Document:

Registration Rights Agreement dated, December 22, 2009

 Exhibit 4.2 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of December 22, 2009, by and between (i) North American Financial Holdings, Inc., a Delaware corporation (together with any successor entity thereto, the “Company”),
(ii) FBR Capital Markets & Co., a Delaware corporation, as the initial purchaser/placement agent (“FBCM”), for the benefit of FBCM, the purchasers of 27,500,000 shares of the Company’s common stock and any
additional Shares purchased pursuant to the additional allotment option set forth in the Purchase/Placement Agreement (as defined below), consisting of shares of Class A Common Stock, par value $0.01 per share, and shares of Class B Non-Voting
Common Stock, par value $0.01 per share (the “Common Stock”), as participants (“Participants”) in the private placement by the Company of the Common Stock (the “Offering”), and the direct and
indirect transferees of FBCM, and each of the Participants, (iii) the Lead Investor with respect to its Registrable Shares and (iv) the individuals listed on the signature page hereto with respect to the Founders’ Shares. 

This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of
December 16, 2009, by and between the Company and FBCM in connection with the purchase and sale or placement of the Common Stock (plus an additional 4,125,000 shares to cover additional allotments, if any). In order to induce the investors who
are purchasing Common Stock in connection with the Offering to purchase such Common Stock and FBCM to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBCM, the
Participants, and their respective direct and indirect transferees. The execution of this Agreement is a condition to the closing of the transactions contemplated by the Purchase/Placement Agreement. 

The parties hereby agree as follows: 
 1. Definitions 
 As used in this Agreement, the following terms shall have
the following meanings: 
 Accredited Investor Shares: Shares initially sold by the Company to “accredited
investors” (within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants, including the Lead Investor Shares and the Direct Placement Shares. 
 Additional Participation Right Shares: Any shares of Common Stock issued to any of the Significant Investors pursuant to the additional participation rights described in the Offering Memorandum.

 Affiliate: As to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with
power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote,
by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or general partner of such Person and (v) any legal
entity for which such Person acts as an executive officer, director, 

 
trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse, children, parents, siblings or mother, father, sister- or brother-in-law is or
has been associated with a Person. For the purposes of this Agreement, the Lead Investor shall not be considered an Affiliate of either the Company or FBCM and neither the Company nor FBCM shall be considered an Affiliate of the Lead Investor.

 Agreement: As defined in the preamble. 
 Board of Directors: As defined in Section 6(a) hereof. 
 Business
Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York, or other applicable places where such act is to occur are
authorized or obligated by applicable law, regulation or executive order to close. 
 Closing Date: December 22,
2009 or such other time or such other date as FBCM and the Company may agree. 
 Commission: The Securities and Exchange
Commission. 
 Common Stock: As defined in the preamble. 

Company: As defined in the preamble. 
 Controlling Person: As defined in Section 7(a) hereof. 
 Direct
Placement Shares: means the shares of Common Stock issued to certain directors and officers of the Company in the Offering pursuant to the directed share program. 
 End of Suspension Notice: As defined in Section 6(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
pursuant thereto. 
 FBCM: As defined in the preamble. 

FBCM Shares: means the shares of Common Stock issued to FBCM as partial payment of the initial purchaser’s discount plus
placement fee pursuant to the Purchase/Placement Agreement. 
 FINRA: The Financial Industry Regulatory Authority,
formerly the National Association of Securities Dealers, Inc. 
 Founders’ Shares: means the Common Stock purchased
by R. Eugene Taylor, Christopher G. Marshall, R. Bruce Singletary and Kenneth A. Posner prior to the consummation of the Offering. 
 Holder: Each record owner of any Registrable Shares from time to time, including FBCM and its Affiliates and the Lead Investor to the extent the Lead Investor, FBCM or any such Affiliate holds any
Registrable Shares. 

  
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 Indemnified Party: As defined in Section 7(c) hereof. 

Indemnifying Party: As defined in Section 7(c) hereof. 

Investment Transaction: As defined in the Company’s amended and restated certificate of incorporation, as in effect on the
date hereof. 
 IPO Registration Statement: As defined in Section 2(b) hereof. 

Issuer Free Writing Prospectus: As defined in Section 2(c) hereof. 

Lead Investor: means Crestview -NAFH, LLC. 
 Lead Investor’s Investment Right: means the Lead Investor’s right to purchase shares of Common Stock pursuant to the Lead Investor’s Right Certificate, dated as of December 22,
2009, between the Company and the Lead Investor, as amended from time to time. 
 Lead Investor’s Investment Right
Shares: means, when and if issued, the shares of Common Stock that the Lead Investor has a one-time investment right to purchase upon the earlier of: (i) the Company’s execution of a definitive agreement with respect to a Qualified
Investment Transaction, and (ii) at any time after the Company’s execution of a definitive agreement with respect to an FDIC (or other U.S. government agency) assisted Investment Transaction and prior to the Company’s execution of a
definitive agreement with respect to a Qualified Investment Transaction that the Company’s board of directors makes a good faith determination that the Company has near-term capital needs in addition to its existing capital resources in an
amount at least equal to the proceeds that would be received upon the exercise in full of the Lead Investor’s Investment Right. 
 Lead Investor Shares: means the shares of Common Stock purchased by the Lead Investor in the Offering. 
 Liabilities: As defined in Section 7(a) hereof. 
 Nominee: As
defined in Section 3(c) hereof. 
 Offering: As defined in the preamble. 

Offering Memorandum: The Offering Memorandum of the Company dated as of December 16, 2009, relating to the Offering.

 Participants: As defined in the preamble. 
 Participation Right Shares: Any shares of Common Stock issued pursuant to the participation rights described in the Offering Memorandum. 

Person: An individual, partnership, corporation, limited liability company, trust, unincorporated organization, government or
agency or political subdivision thereof, or any other legal entity. 

  
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 Proceeding: An action, claim, suit, proceeding (including without limitation, an
investigation or partial proceeding, such as a deposition) or demand, whether commenced or, to the knowledge of the Person subject thereto, threatened. 
 Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus at the “time of sale” within the meaning of Rule 159 under the Securities Act and
all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 

Purchase/Placement Agreement: As defined in the preamble. 

Purchase Right Shares: Any shares of Common Stock issues pursuant to the purchase rights described in the Offering Memorandum.

 Purchaser Indemnitee: As defined in Section 7(a) hereof. 

Qualified Investment Transaction: As defined in the Company’s amended and restated certificate of incorporation. 

Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares, the Regulation S Shares, the Lead Investor’s
Investment Right Shares, the FBCM Shares, the Founders’ Shares, the Significant Investors Nominal Shares, the Participation Right Shares, the Purchase Right Shares and the Additional Participation Right Shares, shares upon original issuance
thereof, and at all times subsequent thereto, including upon the transfer thereof by the original Holder or any subsequent Holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in connection with any
stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or any other
equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until the earliest to occur of (i) the date on which the resale of such share has been registered pursuant to the Securities Act and disposed
of in accordance with the Registration Statement filed in connection therewith, (ii) the date on which such shares either have been transferred pursuant to Rule 144 (or any similar provision then in effect) or are freely saleable, without
condition, including the current public information requirements, pursuant to Rule 144 and are listed for trading on the New York Stock Exchange, the Nasdaq Global Market or similar national securities exchange or (iii) the date on which such
shares are sold to the Company. 
 Registration Default: As defined in Section 2(f). 

Registration Expenses: Any and all fees and expenses incident to the Company’s and FBCM’s performance of or compliance
with this Agreement, including, without limitation: (i) all Commission, securities exchange, FINRA or other registration, listing, inclusion and filing fees; (ii) all fees and expenses incurred in connection with compliance with
international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and 

  
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filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and compliance
with the rules of FINRA); (iii) all expenses of preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any
underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement; (iv) all fees and expenses incurred in connection with the listing or inclusion of
any of the Registrable Shares on any securities exchange pursuant to Section 5(n) of this Agreement; (v) the fees and disbursements of counsel for the Company and of the independent registered public accounting firm of the Company
(including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to the performance of this Agreement); (vi) reasonable fees and disbursements of a single counsel for the Holders
reasonably selected by the Company (such counsel, “Selling Holders’ Counsel”); and (vii) any fees and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts
retained by the Company in connection with any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or disposition of
Registrable Shares by a Holder. 
 Registration Statement: Any registration statement of the Company that covers the
resale of Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all
material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement. 

Regulation S: Regulation S (Rules 901-905) promulgated by the Commission under the Securities Act, as such rules may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 
 Regulation S Shares: Shares initially resold by FBCM pursuant to the Purchase/Placement Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore
transaction” (in accordance with Regulation S). 
 Rule 144: Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A Shares: Shares initially resold by FBCM pursuant to the Purchase/Placement Agreement to “qualified institutional buyers” (as such term is defined in Rule 144A). 

Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

  
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 Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as
such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Rule 424: Rule 424 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 433: Rule 433 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Securities Act: The Securities Act of
1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 
 Selling Holders’ Counsel:
As defined in Subpart (vi) of the definition for Registration Expenses. 
 Shares: The shares of Common Stock
being offered and sold pursuant to the terms and conditions of the Purchase/Placement Agreement. 
 Shelf Registration
Statement: As defined in Section 2(a) hereof. 
 Significant Investors: means each of Oak Hill Credit
Opportunities Master Fund, Ltd, Oak Hill Credit Alpha Master Fund, L.P., Lerner Enterprises, LLC, Future Fund Board of Guardians, OHA Strategic Credit Master Fund, L.P., OHA Strategic Credit Master Fund II, L.P., OHA Structured Products Master Fund,
L.P. and OHA Structured Products Master Fund B, L.P. 
 Significant Investors Nominal Shares: means that number of shares
of Common Stock which any of the Significant Investors purchases directly from the Company in a separate private placement that is expected to close concurrently with the Offering equal to 0.1% of the amount of shares sold in the Offering at a
nominal purchase price. 

  
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 Special Election Meeting: As defined in Section 3(a). 

Suspension Event: As defined in Section 6(b) hereof. 

Suspension Notice: As defined in Section 6(b) hereof. 

Trigger Date: As defined in Section 3(a) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for re-offering to the public. 
 2. Registration Rights 
 (a) Mandatory Shelf Registration. As set
forth in Section 5 hereof, the Company agrees to file with the Commission as soon as reasonably practicable following the date of the consummation of a Qualified Investment Transaction (but in no event later than the date that is one hundred
eighty (180) days after the consummation of a Qualified Investment Transaction) a shelf Registration Statement on Form S-1 or such other form under the Securities Act then available to the Company providing for the resale of any Registrable
Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”). The Company shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the Commission
as soon as practicable after the initial filing thereof (and in any event within (i) if the Shelf Registration Statement is reviewed by the Commission, the earlier of (x) one hundred eighty (180) days following the filing of such
Shelf Registration Statement and (y) ten (10) Business Days after the Company is notified by the Commission that the Commission has completed such review and is willing to declare such Shelf Registration Statement effective and
(ii) if the Company is notified by the Commission that the Shelf Registration Statement is not going to be reviewed by the Commission (and not subsequently notified that the Commission has reversed its decision), twenty (20) Business Days
after the Company is notified by the Commission that such Shelf Registration Statement will not be reviewed). Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods
legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet) by the Holders of any and all Registrable Shares. 

