Document:

EX-10.3

 Exhibit 10.3 

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 

AND PROMISSORY NOTES MODIFICATION AGREEMENT 

THIS FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND PROMISSORY NOTES MODIFICATION AGREEMENT (this “Amendment”) is
made and dated as of June 29, 2020, between EQUITY BANCSHARES, INC., a Kansas corporation (the “Borrower”), and SERVISFIRST BANK, an Alabama banking corporation (the “Lender”). 

R E C I T A L S 

A.    Borrower and Lender are parties to that certain Loan and Security Agreement dated as of January 28, 2016, as
amended (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used and not otherwise defined or amended in this Amendment shall have the meanings respectively assigned to them in
the Loan Agreement). Under the terms and conditions, and subject to the limitations, set forth in the Loan Agreement, Lender has provided to Borrower a Commitment to extend Loans to Borrower in an aggregate principal amount of up to $40,000,000.00.

 B.    The Commitment Maturity Date was May 15, 2020, but has been extended to August 15, 2020. Borrower has
requested that Lender consent to (i) the renewal of the Commitment and extension of the Commitment Maturity Date until August 15, 2021, (ii) Borrower’s issuance of up to $75,000,000.00 of subordinated debt in a one-time offering and issuance in 2020, and (iii) certain other amendments to the Loan Agreement, in each case in accordance with and subject to the terms set forth hereunder. 

C.    Lender, by execution hereof, has agreed to consent to the foregoing and to amend the Loan Agreement accordingly,
upon the terms and conditions set forth herein, including, without limitation: (i) the condition that a floor rate of interest be instituted under the Loan Agreement and the other documents related thereto, including under the Notes that are
currently existing under the Loan Agreement, and (ii) the condition that Borrower acknowledge and reaffirm its obligations under the Loan Agreement, such existing Notes, and the other documents related thereto. 

D.    The parties hereto have consulted with, and obtained the representation and advice of, their respective legal
counsel with regard to the terms and conditions of this Amendment. Each party to this Amendment has had the opportunity to participate fully in the drafting of this Amendment. 

A G R E E M E N T 
 In
consideration of the foregoing and the mutual covenants and agreements hereinafter set forth, the parties hereto hereby agree as follows: 

1.    Recitals. The recitals set forth above are true and correct and the parties hereto agree to be bound thereby.

 2.    Amendments to the Loan Agreement. The Loan Agreement is
hereby amended as follows: 
 A.    To the extent applicable, the Loan Agreement and each related
agreement, instrument, and other document are amended by replacing any and all references to “Kimble Vardaman, Senior Vice President” in Lender’s notice information with references to “William Mellown, Assistant Vice
President.” 
 B.    Section 1.01 of the Loan Agreement is amended by adding the following
definition in its proper alphabetical order: 
 “2020 Subordinated Debt” means subordinated debt in an
aggregate principal amount of up to $75,000,000.00 to be issued by Borrower in a one-time offering and issuance in 2020, all on the general terms and conditions communicated by Borrower to Lender on or around
June 1, 2020. 
 C.    Section 1.01 of the Loan Agreement is amended by amending and
restating the definition of “Commitment Maturity Date” to read as follows: 
 “Commitment Maturity
Date” means the earlier of August 15, 2021, or the date that either the Commitment is terminated or the maturity of any Note is accelerated pursuant to Section 7.02 of this Agreement. 

D.    Section 1.01 of the Loan Agreement is amended by amending and restating the definition of
“Interest Rate” to read as follows: 
 “Interest Rate” is defined in
Section 2.06(A)(1) of this Agreement. 
 E.    Section 2.03 of the Loan
Agreement is amended and restated to read as follows: 
 Section 2.03    Use of Proceeds;
Disbursement of the Loans. Borrower shall use the proceeds of each Loan solely for one or more of the following purposes: 

(a)     to fund cash payments required to be made by Borrower to the seller(s) of a target bank in
connection with a Permitted Acquisition; provided, however, that not more than $20,000,000.00 of Loan proceeds may be used for any particular (i.e., any single) Permitted Acquisition; 

(b)    to fund Borrower’s repurchase of its outstanding shares of stock; 

(c)    to fund Borrower’s injection of capital to the Subsidiary Bank; 

(d)    to pay Lender any sums due under this Agreement; or 

  
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 (e)    for general corporate or investment purposes of
Borrower, as approved by Lender in its sole and absolute discretion; provided, however, that not more than $10,000,000.00 of the proceeds of any particular (i.e., any single) Loan may be used for this purpose. 

In each case that Borrower requests a Loan from Lender, Borrower shall submit evidence to Lender that the proceeds of the Loan will be used
for one or more of the purposes set forth above. Lender shall have no obligation to advance any such Loan (or any portion thereof) to Borrower unless and until Lender is fully satisfied with the form and substance of such evidence from Borrower.

 F.    Section 2.06(A)(1) of the Loan Agreement is amended and restated to read as follows: 

(1)    Interest on the principal balance of each Loan from time to time outstanding will be payable at a
per annum rate (the “Interest Rate”) equal to the greater of the following: (i) the Prime Rate in effect from time to time (the “Floating Rate”); or (ii) a floor rate of three and one-half percent (3.50%). 
 G.    Section 3.02(H) of the Loan
Agreement is amended and restated to read as follows: 
 (H)    There shall be no material adverse
change in the consolidated financial condition or business of Borrower since March 31, 2020, or the Subsidiary Bank since March 31, 2020. 

