Document:

Exhibit 10.1

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE
PURCHASE AGREEMENT (this “Agreement”) is dated as of June 25, 2020, and is made by and among Delmar Bancorp,
a Maryland corporation (“Company”), and the purchaser of the Subordinated Note identified on the signature
page hereto (the “Purchaser”).

 

RECITALS

 

WHEREAS, Company
has requested that the Purchaser purchase from Company a Subordinated Note (as defined herein) in the principal amount set forth
on Purchaser’s signature page (the “Subordinated Note Amount”), which amount is intended to meet
the qualifications for inclusion as Tier 2 Capital (as defined herein);

 

WHEREAS, the
Purchaser is an “accredited investor” as such term is defined by Rule 501 of Regulation D promulgated under the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”),
as well as a “qualified institutional buyer” as such term is defined in Rule 144A promulgated under the Securities
Act (“QIB”);

 

WHEREAS, the
offer and sale of the Subordinated Note by Company is being made pursuant to one or more available exemptions from the registration
requirements of the Securities Act, including Section 4(a)(2) of the Securities Act and the provisions of Rule 506(b) of Regulation
D promulgated thereunder; and

 

WHEREAS, Purchaser
is willing to purchase from Company a Subordinated Note in the Subordinated Note Amount in accordance with the terms, subject to
the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in
the Subordinated Note.

 

NOW, THEREFORE,
in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

 

1.           
DEFINITIONS.

 

1.1             
Defined Terms. The following capitalized terms generally used in this Agreement and in the Subordinated
Note have the meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement
may be defined in such sections.

 

“Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective
Affiliates.

 

    	 	 	 

     

    

 

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

 

“Articles” has
the meaning set forth in Section 3.2.1.2.

 

“Bank”
refers either to The Bank of Delmarva, a Delaware-chartered non-member bank with its principal place of business located in Seaford,
Delaware (“Delmarva”),or Virginia Partners Bank, a Virginia-chartered state member bank with its principal
place of business located in Fredericksburg, Virginia, (“Virginia Partners”), as applicable; “Banks”
refers to Delmarva and Virginia Partners collectively.

 

“Bank Holding
Company Act” has the meaning set forth in Section 3.2.1.6.

 

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

 

“Bylaws”
has the meaning set forth in Section 3.2.1.2.

 

“Closing”
has the meaning set forth in Section 2.5.

 

“Closing
Date” means June 25, 2020.

 

“Common
Stock” means the Company’s common stock, $0.01 par value per share.

 

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

 

“Company’s
Reports” means (i) audited consolidated financial statements of Company and the Banks, as applicable, as of and for
the year ended December 31, 2019; (ii) the unaudited consolidated financial statements of Company and the Banks, as applicable,
for the quarter ended March 31, 2020, (iii) Company’s Parent Company Only Financial Statements for Small Holding Companies
(FR Y-9SP) as of and for the year ended December 31, 2019 filed with the FRB, and (iv) each of the Banks’ consolidated reports
of condition and income (or call report) as of and for the year ended December 31, 2019 filed with the Federal Financial Institutions
Examination Council’s Central Data Repository.

 

“Condition
or Release” means any presence, use, storage, transportation, discharge, disposal, release or threatened release
of any Hazardous Materials.

 

“Control”
(including the terms “controlling,” “controlled by,” and “under common control with”) means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract, or otherwise.

 

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

 

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

 

    	 	2	 

     

    

 

“Event
of Default” has the meaning set forth in the Subordinated Note.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Financial
Advisor” means Piper Sandler & Co., independent financial advisor to Company in connection with this Agreement.

 

“FRB”
means the Board of Governors of the Federal Reserve System.

 

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States of America.

 

“Governmental
Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission,
board, regulatory authority or agency (including each applicable Regulatory Agency) with jurisdiction over Company, either Bank
or any of their Subsidiaries.

 

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

 

“Hazardous
Materials” means oil, flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive
materials, hazardous wastes, toxic or contaminated substances or similar materials, including any substances which are “hazardous
substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the
Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.

 

“Hazardous
Materials Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation,
conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C.
Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource
Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C.
Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational
Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C.
Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe
Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions
or orders and regulations.

 

    	 	3	 

     

    

 

“Indebtedness”
means: (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included
in determining total liabilities as shown on the consolidated balance sheet of Company or any Subsidiary of Company; and (ii) all
obligations secured by any lien on property owned by Company or any Subsidiary whether or not such obligations shall have been
assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained
in the ordinary course of Company’s or the Banks’ business (including without limitation federal funds purchased, advances
from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or the Banks, repurchase
arrangements, interest rate swaps and financing through the Paycheck Protection Program Liquidity Facility) and consistent with
customary banking practices and applicable laws and regulations.

 

“Leases”
means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all
amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate
agreements relating thereto.

 

“Material
Adverse Effect” means any change or effect that (i) is or would be reasonably likely to be material and adverse to
the financial condition, results of operations, business or assets of the Company, either Bank and/or their respective Subsidiaries,
or (ii) would materially impair the ability of the Company, either Bank and/or their respective Subsidiaries to perform its respective
obligations under any of the Transaction Documents, or otherwise materially impede the consummation of the transactions contemplated
hereby or thereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the
impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations thereof by
Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their
holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions affecting
financial institutions or their market prices generally and not specifically related to Company, Bank, or Purchaser, (4) pandemics,
epidemics, disease outbreaks, and other public health emergencies, including the Coronavirus disease (COVID-19), (5) direct effects
of compliance with this Agreement on the operating performance of Company, the Banks, or Purchaser, including expenses incurred
by Company, the Banks, or Purchaser in consummating the transactions contemplated by this Agreement, and (6) the effects of any
action or omission taken by Company or the Banks with the prior written consent of Purchaser, and vice versa, or as otherwise contemplated
by this Agreement and the Subordinated Note.

 

“Maturity
Date” means July 1, 2030.

 

“Person”
means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an
association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental
Agency) or any other entity or organization.

 

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

 

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

 

“QIB”
has the meaning set forth in the Recitals.

 

    	 	4	 

     

    

 

“Regulation
D” means Regulation D promulgated under the Securities Act.

 

“Regulatory
Agencies” means any federal or state agency charged with the supervision or regulation of depository institutions
or holding companies of depository institutions, or engaged in the insurance of depository institution deposits, or any court,
administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with respect
to Company, the Banks or any of their Subsidiaries.

 

“Regulatory Approval”
has the meaning set forth in Section 3.2.1.6.

 

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

 

“State
Regulator” has the meaning set forth in Section 3.2.1.6.

 

“Subordinated
Note” means the Subordinated Note in the form attached as Exhibit A hereto, as amended, restated, supplemented
or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note (any
one or more Subordinated Notes into which this Subordinated Note may be subdivided, exchanged, or substituted in the future referred
to, collectively, with this Subordinated Note, as the “Subordinated Notes”).

 

“Subordinated
Note Amount” has the meaning set forth in the Recitals.

 

“Subsidiary”
means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly
or indirectly owned by such Person.

 

“Tier 2
Capital” has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217, 12 C.F.R. Part 225,
and 12 C.F.R. Part 250, as amended, modified and supplemented and in effect from time to time or any replacement thereof.

 

“Transaction
Documents” has the meaning set forth in Section 3.2.1.1.

 

1.2             
Interpretations. The foregoing definitions are equally applicable to both the singular and plural
forms of the terms defined. The words “hereof”, “herein” and “hereunder”
and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. The word “including” when used in this Agreement without the phrase “without
limitation,” shall mean “including, without limitation.” All references to time of day
herein are references to Eastern Time unless otherwise specifically provided. All references to this Agreement and the Subordinated
Note shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to any reference
in this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives
and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement,
then it shall also include any amendment, replacement, extension or other modification thereof.

 

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

 

    	 	5	 

     

    

 

2.           
SUBORDINATED DEBT.

 

2.1             
Certain Terms. Subject to the terms and conditions herein contained, Company proposes to issue
and sell to the Purchaser a Subordinated Note in an amount equal to the Subordinated Note Amount. Purchaser agrees to purchase
the Subordinated Note from Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions
set forth in, this Agreement and the Subordinated Note. The Subordinated Note Amount shall be disbursed in accordance with Section
3.1. The Subordinated Note shall bear interest per annum as set forth in the Subordinated Note. The unpaid principal balance
of the Subordinated Note plus all accrued but unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier
date on which such amount shall become due and payable on account of (i) acceleration by Purchaser in accordance with the terms
of the Subordinated Note and this Agreement or (ii) Company’s delivery of a notice of redemption or repayment in accordance
with the terms of the Subordinated Note.

 

2.2             
Subordination. The Subordinated Note shall be subordinated in accordance with the subordination
provisions set forth therein.

 

2.3             
Maturity Date. On the Maturity Date, all sums due and owing under this Agreement and the Subordinated
Note shall be repaid in full. Company acknowledges and agrees that Purchaser has not made any commitments, either express or implied,
to extend the terms of the Subordinated Note past its Maturity Date, and shall not extend such terms beyond the Maturity Date unless
Company and Purchaser hereafter specifically otherwise agree in writing.

 

2.4             
Unsecured Obligations. The obligations of Company to Purchaser under the Subordinated Note shall
be unsecured and not covered by a guarantee of the Company or any Affiliate of the Company.

 

2.5             
The Closing. The execution and delivery of the Transaction Documents (the “Closing”)
shall occur on the Closing Date at such place or time or on such other date as the parties hereto may agree.

 

2.6             
Payments. Company agrees that matters concerning payments and application of payments shall be
as set forth in this Agreement and in the Subordinated Note.

 

2.7             
Right of Offset. Purchaser hereby expressly waives any right of offset Purchaser may have against
Company or any of its Subsidiaries.

 

2.8             
Use of Proceeds. Company shall use the net proceeds from the sale of the Subordinated Note for
general corporate purposes, which may include, without limitation, investments in the Banks as regulatory capital, repayment or
redemption of outstanding Indebtedness, providing capital to support organic growth or growth through strategic acquisitions, and
capital expenditures.

 

    	 	6	 

     

    

 

3.           
DISBURSEMENT.

 

3.1        
Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in Section
3.2 have been satisfied by Company or waived by the Purchaser and Company has executed and delivered to Purchaser this Agreement
and such Purchaser’s Subordinated Note and any other related documents in form and substance reasonably satisfactory to Purchaser,
Purchaser shall disburse the Subordinated Note Amount, which is set forth on Purchaser’s signature page, in immediately available
funds to Company in exchange for a Subordinated Note with a principal amount equal to such Subordinated Note Amount (the “Disbursement”).
Company will deliver to the Purchaser one or more certificates representing the Subordinated Note in definitive form (or provide
evidence of the same with the original to be delivered by Company by overnight delivery on the next business day in accordance
with the delivery instructions of Purchaser), registered in such names and denominations as Purchaser may request.

 

3.2        
Conditions Precedent to Disbursement.

 

3.2.1         
Conditions to the Purchaser’s Obligation. The obligation of Purchaser to consummate the purchase
of the Subordinated Note to be purchased by it at Closing and to effect the Disbursement is subject to the fulfillment of or delivery
by or at the direction of Company to such Purchaser, on or prior to the Closing Date, of each of the following (or written waiver
by such Purchaser prior to the Closing of such delivery):

 

3.2.1.1      
Transaction Documents. This Agreement and the Subordinated Note (collectively, the “Transaction
Documents”), each duly authorized and executed by Company.

 

3.2.1.2      
Authority Documents.

 

		(a)	A copy, certified by the Secretary or Assistant Secretary of Company, of the articles of incorporation
of Company and all amendments thereto as in effect as of the Closing Date (the “Articles”);

 

		(b)	A certificate of status of Company issued by the Maryland State Department of Assessments and Taxation;

 

		(c)	A copy, certified by the Secretary or Assistant Secretary, of the bylaws of Company and all amendments
thereto as in effect as of the Closing Date (the “Bylaws”);

 

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

 

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

 

    	 	7	 

     

    

 

		(f)	The opinion of Troutman Sanders LLP, counsel to Company, dated as of the Closing Date, substantially
in the form set forth at Exhibit B attached hereto addressed to the Purchaser.

 

3.2.1.3      
Representations and Warranties. The representations and warranties of Company set forth in Section
4 of this Agreement that do not contain a “Material Adverse Effect” qualification or other express materiality
or similar qualification shall have been true and correct as of the date hereof and shall be true and correct as of the Closing
Date, except where the failure of such representations and warranties to be so true and correct does not have a Material Adverse
Effect; provided, however, that representations and warranties made as of a specified date need only be true and correct
as of such date. The representations and warranties of Company set forth in Section 4 of this Agreement that contain a “Material
Adverse Effect” qualification or any other express materiality or similar qualification shall have been true and correct
as of the date hereof and shall be true and correct as of the Closing Date; provided, however, that representations and
warranties made as of a specified date need only be true and correct as of such date.

 

3.2.1.4      
Covenants. All covenants, agreements and conditions contained in this Agreement to be performed
by Company on or prior to the Closing Date shall have been performed or complied with in all material respects.

 

3.2.1.5      
Other Requirements. Such other additional information regarding Company, the Banks and any other
Subsidiary of Company or the Banks and their respective assets, liabilities (including any liabilities arising from, or relating
to, legal proceedings) and contracts as a Purchaser may reasonably require.

 

3.2.1.6      
Consents and Approvals. The Company shall file any required applications, filings and notices required
in connection with this Agreement, as applicable, with (i) the FRB (under the Bank Holding Company Act of 1956, as amended (“Bank
Holding Company Act”)), and (ii) the Office of the Commissioner of Financial Regulation of the Maryland State Department
of Labor, Licensing and Regulation (the “State Regulator”), and receive approval of, or consent or nonobjection
to, the foregoing applications, filings and notices (“Regulatory Approval”).

 

3.2.2        
Conditions to Company’s Obligation. The obligation of Company to consummate the sale of the
Subordinated Note and to effect the Closing is subject to delivery by Purchaser to the Company of this Agreement, duly authorized
and executed by such Purchaser, and the purchase price from the Purchaser in an amount equal to the stated principal amount of
the Subordinated Note.

 

    	 	8	 

     

    

 

4.           
REPRESENTATIONS AND WARRANTIES OF COMPANY.

 

Company hereby represents
and warrants to Purchaser as follows:

 

4.1         
Organization and Authority.

 

4.1.1         
Organization Matters of Company and Its Subsidiaries.

 

4.1.1.1       
Company is a bank holding company registered with the FRB under the Bank Holding Company Act of 1956, as amended.
Company is a business corporation validly existing and in good standing under the laws of the State of Maryland and has all requisite
corporate power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform
its obligations under the Transaction Documents. Company is duly qualified as a foreign corporation to transact business and is
in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a
Material Adverse Effect.

 

4.1.1.2       
The entities listed on Schedule 4.1.1.2 are the only direct or indirect Subsidiaries of the Company. Each
Subsidiary of the Company and the Banks either has been duly organized and is validly existing as a corporation or limited liability
company, or, in the case of the Banks, has been duly chartered and is validly existing, in the case of Delmarva as a Delaware chartered
bank, and in the case of Virginia Partners, as a Virginia-chartered bank, in each case in good standing under the laws of the jurisdiction
of its incorporation or formation, has corporate or limited liability company power and authority to own, lease and operate its
properties and to conduct its business and is duly qualified as a foreign entity to transact business and is in good standing in
each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. All
of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary of the Company have been duly
authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through Subsidiaries
of the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding
shares of capital stock of, or other equity interests in, any Subsidiary of the Company were issued in violation of the preemptive
or similar rights of any security holder of such Subsidiary of the Company or any other Person.

 

4.1.1.3       
The deposit accounts of the Banks are insured by the FDIC up to applicable limits. Neither Company nor Bank has
received any notice or other information indicating that either Bank is not an “insured depository institution” as
defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to adversely affect the status
of either Bank as an FDIC-insured institution. Company and its Subsidiaries have made payment of all franchise and similar taxes
in all of the respective jurisdictions in which they are incorporated, chartered or qualified, except for any such taxes (i) where
the failure to pay such taxes will not have a Material Adverse Effect, (ii) the validity of which is being contested in good faith
or (iii) for which proper reserves have been set aside on the books of Company or any applicable Subsidiary of Company, as the
case may be.

 

    	 	9	 

     

    

 

4.1.2         
Capital Stock and Related Matters. The Articles of Company authorize Company to issue 40,000,000
shares of capital stock, all of which shares are initially classified as Common Stock; the Board of Directors of Company may classify
and reclassify any unissued shares of capital stock, including as shares of preferred stock, by setting or changing in any one
or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions and
dividends, qualifications or terms or conditions of redemption of such shares of stock. As of the date of this Agreement, there
are 17,809,185 shares of Common Stock issued and outstanding and zero shares of the Company’s preferred stock issued and
outstanding. All of the outstanding capital stock of the Banks is owned beneficially and of record by Company and has been duly
authorized and validly issued and is fully paid and non-assessable. All of the outstanding capital stock of Company has been duly
authorized and validly issued and is fully paid and non-assessable. There are, as of the date hereof, no outstanding options, rights,
warrants or other agreements or instruments obligating Company to issue, deliver or sell, or cause to be issued, delivered or sold,
additional shares of the capital stock of Company or obligating Company to grant, extend or enter into any such agreement or commitment
to any Person other than Company except pursuant to Company’s equity incentive plans duly adopted by Company’s Board
of Directors.

 

4.2        
No Impediment to Transactions.

 

4.2.1         
Transaction is Legal and Authorized. The issuance of the Subordinated Note, the borrowing of the
Subordinated Note Amount, the execution of the Transaction Documents and compliance by Company with all of the provisions of the
Transaction Documents are within the corporate and other powers of Company.

 

4.2.2         
Agreement. This Agreement has been duly authorized, executed and delivered, and, assuming due authorization,
execution and delivery by the Purchaser, constitutes the legal, valid and binding obligation of Company, enforceable in accordance
with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

4.2.3         
Subordinated Note. The Subordinated Note has been duly authorized by Company and when executed
by Company and issued, delivered to and paid for by the Purchaser in accordance with the terms of the Agreement, will have been
duly executed, issued and delivered, and will constitute legal, valid and binding obligations of Company, enforceable in accordance
with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

4.2.4         
Exemption from Registration. Neither the Company, nor any of its Subsidiaries or Affiliates, nor
any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning
of Regulation D) in connection with the offer or sale of the Subordinated Note. Assuming the accuracy of the representations and
warranties of Purchaser set forth in this Agreement, the Subordinated Note will be issued in a transaction exempt from the registration
requirements of the Securities Act.

