Document:

2010 Warrant Plan, including Form Warrant Certificate

 Exhibit 4.7 

FPB BANCORP, INC. 

2010 Warrant Plan 

ARTICLE I 

PURPOSE OF THE PLAN 

The Board of Directors of FPB Bancorp, Inc. (“FPB”) has determined that it is in the best interests of FPB to issue Warrants to
purchase FPB Common Stock in connection with FPB’s 2010 public offering of Units comprised of Common Stock and Warrants. FPB proposes to issue up to
                 shares of Common Stock and Warrants to purchase                  shares
of Common Stock in Units. Each Unit will contain four shares of Common Stock and one Warrant which will entitle the holder thereof to purchase one share of additional Common Stock. Therefore, the Board of Directors, in order to provide for the
above, has adopted this Warrant Plan (“Plan”) on the date set forth herein. 
 ARTICLE II 

SCOPE OF THE PLAN 

Section 1.    Definitions. Unless the context clearly indicates otherwise, the following terms
have the meanings set forth below: 
  

	 	a.	“Board” means the Board of Directors of FPB. 

  

	 	b.	“Common Stock” means the $0.01 par value common stock of FPB. 

  

	 	c.	“Expiration Date” shall be 5:00 p.m. on ___________, 2015. 

  

	 	d.	“Plan” means this Warrant Plan as adopted by the Board, as set forth herein, and as amended from time to time. 

 

	 	e.	“Units” means units comprised of four shares of Common Stock and one Warrant sold in FPB’s 2010 public offering. 

 

	 	e.	“Warrant” means the right to purchase additional shares of Common Stock. 

 

	 	f.	“Warrant Certificate” means the evidence of ownership of Warrants, as executed and issued by FPB. 

Section 2.    Warrants. There are hereby authorized
                 Warrants, each of which shall be redeemable for one share of Common Stock of FPB. Warrants shall be included only in Units offered by FPB in its 2010
stock offering. Any Warrants authorized by this Plan that are not issued in connection with the 2010 stock offering shall automatically expire. 

Section 3.    Form of Warrants. The certificates evidencing the Warrants (the “Warrant
Certificates”) shall be substantially in the form set forth in Exhibit A attached hereto, and may have such letters, numbers or other marks of identification or designation and such legends, summaries or endorsements printed,
lithographed or engraved thereon as FPB may 

 
deem appropriate and as are not inconsistent with the provisions of this Plan, or as may be required to comply with any law, or with any rule or regulation made pursuant thereto, or to conform to
usage. 
 Section 4.    Issuance of Warrants. The Warrant Certificates when issued shall
be dated and signed on behalf of FPB, manually or by facsimile signature, by any two of its Chairman of the Board, Chief Executive Officer, President, or Secretary under its corporate seal, if any. The seal of FPB, if any, may be in the form of a
facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrants. 

Section 5.    Registration of Warrant Certificates; Registered Owners. FPB shall maintain or cause
to be maintained books for registration of ownership and transfer of ownership of the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Warrant Certificates and the number of
Warrants evidenced by each such Warrant Certificate. FPB may deem and treat the registered holder of a Warrant Certificate as the absolute owner thereof and of the Warrants evidenced thereby (notwithstanding any notation of ownership or other
writing thereon made by anyone), for the purpose of any exercise of such Warrants and for all other purposes, and FPB shall not be affected by any notice to the contrary. 

Section 6.    Registration of Transfers and Exchanges; Transfer Restriction. FPB, through its
“Warrant Agent,” Registrar and Transfer Company, shall transfer from time to time, any outstanding Warrants upon the books to be maintained by the Warrant Agent for that purpose, upon surrender of the Warrant Certificate evidencing such
Warrants, with the Form of Assignment duly filled in and executed, to the Warrant Agent, at its office in Cranford, New Jersey at any time prior to the Expiration Date. Upon receipt of a Warrant Certificate, with the Form of Assignment duly
completed and executed, the Warrant Agent shall promptly deliver a Warrant Certificate or Certificates representing an equal aggregate full number of Warrants to the transferee; provided, however, in case the registered holder of any Warrant
Certificate shall elect to transfer fewer than all of the Warrants evidenced by such Warrant Certificate, the Warrant Agent in addition shall promptly deliver to such registered holder a new Warrant Certificate or Certificates for the full number of
Warrants not so transferred. The Warrant Agent shall serve, and be replaced, pursuant to the terms of a Warrant Agreement by and between FPB and the Warrant Agent. 