H.    Section 5.01(I) of the Loan Agreement is amended and restated to read as follows: 

(I)    Borrower’s and the Subsidiary Bank’s financial statements (including Call Reports, in the
case of the Subsidiary Bank) furnished to Lender, including any schedules and notes pertaining thereto, have been prepared in accordance with Generally Accepted Accounting Principles consistently applied, and fully and fairly present the financial
condition of Borrower at the dates thereof and the results of operations for the periods covered thereby, and there have been no material adverse changes in the consolidated financial condition or business of Borrower, from March 31, 2020, to
the date hereof, or the Subsidiary Bank, from March 31, 2020, to the date hereof; 

I.    Section 5.01(J) of the Loan Agreement is amended and restated to read as follows: 

(J)    As of June 29, 2020, neither Borrower nor the Subsidiary Bank has any material Indebtedness of
any nature, including, but without limitation, liabilities for taxes and any interest or penalties relating thereto, except to the 

  
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extent reflected (in a footnote or otherwise) and reserved against in the March 31, 2020, financial statements of Borrower, or the March 31, 2020, Call Report of the Subsidiary Bank, or
as disclosed in or permitted by this Agreement, as applicable; Borrower does not know and has no reasonable ground to know of any basis for the assertion against it or the Subsidiary Bank as of March 31, 2020, of any material Indebtedness of
any nature not fully reflected and reserved against in the above referenced respective financial statements or Call Reports, as applicable; 

J.    Section 5.01(R) of the Loan Agreement is amended and restated to read as follows: 

(R)    The Subsidiary Bank’s retained earnings, as reported on Schedule RC of the Subsidiary
Bank’s most recent quarterly Call Report, were $42,755,000.00. 
 K.    Section 6.02(E) of
the Loan Agreement is amended and restated to read as follows: 
 (E)    The Borrower (whether acting in
its individual capacity or as a joint venture partner) will not incur, create, assume, or permit to exist any Indebtedness except: 

(1)    the Loans; 

(2)    Indebtedness described in the March 31, 2020, financial statements of Borrower, which
includes, without limitation, Borrower’s obligations under or in connection with the trust preferred securities referenced in the March 31, 2020, financial statements of Borrower; 

(3)    trade indebtedness incurred in the ordinary course of business; 

(4)    contingent Indebtedness permitted by Section 6.02(D); 

(5)    the 2020 Subordinated Debt; provided, however, that (a) the 2020 Subordinated
Debt must be unsecured at all times; (b) the 2020 Subordinated Debt must be subordinated in all respects to the Loans and to Borrower’s other Obligations to Lender under the Loan Agreement and the other documents related thereto, whether
such Loans and other Obligations are then-outstanding or are thereafter incurred, obtained, or made; (c) the 2020 Subordinated Debt must qualify at all times as tier 2 capital of Borrower under the relevant regulatory capital criteria;
provided, that any amendment to, or change in, the relevant regulatory capital criteria that causes the Subordinated Debt to cease to qualify as tier 2 capital of Borrower (a “Capital Treatment Event”) shall not be a violation of
this condition; and provided further, the impact of 12 CFR 

  
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217.20(d)(iv) shall not be a violation of this condition; and (d) Borrower must comply at all times with the covenants set forth below in this section with respect to the 2020 Subordinated
Debt; and 
 (6)    other Indebtedness incurred by Borrower not to exceed $1,000,000.00 in the
aggregate. 
 Without limiting the foregoing, the Subsidiary Bank shall not issue commercial paper, subordinated debt or any similar debt
instrument, and the Subsidiary Bank shall not obtain any non-traditional funding, without Lender’s prior written consent; provided, however, such consent shall not be required for the
Subsidiary Bank to introduce and implement new deposit products for its customers. 
 Furthermore, in regard to the 2020 Subordinated Debt:
(w) within three (3) days after Borrower’s issuance of the 2020 Subordinated Debt, Borrower shall pay down the entire outstanding principal balance of the Loans, together with all accrued interest thereon, so that the outstanding
principal balance of the Loans, together with all accrued interest thereon, equals $0.00 within three (3) days after the issuance of the 2020 Subordinated Debt; (x) Borrower shall not make any payments on the 2020 Subordinated Debt at any
time that a Default exists under the Loan Agreement or would result from the making of such payment; (y) Borrower shall not make any prepayments of interest on the 2020 Subordinated Debt under any circumstances; and (z) Borrower shall not
call the 2020 Subordinated Debt or otherwise prepay the principal balance of the 2020 Subordinated Debt (or any portion thereof) prior to the fifth (5th) anniversary of the issuance of the 2020 Subordinated Debt other than in connection with a
Capital Treatment Event. 
 L.    Section 7.01(O) of the Loan Agreement is amended and restated to
read as follows: 
 (O)    For any reason, any of the Chief Executive Officer or Chief Operating Officer
of Borrower or the Subsidiary Bank resigns, is terminated from or otherwise leaves such position, and within one hundred and fifty (150) days after such resignation, termination or other departure, Borrower or the Subsidiary Bank (as
applicable) has not appointed an acceptable successor to such position, as determined by Lender in its reasonable discretion. Notwithstanding the foregoing: (i) the death or bona fide medical disability of a Person then serving as the Chief
Executive Officer or Chief Operating Officer of Borrower or the Subsidiary Bank shall not, in and of itself, give rise to a Default under this Section 7.01(O), and (ii) if after a Default under this
Section 7.01(O), Lender does not exercise its right of acceleration under Section 7.02 before the one hundred eighty-first (181st) day after the applicable resignation, termination or other
departure, then Lender shall be deemed to have waived such Default. 

  
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 M.    The following is added as new
Section 7.01(Q) of the Loan Agreement, immediately after existing Section 7.01(P) of the Loan Agreement: 

(Q)    Borrower shall fail to make any payment due under the 2020 Subordinated Debt or under
Borrower’s obligations in connection with its trust preferred securities, or Borrower shall fail to perform any of its other obligations under the 2020 Subordinated Debt or under or in connection with its trust preferred securities, and in each
case, such failure shall continue beyond any applicable grace period. 
 N.    Exhibit A to the
Loan Agreement is deleted in its entirety, and Exhibit A to this Amendment is inserted in lieu thereof. 

