication and delivery in accordance with this Indenture; and

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payments on the Securities issued as a Global Security will be made to the
Depositary; and

     (ii) if any Preferred Securities are held in certificated form, the related
Definitive Securities may be presented to the Trustee by the Property Trustee and
any certificate which represents Preferred Securities other than Preferred
Securities in book-entry form (“Non Book-Entry Preferred Securities”) will be deemed
to represent beneficial interests in Securities presented to the Trustee by the
Property Trustee having an aggregate principal amount equal to the aggregate
liquidation amount of the Non Book-Entry Preferred Securities until such
certificates are presented to the Security Registrar for transfer or reissuance, at
which time such certificates will be cancelled and a Security, registered in the
name of the holder of the certificate, with an aggregate principal amount equal to
the aggregate liquidation amount of the certificate cancelled, will be executed by
the Company and delivered to the Trustee for authentication and delivery in
accordance with this Indenture. Upon the issuance of such Securities, Securities
with an equivalent aggregate principal amount that were presented by the Property
Trustee to the Trustee will be deemed to have been cancelled.

          (b) The Global Securities shall represent the aggregate amount of outstanding Securities from
time to time endorsed thereon; provided, that the aggregate amount of outstanding
Securities represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and prepayments. Any endorsement of a Global Security to reflect the amount of
any increase or decrease in the amount of outstanding Securities represented thereby shall be made
by the Trustee, in accordance with instructions given by the Company as required by this Section
2.05.

          (c) The Global Securities may be transferred, in whole but not in part, only to another
nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a
nominee of such successor Depositary.

          (d) If at any time the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary or the Depositary has ceased to be a clearing agency registered under the
Exchange Act, and a successor Depositary is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such condition, as the case may be, the Company
will execute, and the Trustee, upon receipt of a Company Order, will authenticate and make
available for delivery the Definitive Securities, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security in exchange for such Global
Security. If there is an Event of Default, the Depositary shall have the right to exchange the
Global Securities for Definitive Securities. In addition, the Company may at any time determine
that the Securities shall no longer be represented by a Global Security. In the event of such an
Event of Default or such a determination, the Company shall execute, and subject to Section 2.07,
the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company,
will authenticate and make available for delivery the Definitive Securities, in authorized
denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security in exchange for such Global
Security. Upon the exchange of the Global Security for such Definitive Securities, in authorized
denominations, the Global Security shall be cancelled by the Trustee. Such Definitive Securities

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issued in exchange for the Global Security shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver such Definitive Securities to
the Persons in whose names such Definitive Securities are so registered.

          SECTION 2.06 Interest.

          (a) During the Interest Period, each Security will bear interest at the rate of 8.50% per
annum (the “Coupon Rate”). Each security will bear interest at the Coupon Rate and be paid
quarterly, in arrears, on December 1, March 1, June 1 and September 1 (each, an “Interest Payment
Date”), commencing on December 1, 2008, from the most recent date to which interest has been paid
or, if no interest has been paid, from the Issue Date to the next Interest Payment Date (each such
quarterly cycle referred to as a “Distribution Period”). Interest shall be paid for each
Distribution Period, until the principal thereof becomes due and payable, and on any overdue
principal and (to the extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to
the provisions of Article XVI) quarterly in arrears on each Interest Payment Date commencing on
December 1, 2008. Interest shall be paid to the Person in whose name such Security or any
predecessor Security is registered at the close of business on the regular record date for such
interest installment, which shall be such date which is fifteen (15) days prior to the relevant
Interest Payment Date.

          (b) Interest will be computed on the basis of the actual number of days elapsed over a 360-day
year. In the event that any Interest Payment Date falls on a day that is not a Business Day, then
payment of interest payable on such date will be made on the next succeeding day which is a
Business Day (and without any interest or other payment in respect of any such delay), with the
same force and effect as if made on such date.

          (c) During such time as the Property Trustee is the holder of any Securities, the Company
shall pay any additional amounts on the Securities as may be necessary in order that the amount of
Distributions then due and payable by ServisFirst Capital Trust I on the outstanding Trust
Securities shall not be reduced as a result of any additional taxes, duties and other governmental
charges to which ServisFirst Capital Trust I has become subject as a result of a Tax Event
(“Additional Sums”).

          SECTION 2.07. Transfer and Exchange.

          (a) Transfer Restrictions. The Securities may not be transferred except in compliance
with this section and any legend contained in Exhibit A, if any, unless otherwise
determined by the Company in accordance with applicable law. Upon any distribution of the
Securities following a Dissolution Event, the Company and the Trustee shall enter into a
supplemental indenture pursuant to Section 9.01 to provide for the transfer restrictions and
procedures with respect to the Securities substantially similar to those contained in the Trust
Agreement, if any, to the extent applicable in the circumstances existing at such time.

          (b) Conditions to Transfer. The Securities may not be transferred unless (i) the
Trustee receives an Opinion of Counsel satisfactory to the Trustee stating that such transfer is
exempt from registration under applicable state and federal securities laws, will not cause the

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Company to be an “Investment Company” or under the “control” of an “Investment Company” within the
meaning of the Investment Company Act of 1940, as amended, and otherwise complies with the
restrictions on transfer contained in this Indenture, and (ii) the transferee certifies to the
Trustee that it is not (x) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (y) a plan described in Section 4975(e)(1) of the
Internal Revenue Code of 1986 as amended or (z) any entity whose underlying assets include plan
assets by reason of a plan’s investment in the Company (each a “Benefit Plan”). By accepting and
holding a Security the transferee thereof shall be deemed to have represented and warranted that it
is not a Benefit Plan. The Trustee shall have no obligation to determine whether or not a
transferee of a Security is or is not a Benefit Plan. Notwithstanding the foregoing, the
conditions of transfer shall not apply in the event the Securities are issued to the Holders of the
Preferred Securities.

          (c) General Provisions Relating to Transfers and Exchanges. To permit registrations
of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Definitive
Securities or Global Securities, as applicable. All Definitive Securities or Global Securities
issued upon any registration of transfer or exchange of Definitive Securities or Global Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Definitive Securities or Global Securities surrendered upon
such registration of transfer or exchange.

          No service charge shall be made to a holder for any registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith.

          The Company shall not be required to (i) issue or register the transfer of or exchange
Securities during a period beginning at the opening of business 15 days before the day of mailing
of a notice of prepayment or any notice of selection of Securities for prepayment under Article XIV
hereof and ending at the close of business on the day of such mailing; or (ii) register the
transfer of or exchange any Security so selected for prepayment in whole or in part, except the
unprepaid portion of any Security being prepaid in part.

          Prior to due presentment for the registration of a transfer of any Security, the Trustee, any
agent and the Company may deem and treat the Person in whose name any Security is registered as the
absolute owner of such Security for the purpose of receiving payment of principal of and premium,
if any, and interest on such Securities, and neither the Trustee, any agent nor the Company shall
be affected by notice to the contrary.

          SECTION 2.08. Replacement Securities.

          If any mutilated Security is surrendered to the Trustee, or the Company and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Security, the
Company shall issue and the Trustee shall authenticate a replacement Security if the Trustee’s
requirements for replacements of Securities are met. An indemnity bond must be supplied by the
holder that is sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee and any authenticating agent from any loss that any of them may suffer if a
Security is replaced. The Company or the Trustee may charge for its expenses in replacing a
Security.

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     Every replacement Security is an obligation of the Company and shall be entitled to all of the
benefits of this Indenture equally and proportionately with all other Securities duly issued
hereunder.

          SECTION 2.09 Treasury Securities.

          In determining whether the holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Company or any Affiliate of
the Company shall be considered as though not outstanding, except that for purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Securities that a Responsible Officer of the Trustee actually knows to be so owned shall be so
considered.

          SECTION 2.10 Temporary Securities.

          Pending the preparation of Global Securities or Definitive Securities, the Company may
execute, and upon Company Order the Trustee shall authenticate and make available for delivery,
temporary Securities that are printed, typewritten, lithographed, mimeographed or otherwise
reproduced, in any authorized denomination, substantially of the tenor of the Securities in lieu of
which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as conclusively evidenced by
their execution of such Securities.

          If temporary Securities are issued, the Company shall cause Global Securities or Definitive
Securities, as applicable, to be prepared without unreasonable delay. The Global Securities or
Definitive Securities shall be printed, typewritten, lithographed or engraved, or provided by any
combination thereof, or in any other manner permitted by the rules and regulations of any
applicable securities exchange, all as determined by the officers executing such Global Securities
or Definitive Securities. After the preparation of Global Securities or Definitive Securities, the
temporary Securities shall be exchangeable for Global Securities or Definitive Securities, as
applicable, upon surrender of the temporary Securities at the office or agency maintained by the
Company for such purpose pursuant to Section 3.02 hereof, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities, the Company shall execute, and
the Trustee shall authenticate and make available for delivery, in exchange therefor the same
aggregate principal amount of Global Securities or Definitive Securities of authorized
denominations. Until so exchanged, the temporary Securities shall in all respects be entitled to
the same benefits under this Indenture as Global Securities or Definitive Securities.

          SECTION 2.11 Cancellation.

          The Company at any time may deliver Securities to the Trustee for cancellation. The Trustee
and no one else shall cancel all Securities surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall retain or destroy cancelled Securities in accordance
with its normal practices (subject to the record retention requirement of the Exchange Act) unless
the Company directs them to be returned to it. The Company may not issue new Securities to replace
Securities that have been redeemed or paid or that have been

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delivered to the Trustee for
cancellation. All cancelled Securities not destroyed by the Trustee shall be delivered to the
Company.

          SECTION 2.12 Defaulted Interest.

          Any interest on any Security that is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the holder on the relevant regular record date by virtue of having been such holder; and
such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (a) or
clause (b) below:

          (a) The Company may make payment of any Defaulted Interest on Securities to the Persons in
whose names such Securities (or their respective Predecessor Securities) are registered at the
close of business on a special record date for the payment of such Defaulted Interest, which shall
be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as provided in this Section 2.12(a). Thereupon the Trustee shall fix a
special record date for the payment of such Defaulted Interest which shall not be more than 15 nor
less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such special record date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the special record date
therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as
it appears in the Security Register, not less than 10 days prior to such special record date.
Notice of the proposed payment of such Defaulted Interest and the special record date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names such Securities (or their respective Predecessor Securities) are registered on such special
record date and shall be no longer payable pursuant to Section 2.12(b).

          (b) The Company may make payment of any Defaulted Interest on any Securities in any other
lawful manner not inconsistent with the requirements of any securities exchange on which such
Securities may be listed, and upon such notice as may be required by such exchange, if, after
written notice given by the Company to the Trustee of the proposed payment pursuant to Section
2.12(a), such manner of payment shall be deemed practicable by the Trustee.

          SECTION 2.13 CUSIP Numbers.

          The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of prepayment as a convenience to
Securityholders; provided that any such notice may state that no representation is made as
to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a prepayment and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such prepayment shall not be affected by any defect

15

 

in or
omission of such numbers. The Company will promptly notify the Trustee in writing of any change in
the CUSIP numbers.

ARTICLE III

PARTICULAR COVENANTS OF THE COMPANY

          SECTION 3.01 Payment of Principal, Premium and Interest

          The Company covenants and agrees for the benefit of the holders of the Securities that it will
duly and punctually pay or cause to be paid the principal of and premium, if any, and interest on
the Securities at the place, at the respective times and in the manner provided herein.

          SECTION 3.02 Offices for Notices and Payments, etc.

          So long as any of the Securities remains outstanding, the Company will maintain in Wilmington,
Delaware, an office or agency where the Securities may be presented for payment, an office or
agency where the Securities may be presented for registration of transfer and for exchange as in
this Indenture provided and an office or agency where notices and demands to or upon the Company in
respect of the Securities or of this Indenture may be served. The Company will give to the Trustee
prompt written notice of the location of any such office or agency and of any change of location
thereof. Until otherwise designated from time to time by the Company in a notice to the Trustee,
any such office or agency for all of the above purposes shall be the office or agency of the
Principal Office of the Trustee in the Wilmington, Delaware. In case the Company shall fail to
maintain any such office or agency in Wilmington, Delaware, or shall fail to give such notice of
the location or of any change in the location thereof, presentations and demands may be made and
notices may be served at the principal corporate trust office of the Trustee.

          In addition to any such office or agency, the Company may from time to time designate one or
more offices or agencies outside Wilmington, Delaware, where the Securities may be presented for
registration of transfer and for exchange in the manner provided in this Indenture, and the Company
may from time to time rescind such designation, as the Company may deem desirable or expedient;
provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain any such office or agency in Wilmington, Delaware, for the purposes
above mentioned. The Company will give to the
Trustee prompt written notice of any such designation or rescission thereof; provided,
further, that the Company shall at all times maintain a paying agent in each such office or agency.

          SECTION 3.03 Appointments to Fill Vacancies in Trustee’s Office.

          The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will
appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.

          SECTION 3.04 Provision as to Paying Agent.

          (a) If the Company shall appoint a paying agent other than the Trustee with respect to the
Securities, it will cause such paying agent to execute and deliver to the Trustee an

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instrument in
which such agent shall agree with the Trustee, subject to the provision of this Section 3.04,

          (i) that it will hold all sums held by it as such agent for the payment of the
principal of and premium, if any, or interest on the Securities (whether such sums have been
paid to it by the Company or by any other obligor on the Securities) in trust for the
benefit of the holders of the Securities; and

          (ii) that it will give the Trustee written notice of any failure by the Company (or by
any other obligor on the Securities) to make any payment of the principal of and premium or
interest on the Securities when the same shall be due and payable.

          (b) If the Company shall act as its own paying agent, it will, on or before each due date of
the principal of and premium, if any, or interest on the Securities, set aside, segregate and hold
in trust for the benefit of the holders of the Securities a sum sufficient to pay such principal,
premium or interest so becoming due and will notify the Trustee in writing of any failure to take
such action and of any failure by the Company (or by any other obligor under the Securities) to
make any payment of the principal of and premium, if any, or interest on the Securities when the
same shall become due and payable.

