Document:

EX-10.1

 Exhibit 10.1 

FORM OF SUBORDINATED NOTE PURCHASE AGREEMENT 

This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of September 30, 2020, and is made by
and between California BanCorp, a California corporation (“Company”), and the purchaser of the Subordinated Note identified on the signature page hereto (“Purchaser”). 

RECITALS 

WHEREAS, Company has requested that Purchaser purchase from Company a Subordinated Note (as defined herein) in the principal amount set
forth on Purchaser’s signature page (the “Subordinated Note Amount”), which amount is intended to meet the qualifications for inclusion as Tier 2 Capital (as defined herein); 

WHEREAS, Purchaser is an “accredited investor” as such term is defined by Rule 501 of Regulation D promulgated under the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), as well as a “qualified institutional buyer” as such term is defined in Rule 144A promulgated under
the Securities Act (“QIB”); 
 WHEREAS, the offer and sale of the Subordinated Note by Company is being made
pursuant to one or more available exemptions from the registration requirements of the Securities Act, including Section 4(a)(2) of the Securities Act; and 

WHEREAS, Purchaser is willing to purchase from Company a Subordinated Note in the Subordinated Note Amount in accordance with the
terms, subject to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated Note. 

NOW, THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 AGREEMENT 

 

	1.	 DEFINITIONS. 

1.1 Defined Terms. The following capitalized terms generally used in this Agreement and in the Subordinated Note have the
meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections. 

“Affiliate(s)” means, with respect to any Person, such Person’s immediate family members, partners, members or
parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates. 

“Agreement” has the meaning set forth in the preamble hereto. 

“Articles” has the meaning set forth in Section 3.2.1.2. 

 “Bank” means California Bank of Commerce, Walnut Creek, California.

 “Business Day” means any day other than a Saturday, Sunday or any other day on
which banking institutions in the State of North Carolina are permitted or required by any applicable law or executive order to close. 

“Bylaws” has the meaning set forth in Section 3.2.1.2. 

“Closing” has the meaning set forth in Section 2.5. 

“Closing Date” means September 30, 2020. 

“Common Stock” means Company’s common stock, no par value per share. 

“Company” has the meaning set forth in the preamble hereto and shall include any successors to Company. 

“Company’s SEC Reports” means (i) Company’s Annual Report on Form
10-K, as amended, for the fiscal year ended December 31, 2019, as filed with the SEC; (ii) Company’s Definitive Proxy Statement on Schedule 14A related to its 2020 annual meeting of
shareholders, as filed with the SEC; (iii) any Current Report on Form 8-K, as filed or furnished by Company with the SEC since January 1, 2020; and (iv) Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020 and June 30, 2020, as filed with the SEC pursuant to the requirements of the Exchange Act. 

“Condition or Release” means any presence, use, storage, transportation, discharge, disposal, release or
threatened release of any Hazardous Materials. 
 “Control” (including the terms “controlling,”
“controlled by,” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract, or otherwise. 
 “CRA” has the meaning set forth in Section 4.16.

 “Disbursement” has the meaning set forth in Section 3.1. 

“Equity Interest” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase any of the foregoing. 

“ERISA” has the meaning set forth in Section 4.11. 

“ERISA Affiliate” has the meaning set forth in Section 4.11. 

“Event of Default” has the meaning set forth in
the Subordinated Note. 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. 
 “FDIC” means the Federal Deposit Insurance
Corporation. 
 “FRB” means the Board of Governors of the Federal Reserve System. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America.

 “Governmental Agency(ies)” means, individually or collectively, any federal,
state, county or local governmental department, commission, board, regulatory authority or agency (including each applicable Regulatory Agency) with jurisdiction over Company or Bank. 

“Governmental Licenses” has the meaning set forth in
Section 4.3. 
 “Hazardous Materials” means oil,
flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including any substances which are “hazardous
substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations. 

“Hazardous Materials Laws” mean any laws,
regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.;
the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety
and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine
Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations. 

“Indebtedness” means: (i) all items arising from the borrowing of money that, according to GAAP as in effect from
time to time, would be included in determining total liabilities as shown on the consolidated balance sheet of Company; and (ii) all obligations secured by any lien on property owned by Company or Bank whether or not such obligations shall have
been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course of Company’s or Bank’s business (including federal funds purchased,
advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or Bank and repurchase arrangements) and consistent with customary banking practices and applicable laws and regulations. 

“Leases” means all leases, licenses or other documents providing for the use or occupancy of any portion of any
Property, including all amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto. 

  
 3 

 “Material Adverse Effect” means any change or effect that
(i) is or would be reasonably likely to be material and adverse to the financial condition, results of operations or business of Company and/or Bank, or (ii) would materially impair the ability of Company and/or Bank to perform its
respective obligations under any of the Transaction Documents, or otherwise materially impede the consummation of the transactions contemplated hereby or thereby; provided, however, that “Material Adverse Effect” shall not be
deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements
applicable to financial institutions and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions affecting financial institutions or their market prices generally and not
specifically related to Company, Bank, or Purchaser, (4) pandemics, epidemics, disease outbreaks, and other public health emergencies, including the Coronavirus disease (COVID-19), (5) direct effects of
compliance with this Agreement on the operating performance of Company, Bank, or Purchaser, including expenses incurred by Company, Bank, or Purchaser in consummating the transactions contemplated by this Agreement, (6) the effects of any
action or omission taken by Company or Bank with the prior written consent of Purchaser, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Note, and (7) changes in global, national or regional political
conditions, including the outbreak or escalation of war, acts of terrorism or civil unrest. 
 “Maturity Date” means
September 30, 2030. 
 “Money Laundering Laws” has the meaning set forth in
Section 4.14. 
 “Noteholder” has the meaning set forth in the Subordinated Note. 

“OFAC” has the meaning set forth in Section 4.15. 

“Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a
joint venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or any other entity or organization. 

“Placement Agent” means Wedbush Securities Inc., in its capacity as the Company’s placement agent in connection
with this Agreement. 
 “Property” means any real property owned or leased by Company or Bank. 

“Purchaser” has the meaning set forth in the preamble hereto. 

“QIB” has the meaning set forth in the Recitals. 

“Regulation D” means Regulation D promulgated under the Securities Act. 