3.    Amendments to Existing Promissory Notes. 

A.    Borrower acknowledges that Borrower has executed in favor of Lender each of the following promissory
notes (each, an “Existing Note”): 
 (i)     that certain Promissory Note dated
June 17, 2019, in the stated principal amount of $1,733,269.34; 
 (ii)    that certain Promissory
Note dated March 5, 2020, in the stated principal amount of $2,917,150.28; 
 (iii)    that certain
Promissory Note dated March 13, 2020, in the stated principal amount of $3,974,933.27; and 
 (iv)
    that certain Promissory Note dated March 19, 2020, in the stated principal amount of $31,461,647.11. 
 Each
Existing Note is a “Note” made under and in accordance with the terms of the Loan Agreement. 

B.    Each Existing Note is hereby amended to institute a floor interest rate of three and one-half percent (3.50%) per annum. In that regard, the second sentence of the first paragraph of each Existing Note is hereby amended and restated to read as follows: 

Interest, payable as provided below, shall accrue on the unpaid balance of said sum from the date advanced until the earlier of the date repaid
or maturity of this Promissory Note at a floating per annum rate (the “Rate”) equal to the Prime Rate in effect from time to time, from the date hereof through the Note Maturity Date (as defined in the hereafter defined Loan Agreement);
provided, however, that in no event shall the Rate ever be less than a fixed floor rate of three and one-half percent (3.50%) per annum. 

  
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 4.    Effectiveness. This Amendment shall be and become effective
as of the date first above written; provided, that each of the following conditions is satisfied, all as reasonably determined by and satisfactory to Lender: 

A.    Lender shall have received an Unused Commitment Fee from Borrower in the amount of $60,244.81, which
shall cover the period of time from and including March 12, 2019, through and including March 12, 2020. For the avoidance of doubt, the Unused Commitment Fee that accrued during the period of time that began on (and that included)
March 13, 2020, and that ended on (and that included) the date of this Amendment, shall not be payable at this time. Instead, such accrued amount shall be payable on the new Commitment Maturity Date, together with the Unused Commitment Fee that
accrues in between the date of this Amendment and such new Commitment Maturity Date, all in accordance with Section 2.09 of the Loan Agreement. 

B.    Lender shall have received (including by facsimile) counterparts of this Amendment, duly executed by
or on behalf of Borrower. 
 C.    Lender shall have approved the amendments set forth in this Amendment,
such approval to be evidenced by Lender’s execution of counterparts of this Amendment. 
 D.    All
documents executed or submitted pursuant hereto shall be reasonably satisfactory in form and substance to Lender and its counsel prior to or by the time of closing. Prior to or by the time of closing, Lender and its counsel shall have received all
information, certificates, resolutions, legal opinions and other documents, and such counterpart originals or such certified or other copies of such originals as Lender or its counsel may reasonably request, and all legal matters incident to the
transactions contemplated by this Amendment shall be reasonably satisfactory to Lender and its counsel. 

E.    The representations and warranties set forth in paragraph 5 below shall be true and correct in all
respects. 
 Notwithstanding the satisfaction (or waiver) of each of the conditions set forth above and/or the execution of this Amendment
by Borrower, this Amendment, in any event, shall not be or become effective and binding upon the parties until executed and accepted by Lender. 

5.    Representations and Warranties. In order to induce Lender to enter into this Amendment, Borrower represents
and warrants that: 
 A.    The execution, delivery and performance by Borrower of this Amendment and the
documents contemplated hereby are (i) within its entity powers and have been duly authorized by all necessary entity action, (ii) not in contravention of any law, rule or regulation, or any judgment, decree, writ, injunction, order, or
award of any arbitrator, court or governmental authority, (iii) not in contravention of the terms of Borrower’s organizational documents, and (iv) not in contravention of any contract or undertaking to which Borrower is a party or by
which Borrower or its properties are or may be bound or affected. 

  
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 B.    Each of this Amendment and, to the extent Borrower
is a party thereto, the other documents contemplated hereby, is a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its respective terms. 

C.    No consent, approval or authorization of or declaration, registration or filing with any governmental
authority or any nongovernmental person or entity, including without limitation any creditor, stockholder, member, partner or other owner of Borrower, is required on the part of Borrower in connection with the execution, delivery and performance of
this Amendment and the documents contemplated hereby, or the transactions contemplated hereby, or as a condition to the legality, validity or enforceability of this Amendment and the documents contemplated hereby. 

D.    After giving effect to the amendments to the Loan Agreement and the Existing Notes contained in this
Amendment: (i) the representations and warranties contained in the Loan Agreement, the Existing Notes, and in each other document related thereto are true and correct on and as of the date hereof with the same force and effect as if made on and
as of the date hereof, (ii) Borrower is in full compliance with all the covenants and agreements established under the Loan Agreement, the Existing Notes, and the other documents related thereto, (iii) no Default has occurred and is
continuing, and (iv) no material adverse change has occurred in the financial condition of Borrower since the as-of date of the most recent financial statements delivered by Borrower to Lender. 

6.    Reaffirmation and Ratification of Loan Documents. 

A.    Borrower acknowledges, ratifies, reaffirms and confirms to Lender the obligations, liabilities and
undertakings of Borrower under the Loan Agreement (as amended hereby), the Existing Notes (as amended hereby), and the other documents related thereto to which Borrower is a party. All provisions of the Loan Agreement, the Existing Notes, and the
other documents related thereto to which Borrower is a party are in full force and effect and remain unchanged, except as amended hereby. 