Subject to Section 8 hereof, any Warrant Certificate or Certificates may be exchanged at the option of the holder thereof for
Warrant Certificates of different denominations, of like tenor and representing in the aggregate the same number of Warrants, upon surrender of such Warrant Certificate or Certificates, with the Form of Assignment duly completed and executed, on or
prior to the Expiration Date. 
 Section 7.    Mutilated, Destroyed, Lost or Stolen Warrant
Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of any Warrant Certificate and receipt by the Warrant Agent of an Indemnity Bond reasonably
satisfactory to the Warrant Agent, and reimbursement of all reasonable expenses incidental thereto, and, in the case of mutilation, upon surrender and cancellation of the Warrant Certificate, the Warrant Agent shall deliver a new Warrant Certificate
of like tenor representing in the aggregate the same number of Warrants. 

 Section 8.    Payment of Taxes. FPB shall not be
required to pay any tax or taxes which may be payable in respect of any transfer involved in the issue of any Warrant or any certificates for shares of Common Stock in a name other than that of the registered holder of the Warrant or Warrant
Certificate surrendered upon the exercise of a Warrant, and FPB shall not be required to issue or deliver such Warrant or certificates unless or until the person or persons requesting the issuance thereof shall have paid to FPB the amount of such
tax if any, or shall have established to the satisfaction of FPB that such tax if required, has been paid. 

Section 9.    Exercise, Purchase Price and Duration of Warrants. Subject to the provisions of this
Plan, the holder of a Warrant shall have the right to purchase from FPB (and FPB shall issue and sell to that holder), one fully paid and non-assessable share of Common Stock for each Warrant at the initial exercise price of
$        per share (subject to adjustment as provided in Section 11 hereof), upon the surrender of the Warrant Certificate evidencing such Warrant on any business day prior to 5:00 p.m. on the Expiration Date,
with the Form of Election to Exercise on the reverse thereof duly completed and executed, and payment of the Exercise Price in lawful money of the United States of America in cash or by cashiers’ or certified check payable to FPB. The exercise
price and the shares of Common Stock issuable upon exercise of a Warrant shall be subject to adjustment from time to time in the manner specified in Section 11 and, as initially established or as so adjusted, are referred to herein as the
“Exercise Price” and the “Shares,” respectively. The Warrants shall be so exercisable either as an entirety or from time to time in part at the election of the registered holder thereof. In the event that fewer than all Warrants
evidenced by a Warrant Certificate are exercised at any time prior to 5:00 p.m. Eastern Standard Time on the Expiration Date a new Warrant Certificate will be issued for the Warrants not so exercised. 

No payments or adjustments shall be made for any cash dividends, whether paid or declared, on Shares issuable on the exercise of a
Warrant. 
 No fractional shares of Common Stock shall be issued upon exercise of a Warrant, but, in lieu thereof, there shall
be paid to the registered holder of the Warrant Certificate evidencing such Warrant or other person designated on the Form of Election to Exercise as soon as practicable after date of surrender, an amount in cash equal to the fraction of the current
market value of a share of Common Stock equal to the fraction of a share to which such Warrant related. For such purpose, the current market value of a share of Common Stock shall be the book value of the Common Stock as of the last day of the month
immediately preceding the date of the Election to Exercise. 
 Subject to Section 8 hereof, upon surrender of a Warrant
Certificate, with the Form of Election to Exercise duly completed and executed, together with payment of the Exercise Price, FPB shall issue and deliver the full number of Shares issuable upon exercise of the Warrants tendered for exercise. Shares
shall be deemed to have been issued, and any person so designated by the registered holder shall be deemed to have become the holder of record of a Share, as of the date of the surrender of the Warrant Certificate to which the Share relates and
payment of the appropriate Exercise Price; provided, however, if the date of surrender of a Warrant Certificate shall occur within any period during which the transfer books for FPB’s Common Stock are closed for any purpose, such person
shall not be deemed to have become a holder of record of a Share until the opening of business on the day of reopening said transfer books, and certificates representing such Shares shall not be issuable until such day. 