  
 4 

 “Regulatory Agencies” means any federal or state agency charged with
the supervision or regulation of depository institutions or holding companies of depository institutions, or engaged in the insurance of depository institution deposits, or any court, administrative agency or commission or other authority, body or
agency having supervisory or regulatory authority with respect to Company or Bank. 
 “Regulatory Approval” has the
meaning set forth in Section 3.2.1.6 
 “SEC” means the Securities and Exchange
Commission. 
 “Securities Act” has the meaning set forth in the Recitals. 

“Subordinated Note” means the Subordinated Note in the form attached as Exhibit A hereto, as amended, restated,
supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note (any one or more Subordinated Notes into which this Subordinated Note may be subdivided, exchanged, or
substituted in the future referred to, collectively, with this Subordinated Note, as the “Subordinated Notes”). 

“Subordinated Note Amount” has the meaning set forth in the Recitals. 

“Subsidiary” means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity
Interest is directly or indirectly owned by such Person. 
 “Tier 2 Capital” has the meaning given to the term
“Tier 2 capital” in 12 C.F.R. Part 217, 12 C.F.R. Part 225, and 12 C.F.R. Part 250, as amended, modified and supplemented and in effect from time to time or any replacement thereof. 

“Transaction Documents” has the meaning set forth in Section 3.2.1.1. 

1.2 Interpretations. The foregoing definitions are equally applicable to both the singular and plural forms of the terms
defined. The words “hereof”, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references
to time of day herein are references to Eastern Time unless otherwise specifically provided. All references to this Agreement and the Subordinated Note shall be deemed to be to such documents as amended, modified or restated from time to time. With
respect to any reference in this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such
defined term refers to a document, instrument or agreement, then it shall also include any amendment, replacement, extension or other modification thereof. 

1.3 Exhibits Incorporated. All Exhibits attached are hereby incorporated into this Agreement. 

  
 5 

	2.	 SUBORDINATED DEBT. 

2.1 Certain Terms. Subject to the terms and conditions herein contained, Company proposes to issue and sell to Purchaser a
Subordinated Note in an amount equal to the Subordinated Note Amount. Purchaser agrees to purchase the Subordinated Note from Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth in,
this Agreement and the Subordinated Note. The Subordinated Note Amount shall be disbursed in accordance with Section 3.1. The Subordinated Note shall bear interest per annum as set forth in the Subordinated Note. The unpaid
principal balance of the Subordinated Note plus all accrued but unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable on account of (i) acceleration by
Purchaser in accordance with the terms of the Subordinated Note and this Agreement or (ii) Company’s delivery of a notice of redemption or repayment in accordance with the terms of the Subordinated Note. 

2.2 Subordination. The Subordinated Note shall be subordinated in accordance with the subordination provisions set forth
therein. 
 2.3 Maturity Date. On the Maturity Date, all sums due and owing under this Agreement and the Subordinated
Note shall be repaid in full. Company acknowledges and agrees that Purchaser has not made any commitments, either express or implied, to extend the terms of the Subordinated Note past its Maturity Date, and shall not extend such terms beyond the
Maturity Date unless Company and Purchaser hereafter specifically otherwise agree in writing. 
 2.4 Unsecured
Obligations. The obligations of Company to Purchaser under the Subordinated Note shall be unsecured and not covered by a guarantee of Company or an Affiliate of Company. 

2.5 The Closing. The closing of the sale and purchase of the Subordinated Note (the “Closing”) shall
occur on the Closing Date at such place or time or on such other date as the parties hereto may agree. 
 2.6 Payments.
Company agrees that matters concerning payments and application of payments shall be as set forth in this Agreement and in the Subordinated Note. 

2.7 Right of Offset. Purchaser hereby expressly waives any right of offset Purchaser may have against Company or Bank.

 2.8 Use of Proceeds. Company shall use the net proceeds from the sale of the Subordinated Note to repay amounts
currently outstanding under an existing credit facility and for general corporate purposes, including to fund future growth and for investment in, or capital contributions to, Bank. 

 

	3.	 DISBURSEMENT. 

3.1 Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in
Section 3.2 have been satisfied by Company or waived by Purchaser and Company has executed and delivered to Purchaser this Agreement and Purchaser’s Subordinated Note and any other related documents in form and
substance reasonably satisfactory to Purchaser, Purchaser 

  
 6 

 
shall disburse the Subordinated Note Amount, which is set forth on Purchaser’s signature page, in immediately available funds to Company in exchange for a Subordinated Note with a principal
amount equal to such Subordinated Note Amount (the “Disbursement”). Company will deliver to Purchaser one or more certificates representing the Subordinated Note in definitive form (or provide evidence of the same with the
original to be delivered by Company by overnight delivery on the next business day in accordance with the delivery instructions of Purchaser), registered in such names and denominations as Purchaser may request. 

3.2 Conditions Precedent to Disbursement. 

3.2.1 Conditions to Purchaser’s Obligation. The obligation of Purchaser to consummate the purchase of the
Subordinated Note to be purchased by it at Closing and to effect the Disbursement is subject to the fulfillment of or delivery by or at the direction of Company to Purchaser, on or prior to the Closing Date, of each of the following (or written
waiver by Purchaser prior to the Closing of such delivery): 
 3.2.1.1 Transaction Documents. This Agreement and the
Subordinated Note (collectively, the “Transaction Documents”), each duly authorized and executed by Company. 

3.2.1.2 Authority Documents. 
  

	 	(a)	 A copy, certified by the Secretary or Assistant Secretary of Company, of the articles of incorporation of
Company and all amendments thereto as in effect as of the Closing Date (the “Articles”); 

  

	 	(b)	 A certificate of good standing of Company issued by the Secretary of State of the State of California;

  

	 	(c)	 A copy, certified by the Secretary or Assistant Secretary, of the bylaws of Company and all amendments thereto
as in effect as of the Closing Date (the “Bylaws”); 

  

	 	(d)	 A copy, certified by the Secretary or Assistant Secretary of Company, of the resolutions of the board of
directors of Company, and any committee thereof, authorizing the execution, delivery and performance of the Transaction Documents; 

  

	 	(e)	 An incumbency certificate of the Secretary or Assistant Secretary of Company certifying the names of the
officer or officers of Company authorized to sign the Transaction Documents and the other documents provided for in this Agreement; and 

  

	 	(f)	 The opinion of Sheppard, Mullin, Richter & Hampton LLP, counsel to Company, dated as of the Closing
Date, substantially in the form set forth at Exhibit B attached hereto addressed to Purchaser. 