B.    Borrower agrees that (i) the amendments effectuated hereunder do not adversely affect or impair
in any way the validity or enforceability of the Loan Agreement, the Existing Notes, and the other documents related thereto to which Borrower is a party, and (ii) the Loan Agreement (as amended hereby), the Existing Notes (as amended hereby),
and the documents related thereto to which Borrower is a party are legal, valid and binding obligations of Borrower, enforceable by Lender against Borrower and in accordance with their respective terms. 

C.    Borrower acknowledges and agrees that the Loan Agreement (as amended hereby), the Existing Notes (as
amended hereby), and the other documents related thereto to which Borrower is a party, and the Obligations (including, without limitation, Borrower’s obligation to pay the outstanding amounts under the Loan Agreement and each Note related
thereto), are not subject to any defense, claim, counterclaim, setoff, right of recoupment, abatement or other determination whatsoever, legal, equitable or otherwise. Borrower waives any and all defenses of any nature whatsoever, legal,

  
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equitable or otherwise, which Borrower may now have with respect to Borrower’s obligations under the Loan Agreement (as amended hereby), the Existing Notes (as amended hereby), and the other
documents related thereto to which Borrower is a party. 
 7.    Acknowledgments Regarding Collateral. Borrower
acknowledges, certifies and agrees that (i) all of the Collateral described in the Loan Agreement, including, without limitation, the Pledged Stock, currently secures and shall continue to secure all of the Obligations, (ii) Lender’s
security interests in and liens on the Collateral have been duly perfected and are fully enforceable against Borrower and the property encumbered thereby, and (iii) there has been no interruption, cessation, or other lapse of the aforesaid
security interests and liens of Lender in the Collateral. 
 8.    No Waiver by Lender, Etc. Notwithstanding the
agreement of Lender to enter into this Amendment and to amend the Loan Agreement and the Existing Notes as set forth herein, Borrower acknowledges and agrees that, by so agreeing to enter into this Amendment, except as specifically set forth in this
Amendment, Lender shall not be deemed to have waived (or to be estopped from asserting) any provisions of the Loan Agreement (as amended hereby), the Existing Notes (as amended hereby), or any other document related thereto, including without
limitation, any existing or future Default thereunder and, if Borrower now or at any time in the future shall be in breach of any of the provisions of the Loan Agreement, any Existing Note, or any other document related thereto or if any Default has
occurred and is continuing, Lender shall be entitled to withhold further Loans under the Loan Agreement at any time and to exercise any of its other default rights and remedies thereunder or under any other document related thereto, from time to
time, upon, if applicable, notice to Borrower, and that no failure or delay on the part of Lender in exercising any right or remedy under the Loan Agreement, any Existing Note, or under any other document related thereto, and no course of dealing
with Borrower, on the one hand, and Lender, on the other hand, shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under the Loan Agreement, under any Existing Note, or under any other document related
thereto preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder or thereunder. 

9.    Release of Claims. In consideration of the matters set forth in this Amendment, Borrower, for itself and on
behalf of its legal representatives, successors and assigns, hereby fully, finally and irrevocably releases Lender, and its officers, representatives, agents, attorneys, employees, predecessors, successors and assigns (collectively, the
“Released Parties”), from any and all defenses (other than payment or performance), affirmative defenses, claims, counterclaims, offsets, cross-claims, damages, demands, actions and causes of action of any kind or nature existing as
of the date of this Amendment or based on facts or circumstances arising at any time up through and including the date of this Amendment, whether known or unknown and whenever and howsoever arising, relating to the Loan Agreement, the Existing
Notes, the liabilities and obligations of Borrower thereunder, the other Obligations, or the other documents related thereto, or any of them, or any past relationship between Borrower and Lender. In addition, Borrower hereby agrees not to commence,
join in, prosecute, or participate in any suit or other proceeding in a position adverse to that of any of the Released Parties arising directly or indirectly from any of the foregoing matters. 

  
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 10.    Event of Default. If Borrower shall fail to perform or
observe any term, covenant or agreement in this Amendment, or any representation or warranty made by Borrower in this Amendment shall prove to have been incorrect in any material respect when made, such occurrence shall be deemed to constitute a
Default. 
 11.    Payment of Fees and Expenses. Borrower agrees to pay all out-of-pocket costs and expenses of Lender, including the attorneys’ fees, charges and disbursements of counsel for Lender, in connection with the negotiation, preparation, execution and delivery of this
Amendment and the documents referred to herein and the consummation of the transactions contemplated hereby. 

12.    Counterparts; Facsimile Signatures. This Amendment may be executed in one or more counterpart copies, each
of which constitutes an original, but all of which, when taken together, shall constitute one agreement binding upon all of the parties hereto. Further, the parties hereto may execute facsimile copies of this Amendment and the facsimile signature of
any such party shall be deemed an original and fully binding on said party; provided, however, any party executing this Amendment by facsimile signature agrees to promptly provide an original executed copy of this Amendment to Lender.

 13.    Governing Law, Etc.    This Amendment shall be governed by and construed in
accordance with the applicable terms and provisions of Section 8.08 (Applicable Law; Jurisdiction and Venue) of the Loan Agreement, which terms and provisions are incorporated herein by reference. 

14.    Successors and Assigns. This Amendment shall inure to and be binding upon and enforceable by Borrower,
Lender, and their respective successors and assigns. 
 15.    No Other Modifications. Except as hereby amended,
no other term, condition or provision of the Loan Agreement or any Existing Note shall be deemed modified or amended, and this Amendment shall not be considered a novation. From and after the effective date hereof: (a) all references in the
Loan Agreement, and any other document or instrument entered into in connection therewith, to the Loan Agreement shall be deemed to be references to the Loan Agreement as amended by this Amendment; and (b) all references in any Existing Note,
and any other document or instrument entered into in connection therewith, to such Existing Note shall be deemed to be references to such Existing Note as amended by this Amendment. 