 If we do not maintain a current and effective registration statement under the Securities
Act of 1933 covering the warrants and the underlying shares of common stock, the warrants may expire unexercised on their expiration date. Under no circumstances shall a warrant holder be entitled to (a) net-cash settlement of a warrant or the
underling shares of common stock, regardless of whether any or all of the securities have been registered by us pursuant to an effective registration statement, or (b) receive any damages if any or all of the securities have not been registered
by us pursuant to an effective registration statement. A warrant holder will not be entitled to exercise warrants unless a registration statement covering the securities is effective or an exemption from registration is available. We will use our
best efforts to maintain such a registration statement throughout the term of the Warrants. 

Section 10.    Reservation of Shares. FPB will at all times reserve and keep available, free from
preemptive rights, out of the aggregate of its authorized but unissued Common Stock, for the purpose of enabling it to satisfy any obligation to issue Shares upon exercise of Warrants, through the close of business on the Expiration Date, the number
of Shares deliverable upon the exercise of all outstanding Warrants. 
 FPB covenants that all Shares issued upon exercise of
the Warrants will, upon issuance in accordance with the terms of this Agreement, be fully paid and non-assessable. 

Section 11.    Adjustment of Exercise Price and Number of Shares Purchasable. The Exercise Price
and the number of Shares which may be purchased upon the exercise of each Warrant are subject to adjustment from time to time upon the occurrence, after the date hereof, if FPB shall: (i) declare a dividend on the Common Stock payable in shares
of common stock; (ii) subdivide the outstanding Common Stock into a greater number of shares; or (iii) combine the outstanding Common Stock into a smaller number of shares, then the Exercise Price in effect on the record date for
that dividend or on the effective date of that subdivision or combination, and/or the number and kind of shares of capital stock issuable on that date, shall be proportionately adjusted so that the holder of any Warrant exercised after such time
shall be entitled to receive solely the aggregate number and kind of shares of capital stock which, if the Warrant had been exercised immediately prior to that date, such holder would have owned upon exercise and been entitled to receive by virtue
of that dividend, subdivision, or combination. The foregoing adjustments shall be made by FPB successively whenever any event listed above shall occur. 

Section 12.    Notices to Warrant Holders. Upon any adjustment to the Exercise Price pursuant to
Section 11 hereof, FPB within twenty calendar days thereafter shall cause to be given to the registered holders of outstanding Warrant Certificates at their respective addresses appearing on the Warrant Certificate register written notice of
the adjustments by first-class mail, postage prepaid. 
 Section 13.    Supplements and
Amendments. FPB may from time to time supplement or amend this Plan without the consent or concurrence of or notice to any holders of Warrant Certificates or Warrants in order to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein, to correct any defective provision, clerical omission, mistake or manifest error herein contained, or to make any other provision with respect to matters or questions arising under
this Agreement which shall not be inconsistent with the provisions of the Warrant Certificates; provided that such action shall not adversely affect the interests of the holders of the Warrant Certificates or Warrants. Other amendments to
this Plan may be approved by a vote of the holders of a majority of FPB’s outstanding shares of Common Stock. 

 Section 14.    Governing Law. This Plan and
each Warrant Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Florida and for all purposes shall be governed by, construed and enforced in accordance with the laws of said State. 

Section 15.    Benefits of this Plan. Nothing in this Plan shall be construed to give to any
person or corporation other than FPB and the registered holders of the Warrant Certificates or Warrants any legal or equitable right, remedy or claim under this Plan; this Plan shall be for the sole and exclusive benefit of FPB and the registered
holders of the Warrant Certificates. Prior to the exercise of the Warrants represented hereby, the registered holder of a Warrant Certificate, shall not be entitled to vote on or be deemed the holder of Common Stock of FPB which may at any time be
issuable on the exercise hereof for any purpose, and nothing contained in the Plan shall be construed to confer upon the holder of this Warrant Certificate, any of the rights of a stockholder of FPB or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issue of stock, reclassification of stock, change of par value or change of stock to no
par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings or other actions affecting stockholders or to receive dividends or subscription rights or otherwise. 

