Document:

EX-10.3 GUARANTEE AGREEMENT

Exhibit 10.3

Execution Copy

 

PREFERRED SECURITIES GUARANTEE AGREEMENT

SERVISFIRST BANCSHARES, INC.

SEPTEMBER 2, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I
	 	 	 	 
	 
	 	 	1	 
	SECTION 1.1 Definitions and Interpretation
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	4	 
	 
	 	 	 	 
	SECTION 2.1 Trust Indenture Act; Application
	 	 	4	 
	SECTION 2.2 Lists of Holders of Securities
	 	 	5	 
	SECTION 2.3 Reports by the Preferred Securities Guarantee Trustee
	 	 	5	 
	SECTION 2.4 Periodic Reports to Preferred Securities Guarantee Trustee
	 	 	6	 
	SECTION 2.5 Evidence of Compliance with Conditions Precedent
	 	 	7	 
	SECTION 2.6 Events of Default; Waiver
	 	 	7	 
	SECTION 2.7 Event of Default; Notice
	 	 	8	 
	SECTION 2.8 Conflicting Interests
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III
	 	 	8	 
	 
	 	 	 	 
	SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee Trustee
	 	 	8	 
	SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee
	 	 	10	 
	SECTION 3.3. Not Responsible for Recitals or Issuance of Preferred Securities
Guarantee
	 	 	12	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	12	 
	 
	 	 	 	 
	SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility
	 	 	12	 
	SECTION 4.2 Appointment, Removal and Resignation of Preferred Securities Guarantee
Trustee
	 	 	13	 
	 
	 	 	 	 
	ARTICLE V
	 	 	13	 
	 
	 	 	 	 
	SECTION 5.1 Guarantee
	 	 	13	 
	SECTION 5.2 Waiver of Notice and Demand
	 	 	14	 
	SECTION 5.3 Obligations Not Affected
	 	 	14	 
	SECTION 5.4 Rights of Holders
	 	 	15	 
	SECTION 5.5 Guarantee of Payment
	 	 	15	 
	SECTION 5.6 Subrogation
	 	 	15	 
	SECTION 5.7 Independent Obligations
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	16	 
	 
	 	 	 	 
	SECTION 6.1 Limitation of Transactions
	 	 	16	 
	SECTION 6.2 Ranking
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	17	 
	 
	 	 	 	 
	SECTION 7.1 Termination
	 	 	17	 

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	ARTICLE VIII
	 	 	17	 
	 
	 	 	 	 
	SECTION 8.1 Exculpation
	 	 	17	 
	SECTION 8.2 Indemnification
	 	 	17	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	18	 
	 
	 	 	 	 
	SECTION 9.1 Successors and Assigns
	 	 	18	 
	SECTION 9.2 Amendments
	 	 	18	 
	SECTION 9.3 Notices
	 	 	18	 
	SECTION 9.4 Benefit
	 	 	19	 
	SECTION 9.5 Governing Law
	 	 	19	 
	 
	 	 	 	 
	EXHIBIT A
	 	 	A-1	 

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PREFERRED SECURITIES GUARANTEE AGREEMENT

     This GUARANTEE AGREEMENT (the “Preferred Securities Guarantee”), dated as of September 2,
2008, is executed and delivered by ServisFirst Bancshares, Inc., a Delaware corporation (the
“Guarantor”), and Wilmington Trust Company, a Delaware banking corporation, as trustee (the
“Preferred Securities Guarantee Trustee”), for the benefit of the Holders (as defined herein) from
time to time of the Preferred Securities (as defined herein) of ServisFirst Capital Trust I, a
Delaware statutory trust (the “Issuer”).

     WHEREAS, pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”), dated as
of September 2, 2008, among the trustees of the Issuer, the Guarantor, as sponsor, and the holders
from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof 15,000 preferred securities, having an aggregate liquidation amount of
$15,000,000, such preferred securities being designated the 8.5% Preferred Securities (collectively
the “Preferred Securities”).

     WHEREAS, as incentive for the Holders to purchase the Preferred Securities, the Guarantor
desires irrevocably and unconditionally to agree, to the extent set forth in this Preferred
Securities Guarantee, to pay to the Holders of the Preferred Securities the Guarantee Payments (as
defined below). The Guarantor agrees to make certain other payments on the terms and conditions
set forth herein.

     NOW, THEREFORE, in consideration of the purchase by each Holder of Preferred Securities, which
purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the Guarantor executes and
delivers this Preferred Securities Guarantee for the benefit of the Holders.

ARTICLE I

DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation

     In this Preferred Securities Guarantee, unless the context otherwise requires:

     (a) capitalized terms used in this Preferred Securities Guarantee but not defined in the
preamble above have the respective meanings assigned to them in this Section 1.1;

     (b) terms defined in the Trust Agreement as at the date of execution of this Preferred
Securities Guarantee have the same meaning when used in this Preferred Securities Guarantee unless
otherwise defined in this Preferred Securities Guarantee;

     (c) a term defined anywhere in this Preferred Securities Guarantee has the same meaning
throughout;

     (d) all references to “the Preferred Securities Guarantee” or “this Preferred Securities
Guarantee” are to this Preferred Securities Guarantee as modified, supplemented or amended from
time to time;

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     (e) all references in this Preferred Securities Guarantee to Articles and Sections are to
Articles and Sections of this Preferred Securities Guarantee, unless otherwise specified;

     (f) a term defined in the Trust Indenture Act has the same meaning when used in this Preferred
Securities Guarantee, unless otherwise defined in this Preferred Securities Guarantee or unless the
context otherwise requires; and

     (g) a reference to the singular includes the plural and vice versa.

     “Affiliate” has the same meaning as given to that term in Rule 405 under the
Securities Act of 1933, as amended, or any successor rule thereunder.

     “Business Day” means any day other than a Saturday or a Sunday, or a day on which
banking institutions in The City of New York or Wilmington, Delaware are authorized or required by
law or executive order to close.

     “Common Securities” means the securities representing common undivided beneficial
interests in the assets of the Issuer.

     “Corporate Trust Office” means the office of the Preferred Securities Guarantee
Trustee at which the corporate trust business of the Preferred Securities Guarantee Trustee shall,
at any particular time, be principally administered, which office at the date of execution of this
Agreement is located at Rodney Square North, 1100 Market Square North, Attention: Corporate Trust
Administration.

     “Covered Person” means any Holder or beneficial owner of Preferred Securities.

     “Debentures” means the series of subordinated debt securities of the Guarantor
designated the 8.5% Junior Subordinated Deferrable Interest Debentures due September 1, 2038 held
by the Property Trustee (as defined in the Trust Agreement) of the Issuer.

     “Event of Default” means a default by the Guarantor on any of its payment or other
obligations under this Preferred Securities Guarantee.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, or any successor legislation.

     “GAAP” means generally accepted accounting principles, as recognized by the American
Institute of Certificated Public Accountants and the Financial Accounting Standards Board,
consistently applied and maintained on a consistent basis for the Guarantor and its subsidiaries
throughout the period indicated and consistent with the prior financial practice of the Guarantor
and its subsidiaries.