  
 7 

 3.2.1.3 Representations and Warranties. The representations and
warranties of Company set forth in Section 4 of this Agreement that do not contain a “Material Adverse Effect” qualification or other express materiality or similar qualification shall have been true and correct
as of the date hereof and shall be true and correct as of the Closing Date, except where the failure of such representations and warranties to be so true and correct does not have a Material Adverse Effect; provided, however, that representations
and warranties made as of a specified date need only be true and correct as of such date. The representations and warranties of Company set forth in Section 4 of this Agreement that contain a “Material Adverse
Effect” qualification or any other express materiality or similar qualification shall have been true and correct as of the date hereof and shall be true and correct as of the Closing Date; provided, however, that representations and warranties
made as of a specified date need only be true and correct as of such date. 
 3.2.1.4 Covenants. All covenants,
agreements and conditions contained in this Agreement to be performed by Company on or prior to the Closing Date shall have been performed or complied with in all material respects. 

3.2.1.5 Other Requirements. Such other additional information regarding Company and Bank and their respective assets,
liabilities (including any liabilities arising from, or relating to, legal proceedings) and contracts as Purchaser may reasonably require. 

3.2.1.6 Consents and Approvals. The Company shall file any required applications, filings and notices required in
connection with this Agreement, as applicable, with (i) the FRB (under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”)), and (ii) the California Department of Business Oversight (the
“State Regulator”), and receive approval of, or consent or nonobjection to, the foregoing applications, filings and notices (“Regulatory Approval”). 

3.2.2 Conditions to Company’s Obligation. The obligation of Company to consummate the sale of the Subordinated
Note and to effect the Closing is subject to delivery by Purchaser to Company of this Agreement, duly authorized and executed by Purchaser, and the purchase price in an amount equal to the Subordinated Note Amount. 

 

	4.	 REPRESENTATIONS AND WARRANTIES OF COMPANY. 

Company hereby represents and warrants to Purchaser as follows: 

4.1 Organization and Authority. 

4.1.1 Organization Matters of Company and Bank. 

4.1.1.1 Company is a bank holding company registered with the FRB under the Bank Holding Company Act of 1956, as amended. Company is a
business corporation validly existing and in good standing under the laws of the State of California and has all requisite corporate power and authority to conduct its business and activities as presently conducted, to own

  
 8 

 
its properties, and to perform its obligations under the Transaction Documents. Company is duly qualified as a foreign corporation to transact business and is in good standing in each other
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse
Effect. 
 4.1.1.2 Bank is the only direct or indirect Subsidiary of Company. Bank has been duly chartered and is validly existing as
a California chartered bank, in good standing under the laws of the jurisdiction of its incorporation, has corporate power and authority to own, lease and operate its properties and to conduct its business and is duly qualified as a foreign entity
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good
standing would not result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in Bank have been duly authorized and validly issued, are fully paid and nonassessable and are owned by
Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim, except for the pledge by Company of all such shares pursuant to that certain Pledge Agreement dated as of April 27, 2020, by and between Company and
TIB-The Independent BankersBank, N.A.; none of the outstanding shares of capital stock of, or other equity interests in, Bank were issued in violation of the preemptive or similar rights of any security holder
of Bank or any other Person. 
 4.1.1.3 The deposit accounts of Bank are insured by the FDIC up to applicable limits. Neither Company
nor Bank has received any notice or other information indicating that Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to adversely
affect the status of Bank as an FDIC-insured institution. Company and Bank have made payment of all franchise and similar taxes in all of the respective jurisdictions in which they are incorporated, chartered or qualified, except for any such taxes
(i) where the failure to pay such taxes will not have a Material Adverse Effect, (ii) the validity of which is being contested in good faith or (iii) for which proper reserves have been set aside on the books of Company or Bank, as
the case may be. 
 4.1.2 Capital Stock and Related Matters. The Articles of Company authorize Company to issue
40,000,000 shares of Common Stock and 10,000,000 shares of preferred stock. As of the date of this Agreement, there are 8,149,127 shares of Common Stock issued and outstanding and no shares of Company’s preferred stock issued and outstanding.
All of the outstanding capital stock of Bank is owned beneficially and of record by Company and has been duly authorized and validly issued and is fully paid and nonassessable. All of the outstanding capital stock of Company has been duly authorized
and validly issued and is fully paid and nonassessable. There are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating Company to issue, deliver or sell, or cause to be issued, delivered or
sold, additional shares of the capital stock of Company or obligating Company to grant, extend or enter into any such agreement or commitment to any Person other than Company except pursuant to Company’s equity incentive plans duly adopted by
Company’s Board of Directors. 

  
 9 

 4.2 No Impediment to Transactions. 

4.2.1 Transaction is Legal and Authorized. The issuance of the Subordinated Note, the borrowing of the Subordinated Note
Amount, the execution of the Transaction Documents and compliance by Company with all of the provisions of the Transaction Documents are within the corporate and other powers of Company. 

4.2.2 Agreement. This Agreement has been duly authorized, executed and delivered, and, assuming due authorization,
execution and delivery by Purchaser, constitutes the legal, valid and binding obligation of Company, enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting creditors’ rights generally or by general equitable principles. 
 4.2.3
Subordinated Note. The Subordinated Note has been duly authorized by Company and when executed by Company and issued, delivered to and paid for by Purchaser in accordance with the terms of the Agreement, will have been duly
executed, issued and delivered, and will constitute legal, valid and binding obligations of Company, enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles. 
 4.2.4
Exemption from Registration. Neither Company, the Bank, nor any of their respective Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D) in connection with the offer or sale of the Subordinated Note. Assuming the accuracy of the representations and warranties of Purchaser set forth in this Agreement, the Subordinated Note will be issued in a transaction
exempt from the registration requirements of the Securities Act. 
 4.2.5 No Defaults or Restrictions. Neither the
execution and delivery of the Transaction Documents nor compliance with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or result in a breach of, or
constitute a default under: (1) the Articles or Bylaws of Company; (2) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust,
pledge, bank loan or credit agreement, or any other agreement or instrument to which Company or Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction,
decree or demand of any court, arbitrator, grand jury, or Governmental Agency applicable to Company or Bank; or (4) any statute, rule or regulation applicable to Company, except, in the case of items (2), (3) or (4), for such violations and
conflicts that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or
asset of Company or Bank. Neither Company nor Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing
or securing Indebtedness of any kind or pursuant to which any such Indebtedness is issued, or any other agreement or instrument to which Company or Bank, as applicable, is a party or by which Company or Bank, as applicable, or any of their
properties may be bound or affected, except, in each case, only such defaults that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect. 

