Document:

Exhibit 10.15

 

EXECUTION VERSION

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE
AGREEMENT (this “Agreement”) is entered into by and between Professional Holding Corp., a Florida corporation
(the “Company”), and each Investor (each an “Investor” and collectively, the
“Investors”) whose name appears on the signature page hereto and is made as of the date of the Company’s
acceptance hereof (the “Acceptance Date”).

 

RECITALS

 

WHEREAS, the
Company is proposing to issue and sell shares of the Company’s Class A Voting Common Stock, $0.01 par value per share (the
“Class A Common Stock”), and Class B Non-Voting Common Stock, $0.01 par value per share (the “Class
B Common Stock”, and together with the Class A Common Stock, the “Company Stock”), to the
Investors in a private offering of up to $20,000,000 (the “Offering”) at a purchase price of US$14.50
per share (the “Per Share Purchase Price”). The Company Stock is being offered only to persons who are
accredited investors within the meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), pursuant to a private placement exemption from the securities registration requirements
of the Securities Act.

 

WHEREAS, the
Company and each Investor agree that, upon the terms, representations and warranties, agreements, and covenants and subject to
the conditions set forth in this Agreement, the Investor will purchase from the Company, and the Company will issue and sell to
the Investor, at a price per share equal to the Per Share Purchase Price, Company Stock, pursuant to this Agreement. The Company
Stock purchased by each Investor will be delivered in certificated form, registered in such Investor’s name and address as
set forth below, to the Investors at the Closing.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and Investor mutually
agree as follows:

 

ARTICLE
1

 

PURCHASE; CLOSINGS

 

1.1             
Issuance, Sale and Purchase. On the terms and subject to the conditions set forth herein, the Company agrees
to issue and sell to each Investor, and each Investor, severally and not jointly, agrees to purchase from the Company, free and
clear of any Liens, at a price per share equal to the Per Share Purchase Price, the number of shares of Class A Common Stock and
a number of shares of Class B Common Stock as indicated on the signature page for each respective Investor (the “Investment“),
subject to the conditions set forth in Section 1.2.

 

1.2             
Closings; Deliverables for the Closings; Conditions to the Closings.

 

(a)              
Closing. Unless this Agreement has been terminated pursuant to Article 4, and subject to the satisfaction
or, to the extent permitted by Law and this Agreement, the written waiver of the conditions set forth in Section 1.2(c), the closing
of an Investment in the amount set forth on the signature page for each respective Investor (the “Purchase Price”)
and the transactions contemplated by this Agreement (the “Closing”) shall take place remotely via the
electronic or other exchange of documents and signature pages, on a date to be specified by the Company on no less than two Business
Days’ notice to the Investors, or at such other place or such other date as agreed to in writing by the parties hereto (the
“Closing Date”).

 

     

     

    

 

(b)              
Closing Deliverables. Subject to the satisfaction or waiver on the Closing Date of the conditions to the Closing
set forth in Section 1.2(c), at the Closing the parties shall make the following deliveries:

 

(i)                
the Company shall deliver to the Investor certificates evidencing the Company Stock to be purchased pursuant to Section
1.1 registered in the name of the Investor; and

 

(ii)             
each Investor shall deliver such Investor’s Purchase Price by wire transfer of immediately available funds to the
account set forth in the Instruction Sheet attached hereto as Exhibit C.

 

(c)              
Closing Conditions.

 

(i)                
The obligations of each Investor, on the one hand, and the Company, on the other hand, to consummate the purchase and sale
of Company Stock provided for in this Agreement are each subject to the satisfaction or, to the extent permitted by Law and this
Agreement, the written waiver by the Company or such Investor (as to itself only), as applicable, of the following conditions at
the Closing:

 

(A)            
No provision of any Law and no judgment, injunction, order or decree shall prohibit the Closing or shall prohibit or restrict
the Investor from owning any Company Stock (or voting any Class A Common Stock) to be purchased pursuant to this Agreement or exercising
any of the rights under any of the other Transaction Documents; and

 

(B)             
Any Governmental Consent required to consummate the transactions contemplated by this Agreement shall have been obtained
and shall be in full force and effect, and all statutory waiting periods in respect thereof shall have expired; provided,
however, that (x) no such required Governmental Consent shall impose or contain any restraint or condition that would impair
in any material respect the benefits to the Investor of the transactions contemplated by this Agreement and (y) other than such
restrictions as are commonly imposed by the Board of Governors of the Federal Reserve System (the “Federal Reserve
Board”) in its standard passivity commitments, no such required Governmental Consent shall impose any restrictions
on any activities or otherwise on, require any modification of governance, fee or carried interest arrangements with respect to,
or impose any capital or other requirements on, such Investor or any of its Affiliates, including any agreement or requirement
to maintain or contribute, directly or indirectly, to the capital of Professional Bank, a Florida-chartered commercial bank (the
“Bank”), or the Company (each, a “Burdensome Condition”) and, provided,
further that, notwithstanding any other provision of this Agreement, the imposition of a Burdensome Condition in connection
with any such required Governmental Consent shall constitute a denial of such required Governmental Consent and such required Governmental
Consent shall be deemed not received for all purposes in this Agreement, including Section 4.1(h).

 

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(ii)             
The obligation of each Investor to consummate the purchase of Company Stock provided for in this Agreement is also subject
to the satisfaction or written waiver by such Investor (as to itself only) of the following conditions at the Closing:

 

(A)            
The representations and warranties of the Company set forth in this Agreement shall be true and correct in all respects
on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except
to the extent that the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications
contained therein), would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (and
except that (1) representations and warranties made as of a specified date shall be true and correct as of such date and (2) the
representations and warranties of the Company set forth in Sections 2.2(a), 2.2(b), 2.2(c), 2.2(d), 2.2(q) and 2.2(ff) shall be
true and correct in all respects);

 

(B)             
The Company shall have performed and complied with, in all material respects, all agreements, covenants and conditions required
by this Agreement to be performed by it on or prior to the Closing Date;

 

(C)             
Since the date of this Agreement, a Material Adverse Effect shall not have occurred and no change or other event shall have
occurred that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(D)            
The Investors shall have received a certificate, dated as of the Closing Date, signed on behalf of the Company by a senior
executive officer certifying that the conditions set forth in Section 1.2(c)(ii)(A), Section 1.2(c)(ii)(B) and Section 1.2(c)(ii)(C)
have been satisfied on and as of the Closing Date;

 

(E)             
The Company shall receive at the Closing aggregate gross proceeds from the sale of the Company Stock to all Investors of
no more than $20.0 million, at a price per share equal to the Per Share Purchase Price;

 

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(F)             
The Investment shall not (i) cause such Investor or any of its affiliates to violate any banking regulation, (ii) require
such Investor or any of its affiliates to file a prior notice under the Change in Bank Control Act, or otherwise seek prior approval
of any banking regulator, (iii) require such Investor or any of its affiliates to become a bank holding company or otherwise serve
as a source of strength for the Company or the Bank, or (iv) cause such Investor, together with any other person whose Company
securities would be aggregated with such Investor’s Company securities for purposes of any banking regulation or law, to
collectively be deemed to own, control, or have the power to vote securities which (assuming, for this purpose only, full conversion
and/or exercise of such securities by the Investor and such other persons) would represent more than (a) 9.9% of any class of voting
securities of the Company or (b) 14.9% of the total outstanding Capital Stock of the Company;

 

(G)            
With respect to EJF Sidecar Fund, Series LLC – Series E, a Delaware series limited liability company (“EJF”),
the Company shall have entered into a letter agreement (including the Registration Rights Agreement) substantially in the form
attached hereto as Exhibit A (the “EJF Letter Agreement“) with EJF which shall be in full
force and effect and any closing conditions specified therein shall have been satisfied, and, with respect to each of Mendon Capital,
LLC, a Delaware limited liability company (“Mendon”), and BayBoston Managers, LLC, a Delaware limited
liability company (“BayBoston”), the Company shall have entered a letter agreement (including the Registration
Rights Agreement) substantially in the form attached hereto as Exhibit B (the “Mendon/BayBoston Letter
Agreement” and collectively with the EJF Letter Agreement, the “Letter Agreements”) with
each of Mendon and BayBoston, which shall be in full force and effect and any closing conditions specified therein shall have been
satisfied; and

 

(H)            
Each Investor who, together with its Affiliates and persons who share a common investment advisor with such Investor, has
committed to acquire a beneficial ownership of 5% or more of the outstanding shares of Company Stock (each a “9.9%
Investor”) has received, in each 9.9% Investor’s sole discretion, satisfactory feedback from the Federal Reserve
Board that such 9.9% Investor will not have “control” of the Company or the Bank for purposes of the BHCA.

 

(iii)           
The obligation of the Company to consummate the sale of Company Stock to each Investor provided for in this Agreement is
also subject to the satisfaction or written waiver by the Company of the following conditions at the Closing:

 

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(A)            
The representations and warranties of such Investor set forth in this Agreement shall be true and correct in all respects
on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except
where the failure to be true and correct (without regard to any materiality qualifications contained therein) would not materially
adversely affect the ability of such Investor to perform its obligations hereunder (and except that (1) representations and warranties
made as of a specified date shall be true and correct as of such date and (2) the representations and warranties of each Investor
set forth in Sections 2.3(d) and 2.3(h) shall be true and correct in all respects); and

 

(B)             
Each Investor shall have performed and complied with, in all material respects, all agreements, covenants and conditions
required by this Agreement to be performed by it on or prior to the Closing Date.

 

ARTICLE
2

 

REPRESENTATIONS AND WARRANTIES

 

2.1             
Certain Terms.

 

(a)              
As used in this Agreement, the term “Material Adverse Effect” means any circumstance, event, change,
development or effect that would (i) result in a material adverse effect on the assets, liabilities (actual or contingent), prospects,
business, operations, financial condition or results of operations of the Company and the Company Subsidiaries, taken as a whole,
or (ii) materially impair or delay the ability of the Company or any of the Company Subsidiaries to perform its or their obligations
under this Agreement or the other Transaction Documents to consummate the Closing or any of the transactions contemplated hereby;
provided, however, that in determining whether a Material Adverse Effect has occurred under clause (i), there shall be excluded
any circumstance, event, change, development or effect to the extent resulting from (A) actions or omissions of the Company or
any Company Subsidiary expressly required or contemplated by the terms of this Agreement, (B) changes after the date hereof in
general economic conditions in the United States, including financial market volatility or downturns, or in the markets in which
the Company and the Company Subsidiaries operate, (C) changes after the date hereof affecting the banking industry generally or
(D) any changes after the date hereof in applicable Laws or accounting rules or principles, including changes in GAAP, in each
case to the extent that such circumstance, event, change, development or effect referred to in clauses (B), (C) and (D) do not
have a disproportionate effect on the Company and the Company Subsidiaries compared to other participants in the industries or
markets in which the Company and the Company Subsidiaries operate.

 

2.2             
Representations and Warranties of the Company. The Company hereby represents and warrants to each of the Investors,
as of the date hereof and as of the Closing Date (except for the representations and warranties that are as of a specific date
which are made as of that date) that:

 

(a)              
Organization and Authority. Each of the Company and the Company Subsidiaries is a corporation or other entity
duly organized and validly existing under the laws of the jurisdiction of its incorporation or organization, is duly qualified
to do business and is in good standing in all jurisdictions where its ownership or leasing of property or the conduct of its business
requires it to be so qualified except where any failure to be so qualified would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, and has the corporate or other organizational power and authority to own its properties
and assets and to carry on its business as it is now being conducted. Copies of the articles of incorporation and bylaws (or similar
governing documents) as amended through the date of this Agreement for the Company and the Bank have been Previously Disclosed.
The Company is duly registered with the Board of Governors of the Federal Reserve Board as a financial holding company under the
Bank Holding Company Act of 1956, as amended (“BHCA”).

 

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(b)              
Company Subsidiaries. Except for the Bank and Professional Insurance Management, LLC, a Florida limited liability
company (each, a “Company Subsidiary” and, collectively, the “Company Subsidiaries”),
the Company does not own beneficially, directly or indirectly, more than 5% of any class of equity securities or similar interests
of any corporation, business trust, association or similar organization, and is not, directly or indirectly, a partner in any partnership
or party to any joint venture. The Company owns, directly or indirectly, all of its interests in each Company Subsidiary free and
clear of any and all Liens. The deposit accounts of the Bank are insured by the Federal Deposit Insurance Corporation (“FDIC”)
to the fullest extent permitted by the Federal Deposit Insurance Act, as amended (the “FDI Act”), and
the rules and regulations of the FDIC thereunder, and all premiums and assessments required to be paid in connection therewith
have been paid when due (after giving effect to any applicable extensions). The Company beneficially owns all of the outstanding
capital securities of, and has sole control of, the Bank.

 

(c)              
Capitalization.

 

(i)                
As of the date hereof, the authorized Capital Stock of the Company consists of (A) 50,000,000 shares of Class A Common Stock,
$0.01 par value per share, (B) 10,000,000 shares of Class B Common Stock, $0.01 par value per share, and (C) 10,000,000 shares
of Preferred Stock.

 

(ii)             
As of the date hereof, without giving effect to the shares issued to the Investors pursuant to this Agreement, the Company
had outstanding 3,513,478 shares of Class A Common Stock, no shares of Class B Common Stock and no shares of Preferred Stock. As
of the date hereof, the Company has reserved 265,000 shares of Class A Voting Common Stock for issuance under or pursuant to the
Company’s 2016 Amended and Restated Stock Option Plan (the “Company Option Plan”).

 

(iii)           
All of the issued and outstanding shares of Capital Stock have been duly authorized and validly issued and are fully paid
and nonassessable. None of the outstanding shares of Capital Stock or other securities of the Company or any of the Company Subsidiaries
was issued, sold or offered by the Company or any Company Subsidiary in violation of the Securities Act or the securities or blue
sky laws of any state or jurisdiction. No bonds, debentures, notes or other indebtedness having the right to vote on any matters
on which the shareholders of the Company may vote (“Voting Debt”) are issued and outstanding.

 

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(iv)            
As of the date of this Agreement, except for the outstanding awards under the Company Option Plan, the Company’s 2014
Associate Stock Purchase Plan or the Company’s Share Appreciation Rights Plan (collectively, the “Company Equity
Plans”), the Company does not have any and is not bound by any outstanding subscriptions, options, warrants, calls,
commitments or agreements of any character calling for the purchase or issuance of, or securities or rights convertible into or
exchangeable or exercisable for, any shares of Capital Stock or any other equity securities of the Company or Voting Debt or any
securities representing the right to purchase or otherwise receive any shares of Capital Stock of the Company.

 

(v)              
The issuance of the Company Stock in connection with the transactions contemplated by this Agreement has been duly authorized
and such Company Stock, when issued and paid for in accordance with the terms of this Agreement, will be duly and validly issued,
fully paid and nonassessable and free and clear of all Liens, other than restrictions on transfer imposed by applicable securities
Laws, and shall not be subject to preemptive or similar rights. The Company has a sufficient number of authorized and unissued
shares of Capital Stock for the purpose of issuance of the Company Stock pursuant to this Agreement.

 

(d)              
Authorization; No Conflicts; Shareholder Approval.

 

(i)                
The Company has the corporate power and authority to execute and deliver this Agreement and the other Transaction Documents
and to perform its obligations hereunder. The execution, delivery and performance of this Agreement and the other Transaction Documents
by the Company and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of the Company and no further approval or authorization is required on the part of the Company or
its shareholders. The Board of Directors has unanimously approved the transactions contemplated by this Agreement. This Agreement
and the other Transaction Documents have been duly and validly executed and delivered by the Company and, assuming due authorization,
execution and delivery by the Investors, are the valid and binding obligation of the Company enforceable against the Company in
accordance with their respective terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by
general equity principles (whether applied in equity or at law). There are no shareholder agreements, voting agreements, or other
similar arrangements with respect to the Capital Stock to which the Company is a party or, to the Company’s Knowledge, between
or among any of the Company’s shareholders.

