Document:

Exhibit 10.1

      

      

      SUBORDINATED NOTE PURCHASE AGREEMENT

       

      This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of September 29, 2020, and is made by and among South Plains Financial, Inc., a Texas corporation (the “Company”),

        and the several purchasers of the Subordinated Notes (as defined herein) identified on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

       

      RECITALS

       

      WHEREAS, the Company is offering up to $50,000,000 in aggregate principal amount of Subordinated Notes (as defined herein) of the Company, which aggregate
        principal amount is intended to qualify as Tier 2 Capital (as defined herein).

       

      WHEREAS, the Company has engaged Piper Sandler & Co. as 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 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 the 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 the Company a Subordinated Note in the principal amount set forth on such Purchaser’s respective
        signature page hereto (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
        and sufficiency 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 common control with said Person and its respective Affiliates.

       

      
        
          

      

      
      “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.

       

      “Bank” means City Bank, a Texas state bank and wholly owned subsidiary of the Company.

       

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

       

      “Bylaws” means the Amended and Restated Bylaws of the Company, as in effect on the Closing Date.

       

      “Charter” means the Amended and Restated Certificate of Formation of the Company, as amended and in effect on the Closing Date.

       

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

       

      “Closing Date” means September 29, 2020.

       

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

       

      “Company Covered Person” has the meaning set forth in Section 4.2.4.

       

      “Company’s Reports” means (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC,
        including the audited financial statements contained therein; (ii) the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, as filed with the SEC, including the unaudited financial statements contained therein, and (iii) the
        Company’s public reports for the year ended December 31, 2019 and the period ended June 30, 2020, 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 3.1.

       

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

       

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

       

      “FDIC” means the Federal Deposit Insurance Corporation.

       

      
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      “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, without limitation, each applicable Regulatory Agency) with jurisdiction over the Company or a Subsidiary of the Company.

       

      “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, without limitation, 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” means 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 the Company or any Subsidiary of the Company; and (ii) all obligations secured by any lien in property owned by the Company or any Subsidiary of the Company 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
        the Company’s or the Bank’s business (including, without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by the Company or the Bank 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 the Company and UMB Bank, National 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.

      
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      “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 position, results of
        operations or business of such Person, or (ii) would materially impair the ability of any 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 that do not disproportionately affect the operations or business of the Company in comparison to other banking institutions with similar operations, (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 the Company or the Purchasers, (4) direct effects of compliance with this Agreement on the operating performance of the Company, the Bank, or the Purchasers, including
        expenses incurred by the Company or the Purchasers in consummating the transactions contemplated by this Agreement, and (5) the effects of any action or omission taken by the Company with the prior written consent of the Purchasers, and vice versa,
        or as otherwise contemplated by this Agreement and the Subordinated Notes.

       

      “Maturity Date” means September 30, 2030.

       

      “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 the Company or any Affiliate or Subsidiary of the Company.

       

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

       

      “QIB” means a Qualified Institutional Buyer, as defined in Rule 144A under the Securities Act.

       

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

       

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

       

      “Regulatory Agency” 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 the Company, the Bank or any of their Subsidiaries.

       

      “SEC” means the U.S. 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.

       

      “Tier 2 Capital Event” has the meaning set forth in the Indenture.

       

      “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.

       

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

       

      2.            SUBORDINATED DEBT.

       

      2.1         Certain Terms.  Subject to the terms and conditions herein contained, the 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 amount equal to the aggregate of the Subordinated Note Amounts.  The Purchasers, severally and not jointly, each
        agree to purchase the Subordinated Notes, which will be issued pursuant to the Indenture, from the 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 the 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 it may have against
        the Company or any of its Subsidiaries.

       

      2.4          Use of Proceeds.  The Company shall use the net proceeds from the sale of Subordinated Notes for
        general corporate purposes, including providing capital to the Bank and supporting growth.

       

      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 the Company and the Company has executed and delivered to each of the Purchasers this Agreement and any other related documents in form and substance reasonably satisfactory to the Purchasers, each Purchaser shall
        disburse in immediately available funds the Subordinated Note Amount set forth on each Purchaser’s respective signature page hereto to the 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”).  The 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 of The Depository Trust Company (“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 the 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):

       

      
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      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 the Company, and delivery of written instruction to the Trustee (with respect to the Indenture).

       

      3.2.1.2       Authority Documents.

       

      (a)          A copy, certified by the Secretary or Assistant Secretary of the Company, of the Charter of the Company;

       

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

       

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

       

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

       

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

       

      (f)          The opinion of Hunton Andrews Kurth LLP, counsel to the Company, dated as of the Closing Date, substantially in the form set forth at Exhibit C attached
        hereto addressed to the Purchasers and the Placement Agent.

       

      3.2.1.3       Other Documents.  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 the Company’s Obligation.

       

      3.2.2.1      With respect to a given Purchaser, the obligation of the Company to consummate the sale of the Subordinated Notes and to effect the Closing is subject to delivery by or at the
        direction of such Purchaser to the Company of this Agreement and the Registration Rights Agreement, each duly authorized and executed by such Purchaser.

       

      
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      4.          REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

       

      The Company hereby represents and warrants to each Purchaser that, except as disclosed in the disclosure schedules delivered by the Company to each Purchaser concurrently herewith (the “Disclosure

          Schedules”):

       

      4.1         Organization and Authority.

       

      4.1.1          Organization Matters of the Company and Its Subsidiaries.

       

      4.1.1.1       The Company is a duly organized corporation, is validly existing and in good standing under the laws of the State of Texas 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.  The 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.  The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended.

       

      4.1.1.2      The entities listed on Schedule 4.1.1.2 of the Disclosure Schedules are the only direct or indirect Subsidiaries of the Company.  Each
        Subsidiary of the Company other than the Bank either has been duly organized and is validly existing as a corporation or limited liability company, or, in the case of the Bank, has been duly chartered and is validly existing as a Texas state bank,
        in each case in good standing under the laws of the jurisdiction of its incorporation or organization, 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 reasonably be expected to result in a Material Adverse Effect.  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 the Company, directly or through Subsidiaries of the Company, 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 security holder of such Subsidiary of the Company or any other entity.

       

      4.1.1.3      The Bank is a Texas state bank.  The deposit accounts of the Bank are insured by the FDIC up to applicable limits.  The Bank has not received
        any notice or other information indicating that the 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 the Bank as an
        FDIC-insured institution.

       

      
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      4.1.2          Capital Stock and Related Matters.  The Charter of the Company authorizes the Company to issue
        30,000,000 shares of common stock and 1,000,000 shares of preferred stock.  As of the date of this Agreement, there are 18,059,174 shares of the Company’s common stock issued and outstanding and no shares of the Company’s preferred stock issued and
        outstanding.  All of the outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and non-assessable.  There are, as of the date hereof, no outstanding options, rights, warrants or other agreements or
        instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of the Company or obligating the Company to grant, extend or enter into any such agreement or commitment
        to any Person other than the Company except pursuant to the Company’s equity incentive plans duly adopted by the Company’s Board of Directors.

       

      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 the Company with all of the provisions of the Transaction Documents are within the corporate and other powers of
        the 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 the Company, and, assuming due authorization, execution and delivery by the other parties hereto and thereto, including the Trustee for purposes of the Indenture,
        constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective 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 the Company and when executed by the Company and completed and authenticated by the Trustee in accordance with, and in the forms contemplated by, the Indenture and issued, delivered to and paid for by the Purchasers in accordance
        with the terms of this Agreement, will have been duly issued under the Indenture, and will constitute legal, valid and binding obligations of the 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).

       

      
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      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 Charter or Bylaws of
        the 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 the Company or the Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or
        Governmental Agency applicable to the Company or the Bank; or (4) any statute, rule or regulation applicable to the Company, except (x) in the case of item (2) for such violations and conflicts consented to or approved by the counterparty to the
        Company or the Bank under any contract, agreement, or instrument and (y) 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 the 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 material property or asset of the Company.  Neither the Company nor the
        Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or
        pursuant to which any such Indebtedness is issued, or any other agreement or instrument to which the Company or the Bank, as applicable, is a party or by which the Company or the Bank, 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 the Company.

       

      4.2.6         Governmental Consent.  No governmental orders, permissions, consents, approvals or
        authorizations are required to be obtained by the Company that have not been obtained, and no registrations or declarations are required to be filed by the 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 as may be required pursuant to the Registration Rights Agreement, the Securities Act, the Exchange Act, Regulation D, any applicable 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.  The 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 reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company or such applicable Subsidiary; the Company and each Subsidiary of the Company is in compliance with the terms
        and conditions of all such Governmental Licenses, except where the failure so to comply would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Company or such applicable Subsidiary of the
        Company; 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 reasonably be expected
        to have a Material Adverse Effect on the Company or such applicable Subsidiary of the Company; and neither the Company nor any Subsidiary of the Company has received any notice of proceedings relating to the revocation or modification of any such
        Governmental Licenses, except where such proceedings would not have a Material Adverse Effect on the Company or such applicable Subsidiary.

       

      
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      4.4         Financial Condition.

       

      4.4.1        Company Financial Statements.  The financial statements of the Company included in the Company’s
        Reports (including the related notes, where applicable), which have been made available to the Purchasers (i) have been prepared from, and are in accordance with, the books and records of the Company; (ii) fairly present in all material respects
        the results of operations, cash flows, changes in stockholders’ equity and financial position of the Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in the case
        of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and banking
        requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as indicated in such statements or in the notes thereto.  The books and
        records of the Company have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements.  The Company does not have any material liability of any nature whatsoever
        (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of the Company contained in the Company’s Reports for the
        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 the Transaction Documents and the transactions
        contemplated hereby and thereby.

       

      4.4.2          Absence of Default.  Since the end of the Company’s last fiscal year ended December 31, 2019,
        no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of the Company the right to accelerate the maturity of any material Indebtedness of the Company.  The 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 would not reasonably be expected to have, singularly or in the aggregate, a
        Material Adverse Effect on the 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, the 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 the Company or any Subsidiary of the Company.

       

      
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      4.4.4         Ownership of Property.  The 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 the Company and 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 the 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, the Federal Reserve Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by the Bank 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 the
        Company or any of its Subsidiaries.  The 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 the 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 except
        as otherwise disclosed in the Company’s Reports and the Lease expense and minimum rental commitments with respect to such Leases and Lease commitments are as disclosed in all material respects in the Company’s Reports.

       

      4.5       No Material Adverse Change.  Since the end of the Company’s last fiscal year ended December 31,
        2019, there has been no development or event which has had or would reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

       

      4.6         Legal Matters.

       

      4.6.1         Compliance with Law.  Each of the Company and its Subsidiaries (i) has complied with and (ii)
        is not under investigation with respect to, and, to the Company’s knowledge, has not been threatened to be charged with or given any notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of any
        domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure to comply or violation would not reasonably be expected
        to have, singularly or in the aggregate, a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.  The Company and each of its Subsidiaries is in compliance with, and at all times prior to the date hereof has been in
        compliance with, (x) all statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any Governmental Agency, applicable to it, and (y) its own privacy policies and written commitments to customers, consumers and
        employees, concerning data protection, the privacy and security of personal data, and the nonpublic personal information of its customers, consumers and employees, in each case except where any such failure to comply would not reasonably be
        expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company and its Subsidiaries taken as a whole. At no time during the two years prior to the date hereof has the Company or any of its Subsidiaries received any
        written notice asserting any violations of any of the foregoing.

