Document:

EdgarFiling

Exhibit 4.1

 

 

 

 

 

 

EAGLE BANCORP MONTANA, INC.

 

As Issuer, and

U.S. BANK NATIONAL ASSOCIATION As Trustee

INDENTURE

 

Dated as of JANUARY 21, 2022

 

3.50% Fixed-to-Floating Rate Subordinated Notes due 2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

TABLE OF CONTENTS

Page

 

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	1	 
	Section 1.01	 	Definitions	 	1	 
	Section 1.02	 	Compliance Certificates and Opinions	 	13	 
	Section 1.03	 	Form of Documents Delivered to Trustee	 	14	 
	Section 1.04	 	Acts of Holders	 	14	 
	Section 1.05	 	Required Notices or Demands	 	16	 
	Section 1.06	 	Language of Notices	 	17	 
	Section 1.07	 	Incorporation by Reference of Trust Indenture Act; Conflicts	 	17	 
	Section 1.08	 	Effect of Headings and Table of Contents	 	18	 
	Section 1.09	 	Successors and Assigns.	 	18	 
	Section 1.10	 	Severability	 	18	 
	Section 1.11	 	Benefits of Indenture	 	18	 
	Section 1.12	 	Governing Law	 	18	 
	Section 1.13	 	Legal Holidays	 	18	 
	Section 1.14	 	Counterparts; Electronic Transmission.	 	19	 
	Section 1.15	 	Immunity of Certain Persons	 	19	 
	Section 1.16	 	Waiver of Jury Trial	 	19	 
	Section 1.17	 	Force Majeure.	 	19	 
	Section 1.18	 	USA Patriot Act.	 	20	 
	Section 1.19	 	No Sinking Fund.	 	20	 
	Section 1.20	 	Rules of Construction.	 	20	 
	ARTICLE II THE SUBORDINATED NOTES	 	20	 
	Section 2.01	 	Forms Generally	 	20	 
	Section 2.02	 	Definitive Subordinated Notes	 	21	 
	Section 2.03	 	Global Subordinated Notes	 	21	 
	Section 2.04	 	Restricted Subordinated Notes	 	21	 
	Section 2.05	 	Execution and Authentication.	 	22	 
	Section 2.06	 	Registrar and Paying Agent	 	23	 
	Section 2.07	 	Registration of Transfer and Exchange	 	23	 
	Section 2.08	 	Exchange Offer	 	27	 
	Section 2.09	 	Mutilated, Destroyed, Lost and Stolen Subordinated Notes	 	28	 
	Section 2.10	 	Payment of Interest; Rights to Interest Preserved	 	28	 
	Section 2.11	 	Persons Deemed Owners	 	30	 
	Section 2.12	 	Cancellation	 	30	 
	Section 2.13	 	Computation of Interest	 	30	 
	Section 2.14	 	CUSIP Numbers	 	33	 
	ARTICLE III SATISFACTION AND DISCHARGE OF INDENTURE	 	33	 
	Section 3.01	 	Satisfaction and Discharge.	 	33	 
	Section 3.02	 	Defeasance and Covenant Defeasance.	 	34	 
	Section 3.03	 	Application of Trust Money	 	37	 
	 	 	 	 	 	 

 

     

     

    

	Section 3.04	 	Reinstatement.	 	37	 
	Section 3.05	 	Effect on Subordination Provisions	 	37	 
	ARTICLE IV REMEDIES	 	38	 
	Section 4.01	 	Events of Default; Acceleration	 	38	 
	Section 4.02	 	Failure to Make Payments	 	39	 
	Section 4.03	 	Trustee May File Proofs of Claim.	 	40	 
	Section 4.04	 	Trustee May Enforce Claims Without Possession of Subordinated Notes	 	41	 
	Section 4.05	 	Application of Money Collected.	 	41	 
	Section 4.06	 	Limitation on Suits	 	42	 
	Section 4.07	 	Unconditional Right of Holders to Payments	 	42	 
	Section 4.08	 	Restoration of Rights and Remedies	 	42	 
	Section 4.09	 	Rights and Remedies Cumulative	 	43	 
	Section 4.10	 	Delay or Omission Not Waiver	 	43	 
	Section 4.11	 	Control by Holders	 	43	 
	Section 4.12	 	Waiver of Past Defaults.	 	43	 
	Section 4.13	 	Undertaking for Costs	 	44	 
	ARTICLE V THE TRUSTEE	 	44	 
	Section 5.01	 	Duties of Trustee.	 	44	 
	Section 5.02	 	Certain Rights of Trustee.	 	45	 
	Section 5.03	 	Notice of Defaults	 	47	 
	Section 5.04	 	Not Responsible for Recitals or Issuance of Subordinated Notes	 	47	 
	Section 5.05	 	May Hold Subordinated Notes	 	47	 
	Section 5.06	 	Money Held in Trust	 	48	 
	Section 5.07	 	Compensation and Reimbursement	 	48	 
	Section 5.08	 	Corporate Trustee Required; Eligibility	 	49	 
	Section 5.09	 	Resignation and Removal; Appointment of Successor	 	49	 
	Section 5.10	 	Acceptance of Appointment by Successor	 	51	 
	Section 5.11	 	Merger, Conversion, Consolidation or Succession to Business	 	52	 
	Section 5.12	 	Appointment of Authenticating Agent	 	52	 
	Section 5.13	 	Preferred Collection of Claims against Company	 	54	 
	ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	54	 
	Section 6.01	 	Holder Lists	 	54	 
	Section 6.02	 	Preservation of Information; Communications to Holders	 	54	 
	Section 6.03	 	Reports by Trustee.	 	54	 
	Section 6.04	 	Reports by Company	 	55	 
	ARTICLE VII SUCCESSORS	 	56	 
	Section 7.01	 	Merger, Consolidation or Sale of All or Substantially All Assets	 	56	 
	Section 7.02	 	Successor Person Substituted for Company	 	57	 
	ARTICLE VIII SUPPLEMENTAL INDENTURES	 	57	 
	Section 8.01	 	Supplemental Indentures without Consent of Holders	 	57	 
	Section 8.02	 	Supplemental Indentures with Consent of Holders	 	58	 
	Section 8.03	 	Execution of Supplemental Indentures	 	59	 
	 	 	 	 	 	 

 

     

     

    

	Section 8.04	 	Effect of Supplemental Indentures	 	59	 
	Section 8.05	 	Reference in Subordinated Notes to Supplemental Indentures	 	59	 
	Section 8.06	 	Effect on Senior Indebtedness	 	59	 
	Section 8.07	 	Conformity with Trust Indenture Act	 	60	 
	ARTICLE IX COVENANTS	 	60	 
	Section 9.01	 	Payment of Principal and Interest.	 	60	 
	Section 9.02	 	Maintenance of Office.	 	60	 
	Section 9.03	 	Money for Subordinated Notes Payments to Be Held in Trust	 	61	 
	Section 9.04	 	Corporate Existence.	 	62	 
	Section 9.05	 	Maintenance of Properties	 	62	 
	Section 9.06	 	Well Capitalized	 	62	 
	Section 9.07	 	Waiver of Certain Covenants	 	62	 
	Section 9.08	 	Company Statement as to Compliance.	 	63	 
	Section 9.09	 	Tier 2 Capital.	 	63	 
	ARTICLE X REDEMPTION OF SECURITIES	 	63	 
	Section 10.01	 	Applicability of Article	 	63	 
	Section 10.02	 	Election to Redeem; Notice to Trustee	 	64	 
	Section 10.03	 	Selection by Trustee of Subordinated Notes to be Redeemed	 	64	 
	Section 10.04	 	Notice of Redemption.	 	64	 
	Section 10.05	 	Deposit of Redemption Price	 	65	 
	Section 10.06	 	Subordinated Notes Payable on Redemption Date	 	66	 
	Section 10.07	 	Subordinated Notes Redeemed in Part	 	66	 
	ARTICLE XI SUBORDINATION OF SECURITIES	 	67	 
	Section 11.01	 	Agreement to Subordinate	 	67	 
	Section 11.02	 	Distribution of Assets.	 	67	 
	Section 11.03	 	Default With Respect to Senior Indebtedness	 	69	 
	Section 11.04	 	No Impairment.	 	69	 
	Section 11.05	 	Effectuation of Subordination Provisions	 	70	 
	Section 11.06	 	Notice to Trustee.	 	70	 
	Section 11.07	 	Trustee Knowledge of Senior Indebtedness	 	71	 
	Section 11.08	 	Senior Indebtedness to Trustee	 	71	 
	Section 11.09	 	Subordination Not Applicable to Trustee Compensation.	 	71	 

 

 

 

 

 

 

     

     

    

CROSS-REFERENCE TABLE

 

 

	Trust Indenture Act Section	Indenture Section
	§310 (a)(1)	5.08
	(a)(2)	5.08
	(a)(3)	Not applicable
	(a)(4)	Not applicable
	(a)(5)	5.08
	(b)	5.08, 5.09
	§311 (a)	5.05
	(b)	5.05
	§312 (a)	6.01
	(b)	6.02
	(c)	6.02
	§313 (a)	6.03
	(b)(1)	6.03
	(b)(2)	6.03
	(c)	6.03
	(d)	6.03
	§314 (a)	6.04
	(a)(4)	9.08
	(b)	Not applicable
	(c)(1)	1.02
	(c)(2)	1.02
	(c)(3)	Not applicable
	(d)	Not applicable
	(e)	1.02
	(f)	Not applicable
	§315 (a)	5.01, 5.02
	(b)	5.03
	(c)	5.01
	(d)	5.01, 5.02
	(e)	4.13
	§316 (a)	4.11, 4.12
	(b)	4.07
	(c)	1.04
	§317 (a)(1)	4.02
	(a)(2)	4.03
	(b)	9.03
	§318 (a)	1.07
	(b)	1.07
	(c)	1.07

 

Note: This Cross-Reference table will not, for any purpose, be deemed part of this Indenture.

 

     

     

    

This INDENTURE dated as of January
21, 2022 is between Eagle Bancorp Montana, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association,
a national banking association duly organized and existing under the laws of the United States of America, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company has duly authorized
the execution and delivery of this Indenture to provide for an issue of $40.0 million in aggregate principal amount of 3.50% Fixed-to-Floating
Rate Subordinated Notes due 2032, subject to the terms and conditions set forth in this Indenture.

 

NOW, THEREFORE, in order to declare the
terms and conditions upon which the Subordinated Notes are authenticated, issued and delivered, and in consideration of the premises,
and of the purchase and acceptance of the Subordinated Notes by the Holders thereof, the Company and the Trustee agree as follows for
the benefit of each other and for the benefit of the respective Holders from time to time of the Subordinated Notes.

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01Definitions.

 

Except as otherwise expressly provided
in this Indenture or unless the context otherwise requires, the terms defined in this Section for all purposes of this Indenture, any
Company Order, any Board Resolution, and any indenture supplemental hereto will have the respective meanings specified in this Section.

 

“Act,” when used with respect to any
Holders, is defined in Section 1.04.

 

“Additional Interest” has the
meaning set forth in the Registration Rights Agreement. “Affiliate” means, with respect to any specified Person,
any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.
For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Subordinated Note, the rules and procedures
of the Depositary that apply to such transfer or exchange.

 

“Authenticating Agent”
means any Person authorized by the Trustee in accordance with Section 5.12 to act on behalf of the Trustee to authenticate Subordinated
Notes.

 

“Authorized Officer”
means each of the Chairman of the Board, the Chief Executive Officer, the President, any Senior Executive Vice President and the Chief
Financial Officer of the Company.

 

    	 	1	 

     

    

“Bankruptcy Laws”
mean Title 11, United States Code (11 U.S.C. §§101 et seq.) or any similar federal or state law for the relief of debtors.

 

“Benchmark” means,
initially, Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the Reference Time that a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark Replacement”
means the Interpolated Benchmark with respect to the then- current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark;
provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the
then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined),
then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation
Agent as of the Benchmark Replacement Date:

 

(1)              
The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

(2)              
The sum of: (i) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;

 

(3)              
the sum of: (i) the ISDA Fallback Rate, and (ii) the Benchmark Replacement Adjustment;

 

(4)              
the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current
Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

 

If the Benchmark Replacement, as determined pursuant to clause
(1), (2), (3) or (4) above would be less than zero, the Benchmark Replacement will be deemed to be zero.

 

“Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement
Date:

 

(1)              
the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero),
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

(2)              
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

    	 	2	 

     

    

(3)              
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration
to any industry- accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the
then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such
time.

 

“Benchmark Replacement Adjustment
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each
interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation
Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or
if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation
Agent determines is reasonably necessary).

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)              
in the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any
determination;

 

(2)              
in the case of clause (2) or (3) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or
indefinitely ceases to provide the Benchmark; or

 

(3)              
in the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

For the avoidance of doubt, for purposes of the definitions
of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference rate underlying the
Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

For the avoidance of doubt, if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

“Benchmark Transition Event” means
the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)              
if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term
rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based
on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Company determines that the
use of a forward- looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

    	 	3	 

     

    

(2)              
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark;

 

(3)              
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank
for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority
with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over
the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark; or

 

(4)              
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative.

 

“Board of Directors”
means, as to any Person, the board of directors, or similar governing body, of such Person or any duly authorized committee thereof.

 

“Board Resolution”
means one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which banking institutions in the State of Montana are authorized or obligated
by law, regulation or executive order to close.

 

“Calculation Agent”
means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the Company to act as
Calculation Agent for the Subordinated Notes during the Floating Rate Period. Unless another entity has been appointed by the Company
to act as Calculation Agent, the initial Calculation Agent shall be the Company.

 

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

 

“Company” is defined in the preamble to this Indenture.

 

“Company Request”
and “Company Order” mean, respectively, a written request or order, as the case may be, signed on behalf of
the Company by an Authorized Officer and delivered to the Trustee.

 

    	 	4	 

     

    

“Compounded SOFR”
means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions
for this rate being established by the Calculation Agent in accordance with:

 

(1)              
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining
Compounded SOFR; provided that:

 

(2)              
if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above,
then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due
consideration to any industry-accepted market practice for U.S. dollar- denominated floating rate securities at such time.

 

For the avoidance of doubt, the calculation
of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 218 basis points per annum.

 

“Corporate Trust Office”
means the address of the Trustee specified in Section 1.05 or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the designated address of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company).

 

“Corresponding Tenor”
with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding Business
Day adjustment) as the applicable tenor for the then-current Benchmark.

 

“Covenant Defeasance” is defined
in Section 3.02(3).

 

“Defaulted Interest” is defined in Section 2.10.

 

“Definitive Subordinated Notes”
means, individually and collectively, each Restricted Definitive Subordinated Note and each Unrestricted Definitive Subordinated Note,
substantially in the form of Exhibit A-l hereto, issued under this Indenture.

 

“Depositary”
means, with respect to any Subordinated Note issuable or issued in whole or in part in global form, the Person designated as depositary
by the Company in accordance with this Indenture, and any and all successors thereto appointed as Depositary under this Indenture.

 

“Dollars” or
“$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United
States.

 

“Event of Default” is defined in Section
4.01.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor statute thereto.

 

“Exchange Notes”
means the Subordinated Notes issued in the Exchange Offer in accordance with Section 2.08.

 

    	 	5	 

     

    

“Exchange Offer” has the meaning set forth in the Registration
Rights Agreement.

 

“Federal Reserve Bank of New
York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor
source.

 

“Federal Reserve Board”
means the Board of Governors of the Federal Reserve System or any successor regulatory authority with jurisdiction over bank holding companies.

 

“Fixed Interest Payment Date”
means February 1 and August 1 of each year, beginning August 1, 2022.

 

“Floating Interest Payment
Date” means February 1, May 1, August 1 and November 1 of each year, beginning February 1, 2027.

 

“Floating Rate Period” is defined in Section 2.13.

 

“GAAP” means
generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants, the statements and pronouncements of the Financial Accounting Standards
Board and such other statements by such other entities (including the Commission) as have been accepted by a significant segment of the
accounting profession, which are applicable at the date of this Indenture.

 

“Global Subordinated Notes”
means, individually and collectively, each Restricted Global Subordinated Note and each Unrestricted Global Subordinated Note, substantially
in the form of Exhibit A-2 hereto, issued under this Indenture.

 

“Government Obligations”
means securities which are direct obligations of the United States of America in each case where the payment or payments thereunder are
supported by the full faith and credit of the United States of America.

 

“Holder” means
the Person in whose name the Subordinated Note is registered in the Subordinated Note Register.

 

“Indenture”
means this Indenture, as amended and supplemented from time to time in accordance with its terms.

 

“Initial Notes”
means the $40.0 million in aggregate principal amount of the Company’s 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032
issued under this Indenture on the date hereof.

 

“Interest Payment Date” means either a
Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.

 

“Interest Period” means each three-month period beginning
on February 1, 2027.

 

“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the
Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is
available) that is shorter than the Corresponding Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available)
that is longer than the Corresponding Tenor.

 

    	 	6	 

     

    

“Investment Company Event”
means the receipt by the Company of a legal opinion from counsel experienced in such matters to the effect that there is more than an
insubstantial risk that the Company is or, within 90 days of the date of such legal opinion will be, considered an “investment company”
that is required to be registered under the Investment Company Act of 1940, as amended.

 

“ISDA” means
the International Swaps and Derivatives Association, Inc. or any successor thereto.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

“ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.

 

“ISDA Fallback Rate”
means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an
index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“Legal Defeasance” is defined in Section 3.02(2).

 

“Letter of Transmittal”
means the letter of transmittal to be prepared by the Company and sent to all Holders for use by such Holders in connection with an Exchange
Offer.

 

“Maturity” means
the date on which the principal of a Subordinated Note or an installment of principal becomes due and payable as provided in or under
this Indenture or such Subordinated Note, whether at the Stated Maturity or by an acceleration of the maturity of such Subordinated Note
in accordance with the terms of such Subordinated Note, upon redemption at the option of the Company, upon repurchase or repayment or
otherwise, and includes a Redemption Date for such Subordinated Note and a date fixed for the repurchase or repayment of such Subordinated
Note at the option of the Holder.

 

“Officer” means,
with respect to any Person, the chairman of the board, vice chairman of the board, the chief executive officer, the president, the chief
operating officer, the chief financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any vice president
of such Person.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer,
the principal financial officer or the principal accounting officer of the Company, that complies with the requirements of Section 1.02
and is delivered to the Trustee.

 

    	 	7	 

     

    

“Opinion of Counsel”
means a written opinion from legal counsel reasonably acceptable to the Trustee, which opinion meets the requirements of Section 1.02.

 

“Outstanding,”
when used with respect to any Subordinated Notes, means, as of the date of determination, all such Subordinated Notes theretofore authenticated
and delivered under this Indenture, except (1) any such Subordinated Note theretofore cancelled by the Trustee or the Registrar or delivered
to the Trustee or the Registrar for cancellation; (2) any such Subordinated Note for whose payment at the Maturity thereof money in the
necessary amount has been theretofore deposited in accordance with this Indenture (other than in accordance with Section 3.02) with the
Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company will
act as its own Paying Agent) for the Holders of such Subordinated Notes, provided that, if such Subordinated Notes are to be redeemed,
notice of such redemption has been duly given in accordance with this Indenture or provision therefor satisfactory to the Trustee has
been made; (3) any such Subordinated Note with respect to which the Company has effected Legal Defeasance or Covenant Defeasance in accordance
with Section 3.02, except to the extent provided in Section 3.02; and (4) any such Subordinated Note that has been paid in accordance
with Section 2.09 or in exchange for or in lieu of which other Subordinated Notes have been authenticated and delivered under this Indenture,
unless there will have been presented to the Trustee proof satisfactory to the Trustee that such Subordinated Note is held by a bona fide
purchaser in whose hands such Subordinated Note is a valid obligation of the Company; provided, however, in all cases, that
in determining whether the Holders of the requisite principal amount of Outstanding Subordinated Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder. Subordinated Notes owned by the Company or any Affiliate of the Company
will be disregarded and deemed not to be Outstanding. Subordinated Notes so owned that will have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Subordinated Notes and that the pledgee is not the Company or an Affiliate of the Company.

 

“Participating Broker-Dealer”
has the meaning set forth in the Registration Rights Agreement.

 

“Paying Agent” is defined in Section 2.06.

 

“Person” mean
any individual, corporation, partnership, association, limited liability company, other company, statutory trust, business trust, joint
venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Place of Payment,”
with respect to any Subordinated Note, means the place or places where the principal of, or interest on, such Subordinated Note are payable
as provided in or under this Indenture or such Subordinated Note.

 

    	 	8	 

     

    

“Private Placement Legend”
means the legend set forth in Section 2.04 of this Indenture to be placed on all Subordinated Notes issued under this Indenture, except
where otherwise permitted by the provisions of this Indenture.

 

“Purchase Agreement”
means the Subordinated Note Purchase Agreement concerning the Subordinated Notes, dated January 21, 2022, by and among the Company and
the purchasers identified therein.

 

“Redemption Date”
with respect to any Subordinated Note or portion thereof to be redeemed, means the date fixed for such redemption by or under this Indenture
or such Subordinated Note.

 

“Redemption Price”
with respect to any Subordinated Note or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by
or under this Indenture or such Subordinated Note.

 

“Reference Time”
with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation
Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three- Month Term SOFR, the time determined
by the Calculation Agent after giving effect to the Benchmark Replacement Adjustment Conforming Changes.

 

“Registrar” is defined in Section 2.06.

 

“Registration Rights Agreement”
means the Registration Rights Agreement in the form attached as Exhibit B to the Purchase Agreement with respect to the Subordinated
Notes, dated as of the date of this Indenture, by and among the Company and the purchasers of the Initial Notes identified therein.

 

“Regular Record Date,”
with respect to any Interest Payment Date, means the close of business on the fifteenth calendar day prior to such Interest Payment Date,
without regard to whether the Regular Record Date is a Business Day.

 

“Relevant Governmental Body”
means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer assigned to the Corporate Trust Office who has direct responsibility for the
administration of this Indenture and, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such
matter is referred because of such Person’s knowledge of and familiarity with the particular subject.

 

“Restricted Definitive Subordinated Note”
means a Definitive Subordinated Note bearing, or that is required to bear, the Private Placement Legend.

 

“Restricted Global Subordinated
Note” means a Global Subordinated Note bearing, or that is required to bear, the Private Placement Legend,

 

    	 	9	 

     

    

“Restricted Subordinated Note” means a
Restricted Global Subordinated Note or a Restricted Definitive Subordinated Note.

 

“Rule 144” means Rule 144 promulgated under the Securities
Act. “Rule 144A” means Rule 144A promulgated under the Securities Act.

 

“Securities Act” means the Securities
Act of 1933, as amended, or any successor statute thereto.

 

“Senior Indebtedness”
means the principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding
relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether
that debt was outstanding on the date of execution of this Indenture or thereafter incurred, created or assumed: (1) all indebtedness
and obligations of, or guaranteed or assumed by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities,
notes or other similar instruments, and including, but not limited to all obligations to the Company’s general and secured creditors
and obligations incurred in connection with the acquisition of property, assets or businesses; (2) indebtedness of the Company for money
borrowed or represented by purchase money obligations, as defined below; (3) the Company’s obligations as lessee under leases of
property whether made as part of a sale and leaseback transaction to which it is a party or otherwise; (4) reimbursement and other obligations
relating to letters of credit, bankers’ acceptances and similar obligations and direct credit substitutes; (5) all obligations of
the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements,
currency future or option contacts, commodity contracts and other similar arrangements or derivative products; (6) all of the Company’s
obligations issued or assumed as the deferred purchase price of property or services, but excluding trade accounts payable and accrued
liabilities arising in the ordinary course of business; (7) any other obligation of the Company to its general creditors; (8) all obligations
of the type referred to in clauses (1) through (7) of other persons for the payment of which the Company is liable contingently or otherwise
to pay or advance money as obligor, guarantor, endorser or otherwise; (9) all obligations of the types referred to in clauses (1) through
(8) of other persons secured by a lien on any property or asset of the Company; and (10) all amendments, deferrals, renewals, extensions,
modifications and refundings of any of the indebtedness or obligations described above.

 

Senior Indebtedness excludes any indebtedness,
obligation or liability that: (a) expressly states that it is junior to the Subordinated Notes, (b) is subordinated to indebtedness, obligations
or liabilities of the Company to substantially the same extent as or to a greater extent than the Subordinated Notes are subordinated,
(c) is identified as junior to, or equal in right of payment with, the Subordinated Notes in any Board Resolution establishing such indebtedness
or in any indenture providing for such indebtedness, (d) indebtedness that expressly provides that it shall not be senior in right of
payment to the Subordinated Notes or expressly provides that it is on the same basis or junior to the Subordinated Notes, or (e) any indebtedness
between the Company and any of its Subsidiaries.