 

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(ii)             
Neither the execution and delivery by the Company of this Agreement and the other Transaction Documents nor the consummation
of the transactions contemplated hereby or thereby, nor compliance by the Company with any of the provisions hereof or thereof,
will (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice
or lapse of time or both, would constitute a default) under, or result in the termination of, or result in the loss of any benefit
or creation of any right on the part of any third party under, or accelerate the performance required by, or result in a right
of termination or acceleration of, or result in the creation of any liens, charges, adverse rights or claims, pledges, covenants,
title defects, security interests or other encumbrances of any kind (“Liens”) upon any of the properties
or assets of the Company or any Company Subsidiary, under any of the terms, conditions or provisions of (1) the certificate of
incorporation or bylaws (or similar governing documents) of the Company and each Company Subsidiary or (2) any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company or any of the Company
Subsidiaries is a party or by which it may be bound, or to which the Company or any of the Company Subsidiaries, or any of the
properties or assets of the Company or any of the Company Subsidiaries may be subject, or (B) violate any Law applicable to the
Company or any of the Company Subsidiaries or any of their respective properties or assets, except in the case of clauses (A)(2)
and (B) for such violations, conflicts and breaches as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(e)              
Governmental Consents. No Governmental Consents are necessary for the Company to execute and deliver this
Agreement or the other Transaction Documents, to perform all obligations under this Agreement or the other Transaction Documents,
or to consummate the Closing or any of the transactions contemplated by this Agreement or the other Transaction Documents, other
than: (i) the filing with the Securities and Exchange Commission one or more registration statements in accordance with the requirements
of the Registration Rights Agreement, if applicable, (ii) the filings required in accordance with Section 3.9 of this Agreement,
(iii) the feedback required in accordance with Section 1.2(c)(ii)(H), and (iv) those that have been obtained prior to the date
of this Agreement.

 

(f)               
Litigation and Other Proceedings.

 

(i)                
Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there is
no pending or, to the Knowledge of the Company, threatened claim, action, suit, arbitration, complaint, charge or investigation
or proceeding (each an “Action”) against the Company or any Company Subsidiary or any of their respective
assets, rights or properties, nor is the Company or any Company Subsidiary a party or named as subject to the provisions of any
order, writ, injunction, settlement, judgment or decree of any Governmental Entity, and, to the Knowledge of the Company, there
is no basis for any of the foregoing. Neither the Company nor the Bank, nor, to the Knowledge of the Company, any director or executive
officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty.

 

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(ii)             
Neither the Company nor the Bank is a party to any pending, or, to the Knowledge of the Company, threatened Action or subject
to any order, judgment or decree, which challenges the legality, validity or enforceability of this Agreement or the issuance of
the Company Stock.

 

(g)              
Financial Statements. True, correct and complete copies of (i) the unaudited consolidated balance sheet of
the Company and the Company Subsidiaries and the related consolidated statements of operations, changes in stockholders’
equity and cash flows, together with the notes thereto, as of and for the nine-month period ended September 30, 2016 and (ii) the
audited consolidated balance sheets of the Company and the Company Subsidiaries and the related consolidated statements of operations,
changes in shareholders’ equity and cash flows, together with the notes thereto, as of and for the fiscal year periods ended
December 31, 2015 and December 31, 2014 (the “Company Financial Statements”) have been Previously Disclosed.
Each of the Company Financial Statements (i) have been prepared from, and are in accordance with, the books and records of the
Company and the Company Subsidiaries, (ii) have been complied, as of the dates therein stated, in all material respects with applicable
accounting requirements, (iii) have been prepared in accordance with GAAP applied on a consistent basis and (iv) present fairly
in all material respects the consolidated financial position of the Company and the Company Subsidiaries at the dates stated therein
and the consolidated results of operations, changes in shareholders’ equity and cash flows of the Company and the Company
Subsidiaries for the periods stated therein. There is no transaction, arrangement, or other relationship between the Company (or
any Company Subsidiary) and an unconsolidated or other off-balance sheet entity that is not reflected in the Company Financial
Statements, other than financial instruments entered into in the Ordinary Course of Business.

 

(h)              
Accounting Matters. 

 

(i)                
Each of the Company and each Company Subsidiary has established and maintains a system of internal control over financial
reporting that is effective to provide reasonable assurance regarding the reliability of the Company’s and each Company Subsidiary’s
financial reporting and the preparation of the Company’s and each Company Subsidiary’s financial statements for external
purposes in accordance with GAAP. The Company has no Knowledge of (i) any significant deficiencies or material weaknesses
in the design or operation of its internal control over financial reporting which are reasonably likely to adversely affect its
ability to record, process, summarize and report financial information or (ii) any fraud, whether or not material, that involves
management or other employees who have a role in the Company’s internal control over financial reporting. To the Company’s
Knowledge, no change in the Company’s or and any Company Subsidiary’s internal control over financial reporting that
has occurred since December 31, 2015 that has materially affected, or that is reasonably likely to materially affect, the
Company’s or the Bank’s internal control over financial reporting.

 

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(ii)             
Since December 31, 2015 (i) neither the Company nor any Company Subsidiary has received any material complaint,
allegation, assertion or claim, written or oral, regarding the accounting or auditing practices, or internal procedures or accounting
controls, methodologies or methods of the Company or any Company Subsidiary, including but not limited to any complaint, allegation,
assertion or claim that the Company or any Company Subsidiary has engaged in any questionable accounting or auditing practice,
or regarding any violation of the securities laws; and (ii) no attorney representing the Company or any Company Subsidiary
has reported to their respective Boards of Directors, committee thereof, any member thereof or any executive officer, evidence
of a material violation of the securities or banking laws, breach of fiduciary duty or similar violation by the Company or any
Company Subsidiary or any of their respective officers, directors, employees or agents.

 

(i)                
Environmental Matters.  To the Company’s Knowledge, neither the Company nor any of the Company
Subsidiaries (i) is in violation of any Law of any Governmental Entity relating to the use, disposal or release of hazardous
or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances
(collectively, “Environmental Laws”), (ii) is liable for any off-site disposal or contamination
pursuant to any Environmental Laws, (iii) owns or operates any real property contaminated with any substance that is in violation
of any Environmental Laws or (iv) is subject to any claim relating to any Environmental Laws; in each case, which violation,
contamination, liability or claim has had or would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect; and there is no pending or, to the Company’s Knowledge, threatened investigation that might lead to such
a claim.  Except as would not result in a Material Adverse Effect, there are no circumstances or conditions (including the
presence of asbestos, underground storage tanks, lead products, polychlorinated biphenyls, prior manufacturing operations, dry-cleaning
or automotive services) involving the Company or any of the Company Subsidiaries, or any currently or formerly owned or operated
property of the Company or any of the Company Subsidiaries, that could reasonably be expected to result in any claim, liability,
investigation, cost or restriction against the Company or any of the Company Subsidiaries, or result in any restriction on the
ownership, use, or transfer of any property pursuant to any Environmental Law, or adversely affect the value of any currently owned
property of the Company or any of the Company Subsidiaries.

 

(j)                
Risk Management Instruments. The Company and any Company Subsidiary have in place risk management policies
and procedures designed to protect against risks of the type and in the amounts reasonably expected to be incurred by companies
of similar sizes and in similar lines of business as the Company and any Company Subsidiary. All material derivative instruments,
including swaps, caps, floors and option agreements entered into for the Company’s or any of the Company Subsidiaries’
own account were entered into (i) only in the Ordinary Course of Business, (ii) in accordance with prudent practices and in all
material respects with all applicable Laws and (iii) with counterparties believed to be financially responsible at the time; and
each of them constitutes the valid and legally binding obligation of the Company or any Company Subsidiary, as applicable, enforceable
in accordance with its terms. Neither the Company nor, to the Knowledge of the Company, any other party thereto is in breach of
any of its material obligations under any such agreement or arrangement.

 

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(k)              
No Undisclosed Liabilities. There are no liabilities of the Company or any of the Company Subsidiaries of
any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, except for (i) liabilities adequately
reflected or reserved against in accordance with GAAP in the Company’s Financial Statements and (ii) liabilities that have
arisen in the Ordinary Course of Business since December 31, 2015 and that have not or would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

(l)                
Mortgage Lending. The Company and each of the Company Subsidiaries have complied in all material respects
with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan
originated, purchased or serviced by the Company or any Company Subsidiary has satisfied, in all material respects (i) all
Laws with respect to the origination, insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection
with mortgage loans, including all Laws relating to real estate settlement procedures, consumer credit protection, truth in lending
Laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate
mortgages, (ii) the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Company
and any Agency, Loan Investor or Insurer, (iii) the applicable rules, regulations, guidelines, handbooks and other requirements
of any Agency, Loan Investor or Insurer and (iv) the terms and provisions of any mortgage or other collateral documents and
other loan documents with respect to each mortgage loan. No Agency, Loan Investor or Insurer has (A) claimed in writing that
the Company or any Company Subsidiary has violated or has not complied with the applicable underwriting standards with respect
to mortgage loans sold by the Company or any Company Subsidiary to a Loan Investor or Agency, or with respect to any sale of mortgage
servicing rights to a Loan Investor, (B) imposed in writing restrictions on the activities (including commitment authority)
of the Company or any Company Subsidiary, or (C) indicated in writing to the Company or any Company Subsidiary that it has
terminated or intends to terminate its relationship with the Company or any Company Subsidiary for poor performance, poor loan
quality, or concern with respect to the Company’s or any Company Subsidiary’s compliance with laws.

 

(m)            
Bank Secrecy Act; Anti-Money Laundering; OFAC; and Customer Information. To the Company’s Knowledge,
the Company and each Company Subsidiary have operated in compliance, in all material respects, with the Bank Secrecy Act of 1970,
as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (also known as the USA PATRIOT Act), any order or regulation issued by the U.S. Department of the Treasury’s Office
of Foreign Assets Control (“OFAC”), or any other applicable anti-money laundering or anti-terrorist-financing
statute, rule or regulation. The Company is not aware of any facts or circumstances that would cause it to believe that any nonpublic
customer information has been disclosed to or accessed by an unauthorized third party in a manner that would cause the Company
to undertake any material remedial action. The Company and each of the Company Subsidiaries have adopted and implemented an anti-money
laundering program designed to provide appropriate customer identification verification procedures that comply with the USA PATRIOT
Act and such anti-money laundering program meets the requirements in all material respects of Section 352 of the USA PATRIOT Act
and the regulations thereunder, and they have complied in all respects with any requirements to file reports and other necessary
documents as required by the USA PATRIOT Act and the regulations thereunder. The Company will not directly or indirectly use the
proceeds of the sale of the Company Stock pursuant to transactions contemplated by this Agreement, or lend, contribute or otherwise
make available such proceeds to any Company Subsidiary, joint venture partner or other Person, towards any sales or operations
in any country appearing on the OFAC Specially Designated Nationals List (“SDN List”) or for the purpose
of financing the activities of any Person currently appearing on the SDN List.

 

    11

     

    

 

(n)              
Certain Payments. Neither the Company nor any of the Company Subsidiaries, nor any directors, officers, nor
to the Knowledge of the Company, employees or any of their Affiliates or any other Person who to the Knowledge of the Company is
associated with or acting on behalf of the Company or any of the Company Subsidiaries has directly or indirectly (i) made any contribution,
gift, bribe, rebate, payoff, influence payment, kickback, or other payment in material violation of any Law to any Person, private
or public, regardless of form, whether in money, property, or services (A) to obtain favorable treatment in securing business for
the Company or any of the Company Subsidiaries, (B) to pay for favorable treatment for business secured by the Company or any of
the Company Subsidiaries, or (C) to obtain special concessions or for special concessions already obtained, for or in respect of
the Company or any of the Company Subsidiaries or (ii) established or maintained any fund or asset with respect to the Company
or any of the Company Subsidiaries that was required by Law or GAAP to have been recorded and was not recorded in the books and
records of the Company or any of the Company Subsidiaries.

 

(o)              
Absence of Certain Changes. Since December 31, 2015 and except as required or contemplated by the terms of
this Agreement, (i) the Company and the Company Subsidiaries have conducted their respective businesses in all material respects
in the Ordinary Course of Business, (ii) none of the Company or any Company Subsidiary has issued any securities (other than Capital
Stock and options and other equity-based awards issued prior to the date of this Agreement pursuant to the Company Equity Plans
and reflected in the numbers set forth in Section 2.2(c)), (iii) the Company has not made or declared any distribution in cash
or in kind to its shareholders or repurchased any shares of its Capital Stock (other than 20,000 shares repurchased in 2016), (iv)
through (and including) the date of this Agreement, no fact, event, change, condition, development, circumstance or effect has
occurred that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (v)
there has not been any change in the nature of the business, results of operations, assets, financial condition, method of accounting
or accounting practice, or manner or conduct of the business of the Company and the Bank that has had, or may reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, or on the ability of the Company to consummate the transactions
contemplated hereby; and (vi) no material default (or event which, with notice or lapse of time, or both, would constitute a material
default) exists on the part of the Company or any Company Subsidiary in the due performance and observance of any term, covenant
or condition of any agreement to which the Company or any Company Subsidiary is a party and which would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

    12

     

    

 

(p)              
Compliance with Laws. The Company and each Company Subsidiary have all material permits, licenses, franchises,
authorizations, orders and approvals of, and have made all filings, applications and registrations with, Governmental Entities
that are required in order to permit them to own or lease their properties and assets and to carry on their business as presently
conducted and that are material to the business of the Company and each Company Subsidiary. The Company and each Company Subsidiary
have complied in all respects and (i) are not in default or violation in any respect of, (ii) are not, to the Company’s Knowledge,
under investigation with respect to, and (iii) have not, to the Company’s Knowledge, been threatened to be charged with or
given notice of any violation of, any applicable domestic (federal, state or local) or foreign law, statute, ordinance, license,
rule, regulation, policy or guideline, order, demand, writ, injunction, decree or judgment of any Governmental Entity (each, a
“Law”), other than such noncompliance, defaults or violations as would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. No Governmental Entity has placed any material restriction on
the business or properties of the Company or any of the Company Subsidiaries. As of the date hereof, the Bank has a Community Reinvestment
Act rating of “satisfactory.”

 

(q)              
Regulatory Agencies.

 

(i)                
The Company and the Company Subsidiaries (i) are not subject to any cease-and-desist or other similar order or enforcement
action issued by, (ii) are not a party to any written agreement, consent agreement or memorandum of understanding with, and (iii)
are not a party to any commitment letter or similar undertaking to maintain capital ratios above the regulatory minimum. Since
December 31, 2015, neither the Company nor any of the Company Subsidiaries has adopted any board resolutions at the request of
any Governmental Entity that currently restricts in any material respect the conduct of its business or that in any material manner
relates to its capital adequacy, its liquidity and funding policies and practices, its ability to pay dividends, its credit, risk
management or compliance policies, its internal controls, its management or its operations or business (each item in the two previous
sentences being referred to herein as a “Regulatory Agreement”), nor has the Company nor any of the Company
Subsidiaries been advised since December 31, 2015 by any Governmental Entity that it is considering issuing, initiating, ordering,
or requesting any such Regulatory Agreement.

 

(ii)             
As of December 31, 2016, the Company and each Company Subsidiary had filed, since that date have filed, and subsequent to
the date hereof will file, all reports, registrations and statements, if any, together with any amendments required to be made
with respect thereto, that were and are required to be filed with (i)  the Federal Reserve Board, (ii) the FDIC, and
(iii) the Florida Office of Financial Regulation (“FLOFR”) (all such reports and statements are
collectively referred to herein as the “Company Reports). As of their respective dates, the Company Reports
complied and will comply in all material respects with all the statutes, rules and regulations enforced or promulgated by the Governmental
Entity with which they were filed and did not and will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein not misleading. There are no outstanding
comments from any Governmental Entity with respect to any Company Reports.

 

    13

     

    

 

(iii)           
All documents which the Company is responsible for filing with any Governmental Entity in connection with the transactions
contemplated by this Agreement will comply as to form in all material respects with the provisions of applicable Law.

 

(r)               
The Bank. No shares of Capital Stock of the Bank are or may become required to be issued by reason of any
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relative to, or concerning securities
or rights convertible into, or exchangeable for, shares of any class of Capital Stock of the Bank, and there are no other contracts,
commitments, understandings or arrangements by which the Bank is bound to issue, or the Company is bound to cause the Bank to issue,
additional shares of its Capital Stock or options, warrants, scrip, rights to purchase or acquire, or securities or rights convertible
into or exchangeable for, any additional shares of its Capital Stock. All of the shares of Capital Stock of the Bank so owned by
the Company are fully paid and non-assessable and are owned by it free and clear of any Liens or agreement with respect thereto.
The Bank is a commercial bank duly organized, validly existing and in good standing under the laws of the State of Florida and
has the corporate power and authority and all necessary federal, state, local and foreign authorizations to own or lease its properties
and assets and to carry on its business as it is now being conducted.