  
 10 

 4.2.6 Governmental Consent. No governmental orders, permissions,
consents, approvals or authorizations are required to be obtained by Company that have not been obtained, and no registrations or declarations are required to be filed by Company that have not been filed in connection with, or, in contemplation of,
the execution and delivery of, and performance under, the Transaction Documents, except for applicable requirements, if any, of the Securities Act, the Exchange Act or state securities laws or “blue sky” laws of the various states and any
applicable federal or state banking laws and regulations. The Company and Bank have received from the Regulatory Agencies any required approval of, or consent or nonobjection to, the issuance and sale of the Subordinated Note contemplated by this
Agreement. 
 4.3 Possession of Licenses and Permits. Each of Company and Bank possesses such permits, licenses,
approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by them except where the failure to possess
such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect; Company and Bank are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would
not, individually or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to
be in full force and effect would not have a Material Adverse Effect; and neither Company nor Bank has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses. 

4.4 Financial Condition. 

4.4.1 Company Financial Statements. The financial statements of Company included in the Company’s SEC Reports
(including the related notes, where applicable), which have been provided to Purchaser (i) have been prepared from, and are in accordance with, the books and records of Company; (ii) fairly present in all material respects the results of
operations, cash flows, changes in stockholders’ equity and financial position of Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited
statements to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable
accounting and banking requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as indicated in such statements or in the notes
thereto. The books and records of Company and Bank have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. Neither Company nor Bank has any material liability
of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet (or notes thereto) of Company
contained in the Company’s SEC Reports for Company’s most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in connection
with this Agreement and the transactions contemplated hereby. 

  
 11 

 4.4.2 Absence of Default. Since December 31, 2019, no event has
occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Company or Bank the right to accelerate the maturity of any material Indebtedness of Company or Bank. Neither Company nor Bank is
in default under any Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could reasonably be expected to result in a
Material Adverse Effect. 
 4.4.3 Solvency. After giving effect to the consummation of the transactions contemplated by
this Agreement, Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being made and no Indebtedness is being incurred in connection with the
transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Company or Bank. 

4.4.4 Ownership of Property. Each of Company and Bank has good and marketable title as to all real property owned by it
and good title to all assets and properties owned by Company and Bank in the conduct of its businesses, whether such assets and properties are real or personal, tangible or intangible, including assets and property reflected in the most recent
consolidated balance sheet contained in the Company’s SEC Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed of in the ordinary course of business, since the date of such consolidated
balance sheet), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities for public deposits or statutory obligations or any discount with, borrowing from or other obligations
to the Federal Home Loan Bank or FRB, inter-bank credit facilities, reverse repurchase agreements or any transaction by Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet due or delinquent or that are being contested
in good faith and (iii) such liens that do not, individually or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by Company or Bank. Each
of Company and Bank, as lessee, has the right under valid and existing Leases of real and personal properties that are material to Company or Bank, as applicable, in the conduct of its business to occupy or use all such properties as presently
occupied and used by it. Such existing Leases and commitments to Lease constitute or will constitute operating Leases for both tax and financial accounting purposes except as otherwise disclosed in the Company’s SEC Reports and the Lease
expense and minimum rental commitments with respect to such Leases and Lease commitments are as disclosed in all material respects in the Company’s SEC Reports. 

4.5 No Material Adverse Change. Since June 30, 2020, there has been no development or event which has had or could
reasonably be expected to have a Material Adverse Effect. 
 4.6 Legal Matters. 

4.6.1 Compliance with Law. Each of Company and Bank (i) has complied with and (ii) is not under investigation
with respect to, and, to Company’s knowledge, has not been threatened to be charged with or given any notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign
government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the 

  
 12 

 
ownership of its properties, except where any such failure to comply or violation would not reasonably be expected to have a Material Adverse Effect. Each of Company and Bank is in compliance
with, and at all times prior to the date hereof has been in compliance with, (x) all statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any Governmental Agency, applicable to it, and (y) its own
privacy policies and written commitments to its respective customers, consumers and employees, concerning data protection, the privacy and security of personal data, and the nonpublic personal information of their respective customers, consumers and
employees, in each case except where any such failure to comply, would not result, individually or in the aggregate, in a Material Adverse Effect. At no time during the two years prior to the date hereof has Company or Bank received any notice
asserting any violations of any of the foregoing, except for any violations that (A) have been resolved or (B) that have not had, and are not reasonably expected to have, a Material Adverse Effect. 

4.6.2 Regulatory Enforcement Actions. Each of Company and Bank is in compliance in all material respects with all laws
administered by and regulations of any Governmental Agency applicable to it or to them, the failure to comply with which would have a Material Adverse Effect. None of Company or Bank, nor any of their respective officers or directors is now
operating under any restrictions, agreements, memoranda, commitment letter, supervisory letter or similar regulatory correspondence, or other commitments (other than restrictions of general application) imposed by any Governmental Agency, nor are,
to Company’s knowledge, (i) any such restrictions threatened, (ii) any agreements, memoranda, commitment letters, supervisory letters or similar regulatory correspondence, or other commitments being sought by any Governmental Agency,
or (iii) any legal or regulatory violations previously identified by, or penalties or other remedial action previously imposed by, any Governmental Agency that remain unresolved. 

4.6.3 Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or, to Company’s
knowledge, threatened or proposed, against Company or Bank at law or in equity or before or by any federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign, that, either
separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect or affect issuance or payment of the Subordinated Note; and neither Company nor Bank is a party to or named as subject to the provisions of any order,
writ, injunction, or decree of, or any written agreement with, any court, commission, board or agency, domestic or foreign, that either separately or in the aggregate, will have a Material Adverse Effect. 

4.6.4 Environmental. No Property is or, to Company’s knowledge, has been a site for the use, generation, manufacture,
storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials, and neither Company nor Bank has engaged in such activities. There are no claims or actions pending or, to Company’s
knowledge, threatened against Company or Bank by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law. 