(b) IPO Registration. If the Company proposes to file a registration statement on Form S-1 or such other form under the Securities
Act providing for the initial public offering of shares of Common Stock (the “IPO Registration Statement”), the Company will notify each Holder in writing of the proposed filing not later than five (5) Business Days following
the date of such filing and afford each Holder an opportunity to include in the IPO Registration Statement all or any part of the Registrable Shares then held by such Holder, if such registration is permitted by such form, subject to the terms and
conditions set forth herein. Each Holder desiring to include in the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within twenty (20) days after receipt of the above-described notice from the
Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in the IPO Registration Statement. Any election by any Holder to include any Registrable Shares
in the IPO Registration Statement will not affect the inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO Registration Statement. 

  
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 (i) Right to Terminate IPO Registration. The Company shall have the
right to terminate or withdraw the IPO Registration Statement initiated by it and referred to in this Section 2(b) prior to the effectiveness of such registration whether or not any Holder has elected to include Registrable Shares in such
registration; provided, however, the Company must provide each Holder that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice of such termination or withdrawal. 

(ii) Right to Receive Additional Notice. In the event the IPO Registration Statement is not declared effective
within one hundred and twenty (120) days following the initial filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement is actually in progress at such time or is
scheduled to begin within ten (10) Business Days, the Company shall promptly provide a new written notice to all Holders giving them another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each
Holder receiving such notice shall have the same election rights afforded such Holder as described in clause (b) above. 
 (iii) Selection of Underwriter. The Company shall have the sole right to select the managing underwriter(s) for its initial public offering, regardless of whether any Registrable Shares are
included in the IPO Registration Statement or otherwise; provided, however, that the Company shall grant FBCM a right of first refusal to act as a book runner in the initial public offering of its securities. 

(iv) Shelf Registration not Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf
Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of the IPO Registration Statement. 
 (c) Issuer Free Writing Prospectus. The Company represents and agrees that, unless it obtains the prior consent of Selling Holders’ Counsel or the consent of the managing underwriter in
connection with any Underwritten Offering of Registrable Shares, and each Holder represents and agrees that, unless it obtains the prior consent of the Company and any such underwriter, it will not make any offer relating to such Registrable Shares
that would constitute an “issuer free writing prospectus,” as defined in Rule 433 (an “Issuer Free Writing Prospectus”), or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405,
required to be filed with the Commission. The Company represents that any Issuer Free Writing Prospectus will not include any information that conflicts with the information contained in any Registration Statement or the related Prospectus, and any
Issuer Free Writing Prospectus, when taken together with the information in such Registration Statement and the related Prospectus, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
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 (d) Underwriting. The Company shall advise all Holders of the underwriter for the
Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder’s Registrable Shares to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such underwriting shall enter into
an underwriting agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, custody agreements, securities escrow agreements and other
documents, including opinions of counsel, reasonably required under the terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the Registration Statement;
provided, however, that no Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder and such
Holder’s intended method of distribution and any other representation required by law. The IPO Registration Statement shall include all Registrable Shares requested by the Holders to be included therein in accordance with Section 2(b).
Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriter(s) may exclude shares
(including Registrable Shares) from the IPO Registration Statement and Underwritten Offering, and any shares included in such IPO Registration Statement and Underwritten Offering shall be allocated first, to the Company, and second, to
each of the Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion);
provided, further, however, that the number of Registrable Shares to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i) officers, directors, other employees of the
Company and consultants and (ii) other holders of the Company’s capital stock with registration rights that are inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely
excluded from the underwriting and registration provided, .further, however, that Holders of Registrable Shares shall be permitted to include Registrable Shares comprising at least 25% of the total securities included in the Underwritten
Offering proposed under the IPO Registration Statement. 
 By electing to include the Registrable Shares in the IPO Registration
Statement, the Holder of such Registrable Shares shall be deemed to have agreed not to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration
Statement or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested (but in no event for a period
longer than thirty (30) days prior to and sixty (60) days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten Offering, or by the Company in any other registration.

 If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written
notice to the Company and the managing underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the IPO Registration Statement. Any Registrable Shares excluded or withdrawn from such underwriting shall be
excluded and withdrawn from the registration. 

  
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 (e) Expenses. The Company shall pay all Registration Expenses in connection with the
registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in
such registration) of all discounts and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement. 

(f) Executive Bonus. If the Company does not file a Registration Statement registering the resale of the Registrable Shares within
one hundred eighty (180) days after the consummation of a Qualified Investment Transaction, other than as a result of the Commission being unable to accept such filing (a “Registration Default”), then, each of R. Eugene Taylor,
Christopher G. Marshall, R. Bruce Singletary and Kenneth A. Posner, if employed by the Company and owed a performance bonus, shall immediately forfeit 50%, and shall thereafter forfeit an additional 10% for each month the Registration Default
continues, of any performance bonus that would otherwise be payable to him during that fiscal year (or to which he became entitled as a result of performance during that fiscal year), whether under an employment agreement with the Company, a bonus
plan or any other bonus arrangement, including any bonus compensation for which payment would otherwise be deferred until after that fiscal year. No bonuses, compensation, awards, equity compensation or other amounts shall be payable or granted in
lieu of or to make Messrs. Taylor, Marshall, Singletary and Posner whole for any such forfeited bonuses. 
 3. Special Election Meeting.

 (a) Holding of Meeting. If a Registration Statement registering the resale of the Registrable Shares has not been
declared effective by the Commission on a date that is one hundred eighty (180) days after the filing of such Registration Statement (the “Trigger Date”), a special meeting of stockholders (the “Special Election Meeting”)
shall be called in accordance with the Bylaws of the Company, provided that Holders of two-thirds of the outstanding Registrable Shares may waive the requirement to hold a Special Election Meeting. The Special Election Meeting shall occur as soon as
reasonably practicable following the Trigger Date but in no event more than forty-five (45) days after the Trigger Date. 

(b) Purposes of Meeting. The Special Election Meeting shall be called solely for the purposes of: (i) considering and voting
upon proposals to remove each then-serving director of the Company; and (ii) electing such number of directors as there are then vacancies on the Board of Directors of the Company (including any vacancies created by the removal of any director
pursuant to Section 3(b)(i) hereof). The removal of any director pursuant to Section 3(b)(i) hereof shall be effective immediately upon the receipt of the final report of the Inspector of Elections for the Special Election Meeting of the
result of the vote on the proposal to remove such director. 
 (c) Nominations. Nominations of individuals for election
to the Board of Directors of the Company at the Special Election Meeting may only be made (i) by or at the direction of the Board of Directors or (ii) upon receipt by the Company of written notice of Holders entitled to

  
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cast, or direct the casting of, not less than 20% of all the votes entitled to be cast at the Special Election Meeting and containing the information specified in the Company’s Bylaws. Each
individual whose nomination is made in accordance with this Section 3(c) is hereinafter referred to as a “Nominee.” 
 (d) Procedure for Stockholder Nominations. For nominations of individuals for election to the Board of Directors to be properly brought before the Special Election Meeting by Holders pursuant to
Section 3(c) hereof, the Holders must have given notice thereof in writing to the Secretary of the Company not later than 5:00 p.m., Eastern Time, on the 10th calendar day after the Trigger Date. Such notice shall include each such proposed
Nominee’s written consent to serve as a director, if elected, and shall specify, in addition to any information required by the Company’s Bylaws: 
 (i) as to each proposed Nominee, the name, age, business address and residence address of such proposed Nominee and all other information relating to such proposed Nominee that would be required, pursuant
to Regulation 14A promulgated under the Exchange Act (or any successor provision), to be disclosed in a contested solicitation of proxies with respect to the election of such individual as a director; and 

(ii) as to each Holder giving the notice, the class, series and number of all shares of beneficial interest of the Company
that are owned by such Holder, beneficially or of record. 
 (e) Notice. Not less than fifteen (15) nor more than
twenty-five (25) days before the Special Election Meeting, the Secretary of the Company shall give to each stockholder entitled to vote at, or to receive notice of, such meeting at such stockholder’s address as it appears in the share
transfer records of the Company, notice in writing setting forth (i) the time and place of the Special Election Meeting, (ii) the purposes for which the Special Election Meeting has been called and (iii) the name of each Nominee.

 4. Rules 144 and 144A Reporting 
 With a view to making available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable Shares to the public without registration, the
Company agrees to: 
 (a) use commercially reasonable efforts to make and keep current public information available, as those
terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public;

 (b) use commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents
required to be filed by the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 
 (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, it will make available other
information as required by, and so long as necessary to permit sales of 

  
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Registrable Shares pursuant to Rule 144 or Rule 144A and, in any event, shall make available (either by mailing a copy thereof, by posting on the Company’s website, or by press release or by
such other means that the Company reasonably believes to be a reliable means of communication) to each Holder a copy of: 
 (i) the Company’s annual consolidated financial statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity and statements of cash flows)
prepared in accordance with generally accepted accounting principles in the United States, accompanied by an audit report of the Company’s independent accountants, no later than ninety (90) days after the end of each fiscal year of the
Company (or if such 90th day is not a Business Day, the immediately following Business Day); 
 (ii) the
Company’s unaudited quarterly financial statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of
the Company’s annual financial statements, no later than forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Company (or if such 45th day is not a Business Day, the immediately following
Business Day); and 
 (iii) any other information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act; 
 (d) the Company shall hold, a reasonable time after the availability of such financial statements (and in any
event within sixty (60) days after the applicable fiscal quarter end and ninety (90) days after the applicable fiscal year end) and upon reasonable notice to the Holders and FBCM (either by mail, by posting on the Company’s website,
or by press release), an investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to such financial statements, and for the first four
fiscal quarters following the Closing Date, will also cooperate with, and make management reasonably available to, FBCM personnel in connection with making Company information available to investors; provided, however, that if the Company’s
Board of Directors determines in good faith after receiving the advice of legal counsel that such a call would be inadvisable due to the provisions of the Securities Act or Exchange Act or other applicable law including as a result of any proposed
financing, acquisition, merger or other significant transaction involving the Company, the Company may delay such call but only for so long as and to the extent reasonably required by the Securities Act or Exchange Act or other applicable law;
provided further that the Company shall not suspend such call for more than twenty (20) days; and 
 (e) at any time after
it has become subject to the reporting requirements of the Exchange Act, so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the
Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company and take such further actions, as a Holder may reasonably request in availing itself of any
rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration. 