 

(s)               
Adequate Capitalization. The Bank meets or exceeds the standards necessary to be considered “well capitalized”
under the FDIC’s regulatory framework for prompt corrective action and is in compliance with all minimum capital adequacy
requirements of the FDIC and the FLOFR, as applicable. The Company is in compliance with all applicable minimum capital adequacy
requirements of the Federal Reserve Board. The Company and the Bank have not received written notice of any facts or circumstances
in existence, which would cause the Company or the Bank to be deemed to be not in compliance with applicable minimum capital adequacy
requirements.

 

(t)                
Contracts. The Company has provided to each Investor that has made a request (including via access in any
virtual data room) or such Investor’s representatives true, correct and complete copies of each of the following to which
the Company or any Company Subsidiary is a party, each of which has been Previously Disclosed (each, a “Material Contract”):

 

(i)                
any contract or agreement relating to indebtedness of the Company or any Company Subsidiary for borrowed money, letters
of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including
guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage
agreements arising in the Ordinary Course of Business, intercompany indebtedness and immaterial leases for telephones, copy machines,
facsimile machines and other office equipment) in excess of $300,000, except for those issued in the Ordinary Course of Business;

 

(ii)             
any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries
to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material
respect, with any Person;

 

    14

     

    

 

(iii)           
any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business;

 

(iv)            
any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits
or losses relating to the Company or any Company Subsidiary;

 

(v)              
any contract or agreement involving annual payments in excess of $300,000 that cannot be cancelled by the Company or a Company
Subsidiary without penalty on not more than 60 days’ notice;

 

(vi)            
any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking;

 

(vii)         
any contract or agreement with respect to the employment or service of any current or former directors, officers, employees
or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants,
in the Ordinary Course of Business; and

 

(viii)       
any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which
purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner
in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be
conducted, or (y) right of first refusal or right of first offer or similar right that limits or purports to limit the ability
of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material
assets or business.

 

Each Material Contract (A) is legal, valid
and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and
enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and
effect in all material respects following the consummation of the transactions contemplated by this Agreement. Neither the Company
nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default
under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any
Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by this Agreement, nor will the
value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by
this Agreement. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto,
have performed in all material respects all material obligations required to be performed by them under each Material Contract,
and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach
or default or permit termination, modification, or acceleration, under the Material Contracts.

 

    15

     

    

 

 

(u)              
Insurance. The Company and each of the Company Subsidiaries are presently insured, and have been insured for
at least the past two years, for reasonable amounts with financially sound and reputable insurance companies against such risks
as companies engaged in a similar business would, in accordance with good business practice, customarily be insured. All of the
policies, bonds and other arrangements providing for the foregoing (the “Company Insurance Policies”)
are in full force and effect, the premiums due and payable thereon have been timely paid and there is no material breach or default
(and no condition exists or event has occurred that, with the giving of notice or lapse of time or both, would constitute such
a material breach or default) by the Company or any of the Company Subsidiaries under any of the Company Insurance Policies or,
to the Knowledge of the Company, by any other party to the Company Insurance Policies. Neither the Company nor any of the Company
Subsidiaries has received any written notice of cancellation or non-renewal of any Company Insurance Policy nor, to the Knowledge
of the Company, is the termination of any of the Company Insurance Policies threatened in writing by the insurer, and there is
no material claim for coverage by the Company, or any of the Company Subsidiaries, pending under any of such Company Insurance
Policies as to which coverage has been denied or disputed by the underwriters of such Company Insurance Policies or in respect
of which such underwriters have reserved their rights.

 

(v)              
Title. The Company and the Company Subsidiaries have good and marketable title in fee simple to all real property
owned by them and good and valid title to all material personal property owned by them, in each case free and clear of all Liens,
except for Liens which do not materially affect the value of such property or do not interfere with the use made and proposed to
be made of such property by the Company or any Company Subsidiary. Any real property and facilities held under lease by the Company
or the Company Subsidiaries are valid, subsisting and enforceable leases with such exceptions that are not material and do not
interfere with the use made and proposed to be made of such property and facilities by the Company or the Company Subsidiaries.

 

(w)            
Patents and Trademarks.  The Company and the Company Subsidiaries own, possess, license, or have other
rights to use all domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names,
copyrights, inventions, trade secrets, technology, internet domain names, know-how, and other intellectual property (collectively,
the “Intellectual Property”) necessary for the conduct of their respective businesses as now conducted
or as proposed to be conducted except where the failure to own, possess, license, or have such rights would not have or reasonably
be expected to have a Material Adverse Effect.  Except where such violations or infringements would not have or reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect, (a) there are no rights of third
parties to any such Intellectual Property, (b) there is no infringement by third parties of any such Intellectual Property,
(c) there is no pending or threatened action, suit, proceeding, or claim by others challenging the Company’s and its
Subsidiary’s rights in or to any such Intellectual Property, (d) there is no pending or threatened action, suit, proceeding,
or claim by others challenging the validity or scope of any such Intellectual Property, and (e) there is no pending or threatened
action, suit, proceeding, or claim by others that the Company and/or any of the Company Subsidiaries infringes or otherwise violates
any patent, trademark, copyright, trade secret, or other proprietary rights of others.

 

    16

     

    

 

(x)              
Employee Benefits.

 

(i)                
The Company has Previously Disclosed each “employee benefit plan” (within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including multiemployer plans
within the meaning of Section 3(37) of ERISA), and all stock purchase, stock option, severance, employment, change-in-control,
fringe benefit, bonus, incentive, deferred compensation and all other employee benefit plans, agreements, programs, policies or
other arrangements, whether or not subject to ERISA (including any funding mechanism therefor now in effect or required in the
future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written,
under which (A) any current or former employee or director of the Company or any of the Company Subsidiaries (the “Company
Employees”) has any present or future right to benefits and which are contributed to, sponsored by or maintained
by the Company or any of the Company Subsidiaries or (B) the Company or any Company Subsidiary has had or has any present or future
liability. All such plans, agreements, programs, policies and arrangements shall be collectively referred to as the “Benefit
Plans.”

 

(ii)             
(A) Each Benefit Plan has been established and administered in all material respects in accordance with its terms, and in
compliance with the applicable provisions of ERISA, the Code and other Laws; (B) the contributions made to, and benefits provided
by, each Benefit Plan are eligible for the tax treatment accorded to them by the Company and each Company Subsidiary; and (C) no
non-exempt “prohibited transaction” (as such term is defined in Section 406 of ERISA and Section 4975 of the Code)
has been engaged in by the Company or any Company Subsidiary with respect to any Benefit Plan that has or is expected to result
in any material liability.

 

(iii)           
Neither Company nor any trade or business (whether or not incorporated) which together with the Company is treated as a
single employer under Section 4001(b) of ERISA and any of their predecessors: (A) maintains or has ever maintained a plan subject
to Title IV of ERISA or Section 412 of the Code; (B) has had or has any obligation to contribute or other liability with respect
to a multiemployer plan, as defined in Sections 3(37)(A) and 4001(a)(3) of ERISA; (C) maintains or has ever maintained a multiple
employer welfare arrangement within the meaning of Section 3(40) of ERISA; or (D) has had or has any liability or obligation to
provide retiree or post-termination of employment health or life benefits, except as required under Part 6 of ERISA, Section 4980B
of the Code or any similar state law.

 

    17

     

    

 

(y)              
Taxes.

 

(i)                
All Tax Returns required to be filed by, or on behalf of, Company or the Company Subsidiaries have been timely filed, or
will be timely filed, in accordance with all applicable Laws, and all such Tax Returns were, at the time of filing, complete and
correct in all material respects. The Company and the Company Subsidiaries have timely paid all material Taxes due and payable
(whether or not shown on such Tax Returns), or, where payment is not yet due, have made adequate provisions in accordance with
GAAP. There are no Liens with respect to Taxes upon any of the assets or properties of the Company or any of the Company Subsidiaries
other than with respect to Taxes not yet due and payable. The Company reasonably believes that neither it nor the Bank has or will
have any material liability for any such Taxes in excess of the amounts so paid or reserved or accruals so established. Neither
the Company nor any Company Subsidiary is delinquent in the payment of any material Tax, has not requested any extension of time
within which to file any Tax Returns in respect of any fiscal year which have not since been filed or has participated in any “reportable
transaction” within the meaning of Treasury Regulation 1.6011-4.

 

(ii)             
No material deficiencies for any Tax have been assessed (tentatively or definitively) or, to the Company’s Knowledge,
proposed or asserted against the Company or any Company Subsidiary which have not been settled and paid and, as of the date of
this Agreement, no requests for waivers of the time to assess any Tax, or waivers of the statutory period of limitation, are pending
or have been granted, and the Company and each Company Subsidiary do not have in effect any currently effective power of attorney
or authorization to any Person to represent it in connection with any Taxes. No issue has been raised with the Company by any federal,
state, local or foreign Governmental Entity in connection with an audit or examination of the Tax Returns, or the business or properties
of the Company and each Company Subsidiary which has not been settled, resolved and fully satisfied. No claim has ever been made
by any Governmental Entity in a jurisdiction where the Company or a Company Subsidiary does not file Tax Return that the Company
or the Company Subsidiary is or may be subject to taxation by that jurisdiction.

 

(iii)           
The Company and each Company Subsidiary have paid (or have had paid on their behalf) or have withheld and remitted to the
appropriate Governmental Entity all material Taxes due and payable, or, where payment is not yet due, has established (or has had
established on its behalf and for its sole benefit and recourse) in accordance with GAAP an adequate accrual for all Taxes through
the end of the last period for which the Company and each Company Subsidiary ordinarily record items on their respective books.
The Company and each Company Subsidiary have withheld or collected from each payment made to its employees the amount of all Taxes
required to be withheld or collected therefrom, and have paid the same to the proper tax officers or authorized depositories.

 

(iv)            
Neither the Company nor any Company Subsidiary is a party to, or bound by, any agreement or arrangement relating to the
apportionment, sharing, assignment, or indemnification or allocation of any Tax or Tax assets (other than an agreement or arrangement
solely among the current members of a group the common parent of which is the Company) or has any liability for the Taxes of any
Person including any former subsidiary of the Company or the Bank, other than the Company or the Bank, under (i) Treasury Regulation
Section 1.1502-6 (or similar provision of federal, state or local law), (ii) any contract, (iii) any agreement, or (iv) any other
arrangement.

 

    18

     

    

 

(z)              
Labor.

 

(i)                
Employees of the Company and the Company Subsidiaries are not represented by any labor union nor are any collective bargaining
agreements otherwise in effect with respect to such employees. No labor organization or group of employees of the Company or any
Company Subsidiary has made a pending demand for recognition or certification, and there are no representation or certification
proceedings or petitions presently pending or threatened to be brought or filed with the National Labor Relations Board or any
other labor relations tribunal or authority, nor have there been in the last three years. There are no strikes, work stoppages,
slowdowns, labor picketing lockouts, material arbitrations or material grievances, or other material labor disputes pending or,
to the Knowledge of the Company, threatened against or involving the Company or any Company Subsidiary, nor have there been any
in the past year.

 

(ii)             
Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Company
and the Company Subsidiaries are in compliance with all applicable Laws and requirements respecting employment and employment practices,
terms and conditions of employment, collective bargaining, disability, immigration, health and safety, wages, hours and benefits,
non-discrimination in employment, workers’ compensation and the collection and payment of withholding and/or payroll taxes
and similar taxes.

 

(iii)           
Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there is
no charge or complaint pending or threatened before any Governmental Entity alleging unlawful discrimination in employment practices,
unfair labor practices or other unlawful employment practices by the Company or any Company Subsidiary.

 

(aa)           
Loan Portfolio.

 

(i)                
Each of the loans, including loans held for sale, of the Bank (“Loans): (i) is evidenced by notes, agreements
or other evidences of indebtedness which are true, genuine and what they purport to be; (ii) to the extent secured, has been
secured by valid liens or security interests which have been perfected; and (iii) represents the legal, valid and binding
obligation of the borrowers named therein, enforceable in accordance with its terms (including the validity, perfection and enforceability
of any Lien, security interest or other encumbrance relating to such Loan), except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’
rights generally, and subject to general principles of equity which may limit the enforcement of certain remedies. For purposes
of the foregoing sentence, it is agreed that the phrase “enforceable in accordance with its terms” shall not mean that
the borrower or other obligor has the financial ability to repay a Loan or that the collateral is sufficient in value to result
in payment of the Loan secured thereby.

 

    19

     

    

 

(ii)             
Each Loan of the Bank was made in material compliance with the provisions of applicable Law, including but not limited to
the Real Estate Settlement Practices Act (“RESPA”), the Truth in Lending Act, the Equal Credit Opportunity
Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the regulations promulgated thereunder, as well
as the rules and regulations promulgated by the Consumer Financial Protection Bureau.

 

(iii)           
No default (including any event or circumstance which with the passage of time or the giving of notice or both would constitute
a default) in respect of any material provision (including any default in payment) of any Loan of the Bank exists, except as Previously
Disclosed.

 

(bb)          
Offering of Securities.

 

(i)                
Neither the Company nor any Person acting on its behalf has taken any action which would subject the offering, issuance
or sale of any of the Company Stock to be issued pursuant to this Agreement to be subject to the registration requirements of the
Securities Act. Neither the Company nor any Person acting on its behalf has engaged or will engage in any form of general solicitation
or general advertising (within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the
Company Stock pursuant to the transactions contemplated by this Agreement. Assuming the accuracy of each Investor’s representations
and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the
Company Stock by the Company to the Investors. Except for this Agreement and the related agreements referenced herein, the Company
is not a party to or otherwise bound by any agreement with respect to the sale of its Capital Stock.

 

(ii)             
Each offering circular, private placement memorandum or other securities offering document used by the Company in connection
with the sale of Company Stock, and all other sales documentation relating thereto, did not, as of the respective dates thereof,
contain any untrue or misleading statement of a material fact, and did not omit to state a material fact necessary in order to
make the statements contained therein, in light of the circumstances in which they were made, not misleading.

 

    20

     

    

 

(iii)           
Assuming the accuracy of each Investor’s representations and warranties set forth in this Agreement, none of the Company,
the Company’s Subsidiaries nor, to the Company’s Knowledge, any of its Affiliates or any Person acting on its behalf
has, directly or indirectly, at any time within the past six months, made any offers or sales of any Company security or solicited
any offers to buy any security under circumstances that would eliminate the availability of the exemption from registration under
Regulation D under the Securities Act in connection with the offer and sale by the Company of the Company Stock as contemplated
hereby.

 

(iv)            
 To the Company’s Knowledge, following the exercise of reasonable care, no Covered Person (as defined below) is subject
to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (“Disqualification Events”), except for a Disqualification Event covered by Rule 506(d)(2) or
(d)(3) under the Securities Act.  The Company has complied, to the extent applicable, with any disclosure obligations under
Rule 506(e) under the Securities Act.  “Covered Persons” are those persons specified in Rule 506(d)(1)
under the Securities Act, including the Company, any predecessor or affiliate of the Company, any director, executive officer,
other officer participating in the offering, general partner or managing member of the Company, any beneficial owner of 20% or
more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, any promoter (as defined
in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of the sale of the Company Stock,
and any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
with the sale of the Shares (a “Solicitor”), any general partner or managing member of any Solicitor,
and any director, executive officer or other officer participating in the offering of any Solicitor or general partner or managing
member of any Solicitor.

 

(v)              
The Company has not, and to the Company’s Knowledge, no one acting on its behalf has, taken, directly or indirectly,
any action designed to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Company Stock.

 

(vi)            
Other than the Letter Agreements and Registration Rights Agreements to be entered into with each of EJF, Mendon and BayBoston,
the Company has no agreements or understandings (including, without limitation, side letters) with any Investor or other Person
to purchase shares of Company Stock on terms more favorable to such Person than as set forth herein. Except for this Agreement
and the Letter Agreements, the Company does not have any agreement or understanding with any Investor with respect to the transactions
contemplated by the Transaction Documents. To the extent any Letter Agreements or additional agreements or modifications to the
Transaction Documents have been entered into on or prior to the date hereof, the Company has provided each Investor with true and
accurate copies of such Letter Agreements, other additional agreements or modified Transaction Documents into which it has entered.

 

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(cc)           
Investment Company Status. The Company is not, and upon consummation of the transactions contemplated by this
Agreement will not be, an “investment company,” a company controlled by an “investment company” or an “affiliated
Person” of, or “promoter” or “principal underwriter” of, an “investment company,” as
such terms are defined in the Investment Company Act of 1940, as amended.