 EXHIBIT A 

Warrant Certificate 

									
	  

Certificate No.
	 		 		 		 	  

Number of Warrants

	 	 		 		 		 	 
	 	 		 		 		 	 

WARRANT CERTIFICATE FOR PURCHASE OF 

COMMON STOCK OF FPB BANCORP, INC. 

(See Reverse Side for Summary of Terms of Warrant Plan) 

THIS CERTIFIES THAT, for value received, ______________________________________________, or registered assigns, is the owner of the number of
warrants set forth above, each of which entitles the owner to purchase, subject to the terms and conditions hereof and of the Warrant Plan referred to herein, at any time after the date hereof and prior to the Expiration Date (as herein defined),
one share of Common Stock, par value $0.01 per share (“Shares”) of FPB Bancorp, Inc. (“Company”) at $        per share (“Exercise Price”), payable in cash, or by cashiers check or
other official bank check, payable to the Company. Warrants may be exercised by delivery and surrender of this Warrant Certificate, along with the Form of Election to Exercise on the reverse hereof duly completed and executed together with payment
of the Exercise Price at the office of the Company or its duly appointed agent. 
 This Warrant Certificate and each Warrant represented hereby
are issued pursuant to and are subject to all of the terms, provisions and conditions of that certain Warrant Plan (“Warrant Plan”), adopted by the Company, to all of which terms, provisions and conditions the registered holder of this
Warrant Certificate consents by acceptance hereof. The Warrant Plan and the summary of its terms set forth on the reverse side of this Warrant Certificate are hereby incorporated into this Warrant Certificate by reference and made a part hereof. The
Warrant Plan sets forth the terms and conditions under which the exercise price for a Warrant, the number of shares to be received upon exercise of a Warrant, or both, may be adjusted. Reference is hereby made to the Warrant Plan for a full
description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Company and the holders of the Warrant Certificates or Warrants. In the event of a conflict between the provisions of this Warrant Certificate and
the Warrant Plan, the provisions of the Warrant Plan shall control. 
 Copies of the Warrant Plan are available for inspection at the
Company’s office, or may be obtained upon written request addressed to the Secretary, FPB Bancorp, Inc., 1301 S.E. Port St. Lucie Boulevard, Port St. Lucie, Florida 34952. The Company shall not be required upon the exercise of the Warrants
evidenced by this Warrant Certificate to issue fractions of Shares, but shall make payment therefore in cash on the basis of the current market value of any fractional interest as provided in the Warrant Plan. 

The Warrants evidenced by this Warrant Certificate shall expire at 5:00 p.m. on ___________, 2015. The day and time of expiration is referred to herein
as the “Expiration Date.” 
 IN WITNESS WHEREOF, the Company has caused this certificate to be executed by the signatures of
its duly authorized officers and has caused its corporate seal to be hereunto affixed. 
  

					
	 Dated:
	 	SEAL	 	
		 		 	
		 		 	
		 		 	
	 President
	 		 	Chairman of the Board of Directors

  