  
 12 

 5. Registration Procedures 
 In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be effected
the registration of the Registrable Shares under the Securities Act to permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of distribution, and the
Company shall: 
 (a) (i) notify FBCM and Selling Holders’ Counsel, in writing, at least ten (10) Business Days
prior to filing a Shelf Registration Statement and within five (5) Business Days after filing an IPO Registration Statement, of its intention to file such Registration Statement with the Commission and, at least five (5) Business Days
prior to filing the Shelf Registration Statement and at the time of providing notice of the IPO Registration Statement, provide a copy of such Registration Statement to FBCM, its counsel and Selling Holders’ Counsel for review and comment;
(ii) prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which Registration Statement(s) shall (A) comply as to form in all material respects with the requirements of the applicable form and
include all financial statements required by the Commission to be filed therewith and (B) be reasonably acceptable to FBCM, its counsel and Selling Holders’ Counsel; (iii) notify FBCM and Selling Holders’ Counsel in writing, at
least five (5) Business Days prior to filing of any amendment or supplement to such Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBCM, its counsel and
Selling Holders’ Counsel for review and comment; (iv) promptly following receipt from the Commission, provide to FBCM, its counsel and Selling Holders’ Counsel copies of any comments made by the staff of the Commission relating to
such Registration Statement and of the Company’s responses thereto for review and comment; and (v) use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after filing and to
remain effective, subject to Section 6 hereof, until the earlier of: (A) such time as all Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (B) such time as all
of the Registrable Shares are eligible for sale without any volume or manner of sale restrictions or compliance by the Company with any current public information requirements pursuant to Rule 144 (or any successor or analogous rule) under the
Securities Act, (C) there are no Registrable Shares outstanding and (D) the second anniversary of the initial effective date of such Registration Statement (subject to extension as provided in Section 6(c) hereof and the condition
that the Registrable Shares have been transferred to an unrestricted CUSIP and are listed or included on the New York Stock Exchange, the Nasdaq Global Market or similar national securities exchange, pursuant to Section 5(n) of this Agreement,
or on an alternative trading system with the Registrable Shares qualified under the applicable state securities or “blue sky” laws of all fifty (50) states); provided, however, that the Company shall not be required to cause
the IPO Registration Statement to remain effective for any period longer than ninety (90) days following the effective date of the IPO Registration Statement (subject to extension as provided in Section 6(c) hereof); provided further,
that if the Company has an effective Shelf Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities

  
 13 

 
Act, the Company may, upon thirty (30) Business Days prior written notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf
Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Registration Statement or transfer the filing fees from
the previous Registration Statement (such transfer pursuant to Rule 429, if applicable) unless any Holder registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the Company
notice that such a registration under a new Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable Shares already in progress, in which case the Company shall delay
the effectiveness of the short-form Registration Statement and termination of the then-effective initial Registration Statement or any short-form Registration Statement for a period of not less than thirty (30) days from the date that the
Company receives the notice from such Holders requesting a delay; 
 (b) subject to Section 5(i) hereof, (i) prepare
and file with the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 5(a) hereof; (ii) cause
each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and (iii) comply in all
material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by
the selling Holders thereof; 
 (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each
preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company consents, subject to
Section 6 hereof, to the lawful use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

(d) use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all
Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as FBCM or any Holder of Registrable Shares covered
by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant to Section 5(a) and do
any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder; provided, however, that the Company
shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 5(d) and except as may be
required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 

  
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 (e) use its commercially reasonable efforts to cause all Registrable Shares covered by such
Registration Statement to be registered and approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 

(f) (i) notify FBCM and each Holder promptly and, if requested by FBCM or any Holder, confirm such advice in writing (A) when a
Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (B) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness
of a Registration Statement or the initiation of any Proceeding for that purpose, (C) of any request by the Commission or any other federal, state or foreign governmental authority for (1) amendments or supplements to a Registration
Statement or related Prospectus or (2) additional information, and (D) of the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any
document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made); and (ii) at the request of any such Holder, promptly to furnish to such Holder
a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (g)
make every reasonable effort to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or suspending the qualification of (or exemption from
qualification of) any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 
 (h) upon request,
furnish to each requesting Holder of Registrable Shares, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or
exhibits thereto, unless requested); 
 (i) except as provided in Section 6 hereof, upon the occurrence of any event
contemplated by Section 5(f)(i) hereof, use its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference
or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(j) if requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with
such offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the 

  
 15 

 
underwriters, if any, or such Holders indicate relates to them or that they reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such
post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters: (i) an opinion
of counsel for the Company customary for underwritten public offerings, dated the date of each closing under the underwriting agreement; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date
of each closing under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial statements included in such Registration Statement, covering substantially the same matters with respect
to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten
public offerings of securities and such other financial matters as the underwriters may reasonably request and are customarily obtained by underwriters in underwritten offerings; 

(l) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form) and
take all other action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the case of an Underwritten Offering, make representations and warranties to
the Holders covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings for companies of a similar business and size and confirm the same to the
extent customary if and when requested; 
 (m) make available for inspection by representatives of the Holders and the
representative of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate documents
and properties of the Company and cause the respective officers, directors and employees of the Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or
accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in good faith, to be confidential and notifies such representatives, representative of the
underwriters, counsel thereto or accountants are confidential shall not be disclosed by such representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information
is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) such records, documents or information have been generally made available to the public; provided, further, however, that, notwithstanding anything to the contrary in this Agreement, the Company shall not provide
any material non-public information to any Holder without such Holder’s prior consent; 
 (n) use its commercially
reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list or include all Registrable Shares on the New York Stock Exchange, the
Nasdaq Global Market or similar national securities exchange; 

  
 16 

 (o) prepare and file in a timely manner all documents and reports required by the Exchange
Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration Statement as required by Section 5(a)
hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a) hereof; 

(p) provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement; 

(q) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
(ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least twelve (12) months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any
similar rule promulgated under the Securities Act) thereunder, but in no event later than ninety (90) days after the end of each fiscal year of the Company, and (iii) not file any Registration Statement or Prospectus or amendment or
supplement to such Registration Statement or Prospectus to which any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or
supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof; 

(r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement
from and after a date not later than the effective date of such Registration Statement; 
 (s) in connection with any sale or
transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if
any, to facilitate (unless any Registrable Shares shall be in book-entry only form) the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any restrictive transfer
legends (other than as required by the Company’s amended and restated certificate of incorporation, as amended) and to enable such Registrable Shares to be in such denominations and registered in such names as the representative of the
underwriters, if any, or the Holders may request at least two (2) Business Days prior to any sale of the Registrable Shares; 
 (t) in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, cooperate with FBCM in connection with the
filing with FINRA of all forms and information required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed
underwriting terms and arrangements) relating to the resale of Registrable Shares pursuant to the 

  
 17 

 
Shelf Registration Statement, including, without limitation, information provided to FINRA through its COBRADesk system, and pay all costs, fees and expenses incident to FINRA’s review of
the Shelf Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to FINRA and the reasonable legal expenses, filing fees and other
disbursements of FBCM and any other FINRA member that is the Holder of or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member
filing); 
 (u) in connection with the initial filing of a Shelf Registration Statement and each amendment thereto filed with
the Commission pursuant to Section 2(a) hereof, provide to FBCM and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company’s financial and other records, and make available
members of its management for questions regarding information which FBCM may request in order to fulfill any due diligence obligation on its part; 
 (v) upon effectiveness of the first Registration Statement filed under this Agreement, take such actions and make such filings as are necessary to effect the registration of the Common Stock under the
Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement; and 
 (w) in the
case of an Underwritten Offering, use its commercially reasonable efforts to cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including
any “qualified independent underwriter,” if applicable) that is required to be retained in accordance with the rules and regulations of FINRA. 
 The Company may require the Holders to furnish to the Company such information regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably
request in writing or as shall be required to effect the registration of the Registrable Shares, and no Holder shall be entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus
forming a part thereof if such Holder does not provide such information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be
required to be named as a selling shareholder in the related prospectus and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the
information previously furnished by such Holder not misleading. 
 Each Holder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Sections 5(f)(i)(C) or 5(f)(i)(D) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s receipt
of the copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s
possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 

  
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 (x) Notwithstanding any other provision of this Agreement, if the Commission or any rules,
regulations or guidance thereof sets forth a limitation of the number of Registrable Shares or other shares of Common Stock permitted to be registered on a particular Shelf Registration Statement (and notwithstanding that the Company used diligent
efforts to advocate with the Commission for the registration of all or a greater number of Registrable Shares), the number of Registrable Shares or other shares of Common Stock to be registered on such Shelf Registration Statement will be reduced as
follows: first, the Company shall reduce or eliminate the shares of Common Stock to be included by any Person other than a Holder; second, the Company shall reduce or eliminate any shares of Common Stock to be included by the Company; and third, the
Company shall reduce the number of Registrable Shares to be included by all other Holders on a pro rata basis based on the total number of unregistered Registrable Shares held by such Holders, subject to a determination by the Commission that
certain Holders must be reduced before other Holders based on the number of Registrable Shares held by such Holders. In the event the Company amends the Shelf Registration Statement or files a Shelf Registration Statement, the Company will use its
commercially reasonable efforts to file with the Commission, as promptly as allowed by Commission any rules, regulations or guidance thereof, one or more Shelf Registration Statements to register for resale those Registrable Shares that were not
registered for resale on the Shelf Registration Statement. 
 6. Black-Out Period 

(a) Subject to the provisions of this Section 6 and a good faith determination by a majority of the independent members of the board
of directors of the Company (the “Board of Directors”) that it is in the best interests of the Company to suspend the use of the Registration Statement following the effectiveness of a Registration Statement (and the filings with
any international, federal or state securities commissions), the Company, by written notice to FBCM and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company
reasonably may determine is necessary and advisable (but in no event for more than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on the Closing Date or more than sixty (60) days in any rolling
ninety (90) day period), if any of the following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares
pursuant to the Registration Statement would have a material adverse effect on such Underwritten Offering of primary shares; (ii) a majority of the independent members of the Board of Directors of the Company shall have determined in good faith
that (A) the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization or
other significant transaction involving the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be
disclosed under applicable law, and (C) either (1) the Company has a bona fide business purpose for preserving the confidentiality of the proposed transaction or information, (2) disclosure would have a material adverse effect on the
Company or the Company’s ability to consummate the proposed transaction, or (3) the proposed transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or
inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration 

  
 19 

 
Statement on a post-effective basis, as applicable; or (iii) a majority of the independent members of the Board of Directors of the Company shall have determined in good faith, after the
advice of counsel, that it is required by law, rule or regulation, or that it is in the best interests of the Company, to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate
information into the Registration Statement for the purpose of: (A) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (B) reflecting in the prospectus included in the
Registration Statement any facts or events arising after the effective date of the Registration Statement or any misstatement or omission in the prospectus (or of the most recent post-effective amendment) that, individually or in the aggregate,
represents a fundamental change in the information set forth therein; or (C) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration
Statement or any material change to such information. Upon the occurrence of any such suspension, the Company shall use its best efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration
Statement on a post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of the
Registrable Shares as soon as possible. 
 (b) In the case of an event that causes the Company to suspend the use of a
Registration Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to FBCM and the Holders to suspend sales of the Registrable Shares and such notice shall state generally
the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all reasonable steps to terminate suspension of the use of the
Registration Statement as promptly as possible. The Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and
prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies (other than permanent file copies) then in such Holder’s
possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following
further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBCM in the manner described above promptly following the conclusion of
any Suspension Event and its effect. 
 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 6, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during
the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary to resume sales.