16.    Reaffirmation and Ratification of Pledge Agreement. Without limiting anything set forth in paragraph 6 above
or elsewhere in this Amendment, Borrower hereby acknowledges and agrees that the Pledge Agreement dated as of January 28, 2016, between Borrower and Lender remains in full force and effect as of the date hereof, and that the Pledged Stock
described therein continues to secure all Obligations (as defined in such Pledge Agreement) in all respects. 
 [Signature Page
Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
day and year first above written. 
  

			
	BORROWER:
	
	EQUITY BANCSHARES, INC.
		
	By:	 	 /s/ Gregory H. Kossover

 
			
	Name:	 	Gregory H. Kossover
	Title:	 	Chief Financial Officer

  

			
	LENDER:
	
	SERVISFIRST BANK
		
	By:	 	/s/ William Mellown

 
			
		
	Name:	 	William Mellown
		
	Title:	 	AVP, Correspondent Services Officer

 Signature Page to Fourth Amendment to Loan and Security Agreement and Promissory Notes Modification
Agreement 

 EXHIBIT A TO 

LOAN AND SECURITY AGREEMENT 

Form of Promissory Note 

[See Attached] 

 PROMISSORY NOTE 

 

			
	[Principal Amount of Loan]	  	 Birmingham, Alabama

[Date]

 FOR VALUE RECEIVED, the undersigned, EQUITY BANCSHARES, INC., a Kansas corporation (the
“Borrower”), promises to pay to the order of SERVISFIRST BANK, an Alabama banking corporation, having its principal office located in Birmingham, Alabama (hereinafter called the “Bank” or, together with any other holder of
this Promissory Note, the “Holder”), at the office of the Bank at 2500 Woodcrest Place, Birmingham, Alabama 35209, or at such other place as the Holder may designate, the principal sum of
                                         
                                AND
            /100 DOLLARS
($                                    ), in legal tender of
the United States of America in immediately available funds at the place payment is due. Interest, payable as provided below, shall accrue on the unpaid balance of said sum from the date advanced until the earlier of the date repaid or maturity of
this Promissory Note at a floating per annum rate (the “Rate”) equal to the Prime Rate in effect from time to time, from the date hereof through the Note Maturity Date (as defined in the hereafter defined Loan Agreement); provided,
however, that in no event shall the Rate ever be less than a fixed floor rate of three and one-half percent (3.50%) per annum. As used herein, the term “Prime Rate” means the rate designated
as such in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor) on any particular day. The rate of interest payable on the principal sum hereunder shall be adjusted concurrently with each
change in the Prime Rate without requirement of notice to the Borrower of any such change. The Prime Rate on the date of this Promissory Note is
                                        
percent (            %), and the initial per annum interest rate hereunder is
                                        
percent (            %). Interest shall be calculated at the foregoing rate on the basis of a 360-day year and the actual number of days
elapsed. 
 This Promissory Note is one of the Notes referred to in, and is governed by and entitled to the security of, that certain Loan
and Security Agreement dated January 28, 2016, executed and delivered to the Bank by the Borrower (as amended from time to time, hereinafter, the “Loan Agreement”; capitalized terms used herein but not defined herein shall have the
meanings attributed to them in the Loan Agreement), to which reference is made for a statement of the terms and conditions under which the maturity date of this Promissory Note may be accelerated. This Promissory Note is also secured by that certain
Pledge Agreement dated January 28, 2016, executed by the Borrower in favor of the Bank. 
 Accrued interest on the unpaid balance of
the principal hereof shall be due and payable quarterly in arrears, commencing on [First Day of the Next Quarter], and continuing on the 1st day of each January, April, July and October
thereafter until the outstanding principal balance hereof has been repaid in full, with the final payment of accrued and unpaid interest due and payable on [First Day of 20th
Quarter Following Date of Note]. If not earlier demanded pursuant to Section 7.02 of the Loan Agreement, the principal balance hereof shall be repaid in twenty (20) consecutive quarterly installments, commencing on [First Day of the
Next Quarter], and continuing on the 1st day of each January, April, July and October thereafter through and including [First Day of 20th Quarter Following Date of Note]. The first nineteen 

 
(19) such installments of principal shall be in the amount of [2.5% of Original Principal Balance] Dollars ($[2.5% of Original Principal Balance]) each. The final installment of
principal, in the amount of the entire unpaid principal balance hereof, together with all accrued and unpaid interest and all other amounts, if any, outstanding, shall be due and payable on [First Day of 20th Quarter Following Date of Note] (i.e. the “Note Maturity Date”), which payment shall be a balloon payment. Each payment of principal or interest hereunder shall be made in legal
tender of the United States of America in immediately available funds at the place of payment on the day when due. 
 Borrower promises to
pay a late charge equal to one percent (1%) of the amount of each installment of principal or interest received more than ten (10) days after the due date thereof, provided, however, that such late charge shall not be less than $20.00 nor more
than the maximum amount permitted by law. Interest, payable on demand, shall be due and payable on any principal or interest that remains unpaid after maturity (whether by acceleration or otherwise) at a rate equal to two percent (2.00%) plus
the otherwise applicable Rate under this Promissory Note. 
 If any payment of principal or interest on this Promissory Note shall become
due on a Saturday, Sunday or any day on which the Holder is legally closed to business, such payment shall automatically be deemed to be due on the next succeeding business day. 

Time is of the essence with respect to the payment of every installment of principal and of interest hereunder and the performance of every
other covenant made by the undersigned under this Promissory Note, the Loan Agreement, and any agreement which secures the payment of this Promissory Note. 