          (c) Anything in this Section 3.04 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to the Securities
hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust
for any such Securities by the Trustee or any paying agent hereunder, as required by this Section
3.04, such sums to be held by the Trustee upon the trusts herein contained.

          (d) Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 3.04 is subject to Sections 11.03 and 11.04.

          SECTION 3.05 Certificate to Trustee.

          The Company will deliver to the Trustee on or before 120 days after the end of each fiscal
year in each year, commencing with the first fiscal year ending after the date hereof, so long as
Securities are outstanding hereunder, an Officers’ Certificate as set forth in Exhibit B to
this Indenture, one of the signers of which shall be the principal executive, principal financial
or principal accounting officer of the Company, stating that in the course of the performance by
the signers of their duties as officers of the Company they would normally have knowledge of any
default by the Company in the performance of any covenants contained herein, stating whether or not
they have knowledge of any such default and, if so, specifying each such default of which the
signers have knowledge and the nature thereof. For the purpose of this Section 3.05, compliance
shall be determined without regard to any grace period or requirement of notice provided pursuant
to the terms of this Indenture.

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          SECTION 3.06 Compliance with Consolidation Provisions.

          The Company will not, while any of the Securities remain outstanding, consolidate with, or
merge into, or merge into itself, or sell or convey all or substantially all of its property to,
any other Person unless the provisions of Article X hereof are complied with.

          SECTION 3.07 Limitation on Dividends.

          So long as any Securities remain outstanding and (i) there shall have occurred any event of
which the Company has actual knowledge that (a) with the giving of notice or the lapse of time, or
both, would constitute an Event of Default and (b) in respect of which the Company shall not have
taken reasonable steps to cure, (ii) if such Securities are held by the Property Trustee, the
Company shall be in default with respect to its payment of any obligations under the Preferred
Securities Guarantee or (iii) the Company shall have given notice of its election of the exercise
of its right to extend the interest payment period pursuant to Section 16.01 and any such extension
shall be continuing, the Company will not (i) declare or pay any dividends or distributions on, or
redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s
capital stock (which includes common and preferred stock) or (ii) make any payment of principal,
interest or premium, if any, on or repay or repurchase or redeem any debt securities of the Company
(including any Other Debentures) that rank pari passu with or junior in right of payment to the
Securities or (iii) make any guarantee payments with respect to any guarantee by the Company of the
debt securities of any Subsidiary of the Company (including Other Guarantees) if such guarantee
ranks pari passu or junior in right of payment to the Securities (other than (a) dividends or
distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of,
Common Stock of the Company, (b) any declaration of a dividend in connection with the
implementation of a stockholder’s rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto, (c) payments under the
Preferred Securities Guarantee, (d) as a result of a reclassification of the Company’s capital
stock or the exchange or the conversion of one class or
series of the Company’s capital stock for another class or series of the Company’s capital
stock, (e) the purchase of fractional interests in shares of the Company’s capital stock pursuant
to the conversion or exchange provisions of such capital stock or the security being converted or
exchanged, and (f) purchases or issuances of Common Stock in connection with any of the Company’s
stock option, stock purchase, stock loan or other benefit plans for its directors, officers or
employees or any of the Company’s dividend reinvestment plans, in each case as now existing or
hereafter established or amended). Notwithstanding anything herein to the contrary, in no event
shall this provision be deemed to limit the Company from issuing shares of its common stock to any
Person whether in a public or private transaction.

          SECTION 3.08 Covenants as to ServisFirst Capital Trust I

          In the event Securities are issued to ServisFirst Capital Trust I or a trustee of such trust
in connection with the issuance of Trust Securities by ServisFirst Capital Trust I, for so long as
such Trust Securities remain outstanding, the Company will (i) directly or indirectly maintain 100%
ownership of the Common Securities of ServisFirst Capital Trust I; provided,
however, that any successor of the Company, permitted pursuant to Article X, may succeed to
the Company’s ownership of such Common Securities, (ii) use its reasonable efforts to cause
ServisFirst Capital Trust I (a) to remain a statutory trust, except in connection with a
distribution

18

 

of Securities to the holders of the Trust Securities in a liquidation of ServisFirst
Capital Trust I, the redemption of all of the Trust Securities of ServisFirst Capital Trust I or
certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of
ServisFirst Capital Trust I, and (b) to continue to be treated as a grantor trust and not as an
association taxable as a corporation or a partnership for United States federal income tax purposes
and (iii) to use its reasonable efforts to cause each holder of Trust Securities to be treated as
owning an undivided beneficial interest in the Securities.

          SECTION 3.09. Payment of Expenses.

          In connection with the offering, sale and issuance of the Securities to ServisFirst Capital
Trust I and in connection with the sale of the Trust Securities by ServisFirst Capital Trust I, the
Company, in its capacity as borrower with respect to the Securities, shall:

          (a) pay all costs and expenses relating to the offering, sale and issuance of the Securities,
including compensation of the Trustee in accordance with the provisions of Section 6.06;

          (b) pay all costs and expenses of ServisFirst Capital Trust I (including, but not limited to,
costs and expenses relating to the organization of ServisFirst Capital Trust I, the offering, sale
and issuance of the Trust Securities, the fees and expenses of the Property Trustee and the
Delaware Trustee, the costs and expenses relating to the operation of the Trust, including without
limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services,
expenses for printing and engraving and computing or accounting equipment, paying agent(s),
registrar(s), transfer agent(s), duplicating, sending notices, travel and telephone and other
telecommunications expenses and costs and expenses incurred in connection with the acquisition,
financing and disposition of the assets of ServisFirst Capital Trust I;

          (c) be primarily and fully liable for any indemnification obligations arising with respect to
the Trust Agreement;

          (d) pay any and all taxes (other than United States withholding taxes attributable to
ServisFirst Capital Trust I or its assets) and all liabilities, costs and expenses with respect to
such taxes of ServisFirst Capital Trust I; and

          (e) pay all other fees, expenses, debts and obligations (other than the Trust Securities)
related to ServisFirst Capital Trust I.

          SECTION 3.10 Payment Upon Resignation or Removal.

          Upon termination of this Indenture or the removal or resignation of the Trustee, unless
otherwise stated, the Company shall pay to the Trustee all amounts accrued and owing to the date of
such termination, removal or resignation. Upon termination of the Trust Agreement or the removal
or resignation of the Delaware Trustee or the Property Trustee, as the case may be, pursuant to
Section 5.7 of the Trust Agreement, the Company shall pay to the Delaware Trustee or the Property
Trustee, as the case may be, all amounts accrued and owing to the date of such termination, removal
or resignation.

19

 

          SECTION 3.11 Approval of Senior Debt While Securities Outstanding.

          As long as any Securities are outstanding, the Company may not incur any Senior Debt in excess
of one-half of one percent (0.5%) of the Company’s average assets for the Company’s immediately
preceding fiscal year without the approval of the holders of a majority of the Preferred
Securities.

ARTICLE IV.

SECURITYHOLDERS’ LISTS AND REPORTS BY THE

COMPANY AND THE TRUSTEE

          SECTION 4.01 Securityholders’ Lists.

          The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee:

          (a) on a quarterly basis on each regular record date for the Securities, a list, in such form
as the Trustee may reasonably require, of the names and addresses of the Securityholders as of such
record date; and

          (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished;
except that, no such lists need be furnished so long as the Trustee is in possession thereof by
reason of its acting as Security registrar.

          SECTION 4.02. Preservation and Disclosure of Lists.

          (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of the Securities (1) contained in the
most recent list furnished to it as provided in Section 4.01 or (2) received by it in the capacity
of Securities registrar (if so acting) hereunder. The Trustee may destroy any list furnished to it
as provided in Section 4.01 upon receipt of a new list so furnished.

          (b) In case three or more holders of Securities (hereinafter referred to as “applicants”)
apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such
applicant has owned a Security for a period of at least six months preceding the date of such
application, and such application states that the applicants desire to communicate with other
holders of Securities or with holders of all Securities with respect to their rights under this
Indenture and is accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall within 5 Business Days after the receipt of
such application, at its election, either:

          (i) afford such applicants access to the information preserved at the time by the
Trustee in accordance with the provisions of subsection (a) of this Section 4.02; or

20

 

          (ii) inform such applicants as to the approximate number of holders of all Securities,
whose names and addresses appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02, and as to the
approximate cost of mailing to such Securityholders the form of proxy or other
communication, if any, specified in such application.

          If the Trustee shall elect not to afford such applicants access to such information,
the Trustee shall, upon the written request of such applicants, mail to each Securityholder
whose name and address appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02 a copy of the form of
proxy or other communication which is specified in such request with reasonable promptness
after a tender to the Trustee of the material to be mailed and of payment, or provision for
the payment, of the reasonable expenses of mailing, unless within five days after such
tender, the Trustee shall mail to such applicants, together with a copy of the material to
be mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interests of the holders of all Securities or would be
in violation of applicable law. Such written statement shall specify the basis of such
opinion.

          (c) Each and every holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any paying agent shall be held
accountable by reason of the disclosure of any such information as to the names and addresses of
the holders of Securities in accordance with the provisions of
subsection (b) of this Section 4.02, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under said subsection (b).

          SECTION 4.03 Reports of the Company

          (a) General. The Company will furnish to the Trustee:

          (i) unless the Company is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within 45 days
after the end of the first, second and third quarterly accounting periods of each fiscal
year (commencing with the quarter ending September 30, 2008), the Company’s unaudited
consolidated balance sheet as of the last day of such quarterly period and the related
consolidated statements of income and cash flows during such quarterly period prepared in
accordance with GAAP and (in the case of second and third quarterly periods) for the portion
of the fiscal year ending with the last day of such quarterly period, setting forth in each
case in comparative form corresponding unaudited figures from the preceding fiscal year;

          (ii) unless the Company is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within 90 days
after the end of each fiscal year (commencing with the fiscal year ending December 31,
2008), the Company’s consolidated balance sheet as of the end of such year and the related
consolidated statements of income, cash flows, and shareholders’ equity during such year
setting forth in each case in comparative form corresponding

21

 

figures from the preceding
fiscal year accompanied by an audit report thereon of a firm of independent public
accountants registered with the Public Company Accounting Oversight Board (the “PCAOB”);

          (iii) promptly after the Company obtains actual knowledge of the occurrence thereof,
written notice of the occurrence of any event or condition which constitutes an Event of
Default, and an Officers’ Certificate of the Company specifically stating that such Event of
Default has occurred and setting forth the details thereof and the action which the Company
is taking or proposes to take with respect thereto.

          (b) All such information provided to the Trustee as indicated above also will be provided by
the Trustee upon written request to the Trustee (which may be a single continuing request), by (x)
holders of Securities, (y) holders of beneficial interests (reasonably confirmed to the Trustee) in
the Securities or (z) prospective purchasers of the Securities (and of beneficial interests in the
Securities). The Company will furnish to the Trustee, upon its request, sufficient copies of all
such information to accommodate the requests of such holders of Securities (and holders of
beneficial interests therein) and prospective purchasers of Securities (and of beneficial interests
in the Securities).

          (c) Upon the request of any holder of Securities, any holder of a beneficial interest in the
Securities, or the Trustee (on behalf of a holder of Securities or a holder of a beneficial
interest in the Securities), the Company will furnish such information as is specified in
paragraph (d)(4) of Rule 144A under the Securities Act, or any successor rule or regulation,
to holders of Securities (and to holders of beneficial interests in the Securities), prospective
purchasers of the Securities (and of beneficial interests in the Securities) who are “qualified
institutional buyers” within the meaning of Rule 144A under the Securities Act or “accredited
investors” within the meaning of Rule 506(a) of Regulation D under the Securities Act or to the
Trustee for delivery to such holders of Securities (or holders of beneficial interests in
Securities) or prospective purchasers of the Securities (or beneficial interests therein), as the
case may be, unless, at the time of such request, the Company is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act.

          SECTION 4.04. Reports by the Trustee

          (a) The Trustee shall transmit to Securityholders such reports concerning the Trustee and its
actions under this Indenture pursuant to the requirements of the Trust Indenture Act at the times
and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture
Act, the Trustee shall, within sixty days after each anniversary following the date of this
Indenture, commencing September 2, 2009, deliver to Securityholders a brief report, dated as of
such date, which complies with the provisions of such Section 313(a) of the Trust Indenture Act.

          (b) A copy of each such report shall, at the time of such transmission to Securityholders, be
filed by the Trustee with the Company. The Company will promptly notify the Trustee if and when
the Securities are listed on any stock exchange.

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ARTICLE V

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

          SECTION 5.01 Events of Default.

          One or more of the following events of default shall constitute an Event of Default hereunder
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

          (a) default in the payment of any interest upon any Security or any Other Debentures when it
becomes due and payable, and continuance of such default for a period of 30 days; provided,
however, that a valid extension of an interest payment period by the Company in accordance with the
terms hereof or, in the case of any Other Debentures, the indenture related thereto, shall not
constitute a default in the payment of interest for this purpose; or

          (b) default in the payment of all or any part of the principal of (or premium, if any, on) any
Security or any Other Debentures as and when the same shall become due and payable either at
maturity, upon prepayment, by declaration of acceleration of maturity or otherwise; or

          (c) default in any material respect in the performance, or breach, of any covenant or warranty
of the Company in this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with), and continuance of such
default or breach for a period of 90 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the holders of at least
25% in aggregate principal amount of the outstanding Securities a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or

          (d) a court having jurisdiction in the premises shall enter a decree or order for relief in
respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of the Company or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed and in effect for a period of 90 consecutive days; or

          (e) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, shall consent to the entry of an order for relief in
an involuntary case under any such law, or shall consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official)
of the Company or of any substantial part of its property, or shall make any general assignment for
the benefit of creditors, or shall fail generally to pay its debts as they become due.