 

For the avoidance of doubt, “Senior
Indebtedness” does not include (A) the Subordinated Notes, (B) any subordinated debentures or junior subordinated debentures of
the Company underlying trust preferred securities issued by subsidiary trusts of the Company that are outstanding as of the date hereof
or that are issued after the date hereof by a subsidiary trust of the Company, or (C) the existing 5.50% subordinated debentures due
2030 issued by the Company.

 

    	 	10	 

     

    

Notwithstanding the foregoing, and
for the avoidance of doubt, if the Federal Reserve (or other competent regulatory agency or authority) promulgates any rule or issues
any interpretation that defines general creditor(s), the main purpose of which is to establish criteria for determining whether the subordinated
debt of a financial or bank holding company is to be included in its capital, then the term “general creditors” as used in
this definition will have the meaning as described in that rule or interpretation. As used above, the term “purchase money obligations”
means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether or not secured by a lien or other security
interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation for the payment of, the
purchase price of property but excluding indebtedness or obligations for which recourse is limited to the property purchased, issued or
assumed as all or a part of the consideration for the acquisition of property or services, whether by purchase, merger, consolidation
or otherwise, but does not include any trade accounts payable as set forth in clause (6) above.

 

“Significant Subsidiary”
means any Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated
by the Commission (as such rule is in effect on the date of this Indenture).

 

“SOFR” means
the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark (or a successor
administrator), on the Federal Reserve Bank of New York’s Website.

 

“Special Record Date”
for the payment of any Defaulted Interest on any Subordinated Note means a date fixed in accordance with Section 2.10.

 

“Stated Maturity” means February 1, 2032.

 

“Subordinated Note”
or “Subordinated Notes” means the Initial Notes and the Exchange Notes and, more particularly, any Subordinated
Note authenticated and delivered under this Indenture, including those Subordinated Notes issued or authenticated upon transfer, replacement
or exchange.

 

“Subordinated Note Register” is defined in Section 2.06.

 

“Subordination Provisions”
means the provisions contained in Article XI or any provisions with respect to subordination contained in the Subordinated Notes.

 

“Subsidiary”
means a corporation, a partnership, business or statutory trust or a limited liability company, a majority of the outstanding voting
equity securities or a majority of the voting membership or partnership interests, as the case may be, of which is owned or controlled,
directly or indirectly, by the Company or by one or more other Subsidiaries of the Company. For the purposes of this definition, “voting
equity securities” means securities having voting power for the election of directors, managers, managing partners or trustees,
as the case may be, whether at all times or only so long as no senior class of stock has voting power by reason of any contingency.

 

    	 	11	 

     

    

“Tax Event”
means the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment to or change
(including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or
any of its political subdivisions or taxing authorities; (b) a judicial decision, administrative action, official administrative pronouncement,
ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate
any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (c) an amendment
to or change in any official position with respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation
of the United States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment
or challenge becomes effective or which pronouncement, decision or challenge is announced on or after the original issue date of the Subordinated
Notes, there is more than an insubstantial risk that interest payable by the Company on the Subordinated Notes is not, or, within 90 days
of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.

 

“Term SOFR” means
the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Administrator”
means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).

 

“Three-Month Term SOFR”
means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any
interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages
used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth
of a percentage point, with 0.000005% rounded up to 0.00001%.

 

“Three-Month Term SOFR Conventions”
means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect
to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing
and frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest, rounding of amounts
or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term
SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of
any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for
the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

“Tier 2 Capital”
means Tier 2 capital for purposes of capital adequacy regulations of the Federal Reserve Board, as then in effect and applicable to the
Company.

 

    	 	12	 

     

    

“Tier 2 Capital Event” means the Company’s
good faith determination that, as a result of (1)   any amendment to, or change in, the laws, rules or regulations of the United
States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and
other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective
after the issue date of the Subordinated Notes, (2) any proposed change in those laws, rules or regulations that is announced or becomes
effective after the issue date of the Subordinated Notes, or (3) any official administrative decision or judicial decision or administrative
action or other official pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto
that is announced after the issue date of the Subordinated Notes, there is more than an insubstantial risk that the Company will not
be entitled to treat the Subordinated Notes then Outstanding as Tier 2 Capital for so long as any Subordinated Notes are Outstanding.

 

“Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended.

 

“Trustee” means
U.S. Bank National Association, as trustee, until a successor replaces it in accordance with the provisions of this Indenture and thereafter
means the successor serving hereunder.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“United States”
means the United States of America (including the states thereof and the District of Columbia), its territories, its possessions and other
areas subject to its jurisdiction.

 

“Unrestricted Definitive Subordinated
Note” means a Definitive Subordinated Note that does not bear, and is not required to bear, the Private Placement Legend.

 

“Unrestricted Global Subordinated
Note” means a Global Subordinated Note that does not bear, and is not required to bear, the Private Placement Legend.

 

Section 1.02Compliance
Certificates and Opinions.

 

Except as otherwise expressly provided
in or under this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this
Indenture, the Company will furnish to the Trustee an Officers’ Certificate stating that, in the opinion of the signers, all conditions
precedent (including covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent (including covenants compliance with which constitutes a condition precedent), if any, have been complied with, except that
in the case of any such application or request as to which the furnishing of such documents or any of them is specifically required by
any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

    	 	13	 

     

    

Each certificate or opinion with respect
to which compliance with a condition provided for in this Indenture (other than an Officers’ Certificate provided under Section
9.08) must comply with the provisions of Section 314(e) of the Trust Indenture Act and must include:

 

(1)              
a statement that the person making such certificate or opinion has read such covenant or condition;

 

(2)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)              
a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed opinion as to whether or not such condition has been satisfied; and

 

(4)              
a statement as to whether or not, in the opinion of such person, such condition has been satisfied.

 

Section 1.03Form of Documents Delivered
to Trustee.

 

In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which his certificate or opinion is based is erroneous.

 

Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters
are erroneous.

 

Where any Person is required to make,
give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture
or any Subordinated Note, they may, but need not, be consolidated and form one instrument.

 

Section 1.04Acts of Holders.

 

(1)              
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or under this Indenture to
be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action will become
effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required,
to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any Person of a Subordinated Note, will be sufficient for
any purpose of this Indenture and (subject to Section 5.01) conclusive in favor of the Trustee and the Company and any agent of the Trustee
or the Company, if made in the manner provided in this Section.

 

    	 	14	 

     

    

(2)              
The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner that
the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine, and the Trustee may in any instance
require further proof with respect to any of the matters referred to in this Section.

 

(3)              
The ownership, principal amount and serial numbers of Subordinated Notes held by any Person, and the date of the commencement and
the date of the termination of holding the same, will be proved by the Subordinated Note Register.

 

(4)              
The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of determining the identity
of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act authorized or
permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Company prior to the first solicitation of a
Holder made by any Person in respect of any such action, any such record date will be the later of 30 days prior to the first solicitation
of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. If a record date is
fixed, the Holders on such record date, and only such Persons, will be entitled to make, give or take such request, demand, authorization,
direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request,
demand, authorization, direction, notice, consent, waiver or other action will be valid or effective if made, given or taken more than
90 days after such record date.

 

(5)              
Any effective request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Subordinated
Note will bind every future Holder of the same Subordinated Note and the Holder of every Subordinated Note issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any
Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Subordinated Note.

 

(6)              
Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Subordinated Note
may do so with regard to all or any part of the principal amount of such Subordinated Note or by one or more duly appointed agents, each
of which may do so in accordance with such appointment with regard to all or any part of such principal amount. Any notice given or action
taken by a Holder or its agents with regard to different parts of such principal amount in accordance with this paragraph will have the
same effect as if given or taken by separate Holders of each such different part.

 

    	 	15	 

     

    

(7)              
Without limiting the generality of this Section 1.04, a Holder, including a Depositary that is a Holder of a Global Subordinated
Note, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other Act provided in or under this Indenture or the Subordinated Notes to be made, given or taken by Holders, and
a Depositary that is a Holder of a Global Subordinated Note may provide its proxy or proxies to the beneficial owners of interests in
any such Global Subordinated Note through such Depositary’s Applicable Procedures. The Company may fix a record date for the purpose
of determining the Persons who are beneficial owners of interests in any Global Subordinated Note entitled under the Applicable Procedures
of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed,
the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, will be entitled to make, give or take
such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after
such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action will be valid or effective
if made, given or taken more than 90 days after such record date.

 

Promptly upon any record date being set
in accordance with this Section 1.04, the Company, at its own expense, will cause notice of the record date, the proposed action by Holders
and the expiration date to be given to the Trustee in writing and the Holders in the manner set forth in Section 1.05.

 

Section 1.05Required Notices or Demands.

 

Any notice or communication by the Company or the
Trustee to the other is duly given if in writing and delivered in Person or delivered by registered or certified mail (return receipt
requested), facsimile or overnight air courier guaranteeing next day delivery, to the other’s address:

 

If to the Company:

 

Eagle Bancorp Montana, Inc.

1400 Prospect Avenue

Helena, Montana 59601

Attention:
Laura F. Clark

Facsimile: (406)-457-4013

 

If to the Trustee:

 

U.S. Bank National Association

333 Commerce Street, Suite
800

Nashville, TN 37201

Attention: Wally Jones

Facsimile No.: (615) 251-0737

 

    	 	16	 

     

    

The Company or the Trustee by notice to
the other may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications will be
deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if delivered by mail; on the first Business Day after being sent, if sent by facsimile and the sender receives
confirmation of successful transmission; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

 

Any notice required or permitted to be
given to a Holder under the provisions of this Indenture will be deemed to be properly delivered by being deposited postage prepaid in
a post office letter box in the United States addressed to such Holder at the address of such Holder as shown on the Subordinated Note
Register. Any report in accordance with Section 313 of the Trust Indenture Act will be transmitted in compliance with subsection (c) therein.
If the Company delivers a notice or communication to Holders, the Company will deliver a copy to the Trustee at the same time.

 

In any case where notice to Holders of
Subordinated Notes is delivered by mail, neither the failure to deliver such notice, nor any defect in any notice so delivered, to any
particular Holder of a Subordinated Note will affect the sufficiency of such notice with respect to other Holders of Subordinated Notes.
Any notice that is delivered in the manner herein provided will be conclusively presumed to have been duly given or provided. In the case
by reason of the suspension of regular mail service or by reason of any other cause it will be impracticable to give such notice by mail,
then such notification as will be made with the approval of the Trustee will constitute a sufficient notification for every purpose hereunder.

 

Where this Indenture provides for notice in any manner,
such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver
will be the equivalent of such notice. Waivers of notice by Holders of Subordinated Notes will be filed with the Trustee, but such filing
will not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Notwithstanding any other provision herein,
where this Indenture provides for notice to any Holder of a Global Subordinated Note, or of an interest therein, such notice will be sufficiently
given if given to the Depositary for such Global Subordinated Note (or its designee) according to the Applicable Procedures of such Depositary
prescribed for giving such notice.

 

Section 1.06Language of Notices.

 

Any request, demand, authorization, direction,
notice, consent or waiver or other Act required or permitted under this Indenture will be in the English language, except that, if the
Company so elects, any published notice may be in an official language of the country of publication.

 

    	 	17	 

     

    

Section 1.07Incorporation by Reference of
Trust Indenture Act; Conflicts.

 

Whenever this Indenture refers to a provision
of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. The Trust Indenture Act term
“obligor” used in this Indenture means the Company and any successor obligor upon the Subordinated Notes.

 

All other terms used in this Indenture
that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by Commission rule
under the Trust Indenture Act have the meanings so assigned to them as of the date of this Indenture. If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with another provision included in this Indenture that is required to be included in
this Indenture by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision will control. If any provision
of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the duties imposed
by Section 318(c) of the Trust Indenture Act will control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act that may be so modified or excluded, the provisions of the Trust Indenture Act will be deemed to apply to this Indenture
as so modified or will be excluded, as the case may be.

 

Section 1.08Effect of Headings and Table
of Contents.

 

The Article and Section headings in this
Indenture and the Table of Contents are for convenience only and will not affect the construction of this Indenture.

 

Section 1.09Successors and Assigns.

 

All the covenants, stipulations, promises
and agreements in this Indenture by or on behalf of the Company or the Trustee will bind its respective successors and permitted assigns,
whether so expressed or not.

 

Section 1.10Severability.

 

In case any provision in this Indenture
or any Subordinated Note will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
will not, to the fullest extent permitted by law, in any way be affected or impaired thereby.

 

Section 1.11Benefits of Indenture.

 

Nothing in this Indenture or any Subordinated
Note, express or implied, will give to any Person, other than the parties hereto, any Registrar, any Paying Agent and their respective
successors hereunder and the Holders of Subordinated Notes, and the holders of Senior Indebtedness, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

Section 1.12Governing Law.

 

This Indenture and the Subordinated Notes
will be deemed to be a contract made under the laws of the State of New York and will be governed by, and construed in accordance with,
the laws of the State of New York without giving effect to any laws or principles of conflict of laws that would apply the laws of a
different jurisdiction.

 

    	 	18	 

     

    

Section 1.13Legal Holidays.

 

Unless otherwise specified in or under
this Indenture or any Subordinated Notes, in any case where any Interest Payment Date, Stated Maturity or Maturity of, or any other day
on which a payment is due with respect to, any Subordinated Note will be a day that is not a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or any Subordinated Note other than a provision in any Subordinated Note or in
the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of any Subordinated Note that specifically
states that such provision will apply in lieu hereof) payment need not be made at such Place of Payment on such date, but such payment
may be made on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest will
accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity
or other payment date, as the case may be, to the next succeeding Business Day. Notwithstanding the foregoing, in the event that any Floating
Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day, the interest payment due on that date
shall be postponed to the next day that is a Business Day and no interest will accrue on the amount payable on such date or at such time
for the period from and after such Floating Interest Payment Date, except that if the postponement would cause the day to fall in the
next calendar month during the Floating Rate Period, the Floating Interest Payment Date shall instead be brought forward to the immediately
preceding Business Day.

 

Section 1.14Counterparts; Electronic Transmission.

 

This Indenture may be executed in several
counterparts, each of which will be an original and all of which will constitute but one and the same instrument. Any facsimile or electronically
transmitted copies hereof or signature hereon will, for all purposes, be deemed originals.

 

Section 1.15Immunity of Certain Persons.

 

No recourse under or upon any obligation,
covenant or agreement contained in this Indenture, or in any Subordinated Note, or because of any indebtedness evidenced thereby, will
be had against any past, present or future shareholder, employee, officer or director, as such, of the Company or Trustee or of any predecessor
or successor, either directly or through the Company or Trustee or any predecessor or successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Subordinated Notes by the Holders and as part of the consideration for the issue of the Subordinated
Notes.

 

    	 	19	 

     

    

Section 1.16Waiver of Jury Trial.

 

EACH PARTY HERETO IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 1.17Force Majeure.

 

In no event will the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, epidemics and pandemics, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood that the Trustee will use reasonable efforts that are
consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 1.18USA Patriot Act.

 

The Trustee hereby notifies the Company
that in accordance with the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies
the Company, which information includes the name and address of the Company and other information that will allow the Trustee to identify
the Company in accordance with the USA Patriot Act.

 

Section 1.19No Sinking Fund.

 

The Subordinated Notes are not entitled to the benefit of any sinking fund.

 

Section
1.20Rules of Construction.

 

Unless the context otherwise requires:

 

		(1)	a term has the meaning assigned to it;

 

		(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP;

 

		(3)	“or” is not exclusive;

 

		(4)	words in the singular include the plural, and in the plural include the singular;

 

		(5)	“including” means including without limitation;

 

		(6)	“will” will be interpreted to express a command;

 

		(7)	provisions apply to successive events and transactions;

 

    	 	20	 

     

    

		(8)	references to sections of, or rules under, the Securities Act will be deemed to include substitute,
replacement or successor sections or rules adopted by the Commission from time to time;

 

		(9)	unless the context otherwise requires, any reference to an “Article,” “Section”
or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and

 

		(10)	the words “herein,” “hereof and “hereunder” and other words
of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision.

 

ARTICLE II

THE SUBORDINATED NOTES

 

Section 2.01Forms Generally.

 

The Subordinated Notes and the Trustee’s
certificate of authentication will be substantially in the form of Exhibit A-1 and Exhibit A-2, as applicable, which is a part
of this Indenture. The Subordinated Notes may have notations, legends or endorsements required by law, stock exchange rule or usage (provided
that any such notation, legend or endorsement is in a form acceptable to the Company). The Company will provide any such notations, legends
or endorsements to the Trustee in writing. Each Subordinated Note will be dated the date of its authentication. The terms and provisions
contained in the Subordinated Notes will constitute, and are hereby expressly made a part of this Indenture and the Company and the Trustee,
by their execution and delivery of this Indenture, agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Subordinated Note irreconcilably conflicts with the express provisions of this Indenture, the provisions of this
Indenture will govern and be controlling.

 

Section 2.02Definitive Subordinated Notes.

 

The Initial Notes will be issued initially
in the form of one or more Definitive Subordinated Notes, unless, before the issuance of such Initial Notes, the Company has determined
that the Initial Notes may be represented by Global Subordinated Notes and has so notified the Trustee, in which event, the Initial Notes
will be issued in the form of one or more Global Subordinated Notes. The Exchange Notes will also be issued initially in the form of one
or more Definitive Subordinated Notes, unless, before the issuance of such Exchange Notes, the Company has determined that the Subordinated
Notes may be represented by Global Subordinated Notes and has so notified the Trustee, in which event the Exchange Notes will be issued
in the form of one or more Global Subordinated Notes. Except as provided in Section 2.07, Holders of Definitive Subordinated Notes will
not be entitled to transfer Definitive Subordinated Notes in exchange for beneficial interests in Global Subordinated Notes, and owners
of beneficial interests in Global Subordinated Notes will not be entitled to receive physical delivery of Definitive Subordinated Notes.

 

Section 2.03Global Subordinated Notes.

 

Each Global Subordinated Note issued under this Indenture
will be deposited with the Trustee at its Corporate Trust Office, as custodian for the Depositary, and registered in the name of the
Depositary or the nominee thereof, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate
principal amount of any Global Subordinated Note may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depositary as hereinafter provided. Any adjustment of the aggregate principal amount of a Global Subordinated Note
to reflect the amount of any increase or decrease in the amount of Outstanding Subordinated Notes represented thereby will be made by
the Trustee in accordance with written instructions given by the Holder thereof as required by Section 2.07 hereof and will be made on
the records of the Trustee and the Depositary.

 

    	 	21	 

     

    

Section 2.04Restricted Subordinated Notes.

 

Each Restricted Definitive Subordinated
Note and Restricted Global Subordinated Note will bear a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR SECURITIES
LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION
STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN
INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1), (2), (3), (7) OR (9) OF REGULATION D UNDER THE SECURITIES ACT; OR (C)
UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT).”

 

The Private Placement Legend set forth
above will be removed and a new Subordinated Note of like tenor and principal amount without such Private Placement Legend will be executed
by the Company, and upon written request of the Company (together with an Officers’ Certificate and an Opinion of Counsel) given
at least three Business Days prior to the proposed authentication date, the Trustee will authenticate and deliver such new Subordinated
Note to the respective Holder, if legal counsel to the Holder or owner of beneficial interests requesting the removal of such Private
Placement Legend deliver to the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company an opinion
of counsel in compliance with this Indenture and additionally opining that the restrictive legend can be removed in connection with the
transfer in accordance with the Securities Act.

 

Section 2.05Execution and Authentication.

 

Subordinated Notes will be executed on
behalf of the Company by any Authorized Officer and may (but need not) have the Company’s corporate seal or a facsimile thereof
reproduced thereon. The signature of an Authorized Officer on the Subordinated Notes may be manual or facsimile. Subordinated Notes bearing
the manual or facsimile signatures of individuals who were at the time of execution Authorized Officers of the Company will, to the fullest
extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Subordinated Notes or did not hold such offices at the date of such Subordinated Notes.

 

    	 	22	 

     

    

The Trustee or an Authenticating Agent
will authenticate and deliver the Initial Notes for original issue in an initial aggregate principal amount of up to $40.0 million upon
one or more Company Orders and an Opinion of Counsel. In addition, the Trustee or an Authenticating Agent will upon receipt of a Company
Order, Opinion of Counsel and Officers’ Certificate authenticate and deliver any Exchange Notes for an initial aggregate principal
amount not to exceed $40.0 million specified in such Company Order for Exchange Notes issued hereunder. The aggregate principal amount
of the Outstanding Subordinated Notes to be issued hereunder may be increased at any time hereafter and the series may be reopened for
issuances of additional Subordinated Notes upon Company Order without the consent of any Holder. The Subordinated Notes issued on the
date hereof and any such additional Subordinated Notes that may be issued hereafter shall be part of the same series of Subordinated Notes
for all purposes under the Indenture. Unless the context otherwise requires, the initial Subordinated Notes and the Exchange Notes shall
constitute one series for all purposes under the Indenture, including with respect to any amendment, waiver, acceleration or other Act
of the Holders or upon redemption of the Subordinated Notes. The Subordinated Notes will be issued only in registered form without coupons
and in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof.

 

The Trustee will not be required to
authenticate any Subordinated Notes if the issue of such Subordinated Notes under this Indenture will affect the Trustee’s own rights,
duties or immunities under the Subordinated Notes and this Indenture or otherwise in a manner that is not reasonably acceptable to the
Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken.

 

No Subordinated Note will be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Subordinated Note a certificate
of authentication substantially in the form provided for herein executed by or on behalf of the Trustee or by the Authenticating Agent
by the manual signature of one of its authorized signatories. Such certificate upon any Subordinated Note will be conclusive evidence,
and the only evidence, that such Subordinated Note has been duly authenticated and delivered hereunder.

 

Section 2.06Registrar and Paying Agent.

 

The Company will maintain an office or
agency where Subordinated Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office
or agency where Subordinated Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the
Subordinated Notes (“Subordinated Note Register”) and of their transfer and exchange. The registered Holder of a Subordinated
Note will be treated as the owner of the Subordinated Note for all purposes. The Company may appoint one or more co-registrars and one
or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent”
includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder; provided
that no such removal or replacement will be effective until a successor Paying Agent or Registrar will have been appointed by the Company
and will have accepted such appointment. The Company will notify the Trustee in writing of the name and address of any Registrar or Paying
Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
will act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

    	 	23	 

     

    

The Company initially appoints the Trustee
to act as the Paying Agent and Registrar for the Subordinated Notes and, in the event that any Subordinated Notes are issued in global
form, to initially act as custodian with respect to the Global Subordinated Notes. In the event that the Trustee will not be or will cease
to be Registrar with respect the Subordinated Notes, it will have the right to examine the Subordinated Note Register at all reasonable
times. There will be only one Subordinated Note Register.

 

Section 2.07Registration of Transfer and
Exchange.

 

(1)              
Except as otherwise provided in or under this Indenture, upon surrender for registration of transfer of any Subordinated Note,
the Company will execute, and the Trustee will, upon receipt of a Company Order, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Subordinated Notes denominated as authorized in or under this Indenture, of a like aggregate
principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

Except as otherwise provided in or under
this Indenture, at the option of the Holder, Subordinated Notes may be exchanged for other Subordinated Notes containing identical terms
and provisions, in any authorized denominations (minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof),
and of a like aggregate principal amount, upon surrender of the Subordinated Notes to be exchanged at any office or agency for such purpose.
Whenever any Subordinated Notes are so surrendered for exchange, the Company will execute, and the Trustee will authenticate and deliver,
subject to the terms hereof, the Subordinated Notes that the Holder making the exchange is entitled to receive.

 

All Subordinated Notes issued upon any
registration of transfer or exchange of Subordinated Notes will be the valid obligations of the Company evidencing the same debt and entitling
the Holders thereof to the same benefits under this Indenture as the Subordinated Notes surrendered upon such registration of transfer
or exchange.

 

Every Subordinated Note presented or
surrendered for registration of transfer or for exchange or redemption will (if so required by the Company or the Registrar for such Subordinated
Note) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar for
such Subordinated Note duly executed by the Holder thereof or his attorney duly authorized in writing.

 

No service charge will be made for
any registration of transfer or exchange of Subordinated Notes, or any redemption or repayment of Subordinated Notes, or any conversion
or exchange of Subordinated Notes for other types of securities or property, but the Company may require payment of a sum sufficient to
pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of the Subordinated
Notes from the Holder requesting such transfer or exchange.

 

    	 	24	 

     

    

Except as otherwise provided in or under this Indenture, the
Company will not be required (i) to issue, register the transfer of or exchange any Subordinated Notes during a period beginning at the
opening of business 15 days before the day of the selection for redemption of Subordinated Notes under Section 10.03 and ending at the
close of business on the day of such selection, or (ii) to register the transfer of or exchange any Subordinated Note, or portion thereof,
so selected for redemption, except in the case of any Subordinated Note to be redeemed in part, the portion thereof not to be redeemed.