  
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 7. Indemnification and Contribution 

(a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the
Securities Act) for such Holder (including, if applicable, FBCM), (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause
(i) (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors, partners, members, employees, representatives and agents
of any such Person or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and
all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing for,
pursuing or defending any Proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon,
arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement thereto) or any Issuer Free
Writing Prospectus (or any amendment or supplement thereto), or any preliminary Prospectus or any other document used to sell the Registrable Shares, or any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, provided, however, that (i) the Company shall not be liable in any such case to the extent that such Liabilities arise
out of or are based upon any untrue statement or omission or alleged untrue statement or alleged omission made in such in any Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement thereto) or any Issuer
Free Writing Prospectus (or any amendment or supplement thereto), or any preliminary Prospectus or any other document used to sell the Registrable Shares relating to such Registration Statement in reliance upon and in conformity with written
information pertaining to such Holder or furnished to the Company by or on behalf of such Holder or any participating underwriter specifically for inclusion therein and (ii) in the case of a Suspension Event for which a Suspension Notice is
delivered in accordance with this Agreement, the Company shall not be liable for any Liabilities resulting from a sale of Registrable Shares by any Holder occurring prior to delivery by the Company of an End of Suspension Notice. The Company shall
notify the Holders promptly of the institution, threat or assertion of any Proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement which
involves the Company or a Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 

(b) In connection with any Registration Statement in which a Holder of Registrable Shares is participating, such Holder agrees, severally
and not jointly, to indemnify and hold harmless the Company, each Person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective officers, directors, partners,
members, employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged

  
 21 

 
untrue statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such
Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. The liability of any Holder pursuant to
this paragraph shall in no event exceed the net proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free
Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. 
 (c) If any Proceeding (including
any governmental or regulatory investigation) shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”) shall
promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which
it may have under this Section 7, except to the extent the Indemnifying Party is materially prejudiced by the failure to give such notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably
satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to
such Proceeding. Notwithstanding the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless
(i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and
employ counsel reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to any such action (including any
impleaded parties) include both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (A) there may be one or more legal
defenses available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (B) a conflict may exist between such Indemnified Party and the Indemnifying Party or
such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the defense of such Proceeding on behalf of such Indemnified Party; it being understood, however, that the Indemnifying
Party shall not, in connection with any one such Proceeding or separate but substantially similar or related Proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such
Indemnified Parties and any such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of
any Proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified
Party from and against any loss or liability by reason of such 

  
 22 

 
settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which
any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 

(d) If the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason held to be
unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under
such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the
relative benefits of the Indemnified Party on the one hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified
Party, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. 
 (e) The parties agree that it would not be just and equitable
if contribution pursuant to this Section 7 were determined by pro rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the
equitable considerations referred to in Section 7(d) above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations set
forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such Proceeding. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser
Indemnitee be required to contribute any amount in excess of the amount by which the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Exchange Act) FBCM or a Holder of Registrable Shares shall have the same rights to contribution as FBCM or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, partner, employee, representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to
contribution will, promptly after receipt of notice of commencement of any Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom

  
 23 

 
contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have
under this Section 7 or otherwise, except to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity
and contribution agreements contained in this Section 7 will be in addition to any liability, which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitees’ obligations to
contribute pursuant to this Section 7 are several in proportion to the respective number of Registrable Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 
 8. Market Stand-off Agreement 
 Each Holder hereby agrees that it shall not,
to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable
Shares then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period of sixty (60) days following the effective date of an IPO Registration Statement of the Company filed under the
Securities Act; provided, however, that: 
 (a) the restrictions above shall not apply to (i) Registrable Shares
sold pursuant to the IPO Registration Statement, (ii) shares of common stock purchased by such Holder in such initial public offering and (iii) shares of common stock purchased by such Holder following the completion of such initial public
offering; 
 (b) all executive officers and directors of the Company then holding shares of Common Stock of the Company or
securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company enter into similar agreements; 
 (c) the Holders shall be allowed any concession or proportionate release allowed to any officer or director that entered into similar agreements (with such proportion being determined by dividing the
number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such officer or director); provided, that nothing in this Section 8(c) shall be construed as a right to
proportionate release for the executive officers and directors of the Company upon the expiration of the sixty (60) day period applicable to all Holders other than the executive officers and directors of the Company; and 

(d) this Section 8 shall not be applicable if a Shelf Registration Statement of the Company filed under the Securities Act has been
declared effective prior to the filing of an IPO Registration Statement. 
 In order to enforce the foregoing covenant, the
Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of
each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 

  
 24 

 9. Termination of the Company’s Obligation 

The Company shall have no obligation pursuant to this Agreement with respect to any Registrable Shares proposed to be sold by a Holder in
a registration pursuant to this Agreement if, in the opinion of counsel to the Company, all such Registrable Shares proposed to be sold by a Holder (i) may be sold without registration under the Securities Act and (ii) are listed on the
New York Stock Exchange, the Nasdaq Global Market or similar national securities exchange. 
 10. Limitations on Subsequent Registration
Rights 
 From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders
beneficially owning not less than a majority of the then outstanding Registrable Shares (provided, however, that for purposes of this Section 10, Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company
shall not be deemed to be outstanding), enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any Registration
Statement filed pursuant to the terms hereof, unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce
the amount of Registrable Shares of the Holders that is included, or (b) to have its securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective
date of any registration statement filed pursuant to this Agreement. 
 11. Miscellaneous 

(a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to
being entitled to exercise all rights provided herein or, in the case of FBCM, in the Purchase/Placement Agreement, or granted by law, including recovery of damages, will be entitled to seek specific performance of its rights under this Agreement.
Subject to Section 9, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares; provided, however, that for purposes of this Section 11(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding; provided, further, that the Lead
Investor shall be required to consent to any amendment, modification or supplement to this Agreement that would have a material adverse affect on its rights or obligations hereunder with respect to the Lead Investor’s Registrable Shares unless
such amendment would treat the Lead Investor no less favorably than 

  
 25 

 
any other holder of Registrable Shares. No amendment shall be deemed effective unless it applies uniformly to all Holders, to the extent applicable. Notwithstanding the foregoing, a waiver or
consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect,
impair, limit or compromise the rights of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the first and second
sentences of this paragraph. 
 (c) Notices. All notices and other communications, provided for or permitted hereunder,
shall be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 

(i) if to a Holder, at the most current address given by the transfer agent and registrar of the Registrable Shares to the
Company; 
 (ii) if to the Company, at the offices of the Company at North American Financial Holdings, Inc., c/o
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801 Attention: R. Eugene Taylor; with a copy (which shall not constitute notice) to Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036,
Attention: Jennifer Bensch, Esq. (facsimile: (212) 735-2000); and 
 (iii) if to FBCM, at the offices of
FBCM at 1001 Nineteenth Street North, Arlington, Virginia 22209, Attention: William Ginivan, Esq. (facsimile 703-469-1140); with a copy (which shall not constitute notice) to Wachtell, Lipton, Rosen & Katz, 51 West 52nd Street, New York,
New York 10019, Attention: David E. Shapiro, Esq. (facsimile: (212) 403-2314). 
 (d) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees
that the Holders shall be third party beneficiaries to the agreements made hereunder by FBCM and the Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to
protect its rights hereunder; provided, however, that such Holder fulfills all of its obligations hereunder. 
 (e)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 (g) Legend. In addition to any other legend that may appear on
the stock certificates evidencing the Registrable Shares, for so long as any Shares remain Registrable Shares, each certificate evidencing such Registrable Shares shall contain a legend to the following effect: “THE SHARES EVIDENCED BY THIS
CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE BENEFITS OF A CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED DECEMBER 22, 2009.” 

  
 26 

 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY
AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE
VENUE OF ANY SUCH PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ
an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have
executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (j) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 
 (k) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares
held by the Company or its Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (l) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a specific number of shares, then upon the occurrence of any subdivision, combination, or stock dividend of
such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination, or stock
dividend. 

  
 27 

 (m) Survival. This Agreement is intended to survive the consummation of the
transactions contemplated by the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 7 of this Agreement shall survive the termination of the Company’s obligations under Section 2 of this
Agreement. 
 (n) Attorneys’ Fees. In any action or Proceeding brought to enforce any provision of this Agreement,
or where any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 

  
 28 

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

					
	NORTH AMERICAN FINANCIAL HOLDINGS, INC.
		
	By:	 	/s/ R. Eugene Taylor
		 	Name:	 	R. Eugene Taylor
		 	Title:	 	Chairman and Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 
					
	FBR CAPITAL MARKETS & CO
		
	By:	 	/s/ James R. Kleeblatt
		 	Name:	 	James R. Kleeblatt
		 	Title:	 	Vice Chairman

 [Signature Page to Registration Rights Agreement] 

 
					
	CRESTVIEW – NAFH, LLC
		
	By:	 	/s/ Richard M. DeMartini
		 	Name:	 	Richard M. DeMartini
		 	Title:	 	

 [Signature Page to Registration Rights Agreement] 

 
	
	/s/ R. Eugene Taylor
	R. Eugene Taylor

 [Signature Page to Registration Rights Agreement] 

 
	
	/s/ Christopher G. Marshall
	Christopher G. Marshall

 [Signature Page to Registration Rights Agreement] 

 
	
	/s/ R. Bruce Singletary
	R. Bruce Singletary

 [Signature Page to Registration Rights Agreement] 

 
	
	/s/ Kenneth A. Posner
	Kenneth A. Posner

 [Signature Page to Registration Rights Agreement]North American Financial Holdings,Inc. 2010 Equity Incentive Plan

 Exhibit 10.2 
 NORTH AMERICAN FINANCIAL HOLDINGS, INC. 
 2010 EQUITY INCENTIVE PLAN

 (Effective as of December 22, 2009) 

 

	1.	Purpose 

 The purpose of
the Plan is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees, directors and/or consultants and to provide a means whereby officers, employees, directors and/or consultants of the Company and its
Affiliates can acquire and maintain Common Stock ownership, or be paid incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and promoting
an identity of interest between shareholders and these persons. 
 So that the appropriate incentive can be provided, the Plan
provides for granting Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Awards and Stock Bonus Awards, or any combination of the foregoing. 

 

	2.	Definitions 

 For purposes
of this Plan, the following terms are defined as set forth below: 
 (a) “162(m) Effective Date” means the first date
on which Awards granted under the Plan do not qualify for an exemption from the deduction limitations of Section 162(m) of the Code on account of an exemption, or a transition or grandfather rule. 

(b) “Affiliate” means, with respect to any specified entity, any other entity that directly or indirectly is controlled by,
controls, or is under common control with such specified entity. 
 (c) “Applicable Exchange” means the Nasdaq or such
other securities exchange as may at the applicable time be the principal market for the Common Stock. 
 (d) “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Stock Award or Stock Bonus Award granted pursuant to the terms of this Plan.

 (e) “Award Agreement” means a written or electronic document or agreement setting forth the terms and conditions of
a specific Award. 