     “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or made by the
Issuer: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement) that are
required to be paid on such Preferred Securities to the extent the Issuer has funds on hand legally
available therefor at such time, (ii) the redemption price, including all accumulated and unpaid

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Distributions to the date of redemption (the “Redemption Price”) to the extent the Issuer has
funds on hand legally available therefor at such time, with respect to any Preferred Securities
called for redemption by the Issuer, and (iii) upon a voluntary or involuntary termination and
liquidation of the Issuer (other than in connection with the distribution of Debentures to the
Holders in exchange for Preferred Securities as provided in the Trust Agreement), the lesser of (a)
the aggregate of the liquidation amount and all accumulated and unpaid Distributions on the
Preferred Securities to the date of payment, to the extent the Issuer has funds on hand legally
available therefor, and (b) the amount of assets of the Issuer remaining available for distribution
to Holders in liquidation of the Issuer.

     “Holder” shall mean any holder, as registered on the books and records of the Issuer,
of any Preferred Securities; provided, however, that, in determining whether the holders of the
requisite percentage of Preferred Securities have given any request, notice, consent or waiver
hereunder, “Holder” shall not include the Guarantor or any Affiliate of the Guarantor.

     “Indemnified Person” means the Preferred Securities Guarantee Trustee, any Affiliate
of the Preferred Securities Guarantee Trustee, or any officers, directors, shareholders, members,
partners, employees, representatives, nominees, custodians or agents of the Preferred Securities
Guarantee Trustee.

     “Indenture” means the Indenture dated as of September 2, 2008, among the Guarantor
(the “Debenture Issuer”) and Wilmington Trust Company, as trustee, pursuant to which the Debentures
are to be issued to the Property Trustee of the Issuer.

     “Majority in liquidation amount of the Preferred Securities” means, except as provided
by the Trust Indenture Act, a vote by Holder(s) of Preferred Securities, voting separately as a
class, of more than 50% of the aggregate liquidation amount (including the stated amount that would
be paid on redemption, liquidation or otherwise, plus accumulated and unpaid Distributions to the
date upon which the voting percentages are determined) of all Preferred Securities.

     “Officers’ Certificate” means, with respect to any person, a certificate signed by two
of the following: the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Secretary or the Treasurer of the Guarantor. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant provided for in this
Preferred Securities Guarantee shall include:

     (a) a statement that each officer signing the Officers’ Certificate has read the covenant or
condition and the definitions relating thereto;

     (b) a brief statement of the nature and scope of the examination or investigation undertaken
by each officer in rendering the Officer’s Certificate;

     (c) a statement that each such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of each such officer, such condition or covenant
has been complied with.

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     “Other Debentures” means all junior subordinated debentures issued by the Guarantor
from time to time and sold to trusts to be established by the Guarantor (if any), in each case
similar to the Issuer.

     “Other Guarantees” means all guarantees hereafter issued by the Guarantor with respect
to preferred securities (if any) similar to the Preferred Securities issued by other trusts to be
established by the Guarantor (if any), in each case similar to the Issuer.

     “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision thereof, or any
other entity of whatever nature.

     “Preferred Securities Guarantee Trustee” means Wilmington Trust Company, until a
Successor Preferred Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and thereafter means each
such Successor Preferred Securities Guarantee Trustee.

     “Responsible Officer” means, with respect to the Preferred Securities Guarantee
Trustee, any officer assigned to the Corporate Trust Office, including any managing director, vice
president, assistant vice president, assistant treasurer, assistant secretary or any other officer
of the Preferred Securities Guarantee Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect to a particular
matter, any other officer to whom such matter is referred because of that officer’s knowledge of
and familiarity with the particular subject.

     “Successor Preferred Securities Guarantee Trustee” means a successor Preferred
Securities Guarantee Trustee possessing the qualifications to act as Preferred Securities Guarantee
Trustee under Section 4.1.

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

     “Trust Securities” means the Common Securities and the Preferred Securities.

ARTICLE II

TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

     (a) This Preferred Securities Guarantee is not subject to or governed by the Trust Indenture
Act except to the extent set forth herein as expressly agreed to by the parties to this Preferred
Securities Guarantee.

     (b) The Preferred Securities Guarantee Trustee shall comply with the obligations set forth
under Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

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SECTION 2.2  Lists of Holders of Securities

     [Intentionally Omitted].

SECTION 2.3  Reports by the Preferred Securities Guarantee Trustee

     (a) Within 60 days after September 2 of each year, commencing September 2, 2009, the Preferred
Securities Guarantee Trustee shall provide to the Holders a brief report with respect to any of the
following events which may have occurred within the previous 12 months (but if no such event has
occurred within such period no report need be transmitted):

     (1) The character and amount of any advances made by it, as Preferred Securities
Guarantee Trustee, which remain unpaid on the date of such report, and for the reimbursement
of which it claims or may claim a lien or charge, prior to that of the Preferred Securities,
on the trust estate or on property or funds held or collected by it as the Preferred
Securities Guarantee Trustee, if such advances so remaining unpaid aggregate more than
one-half of one per centum of the principal amount of the Preferred Securities outstanding
on such date;

     (2) Any change to the amount, interest rate, and maturity date of all other
indebtedness owning to it in its individual capacity, on the date of such report, by the
Guarantor, with a brief description of any property held as collateral security therefor,
except an indebtedness based upon a creditor relationship arising in any manner described in
Section 2.1(b);

     (3) Any change to the property and funds physically in its possession as Preferred
Securities Guarantee Trustee on the date of such report;

     (4) Any additional issue of Preferred Securities which it has not previously reported;
and

     (5) Any action taken by it in the performance of its duties under the Preferred
Securities Guarantee which it has not previously reported and which in its opinion
materially affects the Preferred Securities or the trust estate.

     (b) The Preferred Securities Guarantee Trustee shall transmit to the Holders a brief report
with respect to the character and amount of any advances made by it as such since the date of the
last report transmitted pursuant to the provisions of subsection (a) (or if no such report has yet
been so transmitted, since the date of execution of the Preferred Securities Guarantee), for the
reimbursement of which it claims or may claim a lien or charge, prior to that of the Preferred
Securities, on the trust estate or on property or funds held or collected by it as such Preferred
Securities Guarantee Trustee, and which it has not previously reported pursuant to this paragraph,
if such advances remaining unpaid at any time aggregate more than 10 per centum of the principal
amount of Preferred Securities outstanding at such time, such report to be so transmitted within 90
days after such time.

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     (c) Reports pursuant to this section shall be transmitted by mail:

     (1) To all registered holders of Preferred Securities, as the names and addresses of
such Holders appear upon the registration books of the Issuer; and

     (2) To such holders of Preferred Securities as have, within the two years preceding
such transmission, filed their names and addresses with the Preferred Securities Guarantee
Trustee for that purpose.