 

    	 	10	 

     

    

 

4.2.5             
No Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents nor
compliance with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both)
(i) violate, conflict with or result in a breach of, or constitute a default under: (1) the Articles or Bylaws of Company; (2)
any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement,
indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement or instrument to which Company
or either Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment,
order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or Governmental Agency applicable to Company or
either Bank; or (4) any statute, rule or regulation applicable to Company, except, in the case of items (2), (3) or (4), for such
violations and conflicts that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect,
or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset
of Company, either Bank or any of their Subsidiaries. Neither Company, either of the Banks nor any of their Subsidiaries are in
default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained
in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which any such Indebtedness
is issued, or any other agreement or instrument to which Company, either Bank or any of their Subsidiaries, as applicable, is a
party or by which Company, either Bank or any of their Subsidiaries, as applicable, or any of their properties may be bound or
affected, except, in each case, only such defaults that would not reasonably be expected to have, singularly or in the aggregate,
a Material Adverse Effect.

 

4.2.6             
Governmental Consent. Except as contemplated under Section 3.2.1.6. above, no governmental
orders, permissions, consents, approvals or authorizations are required to be obtained by Company that have not been obtained,
and no registrations or declarations are required to be filed by Company that have not been filed in connection with, or, in contemplation
of, the execution and delivery of, and performance under, the Transaction Documents, except for applicable requirements, if any,
of the Securities Act, the Exchange Act or state securities laws or “blue sky” laws of the various states and any applicable
federal or state banking laws and regulations. The Company and Bank have received from the Regulatory Agencies any required approval
of, or consent or nonobjection to, the issuance and sale of the Subordinated Note contemplated by this Agreement.

 

4.3        
Possession of Licenses and Permits. Each of Company, the Banks and their Subsidiaries possess such
permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”)
issued by the appropriate Governmental Agencies necessary to conduct the business now operated by them except where the failure
to possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect; Company and each
Subsidiary of Company are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure
so to comply would not, individually or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are
valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental
Licenses to be in full force and effect would not have a Material Adverse Effect; and neither Company nor any Subsidiary of Company
has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

 

    	 	11	 

     

    

 

4.4        
Financial Condition.

 

4.4.1             
Company Financial Statements. The financial statements of Company included in Company’s Reports
(including the related notes, where applicable), which have been provided to or are publicly available to Purchaser (i) have been
prepared from, and are in accordance with, the books and records of Company or the Banks, as applicable; (ii) fairly present in
all material respects the results of operations, cash flows, changes in stockholders’ equity and financial position of Company
and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in
the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied
as to form, as of their respective dates of filing in all material respects with applicable accounting and banking requirements
as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods
involved, except, in each case, as indicated in such statements or in the notes thereto. The books and records of Company and the
Banks have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and
accounting requirements. Neither Company nor Bank has any material liability of any nature whatsoever (whether absolute, accrued,
contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against
on the consolidated balance sheet (or notes thereto) of Company contained in Company’s Reports for Company’s most recently
completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent
with past practice or in connection with this Agreement and the transactions contemplated hereby.

 

4.4.2             
Absence of Default. Since December  31, 2019, no event has occurred which either of itself
or with the lapse of time or the giving of notice or both, would give any creditor of Company the right to accelerate the maturity
of any material Indebtedness of Company. Company is not in default under any other Lease, agreement or instrument, or any law,
rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could reasonably be expected
to result in a Material Adverse Effect.

 

4.4.3             
Solvency. After giving effect to the consummation of the transactions contemplated by this Agreement,
Company has capital sufficient to carry on its business and is solvent and able to pay its debts as they mature. No transfer of
property is being made and no Indebtedness is being incurred in connection with the transactions contemplated by this Agreement
with the intent to hinder, delay or defraud either present or future creditors of Company or any Subsidiary of Company.

 

4.4.4             
Ownership of Property. Company, the Banks and each of their Subsidiaries have good and marketable
title as to all real property owned by such entity and good title to all assets and properties owned by Company and such Subsidiary
in the conduct of its businesses, whether such assets and properties are real or personal, tangible or intangible, including assets
and property reflected in the most recent consolidated balance sheet of the Company contained in Company’s Reports or acquired
subsequent thereto (except to the extent that such assets and properties have been disposed of in the ordinary course of business,
since the date of such consolidated balance sheet), subject to no encumbrances, liens, mortgages, security interests or pledges,
except (i) those items which secure liabilities for public deposits or statutory obligations or any discount with, borrowing from
or other obligations to the Federal Home Loan Bank or FRB, inter-bank credit facilities, reverse repurchase agreements or any transaction
by the Banks acting in a fiduciary capacity, (ii) statutory liens for amounts not yet due or delinquent or that are being contested
in good faith and (iii) such liens that do not, individually or in the aggregate, materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by Company, either Bank or any of their
Subsidiaries. Company, the Banks and each of their Subsidiaries, as lessee, has the right under valid and existing Leases of real
and personal properties that are material to Company or such Subsidiary, as applicable, in the conduct of its business to occupy
or use all such properties as presently occupied and used by it. Such existing Leases and commitments to Lease constitute or will
constitute operating Leases for both tax and financial accounting purposes except as otherwise disclosed in the Company’s
Reports and the Lease expense and minimum rental commitments with respect to such Leases and Lease commitments are as disclosed
in all material respects in the Company’s Reports.

 

    	 	12	 

     

    

 

4.5       
No Material Adverse Change. Since December 31, 2019, there has been no development or event
which has had or could reasonably be expected to have a Material Adverse Effect.

 

4.6        
Legal Matters.

 

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

 

4.6.2             
Regulatory Enforcement Actions. Company and its Subsidiaries are in compliance in all material
respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, the failure to comply
with which would have a Material Adverse Effect. None of Company, its Subsidiaries, nor any of their respective officers or directors
is now operating under any restrictions, agreements, memoranda, commitment letter, supervisory letter or similar regulatory correspondence,
or other commitments (other than restrictions of general application) imposed by any Governmental Agency, nor are, to Company’s
knowledge, (i) any such restrictions threatened, (ii) any agreements, memoranda, commitment letters, supervisory letters or similar
regulatory correspondence, or other commitments being sought by any Governmental Agency, or (iii) any legal or regulatory violations
previously identified by, or penalties or other remedial action previously imposed by, any Governmental Agency that remain unresolved.

 

    	 	13	 

     

    

 

4.6.3             
Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or,
to Company’s knowledge, threatened or proposed, against Company, either Bank or any of their Subsidiaries at law or in equity
or before or by any federal, state, municipal, or other governmental department, commission, board, or other administrative agency,
domestic or foreign, that, either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect
or affect issuance or payment of the Subordinated Note; and neither Company, either Bank nor any of their Subsidiaries is a party
to or named as subject to the provisions of any order, writ, injunction, or decree of, or any written agreement with, any court,
commission, board or agency, domestic or foreign, that either separately or in the aggregate, will have a Material Adverse Effect.

 

4.6.4             
Environmental. No Property is or, to the Company’s knowledge, has been a site for the use,
generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any
Hazardous Materials, and neither Company, either Bank nor any of their Subsidiaries have engaged in such activities. There are
no claims or actions pending or, to Company’s knowledge, threatened against Company, either Bank or any of their Subsidiaries
by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.

 

4.6.5             
Brokerage Commissions. Except for fees payable to its Financial Advisor, neither Company nor any
Affiliate of Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions
contemplated by this Agreement.

 

4.6.6             
Investment Company Act. Neither Company, either Bank nor any of their Subsidiaries is an “investment
company” or a company “controlled” by an “investment company,” within the meaning of the Investment
Company Act of 1940, as amended.

 

4.7        
No Material Misstatement or Omission. None of the representations, warranties, covenants and agreements
contained in this Agreement or in any certificate or other document delivered to Purchaser by or on behalf of Company, either Bank
or any of their Subsidiaries pursuant to or in connection with this Agreement contains any untrue statement of a material fact
or omits to state a material fact or any fact necessary to make the statements contained therein not misleading in light of the
circumstances when made or furnished to Purchaser.

 

    	 	14	 

     

    

 

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

 

4.9        
Tax Matters. Company and each Bank have (i) filed all material foreign, U.S. federal, state and
local tax returns, information returns and similar reports that they are required to file (taking into account extensions) with
governmental tax agencies, and all such tax returns are true, correct and complete in all material respects, and (ii) paid all
material taxes required to be paid by them (taking into account extensions) and any other material tax assessment, fine or penalty
levied against them other than taxes (x) currently payable without penalty or interest, or (y) being contested in good faith by
appropriate proceedings.

 

4.10      
Exempt Offering. Assuming the accuracy of the Purchaser’s representations and warranties
set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Subordinated Note
by the Company to the Purchaser.

 

4.11      
Representations and Warranties Generally. The representations and warranties of Company set forth
in this Agreement and in any certificate or other document delivered to Purchaser by or on behalf of Company, either Bank or any
of their Subsidiaries pursuant to or in connection with this Agreement that do not contain a “Material Adverse Effect”
qualification or other express materiality or similar qualification are true and correct as of the date hereof and as of the Closing
Date, except where the failure of such representations and warranties to be so true and correct does not have a Material Adverse
Effect; provided, however, that any such representations and warranties made as of a specified date need only be true and
correct as of such date. The representations and warranties of Company set forth in this Agreement and in any certificate or other
document delivered to Purchaser by or on behalf of Company, either Bank or any of their Subsidiaries pursuant to or in connection
with this Agreement that contain a “Material Adverse Effect” qualification or any other express materiality or similar
qualification are true and correct as of the date hereof and as of the Closing Date; provided, however, that any such representations
and warranties made as of a specified date need only be true and correct as of such date.

 

    	 	15	 

     

    

 

5.           
GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

 

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

 

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

 

5.2        
Affiliate Transactions. Company shall not itself, nor shall it cause, permit or allow any of its
Subsidiaries to enter into any transaction, including the purchase, sale or exchange of property or the rendering of any service,
with any Affiliate of Company except in the ordinary course of business and pursuant to the reasonable requirements of Company’s
or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate
board(s) of directors to be fair and reasonable and no less favorable to Company or such Affiliate than would be obtained in a
comparable arm’s length transaction with a Person not an Affiliate.

 

5.3        
Compliance with Laws.

 

5.3.1             
Generally. Company shall comply and cause each Bank and each of their other Subsidiaries to comply
in all material respects with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of
its business and the ownership of its properties, except, in each case, where such noncompliance would not reasonably be expected
to have a Material Adverse Effect.

 

5.3.2             
Regulated Activities. Company shall not itself, nor shall it cause, permit or allow either Bank
or any of their Subsidiaries to (i) engage in any business or activity not permitted by all applicable laws and regulations, except
where such business or activity would not reasonably be expected to have a Material Adverse Effect or (ii) make any loan or advance
secured by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of
or any interest in another bank or depository institution, in each case other than in accordance with applicable laws and regulations
and safe and sound banking practices.

 

5.3.3             
Taxes. Company shall, and shall cause each Bank and any of their Subsidiaries to, promptly pay
and discharge (i) all taxes, assessments and other governmental charges imposed upon Company, either Bank or any of their Subsidiaries
or upon the income, profits, or property of Company, either Bank or any of their Subsidiaries and (ii) all claims for labor, material
or supplies that, if unpaid, might by law become a lien or charge upon the property of Company, either Bank or any of their Subsidiaries.
Notwithstanding the foregoing, none of Company, either Bank or any of their Subsidiaries shall be required to pay any such tax,
assessment, charge or claim, so long as the validity thereof is being contested in good faith by appropriate proceedings, and appropriate
reserves therefor shall be maintained on the books of Company, each Bank and such other Subsidiary.

 

    	 	16	 

     

    

 

5.3.4             
Corporate Existence. Company will do or cause to be done all things necessary to preserve and keep
in full force and effect: (i) the corporate existence of the Company; (ii) the existence (corporate or other) of each subsidiary
of the Company and the Banks; and (iii) the rights (constituent governing documents and statutory), licenses and franchises of
the Company and each subsidiary of the Company and the Banks; provided, however, that the Company will not be required to
preserve the existence (corporate or other) of any of its subsidiaries (other than the Banks) or any such right, license or franchise
of the Company or any of its subsidiaries (other than the Banks) if the Board of Directors of the Company determines that the preservation
thereof is no longer desirable in the conduct of the business of the Company and its subsidiaries taken as a whole and that the
loss thereof will not be disadvantageous in any material respect to the Noteholders; provided further that the Company may
in its discretion merge the Banks into one another.

 

5.3.5             
Dividends, Payments, and Guarantees During Event of Default. Upon the occurrence of an Event of
Default (as defined under the Subordinated Note), until such Event of Default is cured by the Company or waived by the Purchaser
in accordance with Section 17 of the Subordinated Notes, Company shall not, except as may be required by any federal or state Governmental
Agency, (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect
to, any of its capital stock; (b) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or
redeem any of Company’s Indebtedness that ranks equal with or junior to the Subordinated Notes; or (c) make any payments
under any guarantee that ranks equal with or junior to the Subordinated Note, other than: (i) any dividends or distributions in
shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s Common Stock; (ii)
any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result
of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s
capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares
of Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being
converted or exchanged; or (v) purchases of any class of Company’s Common Stock related to the issuance of Common Stock or
rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment
plans (including any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise
of any option, or acceptance of Common Stock in lieu of an award recipient’s tax obligations under any equity award).

 

5.3.6             
Tier 2 Capital. If all or any portion of the Subordinated Note ceases to qualify for inclusion
as Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years
immediately preceding the Maturity Date of the Subordinated Note, Company will immediately notify the Purchaser, and thereafter,
the Company and the Purchaser will work together in good faith to execute and deliver all agreements as reasonably necessary in
order to restructure the applicable portions of the obligations evidenced by the Subordinated Note to qualify as Tier 2 Capital.

 

    	 	17	 

     

    

 

5.3.7             
Environmental Matters. Except as would not, singly or in the aggregate, reasonably be expected
to result in a Material Adverse Effect, Company shall: (a) exercise, and cause each Bank and each of their Subsidiaries to exercise,
due diligence in order to comply in all material respects with all Hazardous Materials Laws; and (b) promptly take any and all
necessary remedial action in connection with any Condition or Release or threatened Condition or Release on, under or about any
Property in order to comply in all material respects with all applicable Hazardous Materials Laws; provided, however, that
Company shall not be deemed to be in breach of the foregoing covenant if and to the extent it has not taken such remedial actions
due to (x) its diligent pursuit of an available statutory or administrative exemption from compliance with the relevant Hazardous
Materials Law from the appropriate Governmental Agency (and no penalties for non-compliance with the relevant Hazardous Materials
Law(s) shall accrue as a result of such non-compliance, without rebate or waiver if such exemption or waiver is granted), or (y)
is actively and diligently contesting in good faith any Governmental Agency’s order, determination or decree with respect
to the applicability or interpretation of any such relevant Hazardous Materials Law and/or the actions required under such laws
or regulations in respect of such Condition or Release. In the event Company, either Bank or any other Subsidiary of Company or
the Banks undertakes any remedial action with respect to such Hazardous Material on, under or about any Property, Company, each
Bank or such other Subsidiary shall conduct and complete such remedial action in compliance with all applicable Hazardous Materials
Laws and in accordance with the policies, orders and directives of all Governmental Agencies.

 

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

 

5.5        
Rule 144A Information. While the Subordinated Note remains a “restricted security”
within the meaning of the Securities Act, Company will make available, upon request, to any seller of such Subordinated Note the
information specified in Rule 144A(d)(4) under the Securities Act, unless Company is then subject to Section 13 or 15(d) of
the Exchange Act.

 

6.           
REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASER.

 

Purchaser hereby represents
and warrants to Company, and covenants with Company, as follows:

 

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

 

6.2        
Authorization and Execution. The execution, delivery and performance of this Agreement has been
duly authorized by all necessary action on the part of such Purchaser, and this Agreement has been duly authorized, executed and
delivered, and, assuming due authorization, execution and delivery by the other parties hereto, is a legal, valid and binding obligation
of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as enforcement thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally
or by general equitable principles.

 

6.3        
No Conflicts. Neither the execution, delivery or performance of the Transaction Documents nor the
consummation of any of the transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether
with or without the giving of notice or lapse of time or both) under (i) Purchaser’s organizational documents, (ii) any agreement
to which Purchaser is party, (iii) any law applicable to Purchaser or (iv) any order, writ, judgment, injunction, decree, determination
or award binding upon or affecting Purchaser.

 

    	 	18	 

     

    

 

6.4        
Purchase for Investment. Purchaser is purchasing the Subordinated Note for Purchaser’s own
account and not with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of
the same. Purchaser has no present or contemplated agreement, undertaking, arrangement, obligation, Indebtedness or commitment
providing for, or which is likely to compel, a disposition of the Subordinated Note in any manner.

 

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

 

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

 

6.7        
Ability to Bear Economic Risk of Investment. Purchaser recognizes that an investment in the Subordinated
Note involves substantial risk. Purchaser has the ability to bear the economic risk of Purchaser’s prospective investment
in the Subordinated Note, including the ability to hold the Subordinated Note indefinitely, and further including the ability to
bear a complete loss of all of Purchaser’s investment in Company.

 

6.8          Information. Purchaser acknowledges that: (i) Purchaser is not being provided with the disclosures
that would be required if the offer and sale of the Subordinated Note were registered under the Securities Act, nor is Purchaser
being provided with any offering circular or prospectus prepared in connection with the offer and sale of the Subordinated Note;
(ii) Purchaser has conducted Purchaser’s own examination of Company and the terms of the Subordinated Note to the extent
Purchaser deems necessary to make Purchaser’s decision to invest in the Subordinated Note; (iii) Purchaser has availed itself
of publicly available financial and other information concerning Company to the extent Purchaser deems necessary to make Purchaser’s
decision to purchase the Subordinated Note; and (iv) Purchaser has not received or relied on any form of general solicitation or
general advertising (within the meaning of Regulation D) from Company or any party acting on Company’s behalf in connection
with the offer and purchase of the Subordinated Note.