 (f) “Beneficial Owner” and “Beneficial Ownership” shall have the meaning
given for purposes of Rule 13d­3 promulgated under the Exchange Act. 
 (g) “Board” means the Board of Directors
of the Company. 
 (h) “Cause” means, unless otherwise provided in an Award Agreement, (i) “Cause” as
defined in any employment, consulting or similar agreement with the Company or any of its Affiliates to which the applicable Participant is a party (an “Individual Agreement”), or (ii) if there is no such Individual Agreement
or if it does not define Cause: (A) the willful or gross neglect by a Participant of his employment duties (other than as a result of his incapacity due to physical or mental illness or injury) as determined by the Committee; (B) the plea
of guilty or nolo contendere to, or conviction for, the commission of a felony offense by a Participant; (C) willful misconduct by a Participant that is injurious to the Company or an Affiliate, or an act of fraud, embezzlement,
misrepresentation or breach of a fiduciary duty against the Company or any of its Affiliates, as determined by the Committee; (D) a breach by a Participant of any nondisclosure, non-solicitation or noncompetition obligation owed to the Company
or any of its Affiliates; or (E) the willful failure of a Participant to follow instructions of the Board or his direct superiors. Notwithstanding anything in Section 4(c) of this Plan, following a Change in Control, any determination by
the Committee as to whether “Cause” exists shall be subject to de novo review. 
 For purposes of this
definition, no act or failure to act, on the part of the Participant, shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action
or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done,
or omitted to be done, by the Participant in good faith and in the best interests of the Company. 
 (i) “Change in
Control” shall, unless in the case of a particular Award where the applicable Award Agreement states otherwise or contains a different definition of “Change in Control,” for the purpose of this Plan, be the first to occur following
the Effective Date of: 
 (i) the acquisition by any individual, entity or Group of Beneficial Ownership of 51%
or more (on a fully diluted basis) of either (A) the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion
of convertible stock or debt, and the exercise or settlement of any similar right to acquire such common stock (the “Outstanding Company Common Stock”), or (B) the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Agreement, the following acquisitions shall not
constitute a Change in Control: (I) any acquisition by the Company or any Affiliate, (II) any acquisition directly from the Company, (III) any acquisition by any employee benefit plan sponsored or maintained by the Company or any

  
 2 

 
Affiliate or (IV) any acquisition by any Person that complies with clauses (A), (B) and (C) of subsection (iv) of this Section 2(i); 

(ii) individuals who, on the date hereof, constitute the Board (the “Incumbent Directors”) cease for any
reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination), shall be an Incumbent Director;
provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened
solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
 (iii) approval by the shareholders of the Company of a complete dissolution or liquidation of the Company; or 
 (iv) the consummation of a merger, consolidation, statutory share exchange, a sale or other disposition of all or substantially all of the assets of the Company or similar form of corporate transaction
involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), in each case, unless immediately
following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Company”) or (y) if applicable, the ultimate parent
corporation that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the directors of the Surviving Company (the “Parent Company”) is represented by the Outstanding Company
Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such
voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no Person (other than
any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is or becomes the Beneficial Owner, directly or indirectly, of 51% or more of the total voting power of the outstanding voting securities eligible to
elect directors of the Parent Company (or, if there is no Parent Company, the Surviving Company) and (C) at least two-thirds of the members of the board of directors of the Parent Company (or, if there is no Parent Company, the Surviving
Company) following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination. 

  
 3 

 The Company’s closing of a public offering of Common Stock pursuant to a registration statement
declared effective under the Securities Act shall in no event, by itself, be deemed a Change in Control for purposes of this Plan or any Award Agreement. 
 (j) “Charter Deadline” means the date nine months following the consummation of the offering, or such later date as may be approved by the shareholders of the Company. 

(k) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury
Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference in the Plan to any specific section of the Code shall be deemed to include any amendments or successor
provisions to such section and any regulations and guidance under such section. 
 (l) “Committee” means a committee
of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by the Board, the Board. On and after the time that the Company becomes subject to the Exchange Act, unless the Board is acting as the
Committee or the Board specifically determines otherwise, each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director; provided that the mere fact that a Committee
member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee which Award is otherwise validly granted under the Plan. 
 (m) “Common Stock” means the Class A common stock, par value $0.01 per share, of the Company, and any stock into which such common stock may be converted or into which it may be exchanged.

 (n) “Company” means North American Financial Holdings, Inc., or its successor. 

(o) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in
such authorization or, if there is no such date, the date indicated on the applicable Award Agreement. 
 (p)
“Disability” means, unless otherwise provided in an Award Agreement, the Company or an Affiliate having cause to terminate a Participant’s employment or service on account of “disability,” as defined in any existing
Individual Agreement, or, in the absence of such an Individual Agreement, a condition entitling the Participant to receive benefits under a long-term disability plan of the Company or an Affiliate or, in the absence of such a plan, the complete and
permanent inability by reason of illness or accident to perform the duties of the occupation at which a Participant was employed or served when such disability commenced or, as determined by the Committee, based upon medical evidence acceptable to
it. Notwithstanding the above, with respect to an Incentive Stock Option, Disability shall mean Permanent and Total Disability as defined in Section 22(e)(3) of the Code and, with respect to each Award that constitutes a “nonqualified
deferred compensation plan” within the meaning of 

  
 4 

 
Section 409A of the Code, the foregoing definition shall apply for purposes of vesting of such Award, provided that such Award shall not be settled until the earliest of: (i) the
Participant’s “disability” within the meaning of Section 409A of the Code, (ii) the Participant’s “separation from service” within the meaning of Section 409A of the Code and (iii) the date such
Award would otherwise be settled pursuant to the terms of the Award Agreement. 
 (q) “Disaffiliation” means a
Subsidiary’s or Affiliate’s ceasing to be a Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spin-off or sale by the Company, of the stock of the Subsidiary or Affiliate or a
sale of a division of the Company and its Affiliates). 
 (r) “Effective Date” means December 22, 2009.

 (s) “Eligible Director” means a person who is (i) a “non-employee director” within the meaning of
Rule 16b-3 under the Exchange Act, or a person meeting any similar requirement under any successor rule or regulation and (ii) an “outside director” within the meaning of Section 162(m) of the Code, and the Treasury Regulations
promulgated thereunder; provided, however, that clause (ii) shall apply only on and after the 162(m) Effective Date and only with respect to grants of Awards with respect to which the Company’s tax deduction could be limited
by Section 162(m) of the Code if such clause did not apply. 
 (t) “Eligible Person” means any investor entity
with the authority to appoint one of its employees or partners as a director, director, officer, employee or consultant of the Company or any of its Subsidiaries or Affiliates, or any prospective employee or consultant who has accepted an offer of
employment or consultancy from the Company or its Subsidiaries or Affiliates. 
 (u) “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 (v) “FBR Shares” means the shares of Common Stock payable to FBR
Capital Markets & Co. as a portion of the initial purchaser’s discount and placement fee. 
 (w) “Fair Market
Value” means (i) on the Effective Date, the price per share of Common Stock paid by investors in the Company and (ii) as of any subsequent date, the closing price of the Common Stock on any national securities exchange or any national
market system (including, but not limited to, The NASDAQ National Market) on that date, or if no prices are reported on that date, on the last preceding date on which such prices of the Common Stock are so reported. If the Common Stock is not then
listed on any national securities exchange but is traded over the counter at the time determination of its Fair Market Value is required to be made, its Fair Market Value shall be deemed to be equal to the average between the reported high and low
sales prices of Common Stock on the most recent date on which the Common Stock was publicly traded. If the Common Stock is not publicly traded at the time a determination of its Fair Market Value is made, the Board shall determine its Fair Market
Value in such manner as it deems appropriate which shall be based on the advice of an independent investment 

  
 5 

 
banker or appraiser recognized to be an expert in making such valuations and, to the extent applicable, such determination shall be made in a manner that satisfies Sections 409A and
Section 422(c)(1) of the Code. 
 (x) “Founder Shares” means the 200,000 shares of Common Stock sold prior to the
consummation of the offering to members of the Company’s management for an aggregate purchase price of $2,000. 
 (y)
“Group” shall have the meaning given in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 
 (z) “Incentive
Stock Option” means an Option granted by the Committee to a Participant under the Plan that is designated by the Committee as an incentive stock option as described in Section 422 of the Code and that in fact so qualifies. 

(aa) “Inflatable Charter” means an existing depository institution to serve as a platform from which to make further
acquisitions. 
 (bb) “Investment Transaction” means a transaction in which the Company acquires control of, or makes
a noncontrol investment in, a banking institution (including any savings association or similar financial institution) within the United States, provided that a noncontrol investment will not qualify as a Investment Transaction unless the
Company obtains a board seat or other governance rights pursuant to a shareholder rights or similar agreement. 
 (cc)
“Investment Transaction Deadline” means the date 18 months following the consummation of the offering, or such later date as may be approved by the shareholders of the Company. The Investment Transaction Deadline shall be deemed to be
extended during the period beginning upon such entry into a definitive agreement with respect to a Qualified Investment Transaction prior to the Investment Transaction Deadline and ending on the earlier of the date of consummation or termination of
such agreement. 
 (dd) “Nonqualified Stock Option” means an Option granted by the Committee to a Participant under
the Plan that is not designated by the Committee as an Incentive Stock Option. 
 (ee) “Option” means an Award granted
under Section 7. 
 (ff) “Option Period” means the period described in Section 7(c). 

(gg) “Option Price” means the exercise price for an Option as described in Section 7(a). 

(hh) “Parent” means any parent of the Company, as defined in Section 424(e) of the Code. 

  
 6 

 (ii) “Participant” means an Eligible Person who has been selected by the Committee
to participate in the Plan and to receive an Award pursuant to Section 6. 
 (jj) “Performance-Based Restricted
Awards” means Awards of Restricted Stock or Restricted Stock Units awarded to a Participant pursuant to Section 9, the grant of which is contingent upon the attainment of specified Performance Goals, and/or the vesting of which is subject
to a risk of forfeiture if the specified Performance Goals are not met within the Performance Period. 
 (kk) “Performance
Goals” means the performance objectives of the Company or an Affiliate during a Performance Period or Restricted Period established for the purpose of determining whether, and to what extent, Performance-Based Restricted Awards will be earned.
To the extent an Award is intended to qualify as “performance-based compensation” under Section 162(m) of the Code, (i) the Performance Goals shall be established with reference to one or more of the following, either on a
Company-wide basis or, as relevant, in respect of one or more Affiliates, Subsidiaries, divisions, departments or operations of the Company: earnings (gross, net, pre-tax, post-tax or per share), net profit after tax, EBITDA, gross profit, cash
generation, unit volume, market share, sales, asset quality, earnings per share, operating income, revenues, return on assets, return on operating assets, return on equity, profits, total shareholder return (measured in terms of stock price
appreciation and/or dividend growth), cost saving levels, marketing spending efficiency, core non-interest income, change in working capital, return on capital, strategic development, and/or stock price, with respect to the Company or any
Subsidiary, Affiliate, division or department of the Company and (ii) such Performance Goals shall be set by the Committee within the time period prescribed by Section 162(m) of the Code and related regulations. Such Performance Goals also
may be based upon the attaining of specified levels of Company, Subsidiary, Affiliate or divisional performance under one or more of the measures described above relative to the performance of other entities, divisions or subsidiaries. 

(ll) “Performance Period” means that period of time determined by the Committee over which performance is measured for the
purpose of determining a Participant’s right to, and the payment value of, any Performance-Based Restricted Award. 
 (mm)
“Person” shall mean an individual or a corporation, association, partnership, limited liability company, joint venture, organization, business, trust, or any other entity or organization, including a government or any subdivision or agency
thereof. 
 (nn) “Plan” means this North American Holdings, Inc. 2010 Equity Incentive Plan. 

(oo) “Qualified Investment Transaction” means an Investment Transaction that, together with any other Investment Transaction
(including any follow-on investments in or contributions to the capital of any businesses in which the Company previously invested in connection with an Investment Transaction), represents total

  
 7 

 
capital deployed (measured in each case as of the time of the relevant Investment Transaction) of at least 50% of the net proceeds from the offering. 

(pp) “Reserved Shares” means the shares of Stock described in Section 5(a). 

(qq) “Restricted Period” means, with respect to any share of Restricted Stock or any Restricted Stock Unit, the period of time
determined by the Committee during which such Award is subject to the restrictions set forth in Section 9. 
 (rr)
“Restricted Stock” means shares of Stock issued or transferred to a Participant subject to forfeiture and the other restrictions set forth in Section 9. 
 (ss) “Restricted Stock Award” means an Award of Restricted Stock granted under Section 9. 
 (tt) “Restricted Stock Unit” means a hypothetical investment equivalent to one share of Stock granted in connection with an Award made under Section 9. 

(uu) “Securities Act” means the Securities Act of 1933, as amended. 