 

(dd)          
Affiliate Transactions. No officer, director, five percent (5%) shareholder or other Affiliate of the Company
(or any Company Subsidiary), or any individual who, to the Knowledge of the Company, is related (including by marriage or adoption)
to or shares the same home as any such Person, or any entity which, to the Knowledge of the Company, is controlled by any such
Person (collectively, an “Insider”), is a party to any contract or transaction with the Company (or any
Company Subsidiary) which pertains to the business of the Company (or any Company Subsidiary) or has any interest in any property,
real or personal or mixed, tangible or intangible, used in or pertaining to the business of the Company (or any Company Subsidiary).
The foregoing representation and warranty does not include deposits at the Company (or any Company Subsidiary) or loans of $250,000
or less made in the Ordinary Course of Business in compliance with Regulation O and other applicable Law.

 

(ee)           
Anti-takeover Provisions Not Applicable. The Board of Directors has taken all necessary action to ensure that
the transactions contemplated by this Agreement and the consummation of the transactions contemplated hereby will be exempt from
any anti-takeover or similar provisions of the Company’s articles of incorporation and bylaws and any provisions of any applicable
“moratorium”, “control share”, “fair price”, “interested shareholder” or other
anti-takeover Laws and regulations of the jurisdiction of the Company’s incorporation.

 

(ff)             
No Triggering Events. The transactions contemplated by this Agreement will not be deemed a Change in Control
or constitute any other triggering event which would result in the (i) obligation of the Company or any of the Company Subsidiaries
to make any payments under any employment, change in control or other agreements to which the Company or any of the Company Subsidiaries
is a party or (ii) acceleration or vesting of any benefits under any employee benefit plan of the Company or any of the Company
Subsidiaries.

 

(gg)          
No Brokers. No broker, placement agent, finder or investment banker is entitled to any brokerage, finder’s
or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction
Document based upon arrangements made by or on behalf of the Company.

 

(hh)          
Common Control. The Company is not and, after giving effect to the offering and sale of the Company Stock,
will not be under the control (as defined in the BHCA and the Federal Reserve Board’s Regulation Y (12 C.F.R. Part 225)
(“BHCA Control”),”) of any company (as defined in the BHCA and the Federal Reserve Board’s
Regulation Y).  The Company is not in BHCA Control of any federally insured depository institution other than the Bank. 
The Bank is not under the BHCA Control of any company (as defined in the BHCA and the Federal Reserve Board’s Regulation
Y) other than Company.  Neither the Company nor the Bank controls, in the aggregate, more than five percent of the outstanding
voting class, directly or indirectly, of any federally insured depository institution, except for the Company’s ownership
of 100% of the capital stock of the Bank.  The Bank is not subject to the liability of any commonly controlled depository
institution pursuant to Section 5(e) of the FDI Act.

 

    22

     

    

 

For purposes of this Agreement, “Previously
Disclosed” means information (i) set forth by the Company in the applicable section of its Disclosure Schedules or
any other paragraph of its Disclosure Schedule (so long as it is reasonably clear from the context that the disclosure in such
other paragraph of its Disclosure Schedule is also applicable to the section of this Agreement in question) or (ii) contained in
the virtual data room maintained by the Company in connection with the transactions contemplated hereby to which the Investor was
provided access.

 

2.3             
Representations and Warranties of the Investors. Each Investor, for itself and no other Investor, hereby represents
and warrants to the Company, as of the date hereof and as of the Closing Date (except for the representations and warranties that
are as of a specific date which are made as of that date) that:

 

(a)              
Organization and Authority. If the Investor is an entity, the Investor is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, is duly qualified to do business and is in good standing
in all jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so qualified and
where failure to be so qualified would be reasonably expected to materially and adversely impair or delay its ability to perform
its obligations under this Agreement or to consummate the transactions contemplated hereby.

 

(b)              
Authorization; No Conflicts.

 

(i)                
The Investor has the necessary power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. With regard to each Investor that is not an individual, the execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized by its board of directors, general partners,
managers, investment committee, investment adviser or other authorized person, as the case may be, and no further approval or authorization
by any of its shareholders, partners, members or other equity owners, as the case may be, is required. With regard to each Investor
that is an individual, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby have been duly authorized. This Agreement has been duly and validly executed and delivered by the Investor and, assuming
due authorization, execution and delivery by the Company is the valid and binding obligation of the Investor enforceable against
the Investor in accordance with its terms (except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by
general equity principles).

 

    23

     

    

 

(ii)             
Neither the execution, delivery and performance by the Investor of this Agreement nor the consummation of the transactions
contemplated hereby, nor compliance by the Investor with any of the provisions hereof, will (A) violate, conflict with, or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination
or acceleration of, or result in the creation of any Liens upon any of the properties or assets of the Investor under any of the
terms, conditions or provisions of (1) its certificate of incorporation or its similar governing documents, if applicable, or (2)
any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Investor
is a party or by which the Investor may be bound, or to which the Investor or any of the properties or assets of the Investor may
be subject, or (B) violate any Law applicable to the Investor or any of its properties or assets except in the case of clauses
(A)(2) and (B) for such violations, conflicts and breaches as would not reasonably be expected to materially adversely affect the
Investor’s ability to perform its obligations under this Agreement or consummate the transactions contemplated hereby on
a timely basis.

 

(c)              
Governmental Consents. No Governmental Consents are necessary for the Investor to execute and deliver this
Agreement or the other Transaction Documents, to perform all obligations under this Agreement or the other Transaction Documents,
or to consummate the Closing or any of the transactions contemplated by this Agreement or the other Transaction Documents, other
than: (i) the filing with the Securities Exchange Commission one or more registration statements in accordance with the requirements
of the Registration Rights Agreement, if applicable, (ii) the filings required in accordance with Section 3.9 of this Agreement,
(iii) the feedback required in accordance with Section 1.2(c)(ii)(H), and (iv) those that have been obtained prior to the date
of this Agreement.

 

(d)              
Purchase for Investment; Accredited Investor Status. The Investor acknowledges that the Company Stock to be
purchased by the Investor pursuant to this Agreement has not been registered under the Securities Act or under any state securities
laws and may not be resold or transferred by the Investor without such registration or appropriate reliance on any available exemption
from such requirements. The Investor (i) is acquiring the Company Stock pursuant to an exemption from the registration requirements
of the Securities Act and other applicable securities laws solely for investment with no present intention to distribute any of
the Company Stock to any Person, (ii) will not sell or otherwise dispose of any of the Company Stock, except in compliance with
the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (iii) has
such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating
the merits and risks of its investment in the Company Stock and of making an informed investment decision and (iv) is an “accredited
investor” (as that term is defined by Rule 501 of the Securities Act).

 

(e)              
Brokers and Finders. Neither the Investor, nor its respective Affiliates nor any of their respective officers
or directors, has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions
or finder’s fees, and no broker or finder has acted directly or indirectly for the Investor in connection with this Agreement
or the transactions contemplated hereby.

 

    24

     

    

 

(f)               
Investment Decision. The Investor has independently evaluated the merits of its decision to purchase the Company
Stock pursuant to this Agreement, and the Investor confirms that it has not relied on the advice of any other Person’s business
or legal counsel in making such decision. The Investor understands that nothing in this Agreement or any other materials presented
by or on behalf of the Company to the Investor in connection with the purchase of the Company Stock constitutes legal, tax or investment
advice. The Investor has consulted such accounting, legal, tax and investment advisors as it has deemed necessary or appropriate
in connection with its purchase of the Company Stock. Except as Previously Disclosed and except for the Transaction Documents,
there are no agreements or understandings with respect to the transactions contemplated by this Agreement and any of the Letter
Agreements, as applicable, between the Investor or any of its Affiliates, on the one hand, and (i) any of the other shareholders
of the Company or any of their respective Affiliates, in each case, the identity of which is known to the Investor, (ii) the Company
or (iii) the Company Subsidiaries, on the other hand.

 

(g)              
Financial Capability. At the Closing, the Investor shall have available all funds necessary to pay the Purchase
Price and consummate the purchase of Company Stock on the terms and conditions contemplated by this Agreement.

 

(h)              
Access to Information. The Investor acknowledges that it has been afforded (i) the opportunity to ask such
questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Company Stock and the merits and risks of investing in the Company Stock; (ii) access to information about
the Company and the Company Subsidiaries and their respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional
information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the Investment.

 

(i)                
No Reliance. The Investor has not relied on any representation or warranty in connection with the Investment
other than those contained in this Agreement.

 

(j)                
No Coordinated Acquisition. The Investor (i) reached its decision to invest in the Company Stock independently
from any other Person known by the Investor to be a potential investor in the Company (any such person, a “Potential
Investor”), (ii) is not affiliated with any other Potential Investor, (iii) is not advised or managed by an advisor
or manager that advises or manages any other Potential Investor, (iv) has not entered into any agreement or understanding, whether
written or not reduced to writing, with any other Potential Investor to act in concert for the purpose of exercising a controlling
influence over the Company or any Company Subsidiaries, including any agreements or understandings regarding the voting or transfer
of shares of the Company, (v) has not shared due diligence materials prepared by such Investor or any of its advisors or representatives
with respect to the Company or any Company Subsidiaries with any other Potential Investor, (vi) has not been induced, nor has induced
any other Potential Investor, to enter into the transactions contemplated by this Agreement by any other Potential Investor, (vii)
was not notified of or provided the opportunity to enter into the transactions contemplated by this Agreement pursuant to the terms
of any agreement or informal understanding with, or otherwise acting in concert with, any other Potential Investor and was not
required by the terms of any agreement or informal understanding to so notify any other Potential Investor, (viii) is not a party
to any formal or informal understanding with any other Potential Investor to make a coordinated acquisition of stock of the Company,
and the investment decision of the Investor is not based on the investment decision of any other Potential Investor, (ix) is not
a party to any formal or informal agreement or understanding concerning the appointment of any individual to the Board of Directors
(other than as set forth in the Letter Agreements, as applicable), (x) has not engaged as part of a group consisting of substantially
the same entities as the Potential Investors, in substantially the same combination of interests, in any additional banking or
nonbanking activities or business ventures in the United States and (xi) will not pay any other Potential Investor any fee in connection
with the transactions contemplated hereby.

 

    25

     

    

 

(k)              
No Advertisement. The Investor has not seen, received, been presented with, or been solicited by any leaflet,
public promotional meeting, newspaper or magazine article or advertisement, radio or television advertisement, or any other form
of advertising or general solicitation with respect to the purchase of Company Stock.

 

(l)                
Residency. The Investor’s residence or principal executive office, as applicable is set forth on such
Investor’s signature page hereto.

 

(m)            
Anti-Money Laundering Procedures. The Investor understands, acknowledges, represents and agrees that (i) the
Investor is not the target of any sanction, regulation, or law promulgated by the Office of Foreign Assets Control, the Financial
Crimes Enforcement Network or any other U.S. governmental entity (“U.S. Sanctions Laws”),”); (ii) the Investor
is not owned by, controlled by, under common control with, or acting on behalf of any person that is the target of U.S. Sanctions
Laws; (iii) the Investor is not a “foreign shell bank” and is not acting on behalf of a “foreign shell bank”
under applicable anti-money laundering Laws and regulations; (iv) the Investor’s entry into this Agreement or consummation
of the transactions contemplated hereby will not contravene U.S. Sanctions Laws or applicable anti-money laundering Laws or regulations;
(v) the Investor will promptly provide to the Company or any regulatory or law enforcement authority such information or documentation
as may be required to comply with U.S. Sanctions Laws or applicable anti-money laundering Laws or regulations; and (vi) the Company
may provide to any regulatory or law enforcement authority information or documentation regarding, or provided by, the Investor
for the purposes of complying with U.S. Sanctions Laws or applicable anti-money laundering laws or regulations.

 

ARTICLE
3

 

COVENANTS

 

3.1             
Conduct of Business Prior to Closing. Except as otherwise expressly required or contemplated by this Agreement
or applicable Law or in the performance of any Material Contract, or with the prior written consent of the Investors, between the
date of this Agreement and the Closing, the Company shall, and the Company shall cause each Company Subsidiary to:

 

    26

     

    

 

(a)              
use commercially reasonable efforts to conduct its business only in the Ordinary Course of Business;

 

(b)              
use commercially reasonable efforts to (i) preserve the present business operations, organization (including officers and
employees) and goodwill of the Company and each Company Subsidiary and (ii) preserve business relationships with customers, suppliers,
consultants and others having business dealings with the Company; provided, however, that nothing in this clause (b) shall place
any limit on the ability of the Board of Directors to act, or require any actions, that the Board of Directors may, in good faith,
determine to be inconsistent with their duties or the Company’s obligations under applicable Law or imposed by any Governmental
Entity;

 

(c)              
not knowingly take any action which would: (i) adversely affect the ability to obtain the necessary Governmental Consents
required for the transactions contemplated hereby or (ii) adversely affect the ability to perform the covenants and agreements
under this Agreement;

 

(d)              
not amend, repeal or modify any provision of its articles of incorporation or bylaws; and

 

(e)              
maintain the allowance for loan losses at a level which, in management’s reasonable and good faith determination,
is adequate to absorb reasonably anticipated losses in the loan portfolio in accordance with GAAP and regulatory requirements,
after taking charge-offs required in accordance with GAAP and regulatory requirements.

 

3.2             
Confidentiality. From time to time, the Company may disclose or make available to the Investors information about
the Company’s business affairs, products, services, confidential intellectual property, trade secrets, third-party confidential
information and other sensitive or proprietary information, whether orally or in written, electronic or other form or media, and
whether or not marked, designated or otherwise identified as “confidential” (collectively, “Confidential
Information”). Each Investor shall: (A) protect and safeguard the confidentiality of the Company’s
Confidential Information with at least the same degree of care as such Investor would protect its own Confidential Information,
but in no event with less than a commercially reasonable degree of care; (B) not use the Company’s Confidential Information,
or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement;
and (C) not disclose any such Confidential Information to any person or entity, except to such Investor’s representatives
who need to know the Confidential Information to assist the Investor, or act on its behalf, to exercise its rights or perform its
obligations under the Agreement. The Investors shall be responsible for any breach of this Section 3.2 caused by their respective
representatives. Upon the Company’s request, the Investors shall promptly return, and shall require their respective representatives
to return to the Company all copies, whether in written, electronic or other form or media, of the Company’s Confidential
Information, or destroy all such copies and certify in writing to the Disclosing Party that such Confidential Information has been
destroyed. In addition to all other remedies available at law, the Company may seek equitable relief (including injunctive relief)
against the Investors and their respective representatives to prevent the breach or threatened breach of this Section 3.2 and to
secure its enforcement.

 

    27

     

    

 

3.3             
Filings; Other Actions. Investor, on the one hand, and the Company, on the other hand, will cooperate and consult
with the other and use commercially reasonable efforts to prepare and file all necessary documentation, to effect all necessary
applications, notices, petitions, filings and other documents, and to obtain all necessary permits, consents, orders, approvals
and authorizations of, or any exemption by, all third parties and Governmental Entities, and the expiration or termination of any
applicable waiting period, necessary or advisable to consummate the transactions contemplated by this Agreement, and to perform
the covenants contemplated hereby. Each party shall execute and deliver, both before and after the Closing, such further certificates,
agreements and other documents, and shall take such other actions as the other party may reasonably request to consummate or implement
such transactions contemplated by this Agreement or to evidence such events or matters. Investor and the Company will have the
right to review in advance and, to the extent practicable, each will consult with the other, in each case, subject to applicable
Laws relating to the exchange of information, all the information relating to such other party and any of their respective Affiliates
which appears in any filing made with, or written materials submitted to, any third party or any Governmental Entity in connection
with the transactions contemplated by this Agreement to which it will be party. In exercising the foregoing right, each of the
parties hereto agrees to act reasonably and as promptly as practicable. Each party hereto agrees to keep the other party apprised
of the status of the matters referred to in this Section 3.3. Investor shall promptly furnish the Company, and the Company shall
promptly furnish the Investor, to the extent permitted by applicable Law, with copies of written communications received by it
or its Affiliates from, or delivered by any of the foregoing to, any Governmental Entity in respect of the transactions contemplated
by this Agreement. For the avoidance of doubt, none of the foregoing obligations shall require Investor or any of its Affiliates
to take any action that would (i) result in Investor or its Affiliates being deemed to control the Company for purposes of the
BHCA or the cross-guaranty liability provisions of the FDI Act, (ii) require Investor or its Affiliates to register as a bank holding
company, or (ii) result in the imposition of any Burdensome Condition.