       

      
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      4.6.2          Regulatory Enforcement Actions.  The 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 would not have a Material Adverse Effect on the Company and its
        Subsidiaries taken as a whole.  None of the Company, the Bank, the Company’s or the Bank’s Subsidiaries nor any of their 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 the 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 remains unresolved.

       

      4.6.3         Pending Litigation.  There are no actions, suits, proceedings or written agreements pending,
        or, to the Company’s knowledge, threatened or proposed, against the Company or any of its Subsidiaries at law or in equity or before or by any Governmental Agency, that, either singularly or in the aggregate, would reasonably be expected to have a
        Material Adverse Effect on the Company and any of its Subsidiaries, taken as a whole, or affect issuance or payment of the Subordinated Notes; and neither the 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 court, commission, board or agency, domestic or foreign, that would reasonably be expected to have, either singularly or in the aggregate, a Material Adverse Effect on
        the Company and any of its Subsidiaries, taken as a whole.

       

      4.6.4          Environmental.  The Company and each of its Subsidiaries are in compliance in all material
        respects with all Hazardous Materials Laws, except where such noncompliance would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.  There are no
        claims or actions pending or, to the Company’s knowledge, threatened against the 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, singularly or in the aggregate a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

       

      4.6.5        Brokerage Commissions.  Except for commissions paid to the Placement Agent, neither the Company
        nor any Affiliate of the 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 the 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 and agreements made in this
        Agreement or in any certificate or other document delivered to the Purchasers, when viewed together as a whole, by or on behalf of the Company pursuant to or in connection with this Agreement 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 and as of the date of this Agreement.

       

      
        13

        
          

      

      4.8          Internal Accounting Controls.  The Company, the Bank and each other Subsidiary has established
        and maintains a system of internal control over financial reporting that pertains to the maintenance of records that accurately and fairly reflects the transactions and dispositions of the Company’s assets (on a consolidated basis), provides
        reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that the Company’s and the Bank’s receipts and expenditures and receipts and expenditures of each of the
        Company’s other Subsidiaries are being made only in accordance with authorizations of the Company management and Board of Directors, and provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
        disposition of assets of the Company on a consolidated basis that would have a Material Adverse Effect on the Company.  Such internal control over financial reporting is effective to provide reasonable assurance regarding the reliability of the
        Company’s financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with GAAP.  Since the conclusion of the Company’s last completed fiscal year there has not been and there currently is not
        (i) any significant deficiency or material weakness in the design or operation of its internal control over financial reporting which is reasonably likely to adversely affect its ability to record, process, summarize and report financial
        information, or (ii) any fraud, whether or not material, that involves management or other employees who have a role in the Company’s or the Bank’s internal control over financial reporting.  The Company (A) has implemented and maintains disclosure
        controls and procedures reasonably designed and maintained to ensure that material information relating to the Company is made known to the Chief Executive Officer and the Chief Financial Officer of the Company by others within the Company and (B)
        has disclosed, based on its most recent evaluation prior to the date hereof, to the Company’s outside auditors and the audit committee of the Company’s Board of Directors any significant deficiencies and material weaknesses in the design or
        operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s internal control over financial reporting.  Such disclosure controls and procedures are effective for the purposes for which they
        were established.

       

      4.9        Tax Matters.  The Company, the Bank and each 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.

       

        

      4.10        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.

       

      4.11        Representations and Warranties Generally.  The representations and warranties of the Company set
        forth in this Agreement or in any other agreement entered into by or on behalf of the Company pursuant to the requirements of this Agreement are true and correct as of the date hereof and as otherwise specifically provided herein or therein.

       

      
        14

        
          

      

      5.          GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

       

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

       

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

       

      5.2         Affiliate Transactions.  The Company shall not itself, nor shall it cause, permit or allow any of
        its Subsidiaries to enter into any material transaction, including, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of the Company except in the ordinary course of business and pursuant to the
        reasonable requirements of the 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
        the 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.  The Company shall comply and cause the Bank and each of its other 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 noncompliance would not
        reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

       

      5.3.2          Regulated Activities.  The Company shall not itself, nor shall it cause, permit or allow the
        Bank or any other 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 the
        Company, the Bank and/or such of its Subsidiaries 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.  The Company shall and shall cause the Bank and any other of its Subsidiaries to
        promptly pay and discharge all material taxes, assessments and other governmental charges imposed upon the Company, the Bank or any other of its Subsidiaries or upon the income, profits, or property of the Company or any Subsidiary and all claims
        for labor, material or supplies which, if unpaid, will result in the imposition of a lien or charge upon the property of the Company, the Bank or any other of its Subsidiaries.  Notwithstanding the foregoing, none of the Company, the Bank or any
        other of its Subsidiaries shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof is being or shall be contested in good faith by appropriate proceedings, and appropriate reserves therefor shall be
        maintained on the books of the Company, the Bank and such other Subsidiary.

       

      5.3.4          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 the other Subsidiaries and its and their rights and franchises.

       

      
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      5.3.5          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 will as promptly as reasonably practicable
        notify the Holder (as defined in the Subordinated Note) of the Subordinated Notes, and thereafter, subject to the terms of the Indenture, the Company and the Holder (as defined in the Subordinated Note) of the Subordinated Notes will work together
        in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated 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.

       

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

       

      5.5        Secondary Market Transactions.  Each Purchaser shall have the right at any time and from time to
        time to securitize its 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, the Company shall, at the Company’s expense, cooperate with the Purchasers and otherwise reasonably
        assist the Purchasers in satisfying the market standards to which Purchasers customarily adhere or which may be reasonably required in the marketplace or by applicable rating agencies in connection with any such Secondary Market Transaction, but in
        no event shall the Company be required to incur any costs or expenses in excess of $10,000 in connection therewith.  Subject to any written confidentiality obligation, all information regarding the 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 Purchaser in connection with participation in such Secondary Market Transaction.  The Purchaser shall cause any Person to whom
        the Purchaser wishes to deliver confidential Company information related to the Secondary Market Transaction to execute and deliver to the Company a non-disclosure agreement reasonably acceptable to the Company unless such Person is a party to a
        commercially reasonable non-disclosure agreement to which the Company is a third party beneficiary.  All documents, financial statements, appraisals and other data relevant to the Company or the Subordinated Notes may be retained by any such
        Person, subject to the terms of any applicable non-disclosure agreements.

       

      5.6         Bloomberg.  The Company shall use commercially reasonable efforts to cause the Subordinated Notes
        to be quoted on Bloomberg.

       

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

       

      

      
        16

        
          

      

      5.8       DTC Registration.  The Company shall use commercially reasonable efforts to cause the Subordinated
        Notes to be registered in the name of Cede & Co. as nominee of DTC.  For purposes of clarity and pursuant to (and as further described in) the terms of the Subordinated Notes, any redemption made pursuant to the terms of the Subordinated Notes
        shall be made on a pro rata basis, and, for purposes of a redemption processed through DTC, on a “Pro Rata Pass-Through Distribution of Principal” basis, among all of the Subordinated Notes outstanding at the time thereof.

       

      5.9         NRSRO Rating.  The Company will use commercially reasonable efforts to maintain a rating by a
        nationally recognized statistical rating organization while any Subordinated Notes remain outstanding.

       

      6.          REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.

       

      Each Purchaser hereby represents and warrants to the Company, and covenants with the 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.  The Purchaser is an entity duly organized, validly existing and in good standing under the laws of 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 hereto and 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 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.

       

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

       

      
        17

        
          

      

      6.6         Financial and Business Sophistication.  The Purchaser has such knowledge and experience in
        financial and business matters that it 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.  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 its investment in the Company.  The Purchaser further acknowledges that it has reviewed the information set forth in Exhibit D hereto regarding “Risk Factors” related to an investment in the
        Subordinated Notes.

       

      6.8         Information.  The Purchaser acknowledges that  (i) it 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 it being provided with any offering circular or prospectus prepared in connection with the offer and sale of the Subordinated
        Notes; (ii) it has conducted its own examination of the Company and the terms of the Subordinated Notes to the extent it deems necessary to make its decision to invest in the Subordinated Notes; and (iii) it has availed itself of publicly available
        financial and other information concerning the Company to the extent it deems necessary to make its decision to purchase the Subordinated Notes.  The Purchaser has reviewed the information set forth in the Company’s Reports, the exhibits and
        schedules hereto and the information contained in the data room established by the Company in connection with the transactions contemplated by this Agreement.

       

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

       

      6.10       Investment Decision.  The Purchaser has made its own investment decision based upon its own
        judgment, due diligence and advice from such advisors as it 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 it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the 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 the Company, including, without limitation, the Placement Agent (or, with respect to the Indenture, the Trustee), except for the
        express statements, representations and warranties of the Company made or contained in this Agreement.  Furthermore, the Purchaser acknowledges that (i) the Placement Agent have 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 the Company to the Purchaser in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice.

       

      
        18

        
          

      

      6.11       Private Placement; No Registration; Restricted Legends.  The Purchaser understands and
        acknowledges that the Subordinated Notes are being sold by the 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, and applicable 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.  The Purchaser is not subscribing for the Subordinated Notes as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or
        similar media or broadcast over television or radio, or presented at any seminar or meeting. 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 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.

       

      6.12      Placement Agent.  The Purchaser will purchase the Subordinated Note(s) directly from the 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 5.3.5 of the
        occurrence of the event contemplated in such section, thereafter the Company and the Purchasers will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the
        obligations evidenced by the Subordinated 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 Subordinated Notes.

       

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

       

      6.15       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 the Company or to counsel for the Company shall be deemed to be a representation and warranty by the Purchaser to the Company as to the matters set forth therein.

       

      
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      7.           MISCELLANEOUS.

       

      7.1         Prohibition on Assignment by the Company.  Except as described in Article VII (Successors) of the
        Indenture, the 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 the Purchasers.

       

      7.2         Time of the Essence.  Time is of the essence for 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.  No failure to exercise or delay in exercising, by a Purchaser or any Holder of the Subordinated Notes (as defined therein), 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.

       

      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, or if sent by email, addressed:

       

      	
              if to the Company:

            	
              South Plains Financial, Inc.

              5219 City Bank Parkway

              Lubbock, Texas 79407

              Attention:  Mikella D. Newsom

              Email: mnewsom@city.bank

            
	 	 
	
              with a copy to:

            	
              Hunton Andrews Kurth LLP

              2200 Pennsylvania Ave

              Washington, D.C. 20037

              Attention:  Heather A. Eastep

              Email:  heastep@huntonak.com

            
	 	 
	
              if to the Purchasers:

            	
              To the address indicated on such Purchaser’s signature page.

            

      

      

      
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        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, sent if sent by email 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 the Company in violation of this Agreement shall be effective or confer any rights on any purported assignee
        of the 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.