 

Any Registrar appointed in accordance
with Section 2.06 hereof will provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery
by such Registrar of Subordinated Notes upon transfer or exchange of Subordinated Notes. No Registrar will be required to make registrations
of transfer or exchange of Subordinated Notes during any periods designated in the Subordinated Notes or in this Indenture as periods
during which such registration of transfers and exchanges need not be made.

 

The Trustee will have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Subordinated Note (including any transfers between or among Depositary participants
or beneficial owners of interests in any Global Subordinated Note) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

Neither the Trustee nor any Paying Agent
will have any responsibility for any actions taken or not taken by the Depositary.

 

(2)              
When Definitive Subordinated Notes are presented by a Holder to the Registrar with a request to register the transfer of such Definitive
Subordinated Notes or to exchange such Definitive Subordinated Notes for an equal principal amount of Definitive Subordinated Notes of
other authorized denominations, the Registrar will register the transfer or make the exchange as requested if its reasonable requirements
for such transaction are met; provided, however, that the Definitive Subordinated Notes surrendered for transfer or exchange
will be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar,
duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing.

 

(3)              
A Global Subordinated Note may not be transferred except by the Depositary to a nominee of the Depositary, by a nominee of the
Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Subordinated Notes will be exchanged by the Company for Definitive Subordinated
Notes if: (i) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global Subordinated
Note or such Depositary has ceased to be a “clearing agency” registered under the Exchange Act, and a successor depositary
is not appointed by the Company within 90 days, (ii) the Company determines that the Subordinated Notes are no longer to be represented
by Global Subordinated Notes and so notifies the Trustee in writing, or (iii) an Event of Default has occurred and is continuing with
respect to the Subordinated Notes and the Depositary or its participant(s) has requested the issuance of Definitive Subordinated Notes.

 

    	 	25	 

     

    

Any Global Subordinated Note exchanged
in accordance with clause (i) or (ii) above will be so exchanged in whole and not in part, and any Global Subordinated Note exchanged
in accordance with clause (iii) above may be exchanged in whole or from time to time in part as directed by the Depositary.

 

Upon the occurrence of any of the preceding
events in (i), (ii) or (iii) above, Definitive Subordinated Notes will be issued in fully registered form, without interest coupons, will
have an aggregate principal amount equal to that of the Global Subordinated Note or portion thereof to be so exchanged, will be registered
in such names and be in such authorized denominations as the Depositary will instruct the Trustee in writing and will bear such legends
as provided herein. Global Subordinated Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.09 hereof.
Every Subordinated Note authenticated and delivered in exchange for, or in lieu of, a Global Subordinated Note or any portion thereof,
in accordance with this Section 2.07 or Section 2.09 hereof, will be authenticated and delivered in the form of, and will be, a Global
Subordinated Note, except as otherwise provided herein. A Global Subordinated Note may not be exchanged for another Subordinated Note
other than as provided in this Section 2.07(3); however, beneficial interests in a Global Subordinated Note may be transferred and exchanged
as provided in Section 2.07(4) hereof.

 

Any Global Subordinated Note to be
exchanged in whole will be surrendered by the Depositary to the Trustee. With regard to any Global Subordinated Note to be exchanged in
part, either such Global Subordinated Note will be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary
or its nominee with respect to such Global Subordinated Note, the principal amount thereof will be reduced, by an amount equal to the
portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender
or adjustment, the Trustee will authenticate and deliver the Subordinated Note issuable on such exchange to or upon the order of the Depositary
or an authorized representative thereof.

 

(4)              
The transfer and exchange of beneficial interests in the Global Subordinated Notes will be effected through the Depositary in accordance
with the Applicable Procedures and this Section 2.07.

 

(5)              
A Definitive Subordinated Note may not be exchanged for a beneficial interest in a Global Subordinated Note unless the Company
determines that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee. After the Company
has determined that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee in writing, then
upon receipt by the Trustee of a Definitive Subordinated Note, duly endorsed or accompanied by appropriate instruments of transfer, in
form satisfactory to the Trustee, together with written instructions from such Holder directing the Trustee to make, or to direct the
Registrar to make, an adjustment on its books and records with respect to such Global Subordinated Note to reflect an increase in the
aggregate principal amount of the Subordinated Notes represented by the Global Subordinated Note, such instructions to contain information
regarding the Depositary account to be credited with such increase, the Trustee will cancel such Definitive Subordinated Note and cause,
or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Depositary and the
Registrar, the aggregate principal amount of Subordinated Notes represented by the Global Subordinated Note to be increased by the aggregate
principal amount of the Definitive Subordinated Note to be exchanged, and will credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Global Subordinated Note equal to the principal amount of the Definitive
Subordinated Note so cancelled. If no Global Subordinated Notes are then outstanding, the Company will issue and the Trustee will authenticate,
upon Company Order, a new Global Subordinated Note in the appropriate principal amount.

 

    	 	26	 

     

    

(6)              
At such time as all beneficial interests in a particular Global Subordinated Note have been exchanged for Definitive Subordinated
Notes or a particular Global Subordinated Note has been repurchased or canceled in whole and not in part, each such Global Subordinated
Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof. At any time prior to such cancellation,
if any beneficial interest in a Global Subordinated Note is exchanged for or transferred to a Person who will take delivery thereof in
the form of a beneficial interest in another Global Subordinated Note or for Definitive Subordinated Notes, the principal amount of Subordinated
Notes represented by such Global Subordinated Note will be reduced accordingly by adjustments made on the records of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Subordinated Note, such other Global Subordinated Note will be increased accordingly by
adjustments made on the records of the Trustee to reflect such increase.

 

(7)              
No Restricted Subordinated Note will be transferred or exchanged except in compliance with the Private Placement Legend or as provided
in accordance with Section 2.08. In addition to the provisions for transfer and exchange set forth in this Section 2.07, the Trustee,
any Registrar and Paying Agent (if a different Person than the Trustee) and the Company may, prior to effecting any requested transfer
or exchange of any Restricted Subordinated Notes, other than an exchange in accordance with Section 2.08, require that legal counsel to
the Holder or owner of beneficial interests requesting such transfer or exchange deliver to the Trustee, any Registrar and Paying Agent
(if a different Person than the Trustee) and the Company, an Opinion of Counsel in compliance with this Indenture and additionally opining
that the transfer or exchange is in compliance with the requirements of the Private Placement Legend and that the Subordinated Note issued
to the transferee or in exchange for the Restricted Subordinated Note may be issued free of the Private Placement Legend. Any untransferred
or unexchanged balance of a Restricted Subordinated Note will be reissued to the Holder with the Private Placement Legend, unless the
Private Placement Legend may be omitted in accordance with Section 2.04, as evidenced by the Opinion of Counsel.

 

Section 2.08Exchange Offer.

 

Upon the occurrence of an Exchange Offer
in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of a Company Order in accordance with
Section 2.05 hereof, the Trustee will authenticate (i) Unrestricted Definitive Subordinated Notes in an aggregate principal amount equal
to the principal amount of the Restricted Definitive Subordinated Notes tendered in such Exchange Offer for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in
a distribution of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange
Offer or, if permitted by the Company, (ii) one or more Unrestricted Global Subordinated Notes in an aggregate principal amount equal
to the principal amount of the beneficial interests in the Restricted Global Subordinated Notes tendered in such Exchange Offer for acceptance
by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not
participating in a distribution of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange
in such Exchange Offer. Concurrently with the issuance of such Unrestricted Global Subordinated Notes upon exchange of Restricted Global
Subordinated Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Subordinated Notes to be
reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders
of Restricted Definitive Subordinated Notes so accepted Unrestricted Definitive Subordinated Notes in the applicable principal amount.
Any Subordinated Notes that remain outstanding after the consummation of such Exchange Offer, and Exchange Notes issued in connection
with such Exchange Offer, will be treated as a single class of securities under this Indenture.

 

    	 	27	 

     

    

Section 2.09Mutilated, Destroyed, Lost and
Stolen Subordinated Notes.

 

If any mutilated Subordinated Note is surrendered
to the Trustee, subject to the provisions of this Section 2.09, the Company will execute and the Trustee will authenticate and deliver
in exchange therefor a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding.

 

If there be delivered to the Company
and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Subordinated Note, and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Subordinated Note has been acquired by a bona fide purchaser, the Company will execute and, upon
the Company’s written instruction the Trustee will authenticate and deliver, in exchange for or in lieu of any such destroyed, lost
or stolen Subordinated Note, a new Subordinated Note containing identical terms and of like principal amount and bearing a number not
contemporaneously outstanding.

 

Notwithstanding the foregoing provisions
of this Section 2.09, in case the outstanding principal balance of any mutilated, destroyed, lost or stolen Subordinated Note has become
or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article X hereof, the Company in its discretion
may, instead of issuing a new Subordinated Note, pay or redeem such Subordinated Note, as the case may be.

 

Upon the issuance of any new Subordinated
Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Subordinated Note issued in
accordance with this Section in lieu of any destroyed, lost or stolen Subordinated Note will constitute a separate obligation of the
Company, whether or not the destroyed, lost or stolen Subordinated Note will be at any time enforceable by anyone, and will be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Subordinated Notes duly issued hereunder.

 

    	 	28	 

     

    

The provisions of this Section, as amended
or supplemented in accordance with this Indenture with respect to particular Subordinated Notes or generally, will (to the extent lawful)
be exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Subordinated Notes.

 

Section 2.10Payment of Interest; Rights
to Interest Preserved.

 

Any interest on any Subordinated Note
that will be payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Person in whose name
such Subordinated Note is registered as of the close of business on the Regular Record Date for such Interest Payment Date.

 

Any interest on any Subordinated Note that
will be payable, but will not be punctually paid or duly provided for, on any Interest Payment Date for such Subordinated Note (herein
called “Defaulted Interest”) will cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause
(1) or (2) below:

 

(1)              
The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Subordinated Note will be registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which will be fixed in the following manner:

 

The Company will notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on such Subordinated Note and the date of the proposed payment, and at
the same time the Company will deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or will make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed
payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this
clause provided. Thereupon, the Company will fix or cause to be fixed a Special Record Date for the payment of such Defaulted Interest,
which will be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment. The Company (or, upon the written request of the Company, the Trustee
in the name and at the expense of the Company), will cause notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor to be delivered to the Holder of such Subordinated Note at the Holder’s address as it appears in the Subordinated
Note Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been delivered as aforesaid, such Defaulted Interest will be paid to the Person in whose name such
Subordinated Note will be registered at the close of business on such Special Record Date and will no longer be payable under the following
clause (2).

 

    	 	29	 

     

    

(2)              
The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Subordinated Note may be listed, and upon such notice as may be required by such exchange, if, after
written notice given by the Company to the Trustee of the proposed payment under this Clause, such payment will be deemed practicable
by the Trustee.

 

Unless otherwise provided in or under this
Indenture or the Subordinated Notes, at the option of the Company, interest on Subordinated Notes that bear interest may be paid by mailing
a check to the address of the Person entitled thereto as such address will appear in the Subordinated Note Register or by transfer to
an account maintained by the payee with a bank located in the United States.

 

Subject to the foregoing provisions of
this Section and Section 2.07, each Subordinated Note delivered under this Indenture upon registration of transfer of or in exchange for
or in lieu of any other Subordinated Note will carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Subordinated Note.

 

Section 2.11Persons Deemed Owners.

 

Prior to due presentment of a Subordinated
Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Subordinated Note is registered in the Subordinated Note Register as the owner of such Subordinated Note for the purpose of
receiving payment of principal of, and (subject to Section 2.07  and Section 2.10) interest on, such Subordinated Note and for all
other purposes whatsoever, whether or not any payment with respect to such Subordinated Note will be overdue, and neither the Company,
the Trustee or any agent of the Company or the Trustee will be affected by notice to the contrary.

 

No holder of any beneficial interest
in any Global Subordinated Note held on its behalf by a Depositary will have any rights under this Indenture with respect to such Global
Subordinated Note, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the
owner of such Global Subordinated Note for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Registrar
will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Subordinated Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.

 

Notwithstanding the foregoing, nothing
herein will prevent the Company, the Trustee, any Paying Agent or the Registrar from giving effect to any written certification, proxy
or other authorization furnished by the applicable Depositary, as a Holder, with respect to a Global Subordinated Note or impair, as between
such Depositary and the owners of beneficial interests in such Global Subordinated Note, the operation of customary practices governing
the exercise of the rights of such Depositary (or its nominee) as the Holder of such Global Subordinated Note.

 

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Section 2.12Cancellation.

 

All Subordinated Notes surrendered for
payment, redemption, registration of transfer or exchange will, if surrendered to any Person other than the Trustee, be delivered to the
Trustee, and any such Subordinated Note, as well as Subordinated Notes surrendered directly to the Trustee for any such purpose, will
be cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Subordinated Notes previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Subordinated Notes so delivered
will be cancelled promptly by the Trustee. No Subordinated Notes will be authenticated in lieu of or in exchange for any Subordinated
Notes cancelled as provided in this Section, except as expressly permitted by or under this Indenture. All cancelled Subordinated Notes
held by the Trustee will be disposed of in accordance with its procedure for the disposition of cancelled Subordinated Notes, and the
Trustee upon the written request of the Company will deliver to the Company a certificate of such disposition, unless by a Company Order
the Company shall direct that cancelled Subordinated Notes shall be returned to the Company.

 

Section 2.13Computation of Interest.

 

(1)              
From and including the original issue date of the Subordinated Notes to but excluding February 1, 2027 or the earlier redemption date
contemplated by Article X of the Indenture, the rate at which the Subordinated Notes shall bear interest shall be 3.50% per annum, computed
on the basis of a 360-day year consisting of twelve 30-day months and payable semiannually in arrears on each Fixed Interest Payment Date.
From and including February 1, 2027, to but excluding the Stated Maturity (the “Floating Rate Period”), the rate at which
the Subordinated Notes shall bear interest shall be a floating rate equal to the then current Benchmark, reset quarterly, for the applicable
Interest Period plus 218 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly
in arrears on each Floating Interest Payment Date. The Calculation Agent shall notify the Trustee (if the Trustee is not the Calculation
Agent) in writing of the interest rate for each Interest Period promptly after the Reference Time (or such other date of determination
for the applicable Benchmark). Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero,
then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero.

 

(2)              
The Company shall take such actions as are necessary to ensure that from the commencement of the Floating Rate Period for so long as
any of the Subordinated Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term
SOFR in respect of each Interest Period. The calculation of Three-Month Term SOFR for each applicable Interest Period by the Calculation
Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s determination of any interest rate
and its calculation of interest payments for any period will be maintained on file at the Calculation Agent’s principal offices,
will be made available to any Holder of the Subordinated Notes upon request and will be provided to the Trustee. The Calculation Agent
(if the Trustee is not the Calculation Agent) shall have all the rights, protections and indemnities afforded to the Trustee under the
Indenture and hereunder. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling
to act as Calculation Agent or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation
Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not
been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by the
Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction
for the appointment of a successor Calculation Agent with respect to such series. The Trustee shall not be under any duty to succeed
to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event of the Calculation
Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance
on the part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations hereunder. For the avoidance
of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent.

 

    	 	31	 

     

    

		(3)	Effect of Benchmark Transition Event

 

(a)              
If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior
to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current
Benchmark for all purposes relating to the Subordinated Notes during the Interest Period in respect of such determination on such date
and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent
will have the right to make Benchmark Replacement Adjustment Conforming Changes from time to time and such change shall become effective
without consent from the relevant Holders or any other party.

 

(b)              
Notwithstanding anything set forth in Section 2.13(1) above, if the Calculation Agent determines on or prior to the relevant Reference
Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR,
then the provisions set forth in this Section 2.13(3) will thereafter apply to all determinations of the interest rate on the Subordinated
Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the
interest rate on the Subordinated Notes for each Interest Period will be an annual rate equal to the Benchmark Replacement plus 218 basis
points.

 

(c)              
The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of the Subordinated
Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 2.13(3). Any determination,
decision or election that may be made by the Calculation Agent under the terms of the Subordinated Notes, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or selection (i) will be conclusive and binding on the Holders of the Subordinated Notes and
the Trustee absent manifest error, (ii) if made by the Company as Calculation Agent, will be made in the Company’s sole discretion,
(iii) if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation Agent
will not make any such determination, decision or election to which the Company reasonably objects and (iv) notwithstanding anything
to the contrary herein or in the Indenture, shall become effective without consent from the Holders of the Subordinated Notes, the Trustee
or any other party. If the Calculation Agent fails to make any determination, decision or election that it is required to make under
the terms of the Subordinated Notes, then the Company will make such determination, decision or election on the same basis as described
above.

 

    	 	32	 

     

    

(d)              
The Company (or its Calculation Agent, if the Trustee is not the Calculation Agent) shall notify the Trustee in writing (i) upon the occurrence
of the Benchmark Transition Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Adjustment
Conforming Changes and other items affecting the interest rate on the Subordinated Notes after a Benchmark Transition Event.

 

(e)              
The Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR
Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions
for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement),
(C) determination or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark
Replacement Date has occurred, and in each such case under clauses (A) through (D) above shall be entitled to conclusively rely upon the
selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability
for any failure or delay in performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the
definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select a
Benchmark Replacement or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively
on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation,
in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Adjustment
Conforming Changes. The Trustee shall not be responsible or liable for the actions or omissions of the Calculation Agent, or any failure
or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or
oversee the performance of the Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any
instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent
verification, investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment or supplement hereto
that adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with the
adoption of any Benchmark Replacement Adjustment Conforming Changes).

 

(f)               
If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR
Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during
the Interest Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation Agent, then the relevant
Three-Month Term SOFR Conventions will apply.

 

Section 2.14CUSIP Numbers.

 

The Company may issue the Subordinated Notes with one or more “CUSIP”
numbers (if then generally in use). The Company will promptly notify the Trustee in writing of any change in the CUSIP numbers. The Trustee
may use “CUSIP” numbers in notices (including but not limited to notices of redemption or exchange) as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed
on the Subordinated Notes or as contained in any notice (including any notice of redemption or exchange) and that reliance may be placed
only on the other identification numbers printed on the Subordinated Notes, and any such notice will not be affected by any defect in
or omission of such numbers.

 

    	 	33	 

     

    

ARTICLE III

SATISFACTION AND DISCHARGE OF INDENTURE

 

Section 3.01Satisfaction and Discharge.

 

This Indenture will cease to be of further
effect, and the Trustee, on receipt of a Company Order, at the expense of the Company, will execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when

 

		(1)	either

 

(a)               all Subordinated Notes theretofore
authenticated and delivered (other than (i) Subordinated Notes that have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section 2.09 and (ii) Subordinated Notes for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 9.03) have
been delivered to the Trustee for cancellation; or

 

(b)              
all Subordinated Notes that have not been delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will
become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in
the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for such purpose, an amount sufficient to pay and discharge the entire indebtedness
on such Subordinated Notes not theretofore delivered to the Trustee for cancellation, including the principal of, and interest on, such
Subordinated Notes, to the date of such deposit (in the case of Subordinated Notes which have become due and payable) or to the Maturity
thereof, as the case may be;

 

(2)              
the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Subordinated
Notes; and

 

(3)              
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been satisfied.

 

Notwithstanding the satisfaction and
discharge of this Indenture with respect to the Subordinated Notes, the obligations of the Company to the Trustee under Section 5.07
and, if money will have been deposited with the Trustee in accordance with Section 3.01(1)(b), the obligations of the Company and the
Trustee with respect to the Subordinated Notes under Section 3.03 and Section 9.03 will survive.

 

    	 	34	 

     

    

Section 3.02Defeasance and Covenant Defeasance.

 

(1)              
The Company may at its option and at any time, elect to have Section 3.02(2) or Section 3.02(3) be applied to such Outstanding
Subordinated Notes upon compliance with the conditions set forth below in this Section 3.02. Legal Defeasance and Covenant Defeasance
may be effected only with respect to all, and not less than all, of the Outstanding Subordinated Notes.

 

(2)              
Upon the Company’s exercise of the above option applicable to this Section 3.02(2), the Company will be deemed to have been
discharged from its obligations with respect to such Outstanding Subordinated Notes on the date the conditions set forth in clause (4)
of this Section 3.02 are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be
deemed to have paid and discharged the entire indebtedness represented by such Outstanding Subordinated Notes, which will thereafter
be deemed to be “Outstanding” only for the purposes of Section 3.02(5) and the other Sections of this Indenture referred
to in clauses (i) through (iv) of this paragraph, and to have satisfied all of its other obligations under such Subordinated Notes and
this Indenture insofar as such Subordinated Notes are concerned (and the Trustee, at the expense of the Company, will execute proper
instruments acknowledging the same), except for the following which will survive until otherwise terminated or discharged hereunder:
(i) the rights of Holders of such Outstanding Subordinated Notes to receive, solely from the trust fund described in Section 3.02(4)(a)
and as more fully set forth in this Section 3.02 and Section 3.03, payments in respect of the principal of and interest, if any, on,
such Subordinated Notes when such payments are due, (ii) the obligations of the Company and the Trustee with respect to such Subordinated
Notes under Section 2.07, Section 2.09, Section 9.02 and Section 9.03, (iii) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and (iv) this Section 3.02 and Section 3.03. The Company may exercise its option under this Section 3.02(2) notwithstanding
the prior exercise of its option under Section 3.02(3) with respect to such Subordinated Notes.

 

(3)              
Upon the Company’s exercise of the above option applicable to this Section 3.02(3), the Company will be released from its
obligations under clauses (ii) and (iii) of Section 9.04 and under Section 9.05, Section 9.06 and Section 9.08 on and after the date
the conditions set forth in Section 3.02(4) are satisfied (“Covenant Defeasance”), and such Subordinated Notes will thereafter
be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with any such covenant, but will continue to be deemed “Outstanding” for all
other purposes hereunder. For this purpose, such Covenant Defeasance means that with respect to such Outstanding Subordinated Notes,
the Company may omit to comply with, and will have no liability in respect of. any term, condition or limitation set forth in any such
Section or any such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or
such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other
document and such omission to comply will not constitute a default, but, except as specified above, the remainder of this Indenture and
such Subordinated Notes will be unaffected thereby.

 

    	 	35	 

     

    

(4)              
The following will be the conditions to application of Section 3.02(2) or Section 3.02(3) to any Outstanding Subordinated Notes:

 

(a)              
The Company will irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 5.08 who will agree to comply with the provisions of this Section 3.02 applicable to it) as trust funds in trust for the purpose
of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders, (i) an amount
in Dollars, (ii) Government Obligations that through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment of principal of and interest, if any, on such
Subordinated Notes, money or (iii) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment
of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which will be applied by the Trustee (or other qualifying trustee)
to pay and discharge, the principal of and interest, if any, on, such Outstanding Subordinated Notes on the Stated Maturity of such principal
or installment of principal or interest or the applicable Redemption Date, as the case may be.

 

(b)              
Such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, this Indenture
or any other material agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound.

 

(c)              
No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Subordinated
Notes will have occurred and be continuing on the date of such deposit, and, solely in the case of Legal Defeasance under Section 3.02(2),
no Event of Default, or event which with notice or lapse of time or both would become an Event of Default, under Section 4.01 will have
occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit
(it being understood that this condition to Legal Defeasance under Section 3.02(2) will not be deemed satisfied until the expiration of
such period).

 

(d)              
In the case of Legal Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel stating that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture there
has been a change in applicable federal income tax law, in either case to the effect that, and based thereon such opinion of independent
counsel will confirm that, the Holders of such Outstanding Subordinated Notes will not recognize income, gain or loss for federal income
tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such Legal Defeasance had not occurred.

 

(e)              
In the case of Covenant Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Outstanding Subordinated Notes will not recognize income, gain or loss for federal income tax purposes as a result of
such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred.

 

    	 	36	 

     

    

(f)               
The Company will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the Legal Defeasance or Covenant Defeasance, as the case may be, under this Indenture have been satisfied.

 

(g)              
If the moneys or Government Obligations or combination thereof, as the case may be, deposited under Section 3.02(4)(a) above are
sufficient to pay the principal of, and interest, if any, on, such Subordinated Notes provided such Subordinated Notes are redeemed on
a particular Redemption Date, the Company will have given the Trustee irrevocable instructions to redeem such Subordinated Notes on such
date and to provide notice of such redemption to Holders as provided in or under this Indenture.

 

(h)              
The Trustee will have received such other documents, assurances and Opinions of Counsel as the Trustee will have reasonably required
in its discretion.

 

(5)                
Subject to the provisions of the last paragraph of Section 9.03, all money and Government Obligations deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 3.02(5), the “Trustee”) in accordance with Section
3.02(4)(a) in respect of any Outstanding Subordinated Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Subordinated Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company or
any Subsidiary or Affiliate of the Company acting as Paying Agent) as the Trustee may determine in its discretion, to the Holders of all
sums due and to become due thereon in respect of principal and interest but such money and Government Obligations need not be segregated
from other funds, except to the extent required by law.

 

The Company will pay and indemnify the
Trustee against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited in accordance with this
Section 3.02 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the Outstanding Subordinated Notes.