SECTION 2.4 Periodic Reports to Preferred Securities Guarantee Trustee

          (a) General. The Guarantor shall furnish to the Preferred Securities Guarantee Trustee:

          (i) unless the Guarantor is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within 45 days
after the end of the first, second and third quarterly accounting periods of each fiscal
year (commencing with the quarter ending September 30, 2008), the Guarantor’s unaudited
consolidated balance sheet as of the last day of such quarterly period and the related
consolidated statements of income and cash flows during such quarterly period prepared in
accordance with GAAP and (in the case of second and third quarterly periods) for the portion
of the fiscal year ending with the last day of such quarterly period, setting forth in each
case in comparative form corresponding unaudited figures from the preceding fiscal year;

          (ii) unless the Guarantor is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within 90 days
after the end of each fiscal year (commencing with the fiscal year ending December 31,
2008), the Guarantor’s consolidated balance sheet as of the end of such year and the related
consolidated statements of income, cash flows, and shareholders’ equity during such year
setting forth in each case in comparative form corresponding figures from the preceding
fiscal year accompanied by an audit report thereon of a firm of independent public
accountants registered with the Public Company Accounting Oversight Board;

          (iii) at the time of the delivery of the report provided for in clause (ii) above (or
at the time of the filing of the comparable report pursuant to the Exchange Act), an
Officers’ Certificate in form attached hereto as Exhibit A to the effect that, to
the best of such officers’ knowledge, no default or Event of Default under the Guarantee
Agreement has occurred and is continuing or, if any default or Event of Default thereunder
has occurred and is continuing, specifying the nature and extent thereof and what action the
Guarantor is taking or proposes to take in response thereto; and

          (iv) promptly after the Guarantor obtains actual knowledge of the occurrence thereof,
written notice of the occurrence of any event or condition which constitutes an Event of
Default, and an Officers’ Certificate of the Guarantor specifically stating that such Event
of Default has occurred and setting forth the details thereof and the action which the
Guarantor is taking or proposes to take with respect thereto.

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          (b) All such information provided to the Preferred Securities Guarantee Trustee as indicated
above also will be provided by the Preferred Securities Guarantee Trustee upon written request to
the Preferred Securities Guarantee Trustee (which may be a single continuing request), to (x)
Holders, (y) holders of beneficial interests in the Preferred Securities or (z) prospective
purchasers of the Preferred Securities (and of beneficial interests in the Preferred Securities).
The Guarantor shall furnish to the Preferred Securities Guarantee Trustee, upon its request,
sufficient copies of all such information to accommodate the requests of such Holders (and holders
of beneficial interests therein) and prospective holders of Securities (and of beneficial interests
therein)

          (c) Upon the request of any Holder, any holder of a beneficial interest in the Preferred
Securities, or the Preferred Securities Guarantee Trustee (on behalf of a Holder or a holder of a
beneficial interest in the Preferred Securities), the Guarantor shall furnish such information as
is specified in paragraph (d)(4) of Rule 144A to Holders (and to holders of beneficial interests in
the Preferred Securities), prospective purchasers of the Preferred Securities (and of beneficial
interests in the Preferred Securities) who are Qualified Institutional Buyers or Accredited
Investors or to the Preferred Securities Guarantee Trustee for delivery to such Holder (or holders
of beneficial interests in the Preferred Securities) or prospective purchasers of the Preferred
Securities (or prospective purchasers of beneficial interests therein), as the case may be, unless,
at the time of such request, the Guarantor is subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent

          (a) The Guarantor shall furnish to the Preferred Securities Guarantee Trustee evidence of
compliance with the conditions precedent, if any, provided for in the Preferred Securities
Guarantee (including any covenants compliance with which constitutes a condition precedent) which
relate to the satisfaction and discharge of the Preferred Securities Guarantee, or to any other
action to be taken by the Preferred Securities Guarantee Trustee at the request or upon the
application of the Guarantor. Such evidence shall consist of the following:

          (i) Officers’ Certificates or opinions made by officers of the Guarantor stating that
such conditions precedent have been complied with; and

          (ii) An opinion of counsel (who may be counsel of the Guarantor) stating that in his
opinion such conditions precedent have been complied with.

SECTION 2.6 Events of Default; Waiver

     The Holders of a Majority in liquidation amount of Preferred Securities may, by vote, on
behalf of the Holders of all of the Preferred Securities, waive any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose of this Preferred
Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event
of Default or impair any right consequent thereon.

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SECTION 2.7 Event of Default; Notice

     (a) The Preferred Securities Guarantee Trustee shall, within 90 days after the occurrence of a
default with respect to this Preferred Securities Guarantee known to a Responsible Officer of the
Preferred Securities Guarantee Trustee, mail by first class postage prepaid, to all Holders of the
Preferred Securities, notices of all defaults actually known to a Responsible Officer of the
Preferred Securities Guarantee Trustee, unless such defaults have been cured before the giving of
such notice, provided, that, except in the case of default in the payment of any Guarantee Payment,
the Preferred Securities Guarantee Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of directors and/or
Responsible Officers of the Preferred Securities Guarantee Trustee in good faith determines that
the withholding of such notice is in the interests of the holders of the Preferred Securities.

     (b) The Preferred Securities Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Preferred Securities Guarantee Trustee shall have received written
notice, or a Responsible Officer of the Preferred Securities Guarantee Trustee charged with the
administration of the Trust Agreement shall have obtained actual knowledge, of such Event of
Default.

SECTION 2.8 Conflicting Interests

     The Trust Agreement shall be deemed to be specifically described in this Preferred Securities
Guarantee for the purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

ARTICLE III

POWERS, DUTIES AND RIGHTS OF

PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee Trustee

     (a) This Preferred Securities Guarantee shall be held by the Preferred Securities Guarantee
Trustee for the benefit of the Holders of the Preferred Securities, and the Preferred Securities
Guarantee Trustee shall not transfer this Preferred Securities Guarantee to any Person except a
Holder of Preferred Securities exercising his or her rights pursuant to Section 5.4(b) or to a
Successor Preferred Securities Guarantee Trustee on acceptance by such Successor Preferred
Securities Guarantee Trustee of its appointment to act as Successor Preferred Securities Guarantee
Trustee. The right, title and interest of the Preferred Securities Guarantee Trustee shall
automatically vest in any Successor Preferred Securities Guarantee Trustee, and such vesting and
succession of title shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Preferred Securities Guarantee Trustee.

     (b) If an Event of Default actually known to a Responsible Officer of the Preferred Securities
Guarantee Trustee has occurred and is continuing, the Preferred Securities Guarantee Trustee shall
enforce this Preferred Securities Guarantee for the benefit of the Holders of the Preferred
Securities.

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     (c) The Preferred Securities Guarantee Trustee, before the occurrence of any Event of Default
and after the curing of all Events of Default that may have occurred, shall undertake to perform
only such duties as are specifically set forth in this Preferred Securities Guarantee, and no
implied covenants shall be read into this Preferred Securities Guarantee against the Preferred
Securities Guarantee Trustee. In case an Event of Default has occurred (that has not been cured or
waived pursuant to Section 2.6) and is actually known to a Responsible Officer of the Preferred
Securities Guarantee Trustee, the Preferred Securities Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Preferred Securities Guarantee, and use the same degree of
care and skill in its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     (d) No provision of this Preferred Securities Guarantee shall be construed to relieve the
Preferred Securities Guarantee Trustee from liability for its own gross negligent action, its own
gross negligent failure to act, or its own willful misconduct, except that:

     (i) prior to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

     (A) the duties and obligations of the Preferred Securities Guarantee Trustee
shall be determined solely by the express provisions of this Preferred Securities
Guarantee, and the Preferred Securities Guarantee Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in
this Preferred Securities Guarantee, and no implied covenants or obligations shall
be read into this Preferred Securities Guarantee against the Preferred Securities
Guarantee Trustee; and

     (B) in the absence of bad faith on the part of the Preferred Securities
Guarantee Trustee, the Preferred Securities Guarantee Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Preferred Securities
Guarantee Trustee and conforming to the requirements of this Preferred Securities
Guarantee; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Preferred
Securities Guarantee Trustee, the Preferred Securities Guarantee Trustee shall be
under a duty to examine the same to determine whether or not they conform to the
requirements of this Preferred Securities Guarantee;