4.6.5 Brokerage Commissions. Except for fees payable to the Placement Agent, neither Company nor any Affiliate of Company
is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement. 

  
 13 

 4.6.6 Investment Company Act. Neither Company nor Bank is an
“investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

4.7 No Material Misstatement or Omission. None of the representations, warranties, covenants and agreements contained in
this Agreement or in any certificate or other document delivered to Purchaser by or on behalf of Company or Bank pursuant to or in connection with this Agreement contains any untrue statement of a material fact or omits to state a material fact or
any fact necessary to make the statements contained therein not misleading in light of the circumstances when made or furnished to Purchaser. 

4.8 Reporting Compliance. Company is subject to, and is in compliance in all material respects with, the reporting
requirements of Section 13 and Section 15(d), as applicable, of the Exchange Act. The Company’s SEC Reports at the time they were or hereafter are filed with the SEC, complied in all material respects with the requirements of the
Exchange Act and did not and do not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

4.9 Internal Control Over Financial Reporting. Company maintains systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, its principal executive and
principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP,
including, but not limited to, a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the conclusion of Company’s most recently
completed fiscal year, (y) Company has no knowledge of (A) any material weakness in Company’s internal control over financial reporting (whether or not remediated) except as otherwise disclosed in the Company’s SEC Reports, or
(B) any fraud, whether or not material, that involves management or other employees who have a significant role in Company’s internal controls or Bank’s internal controls, and (z) except as otherwise disclosed in the
Company’s SEC Reports, there has been no change in Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Company’s internal control over financial reporting.

 4.10 Tax Matters. Company and Bank have (i) filed all material foreign, U.S. federal, state and local tax
returns, information returns and similar reports that they are required to file (taking into account extensions) with governmental tax agencies, and all such tax returns are true, correct and complete in all material respects, and (ii) paid all
material taxes required to be paid by them (taking into account extensions) and any other material tax assessment, fine or penalty levied against them other than taxes (x) currently payable without penalty or interest, or (y) being
contested in good faith by appropriate proceedings. 

  
 14 

 4.11 Exempt Offering. Assuming the accuracy of Purchaser’s
representations and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Subordinated Note by Company to Purchaser. 

4.12 Representations and Warranties Generally. The representations and warranties of Company set forth in this Agreement
and in any certificate or other document delivered to Purchaser by or on behalf of Company, Bank or any of their Subsidiaries pursuant to or in connection with this Agreement that do not contain a “Material Adverse Effect” qualification or
other express materiality or similar qualification are true and correct as of the date hereof and as of the Closing Date, except where the failure of such representations and warranties to be so true and correct does not have a Material Adverse
Effect; provided, however, that any such representations and warranties made as of a specified date need only be true and correct as of such date. The representations and warranties of Company set forth in this Agreement and in any certificate or
other document delivered to Purchaser by or on behalf of Company, Bank or any of their Subsidiaries pursuant to or in connection with this Agreement that contain a “Material Adverse Effect” qualification or any other express materiality or
similar qualification are true and correct as of the date hereof and as of the Closing Date; provided, however, that any such representations and warranties made as of a specified date need only be true and correct as of such date. 

 

	5.	 GENERAL COVENANTS, CONDITIONS AND AGREEMENTS. 

Company hereby further covenants and agrees with Purchaser as follows: 

5.1 Compliance with Transaction Documents. Company shall comply with, observe and timely perform each and every one of the
covenants, agreements and obligations under the Transaction Documents. 
 5.2 Affiliate Transactions. Company shall not
itself, nor shall it cause, permit or allow Bank to enter into any transaction, including the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of Company except in the ordinary course of business and
pursuant to the reasonable requirements of Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors to be fair and reasonable and no
less favorable to Company or such Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate. 

5.3 Compliance with Laws. 

5.3.1 Generally. Company shall comply and cause Bank to comply in all material respects with all applicable statutes,
rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except, in each case, where such noncompliance would not reasonably be expected to have a Material Adverse Effect. 

  
 15 

 5.3.2 Regulated Activities. Company shall not itself, nor shall it
cause, permit or allow Bank to (i) engage in any business or activity not permitted by all applicable laws and regulations, except where such business or activity would not reasonably be expected to have a Material Adverse Effect or
(ii) make any loan or advance secured by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution, in each case other than in
accordance with applicable laws and regulations and safe and sound banking practices. 
 5.3.3 Taxes. Company shall, and
shall cause Bank to, promptly pay and discharge (i) all taxes, assessments and other governmental charges imposed upon Company or Bank or upon the income, profits, or property of Company or Bank and (ii) all claims for labor, material or
supplies that, if unpaid, might by law become a lien or charge upon the property of Company or Bank. Notwithstanding the foregoing, none of Company or Bank shall be required to pay any such tax, assessment, charge or claim, so long as the validity
thereof is being contested in good faith by appropriate proceedings, and appropriate reserves therefor shall be maintained on the books of Company and Bank. 

5.3.4 Corporate Existence. Company shall do or cause to be done all things reasonably necessary to maintain, preserve and
renew its corporate existence and that of Bank and their respective rights, licenses and franchises, and comply in all material respects with all related laws applicable to Company and Bank; provided, however, that Company may consummate a merger in
accordance with Section 8(b) of the Subordinated Note. 
 5.3.5 Dividends, Payments, and Guarantees During Event of
Default. Upon the occurrence of an Event of Default (as defined under the Subordinated Note), until such Event of Default is cured by Company or waived by the Purchaser in accordance with Section 17 of the Subordinated Notes,
Company shall not, except as may be required by any federal or state Governmental Agency, (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital
stock; (b) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of Company’s Indebtedness that ranks equal with or junior to the Subordinated Notes; or (c) make any payments under
any guarantee that ranks equal with or junior to the Subordinated Note, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s Common
Stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption
or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of
Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or
(v) purchases of any class of Company’s Common Stock related to the issuance of Common Stock or rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans
(including any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise of any option, or acceptance of Common Stock in lieu of an award recipient’s tax obligations under any equity award). 