The Borrower may prepay this Promissory Note in full or in part at any time without premium or penalty, provided that any partial payment must
be made in the sum of Ten Thousand Dollars ($10,000.00) or an integral multiple thereof. The Borrower may not reborrow any sums which are repaid or prepaid, except as provided under the terms of the Loan Agreement and the execution and delivery by
Borrower of a new Note to Lender. 
 The Borrower hereby waives demand, presentment, dishonor, notice of dishonor and any other requirement
necessary to hold it obligated hereon. The Borrower hereby agrees that any collateral now or hereafter held for the obligations of the Borrower under this Promissory Note may hereafter be released, compromised, or exchanged, and that the Holder may
fail to perfect its lien or security interest in such collateral or may permit the perfection of its lien or security interest in such collateral to lapse, all without in any way affecting or releasing the liability of the Borrower under this
Promissory Note. 
 The Borrower agrees to pay all intangibles taxes, documentary stamp taxes, recording fees or taxes and other taxes and
fees due to any governmental authority in connection with the execution and delivery of this Promissory Note, the Loan Agreement, or any other agreement that provides collateral for this Promissory Note. The Borrower agrees to pay all costs and
expenses, including reasonable attorneys’ fee, incurred by the Holder of this Promissory Note in collecting or attempting to collect this Promissory Note. 

  
 3 

 The Holder shall not by any act, delay, omission or otherwise be deemed to have waived any
of its rights or remedies under this Promissory Note, the Loan Agreement, any agreement which provides collateral for this Promissory Note, or applicable law. All rights and remedies of the Holder under this Promissory Note, the Loan Agreement, any
such agreement providing collateral for this Promissory Note, and applicable law shall be cumulative and may be exercised successively or concurrently. This Promissory Note shall be governed by and construed in accordance with the laws of the United
States and of the State of Alabama. Any provision of this Promissory Note which shall be deemed to be unenforceable or invalid under any such law shall be ineffective to the extent of such unenforceability or invalidity without affecting the
enforceability or validity of any other provision hereof. 
 As additional collateral for the payment of this Promissory Note, the Borrower
transfers, assigns, pledges, and sets over to the Holder, and grants the Holder a continuing lien upon, and security interest in, all deposits and credits which the Borrower may now or hereafter have with the Holder. The Holder is hereby authorized,
at any time or times after the occurrence of a Default and without prior notice, to apply such deposits and credits, in whole or in part and in such order as the Holder may elect, to the payment of, or as a reserve against, the obligations of the
Borrower under this Promissory Note. 
 This Promissory Note has been executed by the Borrower without condition that anyone else should
sign or become bound hereunder and without any other conditions whatever being made. The provisions hereof are binding on the successors and assigns of the Borrower, and shall inure to the benefit of the Holder, its successors and assigns. 

(Signature Page Follows) 

  
 4 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Promissory Note as an
instrument under seal on the date first above written. 
  

			
	EQUITY BANCSHARES, INC.

 
			
		
	By:	 	 
		
	Name:	 	 
		
	Its:	 	 

  

			
	Address: 7701 E. Kellogg Ave. Name
	                Wichita, KS 67207
	                Attention: Greg Kossover
	
	Tax ID Number:
                                         
                 

 [Acknowledgement on following page] 

Signature Page to Promissory Note 

 STATE OF
KANSAS                                        )

                          
                                         
         : 

                          
              COUNTY                   ) 

I, the undersigned, a notary public in and for said county in said state, hereby certify that
                                    , whose name as
                                 of Equity Bancshares, Inc., a Kansas corporation,
is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of said instrument, he, as such officer and with full authority, executed the same voluntarily for and as the act
of said corporation. 
 Given under my hand and official seal this
             day of
                            , 202    . 

 

									
					
		 		 		 		 	 
		 		 		 		 	Notary Public
					
	[NOTARIAL SEAL]	 		 		 		 	My commission expires:

 Acknowledgment Page to Promissory NoteExhibit 10.45

​
May 21, 2020
James J. Comitale
Rite Aid Corporation
30 Hunter Lane
Camp Hill, PA 17011
​
Re:Separation of Employment
Dear Jim:
This letter agreement (this “Agreement”) confirms our understanding and agreement with respect to your separation of employment with Rite Aid Corporation (the “Company,” each a “Party” and together with you, the “Parties”). Capitalized terms not otherwise defined herein will have the meanings attributed to them in the employment agreement by and between you and the Company dated October 26, 2015, as amended (the “Employment Agreement”).
1.Separation of Employment. Your last day of employment with the Company is Thursday, May 21, 2020 (the “Separation Date”).  As of the Separation Date, you irrevocably resign from all positions you currently hold with the Company and its subsidiaries, including as Executive Vice President, General Counsel and Secretary, and you agree to execute the resignation letter attached hereto as Appendix A.  You agree that, following the Separation Date, you will not represent yourself to be associated in any capacity with the Company or any of its subsidiaries or affiliates.
2.Accrued Benefits Severance.
(a)Whether or not this Agreement becomes effective pursuant to its terms, the Company will pay you the Accrued Benefits set forth on Appendix B hereto, less all applicable withholdings and deductions.
(b)Provided that this Agreement becomes effective on the Release Effective Date (as defined in Section 5(c) below) and you remain in compliance in all material respects with this Agreement, the Company will pay you the severance amount and fulfill the obligations set forth on Appendix B item 2(a) through 2(e), less all applicable withholdings and deductions, at the time and in the form set forth on Appendix B for each item (the “Release Consideration”).
3.Release. 
(a)You hereby release, discharge and forever acquit the Company, and its affiliates and subsidiaries and each of their past, present and future stockholders, directors, employees, agents, successors and assigns of the foregoing, in their personal and representative capacities (individually, “Company Party,” and collectively, the “Company  Parties”), from liability for, and hereby waive, any and all claims, charges, liabilities, causes of action, rights, complaints, sums of money, suits, debts, covenants, contracts, agreements, promises, benefits, obligations, damages, demands or liabilities of every nature, kind and description, in law, equity or otherwise, whether known or unknown, suspected or unsuspected  (collectively, “Claims”) which you or your heirs, executors, administrators, spouse, relatives, successors or assigns ever had, now have or may hereafter claim to have by reason of any matter, cause or thing whatsoever: (i) arising from the beginning of time through the date upon which you execute this Agreement 