 

Section 3.03Application of Trust Money.

 

Subject to the provisions of the last
paragraph of Section 9.03, all money and Government Obligations deposited with the Trustee in accordance with Section 3.01 or Section
3.02 will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes subject to discharge
under Section 3.01 or Legal Defeasance or Covenant Defeasance under Section 3.02, and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company, acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal and interest for whose payment such money has or Government Obligations have been deposited with or received
by the Trustee; but such money and Government Obligations need not be segregated from other funds, except to the extent required by law.

 

Section 3.04Reinstatement.

 

If the Trustee (or other qualifying trustee appointed in accordance
with Section 3.02(4)(a)) or any Paying Agent is unable to apply any moneys or Government Obligations deposited in accordance with Section
3.01(1) or Section 3.02(4)(a) to pay any principal of, or interest, if any, on, the Subordinated Notes by reason of any legal proceeding
or any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then
the Company’s obligations under this Indenture and the Subordinated Notes will be revived and reinstated as though no such deposit
had occurred, until such time as the Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and
Government Obligations to pay the principal of, and interest, if any, on the Subordinated Notes as contemplated by Section 3.01 or Section
3.02 as the case may be; provided, however, that if the Company makes any payment of the principal of, or interest if any
on, the Subordinated Notes following the reinstatement of its obligations as aforesaid, the Company will be subrogated to the rights
of the Holders of such Subordinated Notes to receive such payment from the funds held by the Trustee (or other qualifying trustee) or
Paying Agent.

 

    	 	37	 

     

    

Section 3.05Effect on Subordination Provisions.

 

The provisions of Article XI are expressly
made subject to the provisions for, and to the right of the Company to effect, the satisfaction and discharge of all of the Subordinated
Notes as set forth in and in accordance with Section 3.01 and the provisions for, and to the right of the Company to effect, Legal Defeasance
and Covenant Defeasance of all of the Subordinated Notes as set forth in and in accordance with Section 3.02. As a result, and anything
herein to the contrary notwithstanding, if the Company complies with the provisions of Section 3.01 to effect the satisfaction and discharge
of the Subordinated Notes or complies with the provisions of Section 3.02    to effect the Legal Defeasance or Covenant
Defeasance, upon the effectiveness of such satisfaction and discharge in accordance with Section 3.01 or of Legal Defeasance or Covenant
Defeasance in accordance with Section 3.02, in the case of satisfaction and discharge in accordance with Section 3.01, or, in the case
of Legal Defeasance or Covenant Defeasance in accordance with Section 3.02, the Subordinated Notes as to which Legal Defeasance or Covenant
Defeasance, as the case may be, will have become effective will thereupon cease to be so subordinated in right of payment to the Senior
Indebtedness and will no longer be subject to the provisions of Article XI and, without limitation to the foregoing, all moneys and Government
Obligations deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge. Legal
Defeasance or Covenant Defeasance, as the case may be, and all proceeds therefrom may be applied to pay the principal of, and interest,
if any, on, such Subordinated Notes as and when the same will become due and payable notwithstanding the provisions of Article XI without
regard to whether any or all of the Senior Indebtedness then outstanding will have been paid or otherwise provided for.

 

ARTICLE
IV

 REMEDIES

 

Section 4.01Events of Default; Acceleration.

 

An “Event of Default” means
any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected
by operation of law or in accordance with any judgment, decree, or order of any court or any order, rule, or regulation of any administrative
or governmental body):

 

    	 	38	 

     

    

(1)              
the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary
case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States
or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of 30 consecutive
days;

 

(2)              
the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter
in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for
relief in an involuntary case or proceeding under any such law;

 

(3)              
the failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become
due and payable, and the continuation of such failure for a period of 15 days;

 

(4)              
the failure of the Company to pay all or any part of the principal of any of the Subordinated Notes as and when the same will become
due and payable under this Indenture;

 

(5)              
the failure of the Company to perform any other covenant or agreement on the part of the Company contained in the Subordinated
Notes or in this Indenture, and the continuation of such failure for a period of 30 days after the date on which notice specifying such
failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will
have been given, in the manner set forth in Section 1.05, to the Company by the Trustee, or to the Company and the Trustee by the Holders
of at least 25% in aggregate principal amount of the Subordinated Notes at the time Outstanding; or the default by the Company under any
bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate principal amount outstanding
of at least $25.0 million, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes
a failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period
or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have
become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without
such indebtedness having been discharged or such acceleration having been rescinded or annulled.

 

Upon becoming aware of any Event of
Default, the Company will promptly deliver to the Trustee a written statement specifying the Event of Default.

 

If an Event of Default described in
Section 4.01(1) or Section 4.01(2) occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid
interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other
act on the part of the Trustee or any Holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of
protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital,
upon the occurrence of an Event of Default other than an Event of Default described in Section 4.01(1) or Section 4.01(2), neither the
Trustee nor any Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest
on, the Subordinated Notes, immediately due and payable.

 

    	 	39	 

     

    

If any Event of Default occurs and is
continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated
Notes or to enforce the performance of any provision of the Subordinated Notes or this Indenture.

 

Section 4.02Failure to Make Payments.

 

If an Event of Default described in Section
4.01(3) or Section 4.01(4) occurs, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of
such Subordinated Notes, the whole amount then due and payable with respect to such Subordinated Notes, with interest upon the overdue
principal, and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates,
as the case may be, provided for or with respect to such Subordinated Notes or, if no such rate or rates are so provided, at the rate
or respective rates, as the case may be, of interest borne by such Subordinated Notes, and, in addition thereto, such further amount of
money as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 5.07.

 

If the Company fails to pay the money
it is required to pay the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Subordinated Notes and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company, wherever situated.

 

The Trustee may proceed to protect
and enforce its rights and the rights of the Holders of Subordinated Notes by such appropriate judicial proceedings as the Trustee will
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy.

 

Upon the occurrence of a failure by
the Company to make any required payment of principal or interest on the Subordinated Notes, the Company may not declare or pay any dividends
or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital
stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company
that rank equal with or junior to the Subordinated Notes, or make any payments under any guarantee that ranks equal with or junior to
the Subordinated Notes, 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 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 in accordance with 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 the Company’s dividend
reinvestment plan, if any.

 

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Section 4.03Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Subordinated Notes), its property or its creditors, the Trustee will be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have
claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee will be authorized to:

 

(1)              
file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Subordinated Notes, of the principal
and interest owing and unpaid in respect of such Subordinated Notes and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents or retained professionals) and of the Holders of such Subordinated Notes allowed in such judicial
proceeding, and

 

(2)              
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee will consent to the making of such payments directly to the Holders and to pay to the Trustee any amount
due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and retained professionals, and
any other amounts due hereunder.

 

No provision of this Indenture will be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment, or composition affecting the Subordinated Notes or the rights of any Holder or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf of the Holders for
the election of a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar committee.

 

Section 4.04Trustee
May Enforce Claims Without Possession of Subordinated Notes.

 

All rights of action and claims under
this Indenture or the Subordinated Notes may be prosecuted and enforced by the Trustee without the possession of any of the Subordinated
Notes or the production of such Subordinated Notes in any related proceeding, and any such proceeding instituted by the Trustee will be
brought in its own name as trustee of an express trust, and any recovery of judgment will, after provision for the payment of the reasonable
compensation, expenses, disbursements, and advances of the Trustee, its agents, and retained professionals, be for the ratable benefit
of the Holders in respect of which such judgment has been recovered.

 

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Section 4.05Application
of Money Collected.

 

Any money collected by the Trustee in
accordance with this Article IV or, after an Event of Default, any money or other property distributable in respect of the Company’s
obligations under this Indenture will be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or any interest, upon presentation of the Subordinated Notes and the notation on such
Subordinated Notes of the payment if only partially paid and upon surrender of such Subordinated Notes if fully paid:

 

FIRST: To the payment of all amounts due
the Trustee (including the payment of Trustee’s agents, accountants, consultants, counsel and other experts employed by it in the
exercise and performance of its powers and duties as Trustee), acting in any capacity hereunder, (including any predecessor trustee) under
Section 5.07;

 

SECOND: To the payment of amounts then due and unpaid
to the holders of Senior Indebtedness, to the extent required under the Subordination Provisions established with respect to the Subordinated
Notes;

 

THIRD: To the payment of the amounts then
due and unpaid for principal of and any interest on the Subordinated Notes in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Subordinated
Notes for principal and interest, respectively; and

 

FOURTH: The balance, if any, to the Person or Persons entitled
thereto.

 

Section 4.06Limitation on Suits.

 

No Holder of any Subordinated Note will
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or any Subordinated Notes, or for the
appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

(1)              
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Subordinated
Notes;

 

(2)              
the Holders of not less than 25% in aggregate principal amount of the Outstanding Subordinated Notes will have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;

 

(3)              
such Holder or Holders have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee to bond against
the costs, expenses, and liabilities to be incurred in compliance with such request;

 

(4)              
the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding;
and

 

(5)              
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of
a majority in aggregate principal amount of the Outstanding Subordinated Notes; it being understood and intended that no one or more
of such Holders will have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable
benefit of all of such Holders.

 

    	 	42	 

     

    

Section 4.07Unconditional Right of Holders
to Payments.

 

Notwithstanding any other provision in
this Indenture, the Holder of any Subordinated Note will have the right, which is absolute and unconditional, to receive payment of the
principal of and (subject to Section 2.07 and Section 2.10) any interest on such Subordinated Note on the respective Stated Maturity or
Maturities expressed in such Subordinated Note (or, in the case of redemption, on the Redemption Date), and to institute suit for the
enforcement of any such payment and such rights will not be impaired without the consent of such Holder.

 

Section 4.08Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders will be restored severally and respectively to their former positions under this Indenture, and
thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted.

 

Section 4.09Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in the last paragraph of Section 2.09, no right
or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right
or remedy under this Indenture, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

Section 4.10Delay or Omission Not Waiver.

 

No delay or omission of the Trustee
or of any Holder of any Subordinated Notes to exercise any right or remedy accruing upon any Event of Default will impair any such right
or remedy or constitute a waiver of or acquiescence in any such Event of Default. Every right and remedy given by this Article IV or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be.

 

Section 4.11Control by Holders.

 

The Holders of a majority in aggregate
principal amount of the Outstanding Subordinated Notes will have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Subordinated
Notes, provided that

 

    	 	43	 

     

    

		(1)	such direction will not violate any rule of law or this Indenture or the Subordinated

Notes,

 

		(2)	the Trustee may take any other action deemed proper by the Trustee in its discretion which is not inconsistent with such direction, and

 

		(3)	the Trustee will have the right to decline to follow any such direction if the Trustee in
good faith will determine that the proceeding so directed would involve the Trustee in personal liability.

 

Section 4.12Waiver of Past Defaults.

 

The Holders of not less than a majority
in aggregate principal amount of the Outstanding Subordinated Notes may on behalf of the Holders of all the Subordinated Notes waive any
past default under this Indenture and its consequences, except a default in the payment of the principal of, or interest on, any Subordinated
Note, or in respect of a covenant or provision of this Indenture which under Article VIII cannot be modified or amended without the consent
of the Holder of each Outstanding Subordinated Note.

 

Upon any such waiver, such default will
cease to exist, and any Event of Default arising from such default will be deemed to have been cured, for every purpose of this Indenture;
but no such waiver will extend to any subsequent or other default or impair any consequent right.

 

Section 4.13Undertaking for Costs.

 

All parties to this Indenture agree, and
each Holder of any Subordinated Notes by his acceptance of such Subordinated Notes will be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees and
expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 4.13 will not apply to any suit instituted by the Company, to any suit instituted by
the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of
the Outstanding Subordinated Notes, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or
interest, if any, on any Subordinated Notes on or after the Stated Maturity or Maturities expressed in such Subordinated Notes (or, in
the case of redemption, on or after the Redemption Date).

 

 

 

    	 	44	 

     

    

ARTICLE
V

 THE TRUSTEE

 

Section 5.01Duties of Trustee.

 

(1)              
If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it hereby,
and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

		(2)	Except during the continuance of an Event of Default:

 

(a)              
the duties of the Trustee will be determined solely by the express provisions hereof and the Trustee need perform only those duties
that are specifically set forth herein and no others, and no implied covenants or obligations will be read into this Indenture against
the Trustee; and

 

(b)              
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements hereof; however,
the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements hereof (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(3)              
Whether or not therein expressly so provided, every provision hereof that in any way relates to the Trustee is subject to paragraphs
(1) and (2) of this Section 5.01 and to Section 5.02.

 

(4)              
No provision hereof will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under
no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered
to the Trustee security and indemnity reasonably satisfactory to it against any loss, liability or expense.

 

(5)              
The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

Section 5.02Certain Rights of Trustee.

 

Subject to Section 315(a) through Section 315(d) of the Trust Indenture Act:

 

(1)              
the Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

    	 	45	 

     

    

(2)              
any request or direction of the Company mentioned herein will be sufficiently evidenced by a Company Request or a Company Order
(unless other evidence in respect thereof be herein specifically prescribed) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution;

 

(3)              
whenever in the administration of this Indenture the Trustee will deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence will be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officers’ Certificate or Opinion of Counsel, or both, which will comply with
Section 1.02;

 

(4)              
before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both.
The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon. The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence
of any agent appointed with due care.

 

(5)              
the Trustee will be under no obligation to exercise any of the rights or powers vested in it by or under this Indenture at the
request or direction of any Holder(s) under this Indenture, unless such Holder(s) will have offered to the Trustee security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or
direction;

 

(6)              
the Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee will determine to make such further inquiry or investigation, it will be entitled to examine, during
business hours and upon reasonable notice, the books, records and premises of the Company, personally or by agent, accountant or attorney,
at the sole cost of the Company and will incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

(7)              
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee will not be responsible for any misconduct or negligence on the part of any agent or professional
appointed with due care by it hereunder;

 

(8)              
the Trustee will not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(9)              
in no event will the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action;

 

    	 	46	 

     

    

(10)          
the Trustee will not be required to take notice or be deemed to have notice of any default or Event of Default, except failure
by the Company to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer of the
Trustee shall receive written notice of such default or Event of Default from the Company or from the Holders of at least 25% in aggregate
principal amount of the then Outstanding Subordinated Notes delivered to the Corporate Trust Office of the Trustee and in the absence
of such notice so delivered the Trustee may conclusively assume no default or Event of Default exists;

 

(11)          
the Trustee shall have no duty to monitor or confirm compliance by the Company with the terms of this Indenture or any Subordinated
Note;

 

(12)          
the Trustee shall not be bound to make any investigation into (i) the performance of or compliance with any of the covenants or
agreements set forth herein, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this
Indenture or any other agreement, instrument or document;

 

(13)          
the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified for all costs (including those of its retained professionals), are extended to, and will be enforceable by, the Trustee
in each of its capacities hereunder, and each agent, custodian and other Person employed or appointed to act hereunder;

 

(14)          
the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions under this Indenture;

 

(15)          
the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

(16)          
the Trustee shall not be liable or responsible for any calculation in connection with the transactions contemplated hereunder nor
for any information used in connection with such calculation; and

 

(17)          
in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

Section 5.03Notice of Defaults.

 

Within 90 days after a Responsible
Officer of the Trustee is notified of the occurrence of any default hereunder with respect to the Subordinated Notes, the Trustee will
deliver to all Holders entitled to receive reports in accordance with Section 6.03(4), notice of such default hereunder known to the
Trustee, unless such default will have been cured or waived; provided, however, that, except in the case of a default in
the payment of the principal of or interest, if any, on, any Subordinated Note, the Trustee will be protected in withholding such notice
if and so long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the best interest
of the Holders. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of
time or both would become, an Event of Default with respect to Subordinated Notes.

 

    	 	47	 

     

    

Section 5.04Not Responsible for Recitals
or Issuance of Subordinated Notes.

 

The recitals contained herein and in
the Subordinated Notes, except the Trustee’s certificate of authentication, will be taken as the statements of the Company and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Subordinated Notes, except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture, authenticate the Subordinated Notes and perform its obligations hereunder and that the statements
made by it in any Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set
forth therein. Neither the Trustee nor any Authenticating Agent will be accountable for the use or application by the Company of the Subordinated
Notes or the proceeds thereof. The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this
Indenture or the Subordinated Notes, it will not be accountable for the Company’s use of the proceeds from the Subordinated Notes
or any money paid to the Company or upon the Company’s direction under any provision hereof, it will not be responsible for the
use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement
or recital herein or any statement in the Subordinated Notes or any other document in connection with the sale of the Subordinated Notes
or under this Indenture other than its certificate of authentication.

 

Section 5.05May Hold Subordinated Notes.

 

The Trustee, any Authenticating Agent,
any Paying Agent, any Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any other
capacity, may become the owner or pledgee of Subordinated Notes and, subject to Section 310(b) and Section 311 of the Trust Indenture
Act, may otherwise deal with the Company with the same rights that it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Registrar or such other Person.

 

The Trustee is subject to Section 311(a)
of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of Trust Indenture Act to the extent indicated.

 

Section 5.06Money Held in Trust.

 

Except as provided in Section 3.02(5),
Section 3.03 and Section 9.03, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law and will be held uninvested. The Trustee will be under no liability for interest on any money received by it hereunder
except as otherwise agreed in writing with the Company.

 

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Section 5.07Compensation
and Reimbursement. The Company agrees:

 

(1)              
to pay to the Trustee from time to time compensation for all services rendered by the Trustee acting in any capacity hereunder
(which compensation will not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)              
except as otherwise expressly provided herein, to reimburse the Trustee promptly upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of Trustee’s agents, accountants, consultants, counsel and other experts employed
by it in the exercise and performance of its powers and duties as Trustee), except any such expense, disbursement or advance as may be
attributable to the Trustee’s gross negligence or willful misconduct; and

 

(3)              
to indemnify, defend, protect and hold each of the Trustee acting in any capacity or any predecessor Trustee and their agents,
accountants, consultants, counsel and other experts employed by it in the exercise and performance of its powers and duties as Trustee
harmless from and against any and all losses, liabilities, damages, costs or expenses suffered or incurred by it arising out of or in
connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this
Indenture against the Company and defending itself against any claim (whether asserted by the Company, any Holder or any other Person)
or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss,
liability or expense may be attributable to its gross negligence or willful misconduct, as determined by a final, non-appealable judgment
of a court of competent jurisdiction, and the fees and disbursements of the Trustee’s agents, legal counsel, accountants and experts)
and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee). The Trustee will notify the
Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company
of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate
counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without
its consent, which consent will not be unreasonably withheld.

 

The obligations of the Company under
this Section 5.07 will survive the satisfaction and discharge of this Indenture.

 

As security for the performance of
the obligations of the Company under this Section, the Trustee will have a lien prior to the Subordinated Notes upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or interest on, Subordinated
Notes. Such lien will survive the satisfaction and discharge hereof and the resignation or removal of the Trustee.

 

Any compensation or expense incurred
by the Trustee after a default specified by Section 4.01   is intended to constitute an expense of administration under any
then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 5.07 will include any predecessor Trustee,
but the negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 5.07. The provisions
of this Section 5.07 will, to the extent permitted by law, survive any termination of this Indenture (including, without limitation,
termination in accordance with any Bankruptcy Laws) and the resignation or removal of the Trustee.

 

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Section 5.08Corporate Trustee Required;
Eligibility.

 

(1)              
There will at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of the United
States, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under
an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section
310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority.
The Trustee will also satisfy the requirements of Section 310(a)(5) of the Trust Indenture Act. If at any time the Trustee will cease
to be eligible in accordance with the provisions of this Section, it will resign immediately upon written request therefor by the Company
or any Holder in the manner and with the effect hereinafter specified in this Article,

 

(2)              
The Trustee will comply with Section 310(b) of the Trust Indenture Act; provided, however, that there will be excluded
from the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture or any indenture or indentures under which other securities
or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion
set forth in Section 310(b)(1) of the Trust Indenture Act are met.

 

Section 5.09Resignation and Removal; Appointment
of Successor.

 

(1)              
No resignation or removal of the Trustee and no appointment of a successor Trustee in accordance with this Article V will become
effective until the acceptance of appointment by the successor Trustee in accordance with Section 5.10.

 

(2)              
The Trustee may resign at any time with respect to the Subordinated Notes by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 5.10 will not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may, at the Company’s expense, petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(3)              
The Trustee may be removed at any time with respect to the Subordinated Notes by Act of the Holders of a majority in principal
amount of the Outstanding Subordinated Notes, delivered to the Trustee and the Company.

 

If at any time:

 

(a)              
the Trustee will fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect
to Subordinated Notes after written request therefor by the Company or any Holder who has been a bona fide Holder for at least six months,

 

(b)              
the Trustee will cease to be eligible under Section 5.08 and will fail to resign after written request therefor by the Company
or any such Holder, or

 

    	 	50	 

     

    

(c)              
the Trustee will become incapable of acting or will be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property will be appointed or any public officer will take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company, by or in accordance
with a Board Resolution, may remove the Trustee with respect to the Subordinated Notes, or (ii) subject to Section 315(e) of the Trust
Indenture Act, any Holder who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all Subordinated Notes and the appointment
of a successor Trustee or Trustees.

 

(4)              
If the Trustee will resign, be removed or become incapable of acting, or if a vacancy will occur in the office of Trustee for any
cause, with respect to the Subordinated Notes, the Company, by or in accordance with a Board Resolution, will promptly appoint a successor
Trustee or Trustees with respect to the Subordinated Notes and will comply with the applicable requirements of Section 5.10. If, within
one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Subordinated
Notes shall have been appointed by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes delivered
to the Company and the retiring Trustee, the successor Trustee so appointed will, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 5.10, become the successor Trustee with respect to the Subordinated Notes and to
that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Subordinated Notes will
have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 5.10, any Holder who has
been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Subordinated Notes.

 

(5)              
The Company will give notice of each resignation and each removal of the Trustee with respect to the Subordinated Notes and each
appointment of a successor Trustee with respect to the Subordinated Notes by delivering written notice of such event by first-class mail,
postage prepaid, to the Holders as their names and addresses appear in the Subordinated Note Register. Each notice will include the name
of the successor Trustee with respect to the Subordinated Notes and the address of its Corporate Trust Office.

 

Section 5.10Acceptance of Appointment by
Successor.

 

(1)              
Upon the appointment hereunder of any successor Trustee with respect to all Subordinated Notes, such successor Trustee so appointed
will execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee will become effective and such successor Trustee, without any further act, deed or
conveyance, will become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request
of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, will execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 9.03, will duly
assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless
to its claim, if any, provided for in Section 5.07.

 

    	 	51	 

     

    

(2)              
Upon the appointment hereunder of any successor Trustee with respect to the Subordinated Notes, the Company, the retiring Trustee
and such successor Trustee will execute and deliver an indenture supplemental hereto wherein each successor Trustee will accept such appointment
and which (i) will contain such provisions as will be necessary or desirable to transfer and confirm to, and to vest in. such successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes, (ii) if the retiring
Trustee is not retiring with respect to all Subordinated Notes, will contain such provisions as will be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes will continue
to be vested in the retiring Trustee, and (iii) will add to or change any of the provisions of this Indenture as will be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein
or in such supplemental indenture will constitute such Trustees co-trustees of the same trust, that each such Trustee will be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no
Trustee will be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder,
and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee will become effective
to the extent provided therein, such retiring Trustee will have no further responsibility for the exercise of rights and powers or for
the performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Subordinated Notes other
than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance, will become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes; but, on request of the Company
or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Subordinated Notes and subject to Section
9.03 will duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the
property and money held by such retiring Trustee hereunder with respect to the Subordinated Notes, subject to its claim, if any, provided
for in Section 5.07.

 

(3)              
Upon request of any Person appointed hereunder as a successor Trustee, the Company will execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1)
or (2) of this Section, as the case may be.

 

(4)              
No Person will accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person
will be qualified and eligible under this Article. No resigning or removed Trustee shall have any liability or responsibility for the
action or inaction of any successor Trustee.

 

Section 5.11Merger, Conversion, Consolidation
or Succession to Business.

 

Any corporation into which the Trustee
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee will be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the
Trustee, will be the successor of the Trustee hereunder (provided that such corporation will otherwise be qualified and eligible under
this Article), without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Subordinated Notes will have been authenticated but not delivered by the Trustee then in office, any such successor to such authenticating
Trustee may adopt such authentication and deliver the Subordinated Notes so authenticated with the same effect as if such successor Trustee
had itself authenticated such Subordinated Notes. In case any Subordinated Notes will not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such Subordinated Notes in either its own name or that of its predecessor
Trustee.

 

    	 	52	 

     

    

Section 5.12Appointment of Authenticating
Agent.