(vv) “Shelf Charter” means a preliminary conditional approval from the Office of the Comptroller of the Currency to organize a
new national bank. 
 (ww) “Stock” means the Common Stock or such other authorized shares of stock of the Company as
the Committee may from time to time authorize for use under the Plan. 
 (xx) “Stock Appreciation Right” or
“SAR” means an Award granted under Section 8 of the Plan. 
 (yy) “Stock Award” means an Award of the
right to purchase Stock under Section 11 of the Plan. 
 (zz) “Stock Bonus” means an Award granted under
Section 10 of the Plan. 
 (aaa) “Stock Option Agreement” means the agreement between the Company and a
Participant who has been granted an Option pursuant to Section 7 that defines the rights and obligations of the parties as required in Section 7(d). 
 (bbb) “Strike Price” means, in respect of an SAR, (i) in the case of a Tandem SAR, the Option Price of the related Option, or (ii) in the case of a Free-Standing SAR, the Fair Market
Value on the Date of Grant. 
 (ccc) “Subsidiary” means any corporation, partnership, joint venture, limited liability
company or other entity during any period in which at least a 50% voting 

  
 8 

 
or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 
 (ddd) “Termination of Service” means the termination of the applicable Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries or Affiliates.
Unless otherwise determined by the Committee, if a Participant’s employment with, or membership on the board of directors of the Company and/or its Affiliates terminates but such Participant continues to provide services to the Company and/or
its Affiliates in a nonemployee director capacity or as an employee, as applicable, such change in status shall not be deemed a Termination of Service. A Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division
of the Company and its Affiliates shall not be deemed to incur a Termination of Service if, as a result of a Disaffiliation, such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case may be, and the
Participant immediately thereafter becomes an employee of (or service provider for), or member of the Board of, the Company or another Subsidiary or Affiliate. Approved temporary absences from employment because of illness, vacation or leave of
absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of Employment. Notwithstanding the foregoing, with respect to any Award that constitutes a “nonqualified deferred compensation
plan” within the meaning of Section 409A of the Code, “Termination of Service” shall mean a “separation from service” as defined under Section 409A of the Code. 

(eee) “Vested Unit” shall have the meaning ascribed thereto in Section 9(d). 

 

	3.	Effective Date, Duration and Shareholder Approval 

 The Plan is effective as of the Effective Date. The validity and exercisability of any and all Awards granted pursuant to the Plan on and after the 162(m) Effective Date is contingent upon approval of the
Plan by the shareholders of the Company in a manner intended to comply with the shareholder approval requirements of Section 162(m) of the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the
shareholders of the Company in a manner intended to comply with the shareholder approval requirements of Section 422(b)(1) of the Code; provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on
account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. 
 The expiration date of the Plan, on and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date (the “Expiration Date”); provided,
however, that the administration of the Plan shall continue in effect until all matters relating to Awards previously granted have been settled. Awards outstanding as of the Expiration Date shall not be affected or impaired by termination of
the Plan. 

  
 9 

	4.	Administration 

 (a) The
Plan shall be administered by the Committee or such other committee of the Board as the Board may from time to time designate. The Committee may only act by a majority of its members then in office, except that the Committee may, except to the
extent prohibited by applicable law or the listing standards of the Applicable Exchange, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and
powers to any person or persons selected by it. 
 (b) Subject to the terms and conditions of the Plan and applicable law,
including, without limitation, Section 409A of the Code, the Committee shall have, in addition to other express powers and authorizations conferred on the Committee by the Plan, the power to: (i) designate Participants; (ii) determine
the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards;
(iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Stock, other securities, other Awards or other property, or
canceled, forfeited or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Stock, other
securities, other Awards, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret, administer, reconcile any
inconsistency, correct any defect and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend or waive such rules and regulations and appoint such agents
as it shall deem appropriate for the proper administration of the Plan; (ix) establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable; (x) determine Fair Market Value and
(xi) make any other determination and take any other action specified under the Plan or that the Committee deems necessary or desirable for the administration of the Plan. 

(c) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all parties, including,
without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award and any shareholder. 

(d) The terms and conditions of each Award, as determined by the Committee, shall be set forth in an Award Agreement, which shall be
delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The effectiveness of an Award shall not be subject to the Award Agreement’s being signed by the Company
and/or the Participant’s receiving the Award unless specifically so provided in the Award Agreement. Award Agreements may be amended only in accordance with Section 16 hereof. Notwithstanding any provision of the Plan or an Award Agreement
to the contrary, in the 

  
 10 

 
event that any term of an Award Agreement conflicts with any provision of the Plan, the provision of the Plan shall govern. 

(e) No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award
hereunder. 
  

	5.	Grant of Awards; Shares Subject to the Plan 

 The Committee may, from time to time, grant Awards of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Awards and/or Stock Bonuses to one or more Eligible Persons;
provided, however, that: 
 (a) Subject to Section 13, including, but not limited to, adjustments pursuant to
Section 13, the aggregate number of shares of Stock in respect of which Awards may be granted under the Plan is equal to 10% of the Common Stock outstanding from time to time (excluding Founder Shares and FBR Shares), but in no event greater
than 5,750,000 shares of Stock (the “Reserved Shares”). The maximum number of shares of Stock that may be granted pursuant to Options is 70% of the Reserved Shares (all of which may be granted as Incentive Stock Options). The
maximum number of shares of Stock that may be granted pursuant to Restricted Stock and Restricted Stock Units is 30% of the Reserved Shares; 
 (b) To the extent that any Award is forfeited, or any Option and the related Tandem SAR (if any) or Free-Standing SAR terminates, expires or lapses without being exercised, or any Award is settled for
cash, the shares of Stock subject to such Award not delivered as a result thereof shall again be available for Awards under the Plan; 
 (c) If the Option Price of any Option and/or the tax withholding obligations relating to any Award are satisfied by delivering shares of Stock to the Company (by either actual delivery or by attestation),
only the number of shares of Stock issued net of the shares of Stock delivered or attested to shall be deemed delivered for purposes of determining the maximum numbers of shares of Stock available for delivery under the Plan. To the extent any
shares of Stock subject to an Award are not delivered because such shares are withheld to satisfy the Option Price (in the case of an Option) and/or the tax withholding obligations relating to such Award, such shares shall not be deemed to have been
delivered for purposes of determining the maximum number of shares of Stock available for delivery under the Plan; 
 (d) Stock
delivered by the Company in settlement of Awards may be authorized and unissued Stock, Stock held in the treasury of the Company, Stock purchased on the open market or by private purchase or a combination of the foregoing; 

(e) On and after the 162(m) Effective Date, no person may be granted Options or SARs under the Plan during any calendar year with respect
to more than 70% of the Reserved Shares; provided that such number shall be adjusted pursuant to Section 13 and shares shall otherwise be counted against such number only in a manner that will not cause the Awards granted under the Plan
to fail to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code; and 

  
 11 

 (f) On and after the 162(m) Effective Date, with respect to awards of Performance-Based
Restricted Awards and other Restricted Stock or Restricted Stock Unit Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code, no person may be granted Performance-Based Restricted Awards,
Restricted Stock or Restricted Stock Units under the Plan during any calendar year with respect to more than 30% of the Reserved Shares; provided that such number shall be adjusted pursuant to Section 13 and shares shall otherwise be
counted against such number only in a manner that will not cause such Performance-Based Restricted Awards, Restricted Stock or Restricted Stock Units granted under the Plan to fail to qualify as “performance-based compensation” under
Section 162(m) of the Code. 
  

	6.	Eligibility 

Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from
the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 
  

	7.	Options 

 The Committee is
authorized to grant one or more Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided, however, that no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the
Company or a Parent or Subsidiary (within the meaning of Section 424(f) of the Code). Each Option so granted shall be subject to the following conditions, or to such other conditions as may be reflected in the applicable Stock Option Agreement.

 (a) Option Price. The Option Price per share of Stock for each Option shall be set by the Committee at the time of
grant but shall not be less than the Fair Market Value of a share of Stock at the Date of Grant. 
 (b) Manner of Exercise
and Form of Payment. No shares of Stock shall be delivered pursuant to any exercise of an Option until payment in full of the Option Price therefor is received by the Company. Options that have become exercisable shall be exercised by
delivery of written notice of exercise to the Committee accompanied by payment of the Option Price. The Option Price shall be payable in cash and/or shares of Stock valued at the Fair Market Value at the time the Option is exercised (including by
means of attestation of ownership of a sufficient number of shares of Stock in lieu of actual delivery of such shares to the Company); provided that such shares of Stock are not subject to any pledge or other security interest, and have such
other characteristics as may be determined in the sole discretion of the Committee. In addition, the Option Price may be payable by such other method as the Committee may allow, including by way of a “net exercise” pursuant to which a
Participant, without tendering the Option Price, is paid shares of Stock representing the excess of (i) the Fair Market Value on the date of exercise of the shares of Stock as to which the Option is being exercised over (ii) the aggregate
Option Price. 

  
 12 

 (c) Vesting, Option Period and Expiration. Options shall vest and become
exercisable in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”); provided,
however, that notwithstanding any vesting dates set by the Committee, the Committee may in its sole discretion accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of any such Option other
than with respect to exercisability. If an Option is exercisable in installments, such installments or portions thereof which become exercisable shall remain exercisable until the Option expires. 

(d) Stock Option Agreement — Other Terms and Conditions. Each Option granted under the Plan shall be evidenced by a
Stock Option Agreement. Except as specifically provided otherwise in such Stock Option Agreement, each Option granted under the Plan shall be subject to the following terms and conditions: 

(i) Each Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof.

 (ii) The Option Price for each Option exercised shall be paid for in full at the time of the exercise. Each
Option shall cease to be exercisable, as to any share of Stock, when the Participant purchases the share or exercises a related SAR or when the Option expires. 
 (iii) Subject to Section 12(l), Options shall not be transferable by the Participant except by will or the laws of descent and distribution and shall be exercisable during the Participant’s
lifetime only by him. 
 (iv) Each Option shall vest and become exercisable by the Participant in accordance with
the vesting schedule established by the Committee and set forth in the Stock Option Agreement. 
 (v) At the time
of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee a written representation that the shares of Stock to be acquired upon such exercise are to be acquired for investment and not
for resale or with a view to the distribution thereof and any other representation deemed necessary by the Committee to ensure compliance with all applicable federal and state securities laws. Upon such a request by the Committee, delivery of such
representation(s) prior to the delivery of any shares of Stock issued upon exercise of an Option shall be a condition precedent to the right of the Participant or such other person to purchase any shares of Stock. In the event certificates for Stock
are delivered under the Plan with respect to which such investment representation has been obtained, the Committee may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict
transfer in the absence of compliance with applicable federal or state securities laws. 

  
 13 

 (vi) Each Participant awarded an Incentive Stock Option under the Plan shall
notify the Company in writing immediately after the date he makes a disqualifying disposition of any Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including any sale) of such
Stock before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B) one year after the date the Participant acquired the Stock by exercising the Incentive Stock Option. The Company may, if determined by the
Committee and in accordance with procedures established by it, retain possession of any Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the
preceding sentence subject to complying with any instructions from such Participant as to the sale of such Stock. 
 (e)
Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock Option is granted to a Participant who owns stock representing more than 10% of the voting power
of all classes of stock of the Company or of a Parent or Subsidiary, the Option Period shall not exceed five years from the Date of Grant of such Option and the Option Price shall be at least 110% of the Fair Market Value (on the Date of Grant) of
the Stock subject to the Option. 
 (f) $100,000 Per Year Limitation for Incentive Stock Options. To the extent
the aggregate Fair Market Value (determined as of the Date of Grant) of Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such
excess Incentive Stock Options shall be treated as Nonqualified Stock Options. 
  