       

      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 the 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 any exhibits thereto and any nondisclosure agreements between the Purchaser and the Company, 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, and 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 principles of conflict of laws (other than Section 5-1401 of the New York General Obligations Law).  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.

       

      
        21

        
          

      

      7.11       No Third Party Beneficiary.  This Agreement is made for the sole benefit of the 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 an electronic signature or 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.  Any use by a party of an
        electronic signature must be in accordance with the federal Electronic Signature In Global and National Commerce Act, the Texas Uniform Electronic Transactions Act and the New York Electronic Signatures and Records Act.

       

      7.14       Knowledge; Discretion.  All references herein to a Purchaser’s or the Company’s knowledge shall be
        deemed to mean the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer or such other persons holding equivalent offices.  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 THE COMPANY OR THE
        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.

       

      

      
        22

        
          

      

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

       

      	 	
              COMPANY:

            
	 	 
	 	
              SOUTH PLAINS FINANCIAL, INC.

            
	 	 
	 	
              By:

              

            	 	 
	 	
              Name:

              

            	Curtis C. Griffith
	 	
              Title:

              

            	Chairman and Chief Executive 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:

               

              

              [INSERT PURCHASER’S NAME]

            
	 	 

      
        	 	
                By:

                

              	 	 
	 	

              	
                Name: [●]

              
	 	

              	
                Title: [●]

              

      

      	 	 
	 	
              Address of Purchaser:

            
	 	 
	 	
              [●]

            
	 	 
	 	
              Principal Amount of Purchased Subordinated Note:

            
	 	 
	 	
              $[●]

            

      
         

        

        [Purchaser Signature Page to Subordinated Note Purchase Agreement]

         

        

      

      
        
          

      

      EXHIBIT A

       

      FORM OF INDENTURE

       

      

      
        
          

      

      EXHIBIT B

       

      FORM OF REGISTRATION RIGHTS AGREEMENT

       

      

      
        
          

      

      EXHIBIT C

       

      OPINION OF COUNSEL

       

      

      
        
          

      

      
      EXHIBIT D

       

      RISK FACTORS

       

      An investment in the 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”) issued by South Plains Financial, Inc., a Texas corporation and
        registered bank holding company (the “Company,” “we,” “our” and “us”), involves a number of risks.  You should read carefully and consider the following risks before making an investment decision.  The following risks
        are not, however, exclusive or exhaustive, and only represent typical risks that may impact an investment in the Subordinated Notes.  In evaluating an investment in any of our securities, investors should consider carefully, among other things, the
        risks previously disclosed under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”), and such other risk
        factors as the Company may disclose in other reports and statements filed or furnished with the SEC.  The order of these risk factors does not reflect their relative importance or likelihood of occurrence. 
          Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Subordinated Notes.

       

      Risks Related to the Subordinated Notes

       

      You should not rely on indicative or historical data concerning the Secured Overnight Financing Rate (“SOFR”).

       

      Under the terms of the Subordinated Notes, the interest rate on the Subordinated Notes for each interest period during the floating rate period will be based on Three-Month Term
        SOFR, a forward-looking term rate for a tenor of three months that will be based on SOFR (“Three-Month Term SOFR”) (unless a Benchmark Transition Event and its related Benchmark Replacement Date occur with respect to Three-Month Term SOFR,
        in which case the rate of interest will be based on the next-available Benchmark Replacement).  In the following discussion of SOFR, when we refer to SOFR-linked Subordinated Notes, we mean the Subordinated Notes at any time when the interest rate
        on the Subordinated Notes is or will be determined based on SOFR, including Three-Month Term SOFR.

       

      SOFR is published by the Federal Reserve Bank of New York (“FRBNY”) and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S.
        Treasury securities.  FRBNY reports that SOFR includes all trades in the Broad General Collateral Rate, plus bilateral U.S. Treasury repurchase agreement (“repo”) transactions cleared through the delivery-versus-payment service offered by
        the Fixed Income Clearing Corporation (the “FICC”), a subsidiary of The Depository Trust & Clearing Corporation (“DTCC”).  SOFR is filtered by FRBNY to remove a portion of the foregoing transactions considered to be “specials.”
        According to FRBNY, “specials” are repos for specific-issue collateral which take place at cash-lending rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a
        particular security.

       

      FRBNY reports that SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data collected from The Bank of New York Mellon, which currently acts as the
        clearing bank for the tri-party repo market, as well as general collateral finance repo transaction data and data on bilateral U.S. Treasury repo transactions cleared through the FICC’s delivery-versus-payment service.

       

      FRBNY states that it obtains information from DTCC Solutions LLC, an affiliate of DTCC.  FRBNY currently publishes SOFR daily on its website at https://apps.newyorkfed.org/markets/autorates/sofr. 

        FRBNY states on its publication page for SOFR that use of SOFR is subject to important disclaimers, limitations and indemnification obligations, including that FRBNY may alter the methods of calculation, publication schedule, rate revision
        practices or availability of SOFR at any time without notice.  The foregoing Internet website is an inactive textual reference only.

       

      
        D-1

        
          

      

      FRBNY started publishing SOFR in April 2018.  FRBNY has also started publishing historical indicative SOFRs dating back to 2014, although this historical indicative data inherently
        involves assumptions, estimates and approximations.  You should not rely on this historical indicative data or on any historical changes or trends in SOFR as an indicator of the future performance of SOFR.

       

      The amount of interest payable on the Subordinated Notes will vary on and after September 30, 2025.

       

      As the interest rate of the Subordinated Notes will be calculated based on SOFR from September 30, 2025 to but excluding the maturity date or
        earlier redemption date and SOFR is a floating rate, the interest rate on the Subordinated Notes will vary on and after September 30, 2025.  During this period, the Subordinated Notes will bear a floating interest rate set each quarterly interest
        period at a per annum rate equal to the Benchmark rate (which is expected to be Three-Month Term SOFR) plus a spread of 438 basis points; provided, that in the event that the Benchmark rate for any floating
        rate period is less than zero, the Benchmark rate for such floating rate period shall be deemed to be zero.  The per annum interest rate that is determined on the relevant determination date will apply to the entire quarterly interest period
        following such determination date even if the Benchmark rate increases during that period.

       

      Floating rate notes bear additional significant risks not associated with fixed rate debt securities.  These risks include fluctuation of the interest rates and the possibility that
        you will receive an amount of interest that is lower than expected.  We have no control over a number of matters, including economic, financial, and political events, that are important in determining the existence, magnitude, and longevity of
        market volatility and other risks and their impact on the value of, or payments made on, the floating rate Subordinated Notes.

       

      SOFR may be more volatile than other benchmark or market rates.

       

      Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in comparable benchmark or market rates, and SOFR over time
        may bear little or no relation to the historical actual or historical indicative data.  In addition, the return on and value of the SOFR-linked Subordinated Notes may fluctuate more than floating rate securities that are linked to less volatile
        rates.

       

      Changes in the calculation of SOFR could adversely affect the amount of interest that accrues on the SOFR-linked Subordinated Notes and the trading prices for
        the SOFR-linked Subordinated Notes.

       

      Because SOFR is published by FRBNY based on data received from other sources, we have no control over its determination, calculation, or publication.  There can be no assurance that
        SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the SOFR-linked Subordinated Notes.  If the manner in which SOFR is calculated is changed, that change may result in a
        reduction in the amount of interest that accrues on the SOFR-linked Subordinated Notes, which may adversely affect the trading prices of the SOFR-linked Subordinated Notes.  In addition, the interest rate on the SOFR-linked Subordinated Notes for
        any day will not be adjusted for any modification or amendment to SOFR for that day that FRBNY may publish if the interest rate for that day has already been determined prior to such publication.  Further, if the Benchmark rate on the SOFR-linked
        Subordinated Notes for any interest period declines to zero or becomes negative, then the Benchmark rate for such interest period will be deemed to be zero.  There is no assurance that changes in SOFR could not have a material adverse effect on the
        yield on, value of, and market for the SOFR-linked Subordinated Notes.

       

      
        D-2

        
          

      

      SOFR differs fundamentally from, and may not be a comparable substitute for, U.S. dollar LIBOR.

       

      In June 2017, the Alternative Reference Rates Committee (the “ARRC”) convened by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and FRBNY
        announced SOFR as its recommended alternative to the London interbank offered rate for U.S. dollar obligations (“U.S. dollar LIBOR”).  However, because SOFR is a broad U.S. Treasury repo financing rate that represents overnight secured
        funding transactions, it differs fundamentally from U.S. dollar LIBOR.  For example, SOFR is a secured overnight rate, while U.S. dollar LIBOR is an unsecured rate that represents interbank funding over different maturities.  In addition, because
        SOFR is a transaction-based rate, it is backward-looking, whereas U.S. dollar LIBOR is forward-looking.  Because of these and other differences, there can be no assurance that SOFR will perform in the same way as U.S. dollar LIBOR would have done
        at any time, and there is no guarantee that it is a comparable substitute for U.S. dollar LIBOR.

       

      Any failure of SOFR to gain market acceptance could adversely affect the trading prices of the SOFR-linked Subordinated Notes.

       

      SOFR may fail to gain market acceptance.  SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S. dollar LIBOR in part
        because it is considered to be a good representation of general funding conditions in the overnight U.S. Treasury repo market.  However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit
        risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks.  This may mean that market participants would not consider SOFR to be a suitable substitute or successor for all of the purposes for which U.S.
        dollar LIBOR historically has been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen its market acceptance.  Any failure of SOFR to gain market acceptance could
        adversely affect the return on, value of and market for the SOFR-linked Subordinated Notes.

       

      Any market for the SOFR-linked Subordinated Notes may be illiquid or unpredictable.

       

      Since SOFR is a relatively new market index, SOFR-linked debt securities likely will have no established trading market when issued, and an established trading market for the
        SOFR-linked Subordinated Notes may never develop or may not be very liquid.  Market terms for securities that are linked to SOFR, such as the spread over the base rate reflected in the interest rate provisions, may evolve over time, and as a
        result, trading prices of the SOFR-linked Subordinated Notes may be lower than those of later-issued securities that are linked to SOFR.  Similarly, if SOFR does not prove to be widely used in securities that are similar or comparable to the
        SOFR-linked Subordinated Notes, the trading price of the SOFR-linked Subordinated Notes may be lower than those of securities that are linked to rates that are more widely used.  You may not be able to sell the SOFR-linked Subordinated Notes at all
        or may not be able to sell the SOFR-linked Subordinated Notes at prices that will provide you with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and
        market risk.  The manner of adoption or application of reference rates based on SOFR in the bond and equity markets may differ materially compared with the application and adoption of SOFR in other markets, such as the derivatives and loan
        markets.  You should carefully consider how any potential inconsistencies between the adoption of reference rates based on SOFR across these markets may impact any hedging or other financial arrangements which you may put in place in connection
        with any acquisition, holding or disposal of the SOFR-linked Subordinated Notes.

       

      
        D-3

        
          

      

      The interest rate for the Subordinated Notes during the floating rate period may be determined based on a rate other than Three-Month Term SOFR.