 

The Trustee may appoint one or more Authenticating
Agents acceptable to the Company with respect to the Subordinated Notes which will be authorized to act on behalf of the Trustee to authenticate
Subordinated Notes issued upon original issue, exchange, registration of transfer, partial redemption, partial repayment, or in accordance
with Section 2.09, and Subordinated Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Subordinated Notes by the Trustee or the Trustee’s certificate of authentication, such reference will be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf
of the Trustee by an Authenticating Agent.

 

Each Authenticating Agent will be reasonably
acceptable to the Company and, except as provided in or under this Indenture, will at all times be a corporation that would be permitted
by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable
law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2)
of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority. If at
any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, it will resign immediately
upon written request therefor by the Company or any Holder in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such Authenticating Agent will be a party, or any corporation succeeding to all or substantially all of the corporate agency
or corporate trust business of an Authenticating Agent, will be the successor of such Authenticating Agent hereunder, provided such corporation
will be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

 

An Authenticating Agent may resign at
any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time such Authenticating Agent will cease to be eligible in accordance with the provisions of this
Section, the Trustee may appoint a successor Authenticating Agent that will be acceptable to the Company and will deliver written notice
of such appointment by first-class mail, postage prepaid, to all Holders with respect to which such Authenticating Agent will serve,
as their names and addresses appear in the Subordinated Note Register. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section
5.12.

 

    	 	53	 

     

    

The Company agrees to pay each Authenticating
Agent from time to time reasonable compensation for its services under this Section. If the Trustee makes such payments, it will be entitled
to be reimbursed for such payments, subject to the provisions of Section 5.07.

 

The provisions of Section 2.11, Section
5.04 and Section 5.05 will be applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed
under this Section, the Subordinated Notes may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of
authentication, an alternate certificate of authentication in substantially the following form:

 

This is one of the Subordinated Notes
of the series designated therein referred to in the within-mentioned Indenture.

 

U.S. Bank National Association, as Trustee

 

By: ________________________________

Authenticating Agent

 

By:  ________________________________

Name:

Title:

 

Section 5.13Preferred Collection of Claims
against Company.

 

If and when the Trustee will be or become
a creditor of the Company (or any other obligor upon the Subordinated Notes), the Trustee will be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

ARTICLE VI

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 6.01Holder Lists.

 

The Trustee will preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of the Holders. If the Trustee is
not the Registrar, the Company will cause to be furnished to the Trustee (a) during the initial period provided for under Section 2.13(1)
during which the interest rate is fixed, at least semiannually on January 1 and July 1 and (b) during the Floating Rate Period, at least
quarterly on January 1, April 1, July 1 and October 1; a listing of the Holders dated within 10 days of the date on which the list is
furnished and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders.

 

    	 	54	 

     

    

Section 6.02Preservation of Information;
Communications to Holders.

 

The Trustee will comply with the obligations
imposed upon it in accordance with Section 312 of the Trust Indenture Act.

 

Every Holder of Subordinated Notes, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any
Registrar will be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of
Subordinated Notes in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information
was derived, and that the Trustee will not be held accountable by reason of delivering any material in accordance with a request made
under Section 312(b) of the Trust Indenture Act.

 

Section 6.03Reports by Trustee.

 

(1)              
Within 60 days after July 15 of each year commencing with the first July 15 following the date of this Indenture, if required by
Section 313(a) of the Trust Indenture Act, the Trustee will transmit, in accordance with Section 313(c) of the Trust Indenture Act, a
brief report dated as of such July 15 with respect to any of the events specified in said Section 313(a) and Section 313(b)(2) that may
have occurred since the later of the immediately preceding July 15 and the date of this Indenture.

 

(2)              
The Trustee will transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

		(3)	The Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture

Act.

 

		(4)	Reports under this Section will be transmitted in the manner and to the Persons

required by Section 313(c) and Section 313(d) of the Trust Indenture Act.

 

Section 6.04Reports by Company.

 

		(1)	The Company, in accordance with Section 314(a) of the Trust Indenture Act, will:

 

(a)              
file with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of
the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) that the Company may be required to file with the Commission in accordance with Section 13 or Section
15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports in accordance with either of said
Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time
by the Commission, such of the supplementary and periodic information, documents and reports that may be required in accordance with Section
13 of the

Exchange Act in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations;

 

    	 	55	 

     

    

(b)              
file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such additional certificates, information, documents and reports with respect to compliance by the Company, with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations; and

 

(c)              
transmit to the Holders within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section
313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company in accordance
with paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such will not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates).

 

(2)              
The Company intends to file the reports referred to in Section 6.04(1) with the Commission in electronic form in accordance with
Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with
the foregoing, or any successor electronic system approved by the Commission, will constitute delivery by the Company of such reports
to the Trustee and Holders in compliance with the provision of Section 6.04(1) and Trust Indenture Act Section 314(a). Notwithstanding
anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company
makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information
and documents to the Trustee in accordance with this Section 6.04(2) will be solely for the purposes of compliance with Section 6.04(1)
and with Trust Indenture Act Section 314(a). The Trustee’s receipt of such reports, information and documents (whether or not filed
in electronic form) is for informational purposes only and the Trustee’s receipt of such will not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee
shall have no liability or responsibility for the filing, content or timelines of any report hereunder aside from any report transmitted
under Section

		6.03	hereof.

 

ARTICLE
VII 

SUCCESSORS

 

Section 7.01Merger,
Consolidation or Sale of All or Substantially All Assets.

 

The Company will not, in any transaction
or series of related transactions, consolidate with or merge into any Person or sell, assign, transfer, lease or otherwise convey all
or substantially all its properties and assets to any Person, unless:

    	 	56	 

     

    

 

(1)              
either the Company will be the continuing Person (in the case of a merger), or the successor Person (if other than the Company)
formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance
all or substantially all the properties and assets of the Company will be a corporation organized and existing under the laws of the United
States, any state thereof or the District of Columbia and will expressly assume, by an indenture (or indentures, if at such time there
is more than one Trustee) supplemental hereto, executed by such successor corporation and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of, and interest on, all the Outstanding Subordinated Notes and the due
and punctual performance and observance of every obligation in this Indenture and the Outstanding Subordinated Notes on the part of the
Company to be performed or observed;

 

(2)              
immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company or
any Subsidiary as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction,
no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, will have occurred
and be continuing;

 

(3)              
if, as a result of any such consolidation or merger or such conveyance, transfer or lease, such properties or assets would become
subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company
or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Subordinated Notes
equally and ratably with (or prior to) all indebtedness secured thereby and such encumbrances shall be deemed to be permitted by this
Indenture; and

 

(4)              
either the Company or the successor Person will have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture
is required in connection with such transaction, such supplemental indenture comply with this Article VII and that all conditions precedent
herein provided for relating to such transaction have been complied with.

 

For purposes of the foregoing, any
sale, assignment, transfer, lease or other conveyance of all or any of the properties and assets of one or more Subsidiaries of the Company
(other than to the Company or another Subsidiary), which, if such properties and assets were directly owned by the Company, would constitute
all or substantially all of the Company’s properties and assets, will be deemed to be the transfer of all or substantially all of
the properties and assets of the Company.

 

Section 7.02Successor Person Substituted
for Company.

 

Upon any consolidation by the Company with
or merger of the Company into any other Person or any sale, assignment, transfer, lease or conveyance of all or substantially all of the
properties and assets of the Company to any Person in accordance with Section 7.01, the successor Person formed by such consolidation
or into which the Company is merged or to which such sale, assignment, transfer, lease or other conveyance is made will succeed to, and
be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein; and thereafter, except in the case

of a lease, the predecessor Person will be released from all obligations and covenants
under this Indenture and the Subordinated Notes.

 

    	 	57	 

     

    

ARTICLE
VIII 

SUPPLEMENTAL INDENTURES

 

Section 8.01Supplemental Indentures without
Consent of Holders.

 

Without the consent of any Holders of
Subordinated Notes, the Company (when authorized by or in accordance with a Board Resolution) and the Trustee, at any time and from time
to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)              
to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
contained herein and in the Subordinated Notes;

 

(2)              
to add to the covenants of the Company for the benefit of the Holders (as will be specified in such supplemental indenture or indentures)
or to surrender any right or power herein conferred upon the Company with respect to the Subordinated Notes issued under this Indenture
(as will be specified in such supplemental indenture or indentures);

 

(3)              
to permit or facilitate the issuance of Subordinated Notes in uncertificated or global form, provided any such action will not
adversely affect the interests of the Holders;

 

(4)              
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Subordinated Notes
and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, in accordance with the requirements of Section 5.10;

 

(5)              
to cure any ambiguity or to correct or supplement any provision herein that may be defective or that may be inconsistent with any
other provision herein;

 

(6)              
to make any other provisions with respect to matters or questions arising under this Indenture that will not adversely affect the
interests of the Holders of then Outstanding Subordinated Notes;

 

(7)              
to add any additional Events of Default (as will be specified in such supplemental indenture);

 

(8)              
to supplement any of the provisions of this Indenture to such extent as will be necessary to permit or facilitate the Legal Defeasance,
Covenant Defeasance and/or satisfaction and discharge of the Subordinated Notes in accordance with Article III, provided that any such
action will not adversely affect the interests of any Holder;

 

		(9)	to provide for the issuance of Exchange Notes;

 

    	 	58	 

     

    

(10)          
to conform any provision in this Indenture to the requirements of the Trust Indenture Act; or

 

(11)          
to make any change that does not adversely affect the legal rights under this Indenture of any Holder.

 

Section 8.02Supplemental Indentures with
Consent of Holders.

 

With the consent of the Holders of not
less than a majority in principal amount of the Outstanding Subordinated Notes, by Act of said Holders delivered to the Company and the
Trustee, the Company (when authorized by or in accordance with a Board Resolution), and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of the Subordinated Notes or of modifying in any manner the rights of the Holders under this Indenture; provided, that no
such supplemental indenture, without the consent of the Holder of each Outstanding Subordinated Note affected thereby, will:

 

(1)              
reduce the rate of or change the time for payment of interest, including Defaulted Interest, on any Subordinated Notes;

 

(2)              
reduce the principal of or change the Stated Maturity of any Subordinated Notes, or change the date on which any Subordinated Notes
may be subject to redemption or reduce the Redemption Price therefore;

 

		(3)	make any Subordinated Note payable in money other than Dollars;

 

(4)              
make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest
on such Subordinated Note on or after the due date thereof or to bring suit to enforce such payment;

 

(5)              
reduce the percentage in principal amount of the Outstanding Subordinated Notes, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in Section 4.12 or Section 9.06 of this Indenture; or

 

(6)              
modify any of the provisions of this Section 8.02, Section 4.12 or Section 9.06, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Subordinated
Note affected thereby.

 

It will not be necessary for any Act
of Holders under this Section 8.02 to approve the particular form of any proposed supplemental indenture, but it will be sufficient if
such Act will approve the substance thereof.

 

    	 	59	 

     

    

Section 8.03Execution of Supplemental Indentures.

 

As a condition to executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article VIII or the modifications thereby of the trust
created by this Indenture, the Trustee will be entitled to receive, and (subject to Section 5.01) will be fully protected in relying upon,
an Officers’ Certificate and an Opinion of Counsel to the effect that the execution of such supplemental indenture is authorized
or permitted by this Indenture, that such supplemental indenture has been duly authorized, executed and delivered by, and is a valid,
binding and enforceable obligation of, the Company, subject to customary exceptions. The Trustee may, but will not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 8.04Effect of Supplemental Indentures.

 

Upon the execution of any supplemental
indenture under this Article VIII, this Indenture will be modified in accordance therewith, and such supplemental indenture will form
a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

 

Section 8.05Reference in Subordinated Notes
to Supplemental Indentures.

 

Subordinated Notes authenticated and delivered
after the execution of any supplemental indenture in accordance with this Article VIII may, and will if required by the Company, bear
a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company will so determine,
new Subordinated Notes so modified as to conform, in the opinion of the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Subordinated Notes.

 

Section 8.06Effect on Senior Indebtedness.

 

No supplemental indenture will directly
or indirectly modify or eliminate the Subordination Provisions or the definition of “Senior Indebtedness” applicable with
respect to the Subordinated Notes in any manner that might terminate or impair the subordination of such Subordinated Notes to such Senior
Indebtedness without the prior written consent of each of the holders of such Senior Indebtedness.

 

Section 8.07Conformity with Trust Indenture
Act.

 

Every supplemental indenture executed
in accordance with this Article will conform to the requirements of the Trust Indenture Act as then in effect.

 

    	 	60	 

     

    

ARTICLE
IX 

COVENANTS

 

Section 9.01Payment of Principal and Interest.

 

The Company covenants and agrees for the
benefit of the Holders that it will duly and punctually pay the principal of, and interest on, the Subordinated Notes, in accordance with
the terms thereof and this Indenture. Principal and interest will be considered paid on the date due if the Paying Agent, if other than
the Company or a Subsidiary thereof, holds as of 11:00 a.m., Eastern time, on the Business Day immediately prior to any Interest Payment
Date, an amount in immediately available funds provided by the Company that is designated for and sufficient to pay all principal and
interest then due. The Company will pay all Additional Interest, if any, on the dates and in the amounts set forth in the Registration
Rights Agreement.

 

If Additional Interest is payable by the
Company in accordance with the Registration Rights Agreement and Section 2 of the Subordinated Notes, the Company will deliver to the
Trustee a certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such
Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives such a certificate or instruction or direction
from the Holders in accordance with the terms of this Indenture, the Trustee may assume without inquiry that no Additional Interest is
payable. The foregoing will not prejudice the rights of the Holders with respect to their entitlement to Additional Interest as otherwise
set forth in this Indenture or the Subordinated Notes and pursuing any action against the Company directly or otherwise directing the
Trustee to take such action in accordance with the terms of this Indenture and the Subordinated Notes. If the Company has paid Additional
Interest directly to persons entitled to it, the Company will deliver to the Trustee a certificate setting forth the particulars of such
payment.

 

Section 9.02Maintenance of Office.

 

The Company will maintain an office or
agency in the Borough of Manhattan, New York, New York or the City of Helena, Montana (which may be an office of the Trustee or an Affiliate
of the Trustee or Registrar) where Subordinated Notes may be surrendered for registration of transfer or for exchange and where notices
and demands to or upon the Company in respect of the Subordinated Notes and this Indenture may be served. The Company will give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails
to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

The Company may also from time to time
designate one or more other offices or agencies where the Subordinated Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such designation or rescission will in any manner relieve the Company
of its obligation to maintain an office or agency in the Borough of Manhattan, New York, New York or the City of Helena, Montana. The
Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any
such other office or agency.

 

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The Company hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 9.02.

 

Section 9.03Money for Subordinated Notes
Payments to Be Held in Trust.

 

If the Company will at any time act as
its own Paying Agent, it will, on or before each due date of the principal of, or interest on, any of the Subordinated Notes, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars sufficient to pay the principal and interest, as the
case may be, so becoming due until such sums will be paid to such Persons or otherwise disposed of as herein provided, and will promptly
notify the Trustee of its action or failure so to act.

 

Whenever the Company will have one
or more Paying Agents, it will, on or prior to each due date of the principal of, or interest on, any Subordinated Notes, deposit with
any Paying Agent a sum in Dollars sufficient to pay the principal and interest, as the case may be, so becoming due, such sum to be held
in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify
the Trustee of its action or failure so to act.

 

The Company will cause each Paying Agent
other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent will agree with the Trustee, subject
to the provisions of this Section that such Paying Agent will:

 

(1)              
hold all sums held by it for the payment of the principal of, or interest on, the Subordinated Notes in trust for the benefit of
the Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as provided in or under this Indenture;

 

(2)              
give the Trustee notice of any default by the Company in the making of any payment of principal, or interest on, the Subordinated
Notes; and

 

(3)              
at any time during the continuance of any such default, upon the written request of the Trustee, pay to the Trustee all sums so
held in trust by such Paying Agent.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent
to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms
as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent will be released from all further liability with respect to such sums.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of, or interest on, any Subordinated Note and
remaining unclaimed for two years after such principal or interest will have become due and payable will be paid to the Company upon a
Company Request, or (if then held by the Company) will be discharged from such trust; and the Holder of such Subordinated Note will thereafter,
as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the

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Trustee or such Paying Agent with respect to such trust money, and all liability of
the Company as trustee thereof, will thereupon cease.

 

Section 9.04Corporate Existence.

 

Subject to Article VII, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect (i) the corporate existence of the Company,
(ii) the existence (corporate or otherwise) of each Significant Subsidiary and (iii) the rights (charter and statutory), licenses and
franchises of the Company and each of its Significant Subsidiaries; provided, however, that the Company will not be required to preserve
the existence (corporate or other) of any of its Significant Subsidiaries or any such right, license or franchise of the Company or any
of its Significant Subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Significant Subsidiaries taken as a whole and that the loss thereof will not be
disadvantageous in any material respect to the Holders.

 

Section 9.05Maintenance of Properties.

 

The Company will, and will cause each
Significant Subsidiary to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section will
prevent the Company or any Significant Subsidiary from discontinuing the operation and maintenance of any of their respective properties
if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary, as the case may
be desirable in the conduct of its business.

 

Section 9.06Well Capitalized.

 

The Company shall not declare or pay any
dividend, or make any distribution on capital stock or other equity securities of any kind of the Company, except for dividends payable
solely in shares of common stock, if either of the Company or any insured depository Subsidiary are not “Well Capitalized”
pursuant to then-applicable regulatory capital standards, both immediately prior to the declaration of such dividend or distribution and
after giving effect to the payment of such dividend or distribution, and subject to receipt of any required regulatory approval.

 

Section 9.07Waiver of Certain Covenants.

 

The Company may omit in any particular
instance to comply with any term, provision or condition set forth in Section 9.02 to Section 9.06, inclusive, with respect to the Subordinated
Notes if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Subordinated Notes,
by Act of such Holders, either will waive such compliance in such instance or generally will have waived compliance with such term, provision
or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived,
and, until such waiver will become effective, the obligations of the Company

and the duties of the Trustee in respect of any such term, provision or condition will
remain in full force and effect.

 

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Section 9.08Company Statement as to Compliance.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year, an Officers’ Certificate covering the preceding calendar year, stating whether
or not, to the best of his or her knowledge, the Company is in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture (without regard to notice requirements or periods of grace) and if the Company will be in default, specifying
all such defaults and the nature and status thereof of which he or she may have knowledge.

 

Section 9.09Tier 2 Capital.

 

If all or any portion of the Subordinated
Notes ceases to be deemed to be 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 Stated Maturity or Maturity of the Subordinated Notes, the Company will immediately
notify the Trustee and the Holders thereof, and thereafter the Company may request that the Holders work with the Company in good faith,
subject to the terms of this Indenture, to execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital, and the Company may request, subject to
the terms of this Indenture, that the Trustee execute and deliver all such agreements as may be reasonably necessary in order to effect
any restructuring agreed to by the Company and the Holders; provided, however, that nothing contained in this Section 9.09
shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section
10.01(3) hereof.

 

ARTICLE
X 

REDEMPTION OF SECURITIES

 

Section 10.01Applicability of Article.

 

(1)              
Except as provided in this Section 10.01, the Subordinated Notes are not subject to redemption at the option of the Company. The
Subordinated Notes are not subject to redemption at the option of the Holders.

 

(2)              
Subject to the receipt of any required regulatory approvals, with corresponding written notice to the Trustee, the Company may,
at its option, on any Interest Payment Date on or after February 1, 2027, redeem all or a portion of the Subordinated Notes.

 

(3)              
Subject to the receipt of any required regulatory approvals, the Company may, at its option, redeem all, but not a portion of the
Outstanding Subordinated Notes at any time upon an Investment Company Event, a Tax Event or a Tier 2 Capital Event.

 

(4)              
The Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount
of the Subordinated Notes to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding,
the Redemption Date.

 

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Section 10.02Election to Redeem; Notice
to Trustee.

 

The election of the Company to redeem
any Subordinated Notes will be evidenced by a Company Order. In case of any redemption of less than all of the Subordinated Notes, the
Company will, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice will be satisfactory to the
Trustee, but in any event not less than 45 days prior to the Redemption Date), notify the Trustee, of such Redemption Date and of the
principal amount of Subordinated Notes to be redeemed.

 

In the case of any redemption of Subordinated
Notes (i) prior to the expiration of any restriction on such redemption provided in the terms of such Subordinated Notes or elsewhere
in this Indenture or (ii) in accordance with an election of the Company that is subject to a condition specified in the terms of such
Subordinated Notes or elsewhere in this Indenture, the Company will furnish to the Trustee an Officers’ Certificate evidencing compliance
with such restriction or condition.

 

Section 10.03Selection by Trustee of Subordinated
Notes to be Redeemed.

 

If less than all of the Subordinated Notes
are to be redeemed, the particular Subordinated Notes to be redeemed will be selected not more than 45 days prior to the Redemption Date
by the Trustee from the Outstanding Subordinated Notes not previously called for redemption unless otherwise required by law or applicable
Depositary requirements, on a pro rata basis as to the Holders and which may provide for the selection for redemption of portions of the
principal amount of Subordinated Notes; provided, however, that no such partial redemption will reduce the portion of the
principal amount of a Subordinated Note not redeemed to less than the minimum denomination for a Subordinated Note established in or under
this Indenture. In the event a pro rata redemption is not permitted under applicable law or applicable depositary requirements, the Subordinated
Notes to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate.

 

The Trustee will promptly notify the Company
and the Registrar (if other than itself) in writing of the Subordinated Notes selected for redemption and, in the case of any Subordinated
Notes selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Subordinated Notes will relate, in the case of any Subordinated
Notes redeemed or to be redeemed only in part, to the portion of the principal of such Subordinated Notes which has been or is to be redeemed.

 

Section 10.04Notice of Redemption.

 

Notice of redemption will be given in
the manner provided in Section 1.05, not less than 30 nor more than 60 days prior to the Redemption Date to the Holders of Subordinated
Notes to be redeemed. Failure to give notice by delivering in the manner herein provided to the Holder of any Subordinated Notes designated
for redemption as a whole or in part, or any defect in the notice to any such Holder, will not affect the validity of the proceedings
for the redemption of any other Subordinated Notes or portions thereof.

 

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Any notice that is delivered to the Holder
of any Subordinated Notes in the manner herein provided will be conclusively presumed to have been duly given, whether or not such Holder
receives the notice.

 

All notices of redemption will state:

 

		(1)	the Redemption Date,

 

		(2)	the Redemption Price,

 

(3)              
if less than all Outstanding Subordinated Notes are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Subordinated Note or Subordinated Notes to be redeemed,

 

(4)              
that, in case any Subordinated Note is to be redeemed in part only, on and after the Redemption Date, upon surrender of such Subordinated
Note, the Holder of such Subordinated Note will receive, without charge, a new Subordinated Note or Subordinated Notes of authorized denominations
for the principal amount thereof remaining unredeemed,

 

(5)              
that, on the Redemption Date, the Redemption Price will become due and payable upon each such Subordinated Note or portion thereof
to be redeemed, together (if applicable) with accrued and unpaid interest and Additional Interest, if any, thereon (subject, if applicable,
to the provisos to the first paragraph of Section 10.06), and, if applicable, that interest thereon will cease to accrue on and after
said date,

 

(6)              
the place or places where such Subordinated Notes are to be surrendered for payment of the Redemption Price and any accrued interest
pertaining thereto, and

 

		(7)	the section hereunder providing for such redemption.

 

The notice of redemption shall include the CUSIP
number reference numbers of such Subordinated Notes, if any (or any other numbers used by a Depositary to identify such Subordinated Notes).

 

Notice of redemption of Subordinated Notes
to be redeemed at the election of the Company will be given by the Company or, at the Company’s request delivered at least 10 days
before the date such notice is to be given (unless a shorter period will be acceptable to the Trustee), by the Trustee in the name and
at the expense of the Company.

 

Section 10.05Deposit of Redemption Price.

 

On or prior to 11:00 a.m., Eastern time,
on any Redemption Date, the Company will deposit, with respect to the Subordinated Notes called for redemption in accordance with Section
10.04, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided
in Section 9.03) an amount sufficient to pay the Redemption Price of, and (except if the Redemption Date will be an Interest Payment Date)
any accrued interest on, all such Subordinated Notes or portions thereof which are to be redeemed on that date.

 

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Section 10.06Subordinated Notes Payable
on Redemption Date.

 

Notice of redemption having been given
as provided above, the Subordinated Notes so to be redeemed will, on the Redemption Date, become due and payable at the Redemption Price
therein specified, together with accrued and unpaid interest and Additional Interest, if any, thereon and from and after such date (unless
the Company will default in the payment of the Redemption Price and accrued interest, if any) such Subordinated Notes will cease to bear
interest. Upon surrender of any such Subordinated Note for redemption in accordance with said notice, such Subordinated Note will be paid
by the Company at the Redemption Price, together with any accrued and unpaid interest and Additional Interest, if any, thereon to but
excluding the Redemption Date; provided, however, that installments of interest on Subordinated Notes whose Stated Maturity
is on or prior to the Redemption Date will be payable to the Holders of such Subordinated Notes registered as such at the close of business
on the Regular Record Dates therefor according to their terms and the provisions of Section 2.10.