 

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

 

    	 	19	 

     

    

 

6.10      
Investment Decision. Purchaser has made Purchaser’s own investment decision based upon Purchaser’s
own judgment, due diligence, and advice from such advisors as Purchaser has deemed necessary and not upon any view expressed by
any other Person, including the Financial Advisor. Neither such inquiries nor any other due diligence investigations conducted
by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on Company’s representations
and warranties contained herein. Purchaser is not relying upon, and has not relied upon, any advice, statement, representation
or warranty made by any Person by or on behalf of Company, including the Financial Advisor, except for the express statements,
representations and warranties of Company made or contained in this Agreement. Furthermore, Purchaser acknowledges that (i) the
Financial Advisor has not performed any due diligence review on behalf of Purchaser and (ii) nothing in this Agreement or any
other materials presented by or on behalf of Company to Purchaser in connection with the purchase of the Subordinated Note constitutes
legal, tax or investment advice.

 

6.11      
Private Placement; No Registration; Restricted Legends. Purchaser understands and acknowledges
that the Subordinated Note comes within the definition of “restricted securities” under Rule 144 of the Securities
Act and is being sold by Company without registration under the Securities Act in reliance on the exemption from federal registration
set forth in Section 4(a)(2) of the Securities Act or any state securities laws, and accordingly, may be resold, pledged or otherwise
transferred only in compliance with the registration requirements of federal and state securities laws or if exemptions from the
Securities Act and applicable state securities laws are available to Purchaser. Purchaser is not subscribing for the Subordinated
Note as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine
or similar media or broadcast over television or radio, or presented at any seminar or meeting. Purchaser further acknowledges
and agrees that all certificates or other instruments representing the Subordinated Note will bear the restrictive legend set forth
in the form of Subordinated Note. Purchaser further acknowledges Purchaser’s primary responsibilities under the Securities
Act and, accordingly, will not sell or otherwise transfer the Subordinated Note or any interest therein without complying with
the requirements of the Securities Act and the rules and regulations promulgated thereunder and the requirements set forth in this
Agreement. Neither the Company nor its Financial Advisor have or has made or are or is making any representation, warranty or covenant,
express or implied, as to the availability of any exemption from registration under the Securities Act or any applicable state
securities laws for the resale, pledge or other transfer of the Subordinated Note, or that the Subordinated Note purchased by Purchaser
will ever be able to be lawfully resold, pledged or otherwise transferred.

 

6.12      
Role of Financial Advisor. Purchaser will purchase the Subordinated Note directly from Company
and not from the Financial Advisor, and Purchaser understands that neither the Financial Advisor nor any other broker or dealer
has any obligation to make a market in the Subordinated Notes. Purchaser understands that the Financial Advisor has acted solely
as a financial advisor to the Company and not as placement agent or underwriter in connection with offer and sale of the Subordinated
Note.

 

6.13      
Tier 2 Capital. If all or any portion of the Subordinated Note ceases to qualify for inclusion
as Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years
immediately preceding the Maturity Date of the Subordinated Note, Company will immediately notify the Purchaser, and thereafter,
the Company and the Purchaser will work together in good faith to execute and deliver all agreements as reasonably necessary in
order to restructure the applicable portions of the obligations evidenced by the Subordinated Note to qualify as Tier 2 Capital.

 

    	 	20	 

     

    

 

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

 

7.           
MISCELLANEOUS.

 

7.1        
Prohibition on Assignment by Company. Except as described in Section 8(b) (Merger or Sale
of Assets) of the Subordinated Note, Company may not assign, transfer or delegate any of its rights or obligations under this Agreement
or the Subordinated Note without the prior written consent of Purchaser. In addition, in accordance with the terms of the Subordinated
Note, any transfer of such Subordinated Note must be made in accordance with the Assignment Form attached thereto and the requirements
and restrictions thereof.

 

7.2        
Time of the Essence. Time is of the essence with respect to this Agreement.

 

7.3        
Waiver or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement
herein or in the Subordinated Notes shall be effective except with the prior written consent of Purchaser. Notwithstanding the
foregoing, Company may amend or supplement the Subordinated Notes without the consent of Purchaser to cure any ambiguity, defect
or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes,
or to make any change that does not adversely affect the rights of Purchaser. No failure to exercise or delay in exercising, by
Purchaser, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided
by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided at
law or in equity. No notice or demand on Company in any case shall, in and of itself, entitle Company to any other or further notice
or demand in similar or other circumstances or constitute a waiver of the rights of Purchaser to any other or further action in
any circumstances without notice or demand. No consent or waiver, express or implied, by Purchaser to or of any breach or default
by Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any
other breach or default in the performance of the same or any other obligations of Company hereunder. Failure on the part of Purchaser
to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall
not constitute a waiver by Purchaser of its rights hereunder or impair any rights, powers or remedies on account of any breach
or default by Company.

 

    	 	21	 

     

    

 

7.4        
Severability. Any provision of this Agreement which is unenforceable or invalid or contrary to
law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect
and, in such case, all the remaining terms and provisions of this Agreement shall subsist and be fully effective according to the
tenor of this Agreement the same as though any such invalid portion had never been included herein. Notwithstanding any of the
foregoing to the contrary, if any provisions of this Agreement or the application thereof are held invalid or unenforceable only
as to particular persons or situations, the remainder of this Agreement, and the application of such provision to persons or situations
other than those to which it shall have been held invalid or unenforceable, shall not be affected thereby, but shall continue valid
and enforceable to the fullest extent permitted by law.

 

7.5        
Notices. Any notice which any party hereto may be required or may desire to give hereunder shall
be deemed to have been given if in writing and if delivered personally, or if mailed, postage prepaid, by United States registered
or certified mail, return receipt requested, or if delivered by a responsible overnight commercial courier promising next business
day delivery, addressed:

 

	if to Company:	
        Delmar Bancorp

        2245 Northwood Drive

        Salisbury, Maryland 21801

        Attention: Lloyd B. Harrison, III

        Chief Executive Officer

         

	with a copy to:	
        Troutman Sanders LLP

        The Troutman Sanders Building

        1001 Haxall Point

        Richmond, Virginia 23219

        Tel: (804)697-1200

        Fax: (804)697-1339

        Attention: Jacob A. Lutz, III, Esq.

         

	if to Purchaser:	To the address indicated on Purchaser’s signature page.

 

or to such other address or addresses as
the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the
giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other
party in the manner provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered
personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails as aforesaid or,
if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next business day delivery
was requested).

 

7.6        
Successors and Assigns. This Agreement shall inure to the benefit of the parties and their respective
heirs, legal representatives, successors and assigns; except that, unless the Purchaser consents in writing, no assignment made
by Company in violation of this Agreement shall be effective or confer any rights on any purported assignee of Company.

 

    	 	22	 

     

    

 

7.7        
No Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no action
or inaction whatsoever on the part of the Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with Company.

 

7.8        
Documentation. All documents and other matters required by any of the provisions of this Agreement
to be submitted or furnished to the Purchaser shall be in form and substance satisfactory to such Purchaser.

 

7.9        
Entire Agreement. This Agreement and the Subordinated Note along with the Exhibits thereto constitute
the entire agreement between the parties hereto with respect to the subject matter hereof and may not be modified or amended in
any manner other than by supplemental written agreement executed by the parties hereto. No party, in entering into this Agreement,
has relied upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement or in the
Subordinated Note.

 

7.10      
Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of North Carolina without giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed
to limit any rights, powers or privileges which the Purchaser may have pursuant to any law of the United States of America or any
rule, regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction
or conduct by a Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing.

 

7.11      
No Third Party Beneficiary. This Agreement is made for the sole benefit of Company and the Purchaser,
and no other Person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for
any purpose whatsoever, nor shall any other Person have any right of action of any kind hereon or be deemed to be a third party
beneficiary hereunder.

 

7.12      
Legal Tender of United States. All payments hereunder shall be made in coin or currency which at
the time of payment is legal tender in the United States of America for public and private debts.

 

7.13     
Reinstatement of Obligations. To the extent that Purchaser receives any payment on account of Company’s
obligations under the Subordinated Note and any such payment and/or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under
any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment received, Company’s
obligations under the Subordinated Note or part thereof intended to be satisfied shall be revived and continue in full force and
effect, as if such payment(s) had not been received by Purchaser and applied on account of Company’s obligations; provided,
however, if Purchaser successfully contests any such invalidation, declaration, set aside, subordination or other order to
pay any such payment to any third party, the Company’s obligations to Purchaser that otherwise would have been revived pursuant
to this subsection shall be deemed satisfied.

 

    	 	23	 

     

    

 

7.14     
Captions; Counterparts. Captions contained in this Agreement in no way define, limit or extend
the scope or intent of their respective provisions. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all
of which taken together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile
transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature
page were an original thereof.

 

7.15      
Knowledge; Discretion. All references herein to Purchaser’s or Company’s knowledge
shall be deemed to mean the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer
and Chief Financial Officer or such other persons holding equivalent offices, and such knowledge as would reasonably be expected
to come to the attention of such officers in the performance of their respective duties. Unless specified to the contrary herein,
all references herein to an exercise of discretion or judgment by the Purchaser, to the making of a determination or designation
by the Purchaser, to the application of the Purchaser’s discretion or opinion, to the granting or withholding of the Purchaser’s
consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to the Purchaser, or otherwise
involving the decision making of the Purchaser, shall be deemed to mean that such Purchaser shall decide using the reasonable discretion
or judgment of a prudent lender.

 

7.16     
Waiver Of Right To Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY
WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF COMPANY OR PURCHASER. THE PARTIES
ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL SELECTED OF THEIR OWN FREE WILL. THE PARTIES FURTHER ACKNOWLEDGE THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND
RAMIFICATIONS OF THIS WAIVER, (II) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT
FOR ENTRY INTO THIS AGREEMENT AND (III) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED
THEREIN.

 

7.17      
Expenses. Except as otherwise provided in this Agreement, each of the parties will bear and pay
all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this
Agreement.

 

7.18     
Survival. Each of the representations and warranties set forth in this Agreement shall survive
the consummation of the transactions contemplated hereby for a period of one year after the date hereof. Except as otherwise provided
herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative.

 

[Signature Pages Follow]

 

    	 	24	 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	DELMAR BANCORP
	 	 	 
	 	By:	/s/ Lloyd B. Harrison, III
	 	Name:	Lloyd B. Harrison, III
	 	Title: 	Chief Executive Officer

 

[Company Signature
Page to Subordinated Note Purchase Agreement]

 

    	 	 	 

     

    

 

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

 

	 	PURCHASER:	 
	 	 	 
	 	[PURCHASER’S NAME]
	 	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address of Purchaser:
	 	 	 
	 	[_____]	 
	 	[_____]	 
	 	[_____]	 
	 	 	 
	 	Address for Delivery of Note:
	 	 	 
	 	[_____]	 
	 	[_____]	 
	 	[_____]	 
	 	 	 
	 	Principal Amount of Subordinated Note Purchased:
	 	 	 
	 	$[_____]	 

 

[Purchaser Signature
Page to Subordinated Note Purchase Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

FORM OF SUBORDINATED NOTE

 

    	 	Exhibit A-1	 

     

    

 

EXHIBIT A

 

DELMAR BANCORP

 

6.000% FIXED TO FLOATING
RATE SUBORDINATED NOTE DUE JULY 1, 2030

 

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED
NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND.

 

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED
NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED IN SECTION 3 (SUBORDINATION) OF THIS
SUBORDINATED NOTE) OF DELMAR BANCORP, A MARYLAND CORPORATION (THE “COMPANY”), INCLUDING OBLIGATIONS OF THE COMPANY
TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY
OR ANY OF ITS SUBSIDIARIES.

 

IN THE EVENT OF LIQUIDATION, ALL HOLDERS
OF SENIOR INDEBTEDNESS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE
ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS SUBORDINATED NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING
TO SUCH HOLDERS OF SENIOR INDEBTEDNESS, THE HOLDER OF THIS SUBORDINATED NOTE, TOGETHER WITH THE HOLDERS OF ANY OBLIGATIONS OF THE
COMPANY RANKING ON A PARITY WITH THE SUBORDINATED NOTES, SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE COMPANY
THE UNPAID PRINCIPAL AMOUNT OF THIS SUBORDINATED NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION,
WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE (i) with respect to any obligation
that by its terms expressly is junior in the right of payment to the Subordinated Notes, (ii) WITH RESPECT TO any indebtedness
between the Company and any of its subsidiaries or affiliates or (iII) on account OF ANY SHARES OF CAPITAL STOCK OF THE
COMPANY.

 

THIS SUBORDINATED NOTE WILL BE ISSUED AND
MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED
TRANSFER OF THIS SUBORDINATED NOTE IN A DENOMINATION OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.
ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SUBORDINATED NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN THIS SUBORDINATED NOTE.

 

    	 	 A-1	 

     

    

 

THIS SUBORDINATED NOTE MAY BE SOLD ONLY
IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, OR ANY OTHER APPLICABLE
SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

CERTAIN ERISA CONSIDERATIONS:

 

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

 

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

 

    	 	 A-2	 

     

    

 

	 	No. [__________]	CUSIP Accredited Investors: 247035 AB4 / US247035AB45 
	 	 	CUSIP QIBs: 247035 AA6 / US247035AA61

 

DELMAR
BANCORP

 

6.000% FIXED TO FLOATING
RATE SUBORDINATED NOTE DUE JULY 1, 2030

 

1.          
Subordinated Notes. This subordinated note is one of an issue of notes of Delmar Bancorp, a Maryland corporation
(the “Company”), designated as the “6.000% Fixed to Floating Rate Subordinated Notes due July 1, 2030”
(the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase Agreement, dated as of the date
upon which this Subordinated Note was originally issued (the “Issue Date”), between the Company and the one
or more purchasers of the Subordinated Notes identified in the signature pages thereto (the “Purchase Agreement”).

 

2.          
Payment. The Company, for value received, promises to pay to [_____], or its registered assigns, the principal
sum of [_____] Dollars (U.S.) ($[_____]) plus accrued but unpaid interest on July 1, 2030 (the “Maturity Date”)
and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding July 1, 2025
or the earlier redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Fixed Rate
Period”), at the rate of 6.000% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months
and payable semi-annually in arrears on January 1 and July 1 of each year (each payment date, a “Fixed Interest Payment
Date”), beginning January 1, 2021, and (ii) from and including July 1, 2025 to but excluding the Maturity Date or earlier
redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Floating Rate Period”),
at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest
Determination Date (as defined below) of the applicable interest period plus 590 basis points, computed on the basis of a 360-day
year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period, a “Floating Interest
Period”) on January 1, April 1, July 1, and October 1 of each year (each payment date, a “Floating Interest
Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent
being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest
Rate is determined by the Calculation Agent (as defined below) pursuant to the Three-Month Term SOFR Conventions (as defined below).

 

(a)         
An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date,
as applicable.

 

(b)         
The “Floating Interest Rate” means:

 

(i)          
initially Three-Month Term SOFR (as defined below).

 

(ii)         
Notwithstanding the foregoing clause (i) of this Section 2(b):

 

(1)              
If the Calculation Agent, reasonably determines in good faith prior to the relevant Floating Interest Determination Date
that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred
with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Noteholders
(as defined below) and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations,
calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated
Notes during a relevant Floating Interest Period.

 

    	 	 A-3	 

     

    

 

(2)              
However, if the Calculation Agent reasonably determines in good faith that a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has
not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating
Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated
Notes, as determined by the Calculation Agent.

 

(iii)       
If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of
the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term
SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.

 

(c)         
Effect of Benchmark Transition Event.

 

(i)         
If the Calculation Agent reasonably determines in good faith that a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark
(as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to
the Subordinated Notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations
on all subsequent dates.

 

(ii)        
In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement
Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Noteholders or
any other party.

 

(iii)       
Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark
transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:

 

(1)              
will be conclusive and binding absent manifest error;

 

(2)              
if made by the Company, will be made in the Company’s sole discretion;

 

(3)              
if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make
any such determination, decision or election to which the Company reasonably objects; and

 

    	 	 A-4	 

     

    

 

(4)         
notwithstanding anything to the contrary in this Subordinated Note or the Purchase Agreement, shall become effective without
consent from the relevant Noteholders or any other party.

 

(iv)       
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred,
interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the applicable
Benchmark Replacement and the spread specified on the face hereof.

 

(v)         
As used in this Subordinated Note, the following terms have the meanings as set forth below:

 

(1)         
“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then
 “Benchmark” means the applicable Benchmark Replacement.

 

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

 

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

 

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

 

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

 

d.                 
the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement
for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement
Adjustment.

 

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

 

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

 

    	 	 A-5	 

     

    

 

b.                 
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;

 

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

 

(4)        
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing
and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts
or tenors and other administrative matters) that the Company reasonably decides in good faith may be appropriate to reflect the
adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company reasonably
decides in good faith that adoption of any portion of such market practice is not administratively feasible or if the Company reasonably
determines in good faith that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company
determines in good faith is reasonably necessary).

 

(5)        
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark:

 

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

 

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

 

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

 

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

 

    	 	 A-6	 

     

    

 

(6)         
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect
to the then-current Benchmark:

 

a.                 
if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months
based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Company reasonably
determines in good faith that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively
feasible;

 

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

 

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

 

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

 

(7)         
“Calculation Agent” means such bank or other entity as may be appointed by the Company to act as Calculation
Agent for the Subordinated Notes during the Floating Rate Period, which entity may, but need not, be the Company or an Affiliate
(as defined below) of the Company.

 

(8)         
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with
the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance
with:

 

a.                  
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining compounded SOFR; provided that:

 

b.                 
if, and to the extent that, the Company or its designee reasonably determines in good faith that Compounded SOFR cannot
be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for
this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice
for U.S. dollar denominated floating rate notes at such time.

 

For the avoidance of
doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment.

 

    	 	 A-7	 

     

    

 

(9)         
“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having
approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark.

 

(10)        
“FRBNY” means the Federal Reserve Bank of New York.

 

(11)        
“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor
source.

 

(12)        
“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding
Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available)
that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available)
that is longer than the Corresponding Tenor.

 

(13)        
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

 

(14)        
 “ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as
amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time.

 

(15)        
“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or
zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an
index cessation event with respect to the Benchmark for the applicable tenor.

 

(16)       
“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA
Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor
excluding the applicable ISDA Fallback Adjustment.