 

3.4             
Legend.

 

(a)              
Each Investor agrees that all certificates or other instruments representing the Company Stock subject to this Agreement
shall bear a legend substantially to the following effect, until such time as they are not required under Section 3.4(b):

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE STATE SECURITIES LAWS OF ANY STATE.  WITHOUT
REGISTRATION, THESE SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR
AN OPINION OF COUNSEL SATISFACTORY TO COUNSEL FOR THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH LAWS.”

 

    28

     

    

 

(b)              
Upon request of an Investor, the Company shall promptly cause such legend to be removed from any certificate for any Company
Stock to be so transferred if (i) such Company Stock is being transferred pursuant to a registration statement in effect with respect
to such transfer or (ii) such Company Stock is being transferred pursuant to an exemption from registration under the Securities
Act and applicable state laws subject to receipt by the Company of a reasonably acceptable legal opinion from counsel for such
Investor who is reasonably satisfactory to the Company to the effect that such legend is no longer required under the Securities
Act and applicable state laws. Each Investor acknowledges that the Company Stock has not been registered under the Securities Act
or under any state securities laws and agrees that it shall not sell or otherwise dispose of any of the Company Stock, except in
compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities
laws.

 

3.5             
Certain Other Transactions.

 

(a)              
Prior to the Closing, notwithstanding anything in this Agreement to the contrary, the Company shall not directly or indirectly
effect or cause to be effected any transaction with a third party that would reasonably be expected to result in a Change in Control
unless such third party shall have provided prior assurance in writing to each Investor (in a form that is reasonably satisfactory
to such Investor) that the terms of this Agreement shall be fully performed (i) by the Company or (ii) by such third party if it
is the successor of the Company or if the Company is its direct or indirect Subsidiary. For the avoidance of doubt, it is understood
and agreed that, in the event that a Change in Control occurs on or prior to the Closing, each Investor shall maintain the right
under this Agreement to acquire, pursuant to the terms and conditions of this Agreement, the Company Stock that is to be purchased
by such Investor pursuant to this Agreement (or such other securities or property (including cash) into which the Company Stock
that is to be purchased by Investor pursuant to this Agreement may have become exchangeable as a result of such Change in Control),
as if the Closing had occurred immediately prior to such Change in Control.

 

(b)              
In the event that, at or prior to the Closing, (i) the number of shares of Company Stock, or securities convertible or exchangeable
into or exercisable for shares of Company Stock, issued and outstanding is changed as a result of any reclassification, stock split
(including reverse split), stock dividend or distribution (including any dividend or distribution of securities convertible or
exchangeable into or exercisable for shares of Company Stock), merger, tender or exchange offer or other similar transaction, or
(ii) the Company fixes a record date that is at or prior to the Closing Date for the payment of any non-stock dividend or distribution
on the Company Stock, then the number of shares of Company Stock to be issued to each Investor at the Closing under this Agreement,
together with the applicable implied per share price, shall be equitably adjusted and/or the shares of Company Stock to be issued
to such Investor at the applicable Closing under this Agreement shall be equitably replaced with shares of other stock or securities
or property (including cash), in each case, to provide each Investor with substantially the same economic benefit from this Agreement
as such Investor had prior to the applicable transaction. Notwithstanding anything in this Agreement to the contrary, in no event
shall the Purchase Price or any component thereof, or the aggregate percentage of shares to be purchased by any Investor, be changed
by the foregoing.

 

    29

     

    

 

(c)              
Notwithstanding anything in the foregoing to the contrary, the provisions of this Section 3.5 shall not apply to any issuance
or sale of any Capital Stock, or any securities, options or debt that are convertible or exchangeable into Capital Stock, issued
or sold by the Company in connection with: (a) a grant to any existing or prospective directors, officers or other employees, consultants
or service providers of the Company or any Company Subsidiary pursuant to the Company Option Plan or similar equity-based plans
or other compensation agreement; (b) the conversion or exchange of any securities of the Company into Capital Stock, or the exercise
of any warrants or other rights to acquire Capital Stock; (c) any acquisition by the Company or any Company Subsidiary of any equity
interests, assets, properties or business of any Person; (d) any merger, consolidation or other business combination involving
the Company or any Company Subsidiary; (e) the commencement of any public offering or any transaction or series of related transactions
involving a Change in Control; (f) any subdivision of Capital Stock (by a split of Capital Stock or otherwise), payment of stock
dividend, reclassification, reorganization or any similar recapitalization; (g) a joint venture, strategic alliance or other commercial
relationship with any Person relating to the operation of the Company’s or any Company Subsidiary’s business and not
for the primary purpose of raising equity capital; or (h) a purchase of Capital Stock by an employee pursuant to the Company’s
employee stock purchase plan.

 

3.6             
Insurance. The Company shall maintain directors’ and officers’ liability insurance and fiduciary
liability insurance with insurers of recognized financial responsibility in such amounts as the Board determines to be prudent
and customary for the Company's business and operations.

 

3.7             
Access to Information. From the date hereof until the Closing Date, the Company will permit, and cause the Bank
to permit, Investor and its officers, employees, accountants, counsel and other representatives to visit and inspect, at Investor’s
expense, the properties of the Company and the Bank, and to examine the corporate books of the Company and the Bank and discuss
the affairs, finances and accounts of the Company and the Bank with the officers and employees of the Company, all upon reasonable
notice and at such reasonable times and as often as the Investor may reasonably request. Any investigation pursuant to this Section
3.7 shall be conducted during normal business hours and in such a manner as not to interfere unreasonably with the conduct of the
business of the Company, and nothing herein shall require the Company or the Bank to disclose any information to the extent (1)
prohibited by applicable Law or regulation, (2) that the Company reasonably believes such information to be competitively sensitive
proprietary information (except to the extent Investor provides assurances acceptable to the Company that such information shall
not be used by Investor or its Affiliates to compete with the Company or the Bank), or (3) that such disclosure would reasonably
be expected to cause a violation of any agreement to which the Company or any Company Subsidiary is a party or would cause a risk
of a loss of privilege to the Company or any Company Subsidiary (provided that the Company shall use commercially reasonable
efforts to make appropriate substitute disclosure arrangements under circumstances where the restrictions in clauses (1) or (3)
apply).

 

    30

     

    

 

 

3.8             
Tax Matters. The Company will pay any and all Transfer Taxes incurred in connection with this Agreement and the
issuance and purchase of the Company Stock purchased as part of the Investment. The Company shall timely make all filings, Tax
Returns, reports and forms relating to such Transfer Taxes as may be required to comply with the provisions of such Transfer Tax
laws. “Transfer Taxes” means transfer, documentary, sales, use, registration and other such taxes (including
all applicable real estate transfer taxes).

 

3.9             
Form D and Blue Sky. The Company agrees to timely file a Form D with respect to the Company Stock as required
under Regulation D. Investor agrees to timely provide Company with any and all needed information in connection with Company’s
preparation and filing of a Form D. The Company, on or before the Closing Date, shall take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for or to qualify the applicable Company Stock for sale to the Investors
at the Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the United
States (or to obtain an exemption from such qualification).  The Company shall make all filings and reports relating to the
offer and sale of the Company Stock required under applicable securities or blue sky laws of the states of the United States following
the Closing Date.

 

ARTICLE
4

 

TERMINATION

 

4.1             
Termination. This Agreement may be terminated prior to the Closing:

 

(a)              
by mutual written agreement of the Company and any Investor (with respect to itself only);

 

(b)              
by any the Company or any Investor (with respect to itself only), upon written notice to the non-terminating parties, in
the event that the Closing does not occur on or before the date that is 120 days after the date of this Agreement; provided, however,
that the right to terminate this Agreement pursuant to this Section 4.1(b) shall not be available to any party or parties whose
failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of
the Closing to occur on or prior to such date;

 

(c)              
by any Investor (with respect to itself only), upon written notice to the Company, if (i) there has been a breach of any
representation, warranty, covenant or agreement made by the Company in this Agreement, or any such representation and warranty
shall have become untrue after the date of this Agreement, such that Section 1.2(c)(ii)(A) would not be satisfied and (ii) such
breach or condition is not curable or, if curable, is not cured prior to the date that would otherwise be the Closing Date in absence
of such breach or condition; provided that this Section 4.1(c) shall only apply if the Investor is not in material breach of any
of the terms of this Agreement;

 

(d)              
by any Investor (with respect to itself only), if such Investor or any of its Affiliates receives written notice from or
is otherwise advised by a Governmental Entity that it will not grant (or intends to rescind or revoke if previously approved) any
required regulatory approval or receives written notice from such Governmental Entity that it will not grant such required regulatory
approval on the terms contemplated by this Agreement without imposing any Burdensome Condition;

 

    31

     

    

 

(e)              
by the Company, upon written notice to any Investor, if (i) there has been a breach of any representation, warranty, covenant
or agreement made by such Investor in this Agreement, or any such representation and warranty shall have become untrue after the
date of this Agreement, such that Section 1.2(c)(iii)(A) would not be satisfied and (ii) such breach or condition is not curable
or, if curable, is not cured prior to the date that would otherwise be the Closing Date in absence of such breach or condition;
provided that this Section 4.1(e) shall only apply if the Company is not in material breach of any of the terms of this Agreement;

 

(f)               
by the Company or any Investor (with respect to itself only) if it becomes impossible to satisfy the conditions contained
in Section 1.2(c)(i), by the Company if it becomes impossible to satisfy the conditions contained in Section 1.2(c)(iii), or by
any Investor (with respect to itself only) if it becomes impossible to satisfy the conditions contained in Section 1.2(c)(ii);

 

(g)              
by any Investor (with respect to itself only), in the event the Company enters into a definitive agreement with a third
party that would reasonably be expected to result in a Change in Control of the Company;

 

(h)              
by any Investor (with respect to itself only), if such Investor or its Affiliates receives written notice from or is otherwise
advised by the Federal Reserve Board that the Federal Reserve Board will not issue a determination (formal or informal) that such
Investor will not be deemed in control of the Company for purposes of the BHCA or that it will not make such determination without
the imposition of a Burdensome Condition, or otherwise indicates that it will deem Investor or any of its Affiliates to control
the Company for purposes of the BHCA; or

 

(i)                
by the Company or any Investor (with respect to itself only), upon written notice to the non-terminating parties, in the
event that any Governmental Entity shall have issued any order, decree or injunction or taken any other action restraining, enjoining
or prohibiting any of the transactions contemplated by this Agreement, and such order, decree, injunction or other action shall
have become final and nonappealable.

 

4.2             
Effects of Termination. In the event of any termination of this Agreement as provided in Section 4.1, this Agreement
(other than Section 3.2, this Article 4 and Article 6 of this Agreement, which shall remain in full force and effect) shall forthwith
become wholly void and of no further force and effect; provided that nothing herein shall relieve any party from liability for
fraud or willful breach of this Agreement.

 

ARTICLE
5

 

INDEMNITY

 

5.1             
Indemnification by the Company. In addition to the indemnity provided in the Registration Rights Agreement, if
applicable, after the Closing, and subject to Sections 5.3 and 5.4, the Company shall indemnify, defend and hold harmless to the
fullest extent permitted by Law each Investor and its Affiliates, and their successors and assigns, officers, directors, shareholders
partners, members, agents, investment advisors, and employees (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title), as applicable (the “Investor Indemnified
Parties”), against, and reimburse any of the Investor Indemnified Parties for, all Losses that any of the Investor
Indemnified Parties may at any time suffer or incur, or become subject to, as a result of or in connection with (i) the inaccuracy
or breach of any representation or warranty made by the Company in this Agreement or any certificate delivered pursuant hereto,
(ii) any breach or failure by the Company to perform any of its covenants or agreements contained in this Agreement, (iii) any
action instituted against an Investor Indemnified Party in any capacity, or any of them or their respective affiliates, by any
shareholder of the Company who is not an affiliate of such Investor Indemnified Party, with respect to any of the transactions
contemplated by this Agreement, and (iv) any actions involving the Company arising out of or related to any event, fact, change,
occurrence, development or condition prior to the Closing Date. Notwithstanding anything herein to the contrary, the obligations
of the Company under this Section 5.1(a) shall not be applicable to or inure to the benefit of any transferee of the Company Stock
sold pursuant to this Agreement who is not an Affiliate of an Investor.

 

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5.2             
Indemnification by the Investors. After the Closing, and subject to Sections 5.3 and 5.4, each Investor shall
indemnify, defend and hold harmless to the fullest extent permitted by Law the Company, its Affiliates and their respective successors
and assigns, officers, directors, partners, members and employees (collectively, the “Company Indemnified Parties”)
against, and reimburse any of the Company Indemnified Parties for, all Losses that the Company Indemnified Parties may at any time
suffer or incur, or become subject to, as a result of or in connection with (i) the inaccuracy or breach of any representation
or warranty made by such Investor in this Agreement or any certificate delivered pursuant hereto or (ii) any breach or failure
by such Investor to perform any of its covenants or agreements contained in this Agreement.

 

5.3             
Notification of Claims.

 

(a)              
Any Person that may be entitled to be indemnified under this Article 5 (the “Indemnified Party”)
shall promptly notify the party or parties liable for such indemnification (the “Indemnifying Party”)
in writing of any claim in respect of which indemnity may be sought hereunder, including any pending or threatened claim or demand
by a third party that the Indemnified Party has determined has given or could reasonably give rise to a right of indemnification
under this Agreement (including a pending or threatened claim or demand asserted by a third party against the Indemnified Party)
(each, a “Third Party Claim”), describing in reasonable detail the facts and circumstances with respect
to the subject matter of such claim or demand; provided, however, that the failure to provide such notice shall not release the
Indemnifying Party from any of its obligations under this Agreement except to the extent that the Indemnifying Party is materially
prejudiced by such failure. The parties agree that notices for claims in respect of a breach of a representation, warranty, covenant
or agreement must be delivered prior to the expiration of any applicable survival period specified in Section 6.1 for such representation,
warranty, covenant or agreement; provided, that if, prior to such applicable date, a party hereto shall have notified the other
parties hereto in accordance with the requirements of this Section 5.3(a) of a claim for indemnification under this Agreement (whether
or not formal legal action shall have been commenced based upon such claim), such claim shall continue to be subject to indemnification
in accordance with this Agreement notwithstanding the passing of such applicable date.

 

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(b)              
Upon receipt of a notice of a claim for indemnity from an Indemnified Party pursuant to Section 5.3(a) in respect of a Third
Party Claim, the Indemnifying Party may, by notice to the Indemnified Party delivered within twenty (20) Business Days of the receipt
of notice of such Third Party Claim, assume the defense and control of any Third Party Claim, with its own counsel reasonably acceptable
to the Indemnified Party and at its own expense. The Indemnified Party shall have the right to employ counsel on its own behalf
for, and otherwise participate in the defense of, any such Third Party Claim, but the fees and expenses of its counsel will be
at its own expense unless (A) the employment of counsel by the Indemnified Party at the Indemnifying Party’s expense has
been authorized in writing by the Indemnifying Party, as applicable, (B) the Indemnified Party reasonably believes there may be
a conflict of interest between the Indemnified Party and the Indemnifying Party in the conduct of the defense of such Third Party
Claim, (C) the Indemnified Party reasonably believes there are legal defenses available to it that are different from, additional
to or inconsistent with those available to the Indemnifying Party, or (D) the Indemnifying Party has not in fact employed counsel
to assume the defense of such Third Party Claim within a reasonable time after receipt of notice of the commencement of such Third
Party Claim, in each of which cases the fees and expenses of such Indemnified Party’s counsel shall be at the expense of
the Indemnifying Party; provided, however, that in the event any Investor Indemnified Party is similarly situated with any other
Investor Indemnified Party with respect to any Third Party Claim, and does not have any conflict of interest with such Person in
the conduct of the defense of such Third Party Claim or have legal defenses available to it that are different from, additional
to or inconsistent with those available to such Person, such Investor Indemnified Party shall be required to employ the same counsel
as such Person and the Company shall be responsible for the fees and expenses of only one such counsel for such Investor Indemnified
Party and such other Person or Persons (assuming any of clauses (A) through (D) is satisfied). The Indemnified Party may take any
actions reasonably necessary to defend such Third Party Claim prior to the time that it receives a notice from the Indemnifying
Party as contemplated by the immediately preceding sentence. The Indemnified Party shall, and shall cause each of their Affiliates
and representatives to, use reasonable best efforts to cooperate with the Indemnifying Party in the defense of any Third Party
Claim. The Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which shall not be unreasonably
withheld), consent to a settlement, compromise or discharge of, or the entry of any judgment arising from, any Third Party Claim,
unless such settlement, compromise, discharge or entry of any judgment does not involve any statement, finding or admission of
any fault, culpability, failure to act, violation of Law or admission of any wrongdoing by or on behalf of the Indemnified Party,
and the Indemnifying Party shall (i) pay or cause to be paid all amounts arising out of such settlement or judgment concurrently
with the effectiveness of such settlement or judgment (unless otherwise provided in such judgment), (ii) not encumber any of the
assets of any Indemnified Party or agree to any restriction or condition that would apply to or materially adversely affect any
Indemnified Party or the conduct of any Indemnified Party’s business and (iii) obtain, as a condition of any settlement,
compromise, discharge, entry of judgment (if applicable), or other resolution, a complete and unconditional release of each Indemnified
Party in form and substance reasonably satisfactory to such Indemnified Party from any and all liabilities in respect of such Third
Party Claim. An Indemnified Party shall not settle, compromise or consent to the entry of any judgment with respect to any claim
or demand for which it is seeking indemnification from the Indemnifying Party or admit to any liability with respect to such claim
or demand without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld or delayed);
provided that such consent shall not be required if the Indemnifying Party has not fulfilled any material obligations under this
Section 5.3(b).