23

 

          If an Event of Default (other than an Event of Default specified in Section 5.01(d) or
5.01(e)) with respect to Securities at the time outstanding occurs and is continuing, then in every
such case the Trustee or the holders of not less than 25% in aggregate principal amount of the
Securities then outstanding may declare the principal amount of all Securities to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by the
holders of the outstanding Securities), and upon any such declaration the same shall become
immediately due and payable. If an Event of Default specified in Section 5.01(d) or 5.01(e) with
respect to Securities at the time outstanding occurs, the principal amount of all the Securities
shall automatically, and without any declaration or other action on the part of the Trustee or any
Holder, become immediately due and payable.

          The foregoing provisions, however, are subject to the condition that if, at any time after the
principal of the Securities shall have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay (A)
all matured installments of interest (including Compounded Interest, and Additional Sums, if any)
upon all the Securities and the principal of and premium, if any, on any and all Securities which
shall have become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest, at the same rate as the rate of interest specified in the
Securities to the date of such payment or deposit) and (B) such amount as shall be sufficient to
pay to the Trustee and each predecessor Trustee all amounts payable pursuant to Section 6.06, and
(ii) any and all Events of Default under the Indenture shall have been cured, waived or otherwise
remedied as provided herein, then, in every such case, the holders of a majority in aggregate
principal amount of the Securities then outstanding, by written notice to the Company and to the
Trustee, may rescind and annul such declaration and its consequences, but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent default or shall impair any
right consequent thereon.

          In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Company, the Trustee and the holders of the Securities shall be restored respectively to
their several positions and rights hereunder, and all rights, remedies and powers of the Company,
the Trustee and the holders of the Securities shall continue as though no such proceeding had been
taken.

          SECTION 5.02 Payment of Securities on Default; Suit Therefor.

          The Company covenants that (a) in case default shall be made in the payment of any installment
of interest upon any of the Securities as and when the same shall become due and payable, and such
default shall have continued for a period of 30 days, or (b) in case default shall be made in the
payment of the principal of or premium, if any, on any of the Securities as and when the same shall
have become due and payable, whether at maturity of the Securities or upon prepayment or by
declaration of acceleration of maturity or otherwise, then, upon demand of the Trustee, the Company
will pay to the Trustee, for the benefit of the holders of the Securities, the whole amount that
then shall have become due and payable on all such Securities for principal
and premium, if any, or interest, or both, as the case may be, with interest upon the overdue

24

 

principal and premium, if any, and (to the extent that payment of such interest is enforceable
under applicable law and, if the Securities are held by ServisFirst Capital Trust I or a trustee of
such trust, without duplication of any other amounts paid by ServisFirst Capital Trust I or a
trustee in respect thereof) upon the overdue installments of interest at the rate borne by the
Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including a reasonable compensation to the Trustee, its agents,
attorneys and counsel, and any expenses or liabilities incurred by the Trustee hereunder other than
through its gross negligence or bad faith.

          In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in
its own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or any other obligor on the Securities and collect in
the manner provided by law out of the property of the Company or any other obligor on the
Securities wherever situated the moneys adjudged or decreed to be payable.

          In case there shall be pending proceedings for the bankruptcy or for the reorganization of the
Company or any other obligor on the Securities under Title 11, United States Code, or any other
applicable law, or in case a receiver or trustee shall have been appointed for the property of the
Company or such other obligor, or in the case of any other similar judicial proceedings relative to
the Company or other obligor upon the Securities, or to the creditors or property of the Company or
such other obligor, the Trustee, irrespective of whether the principal of the Securities shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be
entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim
or claims for the whole amount of principal and interest owing and unpaid in respect of the
Securities and, in case of any judicial proceedings, to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for all amounts payable pursuant to Section 6.06 to the Trustee and each predecessor
Trustee) and of the Securityholders allowed in such judicial proceedings relative to the Company or
any other obligor on the Securities, or to the creditors or property of the Company or such other
obligor, unless prohibited by applicable law and regulations, to vote on behalf of the holders of
the Securities in any election of a trustee or a standby trustee in arrangement, reorganization,
liquidation or other bankruptcy or insolvency proceedings or Person performing similar functions in
comparable proceedings, and to collect and receive any moneys or other property payable or
deliverable on any such claims, and to distribute the same after the deduction of its charges and
expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the Securityholders to make such payments to the Trustee, and, in the event
that the Trustee shall consent to the making of such payments directly to the Securityholders, to
pay to the Trustee such amounts as shall be sufficient to pay to the Trustee and each predecessor
Trustee all amounts payable pursuant to Section 6.06.

          To the extent that the payment of any such compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 6.06 hereof out of the estate in any such proceeding, shall be
denied

25

 

for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of,
any and all distributions, dividends, money, securities and other properties that the
Securityholders may be entitled to receive in such proceeding whether in liquidation or under any
plan of reorganization or arrangement or otherwise.

          Nothing herein contained shall be construed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any holder thereof or to
authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

          All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
production thereof in any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the holders of the
Securities.

          In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party) the
Trustee shall be held to represent all the holders of the Securities, and it shall not be necessary
to make any holders of the Securities parties to any such proceedings.

          SECTION 5.03 Application of Moneys Collected by Trustee.

          Any moneys collected by the Trustee shall be applied in the order following, at the date or
dates fixed by the Trustee for the distribution of such moneys, upon presentation of the Securities
in respect of which moneys have been collected, and stamping thereon the payment, if only partially
paid, and upon surrender thereof if fully paid:

          First: To the payment of all amounts due the Trustee under Section 6.06, including the costs
and expenses of collection applicable to the Securities and reasonable compensation to the Trustee,
its agents, attorneys and counsel, and of all other expenses and liabilities incurred, and all
advances made, by the Trustee except as a result of its gross negligence or bad faith;

          Second: To the payment of all Senior Debt of the Company if and to the extent required by
Article XV;

          Third: To the payment of the amounts then due and unpaid upon Securities for principal of (and
premium, if any) and interest on the Securities, in respect of which or for the benefit of which
money has been collected, ratably, without preference of priority of any kind, according to the
amounts due on such Securities for principal (and premium, if any) and interest, respectively; and

          Fourth: To the Company.

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          SECTION 5.04 Proceedings by Securityholders.

          Except as contemplated by this Section 5.04, no holder of any Security shall have any right by
virtue of or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless such holder
previously shall have given to the Trustee written notice of an Event of Default and of the
continuance thereof with respect to the Securities specifying such Event of Default, as
hereinbefore provided, and unless also the holders of not less than 25% in aggregate principal
amount of the Securities then outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to
be incurred therein or thereby, and the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity shall have failed to institute any such action, suit or proceeding,
it being understood and intended, and being expressly covenanted by the taker and holder of every
Security with every other taker and holder and the Trustee, that no one or more holders of
Securities shall have any right in any manner whatsoever by virtue of or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of any other holder of
Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or
to enforce any right under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities.

          Notwithstanding any other provisions in this Indenture, however, the right of any holder of
any Security to receive payment of the principal of (premium, if any) and interest on such
Security, on or after the same shall have become due and payable, or to institute suit for the
enforcement of any such payment, shall not be impaired or affected without the consent of such
holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by
the taker and holder of every Security with every other such taker and holder and the Trustee, that
no one or more holders of Securities shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of the
holders of any other Securities, or to obtain or seek to obtain priority over or preference to any
other such holder, or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all holders of Securities. For the
protection and enforcement of the provisions of this Section, each and every Securityholder and the
Trustee shall be entitled to such relief as can be given either at law or in equity.

          The Company and the Trustee acknowledge that pursuant to the Trust Agreement, the holders of
Preferred Securities are entitled, in the circumstances and subject to the limitations set forth
therein, to commence a Direct Action with respect to any Event of Default under this Indenture and
the Securities.

          SECTION 5.05 Proceedings by Trustee.

          In case an Event of Default occurs with respect to Securities and is continuing, the Trustee
may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any of such rights, either by suit in equity or by action at law or by proceeding in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or

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agreement
contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to
enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

          SECTION 5.06 Remedies Cumulative and Continuing.

          All powers and remedies given by this Article V to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers
and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and agreements contained in
this Indenture or otherwise established with respect to the Securities, and no delay or omission of
the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon
any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or
shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to
the provisions of Section 5.04, every power and remedy given by this Article V or by law to the
Trustee or to the Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

          SECTION 5.07 Direction of Proceedings and Waiver of Defaults by Majority of Securityholders.

          The holders of a majority in aggregate principal amount of the Securities at the time
outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee;
provided, however, that (subject to the provisions of Section 6.01) the Trustee
shall have the right to decline to follow any such direction if the Trustee shall determine that
the action so directed would be unjustly prejudicial to the holders not taking part in such
direction or if the Trustee being advised by counsel determines that the action or proceeding so
directed may not lawfully be taken or if the Trustee in good faith by its board of directors or
trustees, executive committee, or a trust committee of directors or trustees and/or Responsible
Officers shall determine that the action or proceedings so directed would involve the Trustee in
personal liability. Prior to any declaration accelerating the maturity of the Securities, the
holders of a majority in aggregate principal amount of the Securities at the time outstanding may
on behalf of the holders of all of the Securities waive any past default or Event of Default and
its consequences except a default (a) in the payment of principal of or premium, if any, or
interest on any of the Securities or (b) in respect of covenants or provisions hereof which cannot
be modified or amended without the consent of the holder of each Security affected;
provided, however, that if the Securities are held by the Property Trustee, such
waiver or modification to
such waiver shall not be effective until the holders of a majority in aggregate liquidation
amount of Trust Securities shall have consented to such waiver or modification to such waiver;
provided further, that if the consent of the holder of each outstanding Security is
required, such waiver shall not be effective until each holder of the Trust Securities shall have
consented to such waiver. Upon any such waiver, the default covered thereby shall be deemed to be
cured for all purposes of this Indenture and the Company, the Trustee and the holders of the
Securities shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Whenever any default or Event of Default hereunder shall have been waived as permitted by this
Section 5.07,

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said default or Event of Default shall for all purposes of the Securities and this
Indenture be deemed to have been cured and to be not continuing.

          SECTION 5.08 Notice of Defaults.

          The Trustee shall, within 90 days after the occurrence of a default with respect to the
Securities actually known to a Responsible Officer of the Trustee, mail to all Securityholders, as
the names and addresses of such holders appear upon the Security register, notice of all defaults
known to the Trustee, unless such defaults shall have been cured before the giving of such notice
(the term “defaults” for the purpose of this Section 5.08 being hereby defined to be the events
specified in clauses (a), (b), (c), (d) and (e) of Section 5.01, not including periods of grace, if
any, provided for therein, and irrespective of the giving of written notice specified in clause (c)
of Section 5.01); and provided that, except in the case of default in the payment of the principal
of or premium, if any, or interest on any of the Securities, the Trustee shall be fully protected
in withholding such notice if and so long as the board of directors, the executive committee, or a
trust committee of directors and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Securityholders; and provided
further, that in the case of any default of the character specified in Section 5.01(c) no such
notice to Securityholders shall be given until at least 60 days after the occurrence thereof but
shall be given within 90 days after such occurrence.

          SECTION 5.09 Undertaking to Pay Costs.

          All parties to this Indenture agree, and each holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.09 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding in
the aggregate more than 10% in aggregate principal amount of the Securities outstanding, or to any
suit instituted by any Securityholder for the enforcement of the payment of the principal of (or
premium, if any) or interest on any Security against the Company on or after the same shall have
become due and payable.

ARTICLE VI

CONCERNING THE TRUSTEE

          SECTION 6.01 Duties and Responsibilities of Trustee.

          With respect to the holders of the Securities issued hereunder, the Trustee, prior to the
occurrence of an Event of Default and after the curing or waiving of all Events of Default which
may have occurred, undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture. In case an Event of Default of which a Responsible Officer of the Trustee
has actual knowledge has occurred (which has not been cured or waived) the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the

29

 

same degree of care and
skill in their exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs.

          No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own grossly negligent action, its own grossly negligent failure to act or its own willful
misconduct, except that

          (a) prior to the occurrence of an Event of Default and after the curing or waiving of all
Events of Default which may have occurred

          (i) the duties and obligations of the Trustee shall be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable except for the performance
of such duties and obligations as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and

          (ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but, in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture;

          (b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was
grossly negligent in ascertaining the pertinent facts; and

          (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith, in accordance with the direction of the Securityholders pursuant to Section 5.07,
relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

          None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there is reasonable ground for
believing that the repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture and that indemnity satisfactory to it against such risk is not reasonably
assured to it.

          Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section.

          SECTION 6.02 Reliance on Documents, Opinions, etc.

          Except as otherwise provided in Section 6.01:

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          (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, bond, note, debenture or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

          (b) any request, direction, order or demand of the Company mentioned herein may be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be
herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy
thereof certified by the Secretary or an Assistant Secretary of the Company;

          (c) the Trustee may consult with counsel of its selection and any advice or Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered
omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

          (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
security or indemnity satisfactory to it against the costs, expenses and liabilities which may be
incurred therein or thereby;

          (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by
this Indenture;

          (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, debenture, coupon or other paper or document, unless requested in writing to
do so by the holders of a majority in aggregate principal amount of the outstanding Securities;
provided, however, that if the payment within a reasonable time to the Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require indemnity
satisfactory to it against such expense or liability as a condition to so proceeding;

          (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents (including any Authenticating Agent) attorneys,
custodians or nominees, and the Trustee shall not be responsible for any misconduct or negligence
on the part of any such agent, attorney, custodian or nominee appointed by it with due care;

          (h) the Trustee shall not be bound to ascertain or inquire as to the performance or observance
of any covenants, conditions or agreements on the part of the Company, except as otherwise set
forth herein, but the Trustee may require of the Company full information and advice as to the
performance of the covenants, conditions and agreements contained herein and shall be entitled in
connection herewith to examine the books, records and premises of the Company;

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          (i) in no event shall the Trustee be liable for the selection of investments or for investment
losses incurred thereon. The Trustee shall have no liability in respect of losses incurred as a
result of the liquidation of any such investment prior to its stated maturity or the failure of the
party directing such investment to provide timely written investment direction. The Trustee shall
have no obligation to invest or reinvest any amounts held hereunder in the absence of such written
investment direction; and

          (j) in the event that the Trustee is also acting as paying agent, security registrar, exchange
agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to
this Artcile VI shall also be afforded to such paying agent, security registrar, exchange agent or
transfer agent.