     (ii) the Preferred Securities Guarantee Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer of the Preferred Securities Guarantee
Trustee, unless it shall be proved that the Preferred Securities Guarantee Trustee was
grossly negligent in ascertaining the pertinent facts upon which such judgment was made;

     (iii) the Preferred Securities Guarantee Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of a Majority in liquidation amount of the Preferred Securities relating to
the time, method and place of conducting any proceeding for any remedy

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available to the Preferred Securities Guarantee Trustee, or exercising any trust or
power conferred upon the Preferred Securities Guarantee Trustee under this Preferred
Securities Guarantee; and

     (iv) no provision of this Preferred Securities Guarantee shall require the Preferred
Securities Guarantee Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its
rights or powers, if the Preferred Securities Guarantee Trustee shall have reasonable
grounds for believing that the repayment of such funds or liability is not reasonably
assured to it under the terms of this Preferred Securities Guarantee or indemnity,
satisfactory to the Preferred Securities Guarantee Trustee, against such risk or liability
is not reasonably assured to it.

SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee

     (a) Subject to the provisions of Section 3.1:

     (i) The Preferred Securities Guarantee Trustee may conclusively rely, and shall be
fully protected in acting or refraining from acting, upon any resolution, certificate,
statement instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed, sent or presented by the proper party or parties.

     (ii) Any direction or act of the Guarantor contemplated by this Preferred Securities
Guarantee may be sufficiently evidenced by an Officers’ Certificate.

     (iii) Whenever, in the administration of this Preferred Securities Guarantee, the
Preferred Securities Guarantee Trustee shall deem it desirable that a matter be proved or
established before taking, suffering or omitting any action hereunder, the Preferred
Securities Guarantee Trustee (unless other evidence is herein specifically prescribed) may,
in the absence of bad faith on its part, request and conclusively rely upon an Officers’
Certificate which, upon receipt of such request, shall be promptly delivered by the
Guarantor.

     (iv) The Preferred Securities Guarantee Trustee shall have no duty to see to any
recording, filing or registration of any instrument (or any rerecording, refiling or
registration thereof).

     (v) The Preferred Securities Guarantee Trustee may consult with counsel of its
selection, and the advice or opinion of such counsel with respect to legal matters shall be
full and complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with such advice or opinion. Such
counsel may be counsel to the Guarantor or any of its Affiliates and may include any of its
employees. The Preferred Securities Guarantee Trustee shall have the right at any time to
seek instructions concerning the administration of this Preferred Securities Guarantee from
any court of competent jurisdiction.

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     (vi) The Preferred Securities Guarantee Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Preferred Securities Guarantee at
the request or direction of any Holder, unless such Holder shall have provided to the
Preferred Securities Guarantee Trustee such security and indemnity, satisfactory to the
Preferred Securities Guarantee Trustee, against the costs, expenses (including attorneys’
fees and expenses and the expenses of the Preferred Securities Guarantee Trustee’s agents,
nominees or custodians) and liabilities that might be incurred by it in complying with such
request or direction, including such reasonable advances as may be requested by the
Preferred Securities Guarantee Trustee; provided that, nothing contained in this Section
3.2(a)(vi) shall be taken to relieve the Preferred Securities Guarantee Trustee, upon the
occurrence of an Event of Default, of its obligation to exercise the rights and powers
vested in it by this Preferred Securities Guarantee.

     (vii) The Preferred Securities Guarantee Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the Preferred
Securities Guarantee Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit.

     (viii) The Preferred Securities Guarantee Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through agents,
nominees, custodians or attorneys, and the Preferred Securities Guarantee Trustee shall not
be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder.

     (ix) Any action taken by the Preferred Securities Guarantee Trustee or its agents
hereunder shall bind the Holders of the Preferred Securities, and the signature of the
Preferred Securities Guarantee Trustee or its agents alone shall be sufficient and effective
to perform any such action. No third party shall be required to inquire as to the authority
of the Preferred Securities Guarantee Trustee to so act or as to its compliance with any of
the terms and provisions of this Preferred Securities Guarantee, both of which shall be
conclusively evidenced by the Preferred Securities Guarantee Trustee’s or its agent’s taking
such action.

     (x) Whenever in the administration of this Preferred Securities Guarantee the Preferred
Securities Guarantee Trustee shall deem it desirable to receive instructions with respect to
enforcing any remedy or right or taking any other action hereunder, the Preferred Securities
Guarantee Trustee (i) may request and shall be entitled to receive, instructions from the
Holders of a Majority in liquidation amount of the Preferred Securities, (ii) may refrain
from enforcing such remedy or right or taking such other action until such instructions are
received, and (iii) shall be fully protected in conclusively relying on or acting in
accordance with such instructions.

     (xi) The Preferred Securities Guarantee Trustee shall not be liable for any action
taken, suffered, or omitted to be taken by it in good faith, without gross

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negligence, and reasonably believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Preferred Securities Guarantee.

     (b) No provision of this Preferred Securities Guarantee shall be deemed to impose any duty or
obligation on the Preferred Securities Guarantee Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall
be illegal, or in which the Preferred Securities Guarantee Trustee shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts or to exercise any
such right, power, duty or obligation. No permissive power or authority available to the Preferred
Securities Guarantee Trustee shall be construed to be a duty.

SECTION 3.3. Not Responsible for Recitals or Issuance of Preferred Securities Guarantee

     The recitals contained in this Preferred Securities Guarantee shall be taken as the statements
of the Guarantor, and the Preferred Securities Guarantee Trustee does not assume any responsibility
for their correctness. The Preferred Securities Guarantee Trustee makes no representation as to
the validity or sufficiency of this Preferred Securities Guarantee.

ARTICLE IV

PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility

     (a) There shall at all times be a Preferred Securities Guarantee Trustee which shall:

     (i) not be an Affiliate of the Guarantor; and

     (ii) be a corporation organized and doing business under the laws of the United States
of America or any State or Territory thereof or of the District of Columbia, or a
corporation or Person permitted by the Securities and Exchange Commission to act as an
institutional trustee under the Trust Indenture Act, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least 50 million U.S.
dollars ($50,000,000), and subject to supervision or examination by Federal, state,
territorial or District of Columbia authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the supervising or
examining authority referred to above, then, for the purposes of this Section 4.1(a)(ii),
the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published.

     (b) If at any time the Preferred Securities Guarantee Trustee shall cease to be eligible to so
act under Section 4.1(a), the Preferred Securities Guarantee Trustee shall immediately resign in
the manner and with the effect set out in Section 4.2(c).

     (c) If the Preferred Securities Guarantee Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Securities
Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b)
of the Trust Indenture Act.

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SECTION 4.2 Appointment, Removal and Resignation of Preferred Securities Guarantee 
Trustee

     (a) Subject to Section 4.2(b), the Preferred Securities Guarantee Trustee may be appointed or
removed without cause at any time by the Guarantor except during an Event of Default.

     (b) The Preferred Securities Guarantee Trustee shall not be removed in accordance with Section
4.2(a) until a Successor Preferred Securities Guarantee Trustee has been appointed and has accepted
such appointment by written instrument executed by such Successor Preferred Securities Guarantee
Trustee and delivered to the Guarantor.