 

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(c)              
In the event any Indemnifying Party receives a notice of a claim for indemnity from an Indemnified Party pursuant to Section
5.3(a) that does not involve a Third Party Claim, the Indemnifying Party shall notify the Indemnified Party within twenty (20)
Business Days following its receipt of such notice whether the Indemnifying Party disputes its liability to the Indemnified Party
under this Agreement. The Indemnified Party shall reasonably cooperate with and assist the Indemnifying Party in determining the
validity of any such claim for indemnity by the Indemnified Party.

 

5.4             
Indemnification Payment. In the event a claim or any Action for indemnification hereunder has been finally determined,
the amount of such final determination shall be paid by the Indemnifying Party to the Indemnified Party on demand in immediately
available funds; provided, however, that any reasonable and documented out-of-pocket expenses incurred by the Indemnified Party
as a result of such claim or Action shall be reimbursed promptly by the Indemnifying Party upon receipt of an invoice describing
such costs incurred by the Indemnified Party. A claim or an Action, and the liability for and amount of damages therefor, shall
be deemed to be “finally determined” for purposes of this Agreement when the parties hereto have so determined by mutual
agreement or, if disputed, when a final non-appealable judicial order has been entered into with respect to such claim or Action.

 

5.5             
Exclusive Remedies. Each party hereto acknowledges and agrees that following the Closing, the indemnification
provisions hereunder shall be the sole and exclusive remedies of the parties hereto for any breach of the representations, warranties
or covenants contained in the this Agreement. No investigation of the Company by the Investor, or of the Investor by the Company,
whether prior to or after the date of this Agreement, shall limit any Indemnified Party’s exercise of any right hereunder
or be deemed to be a waiver of any such right. The parties agree that any indemnification payment made pursuant to this Agreement
shall be treated as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

ARTICLE
6

 

MISCELLANEOUS

 

6.1             
Survival. The representations and warranties of the parties hereto contained in this Agreement shall survive
in full force and effect until the date that is eighteen (18) months after the Closing Date (or until final resolution of any claim
or Action arising from the breach of any such representation and warranty, if notice of such breach was provided prior to the end
of such period), at which time they shall terminate and no claims shall be made for indemnification under Section 5.1 or Section
5.2, as applicable, for breaches of representations or warranties thereafter, except the Company Specified Representations and
the Investor Specified Representations shall survive the Closing indefinitely. The covenants and agreements set forth in this Agreement
shall survive until the earliest of the duration of any applicable statute of limitations or until performed or no longer operative
in accordance with their respective terms.

 

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6.2             
Other Definitions. Wherever required by the context of this Agreement, the singular shall include the plural
and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement,
document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified
from time to time. In addition, the following terms shall have the meanings assigned to them below:

 

(a)              
“Affiliate“ means, with respect to any Person, any Person directly or indirectly controlling,
controlled by or under common control with, such other Person provided that no security holder of the Company shall be deemed to
be an Affiliate of any other security holder or of the Company or any of the Company Subsidiaries solely by reason of any investment
in the Company and, for purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and “under common control
with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause
the direction of management or policies of such Person, whether through the ownership of voting securities by contract or otherwise;

 

(b)              
“Agency“ means the Federal Housing Administration, the Federal Home Loan Mortgage Corporation,
the Farmers Home Administration (now known as Rural Housing and Community Development Services), the Federal National Mortgage
Association, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture
or any other Governmental Entity with authority to (i) determine any investment, origination, lending or servicing requirements
with regard to mortgage loans originated, purchased or serviced by the Company or (ii) originate, purchase, or service mortgage
loans, or otherwise promote mortgage lending, including state and local housing finance authorities;

 

(c)              
“Board of Directors“ means the Board of Directors of the Company;

 

(d)              
“Business Day“ means any day except Saturday, Sunday and any day which shall be a legal holiday
or a day on which banking institutions in the State of Florida generally are authorized or required by Law or other governmental
actions to close;

 

(e)              
“Capital Stock“ means the capital stock or other applicable type of equity interest in a Person;

 

(f)               
“Change in Control“ means the acquisition by any Person (including a group of related persons
within the meaning of Rule 13d-2 of the Exchange Act) of (i) more than fifty percent (50%) of the outstanding Capital Stock of
the Company, (ii) all or substantially all of the assets of the Company (including the sale of more than two-thirds (2/3) of the
Capital Stock held by the Company in the Bank), or (iii) a merger of the Company with or into any Person, or of any Person with
or into the Company, immediately after which the shareholders of the Company (as measured immediately prior to completion of the
transaction) own less than a majority of the combined Capital Stock of the surviving Person.

 

(g)              
“Code“ means the Internal Revenue Code of 1986, as amended;

 

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(h)              
“Company Specified Representations” means the representations and warranties made in Section 2.2(a),
Section 2.2(b), Section 2.2(c), Section 2.2(d), Section 2.2(q) and Section 2.2(ff);

 

(i)                
“Disclosure Schedule” shall mean a schedule delivered, on or prior to the date of this Agreement,
by (i) the Investor to the Company and (ii) the Company to the Investor setting forth, among other things, items the disclosure
of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or
as an exception to one or more representations or warranties contained in Section 2.2 with respect to the Company, or in Section
2.3 with respect to the Investor, or to one or more covenants contained in Article 3;

 

(j)                
“GAAP” means United States generally accepted accounting principles and practices as in effect
from time to time;

 

(k)              
“Governmental Consent” means any notice to, registration, declaration or filing with, exemption
or review by, or authorization, order, consent or approval of, any Governmental Entity, or the expiration or termination of any
statutory waiting periods;

 

(l)                
“Governmental Entity” means any court, administrative agency or commission or other governmental
authority or instrumentality, whether federal, state, local or foreign, and any applicable industry self-regulatory organization
or securities exchange;

 

(m)            
“Insurer” means a Person who insures or guarantees for the benefit of the mortgagee all or any
portion of the risk of loss upon borrower default on any of the mortgage loans originated, purchased or serviced by the Bank, including
the Federal Housing Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S.
Department of Agriculture and any private mortgage insurer, and providers of hazard, title or other insurance with respect to such
mortgage loans or the related collateral;

 

(n)              
“Investor Specified Representations” means the representations and warranties made in Section
2.3(a), Section 2.3(b)(i), Section 2.3(d), Section 2.3(e), Section 2.3(h) and Section 2.3(i);

 

(o)              
“Knowledge” of the Company and words of similar import mean the actual knowledge of any directors
or executive officers of the Company;

 

(p)              
“Loan Investor” means any Person (including an Agency) having a beneficial interest in any mortgage
loan originated, purchased or serviced by the Bank or a security backed by or representing an interest in any such mortgage loan;

 

(q)              
“Losses” means any and all losses, damages, reasonable costs, reasonable expenses (including reasonable
attorneys’ fees and disbursements), liabilities, settlement payments, awards, judgments, fines, obligations, claims, and
deficiencies of any kind;

 

(r)               
“Ordinary Course of Business” means an action taken by any Person only if such action is constituent
with the past practices of such Person and is similar in nature and magnitude to actions customarily taken in the ordinary course
of the normal day-to-day operations of other Persons that are in the same line of business as such Person.

 

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(s)               
“Person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, limited liability company, Governmental Entity or other entity of any kind, and
shall include any successor (by merger or otherwise) of such entity;

 

(t)                
“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited
liability company or other entity (x) of which such Person or a Subsidiary of such Person is a general partner or (y) of which
a majority of the voting securities or other voting interests, or a majority of the securities or other interests of which having
by their terms ordinary voting power to elect a majority of the board of directors or persons performing similar functions with
respect to such entity, is directly or indirectly owned by such Person and/or one or more Subsidiaries thereof;

 

(u)              
“Tax” or “Taxes” means all United States federal, state, local or foreign
income, profits, estimated, gross receipts, windfall profits, severance, property, intangible property, occupation, production,
sales, use, license, excise, emergency excise, franchise, capital gains, Capital Stock, employment, withholding, transfer, stamp,
payroll, goods and services, value added, alternative or add-on minimum tax, or any other tax, custom, duty or governmental fee,
or other like assessment or charge of any kind whatsoever, together with any interest, penalties, fines, related liabilities or
additions to tax that may become payable in respect thereof imposed by any Governmental Entity, whether or not disputed;

 

(v)              
“Tax Return” means any return, declaration, report or similar statement required to be filed with
respect to any Taxes (including any attached schedules), including any information return, claim or refund, amended return and
declaration of estimated Tax;

 

(w)              
the word “or” is not exclusive;

 

(x)               
the words “including,” “includes,” “included”
and “include” are deemed to be followed by the words “without limitation”;

 

(y)              
the terms “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision;
and

 

(z)              
all article, section, paragraph or clause references not attributed to a particular document shall be references to such
parts of this Agreement, and all exhibit and schedule references not attributed to a particular document shall be references to
such exhibits and schedules to this Agreement.

 

6.3             
Expense Reimbursement. The Company shall promptly pay the fees and expenses incurred by EJF in connection with
its evaluation of the Company and negotiation of this Agreement and the documents and instruments delivered or to be delivered
in connection herewith (including legal and travel expenses) in an amount not to exceed $20,000 in the aggregate, provided the
Closing occurs. In the event there is more than one Closing, the cap on reimbursement described herein shall apply cumulatively
to all such Closings.

 

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6.4             
Corporate Opportunities.

 

(a)                Investor
and any of its Affiliates may engage in or possess an interest in other business ventures of any nature or description, independently
or with others, similar or dissimilar to the business of the Company or any Company Subsidiary, and the Company, any Company Subsidiary,
the directors, the directors of any Company Subsidiary, and their other stockholders shall have no rights by virtue of this Agreement
in and to such ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with
the business of the Company, shall not be deemed wrongful or improper.

 

(b)               To
the fullest extent permitted by law and except as otherwise provided below, neither Investor nor any of its directors, principals,
officers, members, limited or general partners, fiduciaries, managers, employees and/or other representatives (the “Investor
Equityholders”) or its or their Affiliates or director designees shall be obligated to refer or present any particular
business opportunity to the Company or any Company Subsidiary even if such opportunity is of a character that, if referred or presented
to the Company or any Company Subsidiary, could be taken by the Company or any Company Subsidiary, and Investor, any such Investor
Equityholder or any of its or their Affiliates, respectively, shall have the right to take for its own account (individually or
as a partner, investor, member, participant or fiduciary) or to recommend to others such particular opportunity.

 

(c)                In
the event that a director of the Company who has been designated by Investor acquires knowledge of a potential transaction or other
matter which may be a corporate or business opportunity for both the Company and Investor, such director of the Company shall have
fully satisfied and fulfilled the fiduciary duty of such director to the Company and its stockholders with respect to such corporate
or other business opportunity, if such director acts in a manner consistent with the following policy: A business or corporate
opportunity offered to any person who is a director but not an officer of the Company and who has been designated by Investor shall
belong to the Company only if such opportunity is offered to such person in his or her capacity as a director of the Company, and
otherwise shall belong to Investor.

 

(d)               No
act or omission by Investor or any of its Affiliates in accordance with this Section shall be considered contrary to (i) any fiduciary
duty that Investor or any of its Affiliates may owe to the Company or any Company Subsidiary or to any other stockholder or by
reason of Investor or any of its Affiliates being a stockholder of the Company, or (ii) any fiduciary duty of any director of the
Company or any Company Subsidiary who has been designated by Investor to the Company or any Company Subsidiary, or to any stockholder
thereof. Any person purchasing or otherwise acquiring any Capital Stock of the Company, or any interest therein, in connection
with the transactions contemplated by the Transaction Documents or at any time thereafter shall be deemed to have notice of and
to have consented to the provisions of this Section. The Company hereby waives any right to bring a claim for breach of fiduciary
duty against Investor or any Affiliate thereof, or any director designated by Investor, based on any act or omission by Investor
or any Affiliate thereof, or such director, taken in accordance with this Section.

 

    39

     

    

 

6.5             
Amendment and Waivers. The conditions to each party’s obligation to consummate the Closing are for the
sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by Law. No amendment or
waiver of any provision of this Agreement will be effective against any party hereto unless it is in a writing signed by a duly
authorized officer of such party.

 

6.6             
Counterparts and Facsimile. For the convenience of the parties hereto, this Agreement may be executed in any
number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will
together constitute the same agreement. Executed signature pages to this Agreement may be delivered by facsimile or other electronic
transmission and such transmissions shall be deemed as sufficient as if manually signed signature pages had been delivered.

 

6.7             
Governing Law. This Agreement will be governed by and construed in accordance with the Laws of the State of Florida
applicable to contracts made and to be performed entirely within such jurisdiction.

 

6.8             
Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of,
or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought
in the federal or state courts located in Miami-Dade County, Florida, so long as such court shall have subject matter jurisdiction
over such suit, action or proceeding, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient
forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without
the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as
provided in Section 6.10 shall be deemed effective service of process on such party. The parties hereby irrevocably and unconditionally
consent to submit to the exclusive jurisdiction of the state and federal courts referred to above for any actions, suits or proceedings
arising out of or relating to this Agreement and the transactions contemplated hereby.

 

6.9             
WAIVER OF JURY TRIAL. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE
OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR UNDER ANY AGREEMENT, INSTRUMENT OR OTHER DOCUMENT CONTEMPLATED HEREBY OR RELATED HERETO
AND IN ANY ACTION DIRECTLY OR INDIRECTLY RELATED TO OR CONNECTED WITH THE OBLIGATIONS OF THIS AGREEMENT. THE PARTIES ACKNOWLEDGE
THAT THIS WAIVER MAY DEPRIVE EACH OF THEM AN IMPORTANT RIGHT AND THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE BY THE
PARTIES AFTER CONSULTATION WITH THEIR LEGAL COUNSEL.

 

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6.10         
Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other will
be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally or by e-mail (upon
confirmation of receipt), (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service, or (c) on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice.

 

(a)          
If to the Company:

 

Professional Holding Corp.

396 Alhambra Circle, Suite 255

Coral Gables, FL 33134

E-mail: dsheehan@professionalbankfl.com

Attention: Daniel R. Sheehan

Title: Chairman and Chief Executive Officer

 

with a copy to:

 

Gunster, Yoakley & Stewart, P.A.

777 South Flagler Drive, Suite 500 East

West Palm Beach, FL 33401

Attention: Michael V. Mitrione

Facsimile: (561) 671-2425

E-Mail: mmitrione@gunster.com

 

(b)          
If to any Investor:

 

To the address or e-mail set forth on the applicable
signature page for such Investor

 

6.11         
Entire Agreement. This Agreement and the agreements referred to herein (including the Annexes, the Letter Agreements,
as applicable, and Schedules hereto) (collectively, the “Transaction Documents”) constitute the entire
agreement, and supersede all other prior agreements, understandings, representations and warranties, inducements or conditions,
both written and oral, among the parties, with respect to the subject matter hereof and thereof.

 

6.12         
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the Company Stock to be issued pursuant to this Agreement. The Company
shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor. The Investor
may assign some or all of its rights hereunder or thereunder without the consent of the Company to any Affiliate of the Investor,
unless such assignment would result in a breach of any of the representations or warranties of the Investor or a failure of any
of the conditions set forth in Section 1.2(c) of this Agreement. Any such permitted assignee shall be deemed to be an Investor
hereunder with respect to such assigned rights and shall be bound by the terms and conditions of this Agreement that apply to the
Investor.