 

(17)        
“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month
Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if
the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement
Conforming Changes.

 

(18)        
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System (the “Federal
Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or
any successor thereto.

 

(19)        
“SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of
the benchmark (or a successor administrator), on the FRBNY’s Website.

 

    	 	 A-8	 

     

    

 

(20)        
“Term SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been
selected or recommended by the Relevant Governmental Body.

 

(21)        
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator
of Term SOFR (or a successor administrator).

 

(22)        
“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by
the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after
giving effect to the Three-Month Term SOFR Conventions; provided, however, that in the event Three-Month
Term SOFR calculated as described in the foregoing clause is less than zero, Three-Month Term SOFR shall be deemed to be zero.

 

(23)        
“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any
technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month
Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other
administrative matters) that the Company reasonably decides in good faith may be appropriate to reflect the use of Three-Month
Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Company reasonably decides in
good faith that adoption of any portion of such market practice is not administratively feasible or if the Company reasonably determines
in good faith that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Company determines
in good faith is reasonably necessary).

 

(24)        
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment.

 

(d)         
In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day
(as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional
interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating
Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed
to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement
would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment Date
shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any
day other than a Saturday or Sunday or any other day on which banking institutions in the State of Maryland are permitted or required
by law or executive order to be closed.

 

    	 	 A-9	 

     

    

 

3.           
Subordination.

 

(a)          
The indebtedness of the Company evidenced by this Subordinated Note, including the principal and interest on this Subordinated
Note, shall be subordinate and junior in right of payment to the prior payment in full of all existing claims of creditors of the
Company whether now outstanding or subsequently created, assumed, guaranteed or incurred (collectively, “Senior Indebtedness”),
which shall consist of principal of (and premium, if any) and interest, if any, on: (i) all indebtedness and obligations of, or
guaranteed or assumed by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other
similar instruments; (ii) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired
other than in the ordinary course of business; (iii) all obligations, contingent or otherwise, of the Company in respect of any
letters of credit, bankers’ acceptances, security purchase facilities and similar direct credit substitutes; (iv) any capital
lease obligations of the Company; (v) all obligations of the Company in respect of interest rate swap, cap or other agreements,
interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and
other similar arrangements or derivative products; (vi) all obligations that are similar to those in clauses (i) through (v) of
other Persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise arising from an
off-balance sheet guarantee; (vii) all obligations of the types referred to in clauses (i) through (vi) of other Persons secured
by a lien on any property or asset of the Company; and (viii) in the case of (i) through (vii) above, all amendments, renewals,
extensions, modifications and refundings of such indebtedness and obligations; except “Senior Indebtedness”
does not include (A) the Subordinated Notes, (B) any obligation that by its terms expressly is junior to, or ranks equally in right
of payment with, the Subordinated Notes, or (C) any indebtedness between the Company and any of its subsidiaries or Affiliates.
This Subordinated Note is not secured by any assets of the Company or any of its subsidiaries or Affiliates. The term “Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective
Affiliates. The term “Person” as used in this Subordinated Note means an individual, a corporation (whether
or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization,
a government or any department or agency thereof or any other entity or organization. The term “control” (including
the terms “controlling,” “controlled by,” and “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract, or otherwise.

 

(b)          
In the event of any liquidation of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid
in full with such interest as may be provided by law before any payment shall be made on account of principal of or interest on
this Subordinated Note. Additionally, in the event of any insolvency, dissolution, assignment for the benefit of creditors or any
liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall
be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the Subordinated
Notes, including this Subordinated Note. In the event of any such proceeding, after payment in full of all sums owing with respect
to the Senior Indebtedness, the registered holders of the Subordinated Notes from time to time (each a “Noteholder”
and, collectively, the “Noteholders”), together with the holders of any obligations of the Company ranking on
parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Company the unpaid principal
thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall
be made (i) with respect to any obligation that by its terms expressly is junior to in the right of payment to the Subordinated
Notes, (ii) with respect to any indebtedness between the Company and any of its subsidiaries or Affiliates or (iii) on account
of any capital stock.

 

    	 	 A-10	 

     

    

 

(c)         
If there shall have occurred and be continuing (i) a default in any payment with respect to any Senior Indebtedness or (ii)
an event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and
until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments shall
be made by the Company with respect to the Subordinated Notes. The provisions of this paragraph shall not apply to any payment
with respect to which the immediately preceding paragraph of this Section 3 (Subordination) would be applicable.

 

(d)        
Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the
same rank as the Subordinated Notes or which may be junior or senior in rank to the Subordinated Notes. Each Noteholder, by its
acceptance hereof, further acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an
inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired
before or after the issuance of the Subordinated Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness,
and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring
and continuing to hold or in continuing to hold such Senior Indebtedness.

 

		4.	Redemption.

 

(a)          
Redemption Prior to Fifth Anniversary. This Subordinated Note shall not be redeemable by the Company in whole or
in part prior to July 1, 2025, except in the event of a: (i) Tier 2 Capital Event (as defined below); (ii) Tax Event (as defined
below); or (iii) Investment Company Event (as defined below). Upon the occurrence of a Tier 2 Capital Event, a Tax Event or an
Investment Company Event, the Company may redeem this Subordinated Note, subject to Section 4(f) (Regulatory Approvals)
hereof, in whole or in part at any time, upon giving not less than ten (10) business days’ notice to the holder of this Subordinated
Note at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding
the redemption date. “Tier 2 Capital Event” means the receipt by the Company of an opinion of counsel to the
Company to the effect that there is, or within one hundred twenty (120) days after receipt of such opinion there will be, a material
risk that this Subordinated Note does not qualify as “Tier 2” Capital (as defined by the Federal Reserve) (or its then
equivalent) as a result of a change in law or regulation, or interpretation or application thereof, by any judicial, legislative
or regulatory authority that becomes effective after the date of issuance of this Subordinated Note. “Tax Event”
means the receipt by the Company of an opinion of counsel to the Company that as a result of any amendment to, or change (including
any final and adopted (or enacted) prospective change) in, the laws (or any regulations thereunder) of the United States or any
political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial
decision interpreting or applying such laws or regulations, there exists a material risk that interest payable by the Company on
the Subordinated Notes is not, or within one hundred twenty (120) days after the receipt of such opinion will not be, deductible
by the Company, in whole or in part, for United States federal income tax purposes. “Investment Company Event”
means the receipt by the Company of an opinion of counsel to the Company to the effect that there is a material risk that the Company
is or, within one hundred twenty (120) days after the receipt of such opinion will be, required to register as an investment company
pursuant to the Investment Company Act of 1940, as amended.

 

    	 	 A-11	 

     

    

 

(b)          
Redemption on or after Fifth Anniversary. On or after July 1, 2025, subject to the provisions of Section 4(f)
(Regulatory Approvals) hereof, this Subordinated Note shall be redeemable at the option of and by the Company, in whole or in part
from time to time upon any Interest Payment Date, at an amount equal to 100% of the outstanding principal amount being redeemed
plus accrued but unpaid interest, to but excluding the redemption date, but in all cases in a principal amount with integral multiples
of $1,000. In addition, the Company may redeem all or a portion of the Subordinated Notes, at any time upon the occurrence of a
Tier 2 Capital Event, Tax Event or an Investment Company Event.

 

(c)          
Partial Redemption. If less than the then-outstanding principal amount of this Subordinated Note is redeemed, (i)
a new Subordinated Note shall be issued representing the unredeemed portion without charge to the Noteholder and (ii) such redemption
shall be effected on a pro rata basis as to the Noteholders. For purposes of clarity, upon a partial redemption, a like percentage
of the principal amount of every Subordinated Note held by every Noteholder shall be redeemed.

 

(d)          
No Redemption at Option of Noteholder. This Subordinated Note is not subject to redemption at the option of the Noteholder.

 

(e)          
Effectiveness of Redemption. If notice of redemption has been duly given and notwithstanding that this Subordinated
Note has been called for redemption but has not yet been surrendered for cancellation, on and after the date fixed for redemption
interest shall cease to accrue on the portion of this Subordinated Note called for redemption, this Subordinated Note shall no
longer be deemed outstanding with respect to the portion called for redemption and all rights with respect to the portion of this
Subordinated Note called for redemption shall forthwith on such date fixed for redemption cease and terminate unless the Company
shall default in the payment of the redemption price, except only the right of the Noteholder to receive the amount payable on
such redemption, without interest. For purposes of clarity, any redemption made pursuant to the terms of this Subordinated Note
shall be made on a pro rata basis, and, to the extent applicable and for purposes of a redemption processed through The Depository
Trust Company (DTC), on a “Pro Rata Pass-Through Distribution of Principal” basis, among all of the Subordinated Notes
outstanding at the time thereof.

 

(f)           
Regulatory Approvals. Any redemption pursuant to this Section 4 shall be subject to receipt of any and all
required federal and state regulatory approvals or non-objections, including, but not limited to, the consent of the Federal Reserve.
In the case of any redemption of this Subordinated Note pursuant to paragraphs (b) or (c) of this Section 4, the Company
will give the Noteholder notice of redemption, which notice shall indicate the aggregate principal amount of Subordinated Notes
to be redeemed, not less than thirty (30) nor more than forty-five (45) calendar days prior to the redemption date.

 

    	 	 A-12	 

     

    

 

(g)          
Purchase and Resale of the Subordinated Notes. Subject to any required federal and state regulatory approvals and
the provisions of this Subordinated Note, the Company shall have the right to purchase any of the Subordinated Notes at any time
in the open market, private transactions or otherwise. If the Company purchases any Subordinated Notes, it may, in its discretion,
hold, resell or cancel any of the purchased Subordinated Notes.

 

5.           
Events of Default; Acceleration; Compliance Certificate.

 

Notwithstanding any cure periods provided
for below, the Company shall promptly (but in no event later than five (5) Business Days following the Company becoming aware of
the occurrence of such event) notify the Noteholders in writing when the Company becomes aware of the happening of any event described
below. Regardless of whether the Company has provided the forgoing notice, each of the following events shall constitute an “Event
of Default”:

 

(a)          
the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an
involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of
the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for
a period of sixty (60) consecutive calendar days;

 

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

 

(c)          
the Company (i) becomes insolvent or is unable to pay its debts as they mature, (ii) makes an assignment for the benefit
of creditors, (iii) admits in writing its inability to pay its debts as they mature or (iv) ceases to be a bank holding company
under the Bank Holding Company Act of 1956, as amended;

 

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

 

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

 

(f)          
the liquidation of the Company (for the avoidance of doubt, “liquidation” does not include any merger, consolidation,
sale of equity or assets or reorganization (exclusive of a reorganization in bankruptcy) of the Company or any of its subsidiaries);

 

(g)          
the failure of the Company to perform any other covenant or agreement on the part of the Company contained in this Subordinated
Note, and the continuation of such failure for a period of thirty (30) days after the date on which notice specifying such failure,
stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will have
been given, in the manner set forth in Section 21 (Notices), to the Company by a Noteholder;

 

    	 	 A-13	 

     

    

 

(h)          
the default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company
having an aggregate principal amount outstanding of at least $1,000,000, whether such indebtedness now exists or is created or
incurred in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due
and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared
due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such
indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration
having been rescinded or annulled; or

 

(i)            
any certification made to any Noteholder pursuant to the Purchase Agreement by the Company or otherwise made in writing
to any Noteholder in connection with or as contemplated by the Purchase Agreement or this Subordinated Note by the Company shall
be materially incorrect or false as of the delivery date of such certification, or any representation to any Noteholder by the
Company as to the financial condition or credit standing of the Company is or proves to be materially false or misleading.

 

Unless the principal amount of this Subordinated
Note already shall have become due and payable, if an Event of Default set forth in Section 5(a) or Section 5(b)
above shall have occurred and be continuing, then the principal amount of this Subordinated Note, and accrued and unpaid interest,
if any, on the Subordinated Note will become and be immediately due and payable without any declaration or other act on the part
of the Noteholder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other
notices. Notwithstanding the foregoing, because the Company treats the Subordinated Notes as Tier 2 Capital, upon the occurrence
of an Event of Default other than an Event of Default described in Section 5(a) or Section 5(b), no Noteholder
may accelerate the Maturity Date of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the
Subordinated Notes, immediately due and payable. The Company, within forty-five (45) calendar days after the receipt of written
notice from any Noteholder of the occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all Noteholders,
at their addresses shown on the Security Register (as defined in Section 13 (Registration of Transfer, Security Register)
below), such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving
of such notice as certified by the Company in writing.

 

6.           
Failure to Make Payments. In the event of an Event of Default under Section 5(d) or Section 5(e)
above, the Company will, upon demand of the Noteholder, pay to the Noteholder the amount then due and payable on this Subordinated
Note for principal and interest (without acceleration of the Subordinated Note in any manner), with interest on the overdue principal
and interest at the per annum rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Company fails
to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company.

 

    	 	 A-14	 

     

    

 

Upon the occurrence of an Event of Default,
until such Event of Default is cured by the Company or waived by the Noteholders in accordance with Section 17 (Waiver and
Consent) hereof, except as may be required by any federal or state bank regulatory agency, the Company shall not: (a) declare or
pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the
Company’s capital stock; (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem
any indebtedness of the Company that ranks equal with or junior to the Subordinated Notes; or (c) make any payments under any guarantee
that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options,
warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock; (ii) any declaration
of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification
of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock
for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged;
or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit
plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans (including,
without limitation, any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise
of any option, or acceptance of common stock in lieu of an award recipient’s tax obligations under any equity award) (the
foregoing clauses (i) through (v) are collectively referred to as the “Permitted Dividends”). The limitations
imposed by the provisions of this Section 6 shall apply whether or not the Noteholder has notified the Company of an Event of Default.

 

7.           
Affirmative Covenants of the Company; Compliance Certificate.

 

(a)         
Notice of Certain Events. To the extent permitted by applicable statute, rule or regulation, the Company shall provide
written notice to the Noteholder, at its addresses shown on the Security Register, of the occurrence of any of the following events
as soon as practicable, but in no event later than fifteen (15) Business Days following the Company becoming aware of the occurrence
of such event:

 

(i)          
The total risk-based capital ratio, Tier 1 risk-based capital ratio, common equity Tier 1 risk-based capital ratio or leverage
ratio of either The Bank of Delmarva or Virginia Partners Bank, the Company’s subsidiary banks (each individually, a “Bank”
and collectively, the “Banks”), becomes less than ten percent (10.0%), eight percent (8.0%), six and one-half
percent (6.50%) or five percent (5.0%), respectively, as of the end of any calendar quarter (provided that, to the extent either
Bank has opted into the community bank leverage ratio framework, no notice need be given until such Bank ceases to be a qualifying
community banking organization, as defined under 12 CFR § 3.12);

 

(ii)         
The Company, or any of the Company’s subsidiaries, or any officer of the Company (in such capacity), becomes subject
to any formal, written regulatory enforcement action (as defined by the applicable state or federal bank regulatory authority);

 

(iii)        
The ratio of non-performing assets to total assets of either Bank, as calculated by the Company in the ordinary course of
business and consistent with past practices, becomes greater than five percent (5.0%), as of the end of any calendar quarter;

 

    	 	 A-15	 

     

    

 

(iv)        
The appointment, resignation, removal or termination of the chief executive officer, president, chief operating officer,
chief financial officer, chief credit officer, chief lending officer or any director of the Company;

 

(v)         
There is a change known to the Company in ownership of 25% or more of the outstanding securities of the Company entitled
to vote for the election of directors; or

 

(vi)        
The Company issues any additional Indebtedness.

 

(b)        
Payment of Principal and Interest. The Company covenants and agrees for the benefit of the Noteholder that it will
duly and punctually pay the principal of, and interest on, this Subordinated Note, in accordance with the terms hereof.

 

(c)         
Maintenance of Office. The Company will maintain an office or agency in the City of Salisbury, Maryland where Subordinated
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect
of the Subordinated Notes may be served.

 

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

 

(d)         
Corporate Existence. The Company will do or cause to be done all things necessary to preserve and keep in full force
and effect: (i) the corporate existence of the Company; (ii) the existence (corporate or other) of each subsidiary of the Company
and the Banks; and (iii) the rights (constituent governing documents and statutory), licenses and franchises of the Company and
each subsidiary of the Company and the Banks; provided, however, that the Company will not be required to preserve the existence
(corporate or other) of any of its subsidiaries (other than the Banks) or any such right, license or franchise of the Company or
any of its subsidiaries (other than the Banks) if the Board of Directors of the Company determines that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its subsidiaries taken as a whole and that the loss thereof
will not be disadvantageous in any material respect to the Noteholders; provided further that the Company may in its discretion
merge the Banks into one another.

 

(e)         
Maintenance of Properties. The Company will, and will cause each subsidiary of the Company and the Banks to, cause
all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working
order, ordinary wear and tear excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the
business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however,
that nothing in this Section 7(e) will prevent the Company or any subsidiary from discontinuing the operation and maintenance
of any of their respective properties if such discontinuance is, in the reasonable judgment of the Board of Directors of the Company
or of any subsidiary, as the case may be, desirable in the conduct of its business and that the discontinuance thereof will not
be disadvantageous in any material respect to the Noteholders.

 

    	 	 A-16	 

     

    

 

(f)          
Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or
condition set forth in Section 7(c) (Maintenance of Office), Section 7(d) (Corporate Existence), or Section 7(e)
(Maintenance of Properties) above, with respect to this Subordinated Note if before the time for such compliance the Noteholders
of at least a majority in aggregate principal amount of the outstanding Subordinated Notes, by act of such Noteholders, either
will waive such compliance in such instance or generally will have waived compliance with such term, provision or condition, but
no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver will become effective, the obligations of the Company in respect of any such term, provision or condition will remain
in full force and effect.

 

(g)         
Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to qualify for inclusion as Tier 2 Capital,
other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding
the Maturity Date of the Subordinated Notes, the Company will immediately notify the Noteholders and thereafter the Company and
the Noteholders will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure
the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however,
that nothing contained in this Section 7(g) (Tier 2 Capital) shall limit the Company’s right to redeem the Subordinated
Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section 4(a) (Redemption Prior to Fifth Anniversary) or
Section 4(b) (Redemption on or after Fifth Anniversary).