       

      Three-Month Term SOFR does not currently exist and is currently being developed under the sponsorship of the ARRC.  There is no assurance that the development of Three-Month Term
        SOFR, or any other forward-looking term rate based on SOFR, will be completed.  Uncertainty surrounding the development of forward-looking term rates based on SOFR could have a material adverse effect on the return on, value of and market for the
        Subordinated Notes.  If, at the commencement of the floating rate period for the Subordinated Notes, the Federal Reserve and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor
        thereto (“Relevant Governmental Body”) has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, 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 the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible, then the next-available
        Benchmark Replacement under the benchmark transition provisions will be used to determine the interest rate on the Subordinated Notes during the floating rate period (unless a Benchmark Transition Event and its related Benchmark Replacement Date
        occur with respect to that next-available Benchmark Replacement).

       

      Under the terms of the Subordinated Notes, the calculation agent is expressly authorized to make determinations, decisions or elections with respect to technical, administrative or
        operational matters that it decides are appropriate to reflect the use of Three-Month Term SOFR as the interest rate basis for the Subordinated Notes, which are defined in the terms of the Subordinated Notes as “Three-Month Term SOFR Conventions.” 
        For example, assuming that a form of Three-Month Term SOFR is developed, it is not currently known how or by whom rates for Three-Month Term SOFR will be published.  Accordingly, the calculation agent will need to determine the applicable
        Three-Month Term SOFR during the floating rate period.  The calculation agent’s determination and implementation of any Three-Month Term SOFR Conventions could result in adverse consequences to the amount of interest that accrues on the
        Subordinated Notes during the floating rate period, which could adversely affect the return on, value of and market for the Subordinated Notes.

       

      Any Benchmark Replacement may not be the economic equivalent of Three-Month Term SOFR.

       

      Under the benchmark transition provisions of the Subordinated Notes, if the calculation agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date
        have occurred with respect to Three-Month Term SOFR, then the interest rate on the Subordinated Notes during the floating rate period will be determined using the next-available Benchmark Replacement (as defined in the Subordinated Notes) (which
        may include a related Benchmark Replacement Adjustment).  However, the Benchmark Replacement may not be the economic equivalent of Three-Month Term SOFR.  For example, Compounded SOFR, the first available Benchmark Replacement, is the compounded
        average of the daily Secured Overnight Financing Rates calculated in arrears, while Three-Month Term SOFR is intended to be a forward-looking rate with a tenor of three months.  In addition, very limited market precedent exists for securities that
        use Compounded SOFR as the rate basis, and the method for calculating Compounded SOFR in those precedents varies.  Further, the ISDA Fallback Rate, which is another Benchmark Replacement, has not yet been established and may change over time.

       

      
        D-4

        
          

      

      The implementation of Benchmark Replacement Conforming Changes could adversely affect the amount of interest that accrues on the Subordinated Notes and the
        trading prices for the Subordinated Notes.

       

      Under the benchmark transition provisions of the Subordinated Notes, if a particular Benchmark Replacement or Benchmark Replacement Adjustment cannot be determined, then the
        next-available Benchmark Replacement or Benchmark Replacement Adjustment will apply.  These replacement rates and adjustments may be selected or formulated by (i) the Relevant Governmental Body (such as the ARRC), (ii) ISDA or (iii) in certain
        circumstances, the calculation agent.  In addition, the benchmark transition provisions expressly authorize the calculation agent to make certain changes, which are defined in the terms of the Subordinated Notes as “Benchmark Replacement Conforming
        Changes,” with respect to, among other things, the determination of interest periods, and the timing and frequency of determining rates and making payments of interest.  The application of a Benchmark Replacement and Benchmark Replacement
        Adjustment, and any implementation of Benchmark Replacement Conforming Changes, could result in adverse consequences to the amount of interest that accrues on the Subordinated Notes during the floating rate period, which could adversely affect the
        return on, value of and market for the Subordinated Notes.  Further, there is no assurance that the characteristics of any Benchmark Replacement will be similar to the then-current Benchmark that it is replacing, or that any Benchmark Replacement
        will produce the economic equivalent of the then-current Benchmark that it is replacing.

       

      We will act as the initial calculation agent and may have economic interests adverse to the interests of the holders of the Subordinated Notes.

       

      We will act as the initial calculation agent, and we may continue to serve as calculation agent during the floating rate period.  The calculation agent will make certain
        determinations, decisions or elections with respect to the interest rate during the floating rate period.  Any exercise of discretion by us under the terms of the Subordinated Notes, including, without limitation, any discretion exercised by us
        acting as calculation agent, could present a conflict of interest.  In making the required determinations, decisions and elections, we may have economic interests that are adverse to the interests of the holders of the Subordinated Notes, and those
        determinations, decisions or elections could have a material adverse effect on the yield on, value of and market for the Subordinated Notes.  Any determination by us, as the calculation agent, will be conclusive and binding absent manifest error.

       

      Your ability to transfer the Subordinated Notes may be limited by the absence of an active trading market, and there is no assurance that any active trading
        market will develop for the Subordinated Notes.

       

      There is no established public market for the Subordinated Notes, and we cannot assure you that an active trading market for the Subordinated Notes will develop.  If no active
        trading market develops, you may not be able to resell the Subordinated Notes at their fair market value or at all.  We do not intend to apply for listing the Subordinated Notes on any securities exchange.  Future trading prices of the Subordinated
        Notes will depend on many factors, including, among other things, prevailing interest rates, our operating results, our financial condition and the market for similar securities. We cannot assure you as to the development or liquidity of any
        trading market for the Subordinated Notes.  The liquidity of any market for the Subordinated Notes will depend on a number of factors, including:

       

      	

            	•	
              the number of holders of the Subordinated Notes;

            

       

      	

            	•	
              our operating performance and financial condition;

            

       

      	

            	•	
              the market for similar securities;

            

       

      
        D-5

        
          

      

      	

            	•	
              the interest of securities dealers in making a market in the Subordinated Notes; and

            

       

      	

            	•	
              prevailing interest rates.

            

       

      We cannot assure you that the market, if any, for the Subordinated Notes will be free from disruptions or that any such disruptions may not adversely affect the prices at which you
        may sell your Subordinated Notes.  Therefore, we cannot assure you that you will be able to sell your Subordinated Notes at a particular time or the price that you receive when you sell will be favorable.

       

      Changes in our credit ratings may adversely affect your investment in the Subordinated Notes.

       

      The credit ratings on the Subordinated Notes are an assessment by rating agencies of our ability to pay our debts when due.  These ratings are not recommendations to purchase, hold
        or sell the Subordinated Notes, inasmuch as the ratings do not comment as to market price or suitability for a particular investor, are limited in scope, and do not address all material risks relating to an investment in the Subordinated Notes, but
        rather reflect only the view of each rating agency at the time the rating is issued.  The ratings are based on current information furnished to the ratings agencies by us and information obtained by the ratings agencies from other sources.  An
        explanation of the significance of such rating may be obtained from such rating agency.  There can be no assurance that such credit ratings will remain in effect for any given period of time or that such ratings will not be lowered, suspended or
        withdrawn entirely by the rating agencies, if, in each rating agency’s judgment, circumstances so warrant.  Any ratings of our long‐term debt are based on a number of factors, including our financial strength as well as factors not entirely within
        our control, including conditions affecting the financial services industry generally.  There can be no assurance that we will not receive adverse changes in our ratings in the future, which could adversely affect the cost and other terms upon
        which we are able to obtain funding and the way in which we are perceived in the capital markets.  Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under review for a downgrade,
        could affect the market value and liquidity of the Subordinated Notes and increase our borrowing costs.

       

      In the event we redeem the Subordinated Notes before maturity, you may not be able to reinvest your principal at the same or a higher rate of return.

       

      We may redeem the Subordinated Notes, in whole or in part, and without premium or penalty, at any time five years after the issue date, subject to certain conditions.  You should
        assume that we will exercise our redemption option if we are able to obtain capital at a lower cost than we must pay on the Subordinated Notes or if it is otherwise in our interest to redeem the Subordinated Notes.  We may also redeem the
        Subordinated Notes, in whole, but not in part, and without premium or penalty, upon the occurrence of certain events at any time, including within the first five years after the issue date.  If the Subordinated Notes are redeemed, you may be
        required to reinvest your principal at a time when you may not be able to earn a return that is as high as you were earning on the Subordinated Notes.

       

      As a holder of the Subordinated Notes, you will not be entitled to any rights with respect to our capital stock.

       

      If you hold a Subordinated Note, you will not be entitled to any rights with respect to our capital stock (including, without limitation, voting rights and rights to receive any
        dividends or other distributions on our capital stock) by virtue of holding a Subordinated Note.

       

      
        D-6

        
          

      

      Holders of the Subordinated Notes will have no say over our management and affairs.

       

      Our officers and directors will make all decisions with respect to our management.  Holders of the Subordinated Notes have no right or power to take part in our management. 
        Prospective investors will be entirely reliant on our officers and directors to effectively manage our business so that we may meet our debt obligations when they fall due.

       

      Your right to receive payments on the Subordinated Notes is effectively subordinated to those lenders who have a security interest in our assets.

       

      Our obligations under the Subordinated Notes are unsecured and we may be able to obtain indebtedness from time to time that is secured by all or substantially all of our assets.  If
        we are declared bankrupt or insolvent, or if we default under such secured indebtedness, the lenders could declare all of the funds borrowed thereunder, together with accrued interest, immediately due and payable. If we were unable to repay such
        indebtedness, the lenders could foreclose on the pledged assets to the exclusion of holders of the Subordinated Notes, even if an event of default exists under the Subordinated Notes.  In any such event, because the Subordinated Notes are not
        secured by any of our assets, it is possible that there would be no assets remaining from which your claims could be satisfied or, if any assets remained, they might be insufficient to satisfy your claims fully.

       

      Your right to receive payments on the Subordinated Notes is structurally subordinated to indebtedness of our bank subsidiary, City Bank, a Texas banking
        association (the “Bank”), and our other subsidiaries.

       

      The Subordinated Notes will be our obligations only, are not obligations of or deposits in the Bank or its other subsidiaries, and are not insured by any government or private
        agency.  Because we are a holding company, our rights and the rights of our creditors, including the holders of the Subordinated Notes, to participate in any distribution of the assets of the Bank or our other subsidiaries, upon a liquidation,
        reorganization, or insolvency of the Bank or our other subsidiaries (and the consequent right of the holders of the Subordinated Notes to participate in those assets) will be subject to the claims of the creditors of the Bank or our other
        subsidiaries (including depositors in our subsidiaries).  If we are a creditor of the Bank or its other subsidiaries, our claims would be subject to any prior security interest in the assets of the Bank or our other subsidiaries and any
        indebtedness of our subsidiaries senior to our indebtedness.

       

      The Subordinated Notes are also effectively subordinated to all of the liabilities of the Bank or our other subsidiaries, to the extent of their assets, since they are separate and
        distinct legal entities with no obligation to pay any amounts due under our indebtedness, including the Subordinated Notes, or to make any funds available to make payments on the Subordinated Notes, whether by paying dividends or otherwise.