 Summary of Terms of Warrant Plan 

The Warrant Plan provides that, upon the occurrence of certain events, the initial exercise prices set forth on the face of this Warrant Certificate may,
subject to specified conditions, be adjusted (such exercise price, as initially established or as adjusted from time to time, is referred to herein as the “Exercise Price”). If the Exercise Price is adjusted, the Warrant Plan provides that
the number of shares which can be purchased upon the exercise of each Warrant represented by this Warrant Certificate are subject to adjustment. The Warrants evidenced by this Warrant Certificate shall be exercisable until 5:00 p.m. on the
Expiration Date. 
 In the event that upon any exercise the number of Warrants exercised shall be fewer than the total number of Warrants
represented hereby, there shall be issued to the holder hereof or his assignee a new Warrant Certificate evidencing the Warrants not so exercised. The Company shall not be required to issue fractions of shares or any certificates which evidence
fractional shares. In lieu of a fractional share, if any, there shall be paid to the registered holder of a Warrant with regard to which the fractional share would be issuable, an amount in cash equal to the same fraction of the current market value
(as determined pursuant to the Warrant Plan) of a share. 
 No payment or adjustment will be made for any cash dividends, whether paid or
declared, on any shares issuable upon exercise of a Warrant. Prior to the exercise of the Warrants represented hereby, the registered holder of this Warrant Certificate shall not be entitled to vote on or be deemed the holder of Common Stock of the
Company which may at any time be issuable on the exercise hereof for any purpose. 
 The Company may deem and treat the registered holder of
this Warrant Certificate as the absolute owner hereof and of the Warrants represented by this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purposes of any exercise of such Warrants
and for all other purposes, and the Company shall not be affected by any notice to the contrary. 
 Upon surrender of this Warrant Certificate
with the form of Assignment below duly completed and executed, a new Warrant Certificate representing the Warrants represented by this Warrant Certificate will be issued to the transferee; provided, however, that if the registered holder of
this Warrant Certificate elects to transfer fewer than all Warrants represented by this Warrant Certificate, a new Warrant Certificate for the Warrants not so transferred will be issued to such registered holder. This Warrant Certificate, together
with other Warrant Certificates, may be exchanged by the registered holder for another Warrant Certificate or Certificates of different denominations, of like tenor and representing in the aggregate Warrants equal in number to the same full number
of Warrants represented by this Warrant Certificate and any other Warrant Certificate so exchanged. 
 We will only issue shares of common stock
pursuant to the exercise of warrants if, at the time of exercise, we have an effective registration statement on file with the Securities and Exchange Commission. We will use our best efforts to maintain such a registration statement throughout the
term of the warrants. 
 [Form of Assignment] 

For value received ___________________________ hereby sells, assigns and transfers unto__________________________ this Warrant Certificate and all right,
title and interest therein, and to the Warrants represented thereby, and does hereby irrevocably constitute and appoint ________________________________ attorney, to transfer said Warrant represented by Warrant Certificate number ________________ on
the books of the Company with full power of substitution in the premises. 
 Dated: _________________________ 

NOTE: The above name must correspond with the name written upon the face of this Warrant Certificate in every particular, without alteration or
enlargement or any change whatever. 
 Signature Guaranteed: 

[Form Of Election To Exercise] 

The undersigned hereby irrevocably elects to exercise ___________ Warrants evidenced by this Warrant Certificate, to purchase _________ full shares of
the Common Stock of the Company (“Shares”) and herewith tenders payment for such Shares in the amount of $________in accordance with the terms hereof. 

Dated: _________________________ 
 Social
Security Number: _________________________ 
 Name of Registered holder of Warrant (Please Print): __________________________ 

Address (Please Print):__________________________________________________ 

Signature: ____________________________________________________________ 

NOTE: The above signature must correspond with the name as written upon the face of this Warrant Certificate in every particular, without
alteration or enlargement or any change whatever. If the holder hereof is hereby electing to exercise fewer than all Warrants represented by this Warrant Certificate and is requesting that a new Warrant Certificate evidencing the Warrants not
exercised be registered in a name other than that in which this Warrant Certificate is registered, the signature of the holder of this Warrant Certificate must be guaranteed. 

Signature Guaranteed:Form of Escrow Agreement

 Exhibit 10.10 

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is entered into and made effective as of _____________, 2010, by and
among FPB Bancorp, Inc., a Florida corporation (the “Company”), Kendrick Pierce & Co. Securities, Inc., a member of the Financial Industry Regulatory Authority and the placement agent for the Company (the “Placement
Agent”) and NorthStar Bank (the “Escrow Agent”). 
 BACKGROUND INFORMATION 

The Company proposes to offer and sell to investors, with the assistance of the Placement Agent, on a best efforts basis, up to
                 units (the “Units”) each comprised of four shares of common stock and one warrant to purchase one share of common stock at a selling
price per Unit of $             per Unit in a public offering registered with U.S. Securities and Exchange Commission (the “Offering”). The Company intends to provide the
investors with a Prospectus describing the terms of the Offering (the “Prospectus”). In order for the Company to conduct an initial closing of the Offering and retain subscription proceeds as capital, a minimum of
                 Units will have to be made the subject of Subscription Agreements which are accepted by the Company. 