          SECTION 6.03 No Responsibility for Recitals, etc.

          The recitals contained herein and in the Securities (except in the certificate of
authentication of the Trustee or the Authenticating Agent) shall be taken as the statements of the
Company and the Trustee and the Authenticating Agent assume no responsibility for the correctness
of the same. The Trustee and the Authenticating Agent make no representations as to the validity
or sufficiency of this Indenture or of the Securities. The Trustee and the Authenticating Agent
shall not be accountable for the use or application by the Company of any Securities or the
proceeds of any Securities authenticated and delivered by the Trustee or the Authenticating Agent
in conformity with the provisions of this Indenture.

          SECTION 6.04 Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May
Own Securities.

          The Trustee or any Authenticating Agent or any paying agent or any transfer agent or any
Security registrar, in its individual or any other capacity, may become the owner or pledgee of
Securities with the same rights it would have if it were not Trustee, Authenticating Agent, paying
agent, transfer agent or Security registrar.

          SECTION 6.05 Moneys to be Held in Trust.

          Subject to the provisions of Section 11.04, all moneys received by the Trustee or any paying
agent shall, until used or applied as herein provided, be held in trust for the purpose for which
they were received, but need not be segregated from other funds except to the extent required by
law. The Trustee and any paying agent shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

          SECTION 6.06 Compensation and Expenses of Trustee.

          The Company, as borrower, covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, such compensation as shall be agreed to in writing between the
Company and the Trustee (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), and the Company will pay or reimburse the Trustee
upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the expenses and disbursements of its counsel and of

32

 

all Persons not regularly in
its employ) except any such expense, disbursement or advance as may arise from its gross negligence
or bad faith. The Company also covenants to indemnify each of the Trustee (and its officers,
agents, directors and employees) or any predecessor Trustee (and its officers, agents, directors
and employees) for, and to hold each of them harmless against, any and all loss, damage, claim,
liability or expense including taxes (other than taxes based on the income of the Trustee) incurred
without gross negligence or bad faith on the part of the Trustee and arising out of or in
connection with the acceptance or administration of this trust, including the costs and expenses of
defending itself against any claim of liability in the premises. The obligations of the Company
under this Section 6.06 shall constitute additional indebtedness hereunder. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the benefit of the holders
of particular Securities.

          When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.01(d) or Section 5.01(e), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable federal or state bankruptcy, insolvency or other similar
law.

          The provisions of this Section shall survive the resignation or removal of the Trustee and the
defeasance or other termination of this Indenture.

          Since ServisFirst Capital Trust I is being formed solely to facilitate an investment in the
Trust Securities, the Company, as Holder of the Common Securities, hereby covenants to pay all
debts and obligations (other than with respect to the Preferred Securities and the Common
Securities) and all reasonable costs and expenses of ServisFirst Capital Trust I (including without
limitation all reasonable costs and expenses relating to the organization of ServisFirst Capital
Trust I, the fees and expenses of the Trustees and all costs and expenses relating to the operation
of ServisFirst Capital Trust I) and to pay any and all taxes, duties, assessments or governmental
charges of whatever nature (other than withholding taxes) imposed on ServisFirst Capital Trust
I and the Property Trustee after paying such expenses will be equal to the amounts ServisFirst
Capital Trust I and the Property Trustee would have received had no such costs or expenses been
incurred by or imposed on ServisFirst Capital Trust I. The foregoing obligations of the Company
are for the benefit of, and shall be enforceable by, any person to whom any such debts,
obligations, costs, expenses and taxes are owed (each, a “Creditor”) whether or not such Creditor
has received notice thereof. Any such Creditor may enforce such obligations directly against the
Company, and the Company irrevocably waives any right or remedy to require that any such Creditor
take any action against ServisFirst Capital Trust I or any other person before proceeding against
the Company. The Company shall execute such additional agreements as may be necessary or desirable
to give full effect to the foregoing.

          SECTION 6.07 Officers’ Certificate as Evidence.

          Except as otherwise provided in Sections 6.01 and 6.02, whenever in the administration of the
provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or omitting any action hereunder, such matter (unless other
evidence in respect thereof is herein specifically prescribed) may, in the absence of gross
negligence or bad faith on the part of the Trustee, be deemed to be conclusively

33

 

proved and
established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the
absence of gross negligence or bad faith on the part of the Trustee, shall be full warrant to the
Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith
thereof.

          SECTION 6.08. Conflicting Interest of Trustee.

          If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with
the provisions of Section 310(b) of the Trust Indenture Act.

          SECTION 6.09 Eligibility of Trustee.

          The Trustee hereunder shall at all times be a corporation or a national banking association
organized and doing business under the laws of the United States of America or any state or
territory thereof or of the District of Columbia or a corporation or other Person permitted to act
as trustee by the Commission authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000) and subject to
supervision or examination by federal, state, territorial, or District of Columbia authority. If
such corporation or a national banking association publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 6.09 the combined capital and surplus of such
corporation or national banking association shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published.

          The Company may not, nor may any Person directly or indirectly controlling, controlled by, or
under common control with the Company, serve as Trustee.

          In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 6.09, the Trustee shall resign immediately in the manner and with the effect
specified in Section 6.10.

          SECTION 6.10 Resignation or Removal of Trustee.

          (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by
giving written notice of such resignation to the Company and by mailing notice thereof to the
holders of the Securities at their addresses as they shall appear on the Security Register. Upon
receiving such notice of resignation, the Company shall promptly appoint a successor trustee or
trustees by written instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have
been so appointed and have accepted appointment within 60 days after the mailing of such notice of
resignation to the affected Securityholders, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a bona fide holder of a Security for at least six months may, subject to the provisions of
Section 5.09, on behalf of himself and all others similarly situated, petition any such court for
the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, appoint a successor trustee.

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          (b) In case at any time any of the following shall occur:

          (1) the Trustee shall fail to comply with the provisions of Section 6.08 after written
request therefor by the Company or by any Securityholder who has been a bona fide holder of
a Security or Securities for at least six months, or

          (2) the Trustee shall cease to be eligible in accordance with the provisions of Section
6.08 and shall fail to resign after written request therefor by the Company or by any such
Securityholder, or

          (3) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

          then, in any such case, the Company may remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor trustee, or, subject to the
provisions of Section 5.09, any Securityholder who has been a bona fide holder of a Security
for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

          (c) The holders of a majority in aggregate principal amount of the Securities at the time
outstanding may at any time remove the Trustee and nominate a successor trustee, which shall be
deemed appointed as successor trustee unless within 10 days after such nomination the Company
objects thereto or if no successor trustee shall have been so appointed and shall have accepted
appointment within 30 days after such removal, in which case the Trustee so removed or any
Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section
6.10 provided, may petition any court of competent jurisdiction for an appointment of a successor
trustee.

          (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant
to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment
by the successor trustee as provided in Section 6.11.

          SECTION 6.11 Acceptance by Successor Trustee.

          Any successor trustee appointed as provided in Section 6.10 shall execute, acknowledge and
deliver to the Company and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the retiring trustee shall become effective
and such successor trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if
originally named as trustee herein; but, nevertheless, on the written request of the Company or of
the successor trustee, the trustee ceasing to act shall, upon payment of any and all amounts then
due and owing to it hereunder, execute and deliver an

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instrument transferring to such successor
trustee all the rights and powers of the trustee so ceasing to act and shall duly assign, transfer
and deliver to such successor trustee all property and money held by such retiring trustee
thereunder. Upon request of any such successor trustee, the Company shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to such successor
trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien
upon all property or funds held or collected by such trustee to secure any amounts then due it
pursuant to the provisions of Section 6.06.

          No successor trustee shall accept appointment as provided in this Section 6.11 unless at the
time of such acceptance such successor trustee shall be qualified under the provisions of Section
6.08 and eligible under the provisions of Section 6.09.

          Upon acceptance of appointment by a successor trustee as provided in this Section 6.10, the
Company shall mail notice of the succession of such trustee hereunder to the holders of Securities
at their addresses as they shall appear on the Security register. If the Company fails to mail
such notice within 10 days after the acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the Company.

          SECTION 6.12 Successor by Merger, etc.

          Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder without the execution or filing of any paper or any further act on the part
of any of the parties hereto.

          In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture any Securities shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities shall not have been
authenticated, any successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor trustee; and in all such cases such
certificates shall have the full force which the Securities or this Indenture elsewhere provides
that the certificate of the Trustee shall have; provided, however, that the right to adopt the
certificate of authentication of any predecessor Trustee or authenticate Securities in the name of
any predecessor Trustee shall apply only to its successor or successors by merger, conversion or
consolidation.

          SECTION 6.13. Limitation on Rights of Trustee as a Creditor.

          The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to the provisions in Section 311(a) of the Trust
Indenture Act to the extent included therein.

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          SECTION 6.14 Authenticating Agents.

          There may be one or more Authenticating Agents appointed by the Trustee upon the request of
the Company with power to act on its behalf and subject to its direction in the authentication and
delivery of Securities issued upon exchange or registration of transfer thereof as fully to all
intents and purposes as though any such Authenticating Agent had been expressly authorized to
authenticate and deliver Securities; provided, that the Trustee shall have no liability to the
Company for any acts or omissions of the Authenticating Agent with respect to the authentication
and delivery of Securities. Any such Authenticating Agent shall at all times be a corporation
organized and doing business under the laws of the United States or of any state or territory
thereof or of the District of Columbia authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of at least Fifty Million U.S. dollars ($50,000,000) and
being subject to supervision or examination by federal, state, territorial or District of Columbia
authority. If such corporation publishes reports of condition at least annually pursuant to law or
the requirements of such authority, then for the purposes of this Section 6.14 the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect herein specified in this Section.

          Any corporation into which any Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, if such successor corporation is otherwise eligible under this Section 6.14 without the
execution or filing of any paper or any further act on the part of the parties hereto or such
Authenticating Agent.

          Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible under this Section 6.14, the Trustee may, and upon
the request of the Company shall, promptly appoint a successor Authenticating Agent eligible under
this Section 6.14, shall give written notice of such appointment to the Company and shall mail
notice of such appointment to all Securityholders as the names and addresses of such holders appear
on the Security Register. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating Agent herein.

          The Company, as borrower, agrees to pay to any Authenticating Agent from time to time
reasonable compensation for its services. Any Authenticating Agent shall have no responsibility or
liability for any action taken by it as such in accordance with the directions of the Trustee.

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ARTICLE VII

CONCERNING THE SECURITYHOLDERS

          SECTION 7.01 Action by Securityholders.

          Whenever in this Indenture it is provided that the holders of a specified percentage in
aggregate principal amount of the Securities may take any action (including the making of any
demand or request, the giving of any notice, consent or waiver or the taking of any other action)
the fact that at the time of taking any such action the holders of such specified percentage have
joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor
executed by such Securityholders in person or by agent or proxy appointed in writing, or (b) by the
record of such holders of Securities voting in favor thereof at any meeting of such Securityholders
duly called and held in accordance with the provisions of Article VIII, or (c) by a combination of
such instrument or instruments and any such record of such a meeting of such Securityholders.

          If the Company shall solicit from the Securityholders any request, demand, authorization,
direction, notice, consent, waiver or other action, the Company may, at its option,
as evidenced by an Officers’ Certificate, fix in advance a record date for the determination
of Securityholders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other action, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other action may be given before or after the record date, but only the Securityholders of record
at the close of business on the record date shall be deemed to be Securityholders for the purposes
of determining whether Securityholders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other action, and for that purpose the Outstanding Securities shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such
Securityholders on the record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than six months after the record date.

          SECTION 7.02 Proof of Execution by Securityholders.

          Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any
instrument by a Securityholder or his agent or proxy shall be sufficient if made in accordance with
such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as
shall be satisfactory to the Trustee. The ownership of Securities shall be proved by the Security
Register or by a certificate of the Security registrar. The Trustee may require such additional
proof of any matter referred to in this Section as it shall deem necessary.

          The record of any Securityholders’ meeting shall be proved in the manner provided in Section
8.06.

          SECTION 7.03 Who Are Deemed Absolute Owners.

          Prior to due presentment for registration of transfer of any Security, the Company, the
Trustee, any Authenticating Agent, any paying agent, any transfer agent and any Security

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registrar
may deem the Person in whose name such Security shall be registered upon the Security Register to
be, and may treat him as, the absolute owner of such Security (whether or not such Security shall
be overdue) for the purpose of receiving payment of or on account of the principal of and premium,
if any, and interest on such Security and for all other purposes; and neither the Company nor the
Trustee nor any Authenticating Agent nor any paying agent nor any transfer agent nor any Security
registrar shall be affected by any notice to the contrary. All such payments so made to any holder
for the time being or upon his order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any such Security.

          SECTION 7.04. Securities Owned by Company Deemed Not Outstanding.

          In determining whether the holders of the requisite aggregate principal amount of Securities
have concurred in any direction, consent or waiver under this Indenture, Securities
which are owned by the Company or any other obligor on the Securities or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company, except for the Securities owned by or on behalf of ServisFirst Capital Trust I, or any
other obligor on the Securities shall be disregarded and deemed not to be outstanding for the
purpose of any such determination; provided that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver, only Securities
which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as outstanding for the
purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Trustee the
pledgee’s right to vote such Securities and that the pledgee is not the Company or any such other
obligor or Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. In the case of a dispute as to such
right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee.