 

(h)         
Compliance with Laws. The Company and each subsidiary of the Company and the Banks shall comply with the requirements
of all laws, regulations, orders and decrees applicable to it or its properties, except for such noncompliance that would not reasonably
be expected to have a Material Adverse Effect (as such term is defined in the Purchase Agreement).

 

(i)          
Taxes and Assessments. The Company shall punctually pay and discharge all material taxes, assessments, and other
governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, however, that
no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Company.

 

(j)          
Financial Statements; Access to Records.

 

(i)           
Not later than forty-five (45) days following the end of each quarterly period for which the Company has not submitted a
Consolidated Financial Statements for Holding Companies Reporting Form FR Y-9C to the Federal Reserve, upon request, the Company
shall provide the Noteholder with a copy of the Company’s unaudited consolidated balance sheet and statement of income (loss)
for and as of the end of such immediately preceding fiscal quarter, prepared in accordance with past practice. Quarterly financial
statements, if required herein, shall be unaudited and need not comply with GAAP.

 

    	 	 A-17	 

     

    

 

(ii)          
Not later than one hundred twenty (120) days from the end of each fiscal year, upon request the Company shall provide the
Noteholder with copies of the Company’s audited financial statements consisting of the consolidated balance sheet of the
Company as of the fiscal year end and the related statements of income (loss) and retained earnings, stockholders’ equity
and cash flows for the fiscal year then ended. Such financial statements shall be prepared in accordance with GAAP applied on a
consistent basis throughout the period involved.

 

(k)         
 Company Statement as to Compliance. The Company will deliver to Noteholder, within one hundred twenty (120) days
after the end of each fiscal year, an Officer’s Certificate covering the preceding calendar year, stating whether or not,
to the best of his or her knowledge, (i) the Company is in default in the performance and observance of any of the terms, provisions
and conditions of this Subordinated Note (without regard to notice requirements or periods of grace) and if the Company will be
in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge; and (ii) any
event or events have occurred that in the reasonable judgment of the management of the Company would have a Material Adverse Effect.

 

8.           
Negative Covenants of the Company.

 

(a)         
Limitation on Dividends. The Company shall not declare or pay any dividend or make any distribution on capital stock
or other equity securities of any kind of the Company if the Company is not “well capitalized” for regulatory purposes
immediately prior to the declaration of such dividend or distribution, except for Permitted Dividends.

 

(b)        
Merger or Sale of Assets. The Company shall not merge into another entity or convey, transfer or lease substantially
all of its properties and assets to any Person, unless:

 

(i)           
the continuing entity into which the Company is merged or the Person which acquires by conveyance or transfer or which leases
substantially all of the properties and assets of the Company shall be a corporation, association or other legal entity organized
and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes
the due and punctual payment of the principal of and any premium and interest on the Subordinated Notes according to their terms,
and the due and punctual performance of all covenants and conditions hereof on the part of the Company to be performed or observed;
provided, however, that no express assumption shall be required by any successor by merger to the Company to the extent
such legal successor assumes the Company’s obligations hereunder by operation of law; and

 

(ii)          
immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing.

 

    	 	 A-18	 

     

    

 

(c)          
Continuance of Business. Other than in connection with a transaction which complies with Section 8(b), the Company
shall not take any action, omit to take any action or enter into any other transaction that would have the effect of: (i) the Company
ceasing to be a bank holding company under the Bank Holding Company Act of 1956, as amended (provided, however, for the
avoidance of doubt, nothing herein is intended to prohibit Company from electing to be a financial holding company or, following
such an election, exiting financial holding company status), (ii) the liquidation or dissolution of the Company or either Bank,
(iii) either Bank ceasing to be an “insured depository institution” under Section 3(c)(2) of the Federal Deposit Insurance
Act, as amended or (iv) the Company owning less than one hundred percent (100%) of the capital stock of either Bank; provided,
however, for the avoidance of doubt, nothing in this Section shall prohibit the Company from restructuring either or both
of the Banks to conduct business under a single banking charter.

 

9.           
Denominations. The Subordinated Notes are issuable only in registered form without interest coupons in minimum
denominations of $100,000 and integral multiples of $1,000 in excess thereof.

 

10.         
Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this
Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated
Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments
or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the
Noteholder requesting such transfer or exchange.

 

11.         
Payment Procedures. Payment of the principal and interest payable on the Maturity Date will be made by check,
by wire transfer or by Automated Clearing House (ACH) transfer in immediately available funds to a bank account in the United States
designated by the registered Noteholder if such Noteholder shall have previously provided wire or ACH instructions to the Company,
upon presentation and surrender of this Subordinated Note at the Payment Office (as defined in Section 21 (Notices) below)
or at such other place or places as the Company shall designate by notice to the registered Noteholders as the Payment Office,
provided that this Subordinated Note is presented to the Company in time for the Company to make such payments in such funds in
accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) shall be made on
each Interest Payment Date by wire transfer in immediately available funds or check mailed to the registered Noteholder, as such
Person’s address appears on the Security Register. Interest payable on any Interest Payment Date shall be payable to the
Noteholder in whose name this Subordinated Note is registered at the close of business on the fifteenth (15th) calendar
day prior to the applicable Interest Payment Date, without regard to whether such date is a Business Day, except that interest
not paid on the Interest Payment Date, if any, will be paid to the holder in whose name this Subordinated Note is registered at
the close of business on a special record date fixed by the Company (a “Special Record Date”), notice of which
shall be given to the Noteholder not less than ten (10) calendar days prior to such Special Record Date. To the extent permitted
by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Subordinated Note, on
any amount of principal or interest on this Subordinated Note not paid when due. All payments on this Subordinated Note shall be
applied first against costs and expenses of the Noteholder, if any, for which the Company is liable under this Subordinated Note;
then against interest due hereunder; and then against principal due hereunder. The Noteholder acknowledges and agrees that the
payment of all or any portion of the outstanding principal amount of this Subordinated Note and all interest hereon shall be pari
passu in right of payment and in all other respects to the other Subordinated Notes. In the event that the Noteholder receives
payments in excess of the Noteholder’s pro rata share of the Company’s payments to the holders of all of the Subordinated
Notes, then the Noteholder shall hold in trust all such excess payments for the benefit of the other Noteholders and shall pay
such amounts held in trust to such other holders upon demand by such Noteholders.

 

    	 	 A-19	 

     

    

 

12.         
Form of Payment. Payments of principal of and interest on this Subordinated Note shall be made in such coin or
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private
debts.

 

13.         
Registration of Transfer, Security Register. Except as otherwise provided herein, or in the Purchase Agreement
between Noteholder and the Company, and subject to limitations on transfer under applicable state and federal securities laws,
this Subordinated Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated
Notes of other authorized denominations, by the Noteholder in person, or by its attorney duly authorized in writing, at the Payment
Office or the offices of the Registrar. The Company or its agent (the “Registrar”) shall maintain a register
providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”).
Upon surrender or presentation of this Subordinated Note for exchange or registration of transfer, the Company or the Registrar
shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each
in a minimum denomination of $100,000 or any amount in excess thereof which is an integral multiple of $1,000 (and, in the absence
of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove)
and that is or are registered in such name or names requested by the Noteholder. Any Subordinated Note presented or surrendered
for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such
form as is attached hereto and incorporated herein, duly executed by the Noteholder or its attorney duly authorized in writing,
with such tax identification number (including, without limitation, an appropriate and properly executed Internal Revenue Service
Form W-9 or appropriate type of Form W-8) or other information for each Person in whose name a Subordinated Note is to be issued,
and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Subordinated Note or Subordinated Notes
as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer of this Subordinated
Note shall be made on or after (i) the fifteenth (15th) day immediately preceding the Maturity Date or (ii) the due
delivery of notice of redemption.

 

14.         
Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of
the Noteholder and its respective successors and permitted assigns. The Noteholder may assign all, or any part of, or any interest
in, the Noteholder’s rights and benefits hereunder only to the extent and in the manner permitted by the terms of this Subordinated
Note, the Purchase Agreement, and under applicable securities laws and regulations. To the extent of any such assignment, such
assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms
and conditions of the Purchase Agreement as it would have had if it were the Noteholder hereunder.

 

15.          Priority.
The Subordinated Notes rank pari passu among themselves and pari passu, in the event of any insolvency proceeding, dissolution,
assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar
proceeding or any liquidation or winding up of the Company, with all other present or future unsecured subordinated debt obligations
of the Company, except any unsecured subordinated debt that, pursuant to its express terms, is senior or subordinate in right
of payment to the Subordinated Notes.

 

    	 	 A-20	 

     

    

 

16.             
Ownership. Prior to due presentment of this Subordinated Note for registration of transfer, the Company may treat
the holder in whose name this Subordinated Note is registered in the Security Register as the absolute owner of this Subordinated
Note for receiving payments of principal and interest on this Subordinated Note and for all other purposes whatsoever, whether
or not this Subordinated Note be overdue, and the Company shall not be affected by any notice to the contrary.

 

17.             
Waiver and Consent.

 

    (a)               
This Subordinated Note may be amended or waived pursuant to, and in accordance with, the provisions set forth herein
and as set forth in Section 7.3 of the Purchase Agreement. Any such consent or waiver given by the Noteholder shall be conclusive
and binding upon such Noteholder and upon all subsequent holders of this Subordinated Note and of any Subordinated Note issued
upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Subordinated Note. No delay or omission of the Noteholder to exercise any right or remedy accruing upon
any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Any insured depository institution that shall be a Noteholder or that otherwise shall have any beneficial ownership interest in
this Subordinated Note shall, by its acceptance of such Subordinated Note (or beneficial interest therein), be deemed to have waived
any right of offset with respect to the indebtedness evidenced thereby.

 

    (b)               
No waiver or amendment of any term, provision, condition, covenant or agreement in the Subordinated Notes shall be
effective except with the consent of the Noteholders holding more than fifty percent (50%) in aggregate principal amount (excluding
any Subordinated Notes held by the Company or any of its Affiliates) of the Subordinated Notes at the time outstanding; provided,
however, that without the consent of each Noteholder of an affected Subordinated Note, no such amendment or waiver may:
(i) reduce the principal amount of the Subordinated Note; (ii) reduce the rate of or change the time for payment of interest on
any Subordinated Note; (iii) extend the maturity of any Subordinated Note; (iv) change the currency in which payment of the obligations
of the Company under the Subordinated Notes are to be made; (v) lower the percentage of aggregate principal amount of outstanding
Subordinated Notes required to approve any amendment of the Subordinated Notes; (vi) make any changes to Section 4(c) (Partial
Redemption), Section 5 (Events of Default; Acceleration), Section 6 (Failure to Make Payments), Section 15 (Priority), or Section
17 (Waiver and Consent) of the Subordinated Notes that adversely affects the rights of any Noteholder; or (vii) disproportionately
and adversely affect the rights of any of the holders of the then outstanding Subordinated Notes. Notwithstanding the foregoing,
the Company may amend or supplement the Subordinated Notes without the consent of the Noteholders to cure any ambiguity, defect
or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes,
or to make any change that does not adversely affect the rights of any Noteholder of any of the Subordinated Notes. No failure
to exercise or delay in exercising, by any Noteholder of the Subordinated Notes, of any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further
exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies provided in this Subordinated
Note are cumulative and not exclusive of any right or remedy provided by law or equity. No notice or demand on the Company in any
case shall, in itself, entitle the Company to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the Noteholders to any other or further action in any circumstances without notice or demand. No consent
or waiver, express or implied, by the Noteholders to or of any breach or default by the Company in the performance of its obligations
hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the
same or any other obligations of the Company hereunder. Failure on the part of the Noteholders to complain of any acts or failure
to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by the
Noteholders of their rights hereunder or impair any rights, powers or remedies on account of any breach or default by the Company.

 

    A-21

     

    

 

18.             
Absolute and Unconditional Obligation of the Company. No provisions of this Subordinated Note shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Subordinated
Note at the times, places and rate, and in the coin or currency, herein prescribed. No delay or omission of the Noteholder to exercise
any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event
of Default or any acquiescence therein.

 

19.             
No Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This
Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company
or any subsidiary of the Company.

 

20.             
No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in this
Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future
shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through
the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of
any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by
the acceptance of this Subordinated Note by the Noteholder and as part of the consideration for the issuance of this Subordinated
Note.

 

21.             
Notices. All notices to the Company under this Subordinated Note shall be in writing and addressed to the Company
at:

 

Delmar Bancorp

2245 Northwood
Drive

Salisbury,
Maryland 21801

Attention:
John W. Breda, President and Chief Operating Officer

 

and

 

Virginia Partners Bank

410 William Street

Fredericksburg, Virginia
22401

Attention: Lloyd B.
Harrison, III, Chief Executive Officer

 

    A-22

     

    

 

with a copy to

 

Troutman Sanders
LLP

The Troutman
Sanders Building

1001 Haxall
Point, Richmond, Virginia 23219

Attention:
Jacob A. Lutz, III, Esq.

 

or to such other address
as the Company may notify to the Noteholder (the “Payment Office”). All notices to the Noteholders shall be
in writing and sent by first-class mail to each Noteholder at his or its address as set forth in the Security Register.

 

22.             
Further Issues. The Company may, without the consent of the Noteholders, create and issue additional notes having
the same terms and conditions of the Subordinated Notes (except for the Issue Date and issue price) so that such further notes
shall be consolidated and form a single series with the Subordinated Notes.

 

23.             
Governing Law; Interpretation. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF
THE STATE OF NORTH CAROLINA AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA
WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. IT IS INTENDED THAT THIS SUBORDINATED NOTE SHALL MEET THE CRITERIA FOR QUALIFICATION
OF THE OUTSTANDING PRINCIPAL AS TIER 2 CAPITAL UNDER THE REGULATORY GUIDELINES OF THE FEDERAL RESERVE, AND THE TERMS HEREOF SHALL
BE INTERPRETED IN A MANNER TO SATISFY SUCH INTENT.

 

[Signature Page Follows]

 

    A-23

     

    

 

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

	 	 
	 	DELMAR BANCORP
	 	  
	 	By:	 
	 	Name:	Lloyd B. Harrison
	 	Title:	Chief Executive Officer

 

	 	 
	ATTEST:	 
	 	 
	Name:	John W. Breda	 
	Title:	President & Chief Operating Officer	 

  

[Signature Page to Subordinated Note]

 

    

     

    

 

ASSIGNMENT FORM

 

[Capitalized terms used herein but not defined
have the meanings assigned in the Subordinated Note]

 

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

  

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

  

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

 

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

 

Date:___________________  Your signature:________________________________________

(Sign exactly as your name appears
on the face of this Subordinated Note)

  

	 	FOR EXECUTION BY AN ENTITY:	 
	 	 	 
	 	Entity name:	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 

	 	 
	 	Tax Identification No:	 

 

	Signature Guarantee:	

(Signatures must be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)).

 

The undersigned certifies
that he/she/it [is / is not] (circle one) an Affiliate of the Company and that, to its knowledge, the proposed transferee
[is / is not] (circle one) an Affiliate of the Company.

 

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

 

    A-25

     

    

 

CHECK ONE BOX BELOW:

 

	□	(1)	acquired for the undersigned’s own account, without transfer;
	□	(2)	transferred to the Company;
	□	(3)	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
	□	(4)	transferred under an effective registration statement under the Securities Act;
	□	(5)	transferred in accordance with and in compliance with Regulation S under the Securities Act;
	□	(6)	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act);
	□	(7)	transferred to an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), not referred to in item (6) that has been provided with the information designated under Section 4(d) of the Securities Act; or
	□	(8)	transferred in accordance with another available exemption from the registration requirements of the Securities Act.

 

Unless one of the boxes is checked, the
Company will refuse to register this Subordinated Note in the name of any person other than the registered holder thereof; provided,
however, that if box (5), (6), (7) or (8) is checked, the Company may require, prior to registering any such transfer of
this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably
request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act such as the exemption provided by Rule 144 under such Act.

 

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

 

	 	 
	 	FOR EXECUTION BY AN ENTITY:
	 	 
	 	Entity name:	 	 

	 	 
	 	By:	 	 

	 	Name:	 	 
	 	Title:	 	 

 

	 	Tax Identification No.:	 

  

	Signature Guarantee:	

(Signatures must be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).

 

    A-26

     

    

 

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

 

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

	 	 	 
	Date:	 	 	Signature:	 
	 	 	 
	 	 	Print name:	 
	 	 	 

	 	 	 
	 	 	FOR EXECUTION BY AN ENTITY:
	 	 	 
	 	 	Entity
    name:	 
	 	 	 

	 	 	 
	 	 	By:	 

	 	 	Name:	 
	 	 	Title:	 

	 	 	 
	 	 	Tax Identification
    No.:	 

  

    A-27

     

    

 

EXHIBIT B

 

FORM OF OPINION OF COUNSEL

 

1.                    
The Company (i) has been incorporated and is validly existing and in good standing under the laws of its state of incorporation,
(ii) has all requisite power and authority to carry on its business and to own, lease and operate its properties and assets as
described in Company’s Reports and (iii) is duly qualified or licensed to do business and is in good standing as a foreign
corporation authorized to do business in each jurisdiction in which the nature of such businesses or the ownership or leasing of
such properties requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate,
have a Material Adverse Effect.

 

2.                    
The Company is a registered bank holding company under the Bank Holding Company Act of 1956, as amended.

 

3.                    
Company has all necessary power and authority to execute, deliver and perform its obligations under the Transaction Documents
and to consummate the transactions contemplated by the Transaction Documents.

 

4.                    
The Agreement has been duly and validly authorized, executed and delivered by Company. The Agreement constitutes a legal,
valid and binding obligation of Company, enforceable against Company in accordance with its terms.

 

5.                    
The Subordinated Note has been duly and validly authorized by Company and when issued and delivered to and paid for by Purchaser
in accordance with the terms of the Agreement, will have been duly executed, issued and delivered and will constitute a legal,
valid and binding obligation of Company, enforceable against Company in accordance with its terms.

 

6.                    
Assuming the accuracy of the representations and warranties of, and compliance with the covenants and agreements by, Purchaser
set forth in the Agreement, the Subordinated Note will be issued in a transaction exempt from the registration requirements of
the Securities Act.

 

7.                    
The issuance and sale of the Subordinated Note by the Company, the compliance by the Company with all of the provisions
of the Agreement and the consummation of the transactions therein contemplated do not and will not, whether with or without the
giving of notice or passage of time or both, (A) result in any violation of the provisions of the Company Articles or the Bylaws
or (B) result in any violation of any law, statute or any order, rule or regulation of any federal, state, local or foreign court,
arbitrator, regulatory authority or governmental agency or body having jurisdiction over the Company or any of its properties,
except with respect to subsection (B) for such violation as would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.