	8.	Stock Appreciation Rights 

Any Option granted under the Plan may include SARs, either at the Date of Grant or, except in the case of an Incentive Stock Option, by
subsequent amendment (SARS that are granted in conjunction with an Option are referred to in this Plan as “Tandem SARs”). The Committee also may award SARs to Eligible Persons independent of any Option (SARS that are granted
independent of any Option are referred to in this Plan as “Free-Standing SARs”). An SAR shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose as set forth in an Award Agreement,
including, but not limited to, the following: 
 (a) Vesting, Transferability and Expiration. Tandem SARs shall become
exercisable, be transferable and shall expire according to the same vesting schedule, transferability rules and expiration provisions as the corresponding Option. Free-Standing SARs shall become exercisable, be transferable and shall expire in
accordance with a vesting schedule, transferability rules and expiration provisions as established by the Committee and reflected in an Award Agreement. 
 (b) Payment. Upon the exercise of an SAR, the Company shall pay to the Participant an amount equal to the number of shares of Stock subject to the SAR multiplied by the excess, if any, of the Fair
Market Value of one share of Stock on the 

  
 14 

 
exercise date over the Strike Price. The Company shall pay such excess in cash, in shares of Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee.
Fractional shares shall be settled in cash. 
 (c) Method of Exercise. A Participant may exercise an SAR at such time or
times as may be determined by the Committee at the time of grant by filing an irrevocable written notice with the Committee or its designee, specifying the number of SARs to be exercised and the date on which such SARs were awarded. 

(d) Expiration. Except as otherwise provided in the case of Tandem SARs, a SAR shall expire on a date designated by the Committee
that is not later than ten years after the Date of Grant of the SAR. 
  

	9.	Restricted Stock Awards and Restricted Stock Units 

 (a) Award of Restricted Stock and Restricted Stock Units. 

(i) The Committee shall have the authority (A) to grant Restricted Stock and Restricted Stock Units to Eligible
Persons, (B) to issue or transfer Restricted Stock to Participants and (C) to establish terms, conditions and restrictions applicable to such Restricted Stock and Restricted Stock Units, including (i) the Restricted Period,
(ii) the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested, including upon the attainment of performance conditions (whether or not such conditions are Performance Goals) or upon both the
attainment of performance conditions (whether or not such conditions are Performance Goals) and the continued service of the applicable Participant and (iii) the number of shares or units to be covered by each grant. 

(ii) Subject to the restrictions set forth in Section 9(b), the Participant generally shall have the rights and
privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock. The Award Agreement for Restricted Stock shall specify whether, to what extent and on what terms and conditions the applicable Participant
shall be entitled to receive current or deferred payments of cash or Stock dividends on the class or series of Stock that is subject to the Restricted Stock, including whether any such dividends will be held subject to the vesting of the underlying
Restricted Stock or held subject to meeting Performance Goals, subject to Section 12(e) below in the case of dividends settled in Stock. 
 (iii) Awards of Restricted Stock shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate
issued in respect of shares of Restricted Stock shall be registered in the name of the applicable Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the
following form: 

  
 15 

 Transfer of this certificate and the shares represented hereby is restricted pursuant to the
terms of the North American Financial Holdings, Inc. 2010 Equity Incentive Plan and a Restricted Stock Award Agreement, dated as of                 , between
North American Financial Holdings, Inc. and                 . A copy of such Agreement is on file at the offices of North American Financial Holdings, Inc.

 The Committee may require that the certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall
have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 

(iv) No shares of Stock shall be issued at the time a Restricted Stock Unit is granted and the Company will not be
required to set aside a fund for the payment of any such Award. The Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the applicable Participant shall be entitled to receive current or
deferred payments of cash, Stock or other property corresponding to the dividends payable on the Stock, including whether any such dividends will be held subject to the vesting of the underlying Restricted Stock Units or held subject to meeting
Performance Goals, subject to Section 12(e) below in the case of dividends settled in Stock. 
 (b) Restrictions.

 (i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the
expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement and
(B) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement and, to
the extent such shares are forfeited, the stock certificates shall be returned to the Company and all rights of the Participant to such shares and as a shareholder shall terminate without further obligation on the part of the Company. 

(ii) Restricted Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the
Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such
Restricted Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement. 

  
 16 

 (c) Restricted Period. The Restricted Period of Restricted Stock and Restricted Stock
Units shall commence on the Date of Grant and shall expire from time to time as to that part of the Restricted Stock and Restricted Stock Units indicated in a schedule established by the Committee in the applicable Award Agreement. 

(d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Restricted Stock. Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock
and/or the satisfaction of any applicable Performance Goals, the restrictions set forth in Section 9(b) and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable
Award Agreement. 
 (ii) Restricted Stock Units. Upon the expiration of the Restricted Period with respect
to any outstanding Restricted Stock Units the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Stock for each such outstanding Restricted Stock Unit (“Vested Unit”); provided,
however, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to (i) pay cash or part cash and part Stocks in lieu of delivering only shares of Stock for Vested Units or
(ii) delay the delivery of Stock (or cash or part Stock and part cash, as the case may be) beyond the expiration of the Restricted Period. If a cash payment is made in lieu of delivering shares of Stock, the amount of such payment shall be
equal to the Fair Market Value of the Stock as of the date on which the Restricted Period lapsed with respect to such Vested Unit. 
 (e) Applicability of Section 162(m). With respect to Performance-Based Restricted Awards made on and after the 162(m) Effective Date and intended to qualify as “performance-based
compensation” under Section 162(m) of the Code, this Section 9 (including the substance of the Performance Goals, the timing of establishment of the Performance Goals, the adjustment of the Performance Goals and determination of the
Award) shall be implemented by the Committee in a manner designed to preserve such Awards as such “performance-based compensation.” 
  

	10.	Stock Bonus Awards 

 The
Committee may issue unrestricted Stock, or other Awards denominated in Stock (valued at Fair Market Value as of the date of payment), under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and subject to such terms
and conditions as the Committee shall from time to time in its sole discretion determine. Stock Bonus Awards under the Plan shall be granted as, or in payment of, a bonus, or to provide incentives or recognize special achievements or contributions.
With respect to Stock Bonus Awards made on and after the 162(m) Effective Date and intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall establish and administer Performance
Goals in the manner described in Section 9 as an additional condition to the vesting and payment of such Stock Bonus Awards. The Stock Bonus Award for any Performance 

  
 17 

 
Period to any Participant may be reduced or eliminated by the Committee in its discretion. 
  

	11.	Stock Awards 

 (a)
General. Stock Awards may be granted under the Plan at any time and from time to time on or prior to the Expiration Date. Each Stock Award shall be evidenced by an Award Agreement that shall be executed by the Company and the Participant. The
Award Agreement shall specify the terms and conditions of the Stock Award, including without limitation the number of shares of Common Stock covered by the Stock Award, the purchase price for such shares of Common Stock and the deadline for the
purchase of such shares. 
 (b) Purchase Price; Payment. The price (the “Purchase Price”) at which each
share of Common Stock covered by the Stock Award may be purchased upon exercise of a Stock Award shall be determined by the Committee and set forth in the applicable Award Agreement. The Company will not be obligated to issue certificates evidencing
Stock purchased under this Section 11 unless and until it receives full payment of the aggregate Purchase Price therefor and all other conditions to the purchase, as determined by the Committee, have been satisfied. The Purchase Price of any
shares of Common Stock subject to a Stock Award must be paid in full at the time of the purchase. 
  

	12.	General 

 (a)
Additional Provisions of an Award. Awards to a Participant under the Plan also may be subject to such other provisions (whether or not applicable to Awards granted to any other Participant) as the Committee determines appropriate including,
without limitation, (i) provisions for the forfeiture of or restrictions on resale or other disposition of shares of Stock acquired under any Award, (ii) provisions giving the Company the right to repurchase shares of Stock acquired under
any Award in the event the Participant elects to dispose of such shares, (iii) provisions allowing the Participant to elect to defer the receipt of payment in respect of Awards for a specified period or until a specified event, provided
such provisions comply with Section 409A of the Code and (iv) provisions to comply with federal and state securities laws and federal and state tax withholding requirements. Any such provisions shall be reflected in the applicable Award
Agreement. 
 (b) Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no person shall be
entitled to the privileges of ownership in respect of shares of Stock that are subject to Awards hereunder until such shares have been issued to that person. 
 (c) Conditions for Issuance. The obligation of the Company to settle Awards in Stock or otherwise shall be subject to all applicable laws, rules and regulations and to such approvals by
governmental agencies as may be required. Notwithstanding any other provision of the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Stock under the Plan

  
 18 

 
prior to fulfillment of all of the following conditions: (i) listing or approval for listing upon notice of issuance, of such Stock on the Applicable Exchange; (ii) any registration or
other qualification of such Stock of the Company under any state or federal law or regulation, or the maintaining in effect of any such registration or other qualification that the Committee shall, in its absolute discretion upon the advice of
counsel, deem necessary or advisable; and (iii) obtaining any other consent, approval or permit from any state or federal governmental agency that the Committee shall, in its absolute discretion after receiving the advice of counsel, determine
to be necessary or advisable. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Stock to be offered or sold under the Plan. If the shares of Stock offered for sale or sold under the Plan are
offered or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in such manner as it deems advisable to ensure
the availability of any such exemption. 
 (d) Tax Withholding. 

(i) A Participant may be required to pay to the Company or any Affiliate and the Company or any Affiliate shall have the
right and is hereby authorized to withhold from any shares of Stock or other property deliverable under any Award or from any compensation or other amounts owing to a Participant the amount (in cash, Stock or other property) of any required income
tax withholding and payroll taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the
payment of such withholding and taxes. 
 (ii) Without limiting the generality of clause (i) above, the
Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability (but no more than the minimum required withholding liability) by (A) delivery of shares of Stock owned by the
Participant, provided that such shares of Stock are not subject to any pledge or other security interest and have such other characteristics as may be determined in the sole discretion of the Committee) with a Fair Market Value equal to such
withholding liability or (B) having the Company withhold from the number of shares of Stock otherwise issuable pursuant to the exercise or settlement of the Award a number of shares of Stock with a Fair Market Value equal to such withholding
liability. 
 (e) Limitation on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional
Restricted Stock at the time of any dividend payment, and the payment of Stock with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient shares of Stock are available under
Section 5 for such reinvestment or payment (taking into account then-outstanding Awards). In the event that sufficient shares of Stock are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of
a grant of Restricted Stock Units equal in number to the shares of Stock that would have been obtained by such payment or reinvestment, the terms of which 

  
 19 

 
Restricted Stock Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on the terms contemplated by this Section 12(e).