  
 16 

 5.3.6 Tier 2 Capital. If all or any portion of the Subordinated
Note ceases to qualify for inclusion as Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Note, Company
will immediately notify Purchaser, and thereafter, Company and Purchaser will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by
the Subordinated Note to qualify as Tier 2 Capital; provided that nothing contained in this Agreement shall limit Company’s right to redeem the Subordinated Note upon the occurrence of a Tier 2 Capital Event as described in the Subordinated
Note. 
 5.3.7 Environmental Matters. Except as would not, singly or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, Company shall: (a) exercise, and cause Bank and each of their Subsidiaries to exercise, commercially reasonably efforts in order to comply in all material respects with all Hazardous Materials Laws; and
(b) promptly take any and all necessary remedial action in connection with any Condition or Release or threatened Condition or Release on, under or about any Property in order to comply in all material respects with all applicable Hazardous
Materials Laws; provided, however, that Company shall not be deemed to be in breach of the foregoing covenant if and to the extent it has not taken such remedial actions due to (x) its diligent pursuit of an available statutory or
administrative exemption from compliance with the relevant Hazardous Materials Law from the appropriate Governmental Agency (and no penalties for noncompliance with the relevant Hazardous Materials Law(s) shall accrue as a result of such non-compliance, without rebate or waiver if such exemption or waiver is granted), or (y) is actively and diligently contesting in good faith any Governmental Agency’s order, determination or decree with
respect to the applicability or interpretation of any such relevant Hazardous Materials Law and/or the actions required under such laws or regulations in respect of such Condition or Release. In the event Company, Bank or any other Subsidiary of
Company or Bank undertakes any remedial action with respect to such Hazardous Material on, under or about any Property, Company, Bank or such other Subsidiary shall conduct and complete such remedial action in compliance with all applicable
Hazardous Materials Laws and in accordance with the policies, orders and directives of all Governmental Agencies. 
 5.4 Absence
of Control. It is the intent of the parties to this Agreement that in no event shall Purchaser, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, Company, and Purchaser shall not exercise, or be
deemed to exercise, directly or indirectly, a controlling influence over the management or policies of Company. 
 5.5
Information Available to Facilitate Resales. 
 5.5.1 Current Public Information. With a view to
making available to Purchaser or Noteholder the benefits of certain SEC rules and regulations permitting the sale of the Subordinated Notes without registration as soon as allowed, Company shall, at all times from the date of this Agreement through
the date that the restrictive legend on the Subordinated Notes may be removed, make and keep available adequate current public information with respect to Company, as those terms are understood and defined in Rule 144(c) or any similar or analogous
rules promulgated under the Securities Act, and, upon written request by Purchaser or Noteholder, Company shall provide a written statement that Company has complied with such requirements. 

5.5.2 Rule 144A Information. While the Subordinated Note remains a “restricted security” within the
meaning of the Securities Act, Company will make available, upon request, to any seller of such Subordinated Note the information specified in Rule 144A(d)(4) under the Securities Act, unless Company is then subject to Section 13 or 15(d) of
the Exchange Act. 

  
 17 

	6.	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASER. 

Purchaser hereby represents and warrants to Company, and covenants with Company, as follows: 

6.1 Legal Power and Authority. Purchaser has all necessary power and authority to execute, deliver and perform
Purchaser’s obligations under this Agreement and to consummate the transactions contemplated hereby. Purchaser is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or
incorporation. 
 6.2 Authorization and Execution. The execution, delivery and performance of this Agreement has been
duly authorized by all necessary action on the part of Purchaser, and this Agreement has been duly authorized, executed and delivered, and, assuming due authorization, execution and delivery by the other parties hereto, is a legal, valid and binding
obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’
rights generally or by general equitable principles. 
 6.3 No Conflicts. Neither the execution, delivery or performance
of the Transaction Documents nor the consummation of any of the transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether with or without the giving of notice or lapse of time or both) under
(i) Purchaser’s organizational documents, (ii) any agreement to which Purchaser is party, (iii) any law applicable to Purchaser or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or
affecting Purchaser. 
 6.4 Purchase for Investment. Purchaser is purchasing the Subordinated Note for Purchaser’s
own account and not with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same. Purchaser has no present or contemplated agreement, undertaking, arrangement, obligation, Indebtedness or
commitment providing for, or which is likely to compel, a disposition of the Subordinated Note in any manner. 
 6.5
Institutional Accredited Investor. Purchaser is and will be on the Closing Date (i) an institutional “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1),
(2), (3) and (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets and (ii) a QIB. 
 6.6
Financial and Business Sophistication. Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable of evaluating the merits and risks of Purchaser’s prospective investment in the
Subordinated Note. Purchaser has relied solely upon Purchaser’s own knowledge of, and/or the advice of Purchaser’s own legal, financial or other advisors with regard to, the legal, financial, tax and other considerations involved in
deciding to invest in the Subordinated Note. 

  
 18 

 6.7 Ability to Bear Economic Risk of Investment. Purchaser recognizes
that an investment in the Subordinated Note involves substantial risk. Purchaser has the ability to bear the economic risk of Purchaser’s prospective investment in the Subordinated Note, including the ability to hold the Subordinated Note
indefinitely, and further including the ability to bear a complete loss of all of Purchaser’s investment in Company. 
 6.8
Information. Purchaser acknowledges that: (i) Purchaser is not being provided with the disclosures that would be required if the offer and sale of the Subordinated Note were registered under the Securities Act, nor is Purchaser
being provided with any offering circular or prospectus prepared in connection with the offer and sale of the Subordinated Note; (ii) Purchaser has conducted Purchaser’s own examination of Company and the terms of the Subordinated Note to
the extent Purchaser deems necessary to make Purchaser’s decision to invest in the Subordinated Note; (iii) Purchaser has availed itself of publicly available financial and other information concerning Company to the extent Purchaser deems
necessary to make Purchaser’s decision to purchase the Subordinated Note; (iv) Purchaser has not received or relied on any form of general solicitation or general advertising (within the meaning of Regulation D) from Company or any party
acting on Company’s behalf in connection with the offer and purchase of the Subordinated Note; and (v) Purchaser has reviewed the information set forth in the Company’s SEC Reports. 

6.9 Access to Information. Purchaser acknowledges that Purchaser and Purchaser’s advisors have been furnished with
all materials relating to the business, finances and operations of Company that have been requested by Purchaser and Purchaser’s advisors and have been given the opportunity to ask questions of, and to receive answers from, Persons acting on
behalf of Company concerning terms and conditions of the transactions contemplated by this Agreement in order to make an informed and voluntary decision to enter into this Agreement. 