     (c) The Preferred Securities Guarantee Trustee shall hold office until a Successor Preferred
Securities Guarantee Trustee shall have been appointed or until its removal or resignation. The
Preferred Securities Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Preferred Securities Guarantee Trustee and
delivered to the Guarantor, which resignation shall not take effect until a Successor Preferred
Securities Guarantee Trustee has been appointed and has accepted such appointment by instrument in
writing executed by such Successor Preferred Securities Guarantee Trustee and delivered to the
Guarantor and the resigning Preferred Securities Guarantee Trustee.

     (d) If no Successor Preferred Securities Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after delivery of an instrument
of removal or resignation, the Preferred Securities Guarantee Trustee resigning or being removed
may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment
of a Successor Preferred Securities Guarantee Trustee. Such court may thereupon, after prescribing
such notice, if any, as it may deem proper, appoint a Successor Preferred Securities Guarantee
Trustee.

     (e) No Preferred Securities Guarantee Trustee shall be liable for the acts or omissions to act
of any Successor Preferred Securities Guarantee Trustee.

     (f) Upon termination of this Preferred Securities Guarantee or removal or resignation of the
Preferred Securities Guarantee Trustee pursuant to this Section 4.2, the Guarantor shall pay to the
Preferred Securities Guarantee Trustee all amounts due to the Preferred Securities Guarantee
Trustee accrued to the date of such termination, removal or resignation.

ARTICLE V

GUARANTEE

SECTION 5.1 Guarantee

     The Guarantor irrevocably and unconditionally agrees to pay in full on a subordinated basis to
the extent set forth in this Preferred Securities Guarantee to the Holders the Guarantee Payments
(without duplication of amounts theretofore paid by the Issuer), as and when due, regardless of any
defense, right of set-off or counterclaim that the Issuer may have or assert. The Guarantor’s
obligation to make a Guarantee Payment may be satisfied by direct payment of the

13

 

required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts
to the Holders. The Guarantors shall notify the Preferred Securities Guarantee Trustee of any such
payment in writing.

SECTION 5.2 Waiver of Notice and Demand

     The Guarantor hereby waives notice of acceptance of this Preferred Securities Guarantee and of
any liability to which it applies or may apply, presentment, demand for payment, any right to
require a proceeding first against the Issuer or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

SECTION 5.3 Obligations Not Affected

     The obligations, covenants, agreements and duties of the Guarantor under this Preferred
Securities Guarantee shall in no way be affected or impaired by reason of the happening from time
to time of any of the following:

     (a) the release or waiver, by operation of law or otherwise, of the performance or observance
by the Issuer of any express or implied agreement, covenant, term or condition relating to the
Preferred Securities to be performed or observed by the Issuer;

     (b) the extension of time for the payment by the Issuer of all or any portion of the
Distributions, Redemption Price, Liquidation Distribution or any other sums payable under the terms
of the Preferred Securities or the extension of time for the performance of any other obligation
under, arising out of, or in connection with, the Preferred Securities (other than an extension of
time for payment of Distributions, Redemption Price, Liquidation Distribution or other sum payable
that results from the extension of any interest payment period on the Debentures permitted by the
Indenture);

     (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or
extension of any kind;

     (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the
Issuer or any of the assets of the Issuer;

     (e) any invalidity of, or defect or deficiency in, the Preferred Securities;

     (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

     (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor, it being the intent of this Section 5.3 that the

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obligations of the Guarantor with respect to the Guarantee Payments shall be absolute and
unconditional under any and all circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain consent of, the
Guarantor with respect to the happening of any of the foregoing.

SECTION 5.4 Rights of Holders

     (a) The Holders of a Majority in liquidation amount of the Preferred Securities have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the
Preferred Securities Guarantee Trustee in respect of this Preferred Securities Guarantee or
exercising any trust or power conferred upon the Preferred Securities Guarantee Trustee under this
Preferred Securities Guarantee.

     (b) If the Preferred Securities Guarantee Trustee fails to enforce such Preferred Securities
Guarantee, any Holder of Preferred Securities may institute a legal proceeding directly against the
Guarantor to enforce the Preferred Securities Guarantee Trustee’s rights under this Preferred
Securities Guarantee, without first instituting a legal proceeding against the Issuer, the
Preferred Securities Guarantee Trustee or any other person or entity. The Guarantor waives any
right or remedy to require that any action be brought first against the Issuer or any other person
or entity before proceeding directly against the Guarantor.

SECTION 5.5 Guarantee of Payment

     This Preferred Securities Guarantee creates a guarantee of payment and not of collection.

SECTION 5.6 Subrogation

     The Guarantor shall be subrogated to all (if any) rights of the Holders of Preferred
Securities against the Issuer in respect of any amounts paid to such Holders by the Guarantor under
this Preferred Securities Guarantee; provided, however, that the Guarantor shall not (except to the
extent required by mandatory provisions of law) be entitled to enforce or exercise any right that
it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all
cases as a result of payment under this Preferred Securities Guarantee, if, at the time of any such
payment, any amounts are due and unpaid under this Preferred Securities Guarantee. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount in trust for the Holders and to pay over such amount to the Holders.

SECTION 5.7 Independent Obligations

     The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Issuer with respect to the Preferred Securities, and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this
Preferred Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 5.3 hereof.

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ARTICLE VI

LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 Limitation of Transactions

     So long as any Preferred Securities remain outstanding and (i) there shall have occurred any
event of which the Guarantor has actual knowledge that (a) is, or with the giving of notice or the
lapse of time, or both, would be an Event of Default and (b) in respect of which the Guarantor
shall not have taken reasonable steps to cure, (ii) if such Debentures are held by the Property
Trustee, the Guarantor shall be in default with respect to its payment of any obligations under
this Preferred Securities Guarantee or (iii) the Guarantor shall have given notice of its election
of the exercise of its right to extend the interest payment period pursuant to Section 16.01 of the
Indenture and any such extension shall be continuing, the Guarantor shall not (i) declare or pay
any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with
respect to, any of the Guarantor’s capital stock (which includes common and preferred stock) or
(ii) make any payment of principal, interest or premium, if any, on, or repay or repurchase or
redeem any debt securities of the Guarantor (including any Other Debentures) that rank pari passu
with or junior in right of payment to the Debentures or (iii) make any guarantee payments with
respect to any guarantee by the Guarantor of the debt securities of any subsidiary of the Guarantor
(including Other Guarantees) if such guarantee ranks pari passu or junior in right of payment to
the Debentures (other than (a) dividends or distributions in shares of, or options, warrants,
rights to subscribe for or purchase shares of, common stock of the Guarantor, (b) any declaration
of a dividend in connection with the implementation of a stockholder’s rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (c) payments under the Preferred Securities Guarantee, (d) as a result of a
reclassification of the Guarantor’s capital stock or the exchange or the conversion of one class or
series of the Guarantor’s capital stock for another class or series of the Guarantor’s capital
stock, (e) the purchase of fractional interests in shares of the Guarantor’s capital stock pursuant
to the conversion or exchange provisions of such capital stock or the security being converted or
exchanged, and (f) purchases or issuances of common stock in connection with any of the Guarantor’s
stock option, stock purchase, stock loan or other benefit plans for its directors, officers or
employees or any of the Guarantor’s dividend reinvestment plans, in each case as now existing or
hereafter established or amended). Notwithstanding anything herein to the contrary, in no event
shall this provision be deemed to limit the Guarontor from issuing shares of its common stock to
any Person whether in a public or private transaction.