  

* The opinion letter of counsel will
be subject to customary limitations, qualifications and carveouts.

 

    Exhibit B-1

     

    

 

Schedule 4.1.1.2 – Direct and
Indirect Subsidiaries 

 

	Name of Entity	 	Jurisdiction of Organization	 	 	Ownership Interest	 
	Delmar Bancorp	 	  Maryland	 	 	 	 
	The Bank of Delmarva	 	 	Delaware	 	 	 	100.00	%
	(d/b/a in New Jersey as Liberty Bell Bank, a division of The Bank of Delmarva)	 	 	 	 	 	 	 	 
	Delmarva Real Estate Holdings, LLC	 	 	Maryland	 	 	 	100.00	%
	Davie Circle, LLC	 	 	Delaware	 	 	 	100.00	%
	Delmarva BK Holdings, LLC	 	 	Maryland	 	 	 	100.00	%
	FBW, LLC	 	 	Maryland	 	 	 	50.00	%
	Virginia Partners Bank	 	 	Virginia	 	 	 	100.00	%
	(d/b/a in Maryland as Maryland Partners Bank (a division of Virginia Partners Bank))	 	 	 	 	 	 	 	 
	Bear Holdings, Inc.	 	 	Virginia	 	 	 	100.00	%
	410 William Street, LLC	 	 	Virginia	 	 	 	100.00	%
	Johnson Mortgage Company, LLC	 	 	Virginia	 	 	 	51.00	%EX-4.1

 Exhibit 4.1 

Execution Version 

COUNTY BANCORP, INC. 
 As
Issuer, 
 and 
 U.S. BANK
NATIONAL ASSOCIATION 
 As Trustee 

INDENTURE 
 Dated as of
June 30, 2020 
 7.00% Fixed-to-Floating Rate
Subordinated Notes due 2030 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
			
	 Section 101
	 	Definitions	  	 	1	 
	 Section 102
	 	Compliance Certificates and Opinions	  	 	10	 
	 Section 103
	 	Form of Documents Delivered to Trustee	  	 	10	 
	 Section 104
	 	Acts of Holders	  	 	11	 
	 Section 105
	 	Required Notices or Demands	  	 	12	 
	 Section 106
	 	Language of Notices	  	 	13	 
	 Section 107
	 	Incorporation by Reference of Trust Indenture Act; Conflicts	  	 	13	 
	 Section 108
	 	Effect of Headings and Table of Contents	  	 	13	 
	 Section 109
	 	Successors and Assigns	  	 	13	 
	 Section 110
	 	Severability	  	 	13	 
	 Section 111
	 	Benefits of Indenture	  	 	13	 
	 Section 112
	 	Governing Law	  	 	14	 
	 Section 113
	 	Legal Holidays	  	 	14	 
	 Section 114
	 	Counterparts; Electronic Transmission	  	 	14	 
	 Section 115
	 	Immunity of Certain Persons	  	 	14	 
	 Section 116
	 	Waiver of Jury Trial	  	 	14	 
	 Section 117
	 	Force Majeure	  	 	14	 
	 Section 118
	 	USA Patriot Act	  	 	15	 
	 Section 119
	 	No Sinking Fund	  	 	15	 
	 Section 120
	 	Rules of Construction	  	 	15	 
		
	ARTICLE II THE SUBORDINATED NOTES	  	 	15	 
			
	 Section 201
	 	Forms Generally	  	 	15	 
	 Section 202
	 	Definitive Subordinated Notes	  	 	16	 
	 Section 203
	 	Global Subordinated Notes	  	 	16	 
	 Section 204
	 	Restricted Subordinated Notes	  	 	16	 
	 Section 205
	 	Execution and Authentication	  	 	17	 
	 Section 206
	 	Registrar and Paying Agent	  	 	17	 
	 Section 207
	 	Registration of Transfer and Exchange	  	 	18	 
	 Section 208
	 	Exchange Offer	  	 	20	 
	 Section 209
	 	Mutilated, Destroyed, Lost and Stolen Subordinated Notes	  	 	20	 
	 Section 210
	 	Payment of Interest; Rights to Interest Preserved	  	 	21	 
	 Section 211
	 	Persons Deemed Owners	  	 	22	 
	 Section 212
	 	Cancellation	  	 	22	 
	 Section 213
	 	Computation of Interest	  	 	23	 
	 Section 214
	 	CUSIP Numbers	  	 	25	 
		
	ARTICLE III SATISFACTION AND DISCHARGE OF INDENTURE	  	 	25	 
			
	 Section 301
	 	Satisfaction and Discharge	  	 	25	 
	 Section 302
	 	Defeasance and Covenant Defeasance	  	 	26	 
	 Section 303
	 	Application of Trust Money	  	 	28	 
	 Section 304
	 	Reinstatement	  	 	28	 
	 Section 305
	 	Effect on Subordination Provisions	  	 	28	 
		
	ARTICLE IV REMEDIES	  	 	29	 
			
	 Section 401
	 	Events of Default; Acceleration	  	 	29	 
	 Section 402
	 	Failure to Make Payments	  	 	30	 

  
 i 

 Table of Contents (continued) 

 

							
	 	 	 	  	 Page
  
	 
	 Section 403
	 	Trustee May File Proofs of Claim	  	 	30	 
	 Section 404
	 	Trustee May Enforce Claims Without Possession of Subordinated Notes	  	 	31	 
	 Section 405
	 	Application of Money Collected	  	 	31	 
	 Section 406
	 	Limitation on Suits	  	 	32	 
	 Section 407
	 	Unconditional Right of Holders to Payments	  	 	32	 
	 Section 408
	 	Restoration of Rights and Remedies	  	 	32	 
	 Section 409
	 	Rights and Remedies Cumulative	  	 	32	 
	 Section 410
	 	Delay or Omission Not Waiver	  	 	33	 
	 Section 411
	 	Control by Holders	  	 	33	 
	 Section 412
	 	Waiver of Past Defaults	  	 	33	 
	 Section 413
	 	Undertaking for Costs	  	 	33	 
		
	ARTICLE V THE TRUSTEE	  	 	33	 
			
	 Section 501
	 	Duties of Trustee	  	 	33	 
	 Section 502
	 	Certain Rights of Trustee	  	 	34	 
	 Section 503
	 	Notice of Defaults	  	 	36	 
	 Section 504
	 	Not Responsible for Recitals or Issuance of Subordinated Notes	  	 	36	 
	 Section 505
	 	May Hold Subordinated Notes	  	 	36	 
	 Section 506
	 	Held in Trust	  	 	36	 
	 Section 507
	 	Compensation and Reimbursement	  	 	36	 
	 Section 508
	 	Corporate Trustee Required; Eligibility	  	 	37	 
	 Section 509
	 	Resignation and Removal; Appointment of Successor	  	 	37	 
	 Section 510
	 	Acceptance of Appointment by Successor	  	 	38	 
	 Section 511
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	39	 
	 Section 512
	 	Preferred Collection of Claims against Company	  	 	41	 
		
	ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	 	41	 
			
	 Section 601
	 	Holder Lists	  	 	41	 
	 Section 602
	 	Preservation of Information; Communications to Holders	  	 	41	 
	 Section 603
	 	Reports by Trustee	  	 	41	 
	 Section 604
	 	Reports by Company	  	 	42	 
		
	ARTICLE VII SUCCESSORS	  	 	42	 
			
	 Section 701
	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	42	 
	 Section 702
	 	Successor Person Substituted for Company	  	 	43	 
		
	ARTICLE VIII SUPPLEMENTAL INDENTURES	  	 	43	 
			
	 Section 801
	 	Supplemental Indentures without Consent of Holders	  	 	43	 
	 Section 802
	 	Supplemental Indentures with Consent of Holders	  	 	44	 
	 Section 803
	 	Execution of Supplemental Indentures	  	 	45	 
	 Section 804
	 	Effect of Supplemental Indentures	  	 	45	 
	 Section 805
	 	Reference in Subordinated Notes to Supplemental Indentures	  	 	45	 
	 Section 806
	 	Effect on Senior Indebtedness	  	 	45	 
	 Section 807
	 	Conformity with Trust Indenture Act	  	 	45	 
		
	ARTICLE IX COVENANTS	  	 	45	 
			
	 Section 901
	 	Payment of Principal and Interest	  	 	45	 
	 Section 902
	 	Maintenance of Office	  	 	46	 

  
 ii 

 Table of Contents (continued) 

 

							
	 	 	 	  	 Page
  
	 
	 Section 903
	 	Money for Subordinated Notes Payments to Be Held in Trust	  	 	46	 
	 Section 904
	 	Corporate Existence	  	 	47	 
	 Section 905
	 	Maintenance of Properties	  	 	47	 
	 Section 906
	 	Waiver of Certain Covenants	  	 	47	 
	 Section 907
	 	Company Statement as to Compliance	  	 	48	 
	 Section 908
	 	Tier 2 Capital	  	 	48	 
		
	ARTICLE X REDEMPTION OF SECURITIES	  	 	48	 
			
	 Section 1001
	 	Applicability of Article	  	 	48	 
	 Section 1002
	 	Election to Redeem; Notice to Trustee	  	 	48	 
	 Section 1003
	 	Selection by Trustee of Subordinated Notes to be Redeemed	  	 	49	 
	 Section 1004
	 	Notice of Redemption	  	 	49	 
	 Section 1005
	 	Deposit of Redemption Price	  	 	50	 
	 Section 1006
	 	Subordinated Notes Payable on Redemption Date	  	 	50	 
	 Section 1007
	 	Subordinated Notes Redeemed in Part	  	 	50	 
		
	ARTICLE XI SUBORDINATION OF SECURITIES	  	 	51	 
			
	 Section 1101
	 	Agreement to Subordinate	  	 	51	 
	 Section 1102
	 	Distribution of Assets	  	 	51	 
	 Section 1103
	 	Default With Respect to Senior Indebtedness	  	 	53	 
	 Section 1104
	 	No Impairment	  	 	53	 
	 Section 1105
	 	Effectuation of Subordination Provisions	  	 	53	 
	 Section 1106
	 	Notice to Trustee	  	 	53	 
	 Section 1107
	 	Trustee Knowledge of Senior Indebtedness	  	 	54	 
	 Section 1108
	 	Senior Indebtedness to Trustee	  	 	54	 
	 Section 1109
	 	Subordination Not Applicable to Trustee Compensation	  	 	54	 

  
 iii 

 CROSS-REFERENCE TABLE 

 

			
	Trust Indenture Act Section	  	Indenture Section
	 §310 (a)(1)
	  	508
	  (a)(2)
	  	508
	  (a)(5)
	  	508
	  (b)
	  	        508, 509
	 §311 (a)
	  	505
	  (b)
	  	505
	 §312 (a)
	  	601
	  (b)
	  	602
	  (c)
	  	602
	 §313 (a)
	  	603
	  (b)(2)
	  	603
	  (c)
	  	603
	  (d)
	  	603
	 §314 (a)
	  	604
	  (a)(4)
	  	907
	  (c)(1)
	  	102
	  (c)(2)
	  	102
	  (e)
	  	102
	 §315 (a)
	  	        501,502
	  (b)
	  	503
	  (c)
	  	501
	  (d)
	  	        501,502
	  (e)
	  	413
	 §316 (a) (last sentence)
	  	101
	  (a)(1)(A)
	  	        402,411
	  (a)(1)(B)
	  	        411,412
	  (b)
	  	407
	  (c)
	  	104
	 §317 (a)(1)
	  	402
	  (a)(2)
	  	403
	  (b)
	  	903
	 §318 (a)
	  	107
	  (b)
	  	107
	  (c)
	  	107

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

 This INDENTURE dated as of June 30, 2020 is between County Bancorp, Inc., a Wisconsin
corporation (the “Company”), and U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States of America, as trustee (the “Trustee”).

 RECITALS 

WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for an issue of $17.4 million in
aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2030, subject to the terms and conditions set forth in this Indenture. 

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

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 101    Definitions. 

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

“Act,” when used with respect to any Holders, is defined in Section 104. 

“Additional Interest” has the meaning set forth in the Registration Rights Agreement. 

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

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Subordinated Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Authenticating
Agent” means any Person authorized by the Trustee in accordance with Section 512 to act on behalf of the Trustee to authenticate Subordinated Notes. 

“Authorized Newspaper” means a newspaper, in an official language of the place of publication or in the English
language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place of publication, and of general circulation in each place in connection with
which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same place
meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 
 “Authorized
Officer” means each of the Chairman of the Board, the Chief Executive Officer, the President, any Senior Executive Vice President and the Chief Financial Officer of the Company. 

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

  
 1 

 “Benchmark” means, initially, Three-Month Term SOFR; provided that
if the Calculation Agent determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then
“Benchmark” means the applicable Benchmark Replacement. 
 “Benchmark Replacement” means the Interpolated
Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if: (i) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, or
(ii) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to
Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: (i) the sum of
(a) Compounded SOFR and (b) the Benchmark Replacement Adjustment; (ii) the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; (iii) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; (iv) the sum of: (a) the alternate rate
that has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S.
Dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment. If the Benchmark Replacement, as determined pursuant to clause (i), (ii), (iii) or (iv) above would be less than zero, the Benchmark
Replacement will be deemed to be zero. 
 “Benchmark Replacement Adjustment” means the first alternative set forth
in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: (i) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or
zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; and (ii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration to any industry-accepted spread adjustment or method for
calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar-denominated floating rate securities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period and making payments of interest, rounding of amounts or tenors,
and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides that
adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines is
reasonably necessary). 
 “Benchmark Replacement Date” means the earliest to occur of the following events with
respect to the then-current Benchmark: (i) in the case of clause (i) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination; (ii) in the case of clause (ii) or
(iii) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently
or indefinitely ceases to provide the Benchmark; or (iii) in the case of clause (iv) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the
avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to
the Reference Time for such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded
SOFR, references to the Benchmark would include SOFR). 

  
 2 

 “Benchmark Transition Event” means the occurrence of one or more of
the following events with respect to the then-current Benchmark: (i) if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months
based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Calculation Agent determines
that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; (ii) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such
administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; (iii) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the
Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the
Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or (iv) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. For the avoidance of doubt, for purposes of this definition, references to
the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR). 

“Board of Directors” means, as to any Person, the board of directors, or similar governing body, of such Person or any
duly authorized committee thereof. 
 “Board Resolution” means one or more resolutions, certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee. 

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

“Calculation Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period
(which may include the Company or any of its Affiliates) to act in accordance with Section 213. 
 “Commission”
means the U.S. Securities and Exchange Commission, as from time to time constituted, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time. 
 “Company” is defined in the preamble to this Indenture. 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the
case may be, signed on behalf of the Company by an Authorized Officer and delivered to the Trustee. 
 “Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance with: (i) the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that: (ii) if, and to the extent that, the Calculation Agent determines that
Compounded SOFR cannot be determined in accordance with clause (i) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any
industry-accepted market practice for U.S. Dollar-denominated floating rate securities at such time. For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable). 

  
 3 

 “Corporate Trust Office” means the address of the Trustee specified
in Section 105 or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated address of any successor Trustee (or such other address as such successor Trustee may designate from
time to time by notice to the Holders and the Company); provided, however, that with respect to payments on the Subordinated Notes and any exchange, transfer, or other surrender of the Subordinated Notes, the Trustee’s Corporate Trust Office
shall mean the corporate trust operations office of the Trustee in St. Paul, Minnesota or such other office or location designated by the Trustee by written notice. 

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

“Covenant Defeasance” is defined in Section 302(3). 

“Defaulted Interest” is defined in Section 210. 

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

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

“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public
or private debts in the United States. 
 “Event of Default” is defined in Section 401. 

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

“Exchange Notes” means the Subordinated Notes issued in the Exchange Offer in accordance with Section 208. 

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

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System or any successor regulatory
authority with jurisdiction over bank holding companies. 
 “Fixed Interest Payment Date” means June 30 and
December 30 of each year, beginning December 30, 2020. 
 “Floating Interest Payment Date” means
March 30, June 30, September 30, and December 30 of each year, beginning September 30, 2025. 

“Floating Rate Interest Period” is defined in Section 213. 

“Floating Rate Period” is defined in Section 213. 

“FRBNY” means the Federal Reserve Bank of New York. 

“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source. 

  
 4 

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

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

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

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

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

“Initial Notes” means the $17.4 million in aggregate principal amount of the Company’s 7.00% Fixed-to-Floating Rate Subordinated Notes due 2030 issued under this Indenture on the date hereof. 

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

 “interest period” means the period from and including the immediately preceding Interest Payment Date in respect
of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the original issue date of the Subordinated Notes to, but excluding, the applicable Interest Payment Date or the Maturity
Date or date of earlier redemption, if applicable. 
 “Interpolated Benchmark” with respect to the Benchmark means
the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (i) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (ii) the
Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor. 

“Investment Company Event” means the receipt by the Company of a legal opinion from counsel experienced in such
matters to the effect that there is more than an insubstantial risk that the Company is or, within 90 days of the date of such legal opinion will be, considered an “investment company” that is required to be registered under the Investment
Company Act of 1940, as amended. 
 “ISDA” means the International Swaps and Derivatives Association, Inc. or any
successor. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 
 “ISDA Fallback
Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event
with respect to the Benchmark for the applicable tenor. 
 “ISDA Fallback Rate” means the rate that would apply for
derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Legal Defeasance” is defined in Section 302(2). 

  
 5 

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

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

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

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one
of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company, that complies with the requirements of Section 102 and is delivered to the Trustee. 