       

      We will have increased debt service obligations upon issuance of the Subordinated Notes.

       

      Upon issuance of the Subordinated Notes, we will have incurred additional debt service in addition to normal operating expenses and planned capital expenditures.  Our increased
        level of indebtedness may have several important effects on our future operations including, without limitation, a portion of our cash flow must be dedicated to the payment of interest and principal on the Subordinated Notes, reducing funds
        available for distribution to shareholders and our ability to obtain additional financing for working capital, capital expenditures, acquisitions and general corporate and other purposes may be limited.  Our ability to meet our debt service
        obligations and to reduce our total indebtedness will be dependent upon the future performance of the Bank and its ability to pay dividends to us, which will be subject to regulatory restrictions, general economic, industry and competitive
        conditions and to financial, business and other factors affecting us and the Bank, many of which are beyond our control.  We cannot assure you that the Bank will be able to continue to generate cash flow at or above its current level and that we
        will be able to pay principal and interest on the Subordinated Notes as it becomes due.

       

      
        D-7

        
          

      

      Regulatory guidelines may restrict our ability to pay the principal of, and accrued and unpaid interest on, the Subordinated Notes.

       

      The Company is a bank holding company with no material activities other than the provision of funds to our subsidiaries, including the Bank, in the ordinary course of business.  Our
        principal source of funds to pay dividends on our capital stock and to service any of our debt obligations, including the Subordinated Notes, other than further issuances of securities, would be dividends received from the Bank.  The Bank is not
        obligated to make payments to us, and any payments to us would depend on the earnings or financial condition of the Bank and various business considerations, and may also require prior regulatory approval.

       

      Moreover, pursuant to federal law and regulations promulgated by the Federal Reserve, a bank holding company is required to act as a source of financial and managerial strength to
        each of its banking subsidiaries and commit resources to their support, including the guarantee of capital plans of an undercapitalized bank subsidiary.  Such support may be required at times when a holding company may not otherwise be inclined to
        provide it.  As a result of the foregoing, we may be unable to pay the principal of, and accrued but unpaid interest on, the Subordinated Notes at the maturity of the Subordinated Notes.

       

      Government regulation may affect the priority of the Subordinated Notes in the case of a bankruptcy or liquidation.

       

      The Dodd-Frank Wall Street Reform Act (the “Dodd-Frank Act”) created a new resolution regime known as the “orderly liquidation authority,” which may apply to us as a bank
        holding company.  Under the orderly liquidation authority, the Federal Deposit Insurance Corporation (the “FDIC”) may be appointed as receiver for an entity for purposes of liquidating the entity if the Secretary of the Treasury determines
        that the entity is in severe financial distress and that the entity’s failure would have serious adverse effects on the U.S. financial system.

       

      If the FDIC is appointed as receiver under the orderly liquidation authority, then the Dodd-Frank Act, rather than applicable insolvency laws, would determine the powers of the
        receiver, and the rights and obligations of creditors and other parties who have dealt with the institution.  There are substantial differences in the rights of creditors under the orderly liquidation authority compared to those under the U.S.
        Bankruptcy Code, including the right of the FDIC to disregard the strict priority of creditor claims in some circumstances, the use of an administrative claims procedure to determine creditors’ claims (as opposed to the judicial procedure utilized
        in bankruptcy proceedings) and the right of the FDIC to transfer claims to a “bridge” entity. As a consequence of the rights of the FDIC under the orderly liquidation authority, the holders of the Subordinated Notes may be fully subordinated to
        interests held by the U.S. government in the event that we enter into a receivership, insolvency, liquidation or similar proceeding.  While the FDIC has issued regulations to implement the orderly liquidation authority, not all aspects of how the
        FDIC might exercise this authority are known and additional rulemakings are likely.  Further, it is uncertain how the FDIC might exercise its discretion under the orderly liquidation authority in a particular case.

       

      
        D-8

        
          

      

      Holders of the Subordinated Notes are not protected in the event of a material adverse change in our financial condition or results of operations and there is
        limited covenant protection in the Subordinated Notes.

       

      The covenants in the Subordinated Notes are limited and do not protect holders of the Subordinated Notes in the event of a material adverse change in our financial condition or
        results of operations.  Additionally, payments of principal of the Subordinated Notes can be accelerated only upon bankruptcy of the Company.  There is no right of acceleration of payment of the Subordinated Notes in the case of default in the
        performance of any covenant by the Company, including payment of principal or interest.  The Subordinated Notes do not contain any provisions which restrict us from incurring, assuming or becoming liable with respect to any indebtedness or other
        obligations, whether secured or unsecured, including indebtedness which will rank senior to the Subordinated Notes.

       

      The Subordinated Notes do not contain any financial ratios or specified levels of liquidity to which we must adhere.  In addition, the Subordinated Notes do not contain any
        provisions which require us to repurchase, redeem, or modify the terms of the Subordinated Notes upon any events involving the Company which may adversely affect our creditworthiness.  Therefore, neither the covenants nor the other provisions of
        the Subordinated Notes should be a significant factor in evaluating whether we will be able to comply or will comply with our obligations under the Subordinated Notes.

       

      We will be able to incur additional debt, which could result in a further increase of our leverage and thereby have an adverse effect on our ability to pay our
        obligations under the Subordinated Notes.

       

      The terms of the Subordinated Notes do not and will not prohibit us from incurring additional debt.  We may seek to raise additional capital in the form of senior debt in the
        future.  If we do incur more debt, the related risks that we would face with an increase in leverage could result in an adverse effect on our ability to pay our obligations under the Subordinated Notes.

       

      The Subordinated Notes are not an insured deposit.

       

      Your investment in the Subordinated Notes will not be a bank deposit and would not be insured or guaranteed by the FDIC or any other government agency.  Your investment will be
        subject to investment risk, and you must be capable of affording the loss of your entire investment.

       

      There can be no assurance that the Subordinated Notes will qualify for the tax treatment for which the Company intends the Subordinated Notes to qualify.

       

      Although the Company intends for the Subordinated Notes to qualify for tax treatment that is favorable to the Company, the Company has not sought advice from its accountants, nor
        has it sought a ruling from the U.S. Internal Revenue Service (“IRS”), as to the federal income tax consequences of issuing the Subordinated Notes.  There can be no assurance that upon future review, the Company’s accounts will determine
        that the Subordinated Notes do not qualify for the intended tax treatment.  Similarly, there can be no assurance that the IRS will not successfully challenge the intended tax treatment of the Subordinated Notes.  If at any time within the first
        five years after the issue date, the interest payable by the Company on the Subordinated Notes is not, or will not be, deductible by the Company, in whole or in part, for federal income tax purposes, we may redeem the Subordinated Notes in whole,
        but not in part, and without premium or penalty.

       

      
        D-9

        
          

      

      SCHEDULE 4.1.1.2

       

      SUBSIDIARIES OF SOUTH PLAINS FINANCIAL, INC.

       

      	
              Entity Name

            	
              State of Incorporation

            
	 	 
	
              City Bank

            	
              Texas

            
	
              South Plains Financial Capital Trust III

            	
              Delaware

            
	
              South Plains Financial Capital Trust IV

            	
              Delaware

            
	
              South Plains Financial Capital Trust V

            	
              Delaware

            
	
              Windmark Insurance Agency, Inc.

            	
              TexasExhibit 10.2

    

     

    

    REGISTRATION RIGHTS AGREEMENT

     

    This REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
      is dated as of September 29, 2020 and is made by and among South Plains Financial, Inc., a Texas corporation (the “Company”), and the several purchasers
      of the Subordinated Notes (as defined below) identified on the signature pages to the Purchase Agreement (as defined below) (collectively, the “Purchasers”).

     

    This Agreement is made pursuant to the Subordinated Note Purchase Agreement, dated September 29, 2020, by and among the Company and the
      Purchasers (the “Purchase Agreement”), which provide for the sale by the Company to the Purchasers of $50,000,000 aggregate principal amount of the
      Company’s 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030, which were issued on September 29, 2020 (the “Subordinated Notes”). In order to induce
      the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and indirect transferees and assigns the
      registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the various Purchase Agreement.

     

    In consideration of the foregoing, the parties hereto agree as follows:

     

    1.           Definitions. As used in this Agreement, the following capitalized defined terms shall have the following meanings:

     

    “1933 Act” shall mean the Securities Act of
      1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

     

    “1934 Act” shall mean the Securities
      Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

     

    “Additional Interest” shall have the meaning
      set forth in Section 2(e) hereof.

     

    “Agreement” shall have the meaning set forth
      in the preamble to this Agreement.

     

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

     

    “Closing Date” shall mean September 29,
      2020.

     

    “Company” shall have the meaning set forth
      in the preamble to this Agreement and also includes the Company’s successors.

     

    “Depositary” shall mean The Depository Trust
      Company, or any other depositary appointed by the Company, including any agent thereof; provided, however, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York.

     

    “Event Date” shall have the meaning set
      forth in Section 2(e).

     

    “Exchange Offer” shall mean the exchange
      offer by the Company of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

     

    
      
        

    

    
    “Exchange Offer Registration” shall mean a
      registration under the 1933 Act effected pursuant to Section 2(a) hereof.

     

    “Exchange Offer Registration Statement”
      shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration statement, in each case including the
      Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein.

     

    “Exchange Securities” shall mean the 4.50%
      Fixed-to-Floating Rate Subordinated Notes due 2030 issued by the Company under the Indenture containing terms substantially identical to the Subordinated Notes (except that (i) interest thereon shall accrue from
      the last date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for, from the Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of
      interest thereon upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership and transfer thereof as a result of the issuance of the Subordinated Notes without
      registration under the 1933 Act shall be eliminated, (iv) the minimum denominations thereof shall be $100,000 and integral multiples of $1,000 and (v) all of the Exchange Securities will be represented by one or
      more global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive certificated form under the circumstances provided in the Indenture) to be offered to Holders of Registrable Securities in exchange for
      Registrable Securities pursuant to the Exchange Offer.

     

    “FINRA” shall mean the Financial Industry
      Regulatory Authority, Inc.

     

    “Holders” shall mean (i) the Purchasers, for so long as they own any Registrable Securities, and each of their respective successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities
      under the Indenture and (ii) each Participating Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of
      such Exchange Securities.

     

    “Indenture” shall mean the indenture, dated
      as of September 29, 2020 by and between the Company and UMB Bank, National Association, as trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof.

     

    “Interest Accrual Date” means September 29,
      2020.

     

    “Majority Holders” shall mean the Holders of
      a majority of the aggregate principal amount of Registrable Securities outstanding, excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or Exchange Securities is required hereunder, Registrable Securities and Exchange Securities held
      by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent or approval was given by the Holders of such required
      percentage.

     

    “Notifying Broker-Dealer” shall have the
      meaning set forth in Section 3(f).

     

    “Participating Broker-Dealer” shall have the
      meaning set forth in Section 3(f).

     

    “Person” shall mean an individual,
      partnership, joint venture, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.

     

    
      2

      
        

    

    “Prospectus” shall mean the prospectus
      included in a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of
      the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated
      by reference therein.