SECTION 6.2 Ranking

     This Preferred Securities Guarantee will constitute an unsecured obligation of the Guarantor
and will rank (i) subordinate and junior in right of payment to Senior Debt (as defined in the
Indenture), to the same extent and in the same manner that the Debentures are subordinated to
Senior Debt pursuant to the Indenture (except as indicated below), it being understood that the
terms of Article XV of the Indenture shall apply to the obligations of the Guarantor under this
Preferred Securities Guarantee as if (x) such Article XV were set forth herein in full and (y) such
obligations were substituted for the term “Securities” appearing in such Article XV, except that
with respect to Section 15.03 of the Indenture only, the term

16

 

“Senior Debt” shall mean all liabilities of the Guarantor, whether or not for money borrowed
(other than obligations in respect of Other Guarantees), (ii) pari passu with any Other Guarantee
(as defined herein) and (iii) senior to any obligations in respect of any class of the Guarantor’s
capital stock.

ARTICLE VII

TERMINATION

SECTION 7.1 Termination

     This Preferred Securities Guarantee shall terminate and be of no further force and effect (i)
upon full payment of the Redemption Price (as defined in the Trust Agreement) of all Preferred
Securities, or (ii) upon liquidation of the Issuer, the full payment of the amounts payable in
accordance with the Trust Agreement or the distribution of the Debentures to the Holders of all of
the Preferred Securities. Notwithstanding the foregoing, this Preferred Securities Guarantee will
continue to be effective or will be reinstated, as the case may be, if at any time any Holder of
Preferred Securities must restore payment of any sums paid under the Preferred Securities or under
this Preferred Securities Guarantee.

ARTICLE VIII

INDEMNIFICATION

SECTION 8.1 Exculpation

     (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise
to the Guarantor or any Covered Person for any loss, damage or claim incurred by reason of any act
or omission performed or omitted by such Indemnified Person in good faith in accordance with this
Preferred Securities Guarantee and in a manner that such Indemnified Person reasonably believed to
be within the scope of the authority conferred on such Indemnified Person by this Preferred
Securities Guarantee or by law, except that an Indemnified Person shall be liable for any such
loss, damage or claim incurred by reason of such Indemnified Person’s gross negligence or willful
misconduct with respect to such acts or omissions.

     (b) An Indemnified Person shall be fully protected in relying in good faith upon the records
of the Guarantor and upon such information, opinions, reports or statements presented to the
Guarantor by any Person as to matters the Indemnified Person reasonably believes are within such
other Person’s professional or expert competence and who has been selected with reasonable care by
or on behalf of the Guarantor, including information, opinions, reports or statements as to the
value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the
existence and amount of assets from which Distributions to Holders of Preferred Securities might
properly be paid.

SECTION 8.2 Indemnification

     The Guarantor agrees to indemnify each Indemnified Person for, and to hold each Indemnified
Person harmless against, any and all loss, liability, damage, claim or expense incurred without
gross negligence or bad faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses

17

 

(including reasonable legal fees and expenses) of defending itself against, or investigating,
any claim or liability in connection with the exercise or performance of any of its powers or
duties hereunder. The obligation to indemnify as set forth in this Section 8.2 shall survive the
termination of this Preferred Securities Guarantee.

ARTICLE IX

MISCELLANEOUS

SECTION 9.1 Successors and Assigns

     All guarantees and agreements contained in this Preferred Securities Guarantee shall bind the
successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to
the benefit of the Holders of the Preferred Securities then outstanding.

SECTION 9.2 Amendments

     Except with respect to any changes that do not materially adversely affect the rights of
Holders (in which case no consent of Holders will be required), this Preferred Securities Guarantee
may only be amended with the prior approval of the Holders of a Majority in liquidation amount of
the Securities (including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are
determined). The provisions of Section 12.2 of the Trust Agreement with respect to meetings of
Holders of the Securities apply to the giving of such approval.

SECTION 9.3 Notices

     All notices provided for in this Preferred Securities Guarantee shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class
mail, as follows:

     (a) If given to the Issuer, in care of the Administrative Trustee at the Issuer’s mailing
address set forth below (or such other address as the Issuer may give notice of to the Holders of
the Common Securities):

ServisFirst Capital Trust I

c/o ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama 35223

Attention: Thomas A. Broughton III

Telecopy: (205) 949-0303

     (b) If given to the Preferred Securities Guarantee Trustee, at the Preferred Securities
Guarantee Trustee’s mailing address set forth below (or such other address as the Preferred
Securities Guarantee Trustee may give notice of to the Holders of the Preferred Securities):

Wilmington Trust Company

Rodney Square North

18

 

1100 North Market Street

Wilmington, DE 19890

Attention: Corporate Trust Administration

Telecopy: (302) 636-4145

     (c) If given to the Guarantor, at the Guarantor’s mailing address set forth below (or such
other address as the Guarantor may give notice of to the Holders of the Preferred Securities):

ServisFirst Bancshares, Inc.

3300 Cahaba Road, Suite 300

Birmingham, Alabama

Attention: Thomas A. Broughton III

Telecopy: (205) 949-0303

     (d) If given to any Holder of Preferred Securities, at the address set forth on the books and
records of the Issuer.

     All such notices shall be deemed to have been given when received in person, telecopied with
receipt confirmed, or mailed by first class mail, postage prepaid except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

SECTION 9.4 Benefit

     This Preferred Securities Guarantee is solely for the benefit of the Holders of the Preferred
Securities and, is not separately transferable from the Preferred Securities.

SECTION 9.5 Governing Law

     THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF.

[Signatures on Following Page]

19

 

     THIS Preferred Securities Guarantee is executed as of the day and year first above written.

	 	 	 	 	 
	 	SERVISFIRST BANCSHARES, INC., 
as
Guarantor

 	 
	 	By:  	
 	 
	 	 	Thomas A. Broughton III 	 
	 	 	President and Chief Executive Officer 	 
	 
	 	WILMINGTON TRUST COMPANY,

as Preferred Securities Guarantee Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

20

 

Execution Copy

EXHIBIT A

CERTIFICATE TO TRUSTEE

     Pursuant to Section 2.4(a)(iii) of the Preferred Securities Guarantee between ServisFirst
Bancshares, Inc. as the Company (the “Company’), and Wilmington Trust Company, as Trustee, dated as
of September 2, 2008 (the “Preferred Securities Guarantee”), the undersigned hereby certifies as
follows:

	 	1.	 	In my capacity as an officer of the Company, I would normally have knowledge of
any default by the Company during the last fiscal year in the performance of any
covenants of the Company contained in the Indenture.
	 
	 	2.	 	[To my knowledge, the Company is not default in the performance of any
covenants contained in the Indenture.
	 
	 	 	 	or, alternatively:
	 
	 	 	 	I am aware of the default(s) in the performance of covenants in the Indentures, as
specified below.] PLEASE PICK THE SENTENCE THAT APPLIES and DELETE THE ONE THAT
DOES NOT.

     Capitalized terms used herein, and not otherwise defined herein, have the respective meanings
ascribed to thereto in the Indenture.

     IN WITNESS WHEREOF, the undersigned has executed this Officers’ Certificate.