The Company and the Placement Agent have, for administrative purposes, requested the Escrow Agent to serve as the depository for the
subscription proceeds accompanying Subscription Agreements which are accepted by the Company from investors who are subscribing to purchase Units pursuant to, and in accordance with, the terms and conditions of the Offering (the
“Payments”), and to hold the same in an escrow account (the “Escrow Account”) pending the Company’s conduct of one or more closings. 

The Offering is presently expected to be completed no later than __________________ or, if earlier, the date upon which all of the Units
have been made the subject of Subscription Agreements which are accepted by the Company, subject to the right of the Company to extend such period, without notice, until no later than _____________________ (in either event, the “Offering
Period”). The Escrow Agent has indicated its willingness to accept receipt of each Payment and associated Subscription Agreement and to hold and release the same in accordance with the terms of this Agreement. 

ACCORDINGLY, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Deposit with Escrow Agent. The Escrow Agent agrees
that it will from time to time accept, in its capacity as Escrow Agent, Payments in the form of checks or wire transfers received by the Company or the Placement Agent from subscribers. All checks shall be made payable to the order of
“NorthStar Bank, as Escrow Agent for FPB Bancorp, Inc.”, and the Company and the Placement Agent each herein covenants that it shall use commercially reasonable efforts to cause the same to be physically delivered to the Escrow Agent by
noon of the first business day following the date of receipt. If any check does not clear normal banking 
  

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channels in due course, the Escrow Agent will promptly notify the Company and the Placement Agent. Any check which does not clear normal banking channels and is returned by the drawer’s bank
to the Escrow Agent will be promptly returned to the delivering party (the Company or the Placement Agent) along with the drawer’s Subscription Agreement. Any check received by the Escrow Agent that is made payable to a party other than
“NorthStar Bank, as Escrow Agent for FPB Bancorp, Inc.” shall be returned to the delivering party (the Company or the Placement Agent) for return to the subscriber. The Company may reject any Subscription Agreement for any reason. If such
rejection by the Company occurs after any check representing a Payment has been cashed by the Escrow Agent, the Escrow Agent shall be instructed in writing by the Company to return the applicable Payment by check made payable to the subscriber. If
the Company rejects or cancels any Subscription Agreement, no interest shall be paid to the subscriber. 
 Each Subscription
Agreement received by the Company shall be reviewed for accuracy and, if found to be in acceptable form, shall promptly thereafter be delivered to the Escrow Agent, either in its original or a photocopy form, together with the applicable Payment.

 2. Deposit of Escrowed Funds. All proceeds received from the collection of Payment checks (collectively the
“Escrowed Funds”) shall be deposited by the Escrow Agent into the Escrow Account, which shall be a non-interest-bearing account at the Escrow Agent. The Escrow Account shall be fully insured by the Federal Deposit Insurance
Corporation or another agency of the United States government, up to the maximum applicable limits on such deposits. 
 3.
Release of Escrowed Funds. The Escrow Agent shall release the Escrowed Funds in the amounts, at the times and upon the conditions hereinafter set forth in this Section 3: 

a. As used in this Agreement, the following definitions shall apply: 

(1) “Escrow Release Notification” shall mean a notification prepared by or on behalf of the Company,
executed by both the Company and the Placement Agent, and received by the Escrow Agent prior to the Expiration Date which identifies a Release Date selected by the Company and the Placement Agent for the release of Escrowed Funds from the Escrow
Account. Such notification may specify all or any lesser quantity of Escrowed Funds to be released. 
 (2)
“Expiration Date” shall mean 5:00 p.m., Eastern Time, on the fourth business day following the expiration of the Offering Period. 