     

    “Purchase Agreement” shall have the meaning
      set forth in the preamble to this Agreement.

     

    “Purchasers” shall have the meaning set
      forth in the preamble to this Agreement.

    

    

    “Registrable Securities” shall mean the
      Subordinated Notes; provided, however, that any
      Subordinated Notes shall cease to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have become effective under the 1933 Act and such Subordinated Notes
      shall have been exchanged or disposed of pursuant to such Registration Statement, (ii) such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but
      not Rule 144A) under the 1933 Act, or are eligible to be resold pursuant to Rule 144 without regard to the public information requirements thereunder, (iii) such Subordinated Notes shall have ceased to be
      outstanding, (iv) such Subordinated Notes were eligible for exchange under an Exchange Offer Registration Statement that was declared effective under the 1933 Act but were not exchanged at the election of the Holder during the period the Exchange
      Offer was open, or (v) such Subordinated Notes have been exchanged for Exchange Securities which have been registered pursuant to the Exchange Offer Registration Statement upon consummation of the Exchange Offer unless, in the case of any Exchange
      Securities referred to in this clause (v), such Exchange Securities are held by Participating Broker-Dealers or otherwise are not freely tradable by such Participating Broker-Dealers without any limitations or restrictions under the 1933 Act (in
      which case such Exchange Securities will be deemed to be Registrable Securities until such time as such Exchange Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable without any limitations or restrictions
      under the 1933 Act).

     

    “Registration Default” shall have the
      meaning set forth in Section 2(e).

     

    “Registration Expenses” shall mean any and
      all reasonable expenses incident to performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees
      and expenses incurred in connection with compliance with state or other securities or blue sky laws and compliance with the rules of FINRA (including reasonable fees and disbursements of one counsel for any Holders in connection with qualification of
      any of the Exchange Securities or Registrable Securities under state or other securities or blue sky laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement,
      any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates representing the Subordinated Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv)
      all rating agency fees, (v) all fees and expenses incurred in connection with the listing, if any, of any of the Subordinated Notes or Exchange Securities on any securities exchange or exchanges or on any
      quotation system, (vi) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and expenses of independent public accountants
      for the Company or for any other Person, business or assets whose financial statements are included in any Registration Statement or Prospectus, including the expenses of any special audits or “cold comfort” letters required by or incident to such
      performance and compliance, and (viii) the fees and expenses of the Trustee, any registrar, any Depositary, any paying agent, any escrow agent or any custodian, in each case including fees and disbursements of their respective counsel.

     

    
      3

      
        

    

    “Registration Statement” shall mean any
      registration statement of the Company relating to any offering of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration Statement and any Shelf
      Registration Statement), and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed
      to be incorporated by reference therein.

     

    “SEC” shall mean the U.S. Securities and
      Exchange Commission or any successor thereto.

     

    “Shelf Registration” shall mean a
      registration effected pursuant to Section 2(b)
      hereof.

     

    “Shelf Registration Statement” shall mean a
      “shelf” registration statement of the Company pursuant to the provisions of Section 2(b) of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under the 1933 Act, or
      any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material
      incorporated or deemed to be incorporated by reference therein.

     

    “Subordinated Notes” shall have the meaning
      set forth in the preamble to this Agreement.

     

    “TIA” shall mean the Trust Indenture Act of
      1939, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

     

    “Trustee” shall mean the trustee with
      respect to the Subordinated Notes and the Exchange Securities under the Indenture.

     

    For purposes of this Agreement, (i) all references in this Agreement to any Registration Statement,
      preliminary prospectus or Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system; (ii) all references in this
      Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in any Registration Statement, preliminary prospectus or Prospectus (or other references of
      like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement,
      preliminary prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any
      document under the 1934 Act which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405 or Rule 415 under the 1933 Act, and all references to any sections or subsections thereof or terms defined
      therein, shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to Business Days) shall mean calendar days.

     

    
      2.           Registration Under the 1933 Act.

    

     

    (a)          Exchange Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to
          the 60th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the
          Company to the Holders to exchange all of the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective with the SEC no later than the 120th day after the Closing Date, (C) use its commercially reasonable efforts to cause such Registration Statement to remain effective until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate the Exchange Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the
          effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for
          Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements or understandings with any Person to participate in the Exchange Offer for the purpose of distributing such
          Exchange Securities) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of the states of the United States.

     

    
      4

      
        

    

    In connection with the Exchange Offer, the Company shall:

     

    (i)           promptly mail or otherwise transmit, in compliance with the applicable procedures of the Depositary for such Registrable Securities, to each Holder a copy of the Prospectus forming part of the Exchange
        Offer Registration Statement, together with an appropriate letter of transmittal and related documents;

     

    (ii)          keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date notice thereof is mailed to the Holders and, during the Exchange Offer, offer to
        all Holders who are legally eligible to participate in the Exchange Offer the opportunity to exchange their Registrable Securities for Exchange Securities;

     

    (iii)          use the services of a Depositary with an address in the Borough of Manhattan, City of New York for the Exchange Offer;

     

    (iv)         permit Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Eastern time, on the last Business Day on which the Exchange Offer shall remain open, by sending
        to the Company and at the address specified in the Prospectus or the related letter of transmittal or related documents a facsimile transmission, electronic mail or letter setting forth the name of such Holder, the principal amount of Registrable
        Securities delivered for exchange, and a statement that such Holder is withdrawing its election to have such Subordinated Notes exchanged;

     

    (v)           notify each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain any rights under this Agreement (except in the case of
        Participating Broker-Dealers as provided herein); and

     

    (vi)          otherwise comply in all material respects with all applicable laws relating to the Exchange Offer.

     

    The Exchange Securities shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the
      Exchange Securities and the Subordinated Notes shall vote and consent together on all matters (as to which such Exchange Securities and Subordinated Notes may vote or consent) as a single class and shall constitute a single series of debt securities
      issued under the Indenture.

     

    As soon as reasonably practicable after the closing of the Exchange Offer, the Company shall:

     

    (i)            accept for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with the terms of the Exchange Offer Registration Statement and the
        letter of transmittal which is an exhibit thereto;

     

    
      5

      
        

    

    (ii)           deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and

     

    (iii)         cause the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable Securities so accepted for exchange equal in principal amount to the principal amount of the
        Registrable Securities of such Holder so accepted for exchange.

     

    For the avoidance of doubt, notwithstanding any provision herein purporting to require physical mailing, delivery or acceptance of any
      document or instrument, the Company may conduct the Exchange Offer exclusively through the automated tender offer program of the Depositary, provided that this provision shall apply only to Registrable Securities held in the form of beneficial
      interests in a global note deposited with (or held by a custodian for) The Depository Trust Company.

     

    Interest on each Exchange Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes
      surrendered in exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date. The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action or proceeding shall have been instituted or
      threatened in any court or by or before any governmental agency with respect to the Exchange Offer which, in the Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed with the Exchange Offer, and (iii) that
      the Holders tender the Registrable Securities to the Company in accordance with the Exchange Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable Securities for Exchange
      Securities in the Exchange Offer will be required to represent that (i) it is not an affiliate (as defined in Rule 405 under the 1933 Act) of the Company, (ii) any
      Exchange Securities to be received by it will be acquired in the ordinary course of business, (iii) it has no arrangement with any Person to participate in the distribution (within the meaning of the 1933 Act) of the Exchange Securities, and (iv) it
      is not acting on behalf of any Person who could not truthfully make the statements set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other representations as may be reasonably necessary under applicable
      SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act available.

     

    (b)         Shelf Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the Company is
          not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if for any other reason (A) the
          Exchange Offer Registration Statement is not effective within 120 days following the Closing Date or (B)
          the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration Statement (provided that if the Exchange Offer Registration Statement shall become effective after such 120-day period or if the Exchange Offer shall be consummated after such 45-day period, then the Company’s obligations under this clause (ii) arising from the failure of the Exchange Offer Registration Statement to be effective within such 120-day period or the failure of the Exchange Offer to be consummated within such 45-day period, respectively, shall terminate), or (iii) if any Holder who is not an affiliate (as defined in Rule 144 under the 1933 Act) is not eligible to
          participate in the Exchange Offer or elects to participate in the Exchange Offer but does not receive Exchange Securities which are freely tradeable without any limitations or restrictions under the 1933 Act, then the Company shall, at its cost:

     

    (A)          use its commercially reasonable efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the 60th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and sale of the Registrable Securities by the Holders from time to time in
          accordance with the methods of distribution elected by the Majority Holders of such Registrable Securities and set forth in such Shelf Registration Statement;

     

    
      6

      
        

    

    (B)          use its commercially reasonable efforts to cause such Shelf Registration Statement to become effective with the SEC as
          promptly as practicable, but in no event later than (a) the 225th day after the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement
          arises, whichever is later. In the event that the Company is required to file a Shelf Registration Statement pursuant to clause 2(b)(iii) above, the Company shall file and use its commercially reasonable efforts to have effective with the SEC
          both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to
          offers and sales of Registrable Securities held by such Holder described in clause 2(b)(iii) above;

     

    (C)          use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and
          amended as required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest date on which any Subordinated Notes are originally issued by the Company (subject to extension pursuant
          to the last paragraph of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have been sold pursuant to the Shelf Registration Statement in accordance with the intended method of distribution thereunder, or (ii) cease to be Registrable Securities, whichever is earlier; and

     

    (D)          notwithstanding any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any
          supplements thereto comply in all material respects with the 1933 Act, (ii) any Shelf Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material
          fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus forming part of any Shelf Registration Statement and any amendment or supplement to such Prospectus does not include an untrue
          statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, clauses (ii) and (iii) shall not apply to any statement in or omission from a
          Shelf Registration Statement or a Prospectus made in reliance upon and conformity with information relating to any Holder or Participating Broker-Dealer of Registrable Securities furnished to the Company in writing by such Holder or Participating
          Broker-Dealer, respectively, expressly for use in such Shelf Registration Statement or Prospectus.

     

    The Company further agrees, if necessary, to supplement or amend the Shelf Registration Statement if reasonably requested by the Majority
      Holders with respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially reasonable efforts to cause any such amendment to become effective and such Shelf Registration Statement to become usable as soon as reasonably
      practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC.

     

    (c)         Expenses. The Company
          shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) and Section 2(b) and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel designated in writing by the Majority
          Holders to act as counsel for the Holders of the Registrable Securities in connection therewith; provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements of such counsel in an aggregate amount
          in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other than as set forth in the preceding sentence or in the definition of Registration Expenses and all underwriting discounts and commissions and transfer
          taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration Statement.

     

    
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    (d)          Effective Registration Statement.

     

    (i)           The Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange Offer Registration
          Statement or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth herein if the Company voluntarily takes any action that could reasonably be expected to result in any
          such Registration Statement not being declared effective or remaining effective or result in the Holders of Registrable Securities (including, under the circumstances contemplated by Section 3(f) hereof, Exchange Securities) covered thereby not being able to exchange or
          offer and sell such Registrable Securities during that period unless (A) such action is required by
          applicable law or (B) such action is taken by the Company in good faith and for valid business reasons (but
          not including avoidance of the Company’s obligations hereunder), including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction or event, or if the Company determines in good faith that effecting or
          maintaining the availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would not be in the best
          interests of the Company, in each case so long as the Company promptly complies with the notification requirements of Section 3(k) hereof, if applicable. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities or Exchange Securities.