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including, but not limited to (A) any such Claims relating in any way to your employment relationship with the Company or any other Company Parties, and (B) any such Claims arising under any federal, state, local or foreign statute or regulation, including, without limitation, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act (the “ADEA”), Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, the Pennsylvania Human Relations Act, the Pennsylvania Equal Pay Law and any other federal, state, local or foreign law (statutory, regulatory or otherwise) that may be legally waived and released; (ii) relating to wrongful employment termination; or (iii) arising under or relating to any policy, agreement, understanding or promise, written or oral, formal or informal, between the Company or any of the other Company Parties and you, including, without limitation, the Employment Agreement and any incentive compensation plan or equity plan with any Company Party. Notwithstanding the above, this release does not extend to (A) claims for Accrued Benefits; (B) claims for worker’s compensation benefits or for an occupational disease; (C) any whistleblower claims arising under the Sarbanes-Oxley Act or Dodd-Frank Wall Street Reform and Consumer Protection Act; (D) claims to require the Company to honor its commitments set forth in this Agreement; (E) claims to interpret or to determine the scope, meaning or effect of this Agreement; (F) claims for indemnification and officers and directors liability insurance coverage under Section 4.7 of the Employment Agreement, the Company’s charter, by-laws or applicable law; and/or (G) claims that cannot be waived as a matter of law pursuant to federal, state, or local law (collectively, clauses (A) through (G) are the “Excluded Claims”).
(b)You further acknowledge and agree that, except with respect to the Excluded Claims, the Company Parties have fully satisfied any and all obligations whatsoever owed to you arising out of your employment with the Company or any other Company Party, and that no further payments or benefits are owed to you by the Company or any other Company Party except as provided for in this Agreement.
4.Attorney Consultation; Voluntary Agreement.  You acknowledge that (a) the Company has advised you to consult with an attorney of your own choosing before signing this Agreement, (b) you have been given the opportunity to seek the advice of counsel, (c) you have carefully read and fully understand all of the provisions of this Agreement, including the release in Section 3 (the “Release”), (d) the Release specifically applies to any rights or claims you may have against the Company Parties pursuant to the ADEA, (e) you are entering into this Agreement knowingly, freely and voluntarily in exchange for good and valuable consideration to which you are not otherwise entitled, including the payments and benefits referenced in items 2(a) through 2(e) of Appendix B of this Agreement and (f) you have the full power, capacity and authority to enter into this Agreement.
5.Review and Revocation Period.
(a)You have twenty-one days following your receipt of this Agreement to review its terms, including the Release, and to reflect upon them and consider whether you want to sign it, although you may sign it sooner. You understand and agree that you may consent to this Agreement, including the Release, by signing and returning this Agreement within the applicable time frame to the CHRO (as defined on Appendix B). 
(b)You may revoke your consent to the Release within the seven day period beginning on the date you execute this Agreement (such seven day period being referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing signed by you and delivered to the Company at the above address before 11:59 p.m., Eastern Standard time, on the last day of the Release Revocation Period.

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(c)In the event of such revocation by you, the Release shall be of no force or effect, and you will not have any rights and the Company will not have any obligations under Section 2(b) of this Agreement. Provided that you do not revoke your consent to the Release within the Release Revocation Period, the Release shall become effective on the eighth (8th) calendar day after the date upon which you execute this Agreement (the “Release Effective Date”).
6.Restrictive Covenants. You acknowledge and agree that the confidentiality obligations and the restrictive covenants and agreements set forth in Sections 6 and 7 of the Employment Agreement, respectively, are incorporated herein by reference and fully made a part hereof for all purposes and remain in full force and effect.
7.Cooperation. You agree that, at mutually agreeable times and locations, you will meet with representatives of the Company, or its respective parent or subsidiary company representatives and provide any information you acquired during the course of your employment relating in any way to any legal disputes involving the Company. You further agree that you will cooperate with the Company relating to any such litigation matter or other legal proceeding in which you were involved or on which you have knowledge by virtue of your employment with the Company, including any existing or future litigation or other legal proceeding involving the Company, whether administrative, civil or criminal in nature in which and to the extent the Company reasonably determines your cooperation necessary. You will be reimbursed by the Company for the reasonable costs and expenses (including legal fees) incurred by you in connection with complying with your obligations under Section 7 of this Agreement.
8.Non-Disparagement. You agree that you will not make any negative comments or disparaging remarks, in writing, orally or electronically (“Disparaging Remarks”), about the Company or any of the other Company Parties and their respective products and services.  The Company agrees to instruct members of its senior management team not to, for as long as such individuals remain affiliated with the Company, make any Disparaging Remarks about you.  Nothing in this Agreement, however, is intended or shall be interpreted to restrict either Party’s right and/or obligation (i) to testify truthfully in any forum; or (ii) to contact, cooperate with, or provide information to any government agency or commission.
9.Permitted Disclosures. Pursuant to 18 U.S.C. § 1833(b), you will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to your attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding if you (I) file any document containing the trade secret under seal and (II) do not disclose the trade secret except pursuant to court order. Nothing in this Agreement or any other agreement you have with the Company is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in any agreement you have with the Company will prohibit or restrict you from making any voluntary disclosure of information or documents related to any violation of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company.
10.No Admission. Nothing herein will be deemed to constitute an admission of wrongdoing by you or any of the Company Parties. Neither this Agreement nor any of its terms may be used as an admission or introduced as evidence as to any issue of law or fact in any proceeding, suit or action, other than an action to enforce this Agreement.