 

If any Subordinated Note called for redemption
will not be so paid upon surrender thereof for redemption, the principal, until paid, will bear interest from the Redemption Date at the
rate prescribed therefor in the Subordinated Note or, if no rate is prescribed therefor in the Subordinated Note, at the rate of interest,
if any, borne by such Subordinated Note.

 

Section 10.07Subordinated Notes Redeemed
in Part.

 

Any Subordinated Note which is to be redeemed
only in part will be surrendered at any office or agency for such Subordinated Note (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company will execute and the Trustee will authenticate and deliver to the
Holder of such Subordinated Note without service charge, a new Subordinated Note or Subordinated Notes, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Subordinated Note so surrendered. If a Global Subordinated Note is so surrendered, the Company
will execute, and the Trustee will authenticate and deliver to the Depositary for such Global Subordinated Note as will be specified in
the Company Order with respect thereto to the Trustee, without service charge, a new Global Subordinated Note in a denomination equal
to and in exchange for the unredeemed portion of the principal of the Global Subordinated Note so surrendered.

 

Upon surrender of a Subordinated Note
that is redeemed in part, the Company will issue and the Trustee will authenticate for the Holder at the expense of the Company a new
Subordinated Note equal in principal amount to the unredeemed portion of the Subordinated Notes Note surrendered representing the same
indebtedness to the extent not redeemed. Notwithstanding anything in this Indenture to the contrary, only a Company Order and not an Opinion
of Counsel or an Officers’ Certificate of the Company is required for the Trustee to authenticate such new Subordinated Note.

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ARTICLE
XI 

SUBORDINATION OF SECURITIES

 

Section 11.01Agreement to Subordinate.

 

The Company, for itself, its successors
and assigns, covenants and agrees, and each Holder of Subordinated Notes by the Holder’s acceptance thereof, likewise covenants
and agrees, that the payment of the principal of and interest on each and all of the Subordinated Notes is and will be expressly subordinated
in right of payment to the prior payment in full of all Senior Indebtedness.

 

Section 11.02Distribution of Assets.

 

(1)              
Upon any distribution of assets of the Company upon any termination, winding up, liquidation or reorganization of the Company,
whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any
other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction
to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness and the holders thereof with respect to
the Subordinated Notes and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

 

(a)              
holders of all Senior Indebtedness will first be entitled to receive payment in full in accordance with the terms of such Senior
Indebtedness of the principal thereof, premium, if any, and the interest due thereon (including interest accruing subsequent to the commencement
of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or
hereafter in effect) before the Holders of the Subordinated Notes are entitled to receive any payment upon the principal of or interest
on indebtedness evidenced by the Subordinated Notes;

 

(b)              
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which
the Holders would be entitled except for the provisions of this Article XI, including any such payment or distribution that may be payable
or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Subordinated
Notes, will be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy,
a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives
or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been
issued, in accordance with the priorities then existing among holders of Senior Indebtedness for payment of the aggregate amounts remaining
unpaid on account of the principal, premium, if any, and interest (including interest accruing subsequent to the commencement of any proceeding
for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in effect)
on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining
unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; it being understood
that if the Holders fail to file a proper claim in the form required by any proceeding referred to in this Section 11.02(1)(b) prior to
30 days before the expiration of the time to file such claim or claims, then the holders of Senior Indebtedness are hereby authorized
to file an

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appropriate claim or claims for and on behalf of the Holders, in the form required
in any such proceeding; and

 

(c)              
in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the
payment of any other indebtedness of the Company being subordinate to the payment of the Subordinated Notes will be received by the Trustee
or the Holders before all Senior Indebtedness is paid in full, such payment or distribution will be paid over to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person making payment of assets of the Company for all Senior Indebtedness
remaining unpaid until all such Senior Indebtedness will have been paid in full, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness,

 

(2)               Subject
to the payment in full of all Senior Indebtedness, the Holders will be subrogated to the rights of the holders of Senior
Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior
Indebtedness until the principal of and interest on the Subordinated Notes will be paid in full and no such payments or
distributions to holders of such Senior Indebtedness to which the Holders would be entitled except for the provisions hereof of
cash, property or securities otherwise distributable to the holders of Senior Indebtedness will, as between the Company, its
creditors, other than the holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account
of the Senior Indebtedness. It is understood that the provisions of this Article XI are intended solely for the purpose of defining
the relative rights of the Holders of the Subordinated Notes, on the one hand, and the holders of Senior Indebtedness, on the other
hand. Nothing contained in this Article XI or elsewhere in this Indenture or any supplemental indenture issued in accordance with
Article VIII of this Indenture or in the Subordinated Notes is intended to or will impair, as between the Company, its creditors,
other than the holders of Senior Indebtedness, and the Holders, the obligation of the Company, which is unconditional and absolute,
to pay to the Holders the principal of and interest on the Subordinated Notes as and when the same will become due and payable in
accordance with their terms or to affect the relative rights of the Holders and creditors of the Company, other than the holders of
the Senior Indebtedness, nor, except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to
the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes and pursue
remedies upon such an acceleration, will anything herein or in the Subordinated Notes prevent the Trustee or any Holder from
exercising all remedies otherwise permitted by applicable law upon any Event of Default under the Indenture occurring, subject to
the rights, if any, under this Article XI of the holders of Senior Indebtedness, in respect of cash, property or securities of the
Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this
Article XI, the Trustee and the Holders will be entitled to rely upon any order or decree of a court of competent jurisdiction in
which such termination, winding up, liquidation or reorganization proceeding is pending or upon a certificate of the liquidating
trustee or agent or other Person making any distribution to the Trustee or to the Holders for the purpose of ascertaining the
Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company,
the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to
this Article XI. In the absence of any such liquidating trustee, agent or other person, the Trustee will be entitled

    	 	69	 

     

    

 

to rely upon a written notice by a Person representing
itself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence that such Person is
a holder of Senior Indebtedness (or is such a trustee or representative). If the Trustee determines, in good faith, that further evidence
is required with respect to the right of any Person, as a holder of Senior Indebtedness, to participate in any payment or distribution
in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such
payment or distribution, and as to other facts pertinent to the rights of such Person under this Article XI, and if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment.

 

With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth
in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness will be read into this Indenture
against the Trustee. The Trustee, however, will not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by reason
of the execution of this Indenture, or any other supplemental indenture entered into in accordance with Article VIII of this Indenture,
and will not be liable to any such holders if it will in good faith mistakenly pay over or distribute to or on behalf of the Holders or
the Company moneys or assets to which any holders of Senior Indebtedness will be entitled by virtue of this Article XI or otherwise.

 

Section 11.03Default With Respect to Senior
Indebtedness.

 

In the event and during the continuation
of any default in the payment of principal of, or premium, if any, or interest on, any Senior Indebtedness, beyond any applicable grace
period, or if any event of default with respect to any Senior Indebtedness will have occurred and be continuing, or would occur as a result
of the payment referred to hereinafter, permitting the holders of such Senior Indebtedness (or a trustee on behalf of the holders thereof)
to accelerate the maturity thereof, then, unless and until such default or event of default will have been cured or waived or will have
ceased to exist, no payment or principal of or interest on the Subordinated Notes, or in respect of any retirement, purchase or other
acquisition of any of the Subordinated Notes, will be made by the Company.

 

Section 11.04No Impairment.

 

Nothing contained in this Indenture,
any other supplemental indenture entered into in accordance with Article VIII of this Indenture, or in any of the Subordinated Notes will:
(i) impair, as between the Company and the Holders, the obligations of the Company, to make, or prevent the Company from making, at any
time except as provided in Section 11.02 and Section 11.03, payments of principal of, or interest (including interest accruing subsequent
to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency,
or similar law now or hereafter in effect) on, the Subordinated Notes, as and when the same will become due and payable in accordance
with the terms of the Subordinated Notes; (ii) affect the relative rights of the Holders and creditors of the Company other than the holders
of the Senior Indebtedness; (iii) except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to
the limitation on the rights of the Trustee and the

    	 	70	 

     

    

 

Holders, to accelerate the maturity of the Subordinated Notes
and pursue remedies upon such an acceleration, prevent the Holder of any Subordinated Notes or the Trustee from exercising all remedies
otherwise permitted by applicable law upon default thereunder, subject to the rights, if any, under this Article XI of the holders of
Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of such remedy; or (iv) prevent
the application by the Trustee or any Paying Agent of any moneys deposited with it hereunder to the payment of or on account of the principal
of, or interest on, the Subordinated Notes or prevent the receipt by the Trustee or any Paying Agent of such moneys, if, prior to the
third Business Day prior to such deposit, the Trustee or such Paying Agent did not have written notice of any event prohibiting the making
of such deposit by the Company.

 

Section 11.05Effectuation of Subordination
Provisions.

 

Each Holder by his acceptance of any Notes
authorizes and expressly directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate
the Subordination Provisions, and appoints the Trustee such Holder’s attorney-in-fact for such purposes, including, in the event
of any termination, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization
or similar proceedings or upon an assignment for the benefit of creditors by the Company, a marshalling of the assets and liabilities
of the Company or otherwise) tending toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid
balance of the Subordinated Notes in the form required in those proceedings.

 

Section 11.06Notice to Trustee.

 

The Company will give prompt written
notice to the Trustee of any fact known to the Company that would prohibit the Company from making any payment to or by the Trustee in
respect of the Subordinated Notes in accordance with the provisions of this Article XI. The Trustee will not be charged with the knowledge
of the existence of any default or event of default with respect to any Senior Indebtedness or of any other facts that would prohibit
the making of any payment to or by the Trustee or any Paying Agent unless and until a Responsible Officer of the Trustee has received
a written notice specifying such default, event of default or other facts signed by an Authorized Officer, or by a holder of Senior Indebtedness
or a trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee will, subject to Article V of this Indenture,
be entitled to assume that no such facts exist; provided that, if the Trustee will not have received the notice provided for in this Section
11.06 at least two Business Days prior to the date upon which, by the terms of the Indenture, any monies will become payable for any purpose
(including, without limitation, the payment of the principal of or interest on any Subordinated Note), then, notwithstanding anything
herein to the contrary, the Trustee will have full power and authority to receive any monies from the Company and to apply the same to
the purpose for which they were received, and will not be affected by any notice to the contrary that may be received by it on or after
such prior date except for an acceleration of the Subordinated Notes prior to such application. The foregoing will not apply if the Paying
Agent is the Company. The Trustee will be entitled to rely on the delivery to it of a written notice by a Person representing himself
or itself to be a holder of any Senior Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish that such notice
has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of any such holder.

    	 	71	 

     

    

 

In the event that the Trustee determines
in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate
in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article XI and, if such
evidence is not furnished to the Trustee, the Trustee may defer any payment to such Person pending such evidence being furnished to the
Trustee or a judicial determination that such Person has the right to receive such payment.

 

Section 11.07Trustee Knowledge of Senior
Indebtedness.

 

Notwithstanding the provisions of this
Article XI or any other provisions of this Indenture or any other supplemental indenture issued in accordance with Article VIII of this
Indenture, neither the Trustee nor any Paying Agent will be charged with knowledge of the existence of any Senior Indebtedness or of any
event that would prohibit the making of any payment of moneys to or by the Trustee or such Paying Agent, unless and until a Responsible
Officer of the Trustee or such Paying Agent has received written notice thereof from the Company or from the holder of any Senior Indebtedness
or from the representative of any such holder.

 

Section 11.08Senior Indebtedness to Trustee.

 

The Trustee will be entitled to all of
the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it in its individual capacity to the
same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any other supplemental indenture issued
in accordance with Article VIII of this Indenture will be construed to deprive the Trustee of any of its rights as such holder.

 

Section 11.09Subordination Not Applicable
to Trustee Compensation.

 

Nothing contained in this Article XI will
apply to the claims of, or payments to, the Trustee under Section 5.07 of this Indenture.

 

The Trustee hereby accepts the trusts in
this Indenture upon the terms and conditions set forth herein.

 

[Signature Page Follows]

 

 

 

    	 	72	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly signed as of the date first written above.

 

 

	 	EAGLE BANCORP MONTANA, INC.
	 	 
	 	 
	 	By /s/ Laura F. Clark       
	 	Name 	Laura F. Clark
		Title	Executive Vice President, Chief Financial Officer and Chief Operating Officer
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION As Trustee
	 	 
	 	 
	 	By /s/ Wally Jones     
	 	Name	Wally Jones
	 	Title	Vice President

 

 

[Signature Page to Indenture]

     

     

    

 

EXHIBIT A-1

 

SUBORDINATED NOTE CERTIFICATE

 

EAGLE BANCORP MONTANA, INC.

 

3.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE FEBRUARY
1, 2032

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS
EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN INSTITUTIONAL ACCREDITED
INVESTOR AS DEFINED IN RULE 501(A)(1), (2), (3), (7) or (9) OF REGULATION D UNDER THE SECURITIES ACT; OR (C) UNDER ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT).

 

TRANSFERS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH RESTRICTIONS SET FORTH IN THE INDENTURE IDENTIFIED HEREIN.

 

THE SECURITY AND THE OBLIGATIONS OF THE COMPANY AS EVIDENCED
BY THIS SUBORDINATED NOTE (1) ARE NOT A DEPOSIT AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY OR FUND AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).

 

CERTAIN ERISA CONSIDERATIONS:

 

THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN,
BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON
INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER
OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED

    	1

     

    

 

TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR
84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED
BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED
NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (i) IT IS NOT AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF
OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT
PLAN OR PLAN TO FINANCE SUCH PURCHASE OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION
OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE
OR ANY INTEREST HEREIN.

 

 

 

 

 

 

 

 

    	2

     

    

 
	No. 2032-[●]	CUSIP Accredited Investors: 26942G AE0

                                                              ISIN Accredited Investors: US26942GAE08

 

EAGLE BANCORP MONTANA, INC.

 

 

3.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE 2032

 

THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND.

 

1.                 
Indenture; Holders. This Subordinated Note is one of a duly authorized issue of notes of Eagle Bancorp Montana, Inc., a Delaware
corporation (the “Company”), designated as the “3.50% Fixed-to-Floating Rate Subordinated Notes due 2032”
(the “Subordinated Notes”) in an aggregate principal amount of $40,000,000 and initially issued on January 21, 2022.
The Company has issued this Subordinated Note under that certain Indenture dated as of January 21, 2022, as the same may be amended or
supplemented from time to time (“Indenture”), between the Company and U.S. Bank National Association, as Trustee. All
capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms
of this Subordinated Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated Note is subject to all such terms, and the Holder
(as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision
of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will
govern and be controlling.

 

2.                 
Payment. The Company, for value received, promises to pay to [_], or its registered assigns (the “Holder”),
the principal sum of [] DOLLARS (U.S.) ($[ ]), plus accrued but unpaid interest on February 1, 2032 (“Stated Maturity”)
and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding February 1, 2027,
at the rate of 3.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in
arrears on February 1 and August 1 of each year (each, a “Fixed Interest Payment Date”), beginning August 1, 2022,
and (ii) from and including February 1, 2027 to but excluding the Stated Maturity or the early redemption date contemplated by Section
5 of this Subordinated Note, at the rate per annum, reset quarterly, equal to the then current Benchmark (as defined in the Indenture),
plus 218 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears
on February 1, May 1, August 1 and November 1 of each year (each, a “Floating Interest Payment Date”). The Company
will pay all Additional Interest (as defined in the Registration Rights Agreement), if any, on the dates and in the amounts set forth
in the Registration Rights Agreement (as defined in the Indenture). An “Interest Payment Date” is either a Fixed Interest
Payment Date or a Floating Interest Payment Date, as applicable. In the event that any scheduled Fixed Interest Payment Date on this Subordinated
Note falls on a day that is not a Business Day (as defined in the Indenture), then payment of interest payable on such Fixed Interest
Payment Date will be postponed to the next succeeding day that is a Business Day and no additional interest

    	3

     

    

shall accrue. In the event that any scheduled Floating Interest
Payment Date on this Subordinated Note falls on a day that is not a Business Day, then payment of interest payable on such Floating Interest
Payment Date will be postponed to the next succeeding day that is a Business Day unless such day falls in the next succeeding calendar
month, in which case such Floating Interest Payment Date will be accelerated to the immediately preceding day that is a Business Day,
and, in each case, the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day. All percentages
used in or resulting from any calculation of the then-current Benchmark shall be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with 0.000005% rounded up to 0.00001%. Notwithstanding the foregoing, if the Benchmark is less than zero, the Benchmark
shall be deemed to be zero. The Company will appoint an independent calculation agent for the Subordinated Notes prior to the commencement
of the Floating Interest Rate Period; provided, however, the Company may serve as calculation agent.

 

The Company will pay interest on this
Subordinated Note to the Person who is the registered Holder at the close of business on the fifteenth calendar day prior to the applicable
Interest Payment Date, except as provided in Section 2.10 of the Indenture with respect to Defaulted Interest. This Subordinated Note
will be payable as to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of
interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to
an account appropriately designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice
of such account designation at least five Business Days prior to the date of such payment (subject to surrender of this Subordinated Note
in the case of a payment of interest at Maturity).

 

3.                 
Paying Agent and Registrar. U.S. Bank National Association, a national banking association, the Trustee (“Trustee”)
under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at 333 Commerce Street,
Suite 800, Nashville, TN, 37201, Attn: Wally Jones. The Company may change any Paying Agent or Registrar without notice to any Holder.
The Company or any of its Subsidiaries may act in any such capacity.

 

4.                 
Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest
thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of
the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and conditions as
provided and set forth in Article XI of the Indenture and will rank pari passu in right of payment with all other Subordinated
Notes. Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by such provisions of the Indenture and authorizes
and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided.

 

		5.	Redemption.

 

(a)              
The Company may, at its option, on any Interest Payment Date on or after February 1, 2027, redeem this Subordinated Note, in whole
or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the
Company may redeem all, but not a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax
Event or an Investment Company Event. Any redemption of this

    	4

     

    

 

Subordinated Note will be subject to the prior approval of
the Board of Governors of the Federal Reserve System (or its designee) or any successor agency, and any other banking regulatory agency,
to the extent such approval shall then be required by law, regulation or policy. This Subordinated Note is not subject to redemption at
the option of the Holder. The Redemption Price with respect to any redemption permitted under the Indenture will be equal to 100% of the
principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest,
if any, thereon to, but excluding, the Redemption Date.

 

(b)                
If all or any portion of the Subordinated Notes ceases to be deemed to be 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 Notes,
Company may immediately notify the Trustee and the Holders, and thereafter Company may request, subject to the terms hereof, that the
Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of
the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that the foregoing shall not limit
the Company’s right to redeem the Subordinated Notes in accordance with Section 5(a) above, including but not limited to upon the
occurrence of a Tier 2 Capital Event.

 

(c)              
If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing
the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holders
unless otherwise required by law or applicable Depositary requirements. For purposes of clarity, upon a partial redemption, a like percentage
of the principal amount of every Subordinated Note held by every Holder shall be redeemed.

 

(d)              
If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered
for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes so called for redemption,
all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated
Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default in the payment of the Redemption Price),
except only the right of the Holder thereof to receive the amount payable on such redemption, without interest.

 

6.                 
Events of Default; Acceleration. An “Event of Default” means any one of the events described in Section 4.01
of the Indenture. If an Event of Default described in Section 4.01(1) or Section 4.01(2) of the Indenture occurs, then the principal amount
of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become
and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives
demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because
the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default
described in Section 4.01(1) or Section 4.01(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the
Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable.
If any Event of Default occurs and is

    	5

     

    

 

continuing, the Trustee may also pursue any other available
remedy to collect the payment of principal of, and interest on, the Subordinated Notes then due and payable or to enforce the performance
of any provision of the Subordinated Notes or the Indenture.

 

7.                 
Failure to Make Payments. If the Company fails to make any payment of interest, including Additional Interest, on this Subordinated
Note when such interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any
payment of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders, the whole amount then due and payable with respect to this Subordinated Note, with
interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest
at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates
are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note.

 

Upon an Event of Default, the Company
may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee
that ranks equal with or junior to this 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 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 in accordance with 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 of benefit plans for Company’s directors, officers or employees or the Company’s
dividend reinvestment plan, if any.

 

8.                 
Denominations, Transfer, Exchange. The Subordinated Notes are issuable only in registered form without interest coupons in minimum
denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered
and this Subordinated Note may be exchanged as provided in the Indenture. The Registrar may require the Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law
or permitted by the Indenture.

 

9.                 
Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note,
or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities
or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that
may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange.

    	6

     

    

 

10.             
Persons Deemed Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither
the Company, the Trustee nor any such agent will be affected by notice to the contrary.

 

11.             
Amendments; Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the
Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated Notes. The Indenture also
contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding Subordinated Notes, on
behalf of the holders of all Subordinated Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this
Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Subordinated Note.

 

12.             
No Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and Additional
Interest on this Subordinated Note at the times, place and rate as herein prescribed.

 

13.             
Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note
is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary.

 

14.             
No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this
Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder,
employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or
any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by
any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated
Note by the Holder and as part of the consideration for the issuance of this Subordinated Note.

 

15.             
Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating
Agent.

 

16.             
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

    	7

     

    

 

17.             
Available Information. The Company will furnish to the Holders upon written request and without charge a copy of the Indenture.
Requests by Holder to the Company may be made to: Eagle Bancorp Montana, Inc., 1400 Prospect Avenue, Helena, Montana 59601, Attention:
Laura F. Clark.

 

18.             
Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY LAWS OR PRINCIPLES OF CONFLICT
OF LAWS THAT WOULD APPLY THE LAWS OF A DIFFERENT JURISDICTION.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

    	8

     

    

 

IN WITNESS WHEREOF, the undersigned has caused this Subordinated
Note to be duly executed.

 

Dated: January 21, 2022

 

	EAGLE BANCORP MONTANA, INC.
	
     

    By:                        
	 
	Name:	Laura F. Clark
	Title:	
    Executive Vice President, Chief Financial Officer and Chief

    Operating Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Subordinated Note]

    	9

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Subordinated Notes of Eagle Bancorp Montana,
Inc., referred to in the within-mentioned Indenture:

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

	By:	                    
	Name	 Wally Jones                    
	Title:	 Vice President                 
	Dated:	                     

 

 

 

 

 

 

 

 

 

 

 

    	10

     

    

 

ASSIGNMENT FORM

 

To assign this Subordinated Note, fill in the form below: (I) or
(we) assign and transfer this Subordinated Note to:

 

 

 

 

(Print or type assignee’s name, address and zip code)

 

 

 

 

(Insert assignee’s social security or tax I.D. No.)

 

and irrevocably appoint                              agent to transfer this Subordinated Note
on the books of the Company. The agent may substitute another to act for him.

 

	Date:                              	Your signature:                               
	 	(Sign exactly as your name appears on the face of this Subordinated Note)

                                      

	 	Tax Identification No:                               

 

Signature Guarantee:                                                                                                                                                       

(Signatures 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 the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 17Ad-15).

 

The undersigned certifies that it [is /
is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.

 

In connection with any transfer or exchange
of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated
Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned
confirms that this Subordinated Note is being:

 

CHECK ONE BOX BELOW:

 

	☐	(1)	acquired for the undersigned’s own account, without transfer; 
	 	 	 
	☐	(2)	transferred to the Company;
	 	 	 
	☐	(3)	transferred in accordance and in compliance with Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”);
	 	 	 
	
    ☐
	
    

    (4)
	transferred under an effective registration statement under the Securities Act;

 

    	11

     

    

	☐	(5)	transferred in accordance with and in compliance with Regulation S under the
Securities Act;
	 	 	 
	
    ☐
	
    

    (6)
	transferred to an institutional “accredited investor” (as defined
in Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4)
under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or
	 	 	 
	☐	(7)	transferred in accordance with another available exemption from the registration
requirements of the Securities Act .

 

Unless one of the boxes is checked, the Paying Agent will
refuse to register this Subordinated Note in the name of any person other than the registered Holder thereof; provided, however, that
if box (5), (6) or (7) is checked, the Paying Agent may require, prior to registering any such transfer of this Subordinated Note, in
its sole discretion, such legal opinions, certifications and other information as the Paying Agent may reasonably request to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act such as the exemption provided by Rule 144 under such Act.

 

Signature:                                                                            

                

Signature Guarantee:                                                                                                                                                                                                                                                                                           

(Signatures 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 Exchange Act Rule 17Ad-15).

 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.

 

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

 

Date:                                                                                         Signature:                                                                                      

 

    	12

     

    

EXHIBIT A-2

 

SUBORDINATED NOTE CERTIFICATE

 

EAGLE BANCORP MONTANA, INC.

 

3.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE FEBRUARY
1, 2032

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS
EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN INSTITUTIONAL ACCREDITED
INVESTOR AS DEFINED IN RULE 501(A)(1), (2), (3), (7) or (9) OF REGULATION D UNDER THE SECURITIES ACT; OR (C) UNDER ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT).