          SECTION 7.05 Revocation of Consents; Future Holders Bound.

          At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.01, of the taking of any action by the holders of the percentage in aggregate principal amount of
the Security specified in this Indenture in connection with such action, any holder of a Security
(or any Security issued in whole or in part in exchange or substitution therefor) the serial number
of which is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee at its principal office and
upon proof of holding as provided in Section 7.02, revoke such action so far as concerns such
Security (or so far as concerns the principal amount represented by any exchanged or substituted
Security). Except as aforesaid, any such action taken by the holder of any Security shall be
conclusive and binding upon such holder and upon all future holders and owners of such Security,
and of any Security issued in exchange or substitution therefor, irrespective of whether or not any
notation in regard thereto is made upon such Security or any Security issued in exchange or
substitution therefor.

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ARTICLE VIII

SECURITYHOLDERS’ MEETINGS

          SECTION 8.01 Purpose of Meetings

          A meeting of Securityholders may be called at any time and from time to time pursuant to the
provisions of this Article VIII for any of the following purposes:

          (a) to give any notice to the Company or to the Trustee, or to give any directions to the
Trustee, or to consent to the waiving of any Default hereunder and its
consequences, or to take any other action authorized to be taken by Securityholders pursuant
to any of the provisions of Article V;

          (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article VI;

          (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 9.02; or

          (d) to take any other action authorized to be taken by or on behalf of the holders of any
specified aggregate principal amount of such Securities under any other provision of this Indenture
or under applicable law.

          SECTION 8.02 Call of Meetings by Trustee.

          The Trustee may at any time call a meeting of Securityholders to take any action specified in
Section 8.01, to be held at such time and such place as the Trustee shall determine. Notice of
every meeting of the Securityholders, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be mailed to holders of
Securities at their addresses as they shall appear on the Securities Register. Such notice shall
be mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting.

          SECTION 8.03 Call of Meetings by Company or Securityholders.

          In case at any time the Company pursuant to a resolution of the Board of Directors, or the
holders of at least 10% in aggregate principal amount of the Securities then outstanding, shall
have requested the Trustee to call a meeting of Securityholders, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within 20 days after receipt of such request, then the Company or
such Securityholders may determine the time and the place for such meeting and may call such
meeting to take any action authorized in Section 8.01, by mailing notice thereof as provided in
Section 8.02.

          SECTION 8.04 Qualifications for Voting.

          To be entitled to vote at any meeting of Securityholders a Person shall be (a) a holder of one
or more Securities or (b) a Person appointed by an instrument in writing as proxy by a holder of
one or more Securities. The only Persons who shall be entitled to be present or to

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speak at any
meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel
and any representatives of the Trustee and its counsel and any representatives of the Company and
its counsel.

          SECTION 8.05 Regulations.

          Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Securityholders, in regard to proof of the
holding of Securities and of the appointment of proxies, and in regard to the appointment and
duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it
shall think fit.

          The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Securityholders as provided in
Section 8.03, in which case the Company or the Securityholders calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

          Subject to the provisions of Section 8.04, at any meeting each holder of Securities or proxy
therefor shall be entitled to one vote for each $1 principal amount of Securities held or
represented by him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not outstanding and ruled by the chairman of the meeting to
be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue
of Securities held by him or instruments in writing as aforesaid duly designating him as the person
to vote on behalf of other Securityholders. Any meeting of Securityholders duly called pursuant to
the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority of those
present, whether or not constituting a quorum, and the meeting may be held as so adjourned without
further notice.

          SECTION 8.06 Voting.

          The vote upon any resolution submitted to any meeting of holders of Securities shall be by
written ballots on which shall be subscribed the signatures of such holders or of their
representatives by proxy and the serial number or numbers of the Securities held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in triplicate of all votes cast at the
meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be
prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was mailed as provided in Section 8.02. The record shall show the serial
numbers of the Securities voting in favor of or against any resolution. The record shall be signed
and verified by the affidavits of the permanent chairman and secretary of the meeting and one of
the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by
the Trustee, the latter to have attached thereto the ballots voted at the meeting.

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          Any record so signed and verified shall be conclusive evidence of the matters therein stated.

ARTICLE IX

AMENDMENTS

          SECTION 9.01 Without Consent of Securityholders.

          The Company, when authorized by a Board Resolution, and the Trustee may from time to time and
at any time amend this Indenture, without the consent of the Securityholders, for one or more of
the following purposes:

          (a) to evidence the succession of another corporation to the Company, or successive
successions, and the assumption by the successor corporation of the covenants, agreements and
obligations of the Company pursuant to Article X hereof;

          (b) to add to the covenants of the Company such further covenants, restrictions or conditions
for the protection of the Securityholders as the Board of Directors and the Trustee shall consider
to be for the protection of the Securityholders, and to make the occurrence, or the occurrence and
continuance, of a default in any of such additional covenants, restrictions or conditions a Default
or an Event of Default permitting the enforcement of all or any of the remedies provided in this
Indenture as herein set forth; provided, however, that in respect of any such additional covenant,
restriction or condition such amendment may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other Defaults) or may
provide for an immediate enforcement upon such default or may limit the remedies available to the
Trustee upon such default;

          (c) to provide for the issuance under this Indenture of Securities in coupon form (including
Securities registrable as to principal only) and to provide for exchangeability of such Securities
with the Securities issued hereunder in fully registered form and to make all appropriate changes
for such purpose;

          (d) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture, or to make such other provisions in regard to matters or
questions arising under this Indenture; provided that any such action shall not materially
adversely affect the interests of the holders of the Securities;

          (e) to evidence and provide for the acceptance of appointment hereunder by a successor trustee
with respect to the Securities;

          (f) to make provision for transfer procedures, certification, book-entry provisions, the form
of restricted securities legends, if any, to be placed on Securities, and all other matters
required pursuant to Section 2.07 or otherwise necessary, desirable or appropriate in connection
with the issuance of Securities to holders of Preferred Securities in the event of a distribution
of Securities by ServisFirst Capital Trust I following a Dissolution Event;

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          (g) to qualify or maintain qualification of this Indenture under the Trust Indenture Act; or

          (h) to make any change that does not adversely affect the rights of any Securityholder in any
material respect.

          The Trustee is hereby authorized to join with the Company in the execution of any supplemental
indenture to effect such amendment, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer and assignment of any
property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

          Any amendment to this Indenture authorized by the provisions of this Section 9.01 may be
executed by the Company and the Trustee without the consent of the holders of any of the Securities
at the time outstanding, notwithstanding any of the provisions of Section 9.02.

          SECTION 9.02 With Consent of Securityholders.

          With the consent (evidenced as provided in Section 7.01) of the holders of a majority in
aggregate principal amount of the Securities at the time outstanding, the Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at any time amend this Indenture
for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the holders of the
Securities; provided, however, that no such amendment shall without the consent of the
holders of each Security then outstanding and affected hereby (i) extend the Stated Maturity of any
Security, or reduce the rate or extend the time of payment of interest thereon (except as
contemplated by Article XVI), or reduce the principal amount thereof (including in the case of a
discounted Security the amount payable thereon in the event of acceleration or the amount provable
in bankruptcy), or reduce any amount payable on redemption thereof, or make the principal thereof
or any interest or premium thereon payable in any coin or currency other than that provided in the
Securities, or impair or affect the right of any Securityholder to institute suit for payment
thereof, or (ii) reduce the aforesaid percentage of Securities the holders of which are required to
consent to any such amendment to this Indenture, provided, however, that if the
Securities are held by ServisFirst Capital Trust I, such amendment shall not be effective until the
holders of a majority in liquidation amount of Trust Securities shall have consented to such
amendment; provided, further, that if the consent of the holder of each outstanding
Security is required, such amendment shall not be effective until each holder of the Trust
Securities shall have consented to such amendment.

          Upon the request of the Company accompanied by a copy of a resolution of the Board of
Directors certified by its Secretary or Assistant Secretary authorizing the execution of any
supplemental indenture affecting such amendment, and upon the filing with the Trustee of evidence
of the consent of Securityholders as aforesaid, the Trustee shall join with the Company in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but shall not be obligated to, enter into such supplemental indenture.

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          Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage
prepaid, a notice, prepared by the Company, setting forth in general terms the substance of such
supplemental indenture, to the Securityholders as their names and
addresses appear upon the Security Register. Any failure of the Trustee to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

          It shall not be necessary for the consent of the Securityholders under this Section 9.02 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.

          SECTION 9.03 Effect of Supplemental Indentures.

          Upon the execution of any supplemental indenture pursuant to the provisions of this Article
IX, this Indenture shall be and be deemed to be modified and amended in accordance therewith and
the respective rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Company and the holders of Securities shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments and
all the terms and conditions of any such supplemental indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.

          SECTION 9.04. Notation on Securities.

          Securities authenticated and delivered after the execution of any supplemental indenture
affecting such series pursuant to the provisions of this Article IX may bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company or the Trustee shall so determine, new Securities so modified as to conform, in the opinion
of the Trustee and the Board of Directors, to any modification of this Indenture contained in any
such supplemental indenture may be prepared and executed by the Company, authenticated by the
Trustee or the Authenticating Agent and delivered in exchange for the Securities then outstanding.

          SECTION 9.05 Evidence of Compliance of Supplemental Indenture to be Furnished Trustee.

          The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this
Article and that it is proper for the Trustee under the provisions of this Article to join in the
execution thereof.

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ARTICLE X

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

          SECTION 10.01 Company May Consolidate, etc., on Certain Terms.

          Nothing contained in this Indenture or in any of the Securities shall prevent any
consolidation or merger of the Company with or into any other Person (whether or not affiliated
with the Company, as the case may be), or successive consolidations or mergers in which the
Company, as the case may be, or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance, transfer or lease of the property of the Company, as the case may be,
or its successor or successors as an entirety, or substantially as an entirety, to any other Person
(whether or not affiliated with the Company, as the case may be, or its successor or successors)
authorized to acquire and operate the same; provided, that (a) the Company is the surviving Person
or the Person formed by or surviving any such consolidation or merger (if other than the Company)
or to which such sale, conveyance, transfer or lease of property is made is a Person organized and
existing under the laws of the United States or any State thereof or the District of Columbia, and
(b) upon any such consolidation, merger, sale, conveyance, transfer or lease, the due and punctual
payment of the principal of (and premium, if any) and interest on the Securities according to their
tenor and the due and punctual performance and observance of all the covenants and conditions of
this Indenture to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect)
satisfactory in form to the Trustee, and executed and delivered to the Trustee by the Person formed
by such consolidation, or into which the Company, as the case may be, shall have been merged, or by
the Person which shall have acquired such property, and (c) after giving effect to such
consolidation, merger, sale, conveyance, transfer or lease, no Default or Event of Default shall
have occurred and be continuing.

          SECTION 10.02 Successor Corporation to be Substituted for Company.

          In case of any such consolidation, merger, conveyance or transfer and upon the assumption by
the successor corporation, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the due and punctual payment of the principal of and
premium, if any, and interest on all of the Securities and the due and punctual performance and
observance of all of the covenants and conditions of this Indenture to be performed or observed by
the Company, such successor Person shall succeed to and be substituted for the Company, with the
same effect as if it had been named herein as the party of the first part, and the Company
thereupon shall be relieved of any further liability or obligation hereunder or upon the
Securities. Such successor Person thereupon may cause to be signed, and may issue either in its
own name or in the name of ServisFirst Bancshares, Inc., any or all of the Securities issuable
hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee
or the Authenticating Agent; and, upon the order of such successor Person instead of the Company
and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
or the Authenticating Agent shall authenticate and deliver any Securities which previously shall
have been signed and delivered by the officers of the Company to the Trustee or the Authenticating
Agent for authentication, and any Securities which such
successor Person thereafter shall cause to be signed and delivered to the Trustee or the
Authenticating Agent for that purpose. All the Securities so issued shall in all respects have the

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same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Securities had been issued at
the date of the execution hereof.

          SECTION 10.03 Opinion of Counsel to be Given Trustee.

          The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an Opinion of
Counsel as conclusive evidence that any consolidation, merger, sale, conveyance, transfer or lease,
and any assumption, permitted or required by the terms of this Article X complies with the
provisions of this Article X.

ARTICLE XI

SATISFACTION AND DISCHARGE OF INDENTURE

          SECTION 11.01 Discharge of Indenture.

          When (a) the Company shall deliver to the Trustee for cancellation all Securities theretofore
authenticated (other than any Securities which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.08) and not theretofore cancelled, or (b)
all the Securities not theretofore cancelled or delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due and payable within one year or are
to be called for prepayment within one year under arrangements satisfactory to the Trustee for the
giving of notice of prepayment, and the Company shall deposit or cause to be deposited with the
Trustee, in trust, funds sufficient to pay on the Stated Maturity or upon prepayment all of the
Securities (other than any Securities which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.08) not theretofore cancelled or
delivered to the Trustee for cancellation, including principal (and premium, if any) and interest
due or to become due to the Stated Maturity or prepayment date, as the case may be, but excluding,
however, the amount of any moneys for the payment of principal (or premium, if any) or interest on
the Securities (1) theretofore repaid to the Company in accordance with the provisions of Section
11.04, or (2) paid to any State or to the District of Columbia pursuant to its unclaimed property
or similar laws, and if in either case the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company, then this Indenture shall cease to be of further effect
except for the provisions of Sections 2.02, 2.07, 2.08, 3.01, 3.02, 3.04, 6.06, 6.10, 11.02 and
11.04 hereof shall survive until such Securities shall mature and be paid. Thereafter, Sections
6.06, 6.10 and 11.04 shall survive, and the Trustee, on demand of the Company accompanied by any
Officers’ Certificate and an Opinion of Counsel to the effect that all conditions to the
satisfaction and discharge of this Indenture have been satisfied and at the cost and expense of the
Company, shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture, the Company, however, hereby agreeing to reimburse the Trustee for any costs or expenses
thereafter reasonably and properly incurred by the Trustee in connection with this Indenture or the
Securities.