     

    (ii)          An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof shall not be deemed
          to have become effective unless it has been declared effective by the SEC or becomes effective in accordance with the provisions of Section 8(a) of the 1933 Act; provided, however, that if, after such Registration Statement has become effective, the offering of Registrable Securities
          pursuant to a Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Registration Statement shall be deemed not to have been effective
          during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume.

     

    (iii)         During any 365-day period, the Company may, by notice as described in Section 3(e), suspend the availability of a Shelf Registration Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of
          Exchange Securities by Participating Broker-Dealers as contemplated by Section 3(f), the Exchange Offer Registration Statement) and the use of the related Prospectus for up to two periods of up to 90 consecutive days each (except for the consecutive 90-day period immediately prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days during any 365-day period, upon (A) the happening of any event or
          the discovery of any fact referred to in Section 3(e)(vi), or (B) if the Company determines in good faith that effecting or
          maintaining the availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would not be in the best
          interests of the Company, in each case subject to compliance by the Company with its obligations under the last paragraph of Section
            3.

     

    
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    (e)          Additional Interest. In
          the event that:

     

    (i)            the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 60th day following the Closing Date, or

     

    (ii)           the Exchange Offer Registration Statement is not effective with the SEC on or prior to the 120th day following the Closing Date, or

     

    (iii)          the Exchange Offer is not consummated on or prior to the 45th day following the effective date of the Exchange Offer Registration Statement, or

     

    (iv)          if required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th day following the Closing Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or

     

    (v)           if required, a Shelf Registration Statement is not effective on or prior to (a) the 225th day
          following the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or

     

    (vi)          a Shelf Registration Statement is effective with the SEC but such Shelf Registration Statement ceases to be effective or
          such Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities due to any act or omission of the Company and (A) the aggregate number of days in any consecutive 365-day period for which the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Shelf Registration Statement or such Prospectus shall not be effective or usable for a period of more than 90 consecutive days, or

     

    (vii)         the Exchange Offer Registration Statement is effective with the SEC but, if the Exchange Offer Registration Statement is
          being used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the Exchange Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement or the Prospectus included therein ceases to
          be usable in connection with resales of Exchange Securities due to any act or omission of the Company during the 180-day period referred to in Section 3(f)(A) of this Agreement (as such period may be extended pursuant to the last paragraph of Section 3 of this Agreement) and (A) the aggregate number of days in any consecutive 365-day period for which the Exchange Offer
          Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the
          Exchange Offer Registration Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Exchange Offer
          Registration Statement or the Prospectus shall not be effective or usable for a period of more than 90
          consecutive days,

     

    
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    (each of the events referred to in clauses (i) through (vii) above being hereinafter called a “Registration Default”), then the Registrable Securities shall be entitled to receive additional interest (“Additional Interest”)
      at a rate of one-quarter of one percent (0.25%) per annum immediately following such 90-day period in the case of clause (i) above, immediately following such 120-day
      period in the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above, immediately following any such 180-day period or 60-day period, whichever ends later, in the case of clause (iv) above, immediately following any such 225-day period or 105-day
      period, as applicable, in the case of clause (v) above, immediately following the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf Registration Statement or the Prospectus included
      therein shall not be usable as contemplated by clause (vi) above, or immediately following the 120th day in any consecutive 365-day period, as of the first day of the third period in any
      consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first, that the Exchange Offer Registration Statement shall not be effective or the Exchange
      Offer Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause (vii) above, which Additional Interest will be increased by an additional one-quarter of one percent (0.25%) per annum immediately following
      each 90-day period that any Additional Interest continues to accrue under any circumstances; provided that,
      if at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single
      Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such date that there is no Registration Default; provided further, that the aggregate Additional Interest under this Agreement may in no event exceed one-half of one percent (0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement after the 90-day period described in clause (i) above, the effectiveness of the Exchange Offer Registration Statement after the 120-day period described in clause (ii) above, the
      consummation of the Exchange Offer after the 45-day period described in clause (iii) above, the filing of the Shelf Registration Statement after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a Shelf Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, or the Shelf Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included therein becoming usable in connection with
      resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange Offer Registration Statement once again becoming effective or the Exchange Offer Registration Statement and the Prospectus included therein
      becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof, there shall not be any Additional Interest borne by the Subordinated Notes from the date of such filing, effectiveness,
      consummation or resumption of effectiveness or usability, as the case may be, so long as no other Registration Default shall have occurred and shall be continuing at such time and the Company is otherwise in compliance with this paragraph; provided, however, that, if after elimination of
      Additional Interest, one or more Registration Defaults shall again occur, the Subordinated Notes shall again bear Additional Interest pursuant to the foregoing provisions (as if it were the original Registration Default). Notwithstanding anything in
      this Agreement to the contrary, the Company will not be obligated to pay any Additional Interest in the case of a Shelf Registration Statement with respect to any Holder of Registrable Securities who fails to timely provide all information with
      respect to Holder that is reasonably requested by the Company to enable it to timely comply with its obligations under Section 2(b).

     

    The Company shall notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which
      Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit
      of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment
      date to the record Holder of Registrable Securities entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day
      following the applicable Event Date.

     

    Anything herein to the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to
      exchange, and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive any Additional Interest.

     

    (f)         Specific Enforcement.
          Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company acknowledges that any failure by the Company to comply with its obligations under 2(a) and 2(b) hereof may result in material irreparable injury to the Holders or the Participating
          Broker-Dealers for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and any Participating Broker-Dealer may obtain such
          relief as may be required to specifically enforce the Company’s obligations under 2(a) and 2(b).

     

    
      10

      
        

    

    3.           Registration Procedures. In connection with the obligations of the Company with respect to the Registration Statements pursuant to 2(a) and 2(b) hereof, the Company shall:

     

    (a)         prepare and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in Section 2, on the appropriate form under
          the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf
          Registration Statement, be available for the sale of the Registrable Securities by the selling Holders thereof and (iii) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by
          reference all financial statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the
          applicable period in accordance with Section 1 hereof;

     

    (b)         prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under
          applicable law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the
          disposition of all Registrable Securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof;

     

    (c)         in the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least 10 Business Days prior to filing, that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such
          Holders that the distribution of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish to each Holder of Registrable Securities and counsel for the Holders, without charge, as many copies
          of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably request, including financial statements and schedules and, if such Holder or counsel so requests, all exhibits (including those incorporated by reference) in order to facilitate the
          public sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, or any amendment or supplement thereto by each of the
          Holders of Registrable Securities in accordance with applicable law in connection with the offering and sale of the Registrable Securities covered by and in the manner described in any Prospectus or any amendment or supplement thereto;

     

    (d)         use its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or “blue
          sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request, to cooperate with the Holders of any Registrable Securities in connection with any filings required to be made
          with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required to be effective and do any and all other acts and things which may be reasonably necessary or advisable to enable such
          Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign corporation or entity or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any action which would subject it to general service
          of process or taxation in any such jurisdiction if it is not then so subject;

     

    
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    (e)          in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested by such Holder or counsel, confirm such advice
        in writing promptly:

     

    (i)            when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective,

     

    (ii)          of any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration
          Statement or Prospectus or for additional information after a Registration Statement has become effective (other than comments to 1934 Act reports incorporated therein by reference),

     

    (iii)          of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose,

     

    (iv)          [reserved],

     

    (v)           of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any
        proceeding for such purpose,

     

    (vi)          of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective
          which is contemplated in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the related Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration Statement or
          Prospectus and

     

    (vii)         of any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate.
          Without limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable, mutatis mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that
          such Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f);

     

    (f)          (A)          in the case of an Exchange Offer, (i) include in the Exchange Offer Registration Statement (1) a “Plan of Distribution” section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged their Registrable Securities for Exchange Securities for the resale of such
          Exchange Securities and (2) a statement to the effect that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities acquired as a result of market-making or other trading activities will
          be required to notify the Company to that effect, together with instructions for giving such notice (which instructions shall include a provision for giving such notice by checking a box or making another appropriate notation on the related
          letter of transmittal) (each such broker-dealer who gives notice to the Company as aforesaid being hereinafter called a “Notifying
            Broker-Dealer”), (ii) furnish to each Notifying Broker-Dealer who desires to participate in the Exchange Offer, without charge, as many
          copies of each Prospectus included in the Exchange Offer Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably request, (iii) include in the Exchange Offer
          Registration Statement a statement that any broker-dealer who holds Registrable Securities acquired for its own account as a result of market-making activities or other trading activities (a “Participating Broker-Dealer”), and who receives Exchange Securities for
          Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities, (iv) subject to the
          penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus forming part of the Exchange Offer Registration Statement or any amendment or supplement thereto by any Notifying Broker-Dealer in accordance with applicable law in
          connection with the sale or transfer of Exchange Securities, and (v) include in the transmittal letter or
          similar documentation to be executed by an exchange offeree in order to participate in the Exchange Offer substantially the following provision:

     

    
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    “If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a
      distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities, it represents that the Registrable Securities to be exchanged for Exchange
      Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities
      pursuant to the Exchange Offer; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the 1933 Act;”

     

    (B)          to the extent any Notifying Broker-Dealer participates in the Exchange Offer, (i) the Company shall use its commercially reasonable efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180
          days (subject to extension pursuant to the last paragraph of this Section 3) following the last date on which exchanges are accepted pursuant to the Exchange Offer, and (ii) the Company will comply, insofar as relates to the Exchange Offer Registration Statement, the
          Prospectus included therein and the offering and sale of Exchange Securities pursuant thereto, with its obligations under Section
            2(b)(D), the last paragraph of Section 2(b), Section
            3(c), 3(d), 3(e), 3(g), 3(i), 3(j), 3(k), 3(n), 3(o), 3(q), 3(r) and 3(s), and the last three paragraphs of this Section 3 as if all references therein to a Shelf Registration Statement, the Prospectus
          included therein and the Holders of Registrable Securities referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable Notifying Broker-Dealers and, for purposes of this Section 3(f), all references in any such
          paragraphs or sections to the “Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f), the Notifying Broker-Dealers who are the Holders of the majority in aggregate principal amount of the Exchange Securities which are Registrable Securities; and

     

    (C)          the Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration
          Statement as would otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other action as a result of this Section 3(f), for a period exceeding 180 days (subject to extension pursuant to the last paragraph of this Section 3) after the last date on which exchanges are accepted pursuant to the Exchange
          Offer and Notifying Broker-Dealers shall not be authorized by the Company to, and shall not, deliver such Prospectus after such period in connection with resales contemplated by this Section 3;

     

    (g)         in the case of a Shelf Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or any state
          securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information (other than comments to 1934 Act reports incorporated therein by reference);

     

    
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    (h)          use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as soon as practicable and provide prompt notice to each Holder of the withdrawal
        of any such order;

     