 

THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED NOTE WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO AS NOMINEE OF THE DEPOSITORY TRUST
COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE NAME
OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SUBORDINATED
NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE
OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE.

 

UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR

SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH RESTRICTIONS SET FORTH IN THE INDENTURE IDENTIFIED HEREIN.

 

    	1

     

    

THE SECURITY AND THE OBLIGATIONS OF THE COMPANY AS EVIDENCED
BY THIS SUBORDINATED NOTE (1) ARE NOT A DEPOSIT AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY OR FUND AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).

 

CERTAIN ERISA CONSIDERATIONS:

 

THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN,
BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON
INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER
OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN,
ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER
OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (i)
IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER
PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS”
OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR
ADMINISTRATIVE EXEMPTION.

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION
OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE
OR ANY INTEREST HEREIN.

 

    	2

     

    

 
	No. 2032-1	QIB CUSIP: 26942G AD2
	 	QIB ISIN: US26942GAD25

 

 

EAGLE BANCORP MONTANA, INC.

 

 

3.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE 2032

 

THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND.

 

1.                 
Indenture; Holders. This Subordinated Note is one of a duly authorized issue of notes of Eagle Bancorp Montana, Inc., a Delaware
corporation (the “Company”), designated as the “3.50% Fixed-to-Floating Rate Subordinated Notes due 2032”
(the “Subordinated Notes”) in an aggregate principal amount of $40,000,000 and initially issued on January 21, 2022.
The Company has issued this Subordinated Note under that certain Indenture dated as of January 21, 2022, as the same may be amended or
supplemented from time to time (“Indenture”), between the Company and U.S. Bank National Association, as Trustee. All
capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms
of this Subordinated Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated Note is subject to all such terms, and the Holder
(as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision
of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will
govern and be controlling.

 

2.                 
Payment. The Company, for value received, promises to pay to Cede & Co., or its registered assigns (the “Holder”),
as nominee of the DTC, the principal sum of THIRTY MILLION DOLLARS (U.S.) ($30,000,000), plus accrued but unpaid interest on February
1, 2032 (“Stated Maturity”) and to pay interest thereon (i) from and including the original issue date of the Subordinated
Notes to but excluding February 1, 2027, at the rate of 3.50% per annum, computed on the basis of a 360-day year consisting of twelve
30-day months and payable semi-annually in arrears on February 1 and August 1 of each year (each, a “Fixed Interest Payment Date”),
beginning August 1, 2022, and (ii) from and including February 1, 2027 to but excluding the Stated Maturity or the early redemption date
contemplated by Section 5 of this Subordinated Note, at the rate per annum, reset quarterly, equal to the then current Benchmark (as defined
in the Indenture), plus 218 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly
in arrears on February 1, May 1, August 1 and November 1 of each year (each, a “Floating Interest Payment Date”). The
Company will pay all Additional Interest (as defined in the Registration Rights Agreement), if any, on the dates and in the amounts set
forth in the Registration Rights Agreement (as defined in the Indenture). An “Interest Payment Date” is either a Fixed Interest
Payment Date or a Floating Interest Payment Date, as applicable. In the event that any scheduled Fixed Interest Payment Date on this Subordinated
Note falls on a day that is not a Business Day (as defined in the Indenture), then payment of interest payable on such Fixed

    	3

     

    

 

Interest Payment Date will be postponed to the next succeeding
day that is a Business Day and no additional interest shall accrue. In the event that any scheduled Floating Interest Payment Date on
this Subordinated Note falls on a day that is not a Business Day, then payment of interest payable on such Floating Interest Payment Date
will be postponed to the next succeeding day that is a Business Day unless such day falls in the next succeeding calendar month, in which
case such Floating Interest Payment Date will be accelerated to the immediately preceding day that is a Business Day, and, in each case,
the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day. All percentages used in or
resulting from any calculation of the then-current Benchmark shall be rounded, if necessary, to the nearest one hundred-thousandth of
a percentage point, with 0.000005% rounded up to 0.00001%. Notwithstanding the foregoing, if the Benchmark is less than zero, the Benchmark
shall be deemed to be zero. The Company will appoint an independent calculation agent for the Subordinated Notes prior to the commencement
of the Floating Interest Rate Period; provided, however, the Company may serve as calculation agent.

 

The Company will pay interest on this
Subordinated Note to the Person who is the registered Holder at the close of business on the fifteenth calendar day prior to the applicable
Interest Payment Date, except as provided in Section 2.10 of the Indenture with respect to Defaulted Interest. This Subordinated Note
will be payable as to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of
interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to
an account appropriately designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice
of such account designation at least five Business Days prior to the date of such payment (subject to surrender of this Subordinated Note
in the case of a payment of interest at Maturity).

 

3.                 
Paying Agent and Registrar. U.S. Bank National Association, a national banking association, the Trustee (“Trustee”)
under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at 333 Commerce Street,
Suite 800, Nashville, TN, 37201, Attn: Wally Jones. The Company may change any Paying Agent or Registrar without notice to any Holder.
The Company or any of its Subsidiaries may act in any such capacity.

 

4.                 
Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest
thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of
the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and conditions as
provided and set forth in Article XI of the Indenture and will rank pari passu in right of payment with all other Subordinated
Notes. Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by such provisions of the Indenture and authorizes
and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided.

 

		5.	Redemption.

 

(a)              
The Company may, at its option, on any Interest Payment Date on or after February 1, 2027, redeem this Subordinated Note, in whole or
in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company
may

    	4

     

    

 

redeem all, but not a portion of the Subordinated Notes, at
any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption of this
Subordinated Note will be subject to the prior approval of the Board of Governors of the Federal Reserve System (or its designee) or
any successor agency, and any other banking regulatory agency, to the extent such approval shall then be required by law, regulation
or policy. This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any
redemption permitted under the Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion
thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption
Date.

 

(b)                
If all or any portion of the Subordinated Notes ceases to be deemed to be 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 Notes,
Company may immediately notify the Trustee and the Holders, and thereafter Company may request, subject to the terms hereof, that the
Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of
the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that the foregoing shall not limit
the Company’s right to redeem the Subordinated Notes in accordance with Section 5(a) above, including but not limited to upon the
occurrence of a Tier 2 Capital Event.

 

(c)              
If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing
the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holders
unless otherwise required by law or applicable Depositary requirements. For purposes of clarity, upon a partial redemption, a like percentage
of the principal amount of every Subordinated Note held by every Holder shall be redeemed.

 

(d)              
If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered
for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes so called for redemption,
all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated
Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default in the payment of the Redemption Price),
except only the right of the Holder thereof to receive the amount payable on such redemption, without interest.

 

6.                 
Events of Default; Acceleration. An “Event of Default” means any one of the events described in Section 4.01
of the Indenture. If an Event of Default described in Section 4.01(1) or Section 4.01(2) of the Indenture occurs, then the principal amount
of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become
and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives
demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because
the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default
described in Section 4.01(1) or Section 4.01(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity

    	5

     

    

 

of the Subordinated Notes and make the principal of, and any
accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. If any Event of Default occurs and is continuing,
the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes
then due and payable or to enforce the performance of any provision of the Subordinated Notes or the Indenture.

 

7.                 
Failure to Make Payments. If the Company fails to make any payment of interest, including Additional Interest, on this Subordinated
Note when such interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any
payment of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders, the whole amount then due and payable with respect to this Subordinated Note, with
interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest
at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates
are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note.

 

Upon an Event of Default, the Company
may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee
that ranks equal with or junior to this 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 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 in accordance with 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 of benefit plans for Company’s directors, officers or employees or the Company’s
dividend reinvestment plan, if any.

 

8.                 
Denominations, Transfer, Exchange. The Subordinated Notes are issuable only in registered form without interest coupons in minimum
denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered
and this Subordinated Note may be exchanged as provided in the Indenture. The Registrar may require the Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law
or permitted by the Indenture.

 

9.                 
Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note,
or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities
or property, but the Company may require payment of a sum sufficient to pay all taxes,

    	6

     

    

 

assessments or other governmental charges that may be imposed in connection with the
transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange.

 

10.             
Persons Deemed Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither
the Company, the Trustee nor any such agent will be affected by notice to the contrary.

 

11.             
Amendments; Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the
Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated Notes. The Indenture also
contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding Subordinated Notes, on
behalf of the holders of all Subordinated Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this
Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Subordinated Note.

 

12.             
No Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and Additional
Interest on this Subordinated Note at the times, place and rate as herein prescribed.

 

13.             
Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note
is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary.

 

14.             
No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this
Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder,
employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or
any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by
any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated
Note by the Holder and as part of the consideration for the issuance of this Subordinated Note.

 

15.             
Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating
Agent.

 

16.             
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

 

    	7

     

    

17.             
Available Information. The Company will furnish to the Holders upon written request and without charge a copy of the Indenture.
Requests by Holder to the Company may be made to: Eagle Bancorp Montana, Inc., 1400 Prospect Avenue, Helena, Montana 59601, Attention:
Laura F. Clark.

 

18.             
Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY LAWS OR PRINCIPLES OF CONFLICT
OF LAWS THAT WOULD APPLY THE LAWS OF A DIFFERENT JURISDICTION.

 

[Signature Page Follows]

 

 

 

 

 

    	8

     

    

 

IN WITNESS WHEREOF, the undersigned has caused this Subordinated
Note to be duly executed.

 

Dated: January 21, 2022

 

	EAGLE BANCORP MONTANA, INC.
	
     

    By:                        
	 
	Name:	Laura F. Clark
	Title:	
    Executive Vice President, Chief Financial Officer and Chief

    Operating Officer

 

 

 

 

 

 

[Signature Page to Subordinated Note]

    	9

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Subordinated Notes of Eagle Bancorp Montana,
Inc., referred to in the within-mentioned Indenture:

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

	By:	                    
	Name	 Wally Jones                    
	Title:	 Vice President                 
	Dated:	                     

 

 

 

 

 

 

 

 

 

 

 

    	10

     

    

ASSIGNMENT FORM

 

To assign this Subordinated Note, fill in the form below: (I) or
(we) assign and transfer this Subordinated Note to:

 

 

 

(Print or type assignee’s name, address and zip code)

 

 

 

(Insert assignee’s social security or tax I.D. No.)

 

and irrevocably appoint                                              agent
to transfer this Subordinated Note on the books of the Company. The agent may substitute another to act for him.

 

	Date:                                             	Your signature:                                             
	 	(Sign exactly as your name appears on the face of this Subordinated Note)

                                      

	 	Tax Identification No:                                             

 

Signature Guarantee:                                              
(Signatures 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 the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) Rule 17Ad-15).

 

The undersigned certifies that it [is /
is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.

 

In connection with any transfer or exchange
of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated
Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned
confirms that this Subordinated Note is being:

 

CHECK ONE BOX BELOW:

 

	☐	(1)	acquired for the undersigned’s own account, without transfer;
	 	 	 
	☐	(2)	 transferred to the Company;
	 	 	 
	☐	(3)	transferred in accordance and in compliance with Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”);
	 	 	 
	
    ☐
	
    

    (4)
	transferred under an effective registration statement under the Securities Act;

 

 

    	11

     

    

	☐	(5)	 transferred in accordance with and in compliance with Regulation S under the
Securities Act;
	 	 	 
	☐	(6)	transferred to an institutional “accredited investor” (as defined
in Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4)
under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or
	 	 	 
	
    ☐
	
    

    (7)
	transferred in accordance with another available exemption from the registration
requirements of the Securities Act.

 

Unless one of the boxes is checked, the Paying Agent will
refuse to register this Subordinated Note in the name of any person other than the registered Holder thereof; provided, however, that
if box (5), (6) or (7) is checked, the Paying Agent may require, prior to registering any such transfer of this Subordinated Note, in
its sole discretion, such legal opinions, certifications and other information as the Paying Agent may reasonably request to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act such as the exemption provided by Rule 144 under such Act.

 

Signature:                                                                                                                                                                                                          

 

Signature Guarantee:                                                                                                                                                                                                                                                                                          

(Signatures 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 Exchange Act Rule 17Ad-15).

 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.

 

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

 

Date:                                                      Signature:                                                       

 

 

 

 

 

12EdgarFiling

Exhibit 10.1

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”)
is dated as of January 21, 2022, and is made by and among Eagle Bancorp Montana, Inc. a Delaware corporation (“Company”),
and the several purchasers of the Subordinated Notes identified on the signature pages hereto (each a “Purchaser” and
collectively, the “Purchasers”).

 

RECITALS

 

WHEREAS, Company has requested that the Purchasers
purchase from Company up to $40.0 million in aggregate principal amount of Subordinated Notes (as defined herein), which aggregate amount
is intended to qualify as Tier 2 Capital (as defined herein).

 

WHEREAS, Company has engaged Performance Trust
Capital Partners, LLC as its sole placement agent the “Placement Agent”) for the offering of the Subordinated Notes.

 

WHEREAS, each of the Purchasers is an institutional
“accredited investor” as such term is defined in Rule 501(a)(1)-(3), (7) and (9) of Regulation D (“Regulation D”)
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or a QIB (as defined below).

 

WHEREAS, the offer and sale of the Subordinated
Notes by Company is being made in reliance upon the exemptions from registration available under Section 4(a)(2) of the Securities Act
and Rule 506(b) of Regulation D.

 

WHEREAS, each Purchaser is willing to purchase
from Company a Subordinated Note in the principal amount set forth on each Purchaser’s signature page (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 Notes.

 

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 used in this Agreement 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 direct or indirect common control with said Person and their respective Affiliates.
For the purposes of this definition, "control," when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

 

     

     

    

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

 

“Applicable Procedures” means, with
respect to any transfer or exchange of or for beneficial interests in any Subordinated Note represented by a global certificate, the rules
and procedures of DTC that apply to such transfer or exchange.

 

"Articles of Incorporation" means
the Amended and Restated Articles of Incorporation of Company, as in effect on the Closing Date.

 

“Bank” means Opportunity Bank of
Montana, a commercial bank organized under the laws of the State of Montana and a wholly owned Subsidiary of Company.

 

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

 

"Bylaws" means the Bylaws of Company,
as in effect on the Closing Date.

 

“Closing” has the meaning set forth
in Section 2.2.

 

“Closing Date” means January 21,
2022.

 

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

 

“Company’s Reports” means
(i) the Company’s annual, quarterly and other reports, schedules, forms, statements and other documents (including exhibits and
other information incorporated therein) filed or furnished by the Company with the SEC under the Securities Act, Exchange Act, or the
regulations thereunder, in each case since January 1, 2020, and (ii) the Company’s reports for the year ended December 31, 2020
and the nine months ended September 30, 2021 as filed with the FRB as required by regulations of the FRB.

 

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

 

"Disqualification Event" has the meaning
set forth in Section 4.2.4.

 

“DTC” has the meaning set forth
in Section 5.7.

 

“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.

 

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

 

“FDIC” means the Federal Deposit
Insurance Corporation.

 

    	 	2	 

     

    

“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.

 

“Global Note” has the meaning set
forth in Section 3.1.

 

“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 a Subsidiary.

 

“Governmental Licenses” has the
meaning set forth in Section 4.3.

 

“Hazardous Materials” means 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 and includes:
(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 in property owned
by Company or any Subsidiary 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 any of its Subsidiaries
business (including federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of
credit issued by Company or any of its Subsidiaries and repurchase arrangements) and consistent with customary banking practices and applicable
laws and regulations.

 

“Indenture” means the indenture,
dated as of the date hereof, by and between Company and U.S. Bank National Association, a national banking association, as trustee, substantially
in the form attached hereto as Exhibit A, as the same may be amended or supplemented from time to time in accordance with the terms
thereof.

 

    	 	3	 

     

    

“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.

 

“Material Adverse Effect” means,
with respect to any Person, 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 such Person, or (ii) would materially impair the ability of such Person to perform its
respective obligations under any of the Transaction Documents, or otherwise materially impede the consummation of the transactions contemplated
hereby; 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 or Purchasers, (4) the effects of the COVID-19 pandemic that do not disproportionately
affect the operations or business of the Company in comparison to other banking institutions with similar operations, (5) direct effects
of compliance with this Agreement on the operating performance of Company or Purchasers, including expenses incurred by Company or Purchasers
in consummating the transactions contemplated by this Agreement, and (6) the effects of any action or omission taken by Company with the
prior written consent of Purchasers, and vice versa, or as otherwise contemplated by this Agreement, the Indenture and the Subordinated
Notes.

 

“Maturity Date” means February 1,
2032.

 

“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” has the meaning
set forth in the Recitals.

 

“Property” means any real property
owned or leased by Company or any Affiliate or Subsidiary of Company.

 

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

 

“QIB” has the meaning set forth
in Section 5.7.

 

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of the date hereof, by and among Company and the Purchasers in the form attached as
Exhibit B hereto.

 

“Regulation D” has the meaning set
forth in the Recitals.

 

“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, Bank or any of their respective Subsidiaries.

 

    	 	4	 

     

    

“SEC” means the Securities and Exchange
Commission.

 

“Secondary Market Transaction” has
the meaning set forth in Section 5.5.

 

“Securities Act” has the meaning
set forth in the Recitals.

 

“Subordinated Note” means the Subordinated
Note (or collectively, the “Subordinated Notes”) in the form attached as an exhibit to the Indenture, as amended, restated,
supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.

 

“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, 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.

 

“Trustee” means the trustee or successor
in accordance with the applicable provisions of the Indenture.

 

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,
the Subordinated Notes and the Indenture 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 the Purchasers, severally and not jointly, Subordinated Notes, which will be issued pursuant to the Indenture, in an aggregate principal
amount equal to the aggregate of the Subordinated Note Amounts. Purchasers, severally and not jointly, each agree to purchase the Subordinated
Notes, which will be issued pursuant to the Indenture, from Company on the Closing Date in accordance with the terms of, and subject to
the conditions and provisions set forth in, this Agreement, the Indenture and the Subordinated Notes. The Subordinated Note Amounts shall
be disbursed in accordance with Section 3.1.

 

2.2             
The Closing. The execution and delivery of the Transaction Documents (the “Closing”)
shall occur at the offices of Company at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other
date as the parties hereto may agree.

 

2.3             
Right of Offset. Each Purchaser hereby expressly waives any right of offset such Purchaser may have against
Company or Bank.

 

2.4             
Use of Proceeds. Company shall use the net proceeds from the sale of Subordinated Notes for general corporate
purposes, including, without limitation, providing capital to support its acquisition of First Community Bancorp, Inc. and the prepayment
of outstanding senior notes.

 

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 and Company has executed and delivered to each of the Purchasers this Agreement and any other related documents
in form and substance reasonably satisfactory to Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated
Note Amount set forth on such Purchaser’s signature page to Company in exchange for an electronic securities entitlement through
the facilities of DTC (defined below) in accordance with the Applicable Procedures in the Subordinated Note with a principal amount equal
to such Subordinated Note Amount (the “Disbursement”). Company will deliver to the Trustee a global certificate representing
the Subordinated Notes (the “Global Note”) registered in the name of Cede & Co., as nominee for DTC.

 

3.2             
Conditions Precedent to Disbursement.

 

3.2.1             
Conditions to the Purchasers’ Obligation. The obligation of each Purchaser to consummate the purchase
of the Subordinated Notes to be purchased by them at Closing and to effect the Disbursement is subject to delivery by or at the direction
of Company to such Purchaser (or, with respect to the Indenture, the Trustee) each of the following (or written waiver by such Purchaser
prior to the Closing of such delivery):

 

3.2.1.1       
Transaction Documents. This Agreement, the Indenture, the Global Note and the Registration Rights Agreement
(collectively, the “Transaction Documents”), each duly authorized and executed by Company, and delivery of written
instruction to the Trustee (with respect to the Indenture).

 

    	 	6	 

     

    

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;

 

		(b)	A certificate of existence of Company issued by the Secretary of State of the State of Delaware;

 

		(c)	A copy, certified by the Secretary or Assistant Secretary, of the Bylaws of Company;

 

		(d)	A copy, certified by the Secretary or Assistant Secretary of Company, of the resolutions of the board
of directors (and any committee thereof) of Company 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 Holland & Knight LLP, counsel to Company, dated as of the Closing Date, substantially
in the form set forth at Exhibit C attached hereto addressed to the Purchasers and Placement Agent.

 

3.2.1.3       
Other Requirements. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents
which are provided for hereunder or as a Purchaser may reasonably request.

 

3.2.1.4       
Aggregate Investments. Prior to, or contemporaneously with the Closing, each Purchaser shall have actually
subscribed for the Subordinated Note Amount set forth on such Purchaser’s signature page.

 

3.2.2             
Conditions to Company’s Obligation.

 

3.2.2.1       
The obligation of Company to consummate the sale of the Subordinated Notes and to effect the Closing is subject to:
(i) with respect to a given Purchaser, delivery by or at the direction of such Purchaser to Company (or written waiver by Company prior
to the Closing of such delivery) of this Agreement and the Registration Rights Agreement, each duly authorized and executed by such Purchaser;
(ii) with respect to a given Purchaser, Company's receipt of the Subordinated Note Amount set forth on such Purchaser's signature page;
and (iii) Company's receipt of the Indenture, duly authorized and executed by the Trustee.

 

    	 	7	 

     

    

4.                 
REPRESENTATIONS AND WARRANTIES OF COMPANY.

 

Company hereby represents and warrants to each Purchaser
as follows:

 

4.1             
Organization and Authority.

 

4.1.1             
Organization Matters of Company and Its Subsidiaries.

 

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

 

4.1.1.2       
The Bank, Eagle Bancorp Statutory Trust I and Western Financial Services, Inc. are the only direct or indirect Subsidiaries
of the Company. Each Subsidiary of the Company other than the Bank has been duly organized and is validly existing as a corporation, or,
in the case of the Bank, has been duly chartered and is validly existing as a Montana-chartered commercial bank, in each case in good
standing under the laws of the jurisdiction of 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 corporation 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 on Company and its Subsidiaries
taken as a whole. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary of the Company
have been duly authorized and validly issued, are fully paid and non-assessable and are owned by Company, directly, free and clear of
any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of capital stock of, or other Equity
Interests in, any Subsidiary of the Company were issued in violation of the preemptive or similar rights of any securityholder of such
Subsidiary of the Company or any other entity.

 

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.

 

4.1.2             
Capital Stock and Related Matters. 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.

 

    	 	8	 

     

    

4.2             
No Impediment to Transactions.

 

4.2.1             
Transaction is Legal and Authorized. The issuance of the Subordinated Notes pursuant to the Indenture,
the borrowing of the aggregate 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, Indenture and Registration Rights Agreement. This Agreement, the Indenture and the Registration
Rights Agreement have been duly authorized, executed and delivered by Company, and, assuming due authorization, execution and delivery
by the other parties thereto, including the Trustee for purposes of the Indenture, are the 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.

 

4.2.3             
Subordinated Notes. The Subordinated Notes have been duly authorized by Company and when executed by Company
and completed and authenticated by the Trustee in accordance with, and in the form contemplated by, the Indenture and issued, delivered
to and paid for as provided in this Agreement, will have been duly issued under the Indenture and will constitute legal, valid and binding
obligations of Company, entitled to the benefits of the Indenture, and 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. When executed and delivered, the Subordinated Notes will be substantially in the
form attached as an exhibit to the Indenture.

 

4.2.4             
Exemption from Registration. Neither the Company, nor any of its Subsidiaries or 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 Notes. Assuming the accuracy of the representations and warranties of each
Purchaser set forth in this Agreement, the Subordinated Notes will be issued in a transaction exempt from the registration requirements
of the Securities Act. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Person described in Rule 506(d)(1) (each, a “Company
Covered Person”). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a
Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e).

 

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 of Incorporation 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 any of its Subsidiaries, 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 the Company or any of its Subsidiaries; 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 on Company and its
Subsidiaries taken as a whole, 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. Neither Company nor any of its Subsidiaries 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 any of its Subsidiaries, as applicable, is a party or by which Company or any of its Subsidiaries, as applicable, or any of
its 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 on Company and its Subsidiaries taken as a whole.

 

    	 	9	 

     

    

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.

 

4.3             
Possession of Licenses and Permits. Company and its Subsidiaries possess 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 on Company and its Subsidiaries taken as a whole; Company and each Subsidiary of the
Company 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 on Company and its Subsidiaries taken as a whole; 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 on Company and its Subsidiaries taken as a whole; and
neither Company nor any Subsidiary of the Company 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 Company’s Reports
(including the related notes, where applicable) (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, (x) as indicated in such statements or in the notes thereto, (y) for any statement therein or omission therefrom
that was corrected, amended, or supplemented or otherwise disclosed or updated in a subsequent Company's Report, and (z) to the extent
that any unaudited interim financial statements do not contain the footnotes required by GAAP, and were or are subject to normal and recurring
year-end adjustments, which were not or are not expected to be material in amount, either individually or in the aggregate. The consolidated
books and records of Company have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable
legal and accounting requirements. Company does not have any material liability of any nature whatsoever (whether absolute, accrued, contingent
(including any off-balance sheet obligations) or otherwise and whether due or to become due), except for those liabilities that are reflected
or reserved against on the consolidated balance sheet of Company contained in Company’s 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.