(3) “Release Date” shall mean any business day selected jointly by the Company and the Placement Agent
which will occur on or before the Expiration Date and upon which the Escrowed Funds specified in the Escrow Release Notification are to be released from the Escrow Account to the Company and/or the Placement Agent, as designated in the Escrow
Release Notification. 
  

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 b. No later than (i) 5:00 p.m., Eastern Time, one business day prior to the Release
Date, the Company and the Placement Agent shall each deliver to the Escrow Agent instructions for the wire transfer on the Release Date of the Escrowed Funds made the subject of its Escrow Release Notification (collectively, the
“Company’s Proceeds”) to identified accounts of the Company and of the Placement Agent and (ii) 2:00 p.m., Eastern Time, on the Release Date, the Escrow Agent shall remit to the Company and/or to the Placement Agent by
wire transfer their respective portions of the Company’s Proceeds. Alternatively, no later than 5:00 p.m., Eastern Time, on the tenth business day following the Escrow Agent’s receipt of notification from the Company that it has cancelled
or otherwise terminated the Offering and is directing a return to subscribers of the Payments, the Escrow Agent shall disburse by bank check to each subscriber at the address set forth in his, her or its Subscription Agreement, an amount equal to
the subscriber’s Payment, and furnish to the Company and to the Placement Agent a written report adequately describing such determination, allocation and disbursement. 

4. Service Charges. Escrow Agent shall charge the Company a $500 account service fee. A $15.00 per check fee will be
charged if the Escrowed Funds have to be refunded to subscribers due to any cancellation of the Offering. All such fees are payable upon the release of the Escrowed Funds, and the Escrow Agent is hereby authorized to deduct such fees from the
Escrowed Funds prior to any release thereof pursuant to Section 3 hereof. 
 5. Liability of Escrow Agent.

 a. In performing any of its duties under the Agreement, or upon a claimed failure to perform its duties hereunder, the Escrow
Agent shall not be liable to anyone for any damages, losses or expenses which it may incur as a result of so acting or failing to act; provided that the Escrow Agent shall be liable for damages arising out of its willful default or misconduct
or its negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability with respect to (i) any action taken or omitted to be taken in good faith upon advice of its counsel which is given with respect to any
question relating to the duties and responsibilities of the Escrow Agent hereunder; or (ii) any action taken or omitted to be taken in reliance upon any document, including any written notice or instructions provided for in this Agreement, not
only as to its due execution and to the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained therein, if the Escrow Agent shall in good faith believe such document to be genuine, to have
been signed or presented by an authorized person, and to conform with the provisions of this Agreement. 
 b. The Company shall
indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be imposed against or
otherwise incurred by the Escrow Agent in connection with its acceptance of its appointment or the performance of its duties hereunder, including, without limitation, any litigation arising from this Agreement or involving the subject matter
thereof; provided that if the Escrow Agent shall be found guilty of willful misconduct or gross negligence under this Agreement, then the Escrow Agent shall bear all such losses, claims, damages and expenses. 

 

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 c. If a dispute ensues between or among any of the parties hereto which, in the opinion of
the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any litigation to which
it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such
legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such legal action may only be brought in the courts located in St. Lucie County, Florida. In connection with such dispute,
the Company shall indemnify the Escrow Agent against its court costs and reasonable attorney’s fees incurred. 
 d. The
Escrow Agent may resign at any time upon giving 30 days’ notice to the Company. If a successor escrow agent is not appointed jointly by the Company and the Placement Agent within 30 days after notice of resignation, the Escrow Agent may
petition any court of competent jurisdiction located in St. Lucie County, Florida to name a successor escrow agent and the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer to
the successor escrow agent designated jointly by the Company and the Placement Agent or appointed by the court of the Escrowed Funds and all related documentation, including appropriate information to assist the successor escrow agent with the
reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with applicable state and federal income tax laws. 

6. Appointment of Successor. The Company and the Placement Agent may jointly, upon the delivery to the Escrow Agent of 30
days’ notice appointing a successor escrow agent, terminate the services of the Escrow Agent hereunder. Upon such termination, the Escrow Agent shall immediately deliver to the successor escrow agent jointly selected by the Company and the
Placement Agent all Escrowed Funds and related documentation then in its possession, less any fees and expenses due to the Escrow Agent or required to be paid by the Escrow Agent to a third party pursuant to this Agreement. 