Date:                                         , 2008

	 	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 
	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

A-1EX-10.4 FORM OF COMMON STOCK PURCHASE WARRANT

	 	 	 	 	 

Exhibit 10.4

NEITHER THIS WARRANT NOR ANY OF THE WARRANT SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY FOREIGN JURISDICTION. THE SECURITIES MAY NOT BE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE
STATE AND FOREIGN SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

September 2, 2008

			
	 	 	 
	Warrant No. [Specimen]
	 	Number of Shares:                     

(Subject to adjustment as provided in this Warrant)

COMMON STOCK PURCHASE WARRANT

ServisFirst Bancshares, Inc.

(Void after the date set forth in Section 1(a) hereof)

     This Common Stock Purchase Warrant (this “Warrant”) certifies that, for value
received,                                                      
              
                                                     , or his, her or its permitted designees or
assignees (the “Holder”), is entitled, upon the terms and subject to the conditions
hereinafter set forth, to purchase from ServisFirst Bancshares, Inc., a Delaware corporation (the
“Company”),                                          fully paid and nonassessable shares (the “Warrant
Shares”) of Common Stock, $0.001 par value per share, of the Company (the “Common
Stock”) at a purchase price of $25.00 per share (the “Exercise Price”).

     1. Exercise of Warrant.

          (a) This Warrant may be exercised by the Holder, in whole or in part, at any time, or from
time to time, during the period commencing on the issuance date set forth above and ending on the
later of either (i) September 1, 2013 or (ii) such date which is sixty (60) days following the date
that the Common Stock is listed for trading on a “national securities exchange” as defined in
Securities Exchange Act of 1934, as amended (the “Exercise Period”), by the surrender of
this Warrant and the Notice of Exercise attached hereto as Exhibit A duly completed and
executed on behalf of the Holder, at the office of the Company in Birmingham, Alabama (or such
other office or agency of the Company as it may designate by notice in writing to the Holder at the
address of such Holder appearing on the books of the Company), and upon payment by check payable to
the Company or wire transfer to an account designated by the Company of the Exercise Price of the
Warrant Shares thereby purchased.

          (b) As soon as practicable after the exercise of this Warrant in full or in part, the Company
at its expense will cause to be issued in the name of the Holder:

          (i) a certificate for the number of full Warrant Shares to which the Holder shall be
entitled upon such exercise plus, in lieu of any fractional Warrant Share to

 

 

which the Holder would otherwise be entitled, cash in an amount determined pursuant to Section 4
hereof; and

          (ii) in case such exercise is in part only, a new warrant (dated the date hereof) of
like tenor, for the number of Warrant Shares equal (without giving effect to any adjustment
therein) to the number of such Warrant Shares called for on the face of this Warrant minus
the number of Warrant Shares purchased by the Holder upon such exercise as provided in
subsection (a) above.

          (c) Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which the Notice of Exercise, this Warrant and the applicable
Exercise Price shall have been received by the Company. At such time, the Holder shall be deemed
to have become the holder of record of the Warrant Shares represented by the certificate required
to be issued upon each exercise of this Warrant as provided in subsection (b) above.

     2. No Impairment. The Company will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant or the rights granted to the
Holder hereunder (including, without limitation, Section 3). The Company represents and warrants
to the Holder that all shares of Common Stock which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance in accordance with the terms of this Warrant, be
duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights
of any stockholder and free of all taxes, liens and charges with respect to the issue thereof. The
Company covenants and agrees that during the Exercise Period, the Company will at all times have
authorized and reserved, for the purpose of issuance or transfer upon exercise of the rights
evidenced by this Warrant, a sufficient number of shares of authorized but unissued Common Stock
free from all preemptive rights therein, when and as required to provide for the exercise of the
rights represented by this Warrant. The Company will take all such action as may be necessary to
assure that such shares of Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities exchange upon which
the Common Stock may be listed; provided, however, that the Company shall not be obligated to
effect a registration under any federal or state securities laws in connection with such exercise.
The Company will not take any action which would result in any adjustment (as described in Section
3 hereof) if the total number of shares of Common Stock issuable after such action upon exercise of
all outstanding Warrants, together with all shares of Common Stock then outstanding and all shares
of Common Stock then issuable upon exercise of all options and warrants and upon the conversion of
all convertible securities then outstanding, would exceed the total number of shares of Common
Stock then authorized by the Company’s Certificate of Incorporation.

     3. Adjustment. The Exercise Price and the number of Warrant Shares purchasable upon
the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence
of certain events described in this Section 3.

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          (a) Subdivision or Combination.

               (i) In case the Company shall (A) pay a dividend on its Common Stock in Common Stock, (B)
subdivide its outstanding shares of Common Stock, or (C) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, then, in such an event, the Exercise Price
in effect immediately prior thereto shall be adjusted proportionately so that the adjusted Exercise
Price will bear the same relation to the Exercise Price in effect immediately prior to any such
event as the total number of shares of Common Stock outstanding immediately prior to any such event
shall bear to the total number of shares of Common Stock outstanding immediately after such event.
An adjustment made pursuant to this subsection (a) shall become effective retroactively immediately
after the record date in the case of a dividend or shall become effective immediately after the
effective date in the case of a subdivision or combination. The Exercise Price, as so adjusted,
shall be readjusted in the same manner upon the happening of any successive event or events
described herein.

               (ii) Upon each adjustment of the Exercise Price pursuant to subsection (a)(i) above, the
number of Warrant Shares purchasable upon exercise of this Warrant shall be adjusted to the number
of Warrant Shares, calculated to the nearest one hundredth of a share, obtained by multiplying the
number of Warrant Shares purchasable immediately prior to such adjustment by the Exercise Price in
effect prior to such adjustment and dividing the product so obtained by the new Exercise Price.

          (b) Reorganization, Reclassification, Consolidation, Merger or Sale. If there shall
occur any capital reorganization or reclassification of the Company’s Common Stock (other than a
change in par value or a stock dividend, or a subdivision or combination as provided for in
subsection (a) above), or any consolidation or merger of the Company with or into another
corporation, or a transfer of all or substantially all of the assets of the Company, then, as part
of any such reorganization, reclassification, consolidation, merger or sale, as the case may be,
lawful provision shall be made so that the Holder shall have the right thereafter to receive upon
the exercise hereof the kind and amount of shares of stock or other securities or property which
such Holder would have been entitled to receive if, immediately prior to any such reorganization,
reclassification, consolidation, merger or sale, as the case may be, such Holder had held the
number of shares of Common Stock which were then purchasable upon the exercise of this Warrant. In
any such case, appropriate adjustment (as reasonably determined in good faith by the Board of
Directors of the Company) shall be made in the application of the provisions set forth herein and
in such transaction with respect to the rights and interests thereafter of the Holder of this
Warrant such that the provisions set forth in this Section 3 (including provisions with respect to
adjustment of the Exercise Price) shall thereafter be applicable, as nearly as is reasonably
practicable, in relation to any shares of stock or other securities or property thereafter
deliverable upon the exercise of this Warrant.