    (i)          in the case of a Shelf Registration, upon request furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendments thereto
        (without documents incorporated or deemed to be incorporated therein by reference or exhibits thereto, unless requested);

     

    (j)          in the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and
        not bearing any restrictive legends; and cause such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and in a form eligible for deposit with the Depositary and registered in such names as the
        selling Holders may reasonably request in writing at least two Business Days prior to the closing of any sale of Registrable Securities;

     

    (k)          in the case of a Shelf Registration, upon the occurrence of any event or the discovery of any facts as contemplated by Section 3(e)(vi) hereof, use its
          commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated or deemed to be incorporated therein by reference or file any other required
          document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain at the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order
          to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify each Holder to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event,
          and each Holder hereby agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or omission. At such time as such public disclosure is otherwise made or the Company
          determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to notify each Holder of such determination and to furnish each
          Holder such number of copies of the Prospectus, as amended or supplemented, as such Holder may reasonably request;

     

    (l)          obtain CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement, and provide the Trustee with printed or
        word-processed certificates for the Exchange Securities or Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary;

     

    (m)        (i) cause the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to
        effect such changes, if any, to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its commercially reasonable efforts to cause the Trustee to execute, all
        documents as may be required to effect such changes, if any, and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

     

    (n)          in the case of a Shelf Registration, upon request, make available for inspection, at reasonable times and in a reasonable manner, by representatives of the Holders of the Registrable Securities participating in any
        disposition pursuant to a Shelf Registration Statement and any one counsel or accountant retained by such Holders (with such inspection to occur at such time as mutually agreed between the Company and such Persons), all financial statements and
        other records, documents and properties of the Company reasonably requested by any such Persons, and cause the respective officers, directors, employees, and any other agents of the Company to supply all information reasonably requested by any such
        Persons in connection with a Shelf Registration Statement; provided, that any such Persons shall be required to execute a customary confidentiality agreement;

     

    
      14

      
        

    

    (o)         in the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or amendment or
        supplement to such Prospectus (other than 1934 Act reports incorporated therein by reference), provide copies of such document to the Holders of Registrable Securities and to counsel for any such Holders, and make such changes in any such document
        prior to the filing thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request, and cause the representatives of the Company to be available for discussion of such documents, at reasonable times and in a
        reasonable manner, as may be reasonably requested by the Holders of Registrable Securities and the Company shall not at any time make any filing of any such document of which such Holders or their counsel shall not have previously been advised and
        furnished a copy or to which such Holders or their counsel shall reasonably object within a reasonable time period;

     

    (p)          [reserved];

     

    (q)          in the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be rated by the same rating agency that initially rated the Subordinated Notes, if so requested by
        the Majority Holders of Registrable Securities, unless the Registrable Securities are already so rated;

     

    (r)          otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and, with respect to each
          Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on Form 10-K, make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least twelve months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and

     

    (s)          cooperate and assist in any filings required to be made with FINRA.

     

    In the case of a Shelf Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration)
      require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in
      writing and require such Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. No Holder of Registrable Securities shall be entitled to include any of its Registrable Securities in any Shelf
      Registration pursuant to this Agreement unless such Holder furnishes to the Company in writing, with 10 Business Days after receipt of a written request therefor, such information as set forth in the preceding sentence.

     

    In the case of a Shelf Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the
      Prospectus included in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to Section 3(f), each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or the
      discovery of any facts of the kind described in Section 3(e)(ii), 3(e)(iii) or 3(e)(v) through 3(e)(vii) hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith
      discontinue disposition of Registrable Securities pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as the case may be, of (i) the copies of the supplemented or
      amended Prospectus contemplated by Section 3(k)
      hereof or (ii) written notice from the Company that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required. If so directed by the Company,
      such Holder or Participating Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies then in its possession, of the Prospectus covering such Registrable
      Securities current at the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities.

     

    
      15

      
        

    

    If the Company shall give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding
      paragraph, the Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case of Section 3(f), the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension; provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company shall use its
      commercially reasonable efforts to file and have become effective (if an amendment) as soon as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may
      be, or the Prospectus included therein and shall extend the period during which the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement (and,
      if applicable, the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement pursuant to Section
        3(f) hereof) by the number of days during the period from and including the date of the giving of such notice to and
      including the earlier of the date when the Holders or Participating Broker-Dealers, respectively, shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions and the effective date of written notice from
      the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required.

     

    
      4.          
        Indemnification and Contribution.

    

     

    (a)          The Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls any
          Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, as follows:

     

    (i)          against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration
        Statement (or any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a
        material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or Prospectus (or
        any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

     

    (ii)          against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate
          amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
          statement or omission described in subparagraph (i) above; provided that any such settlement is effected with the prior
          written consent of the Company; and

     

    (iii)         against any and all expense whatsoever, as incurred (including, subject to Section 4(c) below, the fees and disbursements of counsel chosen
          by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
          such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to the extent that any such expense is not paid under subparagraph (i) or (ii) above;

     

    
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    provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue
      statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Holder or Participating Broker-Dealer with respect to such Holder or Participating Broker-Dealer, as the case may be, expressly for
      use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto).

     

    (b)        Each Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer of the
          Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person, if any, who controls the Company, any Participating Broker-Dealer or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements
          or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity with
          written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall
          be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement.

     

    (c)         Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it
          in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in
          any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers who signed the Registration Statement and all Persons, if any, who control the Company within
          the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating Broker-Dealers) and all Persons, if any,
          who control any Holders (other than any Participating Broker-Dealers) within the meaning of Section 15 of
          the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold, as the case
          may be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and (iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer within the
          meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Participating Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal
          amount of the Exchange Securities referred to in Section 3(f) hereof held by all such Participating Broker-Dealers. In no event shall the indemnifying party or parties be liable for (A) the fees and expenses of more than one counsel separate from the indemnifying parties’ own counsel for the Company and all other Persons referred to in clause (i) of this paragraph, (B) the fees and expenses of more than one counsel separate from the indemnifying parties’ own counsel for all
          Holders (other than Participating Broker-Dealers) and all other Persons referred to in clause (ii) of this paragraph, and (C) the fees and expenses of more than one counsel separate from the indemnifying parties’ own counsel for all Participating Broker-Dealers and all other Persons referred to in clause (iii) of this paragraph, in each case in
          connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. The indemnifying party shall be entitled to participate therein and, to the extent
          that it shall elect, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, provided, however, if the defendants in any such action include both
          the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such
          action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select
          separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to
          assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in
          connection with the defense thereof other than reasonable costs of investigation unless (A) the
          indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel,
          approved by the indemnifying party) or (B) the indemnifying party shall not have employed counsel
          reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying party
          shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
          threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
          investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

     

    
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    (d)         If the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses,
          liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such
          proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses,
          liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined
          by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or parties or such
          indemnified party or parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

     

    (e)        The Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or by any
          other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in
          investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or
          omission or alleged omission.

     

    
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    Notwithstanding the provisions of this Section 4, other than in the case of intentional misrepresentation or omission of a material fact, no Holder or Participating Broker-Dealer shall
      be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities sold by it were offered exceeds the amount of any damages that such Holder or Participating Broker-Dealer has otherwise been
      required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

     

    No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
      Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

     

    For purposes of this Section 4, each Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section
      15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer, as the case may be, and each director of the Company, each officer of
      the Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the
      1934 Act shall have the same rights to contribution as the Company.

     

    The respective obligations of the Holders and Participating Broker-Dealers to contribute pursuant to this Section 4 are several in proportion to the principal amount of
      Subordinated Notes purchased by them and not joint.

     

    The indemnity and contribution provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or any Person controlling any Holder or Participating Broker-Dealer, or by or on behalf of the Company, its
      officers or directors or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities or Exchange Securities pursuant to a Shelf Registration Statement.

     

    
      5.           Miscellaneous.

    

     

    (a)          Rule 144 and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934 Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the 1934 Act and the rules and
          regulations adopted by the SEC thereunder, that if it ceases to be so required to file such reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is necessary
          to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly
          following a request by any Holder or beneficial owner of Registrable Securities or any prospective purchaser or transferee designated by such Holder or beneficial owner, such information (including, without limitation, the information specified
          in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and (iii) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to
          enable such Holder to sell its Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from
          time to time, (y) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (z) any similar rules or regulations hereafter adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it
          has complied with such requirements.

     

    
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    (b)         No Conflicts. The
          Company has not entered into nor will the Company on or after the date of this Agreement enter into any agreement that conflicts with the provisions hereof; provided that the Company will not be precluded from entering into any agreement after the date hereof
          which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted to the Holders hereunder do not conflict in any material respect with and are not inconsistent in any material respect with the rights
          granted to the holders of any of the Company’s other issued and outstanding securities.

     

    (c)          Amendments and Waivers.
          The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the
          written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or departure.

     

    (d)          Notices. All notices
          and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer at the most current address set forth on the records of the registrar under the Indenture, and (ii) if to
          the Company, initially at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 5(d).

     

    All such notices and communications shall 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 mailed; when receipt is acknowledged, if sent via electronic mail (but excluding any automatic reply to such email); and on the next Business Day if timely delivered to an air
      courier guaranteeing overnight delivery.

     

    Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at
      the address specified in the Indenture.

     

    (e)         Successors and Assigns.
          This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be
          deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any
          manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have
          agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the
          benefits hereof.

     

    (f)          Third Party Beneficiary.
          Each Holder and Participating Broker-Dealer shall be a third party beneficiary of the agreements made hereunder and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect
          its rights. Each Holder, by its acquisition of Subordinated Notes, shall be deemed to have agreed to the provisions of Section 5(b) hereof.

     

    (g)        Counterparts. This
          Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
          agreement. In the event that any signature is an electronic signature or is delivered by facsimile transmission, or by electronic 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 or electronic mail signature page were an original thereof. Any use by a party of an electronic signature must be in accordance with the
          federal Electronic Signature In Global and National Commerce Act and the New York Electronic Signatures and Records Act.

     

    
      20

      
        

    

    (h)          Headings. The headings
          in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

     

    (i)          Restriction on Resales.
          If the Company or any of its subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act)
          shall redeem, purchase or otherwise acquire any Registrable Security or any Exchange Security which is a “restricted security” within the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such Registrable Security or Exchange Security, as the case may be, to the Trustee for cancellation and neither the
          Company nor any of its subsidiaries or affiliates will hold or resell such Registrable Security or Exchange Security or issue any new security or Exchange Security to replace the same.

     

    (j)         GOVERNING 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 PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     

    (k)         Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions
          contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein
          shall not be affected or impaired thereby.

     

    [SIGNATURE PAGES FOLLOW]

     

    

    
      21

      
        

    

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

     

    

    	 	
            COMPANY:

          
	 	 
	 	
            SOUTH PLAINS FINANCIAL, INC.

          

     

    

    	 	
            By:

          	 
	 	
            Name:

          	
            Curtis C. Griffith

          
	 	
            Title:

          	
            Chairman and Chief Executive Officer

          

    

    

    
      
        

    

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

     

    

    	 	
            PURCHASER:

          

     

    

    	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

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