6.10 Investment Decision. Purchaser has made Purchaser’s own investment decision based upon Purchaser’s own
judgment, due diligence, and advice from such advisors as Purchaser has deemed necessary and not upon any view expressed by any other Person, including the Placement Agent. Neither such inquiries nor any other due diligence investigations conducted
by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on Company’s representations and warranties contained herein. Purchaser is not relying upon, and has not relied upon, any advice, statement,
representation or warranty made by any Person by or on behalf of Company, including the Placement Agent, except for the express statements, representations and warranties of Company made or contained in this Agreement. Furthermore, Purchaser
acknowledges that (i) the Placement Agent has not performed any due diligence review on behalf of Purchaser and (ii) nothing in this Agreement or any other materials presented by or on behalf of Company to Purchaser in connection with the
purchase of the Subordinated Note constitutes legal, tax or investment advice. 
 6.11 Private Placement; No Registration;
Restricted Legends. Purchaser understands and acknowledges that the Subordinated Note comes within the definition of “restricted securities” under Rule 144 of the Securities Act and is being sold by Company without registration
under the Securities Act in reliance on the exemption from federal registration set forth in Section 4(a)(2) of the Securities Act or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only in compliance
with the registration requirements of federal and state securities laws or if exemptions from the Securities Act and applicable state securities 

  
 19 

 
laws are available to Purchaser. Purchaser is not subscribing for the Subordinated Note as a result of or subsequent to any advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting. Purchaser further acknowledges and agrees that all certificates or other instruments representing the Subordinated Note will bear the
restrictive legend set forth in the form of Subordinated Note. Purchaser further acknowledges Purchaser’s primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Note or any
interest therein without complying with the requirements of the Securities Act and the rules and regulations promulgated thereunder and the requirements set forth in this Agreement. Neither Company nor the Placement Agent have or has made or are or
is making any representation, warranty or covenant, express or implied, as to the availability of any exemption from registration under the Securities Act or any applicable state securities laws for the resale, pledge or other transfer of the
Subordinated Note, or that the Subordinated Note purchased by Purchaser will ever be able to be lawfully resold, pledged or otherwise transferred. 

6.12 Role of Placement Agent. Purchaser will purchase the Subordinated Note directly from Company and not from the
Placement Agent, and Purchaser understands that neither the Placement Agent nor any other broker or dealer has any obligation to make a market in the Subordinated Notes. 

6.13 Tier 2 Capital. If all or any portion of the Subordinated Note ceases to qualify for inclusion as Tier 2 Capital,
other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Note, Company will immediately notify Purchaser, and thereafter,
Company and Purchaser will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Note to qualify as Tier 2 Capital;
provided that nothing contained in this Agreement shall limit Company’s right to redeem the Subordinated Note upon the occurrence of a Tier 2 Capital Event as described in the Subordinated Note. 

6.14 Accuracy of Representations. Purchaser understands that Company is relying and will rely upon the truth and accuracy
of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement, and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of the
Closing Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify Company. 
  

	7.	 MISCELLANEOUS. 

7.1 Prohibition on Assignment by Company. Except as described in Section 8(b) (Merger or Sale of
Assets) of the Subordinated Note, Company may not assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Note without the prior written consent of Purchaser. In addition, in accordance with the terms
of the Subordinated Note, any transfer of such Subordinated Note must be made in accordance with the Assignment Form attached thereto and the requirements and restrictions thereof. 

7.2 Time of the Essence. Time is of the essence with respect to this Agreement. 

  
 20 

 7.3 Waiver or Amendment. No waiver or amendment of any term, provision,
condition, covenant or agreement herein shall be effective except with the prior written consent of Purchaser. Notwithstanding the foregoing, Company may amend or supplement the Subordinated Notes without the consent of Purchaser to cure any
ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes, or to make any change that does not adversely affect the rights of Purchaser. No failure to
exercise or delay in exercising, by Purchaser, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or
the exercise of any other right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided at law or in equity. No notice or demand on Company in any case shall, in
and of itself, entitle Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Purchaser to any other or further action in any circumstances without notice or demand. No consent or
waiver, express or implied, by Purchaser to or of any breach or default by Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the
same or any other obligations of Company hereunder. Failure on the part of Purchaser to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by
Purchaser of its rights hereunder or impair any rights, powers or remedies on account of any breach or default by Company. 
 7.4
Severability. Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in
such case, all the remaining terms and provisions of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though any such invalid portion had never been included herein. Notwithstanding any of the
foregoing to the contrary, if any provisions of this Agreement or the application thereof are held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application of such provision to
persons or situations other than those to which it shall have been held invalid or unenforceable, shall not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law. 

7.5 Notices. Any notice which any party hereto may be required or may desire to give hereunder shall be deemed to have
been given if in writing and if delivered personally, or if mailed, postage prepaid, by United States registered or certified mail, return receipt requested, or if delivered by a responsible overnight commercial courier promising next business day
delivery, addressed: 
  

			
	if to Company:	  	 California BanCorp
 1300 Clay Street, Fifth
Floor
 Oakland, CA 94612
 Attention:
    Thomas A. Sa

                     Senior Executive Vice
President
                      and Chief Financial
Officer

  
 21 

			
	with a copy to:	  	 Sheppard, Mullin, Richter & Hampton LLP

650 Town Center Drive, Tenth Floor
 Costa Mesa, CA 92626

Attention: Joshua A. Dean

		
	if to Purchaser:	  	To the address indicated on Purchaser’s signature page.

 or to such other address or addresses as the party to be given notice may have furnished in writing to the party seeking
or desiring to give notice, as a place for the giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other party in the manner provided for above. Any notice given in
accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the Business Day
following the date of delivery to such courier (provided next business day delivery was requested). 
 7.6 Successors and
Assigns. This Agreement shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns; except that, unless Purchaser consents in writing, no assignment made by Company in violation of
this Agreement shall be effective or confer any rights on any purported assignee of Company. The term “successors and assigns” will not include a purchaser of all or any portion of the Subordinated Note from Purchaser merely because of
such purchase. 
 7.7 No Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no
action or inaction whatsoever on the part of Purchaser, shall be deemed to make Purchaser a partner or joint venturer with Company. 