          SECTION 11.02 Deposited Moneys and U.S. Government Obligations to be Held in Trust by Trustee.

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          Subject to the provisions of Section 11.04, all moneys and U.S. Government Obligations
deposited with the Trustee pursuant to Sections 11.01 or 11.05 shall be held in trust and applied
by it to the payment, either directly or through any paying agent (including the Company if acting
as its own paying agent), to the holders of the particular Securities for the payment of which such
moneys or U.S. Government Obligations have been deposited with the Trustee, of all sums due and to
become due thereon for principal, premium, if any, and interest.

          The Company shall pay and indemnify the Trustee and its officers, directors, agents and
employees against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 11.05 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the account of the holders
of outstanding Securities.

          SECTION 11.03 Paying Agent to Repay Moneys Held.

          Upon the satisfaction and discharge of this Indenture all moneys then held by any paying agent
of the Securities (other than the Trustee) shall, upon written demand of the Company, be repaid to
it or paid to the Trustee, and thereupon such paying agent shall be released from all further
liability with respect to such moneys.

          SECTION 11.04 Return of Unclaimed Moneys.

          Any moneys deposited with or paid to the Trustee or any paying agent for payment of the
principal of or premium, if any, or interest on Securities and not applied but remaining unclaimed
by the holders of Securities for two years after the date upon which the principal of or premium,
if any, or interest on such Securities, as the case may be, shall have become due and payable,
shall be repaid to the Company by the Trustee or such paying agent on written demand; and the
holder of any of the Securities shall thereafter look only to the Company for any payment which
such holder may be entitled to collect and all liability of the Trustee or such paying agent with
respect to such moneys shall thereupon cease.

          SECTION 11.05 Defeasance Upon Deposit of Moneys or U.S. Government Obligations

          The Company shall be deemed to have been Discharged (as defined below) from its respective
obligations with respect to the Securities on the 91st day after the applicable conditions set
forth below have been satisfied with respect to the Securities at any time after the applicable
conditions set forth below have been satisfied:

          (a) The Company shall have deposited or caused to be deposited irrevocably with the Trustee or
the Defeasance Agent (as defined below) as trust funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the holders of the Securities
(i) money in an amount, or (ii) U.S. Government Obligations which through the payment of interest
and principal in respect thereof in accordance with their terms will provide, not later than one
day before the due date of any payment, money in an amount, or (iii) a combination of (i) and (ii),
sufficient, in the opinion (with respect to (ii) and (iii)) of independent public accountants
registered with the PCAOB expressed in a written certification thereof delivered to the Trustee and
the Defeasance Agent, if any, to pay and discharge each installment of principal of and

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interest
and premium, if any, on the outstanding Securities on the dates such installments of principal,
premium or interest are due;

          (b) if the Securities are then listed on any national securities exchange, the Company shall
have delivered to the Trustee and the Defeasance Agent, if any, an Opinion of Counsel to the effect
that the exercise of the option under this Section 11.05 would not cause such Securities to be
delisted from such exchange;

          (c) no Default or Event of Default with respect to the Securities shall have occurred and be
continuing on the date of such deposit;

          (d) the Company shall have delivered to the Trustee and the Defeasance Agent, if any, an
Opinion of Counsel to the effect that holders of the Securities will not recognize income, gain or
loss for United States federal income tax purposes as a result of the exercise of the option under
this Section 11.05 and will be subject to United States federal income tax on the same amount and
in the same manner and at the same times as would have been the case if such option had not been
exercised, and such opinion shall be accompanied by a private letter ruling to that effect received
from the United States Internal Revenue Service or a revenue ruling pertaining to a comparable form
of transaction to that effect published by the United States Internal Revenue Service; and

          (e) the Company shall have delivered to the Trustee and the Defeasance Agent, if any, an
Officers’ Certificate and an Opinion of Counsel each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with.

          “Discharged” means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by, and obligations under, the Securities and to have satisfied all the
obligations under this Indenture relating to the Securities (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except (A) the rights of holders
of Securities to receive, from the trust fund described in clause (1) above, payment of the
principal of and the interest and premium, if any, on the Securities when such payments are due;
(B) the Company’s obligations with respect to the Securities under Sections 2.07, 2.08, 5.02 and
11.04; and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder.

          “Defeasance Agent” means another financial institution which is eligible to act as Trustee
hereunder and which assumes all of the obligations of the Trustee necessary to enable the Trustee
to act hereunder. In the event such a Defeasance Agent is appointed pursuant to this Section, the
following conditions shall apply:

          (a) The Trustee shall have approval rights over the document appointing such Defeasance Agent
and the document setting forth such Defeasance Agent’s rights and responsibilities; and

          (b) The Defeasance Agent shall provide verification to the Trustee acknowledging receipt of
sufficient money and/or U.S. Government Obligations to meet the applicable conditions set forth in
this Section 11.05.

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          SECTION 11.06 Reinstatement.

     If the Trustee or any Defeasance Agent is unable to apply any money in accordance with Section
11.05 by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture and the Securities shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.05 until such time as the Trustee or any
Defeasance Agent is permitted to apply all such money in accordance with Section 11.05.

ARTICLE XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

          SECTION 12.01 Indenture and Securities Solely Corporate Obligations.

     No recourse for the payment of the principal of or premium, if any, or interest on any
Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture, or in any Security, or
because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or
of any successor Person to the Company, either directly or through the Company any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issue of the Securities.

ARTICLE XIII

MISCELLANEOUS PROVISIONS

          SECTION 13.01 Successors.

          All the covenants, stipulations, promises and agreements in this Indenture contained by the
Company shall bind its successors and assigns whether so expressed or not.

          SECTION 13.02 Official Acts by Successor Corporation.

          Any act or proceeding by any provision of this Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the like board, committee or officer of any corporation that shall at
the time be the lawful sole successor of the Company.

          SECTION 13.03 Surrender of Company Powers.

          The Company by instrument in writing executed by authority of 2/3 (two-thirds) of its Board of
Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and
thereupon such power so surrendered shall terminate both as to the Company, as the case may be, and
as to any successor Person.

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          SECTION 13.04 Address for Notices, etc.

          Any notice or demand which by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the holders of Securities on the Company may be given or
served by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed (until another address is filed by the Company with the Trustee for the purpose) to
the Company, 3300 Cahaba Road, Suite 300, Birmingham, Alabama 35223 Attention: Thomas A. Broughton
III. Any notice, direction, request or demand by any Securityholder to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at
the Principal Office of the Trustee, (unless another address is provided by the Trustee to the
Company for the purpose). All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, and mailed by first class mail, postage prepaid, except
that if a notice or other document is refused delivery or cannot be delivered because of a changed
address of which no notice was given, such notice or other document shall be deemed to have been
delivered on the date of such refusal or inability to deliver.

          SECTION 13.05 Governing Law.

          This Indenture and each Security shall be deemed to be a contract made under the laws of the
State of Delaware, and for all purposes shall be governed by and construed in accordance with the
laws of said State, without regard to conflicts of laws principles thereof.

          SECTION 13.06 Evidence of Compliance with Conditions Precedent.

          (a) Upon any application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that in the opinion of the signers all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.

          (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant provided for in this Indenture shall
include (1) a statement that the person making such certificate or opinion has read such covenant
or condition; (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; (3) a
statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

          SECTION 13.07 Business Days.

          In any case where the date of payment of principal of or premium, if any, or interest on the
Securities will not be a Business Day, the payment of such principal of or premium, if any, or
interest on the Securities need not be made on such date but shall be made on

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the next succeeding
Business Day (and without any interest or other payment in respect of any such delay), with the
same force and effect as if made on the date of payment and no interest shall accrue for the period
from and after such date.

          SECTION 13.08 Table of Contents, Headings, etc.

          The table of contents and the titles and headings of the articles and sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

          SECTION 13.09 Execution in Counterparts.

          This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument.

          SECTION 13.10 Separability.

          In case any one or more of the provisions contained in this Indenture or in the Securities
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture
or of the Securities, but this Indenture and the Securities shall be construed as if such invalid
or illegal or unenforceable provision had never been contained herein or therein.

          SECTION 13.11 Assignment.

          The Company will have the right at all times to assign any of its respective rights or
obligations under this Indenture to a direct or indirect wholly owned Subsidiary of the Company,
provided that, in the event of any such assignment, the Company, as the case may be, will remain
liable for all such obligations. Subject to the foregoing, the Indenture is binding upon and
inures to the benefit of the parties thereto and their respective successors and assigns. This
Indenture may not otherwise be assigned by the parties hereto.

          SECTION 13.12 Acknowledgement of Rights.

          The Company acknowledges that, with respect to any Securities held by ServisFirst Capital
Trust I or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its
rights under this Indenture as the holder of the Securities held as the assets of ServisFirst
Capital Trust I any holder of Preferred Securities may institute legal proceedings directly against
the Company to enforce such Property Trustee’s rights under this Indenture without first
instituting any legal proceedings against such Property Trustee or any other Person.
Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event
is attributable to the failure of the Company to pay principal of or premium, if any, or interest
on the Securities when due, the Company acknowledges that a holder of Preferred Securities may
directly institute a proceeding for enforcement of payment to such holder of the principal of or
premium, if any, or interest on the Securities having a principal amount equal to the aggregate
liquidation amount of the Preferred Securities of such holder on or after the respective due date
specified in the Securities.

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ARTICLE XIV

PREPAYMENT OF SECURITIES

          SECTION 14.01 Prepayment.

          If a Special Event has occurred and is continuing, then the Company shall have the right upon
(i) not less than 45 days written notice to the Trustee and (ii) not less than 30 days nor more
than 60 days written notice to the Securityholders, to prepay the Securities, in whole (but not in
part), at any time within 90 days following the occurrence of such Special Event, at the Prepayment
Price. The Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of
such prepayment or such earlier time as the Company determines, provided that the Company shall
deposit with the Trustee an amount sufficient to pay the Prepayment Price by 10:00 a.m., New York
City time, on the date such Prepayment Price is to be paid.

          SECTION 14.02 Optional Prepayment by Company.

          The Company may at any time, at its option, on or after September 1, 2011, redeem the
Securities in whole at any time or in part from time to time, at the Prepayment Price.

          SECTION 14.03 No Sinking Fund.

          The Securities are not entitled to the benefit of any sinking fund.

          SECTION 14.04 Notice of Prepayment.

          In case the Company shall desire to exercise the right to prepay all of the Securities in
accordance with their terms, which shall be done pursuant to a Board Resolution, it shall fix a
date for prepayment and shall mail a notice of such prepayment at least 30 and not more than 60
days prior to the date fixed for prepayment to the holders of Securities so to be prepaid as a
whole or in part at their last addresses as the same appear on the Security Register. Such mailing
shall be by first class mail. The notice if mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the holder receives such notice. In
any case, failure to give such notice by mail or any defect in the notice to the holder of any
Security designated for prepayment as a whole or in part shall not affect the validity of the
proceedings for the prepayment of any other Security.

          Each such notice of prepayment shall specify the CUSIP number of the Securities to be prepaid,
the date fixed for prepayment, the prepayment price at which the Securities are to be prepaid (or
the method by which such prepayment price is to be calculated), the place or places of payment that
payment will be made upon presentation and surrender of the Securities, that interest accrued to
the date fixed for prepayment will be paid as specified in said notice, and that on and after said
date interest thereon or on the portions thereof to be prepaid will cease to accrue. If less than
all the Securities are to be prepaid the notice of prepayment shall specify the numbers of the
Securities to be prepaid.

          In the event the Securities are issued in book-entry form with the Depositary: (i) the Trustee
may deal with the Depositary as the authorized representative of the Securityholders; (ii) the
rights of the Securityholders shall be exercised only through the Depositary and shall be

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limited to those established by law and agreement between the Securityholders and the
Depositary and/or direct participants of the Depositary; (iii) the Depositary will make book-entry
transfers among the direct participants of the Depositary and will receive and transmit
distributions of principal and interest on the Securities to such direct participants; and (iv) the
direct participants of the Depositary shall have no rights under this Indenture under or with
respect to any of the Securities held on their behalf by the Depositary, and the Depositary may be
treated by the Trustee and its agents, employees, officers and directors as the absolute owner of
the Securities for all purposes whatsoever.

          Prior to 10:00 a.m., New York City time, on the prepayment date specified in the notice of
prepayment given as provided in this Section, the Company will deposit with the Trustee or with one
or more paying agents an amount of money sufficient to prepay on the prepayment date all the
Securities so called for prepayment at the appropriate Prepayment Price, together with accrued
interest to the date fixed for prepayment.

          The Company will give the Trustee written notice not less than 45 days prior to the prepayment
date as to the aggregate principal amount of Securities to be prepaid.

          If less than all the Securities of any series are to be prepaid, the particular Securities to
be prepaid shall be selected, not more than 60 days prior to the date of prepayment, by the Trustee
from the Outstanding Securities not previously called for prepayment, on a pro rata basis or by
such other method as the Trustee shall deem fair and appropriate and which may provide for the
selection for prepayment of a portion of the principal amount of any Security, provided that the
remaining portion of the principal amount of any Security shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination) for such Security, or, if the
Securities are then held in the form of a Global Security, in accordance with the customary
procedures for the Depositary.

          The Trustee shall promptly notify the Company in writing of the Securities selected for
partial redemption and the principal amount thereof to be redeemed. For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to
the portion of the principal amount of such Security that has been or is to be redeemed.

          SECTION 14.05 Payment of Securities Called for Prepayment.