 (f) Claim to Awards and Employment Rights. No employee of the Company, Subsidiary or Affiliate, or other person, shall
have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. Neither the Plan nor any action taken hereunder shall be construed as giving any
Participant any right to be retained in the employ or service of the Company or an Affiliate. 
 (g) Designation and Change
of Beneficiary. Each Participant may file with the Company a written designation of one or more persons as the beneficiary who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death.
A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Company. The last such designation received by the Company shall be controlling;
provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Company prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt.
If no beneficiary designation is filed by a Participant, the beneficiary shall be determined by the laws of descent and distribution. 
 (h) Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or
accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, guardian or legal
representative or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 (i) No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract
or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each
other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated against any cost or expense (including counsel fees) or liability (including any
sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board shall be
required for the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Articles or Certificate of Incorporation or By-Laws, as a matter of law, or 

  
 20 

 
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 (j) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware without regard to the principles of conflicts of law thereof or
principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (k) Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity or
otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no
rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees
under general law. Notwithstanding any other provision of this Plan to the contrary, with respect to any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, no trust shall
be funded with respect to any such Award if such funding would result in taxable income to the Participant by reason of Section 409A(b) of the Code and in no event shall any such trust assets at any time be located or transferred outside of the
United States, within the meaning of Section 409A(b) of the Code. 
 (l) Nontransferability. 

(i) Each Award shall be exercisable only by the Participant during the Participant’s lifetime, or, if permissible
under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, Subsidiary or Affiliate; provided that the designation of a beneficiary shall
not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii)
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards other than Incentive Stock Options to be transferred by a Participant without consideration, subject to such rules as the Committee may adopt consistent with any
applicable Award Agreement to preserve the purposes of the Plan, to: 
  

	 	(A)	any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 (collectively, the “Immediate Family
Members”); 

  
 21 

	 	(B)	a trust solely for the benefit of the Participant and his Immediate Family Members; 

 

	 	(C)	a partnership or limited liability company whose only partners or shareholders are the Participant and his Immediate Family Members; or 

 

	 	(D)	any other transferee as may be approved either (1) by the Board or the Committee in its sole discretion or (2) as provided in the applicable Award Agreement;

 (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a
“Permitted Transferee”); provided that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a
transfer would comply with the requirements of this Plan and any applicable Award Agreement. 
 (iii) The terms
of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and any reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted
Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option
unless there shall be in effect a registration statement on an appropriate form covering the shares of Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that
such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given
to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the Participant’s employment by, or services to, the Company, or an Affiliate under the terms of the Plan and the applicable Award Agreement
shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award
Agreement. 
 (m) Section 409A of the Code. The terms and conditions governing any Awards that the Committee
determines will be subject to Section 409A of the Code, including any rules for elective or mandatory deferral of the delivery of cash or shares of Stock pursuant thereto and any rules regarding treatment of such Awards in the event of a Change
in Control, shall be set forth in the applicable Award Agreement and shall comply in all respects with Section 409A of the Code. Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that constitutes a
“nonqualified deferred compensation plan” subject to Section 409A of the Code that has been granted to a Participant who is a “specified employee” (within the meaning of

  
 22 

 
Section 409A) on the date of the Participant’s Termination of Service, any payments (whether in cash, shares of Stock or other property) to be made with respect to such Award upon the
Participant’s Termination of Service shall be delayed until the earlier of (i) the first day of the seventh month following the Participant’s Termination of Service and (ii) the Participant’s death. 

(n) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing
to act, as the case may be, and shall not be liable for having so relied, acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information
furnished in connection with the Plan by any person or persons other than himself. 
 (o) Relationship to Other Benefits.
No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any Subsidiary except as otherwise specifically provided in such
other plan. 
 (p) Additional Compensation Arrangements. Nothing contained in the Plan shall prevent the company or any
Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees. 
 (q) Subsidiary
Employee. In the case of a grant of an Award to any employee of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the shares of Stock, if any, covered by the Award to the Subsidiary, for such lawful
consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the shares of Stock to the employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of
the Plan. All shares of Stock underlying Awards that are forfeited or canceled should revert to the Company. 
 (r) Foreign
Employees and Foreign Law Considerations. The Committee may grant Awards to Eligible Persons who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who
are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the
judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures or subplans as may be
necessary or advisable to comply with such legal or regulatory. 
 (s) No Contract of Employment. The Plan shall not
constitute a contract of employment, and adoption of the Plan shall not confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the
employment of any employee at any time. 

  
 23 

 (t) Expenses. The expenses of administering the Plan shall be borne by the Company
and its Affiliates. 
 (u) Pronouns. Masculine pronouns and other words of masculine gender shall refer to both men and
women. 
 (v) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference
only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 (w)
Severability. If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law
deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent
of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

 

	13.	Changes in Capital Structure 

 (a) In the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, Disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each,
a “Corporate Transaction”), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Stock or other securities reserved for issuance
and delivery under the Plan, (B) the various maximum limitations set forth in Section 5 upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind of Stock or other securities
subject to outstanding Awards and (D) the exercise price of outstanding Options and Stock Appreciation Rights. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of outstanding
Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a
Corporate Transaction with respect to which shareholders of common stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of an Option or
Stock Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Stock Appreciation
Right shall conclusively be deemed valid); (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the Stock subject to outstanding
Awards; and (3) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation, other securities of the Company
and securities of entities other than the Company), by the affected Subsidiary, Affiliate or division or by 

  
 24 

 
the entity that controls such Subsidiary, Affiliate or division following such Disaffiliation (as well as any corresponding adjustments to Awards that remain based upon Company securities).

 (b) In the event of a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extraordinary
dividend of cash or other property, share combination, or recapitalization or similar event affecting the capital structure of the Company (each, a “Stock Change”), the Committee or the Board shall make such substitutions or
adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of shares of Stock or other securities reserved for issuance and delivery under the Plan, (ii) the various maximum limitations set forth in
Section 5 upon certain types of Awards and upon the grants to individuals of certain types of Awards, (iii) the number and kind of shares of Stock or other securities subject to outstanding Awards and (iv) the exercise price of
outstanding Options and Stock Appreciation Rights. 
 (c) The Committee may adjust in its sole discretion the Performance Goals
applicable to any Awards to reflect any Stock Change and any Corporate Transaction and any unusual or nonrecurring events and other extraordinary items, impact of charges for restructurings, discontinued operations and the cumulative effects of
accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis or the Company’s
other SEC filings; provided that with respect to Awards granted on and after the 162(m) Effective Date that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, such adjustments or
substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions may be made without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall
give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. 
 (d) Any adjustment under this Section 13 need not be the same for all Participants. 
 (e) Notwithstanding the foregoing: (i) any adjustments made pursuant to this Section 13 to Awards that are considered “deferred compensation” within the meaning of Section 409A of
the Code shall be made in compliance with the requirements of Section 409A of the Code; (ii) any adjustments made pursuant to this Section 13 to Awards that are not considered “deferred compensation” subject to
Section 409A of the Code shall be made in such a manner as to ensure that, after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of
Section 409A of the Code; and (iii) in any event, neither the Committee nor the Board shall have the authority to make any adjustments pursuant to this Section 13 to the extent the existence of such authority would cause an Award that
is not intended to be subject to Section 409A of the Code to be subject thereto. 

  
 25 

	14.	Effect of Change in Control 

 (a) Impact of Event/Single Trigger. Unless otherwise provided in the applicable Award Agreement and subject to Sections 12(l) and 13, notwithstanding any other provision of the Plan to the
contrary, immediately upon the occurrence of a Change in Control that occurs following a Qualified Investment Transaction: 
 (i) any Options and Stock Appreciation Rights outstanding that are not then exercisable and vested shall become fully exercisable and vested; 

(ii) the restrictions and deferral limitations applicable to any Restricted Stock shall lapse and such Restricted Stock
shall become free of all restrictions and become fully vested and transferable; and 
 (iii) all Awards (other
than Options, Stock Appreciation Rights and Restricted Stock) shall be considered to be earned and payable in full, and any restrictions shall lapse and such Awards shall be settled as promptly as is practicable in the form set forth in the
applicable Award Agreement; provided, however, that with respect to any such Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, the settlement of each such
Award pursuant to this Section 14(a)(iii) shall not occur until the earliest of (A) the Change in Control if such Change in Control constitutes a “change in the ownership of the corporation,” a “change in effective control
of the corporation” or a “change in the ownership of a substantial portion of the assets of the corporation,” within the meaning of Section 409A(a)(2)(A)(v) of the Code (each, a “409A Change in Control”) and
(B) the date such Awards would otherwise be settled pursuant to the terms of the Award Agreement; 
 (iv)
notwithstanding paragraphs (i) through (iii) of this Section 14(a), with respect to Performance-Based Restricted Awards, the Committee shall (A) determine the extent to which Performance Goals with respect to each Performance
Period have been met based upon such audited or unaudited financial information or other inputs deemed relevant or appropriate in the discretion of the Committee then available as it deems relevant and (B) cause to be paid to each Participant
in accordance with paragraphs (i) through (iii) of this Section 14(a) partial or full Awards with respect to Performance Goals for each such Performance Period based upon the Committee’s determination of the degree of attainment
of Performance Goals; provided, however, that with respect to any Performance-Based Restricted Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, the
payment of each such Award pursuant to this Section 14(a)(iv) shall not occur until the earliest of (1) the Change in Control if such Change in Control constitutes a 409A Change in Control and (2) the date such Award would otherwise
be settled pursuant to the terms of the Award Agreement; 
 (v) the Committee may in its discretion, and upon at
least 10 days’ advance notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the value 

  
 26 

 
of such Awards based upon the price per share of Stock received or to be received by other shareholders of the Company in the event, but only to the extent that such payment is permitted by
Section 409A of the Code; and 
 (vi) the Committee may also make additional adjustments and/or settlements
of outstanding Awards as it deems appropriate and consistent with the Plan’s purposes. 
 (b) The obligations of the
Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all
of the assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation of Participants’ rights under the Plan in any agreement or plan that it may enter into or adopt to effect any such
merger, consolidation, reorganization or transfer of assets. 
  

	15.	Nonexclusivity of the Plan 

Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the Company for approval shall be
construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements
may be either applicable generally or only in specific cases. 
  

	16.	Amendments and Termination 

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion
thereof at any time; provided that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable
to the Plan (including as necessary to prevent Awards granted under the Plan on and after the 162(m) Effective Date from failing to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code); and
provided further that any such amendment, alteration, suspension, discontinuance or termination that would impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be
effective without the consent of the affected Participant, holder or beneficiary, except such an amendment made to comply with applicable law, including, without limitation, Section 409A of the Code, Applicable Exchange rules or accounting
rules. On and after the 162(m) Effective Date, in no event may any Option or Free-Standing SAR granted under this Plan be amended, other than pursuant to Section 13, to decrease the exercise price thereof, cancelled in conjunction with the
grant of any new Option or Free-Standing SAR with a lower exercise price, or otherwise be subject to any action that would be treated, for accounting purposes, as a “repricing” of such Option or Free-Standing SAR, unless such amendment,
cancellation or action is approved by the Company’s shareholders. Prior to the listing of the Company’s Common Stock on the NYSE or The 

  
 27 

 
Nasdaq Global Market, no amendment to the Plan that would increase the number of Reserved Shares shall be made without prior shareholder approval. 

(b) Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award Agreement,
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; provided that (i) any such
waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the
consent of the affected Participant, holder or beneficiary and (ii) no such amendment shall cause any Award that is intended to qualify as “performance-based compensation” under Section 162(m) to fail to qualify as
“performance-based compensation” under Section 162(m) of the Code. 
 (c) Adoption of Another Equity Plan.
Prior to the listing of the Company’s Common Stock on the NYSE or The Nasdaq Global Market, no equity plan, other than the Plan, will be adopted by the Company without prior shareholder approval. 

* * * 
 As
adopted by the Board of Directors of North American Financial Holdings, Inc. as of the December 21, 2009. 

  
 28

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