“Opinion of Counsel” means a written opinion from legal counsel, which opinion meets the requirements of
Section 102. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Outstanding,” when used with respect to any Subordinated Notes, means, as of the date of determination, all such
Subordinated Notes theretofore authenticated and delivered under this Indenture, except (1) any such Subordinated Note theretofore cancelled by the Trustee or the Registrar or delivered to the Trustee or the Registrar for cancellation;
(2) any such Subordinated Note for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited in accordance with this Indenture (other than in accordance with Section 302) with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company will act as its own Paying Agent) for the Holders of such Subordinated Notes, provided that, if such Subordinated Notes are to be
redeemed, notice of such redemption has been duly given in accordance with this Indenture or provision therefor satisfactory to the Trustee has been made; (3) any such Subordinated Note with respect to which the Company has effected Legal
Defeasance or Covenant Defeasance in accordance with Section 302, except to the extent provided in Section 302; and (4) any such Subordinated Note that has been paid in accordance with Section 209 or in exchange for or in lieu of
which other Subordinated Notes have been authenticated and delivered under this Indenture, unless there will have been presented to the Trustee proof satisfactory to the Trustee that such Subordinated Note is held by a bona fide purchaser in whose
hands such Subordinated Note is a valid obligation of the Company; provided, however, in all cases, that in determining whether the Holders of the requisite principal amount of Outstanding Subordinated Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder. Subordinated Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be Outstanding. Subordinated Notes so owned that will have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Subordinated Notes and that the pledgee is not the Company or an Affiliate of the
Company. 
 “Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Paying Agent” is defined in Section 206. 

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

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

  
 6 

 “Private Placement Legend” means the legend set forth in
Section 204 of this Indenture to be placed on all Subordinated Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Purchase Agreement” means the Subordinated Note Purchase Agreement concerning the Subordinated Notes, dated
June 30, 2020, by and among the Company and the purchasers identified therein. 
 “Redemption Date” with
respect to any Subordinated Note or portion thereof to be redeemed, means the date fixed for such redemption by or under this Indenture or such Subordinated Note. 

“Redemption Price” with respect to any Subordinated Note or portion thereof to be redeemed, means the price at which
it is to be redeemed as determined by or under this Indenture or such Subordinated Note. 
 “Reference Time” with
respect to any determination of the Benchmark means: (i) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (ii) if the Benchmark is not
Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes. 

“Registrar” is defined in Section 206. 

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

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

“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or
convened by the Federal Reserve Board and/or the FRBNY or any successor thereto. 
 “Responsible Officer” means,
when used with respect to the Trustee, any officer assigned to the Corporate Trust Office who has direct responsibility for the administration of this Indenture and, with respect to a particular corporate trust matter, any other officer of the
Trustee to whom such matter is referred because of such Person’s knowledge of and familiarity with the particular subject. 

“Restricted Definitive Subordinated Note” means a Definitive Subordinated Note bearing, or that is required to bear,
the Private Placement Legend. 
 “Restricted Global Subordinated Note” means a Global Subordinated Note bearing, or
that is required to bear, the Private Placement Legend, 
 “Restricted Subordinated Note” means a Restricted Global
Subordinated Note or a Restricted Definitive Subordinated Note. 
 “Rule 144” means Rule 144 promulgated under the
Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

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

“Senior Indebtedness” means the principal of, and premium, if any, and interest, including interest accruing after the
commencement of any bankruptcy proceeding relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether that debt was outstanding on the date of execution of this Indenture
or thereafter incurred, created or assumed: (1) all indebtedness of the 

  
 7 

 
Company for borrowed money, whether or not evidenced by notes, debentures, bonds, securities or other similar instruments issued under the provisions of any indenture, fiscal agency agreement,
debenture or note purchase agreement or other agreement, including any senior debt securities that may be offered; (2) indebtedness of the Company for money borrowed or represented by purchase money obligations, as defined below; (3) the
Company’s obligations as lessee under leases of property whether made as part of a sale and leaseback transaction to which it is a party or otherwise; (4) reimbursement and other obligations relating to letters of credit, bankers’
acceptances and similar obligations; (5) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contacts, commodity
contracts and other similar arrangements; (6) all of the Company’s obligations issued or assumed as the deferred purchase price of property or services, but excluding trade accounts payable and accrued liabilities arising in the ordinary
course of business; (7) any other obligation of the Company to its general creditors; (8) all obligations of the type referred to in clauses (1) through (7) of other persons for the payment of which the Company is liable
contingently or otherwise to pay or advance money as obligor, guarantor, endorser or otherwise; (9) all obligations of the types referred to in clauses (1) through (8) of other persons secured by a lien on any property or asset of the
Company; and (10) deferrals, renewals or extensions of any of the indebtedness or obligations described above. 
 However, clauses
(1) through (10) above exclude: (w) the subordinated notes of the Company issued in May 2018, and in each case any subordinated notes issued in exchange therefor or upon transfer thereof, in each case that are outstanding as of the date
hereof or that are issued in exchange for or upon transfer of such subordinated notes after the date hereof, (x) any subordinated debentures or junior subordinated debentures of the Company underlying trust preferred securities issued by
subsidiary trusts of the Company that are outstanding as of the date hereof or that are issued after the date hereof by a subsidiary trust of the Company, (y) any indebtedness, obligation or liability that is subordinated to indebtedness,
obligations or liabilities of the Company to substantially the same extent as or to a greater extent than the Subordinated Notes are subordinated; (z) the Subordinated Notes; and (aa) unless expressly provided in the terms thereof, any
indebtedness of the Company to its Subsidiaries. 
 As used above, the term “purchase money obligations” means indebtedness,
obligations evidenced by a note, debenture, bond or other instrument, whether or not secured by a lien or other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation for the payment
of, the purchase price of property but excluding indebtedness or obligations for which recourse is limited to the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services, whether by
purchase, merger, consolidation or otherwise, but does not include any trade accounts payable as set forth in clause (6) above. 

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

“SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator of the Benchmark (or a
successor administrator), on the FRBNY’s Website. 
 “Special Record Date” for the payment of any Defaulted
Interest on any Subordinated Note means a date fixed in accordance with Section 210. 
 “Stated Maturity” means
June 30, 2030. 
 “Subordinated Note” or “Subordinated Notes” means the Initial Notes
and the Exchange Notes and, more particularly, any Subordinated Note authenticated and delivered under this Indenture, including those Subordinated Notes issued or authenticated upon transfer, replacement or exchange. 

“Subordinated Note Register” is defined in Section 206. 

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

  
 8 

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

“Tax Event” means the receipt by the Company of a legal opinion from counsel experienced in such matters to the effect
that there is more than an insubstantial risk that interest paid by the Company on the Subordinated Notes is not, or, within 90 days of the date of such legal opinion, will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes. 
 “Term SOFR” means the forward-looking term rate based on SOFR that has been selected
or recommended by the Relevant Governmental Body. 
 “Term SOFR Administrator” means any entity designated by the
Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 
 “Three-Month Term
SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month
Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with
0.000005% rounded up to 0.00001%. 
 “Three-Month Term SOFR Conventions” means any determination, decision or
election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and
frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect
the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary). 

“Tier 2 Capital” means Tier 2 capital for purposes of capital adequacy regulations of the Federal Reserve Board, as
then in effect and applicable to the Company. 
 “Tier 2 Capital Event” means the receipt by the Company of a legal
opinion from counsel experienced in such matters to the effect that the Subordinated Notes do not constitute, or within 90 days of the date of such legal opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject
to such capital requirement). 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trustee” means U.S. Bank National Association, as trustee, until a successor replaces it in accordance with the
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 “United
States” means the United States of America (including the states thereof and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

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

  
 9 

 “Unrestricted Global Subordinated Note” means a Global Subordinated
Note that does not bear, and is not required to bear, the Private Placement Legend. 
 Section 102    Compliance
Certificates and Opinions. 
 Except as otherwise expressly provided in or under this Indenture, upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture, the Company will furnish to the Trustee an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including covenants
compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent (including covenants compliance with which constitutes a condition precedent), if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of them is
specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Each certificate or opinion with respect to which compliance with a condition provided for in this Indenture (other than an Officers’
Certificate provided under Section 907) must comply with the provisions of Section 314(e) of the Trust Indenture Act and must include: 
  

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

  

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

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

 

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

 Section 103    Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based is erroneous. 

Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture or any Subordinated Note, they may, but need not, be consolidated and form one instrument. 

  
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 Section 104    Acts of Holders. 

(1)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or under this
Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise
expressly provided, such action will become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent, or of the holding by any Person of a Subordinated Note, will be sufficient for any purpose of this Indenture and (subject to Section 501) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the
Company, if made in the manner provided in this Section. 
 (2)    The fact and date of the execution by any Person of
any such instrument or writing may be proved in any reasonable manner that the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine, and the Trustee may in any instance require further proof with respect
to any of the matters referred to in this Section. 
 (3)    The ownership, principal amount and serial numbers of
Subordinated Notes held by any Person, and the date of the commencement and the date of the termination of holding the same, will be proved by the Subordinated Note Register. 

(4)    The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of
determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the
Company prior to the first solicitation of a Holder made by any Person in respect of any such action, any such record date will be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation. If a record date is fixed, the Holders on such record date, and only such Persons, will be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or
other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action will be valid or effective if made, given or taken more than 90 days after
such record date. 
 (5)    Any effective request, demand, authorization, direction, notice, consent, waiver or other
Act by the Holder of any Subordinated Note will bind every future Holder of the same Subordinated Note and the Holder of every Subordinated Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done or suffered to be done by the Trustee, any Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Subordinated Note. 

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

(7)    Without limiting the generality of this Section 104, a Holder, including a Depositary that is a Holder of a
Global Subordinated Note, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or under this Indenture or the Subordinated Notes to
be made, given or taken by Holders, and a Depositary that is a Holder of a Global Subordinated Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Subordinated Note through such Depositary’s Applicable
Procedures. The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Subordinated Note entitled under the Applicable Procedures of such Depositary to make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such
record date or their duly appointed proxy or proxies, and only such Persons, will be entitled to make, give or take such request, 

  
 11 

 
demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction,
notice, consent, waiver or other action will be valid or effective if made, given or taken more than 90 days after such record date. 

Promptly upon any record date being set in accordance with this Section 104, the Company, at its own expense, will cause notice of the
record date, the proposed action by Holders and the expiration date to be given to the Trustee in writing and the Holders in the manner set forth in Section 105. 

Section 105    Required Notices or Demands. 

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

If to the Company: 
 County
Bancorp, Inc. 
 2400 S. 44th Street 

Manitowoc, Wisconsin 54220 

Attention: Glen Stiteley, Chief Financial Officer and Treasurer 

Facsimile: 920-645-6167 

If to the Trustee: 
 U.S. Bank
National Association, as Trustee 
 U.S. Bank Global Corporate Trust 

1555 N. RiverCenter Drive, Suite 203 

Milwaukee, Wisconsin 53212 

Attention: Gene Ploeger, Vice President 

Facsimile: (414) 905-5049 

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

 All notices and communications will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business Day after being sent, if sent by facsimile and the sender receives confirmation of successful transmission; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice required or permitted to be
given to a Holder under the provisions of this Indenture will be deemed to be properly delivered by being deposited postage prepaid in a post office letter box in the United States addressed to such Holder at the address of such Holder as shown on
the Subordinated Note Register. Any report in accordance with Section 313 of the Trust Indenture Act will be transmitted in compliance with subsection (c) therein. If the Company delivers a notice or communication to Holders, the Company
will deliver a copy to the Trustee at the same time. 
 In any case where notice to Holders of Subordinated Notes is delivered by mail,
neither the failure to deliver such notice, nor any defect in any notice so delivered, to any particular Holder of a Subordinated Note will affect the sufficiency of such notice with respect to other Holders of Subordinated Notes. Any notice that is
delivered in the manner herein provided will be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it will be impracticable to give such notice
by mail, then such notification as will be made with the approval of the Trustee will constitute a sufficient notification for every purpose hereunder. 

  
 12 

 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Holders of Subordinated Notes will be filed with the Trustee, but such filing will not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
 Notwithstanding any other provision herein, where
this Indenture provides for notice to any Holder of a Global Subordinated Note, or of an interest therein, such notice will be sufficiently given if given to the Depositary for such Global Subordinated Note (or its designee) according to the
Applicable Procedures of such Depositary prescribed for giving such notice. 
 Section 106    Language of
Notices. 
 Any request, demand, authorization, direction, notice, consent or waiver or other Act required or permitted under this
Indenture will be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 

Section 107    Incorporation by Reference of Trust Indenture Act; Conflicts. 

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

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

Section 108    Effect of Headings and Table of Contents. 

The Article and Section headings in this Indenture and the Table of Contents are for convenience only and will not affect the construction of
this Indenture. 
 Section 109    Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture by or on behalf of the Company or the Trustee will bind its
respective successors and permitted assigns, whether so expressed or not. 
 Section 110    Severability.

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

Section 111    Benefits of Indenture. 

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

  
 13 

 Section 112    Governing Law. 

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

Section 113    Legal Holidays. 

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

Section 114    Counterparts; Electronic Transmission. 

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

Section 115    Immunity of Certain Persons. 

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

Section 116    Waiver of Jury Trial. 

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

Section 117    Force Majeure. 

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

  
 14 

 Section 118    USA Patriot Act. 

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

Section 119    No Sinking Fund. 

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

Section 120    Rules of Construction. 

Unless the context otherwise requires: 

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

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

(3)    “or” is not exclusive; 

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

(5)    “including” means including without limitation; 

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

(7)    provisions apply to successive events and transactions; 

(8)    references to sections of, or rules under, the Securities Act will be deemed to include substitute, replacement or
successor sections or rules adopted by the Commission from time to time; 
 (9)    unless the context otherwise
requires, any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 

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

THE SUBORDINATED NOTES 

Section 201    Forms Generally. 

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

  
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 Section 202    Definitive Subordinated Notes. 

The Initial Notes will be issued initially in the form of one or more Definitive Subordinated Notes, unless, before the issuance of such
Initial Notes, the Company has determined that the Initial Notes may be represented by Global Subordinated Notes and has so notified the Trustee, in which event the Initial Notes will be issued in the form of one or more Global Subordinated Notes.
The Exchange Notes will also be issued initially in the form of one or more Definitive Subordinated Notes, unless, before the issuance of such Exchange Notes, the Company has determined that the Subordinated Notes may be represented by Global
Subordinated Notes and has so notified the Trustee, in which event the Exchange Notes will be issued in the form of one or more Global Subordinated Notes. Except as provided in Section 207, Holders of Definitive Subordinated Notes will not be
entitled to transfer Definitive Subordinated Notes in exchange for beneficial interests in Global Subordinated Notes, and owners of beneficial interests in Global Subordinated Notes will not be entitled to receive physical delivery of Definitive
Subordinated Notes. 
 Section 203    Global Subordinated Notes. 

Each Global Subordinated Note issued under this Indenture will be deposited with the Trustee at its Corporate Trust Office, as custodian for
the Depositary, and registered in the name of the Depositary or the nominee thereof, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of any Global Subordinated Note may from time
to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary as hereinafter provided. Any adjustment of the aggregate principal amount of a Global Subordinated Note to reflect the amount of any increase or
decrease in the amount of outstanding Subordinated Notes represented thereby will be made by the Trustee in accordance with written instructions given by the Holder thereof as required by Section 207 hereof and will be made on the records of
the Trustee and the Depositary. 
 Section 204    Restricted Subordinated Notes. 

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

 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
OR UNDER ANY APPLICABLE STATE SECURITIES LAW, THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR
(B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT.” 

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

  
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 Section 205    Execution and Authentication. 

Subordinated Notes will be executed on behalf of the Company by any Authorized Officer and may (but need not) have the Company’s corporate
seal or a facsimile thereof reproduced thereon. The signature of an Authorized Officer on the Subordinated Notes may be manual or facsimile. Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time of
execution Authorized Officers of the Company will, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such
Subordinated Notes or did not hold such offices at the date of such Subordinated Notes. 
 The Trustee or an Authenticating Agent will
authenticate and deliver the Initial Notes for original issue in an aggregate principal amount of $17.4 million upon one or more Company Orders and an Opinion of Counsel. In addition, the Trustee or an Authenticating Agent will upon receipt of
a Company Order, Opinion of Counsel and Officers’ Certificate authenticate and deliver any Exchange Notes for an aggregate principal amount not to exceed $17.4 million specified in such Company Order for Exchange Notes issued hereunder.
The aggregate principal amount of Outstanding Subordinated Notes at any time may not exceed the amount set forth in the foregoing sentence, except as provided in Section 209. The Subordinated Notes will be issued only in registered form without
coupons and in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. 
 The Trustee will not be required
to authenticate any Subordinated Notes if the issue of such Subordinated Notes under this Indenture will affect the Trustee’s own rights, duties or immunities under the Subordinated Notes and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. 

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

Section 206    Registrar and Paying Agent. 

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

  
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 Section 207    Registration of Transfer and Exchange. 

(1)    Except as otherwise provided in or under this Indenture, upon surrender for registration of transfer of any
Subordinated Note, the Company will execute, and the Trustee will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Subordinated Notes denominated as authorized in or under this Indenture, of a like
aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. 
 Except as
otherwise provided in or under this Indenture, at the option of the Holder, Subordinated Notes may be exchanged for other Subordinated Notes containing identical terms and provisions, in any authorized denominations (minimum denominations of
$100,000 and any integral multiple of $1,000 in excess thereof), and of a like aggregate principal amount, upon surrender of the Subordinated Notes to be exchanged at any office or agency for such purpose. Whenever any Subordinated Notes are so
surrendered for exchange, the Company will execute, and the Trustee will authenticate and deliver, subject to the terms hereof, the Subordinated Notes that the Holder making the exchange is entitled to receive. 

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

Every Subordinated Note presented or surrendered for registration of transfer or for exchange or redemption will (if so required by the
Company or the Registrar for such Subordinated Note) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar for such Subordinated Note duly executed by the Holder thereof or his
attorney duly authorized in writing. 
 No service charge will be made for any registration of transfer or exchange of Subordinated Notes,
or any redemption or repayment of Subordinated Notes, or any conversion or exchange of Subordinated Notes for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the transfer or exchange of the Subordinated Notes from the Holder requesting such transfer or exchange. 

Except as otherwise provided in or under this Indenture, the Company will not be required (i) to issue, register the transfer of or
exchange any Subordinated Notes during a period beginning at the opening of business 15 days before the day of the selection for redemption of Subordinated Notes under Section 1003 and ending at the close of business on the day of such
selection, or (ii) to register the transfer of or exchange any Subordinated Note, or portion thereof, so selected for redemption, except in the case of any Subordinated Note to be redeemed in part, the portion thereof not to be redeemed. 

Any Registrar appointed in accordance with Section 206 hereof will provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Subordinated Notes upon transfer or exchange of Subordinated Notes. No Registrar will be required to make registrations of transfer or exchange of Subordinated Notes during any periods
designated in the Subordinated Notes or in this Indenture as periods during which such registration of transfers and exchanges need not be made. 