          (c) Adjustments for Non-Cash Dividends. If while this Warrant, or any portion hereof,
remains outstanding and unexpired the holders of the securities as to which purchase rights under
this Warrant exist at the time shall have received, or, on or after the record date fixed for the
determination of eligible stockholders, shall have become entitled to receive, without payment
therefor, other or additional stock or other securities or property of the Company (other than

3

 

Common Stock and other than cash) by way of dividend, then and in each case, this Warrant shall
represent the right to acquire, in addition to the number of shares of the security receivable upon
exercise of this Warrant, and without payment of any additional consideration therefor, the amount
of such other or additional stock or other securities or property of the Company (other than Common
Stock and other than cash) that such Holder would hold on the date of such exercise had it been the
holder of record of the security receivable upon exercise of this Warrant on the date hereof and
had thereafter, during the period from the date hereof to and including the date of such exercise,
retained such shares and/or all other additional stock available by it as aforesaid during such
period, giving effect to all adjustments called for during such period by the provisions of this
Section 3.

          (d) Certificate as to Adjustments. Upon the occurrence of each adjustment or
readjustment pursuant to this Section 3, the Company at its expense shall promptly compute such
adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a
certificate setting forth such adjustment or readjustment and showing in detail the facts upon
which such adjustment or readjustment is based. The Company shall, upon the written request of the
Holder, furnish or cause to be furnished to the Holder a certificate setting forth: (i) such
adjustments and readjustments; (ii) the Exercise Price at the time in effect; and (iii) the number
of Warrant Shares and the amount, if any, of other property that at the time would be received upon
the exercise of the Warrant.

     4. Fractional Shares. The Company shall not be required upon the exercise of this
Warrant to issue any fractional Warrant Shares, but shall make an adjustment therefor in cash on
the basis of the then market value of the Warrant Shares as shall be reasonably determined by the
Board of Directors of the Company.

     5. Notices of Record Date. In case:

          (a) the Company shall take a record of the holders of its Common Stock (or other stock or
securities at the time deliverable upon the exercise of this Warrant) for the purpose of entitling
or enabling them to receive any dividend or other distribution, or to receive any right to
subscribe for or purchase any shares of stock of any class or any other securities, or to receive
any other right, or shall otherwise determine to pay any dividend or other distribution, or to
receive any such right; or

          (b) of any capital reorganization of the Company, any reclassification of the capital stock of
the Company, any consolidation or merger of the Company with or into another corporation, or any
transfer of all or substantially all of the assets of the Company; or

          (c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,
including, without limitation, a Deemed Liquidation Event (as defined in the Certificate of
Incorporation of the Company);

then, and in each such case, the Company will mail or cause to be mailed to the Holder a notice
specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of
such dividend, distribution or right, and stating the amount and character or such dividend,
distribution or

4

 

right, or (ii) the effective date on which such dividend, distribution, right,
reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up is to take place or become effective, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the time deliverable
upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or
such other stock or securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up. Such notice shall be delivered at least twenty (20) days prior to the record date or
effective date for the event specified in such notice.

     6. Transfer and Exchange.

          (a) The Holder acknowledges that this Warrant and the Warrant Shares have not been registered
under the Securities Act of 1933, as amended (the “Act”), and agrees not to sell, pledge,
distribute, offer for sale, transfer or otherwise dispose of (each, a “Transfer”) this
Warrant, in whole or in part, or any Warrant Shares issued upon its exercise in the absence of (i)
an effective registration statement under the Act as to this Warrant or such Warrant Shares, as
applicable, and registration or qualification of this Warrant or such Warrant Shares, as
applicable, under any applicable “Blue Sky” or state securities law then in effect, or (ii) an
exemption from any such registration and qualification. If reasonably requested by the Company, an
opinion of counsel to the transferring Holder shall be supplied to the Company, at such
transferring Holder’s expense, to the effect that the proposed Transfer complies with the
applicable federal and state securities laws. The Holder understands that the certificate or
certificates representing any Warrant Shares acquired by the Holder upon exercise of this Warrant
shall bear a restrictive legend to the foregoing effect.

          (b) Subject to subsection (a) above, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of this Warrant with a properly executed assignment (in the
form of Exhibit B hereto) at the principal office of the Company. Upon the surrender by
the Holder of any Warrant, properly endorsed, to the Company at the principal office of the
Company, the Company will issue and deliver to or upon the order of such Holder, at the Company’s
expense, a new Warrant or Warrants of like tenor, in the name of such Holder or as such Holder may
direct, calling in the aggregate on the face or faces thereof for the number of shares of Common
Stock called for on the face or faces of the Warrant or Warrants so surrendered, or such other
amount as may be appropriate following the adjustments contemplated by Section 3 hereof.

     7. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and in case of loss, theft or destruction, of indemnity reasonably satisfactory to it, and
upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver to
the Holder a new Warrant of like tenor, in lieu of this Warrant.

     8. Applicable Law. The validity, interpretation and legal effect of this Agreement
shall be governed by the laws of the State of Alabama without reference to that State’s conflict of
law principles.

5

 

     9. No Rights as Stockholder. Until the exercise of this Warrant, the Holder shall not
have or exercise any rights by virtue hereof as a stockholder of the Company.

     10. Miscellaneous.

          (a) Amendments. This Warrant may be amended and the observance of any term of this
Warrant may be waived only with the written consent of both the Company and the Holder.

          (b) Notices. All notices, requests, demands and other communications under this
Warrant shall be in writing and shall be deemed to have been duly given on the date of service if
served personally on the party to whom notice is to be given, or three days after the date of
mailing if mailed to the party to whom notice is to be given, by first class mail, registered or
certified, postage prepaid, and properly addressed as follows: if to the Holder, at the Holder’s
address as shown in the Company records; and if to the Company, at its principal office. Any party
may change its address for purposes of this subsection by giving the other party written notice of
the new address in the manner set forth above.

          (c) Headings. The headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning of any provision of this Warrant.

          (d) Binding Effect. This Warrant shall be binding upon and inure to the benefit of
the parties hereto and their respective successors, assigns, heirs and legal representatives.

[Signatures on Following Page]

6

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized
officer as of the date first written above.

	 	 	 	 	 
	 	SERVISFIRST BANCSHARES, INC.

 	 
	 	By:  	 	 
	 	 	Thomas A. Broughton, III 	 
	 	 	Its: President and CEO 	 
	 

7

 

Exhibit A

NOTICE OF EXERCISE

To:           SERVISFIRST BANCSHARES, INC.

     1. The undersigned hereby elects to purchase                      shares of the Common Stock of
SERVISFIRST BANCSHARES, INC., a Delaware corporation, pursuant to the terms of the attached
Warrant, and tenders herewith payment of the Exercise Price for such shares.

     2. Please issue a certificate or certificates representing said shares of Common Stock in the
name of the undersigned or in such other name as is specified below:

	 	 	 	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 	 	
	 	 	 
	 
	 	 	 	 	 	 	 	
	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	
	 

	 	 	 	By:	 	 	 	
	 

	 	 	 	 	 

	 	
	 
	 	 	 	 	 	 	 	
	 

	 	 	 	Its:	 	 	 	
	 

	 	 	 	 	 

	 	
	 
	 	 	 	 	 	 	 	
	Date:
	 	 	 	 	 	 	 	
	 

	 	 

	 	 	 	 	 	

A - 1

 

Exhibit B

ASSIGNMENT

          FOR VALUE RECEIVED,                                 
                 
            hereby sells, assigns and transfers
all of the rights of the undersigned under the attached Warrant with respect to the number of
shares of Common Stock covered thereby set forth below, unto:

	 	 	 	 	 
	Name of Assignee

	 	Address
	 	No. of Shares
	 

	 	 
	 	 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

B - 1

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