 

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6.13         
Captions. The article, section, paragraph and clause captions herein are for convenience of reference only, do
not constitute part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof.

 

6.14         
Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application
of such provision to Persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain
in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination,
the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the
original intent of the parties.

 

6.15         
Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon
any Person other than the parties hereto, any benefit right or remedies, except that the provisions of Sections 5.1 and 5.2 shall
inure to the benefit of the Persons referred to in such Sections.

 

6.16         
Public Announcements. The Investor will not make (and will use its reasonable best efforts to ensure that its
Affiliates and representatives do not make) any news release or public disclosure with respect to this Agreement and any of the
transactions contemplated hereby, without first consulting with the Company and, in each case, also receiving the Company’s
consent (which shall not be unreasonably withheld or delayed).

 

6.17         
Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the parties
shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they
are entitled at law or equity.

 

6.18         
Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction
Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way
for the performance of the obligations of any other Investor under any Transaction Document.  The decision of each Investor
to purchase Company Stock pursuant to the Transaction Documents has been made by such Investor independently of any other Investor
and independently of any information, materials, statements, or opinions as to the business, affairs, operations, assets, properties,
liabilities, results of operations, condition (financial or otherwise), or prospects of the Company or any Company Subsidiary which
may have been made or given by any other Investor or by any agent or employee of any other Investor, and no Investor and none of
its agents or employees shall have any liability to any other Investor (or any other Person) relating to or arising from any such
information, materials, statements, or opinions.  Nothing contained herein or in any Transaction Document, and no action taken
by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture,
or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by the Transaction Documents.  Each Investor acknowledges that no other
Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be acting
as agent of such Investor in connection with monitoring its investment in the Company Stock or enforcing its rights under the Transaction
Documents.  Each Investor shall be entitled to independently protect and enforce its rights, including without limitation
the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other
Investor to be joined as an additional party in any proceeding for such purpose.  It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and an Investor, solely, and not between the Company and the
Investors collectively and not between and among the Investors.

 

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6.19         
No Recourse. This Agreement may only be enforced against the named parties hereto. All claims or causes of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement
may be made only against the Persons that are expressly identified as parties hereto or that are subject to the terms hereof, and
no past, present or future director, officer, employee, incorporator, member, manager, partner, shareholder, Affiliate, agent,
attorney or representative of any party hereto (including any person negotiating or executing this Agreement on behalf of a party
hereto) shall have any liability or obligation with respect to this Agreement or with respect to any claim or cause of action,
whether in tort, contract or otherwise, that may arise out of or relate to this Agreement, or the negotiation, execution or performance
of this Agreement and the transactions contemplated hereby.

 

[Signature Page Follows]

 

    43

     

    

 

SIGNATURE PAGE FOR INDIVIDUAL 

 

IN WITNESS WHEREOF,
this Stock Purchase Agreement has been executed by Investor and by the Company on the respective dates set forth below.

 

	 	 	 
	Signature	 	Signature (If Shares Purchased Jointly)
	 	 	 
	Name	 	 	Name	 
	(Please Print)	 	(Please Print)

 

	Taxpayer ID Number	 	 	Taxpayer ID Number	 

 

	Address	 	 	Address	 
	 	 	 

 

	Telephone #	 	 	Telephone #	 

 

	Fax #	 	 	Fax #	 
	 	 	 
	Email:	 	 	Email:	 
	 	 	 
	Date:	 	 	Date:	 

 

Stock Purchase Amount:

 

	(1)	Number of shares of Class A Voting Common Stock:	 	 
	 	 	 	 
	(2)	Number of shares of Class B Non-Voting Common Stock:	 	 
	 	 	 	 
	(3)	Total number of shares subscribed (Line 1 plus Line 2):	 	 
	 	 	 	 
	(4)	Amount per share to be paid with subscription:	 	$14.50
	 	 	 	 
	(5)	Total Payment (Line 3 multiplied by Line 4):	 	 

 

Form of ownership: o
Individual        o TBE        o JTWROS        o
TIC        o Other (specify): ___________________

 

	PROFESSIONAL HOLDING CORP.	 	 
	 	 	 	 	 
	By:		 	 	 
		Name:	Daniel R. Sheehan	 	 
		Title: 	Chairman and President	 	 

 

	Date:	 	 	 

 

     

     

    

 

SIGNATURE PAGE FOR CORPORATIONS, PARTNERSHIPS,
LIMITED LIABILITY COMPANIES, ASSOCIATIONS, TRUSTS AND OTHER ENTITIES

 

IN WITNESS WHEREOF,
this Stock Purchase Agreement has been executed by Investor and by the Company on the respective dates set forth below.

 

	 	 	 
	(Name of Entity)	 	(Taxpayer Identification Number)

 

	By:	 	 	 

 

	Its:	 	  	 
	 	 	 	(Date)

 

	Address of Investor:	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Telephone Number:	 	 	 

 

	Fax Number:	 	 	 

 

	E-mail Address:	 	 	 

 

Stock Purchase Amount:

 

	(1)	Number of shares of Class A Voting Common Stock:	 	 
	 	 	 	 
	(2)	Number of shares of Class B Non-Voting Common Stock:	 	 
	 	 	 	 
	(3)	Total number of shares subscribed (Line 1 plus Line 2):	 	 
	 	 	 	 
	(4)	Amount per share to be paid with subscription:	 	$14.50
	 	 	 	 
	(5)	Total Payment (Line 3 multiplied by Line 4):	 	 

 

PROFESSIONAL HOLDING CORP.

 

	By:	 	 	 
		Name:	Daniel R. Sheehan	 	 
		Title:	Chairman and President	 	 

 

	Date:	 	 	 

 

     

     

    

 

List of Exhibits
and Schedules Omitted from the Purchase Agreement

Referenced in Exhibit
10.15 Above

 

Pursuant to Regulation S-K, Item 601(a)(5),
the Exhibits and Schedules to the Purchase Agreement referenced in Exhibit 10.15 above, as listed below, have not been filed. The
Registrant agrees to furnish supplementally a copy of any omitted Exhibit or Schedule to the Securities and Exchange Commission
(the “Commission”) upon request; provided, however, that the Registrant may request confidential treatment of omitted
items.

 

Exhibits:

 

	Exhibit A:	 	EJF Sidecar Fund Letter Agreement
	Exhibit B:	 	Mendon/BayBoston Letter Agreement
	Exhibit C:	 	Instruction SheetExhibit10.19

 

PROFESSIONAL HOLDING CORP.

396 Alhambra Circle, Suite 255

Coral Gables, Florida 33146

 

February 17, 2017

 

EJF Sidecar Fund, Series LLC – Series
E

2107 Wilson Blvd.

Suite 410

Arlington, VA 22201

 

Re:       Investor
Rights Letter Agreement

 

Ladies and Gentlemen:

 

This letter agreement
(the “Letter Agreement”) will confirm our agreement that pursuant to and effective as of the Closing
Date of your purchase of capital stock of Professional Holding Corp. (the “Company”), a Florida corporation
and parent company of Professional Bank, a Florida-chartered commercial bank (the “Bank”), EJF Sidecar
Fund, Series LLC – Series E, a Delaware series limited liability company (“EJF”), shall be entitled
to the contractual rights set forth in this Letter Agreement, in addition to any other rights specifically provided to EJF pursuant
to that certain Stock Purchase Agreement dated as of February 17, 2017 by and among the Company and certain investors, including
EJF (the “Agreement”), including any amendments or supplements thereto, and such other agreements, instruments
and certificates delivered in connection therewith (collectively, the “Transaction Documents”). Capitalized
terms not defined in this Letter Agreement shall have the meanings ascribed in the Agreement.

 

1.       Board
Observer Rights. For as long as EJF and its Affiliates beneficially own at least 9.9% of the Company’s issued and outstanding
Class A Voting Common Stock (calculated assuming any Class B Non-Voting Common Stock held by EJF and its Affiliates is converted
into Class A Voting Common Stock), the Company and the Bank shall allow EJF to designate one (1) representative to attend all meetings
of the Board and Bank Board in a non-voting observer capacity and, in this respect, shall give such representative copies of all
notices, minutes, consents and other materials that it provides to its directors at the same time and in the same manner as provided
to such directors; provided, however, that (i) such representative shall enter into a customary confidentiality agreement
with the Company and the Bank (in form and substance reasonably satisfactory to EJF, the Company and the Bank) requiring the representative
to hold in confidence and trust all information so provided; and (ii) the representative may be excluded from access to any material
or meeting or portion thereof if the Board or Bank Board (as applicable) determines in good faith, upon advice of counsel, that
access to such material or attendance at such meeting would adversely affect the attorney-client privilege between the Company
or the Bank and its counsel or would conflict with applicable banking laws or regulations or if such material or meeting relates
to relations or negotiations with EJF or require the consent or non-objection of any Regulator. For the avoidance of doubt, such
representative shall not have access to any “confidential supervisory information” (as such term or relevant similar
term is defined under the regulations of any Regulator).

 

     

     

    

 

2.       Exchange
of Class B Non-Voting Common Stock. EJF may exchange shares of Class B Voting Common Stock into an equal number of shares of
Class A Voting Common Stock (automatically upon EJF’s permitted transfer of shares of Class B Non-Voting Common Stock (a)
upon the consummation of a Permitted Transfer or (b) if the Company’s Board of Directors, acting in its sole and absolute
discretion, have approved the exchange and the exchange would not result in EJF (together with its Affiliates) beneficially owning
greater than 9.9% of the outstanding shares of the Company’s Class A Voting Common Stock. For the purposes of this Letter
Agreement, “Permitted Transfer” means (1) a transfer pursuant to a widely distributed public offering,
(2) a transfer in which no transferee acquires greater than 2% of the issued and outstanding shares Class A Voting Common Stock
(after giving effect to any conversion of Class B Non-Voting Common Stock, (3) a transfer to a Person that beneficially owns greater
than 50% of the issued and outstanding shares of the Company’s Class A Voting Common Stock or (4) a transfer that is approved
by the Federal Reserve Board. The Company shall hold in reserve, at all times, sufficient shares of Class A Voting Common Stock
to permit the exchange of all shares of Class B Non-Voting Common Stock then outstanding.

 

3.       Preemptive
Rights. If, following the consummation of the transactions contemplated by the Transaction Documents, the Company authorizes
the issuance or sale, other than an Excluded Issuance, of any Capital Stock, or any securities, options or debt that are convertible
or exchangeable into Capital Stock (“Stock Equivalents”) of the Company (any such security, a “New
Security”), EJF shall be entitled, in its sole discretion, to purchase its pro rata portion of the New Securities
for the same price and on the same terms as such New Securities are proposed to be offered to others, such that EJF and its Affiliates
are able to maintain their aggregate percentage ownership interest in the Company’s Capital Stock on a fully diluted basis,
subject to compliance with applicable Law. With respect to such rights described above (the “Preemptive Rights”),
the Company shall give written notice of such proposed issuance or sale (including the terms and conditions thereof) to EJF at
least thirty (30) days prior to the anticipated issuance or sale date, and EJF shall have twenty (20) days from the receipt thereof
to provide the Company with notice of the exercise of its Preemptive Rights with respect to such issuance or sale. For the purposes
of this Letter Agreement, “Excluded Issuance” means an issuance or sale of any Capital Stock or Stock
Equivalents issued or sold by the Company in connection with: (a) a grant to any existing or prospective directors, officers or
other employees, consultants or service providers of the Company or any Company Subsidiary pursuant to the Company Option Plan
or similar equity-based plans or other compensation agreement; (b) the conversion or exchange of any securities of the Company
into Capital Stock, or the exercise of any warrants or other rights to acquire Capital Stock; (c) any acquisition by the Company
or any Company Subsidiary of any equity interests, assets, properties or business of any Person; (d) any merger, consolidation
or other business combination involving the Company or any Company Subsidiary; (e) the commencement of any transaction or series
of related transactions involving a Change in Control; (f) any subdivision of Capital Stock (by a split of Capital Stock or otherwise),
payment of stock dividend, reclassification, reorganization or any similar recapitalization; or (g) a joint venture, strategic
alliance or other commercial relationship with any Person relating to the operation of the Company’s or any Company Subsidiary’s
business and not for the primary purpose of raising equity capital. The Preemptive Rights described herein will terminate upon
the consummation of a firm commitment underwritten public offering of the Company’s Capital Stock pursuant to a registration
statement or registration statements resulting in gross proceeds to the Company of at least $25 million.

 

     

     

    

 

4.       Registration
Rights. In addition to, and not exclusive of, any other registration rights granted to EJF pursuant to the Transaction Documents,
EJF shall be entitled to exercise registration rights as are set forth in a Registration Rights Agreement in the form of Exhibit
A hereto.

 

5.       Most
Favored Nation. The Company shall provide EJF with rights and benefits under the this Letter Agreement and the Agreement that
are no less favorable to those of any other investor participating in the Offering.

 

6.       Legal
Opinion. At the Closing, Investor shall have received an opinion from the Company’s legal counsel in the form set forth
in Exhibit B to this Letter Agreement. Delivery of such opinion shall be a closing condition as expressed in Section
1.2(c)(ii)(G) of the Agreement.

 

7.       Miscellaneous.
The provisions of Sections 6.4, 6.5, 6.6, 6.7, 6.8, 6.9, 6.10, 6.11, 6.14, 6.16 and 6.17 of the Agreement are hereby incorporated
into and made a part of this letter agreement and shall apply mutatis mutandis to this Letter Agreement.

 

[Signature Page Follows]

 

     

     

    

 

	 	 	Very truly yours,
	 	 	 
	 	 	PROFESSIONAL HOLDING CORP.
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Daniel R. Sheehan
	 	 	Name:  Daniel R. Sheehan
	 	 	Title:  Chairman and President
	 	 	 
	 	 	 
	 	 	Professional BANK
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Abel Iglesias
	 	 	Name: Abel L. Iglesias
	 	 	Title: Chief Executive Officer

 

 

	Acknowledged and agreed:	 	 
	 	 	 
	EJF Sidecar Fund, Series LLC – Series E	 	 
	 	 	 	 
	 	 	 	 
	By:	/s/ Emmanuel J. Friedman	 	 
	Name:	Emmanuel J. Friedman	 	 
	Title:	Chief Executive Officer	 	 

 

     

     

    

 

EXECUTION VERSION

 

EXHIBIT A

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”)
is made and entered into as of February 17, 2017, by and between Professional Holding Corp., a Florida corporation and the parent
company of Professional Bank (the “Company”), and the undersigned Investor (the “Investor”).
Capitalized terms not defined in this Agreement shall have the meaning ascribed in that certain Stock Purchase Agreement dated
February 17, 2017 by and between the Company and certain investors, including Investor (the “Purchase Agreement”).

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Investor hereby
mutually agree as follows:

 

	1.	Registration RIGHTS

 

(a)              
Any time after the fourth (4th) anniversary of the date of this Agreement, Investor may request one registration
(the “Demand Registration”) under the Securities Act of 1933, as amended (the “Securities
Act”), of its Registrable Securities (as defined below). The Demand Registration shall be on such form as the Company
shall select. The Demand Registration shall specify the number of Registrable Securities to be registered. The Company shall use
best efforts to cause a registration statement to be filed within 180 days after the date on which the initial request by Investor
is received by the Company and shall use its best efforts to cause such registration statement to be declared effective by the
U.S. Securities and Exchange Commission (“SEC”) as soon as practicable thereafter. The Company shall
use best efforts to keep such Demand Registration current and effective until the Registrable Securities registered thereby cease
to be Registrable Securities.

 

(b)              
As long as Investor holds Registrable Securities, if at any time or from time to time, the Company shall determine to register
any of its securities under the Securities Act (except for the registration of securities to be offered pursuant to an employee
benefit plan on Form S-8 or pursuant to a registration made on Form S-4, or any successor forms then in effect) and the registration
form to be used may be used for the registration of the Registrable Securities (a “Piggyback Registration”),
the Company shall:

 

(1)           
Provide thirty (30) calendar days’ advance written notice to Investor prior to filing the registration statement (the
“Registration Rights Notice”); and

 

(2)           
include in such registration, and in any underwriting involved therein, all the Registrable Securities specified in a written
request made by Investor within fifteen (15) calendar days after receipt of the Registration Rights Notice from the Company, except
as set forth in Section 1(c) below.