7. Notice. All notices, requests, demands and other communications or deliveries required or permitted to be given
hereunder shall be in writing and shall be deemed to have been properly furnished three days after having been deposited for mailing if sent by registered mail, or certified mail return receipt requested, or on the day delivered if delivered by
courier or by electronic means (i.e., facsimile or e-mail) with return receipt, to the respective addresses set forth below: 
  

			
	If to a subscriber:	  	To his, her or its address as specified in the applicable Subscription Agreement
		
	If to the Company:	  	Nancy E. Aumack
		  	Chief Financial Officer
		  	FPB Bancorp, Inc.
		  	1792 NE Jensen Beach Boulevard
		  	Jensen Beach, Florida 34957
		  	E-mail: nancy@1stpeoplesbank.com

  

 4 

			
	If to the Escrow Agent:	  	NorthStar Bank
		  	400 North Ashley Street
		  	Suite 1400
		  	Tampa, Florida 33602
		  	Fax: (813) 223-4841
		  	E-mail: mwash@northstar-bank.com
		  	Attention: Mathew Wash
		
	If to the Placement Agent:	  	Russell L. Hunt
		  	Chief Executive Officer
		  	Kendrick Pierce & Company Securities, Inc.
		  	511 West Bay Street, Suite 300
		  	Tampa, Florida 33606
		  	E-mail: russ@kendrickpierce.com

 8.
Representations of the Company. The Company hereby acknowledges that the status of the Escrow Agent with respect to the Offering of the Units is that of agent only for the limited purposes herein set forth, and hereby agrees that it will
not represent or imply that the Escrow Agent, by serving as Escrow Agent hereunder or otherwise, has investigated the desirability or advisability of an investment in the Units, or has approved, endorsed or passed upon the merits of the Units, nor
shall the Company use the name of the Escrow Agent in any manner in connection with the offer or sale of the Units, other than by acknowledgment that it has agreed to serve as Escrow Agent for the limited purposes herein set forth. 

9. General. 

a. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Florida, without regard to the conflict of laws rules thereof. Venue for any action hereunder shall exclusively lie in the courts located in St. Lucie County, Florida. 

b. Headings. The section headings contained herein are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Agreement. 
 c. Entire Agreement. This Agreement sets forth the entire
agreement and understanding of the parties with regard to this escrow transaction and supersedes all prior agreements, arrangements and understandings relating to the subject matter hereof. 

d. Amendments. This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof
may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time to require performance of any provision hereof shall not affect the right at
a later time to enforce the same. No waiver in any instance by any party of any condition or breach of any term contained in this Agreement, whether by conduct or otherwise, shall be deemed to be, or construed as, a further or continuing waiver of
any such condition or breach, or a waiver of any other condition or of the breach of any other term of this Agreement. 
  

 5 

 e. Counterparts. This Agreement may be executed in two or more counterparts,
by means of multiple signature pages each containing less than all required signatures, and by means of facsimile signatures, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 f. Successors and Assigns. This Agreement shall inure to the benefit of the parties hereto and their respective
personal representatives, successors and assigns. The Escrow Agent shall be bound only by the terms of this Agreement and shall not be bound by or incur any liability with respect to any other agreement or understanding between the parties except as
herein expressly provided. The Escrow Agent shall not have any duties hereunder except those specifically set forth herein. 

g. Assignability. No right or interest of any party to this Agreement shall be assignable in the absence of a written
agreement by and among all the parties to this Agreement, executed with the same formalities as this Agreement. 
 [Signature
page follows] 
  

 6 

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

									
	COMPANY:	 		 	ESCROW AGENT:
					
	By:	 	 	 		 	By:	 	 
					
	Name:	 	 	 		 	Name:	 	 
					
	Title:	 	 	 		 	Title:	 	 
		 		 		 		 	

  

			
	PLACEMENT AGENT:
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		 	

  

 7

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