7.8 Documentation. All documents and other matters required by any of the provisions of this Agreement to be submitted or
furnished to Purchaser shall be in form and substance satisfactory to Purchaser. 
 7.9 Entire Agreement. This Agreement
and the Subordinated Note along with the Exhibits thereto constitute the entire agreement between the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental written
agreement executed by the parties hereto. No party, in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement or in the Subordinated Note. 

7.10 Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York
without giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to limit any rights, powers or privileges which Purchaser may have pursuant to any law of the United States of America or any rule, regulation or
order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing. 

  
 22 

 7.11 No Third Party Beneficiary. This Agreement is made for the sole
benefit of Company and Purchaser, and no other Person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other Person have any right of action of any kind
hereon or be deemed to be a third party beneficiary hereunder. 
 7.12 Legal Tender of United States. All payments
hereunder shall be made in coin or currency which at the time of payment is legal tender in the United States of America for public and private debts. 

7.13 Reinstatement of Obligations. To the extent that Purchaser receives any payment on account of Company’s
obligations under the Subordinated Note and any such payment and/or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other
Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment received, Company’s obligations under the Subordinated Note or part thereof intended to be satisfied shall be revived and
continue in full force and effect, as if such payment(s) had not been received by Purchaser and applied on account of Company’s obligations; provided, however, if Purchaser successfully contests any such invalidation, declaration, set
aside, subordination or other order to pay any such payment to any third party, Company’s obligations to Purchaser that otherwise would have been revived pursuant to this subsection shall be deemed satisfied. 

7.14 Captions; Counterparts. Captions contained in this Agreement in no way define, limit or extend the scope or intent of
their respective provisions. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 

7.15 Knowledge; Discretion. All references herein to Purchaser’s or Company’s knowledge shall be deemed to mean
the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer or such other persons holding equivalent offices, and such knowledge as would reasonably be expected to come to the
attention of such officers in the performance of their respective duties. Unless specified to the contrary herein, all references herein to an exercise of discretion or judgment by Purchaser, to the making of a determination or designation by
Purchaser, to the application of Purchaser’s discretion or opinion, to the granting or withholding of Purchaser’s consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to Purchaser, or
otherwise involving the decision making of Purchaser, shall be deemed to mean that Purchaser shall decide using the reasonable discretion or judgment of a prudent lender. 

  
 23 

 7.16 Waiver Of Right To Jury Trial. TO THE EXTENT PERMITTED UNDER
APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR
ACTIONS OF COMPANY OR PURCHASER. THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL. THE PARTIES FURTHER ACKNOWLEDGE
THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (II) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND (III) THIS WAIVER
SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN. 
 7.17 Expenses. Except
as otherwise provided in this Agreement, each of the parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement. 

7.18 Survival. Each of the representations and warranties set forth in this Agreement shall survive the consummation of
the transactions contemplated hereby for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative.

 [Signature Pages Follow] 

  
 24 

 IN WITNESS WHEREOF, Company has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	COMPANY:
	
	CALIFORNIA BANCORP
		
	By:	 	 /s/ Thomas A. Sa

		 	Name:	 	Thomas A. Sa
		 	Title:	 	Senior Executive Vice President and
		 		 	Chief Financial Officer

 [Company Signature Page to Subordinated Note Purchase Agreement] 

 IN WITNESS WHEREOF, Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	[                                    
                    ]

 
					
		
	By:	 	 /s/

 
					
	    	 	Name:	 	  

 
					
	    	 	Title:	 	  

 
					
	
	Address of Purchaser:
	
	[                                    
                    ]
	Principal Amount of Subordinated Note Purchased:
	
	$[                            ]

 [Purchaser Signature Page to Subordinated Note Purchase Agreement]Exhibit 4.1

 

NUMBER UNITS

U-

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP [●]

 

DECARBONIZATION PLUS ACQUISITION CORPORATION

 

UNITS CONSISTING OF ONE SHARE OF CLASS
A COMMON STOCK AND ONE-THIRD OF ONE WARRANT TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS CERTIFIES THAT
                         
is the owner of                          
Units.

 

Each Unit (“Unit”)
consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”), of Decarbonization
Plus Acquisition Corporation, a Delaware corporation (the “Company”), and one-third (1/3) of one warrant
(each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one (1) share (subject
to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later
of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or other similar business combination with one or more businesses (each a “Business Combination”),
or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before
5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes its initial Business
Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The Common Stock and
Warrants comprising the Units represented by this certificate are not transferable separately prior to                          ,
2020, unless Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC elect to allow earlier separate trading, subject
to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited
balance sheet reflecting the Company’s receipt of the gross proceeds of the offering and issuing a press release announcing
when separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of                          ,
2020, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York
10004, and are available to any Warrant holder on written request and without cost.

 

This certificate is
not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

    1

     

    

 

Witness the facsimile
signature of its duly authorized officers.

 

	 	 	 
	Secretary	 	Chief Executive Officer

 

Decarbonization Plus Acquisition Corporation

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	 	–	as tenants in common	 	UNIF GIFT MIN ACT	 	–   __________ Custodian __________
	 	 	 	 	 	 	 	 (Cust)	(Minor)  
	TEN ENT	 	–	as tenants by the entireties	 	 	 	 
	 	 	 	 	 	 	 	 
	JT TEN	 	–	as joint tenants with right of survivorship and not as tenants in common	 	 	 	
        under Uniform Gifts to Minors Act

         

        __________________________

        (State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,                          
hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

 

 

 

Units represented by the within Certificate, and do hereby irrevocably constitute and appoint                          
Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises.

 

    2

     

    

 

	Dated	 
	 	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 	 
	 	 	 
	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE).	 	 

 

In each case, as more
fully described in the Company’s final prospectus dated                          ,
2020, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account
established in connection with the Company’s initial public offering only in the event that (i) the Company redeems the shares
of Class A common stock sold in its initial public offering and liquidates because it does not consummate an initial business combination
by                          ,
2022, (ii) the Company redeems the shares of Class A common stock sold in its initial public offering in connection with a stockholder
vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the
Company’s obligation to redeem 100% of the Class A common stock if it does not consummate an initial business combination
by                          ,
2022 or (B) with respect to any other provision relating to the rights of holders of the Class A common stock or pre-initial business
combination activity, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Class A common
stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the
proposed initial business combination) setting forth the details of a proposed initial business combination. In no other circumstances
shall the holder(s) have any right or interest of any kind in or to the trust account.

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]