 

    	 	10	 

     

    

4.4.2             
Absence of Default. Since the date of the latest audited financial statements included in Company’s
Reports, 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 the right to accelerate the maturity of any material Indebtedness of Company. Company is not in default under any other 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 on Company and its Subsidiaries taken as a whole.

 

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 any Subsidiary of the Company.

 

4.4.4             
Ownership of Property. Company and each of its Subsidiaries 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 each such Subsidiary 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
balance sheet contained in Company’s 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 balance sheet), subject to no encumbrances, liens, mortgages,
security interests or pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with,
borrowing from or other obligations to the Federal Home Loan Bank, inter-bank credit facilities, reverse repurchase agreements or any
transaction by Company or any Subsidiary thereof acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or
which are being contested in good faith and (iii) such as 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 any of its Subsidiaries.
Company and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal properties that are
material to Company or such Subsidiary, 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 and the lease expense and minimum rental commitments with respect to such Leases and Lease commitments are
as disclosed in all material respects in Company’s Reports.

 

    	 	11	 

     

    

4.5             
No Material Adverse Change. Since the date of the latest audited financial statements included in Company’s
Reports, there has been no development or event which has had or would reasonably be expected to have a Material Adverse Effect on Company
and its Subsidiaries taken as a whole.

 

4.6             
Legal Matters.

 

4.6.1             
Compliance with Law. Company and each of its Subsidiaries (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
Governmental Agency, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure
to comply or violation would not reasonably be expected to have a Material Adverse Effect on Company and its Subsidiaries taken as a whole.
Company and each of its Subsidiaries is compliant with its own privacy policies and written commitments to its respective customers, consumers
and employees, concerning data protection and the privacy and security of personal data and the nonpublic personal information of its
respective customers, consumers and employees, except where the failure to comply with which would not reasonably be expected to result,
individually or in the aggregate, in a Material Adverse Effect on Company and its Subsidiaries taken as a whole.

 

4.6.2             
Regulatory Enforcement Actions. Company, the Bank and its other Subsidiaries are in compliance in all
material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, except
where the failure to comply with which would not reasonably be expected to have a Material Adverse Effect on Company and its Subsidiaries
taken as a whole. None of Company, the Bank or the Company's other Subsidiaries 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,
(a) any such restrictions threatened, (b) any agreements, memoranda or commitments being sought by any Governmental Agency, or (c) any
legal or regulatory violations previously identified by, or penalties or other remedial action previously imposed by, any Governmental
Agency unresolved.

 

    	 	12	 

     

    

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 any of its Subsidiaries, at law or in equity or before or by any Governmental Agency
that, either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on Company and its Subsidiaries
taken as a whole or affect issuance or payment of the Subordinated Notes; and neither Company nor any of its Subsidiaries 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 Governmental Agency
that, either separately or in the aggregate, will have a Material Adverse Effect on Company and its Subsidiaries taken as a whole.

 

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 any of its Subsidiaries has engaged in such activities. There are no claims or actions pending or, to Company’s
knowledge, threatened against Company or any of its Subsidiaries by any Governmental Agency or by any other Person relating to any Hazardous
Materials or pursuant to any Hazardous Materials Law except for such actions or claims that would not reasonably be expected to have a
Material Adverse Effect on Company and its Subsidiaries taken as a whole.

 

4.6.5             
Brokerage Commissions. Except for commissions paid 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.

 

4.6.6             
Investment Company Act. Neither Company nor any of its Subsidiaries 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 Misstatement. None of the representations, warranties, covenants or agreements made in the Transaction
Documents (including any exhibits or schedules thereto and any certificates delivered to the Purchasers in connection therewith), nor
any statements made in the Investor Presentation, contains any untrue statement of a material fact, or omits to state a material fact
necessary to make the statements contained therein not misleading in light of the circumstances when made or furnished to Purchasers,
except for any statement therein or omission therefrom which was corrected, amended or supplemented or otherwise disclosed or updated
in a subsequent exhibit, report, schedule or document prior to the date hereof.

 

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 Reports at the time they were or
hereafter are filed with the SEC, complied and will comply in all material respects with the requirements of the Exchange Act and did
not and will 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 or are 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, their respective 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 end of Company’s most recent audited fiscal year, (y) Company has no knowledge of (i) any material weakness
in Company’s internal control over financial reporting (whether or not remediated) or (ii) any fraud, whether or not material, that
involves management or other employees who have a significant role in Company’s internal controls and (z) 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.

 

    	 	13	 

     

    

4.10         
Disclosure Controls and Procedures. Company maintains an effective system of disclosure controls and procedures
(as defined in Rule 13a-15 and Rule 15d-15 of the Exchange Act), that (i) are designed to ensure that information required to be disclosed
by Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms and that material information relating to Company and its Subsidiaries is made known
to Company’s principal executive officer and principal financial officer by others within Company and its Subsidiaries to allow
timely decisions regarding disclosure, and (ii) are effective in all material respects to perform the functions for which they were established.
As of the date hereof, Company has no knowledge that would cause it to believe that the evaluation to be conducted of the effectiveness
of Company’s disclosure controls and procedures for the most recently ended fiscal quarter period will result in a finding that
such disclosure controls and procedures are ineffective in any material respect for such quarter ended. Based on the evaluation of Company’s
and the Bank’s disclosure controls and procedures described above, Company is not aware of (1) any significant deficiency in the
design or operation of internal controls which could adversely affect Company’s ability to record, process, summarize and report
financial data or any material weaknesses in internal controls or (2) any fraud, whether or not material, that involves management or
other employees who have a significant role in Company’s internal controls. Since the most recent evaluation of Company’s
disclosure controls and procedures described above, there have been no significant changes in internal controls or in other factors that
could significantly affect internal controls.

 

4.11         
Tax Matters. The Company, Bank and each other Subsidiary of the Company have (i) filed all material foreign,
U.S. federal, state and local tax returns, information returns and similar reports that are required to be filed, 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 it and any other material
assessment, fine or penalty levied against it other than taxes (x) currently payable without penalty or interest, or (y) being contested
in good faith by appropriate proceedings.

 

    	 	14	 

     

    

4.12         
Exempt Offering. Assuming the accuracy of the Purchasers' representations and warranties set forth in
this Agreement, no registration under the Securities Act is required for the offer and sale of the Subordinated Notes by the Company to
the Purchasers.

 

4.13         
Representations and Warranties Generally. The representations and warranties of the Company set forth
in this Agreement or in any other document delivered to the Purchasers by or on behalf of the Company pursuant to or in connection with
this Agreement are true and correct as of the date hereof and as otherwise specifically provided herein or therein. Any certificate signed
by a duly authorized representative of the Company and delivered to a Purchaser or to counsel for a Purchaser shall be deemed to be a
representation and warranty by the Company to such Purchaser as to the matters set forth therein.

 

5.                 
GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

 

Company hereby further covenants and agrees with each
Purchaser as follows:

 

5.1             
Compliance with Transaction Documents. Company shall comply with, observe and timely perform each and
every one of its covenants, agreements and obligations under the Transaction Documents.

 

5.2             
Affiliate Transactions. Company shall not itself, nor shall it cause, permit or allow the Bank to enter
into any material 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 each of its Subsidiaries 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 non-compliance would not reasonably be expected to have a Material Adverse Effect
on Company and its Subsidiaries taken as a whole.

 

5.3.2             
Regulated Activities. Company shall not itself, nor shall it cause, permit or allow any of its Subsidiaries
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 on Company and its Subsidiaries taken as a whole 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 each of its Subsidiaries to promptly pay and discharge all taxes,
assessments and other governmental charges imposed upon Company or any of its Subsidiaries or upon the income, profits, or property of
Company or any of its Subsidiaries and all claims for labor, material or supplies which, if unpaid, might by law become a lien or charge
upon the property of Company or any of its Subsidiaries if such nonpayment could reasonably be expected to have a Material Adverse Effect
on the Company and its Subsidiaries taken as a whole. Notwithstanding the foregoing, neither Company nor any of its Subsidiaries shall
be required to pay any such tax, assessment, charge or claim, so long as the validity thereof shall be contested in good faith by appropriate
proceedings, and appropriate reserves therefor shall be maintained on the books of Company and its Subsidiaries.

 

    	 	15	 

     

    

5.3.4             
Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to be deemed to be 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 Notes, the Company may immediately notify the Holder (as defined in the Indenture), and thereafter,
subject to the terms of the Indenture, Company may request that the Holder work together with the Company 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
Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Agreement shall limit the Company's right to redeem
the Subordinated Notes, including upon the occurrence of a Tier 2 Capital Event as described in the Subordinated Notes and the Indenture.

 

5.3.5             
Corporate Existence. The Company shall do or cause to be done all things reasonably necessary to maintain,
preserve and renew its corporate existence and that of the Bank and its and their rights and franchises, and comply in all material respects
with all related laws applicable to the Company, the Bank or the other Subsidiaries.

 

5.4             
Absence of Control. It is the intent of the parties to this Agreement that in no event shall Purchasers,
by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, Company, and Purchasers shall not exercise,
or be deemed to exercise, directly or indirectly, a controlling influence over the management or policies of Company.

 

5.5             
Secondary Market Transactions. Each Purchaser shall have the right at any time and from time to time to
securitize such Purchaser’s Subordinated Notes or any portion thereof in a single asset securitization or a pooled loan securitization
of rated single or multi-class securities secured by or evidencing ownership interests in the Subordinated Notes (each such securitization
is referred to herein as a “Secondary Market Transaction”). In connection with any such Secondary Market Transaction,
Company shall, at Company’s expense, cooperate with any such Purchaser and otherwise reasonably assist any such Purchaser in satisfying
the market standards to which any such Purchaser customarily adheres or which may be reasonably required in the marketplace or by applicable
rating agencies in connection with any such Secondary Market Transaction. Subject to any written confidentiality obligation, all information
regarding Company may be furnished, without liability except in the case of gross negligence or willful misconduct, to any Purchaser and
to any Person reasonably deemed necessary by a Purchaser in connection with participation in such Secondary Market Transaction. All documents,
financial statements, appraisals and other data relevant to Company or the Subordinated Notes may be retained by any such Person subject
to the terms of applicable confidentiality agreements.

 

    	 	16	 

     

    

5.6             
Insurance. At its sole cost and expense, Company shall maintain, and shall cause its Subsidiaries to maintain,
bonds and insurance in such amounts as are prudent and customary in the businesses in which it is engaged. All such bonds and policies
of insurance shall be in a form, and with insurers of recognized financial responsibility against such losses and risks.

 

5.7             
DTC Registration. Company shall use commercially reasonable efforts to cause the Subordinated Notes to
be quoted on Bloomberg and, with respect to Subordinated Notes held by Qualified Institutional Buyers as defined in Rule 144A of the Securities
Act (“QIB”), shall cause such Subordinated Notes to be registered in the name of Cede & Co. as nominee of The Depository
Trust Company (“DTC”).

 

5.8             
Rule 144A Information. While any Subordinated Notes remain “restricted securities” within
the meaning of the Securities Act, Company will make available, upon request, to any seller of such Subordinated Notes 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.

 

5.9             
Resale Registration Statement. Subject to the terms and conditions of this Agreement, the Company will
provide to the Purchasers the resale registration rights described in the Registration Rights Agreement.

 

6.                 
REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASERS.

 

Each Purchaser hereby represents and warrants to Company,
and covenants with Company, severally and not jointly, as follows:

 

6.1             
Legal Power and Authority. The Purchaser has all necessary power and authority to execute, deliver and
perform its obligations under this Agreement and to consummate the transactions contemplated hereby, is an entity duly organized, validly
existing and in good standing under the laws its jurisdiction of organization.

 

6.2             
Authorization and Execution. The execution, delivery and performance of this Agreement and the Registration
Rights Agreement have been duly authorized by all necessary action on the part of such Purchaser, and, assuming due authorization, execution
and delivery by the other parties thereto, this Agreement and the Registration Rights Agreement are each a legal, valid and binding obligation
of such Purchaser, enforceable against such 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) the Purchaser’s organizational documents, (ii) any agreement to which the
Purchaser is party, (iii) any law applicable to the Purchaser or (iv) any order, writ, judgment, injunction, decree, determination or
award binding upon or affecting the Purchaser.

 

6.4             
Purchase for Investment. The Purchaser is purchasing the Subordinated Note for his, her or its own account
and not with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same. The 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 Notes in any manner.

 

    	 	17	 

     

    

6.5             
Institutional Accredited Investor. The Purchaser is and will be on the Closing Date either (a) an institutional
“accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2),
(3), (7) and (9) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets, or (b) a QIB.

 

6.6             
Financial and Business Sophistication. The Purchaser has such knowledge and experience in financial and
business matters that such Purchaser is capable of evaluating the merits and risks of the prospective investment in the Subordinated Notes.
The Purchaser has relied solely upon its own knowledge of, and/or the advice of its own legal, financial or other advisors with regard
to, the legal, financial, tax and other considerations involved in deciding to invest in the Subordinated Notes.

 

6.7             
Ability to Bear Economic Risk of Investment. The Purchaser recognizes that an investment in the Subordinated
Notes involves substantial risk, including risks related to the Company's business, operating results, financial condition and cash flows,
which risks it has carefully considered in connection with making an investment in the Subordinated Notes. The Purchaser has the ability
to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to hold the Subordinated Notes
indefinitely, and further including the ability to bear a complete loss of all of the Purchaser’s investment in Company.

 

6.8             
Information. The Purchaser acknowledges that: (i) the Purchaser is not being provided with the disclosures
that would be required if the offer and sale of the Subordinated Notes were registered under the Securities Act, nor is the Purchaser
being provided with any offering circular or prospectus prepared in connection with the offer and sale of the Subordinated Notes; (ii)
the Purchaser has conducted its own examination of Company and the terms of the Subordinated Notes to the extent the Purchaser deems necessary
to make its decision to invest in the Subordinated Notes (including meeting with representatives of the Company); (iii) the Purchaser
has availed itself of publicly available financial and other information concerning Company to the extent the Purchaser deems necessary
to make his, her or its decision to purchase the Subordinated Notes; and (iv) the Purchaser has not received nor relied on any form of
general solicitation or general advertising (within the meaning of Regulation D) from the Company in connection with the offer and sale
of the Subordinated Notes. The Purchaser has reviewed the information set forth in Company’s Reports and the exhibits and schedules
hereto and contained in the investor data room established by Company in connection with the transactions contemplated by this Agreement.

 

6.9             
Access to Information. The Purchaser acknowledges that the Purchaser and his, her or its advisors have
been furnished with all materials relating to the business, finances and operations of Company that have been requested by the Purchaser
or his, her or its 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.

 

    	 	18	 

     

    

6.10         
Investment Decision. The Purchaser has made its own investment decision based upon the Purchaser’s
own judgment, due diligence and advice from such advisors as the Purchaser has deemed necessary and not upon any view expressed by any
other person or entity, including the Placement Agent (or, with respect to the Indenture, the Trustee). Neither such inquiries nor any
other due diligence investigations conducted by the Purchaser or its advisors or representatives, if any, shall modify, amend or affect
the Purchaser’s right to rely on Company’s representations and warranties contained herein. The 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 without
limitation the Placement Agent (or, with respect to the Indenture, the Trustee), except for the express statements, representations and
warranties of Company made or contained in this Agreement. Furthermore, the Purchaser acknowledges that (i) the Placement Agent has not
performed any due diligence review on behalf of the Purchaser and (ii) nothing in this Agreement or any other materials presented by or
on behalf of Company to the Purchaser in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice.

 

6.11         
Private Placement; No Registration; Restricted Legends. The Purchaser understands and acknowledges that
the Subordinated Notes are being sold by Company without registration under the Securities Act in reliance on the exemption from federal
and state registration set forth in, respectively, Rule 506(b) of Regulation D promulgated under Section 4(a)(2) of the Securities Act
and Section 18 of the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only
if exemptions from the Securities Act and applicable state securities laws are available to it. It is not subscribing for the Subordinated
Notes as a result of or subsequent to any general solicitation or general advertising, in each case within the meaning of Rule 502(c)
of Regulation D, including 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. The Purchaser further acknowledges and agrees that all
certificates or other instruments representing the Subordinated Notes will bear the restrictive legend set forth in the form of Subordinated
Note, which is attached as an exhibit to the Indenture. The Purchaser further acknowledges his, her or its primary responsibilities under
the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Notes 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 the Placement Agent nor the Company has made 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 Notes, or that the Subordinated Notes purchased by it will ever be able to be lawfully resold,
pledged or otherwise transferred.

 

6.12         
Placement Agent. The Purchaser will purchase the Subordinated Note(s) directly from Company and not from
the Placement Agent and 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 the Company provides notice as contemplated in Section 5.3.4 of the occurrence of the
event contemplated in such section, thereafter, upon the Company’s request, the Purchasers will use commercially reasonable efforts
to work with the Company 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 Notes to qualify as Tier 2 Capital; provided, however, that nothing contained
in this Agreement shall limit the Company's right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event as described
in the Indenture.

 

    	 	19	 

     

    

6.14         
Not Savings Accounts, etc. The Purchaser acknowledges and agrees that the Subordinated Notes are not savings
accounts or deposits of the Bank and are not insured or guaranteed by the FDIC or any Governmental Agency, and that no Governmental Agency
has passed upon or will pass upon the offer or sale of the Subordinated Notes or has made or will make any finding or determination as
to the fairness of this investment.

 

6.15         
Accuracy of Representations. The Purchaser understands that the Placement Agent and Company will each
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 the Purchaser are no longer
accurate as of the Closing Date, or if any of the agreements made by the Purchaser are breached on or prior to the Closing Date, the Purchaser
shall promptly notify the Placement Agent and Company.

 

6.16         
Representations and Warranties Generally. The representations and warranties of the Purchaser set forth
in this Agreement are true and correct as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically
provided herein. Any certificate signed by a duly authorized representative of the Purchaser and delivered to Company or to counsel for
Company shall be deemed to be a representation and warranty by the Purchaser to Company as to the matters set forth therein.

 

7.                 
MISCELLANEOUS.

 

7.1             
Prohibition on Assignment by Company. Except as described in Article VII of the Indenture, Company may
not assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written
consent of Purchasers.

 

7.2             
Time of the Essence. Time is of the essence of this Agreement.

 

7.3             
Waiver or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement herein
shall be effective unless in writing and signed by all of the parties hereto. Waiver or amendment of any term of the Indenture and/or
the Subordinated Note shall be governed by the terms of the Indenture. Notwithstanding the foregoing, the Company may amend or supplement
the Subordinated Notes without the consent of the Holders of the Subordinated Notes 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 any Holder of any of the Subordinated Notes. No failure to exercise or delay in exercising,
by a Purchaser or any Holder of the Subordinated Notes, 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 by law or equity.

 

    	 	20	 

     

    

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:	
    Eagle Bancorp Montana, Inc.

    1400 Prospect Avenue

    Helena, Montana 59601

    Attention: Laura F. Clark, Executive Vice
    President, Chief Financial Officer and Chief Operating Officer

     

	with a copy to:	
    Holland & Knight LLP

    1801 California Street

    Denver, Colorado 80202

    Attention: Shawn Turner

     

	if to Purchasers:	To the address indicated on such 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 a 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 any of the Subordinated Notes from any Purchaser merely because of such purchase.

 

    	 	21	 

     

    

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 a Purchaser, shall be deemed to make a 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 a Purchaser shall be in form and substance satisfactory to such Purchaser.

 

7.9             
Entire Agreement. This Agreement, the Indenture, the Registration Rights Agreement and the Subordinated
Notes 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, the Indenture, the Registration Rights Agreement or in the Subordinated Notes.

 

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 a 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 a Purchaser which is lawful pursuant
to, or which is permitted by, any of the foregoing.

 

7.11         
No Third Party Beneficiary. This Agreement is made for the sole benefit of Company and the Purchasers,
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;
provided, that the Placement Agent may rely on the representations and warranties contained herein to the same extent as if it
were a party to this Agreement.

 

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         
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.

 

    	 	22	 

     

    

7.14         
Knowledge; Discretion. All references herein to a 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, Chief Operating
Officer, and Chief Financial Officer or such other persons holding equivalent offices. Unless specified to the contrary herein, all references
herein to an exercise of discretion or judgment by a Purchaser, to the making of a determination or designation by a Purchaser, to the
application of a Purchaser’s discretion or opinion, to the granting or withholding of a Purchaser’s consent or approval, to
the consideration of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision making
of a Purchaser, shall be deemed to mean that such Purchaser shall decide using the reasonable discretion or judgment of a prudent lender.

 

7.15         
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 PURCHASERS. 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 THE REGISTRATION
RIGHTS AGREEMENT AND (III) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

 

7.16         
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 his, her or its behalf in connection with the transactions contemplated pursuant to this Agreement.

 

7.17         
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]

 

 

 

 

 

 

 

 

    	 	23	 

     

    

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:

     

    EAGLE BANCORP MONTANA, INC.

     

    By:         ______________________________ 

    Name:Laura F. Clark

    Title: Executive Vice President, Chief Financial
    Officer and Chief Operating Officer

     

     

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    [Company Signature Page to Subordinated Note Purchase Agreement]

     

    

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

 

	 	 
	 	
    PURCHASER:

     

     

    ____________________________________

    (Entity Name)

     

     

    By: _________________________________

     

    Name: _______________________________

     

    Title: ________________________________

     

	 	
     

    Address of Purchaser:

     

    ____________________________________

     

    ____________________________________

     

    ____________________________________

     

	 	
     

     

    Principal Amount of Purchased Subordinated Note:

     

    $ ___________________________________

     

     

 

 

 

 

 

 

 

 

 

 

    [Company Signature Page to Subordinated Note Purchase Agreement]

     

    

EXHIBIT A

 

INDENTURE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

EXHIBIT B

 

REGISTRATION RIGHTS AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

EXHIBIT C

 

OPINION OF COUNSEL

 

1.                 
Based solely on a certificate of good standing issued by the Secretary of State of Delaware dated [●] [●], 2022,
Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware. Company has the
corporate power and authority to carry on its business and to own, lease, and operate its properties and assets in all material respects
as described in the Company’s Reports.

 

2.                 
Based solely on a certificate of good standing issued by the Montana Division of Banking and Financial Institutions, dated [●]
[●], 2022, Bank is validly existing as a Montana commercial bank and in good standing under the laws of the State of Montana.
Bank has the corporate power to own its properties and conduct its business in all material respects as described in the Company’s
Reports.

 

3.                 
Company has the necessary corporate power and authority to execute, deliver, and perform its obligations under the Transaction
Documents to which it is a party and to consummate the transactions contemplated by the Transaction Documents.

 

4.     
Each of the Subordinated Note Purchase Agreement, the Indenture and the Registration Rights Agreement has been duly and validly
authorized, executed, and delivered by Company, and each of the Subordinated Note Purchase Agreement, the Indenture and the Registration
Rights Agreement will constitute valid and binding obligations of Company, enforceable against Company in accordance with their terms,
except that the enforcement thereof may be subject to: (A) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent
conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally; and (B)
general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding
therefor may be brought.

 

5.     
The Subordinated Notes have been duly and validly authorized and executed by Company and, when authenticated and delivered by the
Trustee and when issued by Company and delivered to and paid for by the applicable Purchasers in accordance with the terms of the Subordinated
Note Purchase Agreement, the Indenture, and the Subordinated Notes, will have been duly executed, issued and delivered and will constitute
legal, valid and binding obligations of Company, enforceable against Company in accordance with their terms, except that the enforcement
thereof may be subject to: (A) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer
or other similar laws now or hereafter in effect relating to creditors’ rights generally; and (B) general principles of equity (whether
applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may be brought.

 

6.                 
The execution and delivery by the Company of the Subordinated Note Purchase Agreement, the Indenture and the Registration Rights
Agreement do not, and the performance by it of its obligations thereunder will not, (i) result in a violation by the Company of any Delaware
statute or any rule or regulation thereunder or (ii) result in a violation of the Company’s Articles of Incorporation or Bylaws.

 

     

     

    

7.     
Assuming (a) the accuracy of the representations and warranties and compliance with the covenants and agreements of the Purchasers
contained in the Subordinated Note Purchase Agreement and (b) compliance with the offering and transfer restrictions described in the
Subordinated Note Purchase Agreement, the Indenture and the Subordinated Notes, the sale of the Subordinated Notes to the Purchasers under
the Subordinated Note Purchase Agreement in the manner contemplated by the Subordinated Note Purchase Agreement is not required to be
registered under the Securities Act of 1933, as amended, it being understood that no opinion is expressed as to any reoffer or resale
of any such Subordinated Notes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

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