          If notice of prepayment has been given as provided in Section 14.04, the Securities with
respect to which such notice has been given shall become due and payable on the date and at the
place or places stated in such notice at the applicable Prepayment Price, together with interest
accrued, if any, to the date fixed for prepayment (subject to the rights of holders of Securities
on the close of business on a regular record date in respect of an Interest Payment Date occurring
on or prior to the prepayment date), and on and after said date (unless the Company shall default
in the payment of such Securities at the Prepayment Price, together with interest, if any, accrued
to said date) interest on the Securities so called for prepayment shall cease to accrue. On
presentation and surrender of such Securities at a place of payment specified in said notice, the
said Securities shall be paid and prepaid by the Company at the applicable Prepayment Price,
together with interest accrued thereon to the date fixed for prepayment

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(subject to the rights of holders of Securities on the close of business on a regular record
date in respect of an Interest Payment Date occurring on or prior to the prepayment date).

ARTICLE XV

SUBORDINATION OF SECURITIES

          SECTION 15.01 Agreement to Subordinate.

          The Company covenants and agrees, and each holder of Securities issued hereunder likewise
covenants and agrees, that the Securities shall be issued subject to the provisions of this Article
XV; and each holder of a Security, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.

          The payment by the Company of the principal of and premium, if any, and interest on all
Securities issued hereunder shall, to the extent and in the manner hereinafter set forth, be
subordinated and junior in right of payment to the prior payment in full of all amounts with
respect to Senior Debt, whether outstanding at the date of this Indenture or thereafter incurred.

          No provision of this Article XV shall prevent the occurrence of any Default or Event of
Default hereunder.

          SECTION 15.02 Default on Senior Debt.

          In the event and during the continuation of any default by the Company in the payment of
principal, premium, interest or any other payment due on any Senior Debt, or in the event that the
maturity of any Senior Debt has been accelerated because of a default, then, in either case, no
payment shall be made by the Company with respect to the principal (including prepayments) of or
premium, if any, or interest on the Securities.

          In the event of the acceleration of the maturity of the Securities, then no payment shall be
made by the Company with respect to the principal (including prepayments) of or premium, if any, or
interest on the Securities until the holders of all Senior Debt outstanding at the time of such
acceleration shall receive payment in full of all amounts due in respect of such Senior Debt
(including any amounts due upon acceleration).

          In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding paragraph of this Section 15.02, such payment
shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of
Senior Debt or their respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Debt may have been issued, as their respective interests may
appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the
extent that the holders of the Senior Debt (or their representative or representatives or a
trustee) notify the Trustee in writing, within 90 days of such payment, of the amounts then due and
owing on such Senior Debt and only the amounts specified in such notice to the Trustee shall be
paid to the holders of such Senior Debt.

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          SECTION 15.03 Liquidation; Dissolution; Bankruptcy.

          Upon any payment by the Company or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due upon all Senior Debt of the Company
shall first be paid in full, or payment thereof provided for in money in accordance with its terms,
before any payment is made by the Company on account of the principal (and premium, if any) or
interest on the Securities; and upon any such dissolution or winding-up or liquidation or
reorganization, any payment by the Company, or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Securityholders or the Trustee
would be entitled to receive from the Company, except for the provisions of this Article XV, shall
be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or
other Person making such payment or distribution, or by the Securityholders or by the Trustee under
this Indenture if received by them or it, directly to the holders of Senior Debt of the Company
(pro rata to such holders on the basis of the respective amounts of Senior Debt held by such
holders, as calculated by the Company) or their representative or representatives, or to the
trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior
Debt may have been issued, as their respective interests may appear, to the extent necessary to pay
such Senior Debt in full, in money or money’s worth, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Debt, before any payment or distribution is
made to the Securityholders or to the Trustee.

          In the event that, notwithstanding the foregoing, any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, prohibited by the
foregoing, shall be received by the Trustee before all Senior Debt is paid in full, or provision is
made for such payment in money in accordance with its terms, such payment or distribution shall be
held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior
Debt or their representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing such Senior Debt may have been issued, and their
respective interests may appear, as calculated by the Company, for application to the payment of
all Senior Debt remaining unpaid to the extent necessary to pay all amounts due in respect of such
Senior Debt in full in money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the benefit of the holders of such Senior Debt.

          For purposes of this Article XV, the words “cash, property or securities” shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Article XV with respect to
the Securities to the payment of Senior Debt that may at the time be outstanding, provided that (i)
such Senior Debt is assumed by the new corporation, if any, resulting from any such reorganization
or readjustment, and (ii) the rights of the holders of such Senior Debt are not, without the
consent of such holders, altered by such reorganization or readjustment. The consolidation of the
Company with, or the merger of the Company into, another Person or the liquidation or dissolution
of the Company following the sale, conveyance,

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transfer or lease of its property as an entirety, or substantially as an entirety, to another
Person upon the terms and conditions provided for in Article X of this Indenture shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section
15.03 if such other Person shall, as a part of such consolidation, merger, sale, conveyance,
transfer or lease, comply with the conditions stated in Article X of this Indenture. Nothing in
Section 15.02 or in this Section 15.03 shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 6.06 of this Indenture.

          SECTION 15.04 Subrogation.

          Subject to the payment in full of all amounts due in respect of Senior Debt, the rights of the
Securityholders shall be subrogated to the rights of the holders of such Senior Debt to receive
payments or distributions of cash, property or securities of the Company, as the case may be,
applicable to such Senior Debt until the principal of (and premium, if any) and interest on the
Securities shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Debt of any cash, property or securities to which the
Securityholders or the Trustee would be entitled except for the provisions of this Article XV, and
no payment over pursuant to the provisions of this Article XV to or for the benefit of the holders
of such Senior Debt by Securityholders or the Trustee, shall, as between the Company, its creditors
other than holders of Senior Debt of the Company, and the holders of the Securities, be deemed to
be a payment by the Company to or on account of such Senior Debt. It is understood that the
provisions of this Article XV are and are intended solely for the purposes of defining the relative
rights of the holders of the Securities, on the one hand, and the holders of such Senior Debt, on
the other hand.

          Nothing contained in this Article XV or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Company, its creditors other than the holders of Senior
Debt of the Company, and the holders of the Securities, the obligation of the Company, which is
absolute and unconditional, to pay to the holders of the Securities the principal of (and premium,
if any) and interest on the Securities as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative rights of the holders
of the Securities and creditors of the Company, as the case may be, other than the holders of
Senior Debt of the Company, as the case may be, nor shall anything herein or therein prevent the
Trustee or the holder of any Security from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any, under this Article
XV of the holders of such Senior Debt in respect of cash, property or securities of the Company, as
the case may be, received upon the exercise of any such remedy.

          Upon any payment or distribution of assets of the Company referred to in this Article XV, the
Trustee, subject to the provisions of Article VI of this Indenture, and the Securityholders shall
be entitled to conclusively rely upon any order or decree made by any court of competent
jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are
pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or
other Person making such payment or distribution, delivered to the Trustee or to the
Securityholders, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Debt and other indebtedness of the Company, as the case may be,
the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to this Article XV.

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          SECTION 15.05 Trustee to Effectuate Subordination.

          Each Securityholder by such Securityholder’s acceptance thereof authorizes and directs the
Trustee on such Securityholder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article XV and appoints the Trustee such
Securityholder’s attorney-in-fact for any and all such purposes.

          SECTION 15.06 Notice by the Company.

          The Company shall give prompt written notice to a Responsible Officer of the Trustee of any
fact known to the Company that would prohibit the making of any payment of monies to or by the
Trustee in respect of the Securities pursuant to the provisions of this Article XV.
Notwithstanding the provisions of this Article XV or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the
making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the
provisions of this Article XV, unless and until a Responsible Officer of the Trustee shall have
received written notice thereof from the Company or a holder or holders of Senior Debt or from any
trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the
provisions of Article VI of this Indenture, shall be entitled in all respects to assume that no
such facts exist; provided, however, that if the Trustee shall not have received the notice
provided for in this Section 15.06 at least two Business Days prior to the date upon which by the
terms hereof any money may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest on any Security), then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such money and to apply the same to the purposes for which they were received, and shall
not be affected by any notice to the contrary that may be received by it within two Business Days
prior to such date.

          The Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person representing himself to be
a holder of Senior Debt of the Company, as the case may be (or a trustee on behalf of such holder),
to establish that such notice has been given by a holder of such Senior Debt or a trustee on behalf
of any such holder or holders. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of such Senior Debt to
participate in any payment or distribution pursuant to this Article XV, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of
such Senior Debt held by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of such Person under this
Article XV, and, if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive such payment.

          Upon any payment or distribution of assets of the Company referred to in this Article XV, the
Trustee and the Securityholders shall be entitled to conclusively rely upon any order or decree
entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership,
liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for
the benefit of creditors, agent or other Person making such payment or

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distribution, delivered to the Trustee or to the Securityholders, for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of
Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article XV.

          SECTION 15.07 Rights of the Trustee; Holders of Senior Debt.

          The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article XV in respect of any Senior Debt at any time held by it, to the same extent as any other
holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights
as such holder.

          With respect to the holders of Senior Debt of the Company, the Trustee undertakes to perform
or to observe only such of its covenants and obligations as are specifically set forth in this
Article XV, and no implied covenants or obligations with respect to the holders of such Senior Debt
shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of such Senior Debt and, subject to the provisions of Article VI of
this Indenture, the Trustee shall not be liable to any holder of such Senior Debt if it shall pay
over or deliver to Securityholders, the Company or any other Person money or assets to which any
holder of such Senior Debt shall be entitled by virtue of this Article XV or otherwise.

          Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.06.

          SECTION 15.08 Subordination May Not Be Impaired.

          No right of any present or future holder of any Senior Debt of the Company to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of the Company or by any act or failure to act, in good faith, by any
such holder, or by any noncompliance by the Company with the terms, provisions and covenants of
this Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be
charged with.

          Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Debt of the Company may, at any time and from time to time, without the consent of or notice to the
Trustee or the Securityholders, without incurring responsibility to the Securityholders and without
impairing or releasing the subordination provided in this Article XV or the obligations hereunder
of the holders of the Securities to the holders of such Senior Debt, do any one or more of the
following: (i) change the manner, place or terms of payment or extend the time of payment of, or
renew or alter, such Senior Debt, or otherwise amend or supplement in any manner such Senior Debt
or any instrument evidencing the same or any agreement under which such Senior Debt is outstanding;
(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior Debt; (iii) release any Person liable in any manner for the collection of such
Senior Debt; and (iv) exercise or refrain from exercising any rights against the Company and any
other Person.

58

 

ARTICLE XVI

EXTENSION OF INTEREST PAYMENT PERIOD

          SECTION 16.01 Extension of Interest Payment Period.

          (a) So long as no Event of Default has occurred and is continuing, the Company shall have the
right, at any time and from time to time during the term of the Securities, to defer payments of
interest by extending the interest payment period of such Securities for a period not exceeding 20
consecutive quarterly periods, including the first such quarterly period during such extension
period (the “Extension Period”), during which Extension Period no interest shall be due and
payable; provided that no Extension Period may extend beyond the Stated Maturity.
To the extent permitted by applicable law, interest, the payment of which has been deferred because
of the extension of the interest payment period pursuant to this Section 16.01, will bear interest
thereon at the Coupon Rate compounded quarterly for each quarterly period of the Extension Period
(“Compounded Interest”). At the end of the Extension Period, the Company shall pay all interest
accrued and unpaid on the Securities, including any Additional Sums and Compounded Interest
(together, “Deferred Interest”) that shall be payable to the holders of the Securities in whose
names the Securities are registered in the Security Register on the first record date after the end
of the Extension Period.

          (b) Before the termination of any Extension Period, the Company may further defer payments of
interest by further extending such period, provided that such period, together with all
such previous and further extensions within such Extension Period, shall not exceed 20 consecutive
quarterly periods, including the first such quarterly period during such Extension Period, or
extend beyond the Stated Maturity of the Securities. Upon the termination of any Extension Period
and the payment of all Deferred Interest then due, the Company may elect to commence a new
Extension Period, subject to the foregoing requirements. No interest shall be due and payable
during an Extension Period, except at the end thereof, but the Company may prepay at any time all
or any portion of the interest accrued during an Extension Period.

          SECTION 16.02 Notice of Extension.

          (a) If the Property Trustee is the only registered holder of the Securities at the time the
Company selects an Extension Period, the Company shall give written notice to the Administrative
Trustees, the Property Trustee and the Trustee of its selection of such Extension Period at least
five Business Days before the earlier of (i) the next succeeding date on which distributions on the
Trust Securities issued by ServisFirst Capital Trust I would have been payable except for such
election, or (ii) the date the Administrative Trustees are required to give notice of the record
date, or the date such Distributions are payable, to any national securities exchange or to holders
of the Preferred Securities issued by ServisFirst Capital Trust I, but in any event at least five
Business Days before such record date.

          (b) If the Property Trustee is not the only holder of the Securities at the time the Company
selects an Extension Period, the Company shall give the holders of the Securities and the Trustee
written notice of its selection of such Extension Period at least 10 Business Days before the
earlier of (i) the next succeeding Interest Payment Date, or (ii) the date the Company is required
to give notice of the record or payment date of such interest payment to any national securities
exchange.

59

 

          (c) The quarterly period in which any notice is given pursuant to paragraphs (a) or (b) of
this Section 16.02 shall be counted as one of the 20 quarterly periods permitted in the maximum
Extension Period permitted under Section 16.01. There is no limitation on the number of times that
the Company may elect to begin an Extension Period.

          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their
respective officers thereunto duly authorized, as of the day and year first above written.

	 	 	 	 	 
	 	SERVISFIRST BANCSHARES, INC.

 	 
	 	By:  	
 	 
	 	 	Thomas A. Broughton III 	 
	 	Title:  	President and Chief Executive Officer 	 
	 
	 	WILMINGTON TRUST COMPANY,

as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

60

 

 Execution Copy

EXHIBIT A

(FORM OF FACE OF SECURITY)

     THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAW. THIS SECURITY HAS BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO OR FOR RESALE IN CONNECTION WITH THE DISTRIBUTION THEREOF. NO
DISPOSITION OF THIS SECURITY MAY BE MADE IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR (II) PURSUANT TO AN EXEMPTION FROM OR A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAW.