 

     

     

    

 

(c)              
If the registration is for a registered public offering involving an underwriting, the Company shall so advise Investor
as a part of the Registration Rights Notice. In such event, the right of Investor to registration shall be conditioned upon Investor’s
participation in such underwriting and the inclusion of Investor’s Registrable Securities in the underwriting to the extent
provided herein. If Investor proposes to distribute its securities through such underwriting, it shall (together with the Company
and any other holders distributing their securities through such underwriting) enter into an underwriting agreement in the form
agreed to by the Company with the underwriter(s) selected for such underwriting by the Company. Notwithstanding any other provision
of this Agreement, if the managing underwriters advise the Company and Investor in writing that in their reasonable and good faith
opinion the number of securities requested to be included in such offering exceeds the number which can be sold without adversely
affecting the per share offering price of the securities, the Company will include in such registration (i) first, the securities
that the Company proposes to sell; (ii) second, the Registrable Securities requested to be included therein by Investor, allocated
pro rata among all such holders on the basis of the number of Registrable Securities owned by each such holder or in such manner
as they may otherwise agree; and (iii) third, the securities requested to be included therein by holders of securities other than
holders of Registrable Securities, allocated among such holders in such manner as they may agree. If Investor disapproves of the
terms of any such underwriting, Investor may elect to withdraw therefrom by written notice to the Company and the managing underwriter.

 

(d)              
For purposes of this Agreement, “Registrable Securities” shall mean any and all shares of (i)
Company Stock issued pursuant to the Purchase Agreement (including Class A Common Stock issued or issuable upon exchange of Class
B Common Stock), (ii) Capital Stock issued in respect of the Company Stock in any reorganization of the Company, and (iii) Capital
Stock issued in respect of the stock referred to in clause (i) or (ii) above as a result of a stock split, stock dividend, recapitalization
or combination.

 

	2.	Expenses of Registration

 

All expenses incurred
in connection with the registrations pursuant to Section 1 hereof, including all registration, filing and qualification fees,
printing expenses, fees and disbursements of counsel for the Company and expenses of any special audits of the Company’s
financial statements incidental to or required by such registration, shall be borne by the Company, except that the Company shall
not be required to pay underwriters’ fees, discounts or commissions relating to Registrable Securities.

 

	3.	Registration Procedures

 

In the case of each
registration affected by the Company pursuant to this Agreement, the Company will keep Investor advised in writing as to the initiation
of each registration and as to the completion thereof. At its expense the Company will:

 

(a)               
keep such registration pursuant to this Agreement continuously effective until all of such Registrable Securities
have been disposed of and to comply with the provisions of the Securities Act with respect to the disposition of such Registrable
Securities in accordance with the intended methods of disposition set forth in such registration statement;

 

(b)               
promptly prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to comply with the provisions of the Securities Act, and to keep such registration
statement effective for that period of time specified in Section 3(a) above;

 

    2

     

    

 

(c)               
at least five (5) business days before filing such registration statement, prospectus or amendments or supplements
thereto with the SEC, furnish to Investor copies of such documents proposed to be filed, which documents shall be subject to the
reasonable review, comment and approval of Investor;

 

(d)              
notify Investor, promptly after the Company receives notice thereof, of the time when such registration statement
has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed with
the SEC;

 

(e)               
advise Investor, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop
order by the SEC suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding
for such purpose and promptly use best efforts to obtain the withdrawal of any order suspending the effectiveness of a registration
statement, or the lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction,
at the earliest possible moment;

 

(f)                
cause all Registrable Securities covered by such registrations to be listed on each securities exchange on which
similar securities issued by the Company are then listed or, if such securities are not then listed, on a national securities exchange
selected by Investor;

 

(g)               
notify each selling holder of such Registrable Securities, at any time when a prospectus relating thereto is required
to be delivered under the Securities Act, of the happening of any event that would cause the prospectus included in such registration
statement to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading, and, at the request of any such holder, the Company shall
prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading;

 

(h)              
make available for inspection by Investor all financial and other records, pertinent corporate documents and properties
of the Company (collectively, the “Records”), and cause the Company’s officers, directors and employees
to supply all Records requested by Investor in connection with such registration statement;

 

(i)                
provide a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later
than the effective date of such registration;

 

(j)                
otherwise use its best efforts to comply with all applicable rules and regulations of the SEC and make available
to its shareholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 under the Securities Act or any successor rule thereto) no later than thirty (30) days after the end of the 12-month period
beginning with the first day of the Company’s first full fiscal quarter after the effective date of such Registration Statement,
which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company
timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Securities Exchange Act of 1934, as amended
(“Exchange Act”), and otherwise complies with Rule 158 under the Securities Act or any successor rule
thereto; and

 

    3

     

    

 

(k)               
enter into such customary agreements (including underwriting agreements in customary form) and take all such other
actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities;

 

(l)                 
use its best efforts to cause such Registrable Securities to be registered with or approved by such other Governmental
Entities as may be necessary by virtue of the business and operations of the Company to enable the holders of such Registrable
Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution
thereof;

 

(m)              
notify Investor promptly of any request by the Commission for the amending or supplementing of such registration
statement or prospectus or for additional information;

 

(n)               
permit Investor to participate in the preparation of such Registration Statement and to require the insertion therein
of language, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included,
if in Investor’s judgment, Investor might be deemed to be an underwriter or a “controlling person” (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) (a “Controlling Person”) of
the Company; and

 

(o)               
take such other actions as reasonably requested by Investor.

 

	4.	Indemnification

 

(a)               
In the event of a registration of any of the Registrable Securities under the Securities Act pursuant to this Agreement,
the Company will (i) indemnify and hold harmless, to the fullest extent permitted by law, Investor, each underwriter of such Registrable
Securities thereunder, and any other person acting on behalf of Investor and each other person, if any, who controls such foregoing
persons within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which
any of the foregoing persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any registration statement under which such Registrable Securities were registered under the
Securities Act, any preliminary prospectus, free writing prospectus, or final prospectus contained therein, or any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of any rule or
regulation promulgated under the Securities Act or any state securities law applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration, and (ii) will reimburse such persons, each of their
officers, directors and partners, and each person controlling such persons, for any legal and any other expenses incurred in connection
with investigating, defending or settling any such claim, loss, damage, liability or action. Notwithstanding the foregoing, the
Company will not be liable in any such case to the extent that any such claim, loss, damage or liability arises out of or is based
on any untrue statement or omission based upon written information furnished to the Company in an instrument duly executed by Investor
or an underwriter, as applicable, specifically for use therein. This indemnity shall be in addition to any liability the Company
may otherwise have.

 

    4

     

    

 

(b)               
Investor will, if Registrable Securities held by or issuable to Investor are included in the securities for which
such registration is being effected, indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of
its directors and officers, each underwriter, if any, of the Company’s securities covered by such registration statement,
each person who controls the Company and each underwriter within the meaning of the Securities Act, against all claims, losses,
expenses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of a prospectus, in light of the circumstances under with they were made), but only to the
extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration
statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished
to the Company in an instrument duly executed by Investor specifically for use therein. Notwithstanding the foregoing, the total
amount for which Investor, its officers, directors and partners, and any person controlling Investor, shall be liable under this
Section 4(b) shall not in any event exceed the net proceeds (after deducting underwriting fees, commissions, and discounts) received
by Investor from the sale of its Registrable Securities in such registration. This indemnity shall be in addition to any liability
Investor may otherwise have.

 

(c)               
Each party entitled to indemnification under this Section 4 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly
after such Indemnified Party has actual knowledge of any claims as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting therefrom; provided, however, that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party
(whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s
expense. Notwithstanding the foregoing, the failure of any Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations hereunder, unless such failure resulted in actual detriment to the Indemnifying Party.
No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation.

 

    5

     

    

 

(d)               
Notwithstanding the foregoing, to the extent that the provisions on indemnification contained in the underwriting
agreements entered into among Investor, the Company and the underwriters in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting agreement shall be controlling as to the Registrable
Securities included in the public offering.

 

(e)               
The indemnification provided by this Section 4 shall be a continuing right to indemnification and shall survive the
registration and sale of any securities by any person entitled to indemnification hereunder and the expiration or termination of
this Agreement.

 

(f)                
If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, claim, damage, liability or action referred to herein, then the Indemnifying Party,
in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amounts paid or payable by such Indemnified Party
as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions
which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided,
that the maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of Registrable
Securities, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such
seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the Indemnifying Party
and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying
Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto
were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations
referred to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities
Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

	5.	REPORTS UNDER the EXCHANGE ACT

 

With a view to making
available to Investor the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC
that may at any time permit Investor to sell securities of the Company to the public without registration, the Company shall:

 

(a)               
make and keep public information available, within the meaning of Rule 144, at all times after the effective date
of (i) the first registration statement covering an underwritten public offering filed by the Company or (ii) the first registration
by the Company under the Exchange Act;

 

(b)               
following a public offering or a registration under the Exchange Act, file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act; and

 

    6

     

    

 

(c)               
furnish to Investor forthwith upon request a written statement by the Company that it has complied with the reporting
requirements of Rule 144 (at any time after ninety (90) days after the effective date of said first registration statement filed
by the Company), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements),
a copy of the most recent annual or quarterly report of the Company, and such other reports and documents filed by the Company
with the SEC as may be reasonably requested in availing any such holder to take advantage of any rule or regulation of the SEC
permitting the selling of any such securities without registration.

 

	6.	LIMITATIONS IN CONNECTION WITH FUTURE GRANTS OF REGISTRATION RIGHTS

 

From and after the
date of this Agreement, the Company shall not, without the prior written consent of Investor, enter into any agreement with any
holder or prospective holder of any securities of the Company which would allow such holder or prospective holder to include such
securities in any registration filed under Section 1 hereof, unless under the terms of such agreement, such holder or prospective
holder may include such securities in any such registration only to the extent that the inclusion of his securities will not reduce
the amount of the Registrable Securities of Investor to be included in such registration.

 

	7.	TRANSFER OF REGISTRATION RIGHTS

 

The registration rights
of Investor (and of any permitted transferee of Investor) under this Agreement with respect to any Registrable Securities may be
assigned in whole or in part as provided in Section 8(b) below.

 

	8.	Miscellaneous

 

(a)               
No amendment or waiver of any provision of this Agreement will be effective against any party hereto unless it is
in a writing signed by a duly authorized officer of such party.

 

(b)               
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, legal representatives, successors and permitted assigns. This Agreement, and the rights and obligations
of Investor hereunder, may be assigned by Investor to any person or entity to which Registrable Securities are transferred by Investor,
and such transferee shall be deemed to have acquired all of the rights and obligations of Investor for purposes of this Agreement;
provided, that the transferee provides written notice of such assignment to the Company and provided that any such transfer shall
be made strictly in accordance with all applicable laws; and provided, further, that such rights may not be held or exercised by
more than one transferee at any one time. The Company may not assign its rights under this Agreement except to its successors-in-interest
as a result of a merger, reorganization or a sale of all or substantially all of the assets of the Company.

 

(c)               
For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.
Executed signature pages to this Agreement may be delivered by facsimile or other electronic transmission and such transmissions
shall be deemed as sufficient as if manually signed signature pages had been delivered.

 

    7

     

    

 

(d)               
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing
and will be deemed to have been duly given (i) on the date of delivery if delivered personally or by e-mail (upon confirmation
of receipt), (ii) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service,
or (iii) on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested,
postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice.

 

If to the Company:

 

Professional Holding Corp.

396 Alhambra Circle, Suite 255

Coral Gables, FL 33146

E-mail: dsheehan@professionalbankfl.com

Attention: Daniel R. Sheehan

Title: Chairman and President

 

with a copy to:

 

Gunster, Yoakley & Stewart, P.A.

777 South Flagler Drive, Suite 500 East

West Palm Beach, FL 33401

E-mail: mmitrione@gunster.com

Attention: Michael V. Mitrione

 

If to Investor:

 

EJF Sidecar Fund, Series LLC –
Series E

2107 Wilson Blvd., Suite 410

Arlington, VA 22201

E-mail: HRosenkoetter@ejfcap.com

Attention: Heather Rosenkoetter

Title: Managing Director

 

with copies to:

 

Bryan Cave

1201 W. Peachtree St. NW

Atlanta, GA 30309

E-mail: Robert.Klingler@bryancave.com

Attention: Robert Klingler

 

    8

     

    

 

(e)               
If any provision of this Agreement or the application thereof to any person or circumstance is determined by a court
of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision
to persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain in full force and
effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination, the parties shall negotiate
in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties.

 

(f)                
If, and as often as, there is any change in the Class A Common Stock or Class B Common Stock by way of a stock split,
stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by
any other means, appropriate adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby
shall continue with respect to the Class A Common Stock and Class B Common Stock as so changed.

 

(g)               
This Agreement will be governed by and construed in accordance with the Laws of the State of Florida applicable to
contracts made and to be performed entirely within such jurisdiction.

 

(h)               
The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the federal
or state courts located in Miami-Dade County, Florida, so long as such court shall have subject matter jurisdiction over such suit,
action or proceeding, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by Law,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court
or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process
in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section
8(h) shall be deemed effective service of process on such party. The parties hereby irrevocably and unconditionally consent to
submit to the exclusive jurisdiction of the state and federal courts referred to above for any actions, suits or proceedings arising
out of or relating to this Agreement and the transactions contemplated hereby.

 

(i)                
THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER
THIS AGREEMENT OR UNDER ANY AGREEMENT, INSTRUMENT OR OTHER DOCUMENT CONTEMPLATED HEREBY OR RELATED HERETO AND IN ANY ACTION DIRECTLY
OR INDIRECTLY RELATED TO OR CONNECTED WITH THE OBLIGATIONS OF THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THIS WAIVER MAY DEPRIVE
EACH OF THEM AN IMPORTANT RIGHT AND THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE BY THE PARTIES AFTER CONSULTATION
WITH THEIR LEGAL COUNSEL.

 

(j)                
The article, section, paragraph and clause captions herein are for convenience of reference only, do not constitute
part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof.

 

[Signature page follows]

 

    9

     

    

 

EXECUTION VERSION

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date set forth above.

 

	 	COMPANY:
	 	 
	 	 	PROFESSIONAL HOLDING CORP.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	Daniel R. Sheehan
	 	 	Title:	Chairman and President
	 	 	 
	 	 	 
	 	 	INVESTOR:
	 	 	 
	 	 	EJF SIDECAR FUND, SERIES LLC – SERIES E
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

EXHIBIT B

 

FORM OF OPINION

 

1.                 
The Company has been incorporated under the Florida Business Corporation Act, and its corporate status is active under the
laws of the State of Florida.

 

2.                 
The Bank (a) has been incorporated under the Florida Business Corporation Act and is a Florida-chartered commercial bank,
and its corporate status is active, and (b) based solely on the FDIC Certificate, is an “insured depository” as
defined under Section 3(c)(2) of the Federal Deposit Insurance Act, and the deposit accounts of the Bank are insured by the
FDIC up to the maximum amounts provided by law and the rules of the FDIC.

 

3.                 
The Company has the corporate power to execute and deliver the Agreement and to perform its obligations thereunder.

 

4.                 
The Company has authorized the execution, delivery and performance of the Agreement by all necessary corporate action.

 

5.                 
Subject to the limitations set forth herein, the Agreement is a valid and binding obligation of the Company and is enforceable
against the Company in accordance with its terms under the laws of the State of Florida.

 

6.                 
The Securities have been duly authorized by the Company, and the Securities, when issued, delivered and paid for in accordance
with the terms of the Agreement, will be validly issued, fully paid and nonassessable.

 

7.                 
The Company is not and, after giving effect to the offer and sale of the Securities, will not be an “investment company”
as such term is defined in the Investment Company Act of 1940, as amended (the “ICA”).

 

8.                 
The execution and delivery by the Company of the Agreement and the performance by the Company of its obligation under the
Agreement do not: (a) violate the Company’s Articles of Incorporation or Bylaws; (b) to our knowledge, constitute
a breach or a default under, or result in the creation of a security interest or a lien on the assets of the Company under, any
of the Company’s material agreements that are known to us (to the extent that any such agreement is governed by the law of
a jurisdiction other than the State of Florida, we express no opinion with respect to the effect or other matters of any such law
and have assumed that the laws of such jurisdiction are identical to the laws of the State of Florida, without giving effect to
principles of conflicts of laws); (c) violate any judgment, decree or order known to us of any court or administrative tribunal
of the State of Florida that is known to us to be applicable to the Company; or (d) based on existing facts of which we are
aware, violate any Applicable Laws (as hereinafter defined).

 

[Signature Page to Registration Rights Agreement]

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