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11.Counterparts. This Agreement may be executed in counterparts, and each counterpart, when so executed and delivered, will be deemed to be an original and both counterparts, taken together, will constitute one and the same Agreement. A faxed or .pdf-ed signature will operate the same as an original signature.
12.Successors and Assigns. This Agreement will inure to the benefit of and be binding upon the Company and any successor organization which shall succeed to the Company by acquisition, merger, consolidation or operation of law, or by acquisition of assets of the Company and any assigns. You may not assign this Agreement, except with respect to the rights provided under Section 2 of this Agreement, which will inure to the benefit of your heirs, executors and administrators. In the event of your death at any time, your estate will receive all unpaid payments and benefits due you under this Agreement, including under Appendix B.
13.Severability; Blue-Penciling. The provisions of this Agreement are severable and the invalidity of any one or more provisions will not affect the validity of any other provision. In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the scope thereof, the Parties hereto agree that said court in making such determination shall have the power to reduce the scope of such provision to the extent necessary to make it enforceable, and that this Agreement in its reduced form shall be valid and enforceable to the full extent permitted by law.
14.Governing Law. This Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to any conflict of law principles thereof that would give rise to the application of the laws of any other jurisdiction.
15.Entire Agreement/No Oral Modifications. This Agreement including Appendix B constitutes the entire agreement between you and any of the Company Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, representations, arrangements or agreements relating thereto, whether written or oral, including but not limited to the Employment Agreement, provided, however, that (i) Section 4.7 of the Employment Agreement shall survive the Separation Date, (ii) Sections 6 and 7 of the Employment Agreement shall remain in effect, for the duration and on the terms set forth therein, and (iii) any other defined terms contained in the Employment Agreement shall not be superseded hereby to the extent necessary for the interpretation, application, or enforcement of this Agreement. You represent that in executing this Agreement, you have not relied on any representation or statement not set forth herein. No amendment or modification of this Agreement shall be valid or binding on the Parties unless in writing and signed by both Parties.
***
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IN WITNESS WHEREOF, the Parties have signed this Agreement as of the dates indicated below.
	Rite Aid Corporation
	James J. Comitale

	​
	​

	​
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	By: /s/ Jessica Kazmaier       
        Name:  Jessica Kazmaier
        Title:    EVP and CHRO
​
Date: June 15, 2020
	/s/ James J. Comitale
James J. Comitale
​
​
Date: June 8, 2020 

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APPENDIX A
May 21, 2020
Rite Aid Corporation
30 Hunter Lane
Camp Hill, PA 17011
​
To Whom it may Concern:
​
I hereby irrevocably resign, effective as of May 21, 2020, from all positions and offices I hold with the Company and its subsidiaries, including as Executive Vice President, General Counsel and Secretary.
​
Very truly yours,
​
​
/s/ James Comitale
James J. Comitale
​
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APPENDIX B
ACCRUED BENEFITS AND SEVERANCE BENEFITS
The term “CHRO” means and refers to Jessica Kazmaier, Executive Vice President and Chief Human Resources Officer, Rite Aid Corporation, 30 Hunter Lane, Camp Hill, PA 17011 or by e-mail at jkazmaier@riteaid.com.
		1.	Accrued Benefits: The Company will pay you (i) your Base Salary earned through the Separation Date; (ii) any reimbursements owed to you pursuant to Sections 4.2, 4.4 and 4.5 of the Employment Agreement for expenses incurred prior to the Separation Date; and (iii) vested amounts accrued and credited to your account under the Company’s Supplemental Executive Retirement Plan (to the extent that any distributions remain to be made), 401(k) Savings Plan and other tax-qualified retirements plans in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (the “Accrued Benefits”).  

		2.	Severance Benefits: You will be paid or provided with the following payments/benefits:

		a.	$1,986,250 representing two times the sum of your current Base Salary and Annual Target Bonus, payable in equal installments over the two year period following the Release Effective Date in accordance with the Company’s regular payroll practices, commencing with the first regular payroll date that occurs after the Release Effective Date.  Each installment or amount to be paid or benefit to be provided to the Executive shall be construed as a “separate identified payment” for purposes of Code Section 409A to the fullest extent permitted therein.

		b.	Payment of your annual bonus for FY 2021 based on actual performance (as determined on a basis consistent with the methodology applied to the Company’s senior leadership team) following determination by the Compensation Committee (or the Board) that the Company has achieved or exceeded its annual performance targets for the fiscal year, determined by multiplying your then Annual Target Bonus (on the date hereof, seventy-five percent (75%) of your Base Salary) by a fraction (x) the numerator of which is the number of days between the beginning of the 2021 fiscal year and the Separation Date and the denominator of which is 365, paid at the same time as annual performance bonus amounts are paid to the Company's executive team in respect of FY 2021.

		c.	Accelerated vesting as of the Separation Date with respect to those stock options and time-based restricted stock awards that would have vested within the two (2) year period following the Separation Date; any vested stock options shall remain exercisable for a period of ninety (90) days following the Separation Date.

		d.	$70,827.98 representing payments equal to the aggregate cost of COBRA continuation coverage (as grossed up for taxes (inclusive)) for you, your spouse and your other eligible dependents for two years following the Separation Date, paid in a lump sum as soon as practicable but in any event within thirty (30) days following the Release Effective Date. 

		e.	$46,643.84 representing payment of thirty (30) days base pay salary in lieu of the notice period provided in the Employment Agreement, payable in a lump sum immediately 

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			following the Separation Date in accordance with the Company’s regular payroll schedule.

		f.	Corresponding access to that currently provided to you to the publications and electronic platforms for Agenda, Law360, and the Wall Street Journal for the 2 year period following the Separation Date.

		g.	The cost of executive outplacement services with Essex Partners, up to $20,000, which may be paid by the Company directly to the provider at the election of the Company.

8

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