[Certificated Securities Legend]

     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT
SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

[Global Securities Legend]

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

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO SERVISFIRST BANCSHARES, INC. OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-1

 

     TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OR PORTIONS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE.

[If the security is issued upon dissolution of ServisFirst Capital

Trust I pursuant to Section 2.05 of the Indenture, insert: ]

     EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A OR
REGULATION D THEREUNDER OR ANOTHER AVAILABLE EXEMPTION. EACH HOLDER OF THIS SECURITY REPRESENTS TO
SERVISFIRST BANCSHARES, INC. THAT (A) SUCH HOLDER WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY (WITHOUT THE CONSENT OF SERVISFIRST BANCSHARES, INC.) OTHER THAN (I) TO SERVISFIRST
BANCSHARES, INC., (II) IN THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION COMPLYING WITH THE REQUIREMENTS OF RULE 144A UNDER
THE SECURITIES ACT, (III) IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT, (IV) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT SUBJECT IN THE CASE OF
CLAUSE (II), (III) OR (IV) TO THE RECEIPT BY THE REGISTRAR (AND SERVISFIRST BANCSHARES, INC., IF IT
SO REQUESTS) OF AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE ACCEPTABLE TO SERVISFIRST BANCSHARES,
INC. THAT SUCH RESALE, PLEDGE OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, AND THAT (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE
RESALE RESTRICTIONS REFERRED TO HEREIN AND DELIVER TO THE TRANSFEREE (OTHER THAN A QUALIFIED
INSTITUTIONAL BUYER) PRIOR TO THE SALE A COPY OF THE TRANSFER RESTRICTIONS APPLICABLE HERETO
(COPIES OF WHICH MAY BE OBTAINED FROM THE TRUSTEE).

A-2

 

			
	No.
	 	CUSIP No.                     

SERVISFIRST BANCSHARES, INC.

8.5% JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURE

DUE SEPTEMBER 1, 2038

          ServisFirst Bancshares, Inc., a Delaware corporation (the “Company”, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises
to pay to                     , or registered assigns, the principal sum of $                     Dollars on
September 1, 2038 (the “Stated Maturity”), unless previously prepaid, and to pay interest on the
outstanding principal amount hereof from September 2, 2008, or from the most recent interest
payment date to which interest has been paid or duly provided for, quarterly (subject to deferral
as set forth herein) in arrears on December 1, March 1, June 1 and September 1 of each year (each
such date, an “Interest Payment Date”), commencing December 1, 2008, until the principal hereof
shall have become due and payable, and on any overdue principal and premium, if any, and (without
duplication and to the extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the same rate per annum compounded quarterly. The amount of
interest payable on any Interest Payment Date shall be computed on the basis of the actual number
of days elapsed over a 360-day year. In the event that any date on which the principal of (or
premium, if any) or interest on this Security is payable is not a Business Day, then payment
payable on such date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay), with the same force and effect as if
made on such date.

     This Security will bear interest during the Interest Period at the rate of 8.50% per annum
during its term from the Issue Date and ending on September 1, 2038.

          The interest installment so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of
business on the regular record date for such interest installment, which shall be the fifteenth day
(whether or not a Business Day) next preceding the relevant Interest Payment Date. Any such
interest installment not punctually paid or duly provided for shall forthwith cease to be payable
to the holders on such regular record date and may be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the holders of Securities not less than 10 days prior to such special
record date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture.

          The principal of (and premium, if any) and interest on this Security shall be payable at the
office or agency of the Property Trustee (or other paying agent appointed by the Company)
maintained for that purpose in any coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts; provided, however, that,
payment of interest may be made at the option of the Company by (i) check mailed to the holder at
such address as shall appear in the Security Register or (ii) by wire

A-3

 

transfer to an account maintained by the Person entitled thereto, provided that proper written
transfer instructions have been received by the relevant record date; provided that if this
Security is in global form, the interest hereon shall be made in immediately available funds.
Notwithstanding the foregoing, so long as the Holder of this Security is the Property Trustee, the
payment of the principal of (and premium, if any) and interest on this Security will be made at
such place and to such account as may be designated by the Property Trustee.

          The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of Senior Debt, and this
Security is issued subject to the provisions of the Indenture with respect thereto. Each holder of
this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b)
authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee
his or her attorney-in-fact for any and all such purposes. Each holder hereof, by his or her
acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions
contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said provisions.

          This Security shall not be entitled to any benefit under the Indenture hereinafter referred
to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by or on behalf of the Trustee.

          The provisions of this Security are continued on the reverse side hereof and such provisions
shall for all purposes have the same effect as though fully set forth at this place.

          IN WITNESS WHEREOF, the Company, under its corporate seal, has caused this instrument to be
executed.

Dated:                                         

	 	 	 	 	 
	 	SERVISFIRST BANCSHARES, INC.

 	 
	 	By:  	 	 
	 	 	Thomas A. Broughton III 	 
	 	 	Its:  President and CEO 	 
	 

	 	 	 	 	 	 
	
Attest:

 	 	 
	By:  	 	 
	 	 	William M. Foshee 	 
	 	 	Secretary 	 
	 

               {SEAL}

A-4

 

(FORM OF CERTIFICATE OF AUTHENTICATION)

CERTIFICATE OF AUTHENTICATION

          This is one of the Securities referred to in the within-mentioned Indenture.

	 	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 

               {SEAL}

A-5

 

(FORM OF REVERSE OF SECURITY)

     This Security is one of the Securities of the Company (herein sometimes referred to as the
“Securities”), specified in the Indenture, all issued or to be issued under and pursuant to an
Indenture, dated as of September 2, 2008 (the “Indenture”), duly executed and delivered between the
Company and Wilmington Trust Company, as Trustee (the “Trustee”), to which Indenture reference is
hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the holders of the Securities.

     Upon the occurrence and continuation of a Special Event, the Company shall have the right to
prepay this Security in whole (but not in part) at the Prepayment Price.

     The Company may at any time, at its option, on or after September 1, 2011, redeem the
Securities in whole at any time or in part from time to time, at the Prepayment Price.

     “Prepayment Price” shall mean, with respect to any prepayment of the Securities (i) prior to
September 1, 2011, an amount in cash equal to 105% of the principal amount of the Securities to be
prepaid, plus accrued and unpaid interest thereon, including Compounded Interest and Additional
Sums, if any, to the date of such prepayment and (ii) on or after September 1, 2011, an amount in
cash equal to 100% of the principal amount of the Securities to be prepaid, plus accrued and unpaid
interest thereon, including Compounded Interest and Additional Sums, if any, to the date of such
prepayment.

     The Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of
such prepayment, provided, that the Company shall deposit with the Trustee an amount sufficient to
pay the Prepayment Price by 10:00 a.m., New York City time, on the date the Prepayment Price is to
be paid. Any prepayment pursuant to this paragraph will be made upon not less than 30 days nor
more than 60 days notice.

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of all of the Securities may be declared, and upon such declaration shall
become, due and payable, in the manner, with the effect and subject to the conditions provided in
the Indenture.

     The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of a majority in aggregate principal amount of the Securities at the time outstanding,
as defined in the Indenture, to execute supplemental indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the holders of the Securities; provided, however, that no
such supplemental indenture shall, without the consent of each holder of Securities then
outstanding and affected thereby, (i) extend the Stated Maturity of any Securities, or reduce the
principal amount thereof, or reduce any amount payable on prepayment thereof, or reduce the rate or
extend the time of payment of interest thereon (subject to Article XVI of the Indenture), or make
the principal of, or interest or premium on, the Securities payable in any coin or currency other
than U.S. dollars, or impair or affect the right of any holder of Securities to institute suit for
the payment thereof, or (ii) reduce the aforesaid percentage of Securities, the holders of which
are required to consent to any such supplemental indenture. The Indenture also contains provisions
permitting the holders of a majority in aggregate principal amount of the

A-6

 

Securities at the time outstanding affected thereby, on behalf of all of the holders of the
Securities, to waive any past default in the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture, and its consequences, except a default in the
payment of the principal of or premium, if any, or interest on any of the Securities or a default
in respect of any covenant or provision under which the Indenture cannot be modified or amended
without the consent of each holder of Securities then outstanding. Any such consent or waiver by
the holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such holder and upon all future holders and owners of this Security and of any
Security issued in exchange heretofore or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this
Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and premium, if any, and interest on this Security at the time and place and at
the rate and in the money herein prescribed.

     The Company shall have the right, at any time and from time to time during the term of the
Securities, to defer payments of interest by extending the interest payment period of such
Securities for a period not exceeding 20 consecutive quarterly periods, including the first such
quarterly period during such extension period, and not to extend beyond the Stated Maturity of the
Securities (an “Extension Period”), at the end of which period the Company shall pay all interest
then accrued and unpaid together with interest thereon at the rate specified for the Securities (to
the extent that payment of such interest is enforceable under applicable law). Before the
termination of any such Extension Period, the Company may further defer payments of interest by
further extending such Extension Period, provided that such Extension Period, together with all
such previous and further extensions within such Extension Period, shall not exceed 20 consecutive
quarterly periods, including the first quarterly period during such Extension Period, or extend
beyond the Stated Maturity of the Securities. Upon the termination of any such Extension Period
and the payment of all accrued and unpaid interest and any additional amounts then due, the Company
may commence a new Extension Period, subject to the foregoing requirements.

     The Company has agreed that it will not (i) declare or pay any dividends or distributions on,
or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s
capital stock (which includes common and preferred stock) or (ii) make any payment of principal,
interest or-premium, if any, on or repay or repurchase or redeem any debt securities of the Company
that rank pari passu with or junior in right of payment to the Securities or make any guarantee
payments with respect to any guarantee by the Company of the debt securities or any Subsidiary of
the Company if such guarantee ranks pari passu or junior in right of payment to the Securities
(other than (a) dividends or distributions in shares of, or options, warrants or rights to
subscribe for or purchase shares of, Common Stock of the Company, (b) any declaration of a dividend
in connection with the implementation of a stockholder’s rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such rights pursuant
thereto, (c) payments under the Preferred Securities Guarantee, (d) as a result of a
reclassification of the Company’s capital stock or the exchange or the conversion of one class or
series of the Company’s capital stock for another class or series of the Company’s capital stock,

A-7

 

(e) the purchase of fractional interests in shares of the Company’s capital stock pursuant to
the exchange or conversion of such capital stock or the security being exchanged or converted, and
(f) purchases or issuances of Common Stock in connection with any of the Company’s stock option,
stock purchase, stock loan or other benefit plans for its directors, officers or employees or any
of the Company’s dividend reinvestment plans, in each case as now existing or hereinafter
established or amended) if at such time (i) there shall have occurred any event of which the
Company has actual knowledge that (a) is, or with the giving of notice or the lapse of time, or
both, would be, an Event of Default and (b) in respect of which the Company shall not have taken
reasonable steps to cure, (ii) if such Securities are held by ServisFirst Capital Trust I, the
Company shall be in default with respect to its payment of any obligations under the Preferred
Securities Guarantee or (iii) the Company shall have given notice of its election of the exercise
of its right to extend the interest payment period and any such extension shall be continuing.

     The Company will have the right at any time to liquidate ServisFirst Capital Trust I and cause
the Securities to be distributed to the holders of the Trust Securities in liquidation of
ServisFirst Capital Trust I.

     The Securities are issuable only in registered form without coupons in denominations of $1 and
any integral multiple thereof. As provided in the Indenture and subject to the transfer
restrictions limitations as may be contained herein and therein from time to time, the transfer of
this Security is registrable by the holder hereof on the Security Register of the Company, upon
surrender of this Security for registration of transfer at the office or agency of the Trustee
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company
or the Trustee duly executed by the holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of authorized denominations and for the same aggregate
principal amount and series will be issued to the designated transferee or transferees. No service
charge will be made for any such registration of transfer, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in relation thereto.

     Prior to due presentment for registration of transfer of this Security, the Company, the
Trustee, any paying agent and the registrar may deem and treat the registered holder hereof as the
absolute owner hereof (whether or not this Security shall be overdue and notwithstanding any notice
of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal hereof and premium, if any, and interest due
hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor
any registrar shall be affected by any notice to the contrary.

     No recourse shall be had for the payment of the principal of or premium, if any, or interest
on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture, against any incorporator, stockholder, officer or director, past, present
or future, as such, of the Company or of any predecessor or successor Person, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issuance hereof, expressly waived and released.

     All terms used in this Security that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-8

 

     THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

A-9

 

Execution Copy

EXHIBIT B

CERTIFICATE TO TRUSTEE

     Pursuant to Section 3.05 of the Indenture between ServisFirst Bancshares, Inc. as the Company
(the “Company’), and Wilmington Trust Company, as Trustee, dated as of September 2, 2008 (the
“Indenture”), the undersigned hereby certifies as follows:

	 	1.	 	In my capacity as an officer of the Company, I would normally have knowledge of
any default by the Company during the last fiscal year in the performance of any
covenants of the Company contained in the Indenture.
	 
	 	2.	 	[To my knowledge, the Company is not default in the performance of any
covenants contained in the Indenture.
	 
	 	 	 	or, alternatively:
	 
	 	 	 	I am aware of the default(s) in the performance of covenants in the Indentures, as
specified below.] PLEASE PICK THE SENTENCE THAT APPLIES and DELETE THE ONE THAT
DOES NOT.

     Capitalized terms used herein, and not otherwise defined herein, have the respective meanings
ascribed to thereto in the Indenture.

     IN WITNESS WHEREOF, the undersigned has executed this Officers’ Certificate.

Date:                                         , 2008

	 	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 
	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

B-1

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