The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Subordinated Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Subordinated Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 
 Neither the Trustee nor any Paying Agent will have any responsibility for any actions
taken or not taken by the Depositary. 
 (2)    When Definitive Subordinated Notes are presented by a Holder to the
Registrar with a request to register the transfer of such Definitive Subordinated Notes or to exchange such Definitive Subordinated Notes for an 

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

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

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

Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Subordinated Notes will be issued in fully
registered form, without interest coupons, will have an aggregate Principal Amount equal to that of the Global Subordinated Note or portion thereof to be so exchanged, will be registered in such names and be in such authorized denominations as the
Depositary will instruct the Trustee in writing and will bear such legends as provided herein. Global Subordinated Notes also may be exchanged or replaced, in whole or in part, as provided in Section 209 hereof. Every Subordinated Note
authenticated and delivered in exchange for, or in lieu of, a Global Subordinated Note or any portion thereof, in accordance with this Section 207 or Section 209 hereof, will be authenticated and delivered in the form of, and will be, a
Global Subordinated Note, except as otherwise provided herein. A Global Subordinated Note may not be exchanged for another Subordinated Note other than as provided in this Section 207(3); however, beneficial interests in a Global Subordinated
Note may be transferred and exchanged as provided in Section 207(4) hereof. 
 Any Global Subordinated Note to be exchanged in whole
will be surrendered by the Depositary to the Trustee. With regard to any Global Subordinated Note to be exchanged in part, either such Global Subordinated Note will be so surrendered for exchange or, if the Trustee is acting as custodian for the
Depositary or its nominee with respect to such Global Subordinated Note, the principal amount thereof will be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the
Trustee. Upon any such surrender or adjustment, the Trustee will authenticate and deliver the Subordinated Note issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. 

(4)    The transfer and exchange of beneficial interests in the Global Subordinated Notes will be effected through the
Depositary in accordance with the Applicable Procedures and this Section 207. 
 (5)    A Definitive Subordinated
Note may not be exchanged for a beneficial interest in a Global Subordinated Note unless the Company determines that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee. After the Company has determined
that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee, then upon receipt by the Trustee of a Definitive Subordinated Note, duly endorsed or accompanied by appropriate instruments of transfer, in form
satisfactory to the Trustee, together with written instructions from such Holder directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with respect to such Global Subordinated Note to reflect an
increase in the aggregate principal amount of the Subordinated Notes represented by the Global Subordinated Note, such instructions to contain information regarding the Depositary account to be credited with such increase, the Trustee will cancel
such Definitive Subordinated Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar, the aggregate principal amount of Subordinated Notes
represented by the Global Subordinated Note to be increased by 

  
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the aggregate principal amount of the Definitive Subordinated Note to be exchanged, and will credit or cause to be credited to the account of the Person specified in such instructions a
beneficial interest in the Global Subordinated Note equal to the principal amount of the Definitive Subordinated Note so cancelled. If no Global Subordinated Notes are then outstanding, the Company will issue and the Trustee will authenticate, upon
Company Order, a new Global Subordinated Note in the appropriate principal amount. 
 (6)    At such time as all
beneficial interests in a particular Global Subordinated Note have been exchanged for Definitive Subordinated Notes or a particular Global Subordinated Note has been repurchased or canceled in whole and not in part, each such Global Subordinated
Note will be returned to or retained and canceled by the Trustee in accordance with Section 212 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Subordinated Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Subordinated Note or for Definitive Subordinated Notes, the principal amount of Subordinated Notes represented by such Global Subordinated Note will be reduced
accordingly by adjustments made on the records of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Subordinated Note, such other Global Subordinated Note will be increased accordingly by adjustments made on the records of the Trustee to reflect such increase. 

(7)    No Restricted Subordinated Note will be transferred or exchanged except in compliance with the Private Placement
Legend or as provided in accordance with Section 208. In addition to the provisions for transfer and exchange set forth in this Section 207, the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the
Company may, prior to effecting any requested transfer or exchange of any Restricted Subordinated Notes, other than an exchange in accordance with Section 208, require that legal counsel to the Holder or owner of beneficial interests requesting
such transfer or exchange deliver to the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company, an Opinion of Counsel in compliance with this Indenture and additionally opining that the transfer or exchange
is in compliance with the requirements of the Private Placement Legend and that the Subordinated Note issued to the transferee or in exchange for the Restricted Subordinated Note may be issued free of the Private Placement Legend. Any untransferred
or unexchanged balance of a Restricted Subordinated Note will be reissued to the Holder with the Private Placement Legend, unless the Private Placement Legend may be omitted in accordance with Section 204, as evidenced by the Opinion of
Counsel. 
 Section 208    Exchange Offer. 

Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of a
Company Order in accordance with Section 205 hereof, the Trustee will authenticate (i) Unrestricted Definitive Subordinated Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Subordinated
Notes tendered in such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the applicable
Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer or, if permitted by the Company, (ii) one or more Unrestricted Global Subordinated Notes in an aggregate principal amount equal
to the principal amount of the beneficial interests in the Restricted Global Subordinated Notes tendered in such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating
Broker-Dealers, (y) they are not participating in a distribution of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer. Concurrently with the issuance of such
Unrestricted Global Subordinated Notes upon exchange of Restricted Global Subordinated Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Subordinated Notes to be reduced accordingly, and the Company
will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Restricted Definitive Subordinated Notes so accepted Unrestricted Definitive Subordinated Notes in the applicable principal amount. Any
Subordinated Notes that remain outstanding after the consummation of such Exchange Offer, and Exchange Notes issued in connection with such Exchange Offer, will be treated as a single class of securities under this Indenture. 

Section 209    Mutilated, Destroyed, Lost and Stolen Subordinated Notes. 

If any mutilated Subordinated Note is surrendered to the Trustee, subject to the provisions of this Section 209, the Company will execute
and the Trustee will authenticate and deliver in exchange therefor a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

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

Notwithstanding the foregoing provisions of this Section 209, in case the outstanding principal balance of any mutilated, destroyed, lost
or stolen Subordinated Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article X hereof, the Company in its discretion may, instead of issuing a new Subordinated Note, pay or redeem such
Subordinated Note, as the case may be. 
 Upon the issuance of any new Subordinated Note under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Subordinated Note issued in accordance with this Section in lieu of any destroyed, lost or stolen Subordinated Note will constitute
a separate obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Subordinated Notes duly issued hereunder. 
 The provisions of this Section, as amended or supplemented in accordance with this
Indenture with respect to particular Subordinated Notes or generally, will (to the extent lawful) be exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Subordinated Notes. 
 Section 210    Payment of Interest; Rights to Interest Preserved. 

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

(1)    The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Subordinated Note
will be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which will be fixed in the following manner. The Company will notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on such Subordinated Note and the date of the proposed payment, and at the same time the Company will deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
will make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this clause
provided. Thereupon, the Company will fix or cause to be fixed a Special Record Date for the payment of such Defaulted Interest, which will be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company), will cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be delivered to the Holder of 

  
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such Subordinated Note at the Holder’s address as it appears in the Subordinated Note Register not less than 10 days prior to such Special Record Date. The Company may, in its discretion, in
the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized Newspaper of general circulation in the Borough of Manhattan, New York, New York, but such publication will not be a condition precedent
to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been delivered as aforesaid, such Defaulted Interest will be paid to the Person in whose name
such Subordinated Note will be registered at the close of business on such Special Record Date and will no longer be payable under the following clause (2). 

(2)    The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Subordinated Note may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment under this Clause, such
payment will be deemed practicable by the Trustee. 
 Unless otherwise provided in or under this Indenture or the Subordinated Notes, at the
option of the Company, interest on Subordinated Notes that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address will appear in the Subordinated Note Register or by transfer to an account
maintained by the payee with a bank located in the United States. 
 Subject to the foregoing provisions of this Section and
Section 207, each Subordinated Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Subordinated Note will carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Subordinated Note. 
 Section 211    Persons Deemed Owners. 

Prior to due presentment of a Subordinated Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Subordinated Note is registered in the Subordinated Note Register as the owner of such Subordinated Note for the purpose of receiving payment of principal of, and (subject to Section 207 and
Section 210) interest on, such Subordinated Note and for all other purposes whatsoever, whether or not any payment with respect to such Subordinated Note will be overdue, and neither the Company, the Trustee or any agent of the Company or the
Trustee will be affected by notice to the contrary. 
 No holder of any beneficial interest in any Global Subordinated Note held on its
behalf by a Depositary will have any rights under this Indenture with respect to such Global Subordinated Note, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global
Subordinated Note for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Subordinated Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

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

Section 212    Cancellation. 

All Subordinated Notes surrendered for payment, redemption, registration of transfer or exchange will, if surrendered to any Person other than
the Trustee, be delivered to the Trustee, and any such Subordinated Note, as well as Subordinated Notes surrendered directly to the Trustee for any such purpose, will be cancelled promptly by the Trustee. The Company may at any time deliver to the
Trustee for cancellation any Subordinated Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Subordinated Notes so delivered will be cancelled promptly by the Trustee. No
Subordinated 

  
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Notes will be authenticated in lieu of or in exchange for any Subordinated Notes cancelled as provided in this Section, except as expressly permitted by or under this Indenture. All cancelled
Subordinated Notes held by the Trustee will be disposed of in accordance with its procedure for the disposition of cancelled Subordinated Notes, and the Trustee upon the written request of the Company will deliver to the Company a certificate of
such disposition, unless by a Company Order the Company shall direct that cancelled Subordinated Notes shall be returned to the Company. 

Section 213    Computation of Interest. 

(1)    From and including the original issue date of the Subordinated Notes, or from the most recent date to which interest
has been paid or duly provided for, to but excluding June 30, 2025, the rate at which the Subordinated Notes shall bear interest shall be 7.00% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months and payable semi-annually in arrears on each Fixed Interest Payment Date, beginning on December 30, 2020. 

(2)    From and including June 30, 2025, to but excluding the Stated Maturity or early redemption date (the
“Floating Rate Period”), the rate at which the Subordinated Notes shall bear interest shall be a floating rate per annum, reset quarterly, equal to the then-current Three-Month Term
SOFR plus a spread of 687.5 basis points for each Floating Rate Interest Period, or such other rate as determined pursuant to this Indenture, computed on the basis of a 360-day year and the actual number of
days elapsed and payable quarterly in arrears on each Floating Interest Payment Date. Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such Benchmark)
shall be deemed to be zero. A “Floating Rate Interest Period” means, the period from, and including, each Floating Interest Payment Date to, but excluding, the next succeeding Floating Interest Payment Date, except for
the initial Floating Rate Interest Period, which will be the period from, and including, June 30, 2025 to, but excluding, the next succeeding Floating Interest Payment Date. 

(3)    Any payment of principal of or interest on the Subordinated Notes that would otherwise become due and payable on a
day which is not a Business Day will become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest (unless, with respect to a Floating Interest Payment
Date, such day falls in the next calendar month, in which case the Floating Interest Payment Date will instead be the immediately preceding day that is a Business Day, and interest will accrue to the Floating Interest Payment Date as so adjusted),
and no interest will accrue in respect of such payment for the period after such day. 
 (4)    The Company or the
Calculation Agent, as applicable, shall calculate the amount of interest payable on any Interest Payment Date and the Trustee shall have no duty to confirm or verify any such calculation. U.S. Dollar amounts resulting from interest calculations
will be rounded to the nearest cent, with one-half cent being rounded upward. 

(5)    The Company shall take such actions as are necessary to ensure that from the commencement of the Floating Rate
Period for so long as any of the Subordinated Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period. The calculation of Three-Month Term SOFR for
each applicable Floating Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s determination of any interest rate and its calculation of interest payments for any period will
be maintained on file at the Calculation Agent’s principal offices, will be made available to any Holder of the Subordinated Notes upon request and will be provided to the Trustee. The Calculation Agent shall have all the rights, protections
and indemnities afforded to the Trustee hereunder. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company will promptly
appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and such successor
accepted such position within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Calculation Agent with respect to such series. The Trustee shall not be under any duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a 

  
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successor or replacement in the event of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance on the
part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation
Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent. 
 (6)    Effect of
Benchmark Transition Event. 
 (a)    If the Calculation Agent determines that a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the
Subordinated Notes during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the
right to make Benchmark Replacement Conforming Changes from time to time. 
 (b)    Notwithstanding anything set forth
in Section 213(2) above, if the Calculation Agent determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the
provisions set forth in this Section 213(6) will thereafter apply to all determinations of the interest rate on the Subordinated Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the interest rate on the Subordinated Notes for each interest period during the Floating Rate Period will be an annual rate equal to the Benchmark Replacement plus 687.5 basis points. 

(c)    The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the
terms of the Subordinated Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 213(6). Any determination, decision or election that may be made by the Calculation Agent under the terms of the
Subordinated Notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action or selection (i) will be conclusive and binding on the Holders of the Subordinated Notes and the Trustee absent manifest error, (ii) if made by the Company as Calculation Agent, will be made in the Company’s sole
discretion, (iii) if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably
objects and (iv) notwithstanding anything to the contrary herein, shall become effective without consent from the Holders of the Subordinated Notes, the Trustee or any other party. If the Calculation Agent fails to make any determination,
decision or election that it is required to make under the terms of the Subordinated Notes, then the Company will make such determination, decision or election on the same basis as described above. 

(d)    The Company (or its Calculation Agent) shall notify the Trustee in writing (i) upon the occurrence of the
Benchmark Transition Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the Subordinated Notes after a Benchmark Transition
Event. 
 (e)    The Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or
liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the
designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination, selection or calculation of a Benchmark Replacement, (D) determination of whether a
Benchmark Transition Event or Benchmark Replacement Date has occurred, (E) determination of the Benchmark Replacement Date, (F) providing of notice to any other transaction party of the occurrence of a Benchmark Transition Event or
Benchmark Replacement Date, (G) selection, determination or designation of any Benchmark Replacement Adjustment or other modifier to any replacement or successor index, or (H) determination of whether or what Benchmark Replacement
Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing, and in each such case under clauses (A) through (H) above shall be entitled to conclusively rely upon the selection, determination, and/or
calculation thereof as provided by the Company or its Calculation Agent, as 

  
 24 

 
applicable, and (ii) liability for any failure or delay in performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof,
including, without limitation, as a result of the Company’s or Calculation Agent’s failure or inability to select a Benchmark Replacement, the Company’s or Calculation Agent’s failure or inability to calculate, or error or
inaccuracy in calculating, a Benchmark, resignation or removal of the Calculation Agent, or any inability, delay, error or inaccuracy on the part of the Company or Calculation Agent in providing any direction, instruction, notice or information
required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation Agent regarding any Benchmark
or Benchmark Replacement, including, without limitation, in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee shall not be responsible or
liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the
Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent
verification, investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment or supplement hereto that adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation,
in connection with the adoption of any Benchmark Replacement Conforming Changes). 
 (f)    If the then-current
Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest
during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions will apply. 

Section 214    CUSIP Numbers. 

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

ARTICLE III 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 301    Satisfaction and Discharge. 

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

(a)    all Subordinated Notes theretofore authenticated and delivered (other than (i) Subordinated Notes that have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 209 and (ii) Subordinated Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 903) have been delivered to the Trustee for cancellation; or 

(b)    all Subordinated Notes that have not been delivered to the Trustee for cancellation (i) have become due and
payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements

  
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satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, an amount sufficient to pay and discharge the entire indebtedness on such Subordinated Notes not theretofore delivered to the Trustee for
cancellation, including the principal of, and interest on, such Subordinated Notes, to the date of such deposit (in the case of Subordinated Notes which have become due and payable) or to the Maturity thereof, as the case may be; 

(2)    the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the
Outstanding Subordinated Notes; and 
 (3)    the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Subordinated Notes, the obligations of the Company to the
Trustee under Section 507 and, if money will have been deposited with the Trustee in accordance with Section 301(1)(b), the obligations of the Company and the Trustee with respect to the Subordinated Notes under Section 303 and
Section 903 will survive. 
 Section 302    Defeasance and Covenant Defeasance. 

(1)    The Company may at its option and at any time, elect to have Section 302(2) or Section 302(3) be applied
to such Outstanding Subordinated Notes upon compliance with the conditions set forth below in this Section 302. Legal Defeasance and Covenant Defeasance may be effected only with respect to all, and not less than all, of the Outstanding
Subordinated Notes. 
 (2)    Upon the Company’s exercise of the above option applicable to this
Section 302(2), the Company will be deemed to have been discharged from its obligations with respect to such Outstanding Subordinated Notes on the date the conditions set forth in clause (4) of this Section 302 are satisfied
(“Legal Defeasance”). For this purpose. Legal Defeasance means that the Company will be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Subordinated Notes, which will thereafter be
deemed to be “Outstanding” only for the purposes of Section 302(5) and the other Sections of this Indenture referred to in clauses (i) through (iv) of this paragraph, and to have satisfied all of its other obligations under such
Subordinated Notes and this Indenture insofar as such Subordinated Notes are concerned (and the Trustee, at the expense of the Company, will execute proper instruments acknowledging the same), except for the following which will survive until
otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Subordinated Notes to receive, solely from the trust fund described in Section 302(4)(a) and as more fully set forth in this Section 302 and
Section 303, payments in respect of the principal of and interest, if any, on, such Subordinated Notes when such payments are due, (ii) the obligations of the Company and the Trustee with respect to such Subordinated Notes under
Section 207, Section 209, Section 902 and Section 903, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 302 and Section 303. The Company may exercise its
option under this Section 302(2) notwithstanding the prior exercise of its option under Section 302(3) with respect to such Subordinated Notes. 

(3)    Upon the Company’s exercise of the above option applicable to this Section 302(3), the Company will be
released from its obligations under clauses (ii) and (iii) of Section 904 and under Section 905, Section 906 and Section 907 on and after the date the conditions set forth in Section 302(4) are satisfied
(“Covenant Defeasance”), and such Subordinated Notes will thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with any such covenant, but will continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that with respect to such Outstanding Subordinated Notes, the
Company may omit to comply with, and will have no liability in respect of. any term, condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply will not constitute a default, but, except as specified
above, the remainder of this Indenture and such Subordinated Notes will be unaffected thereby. 

  
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 (4)    The following will be the conditions to application of
Section 302(2) or Section 302(3) to any Outstanding Subordinated Notes: 
 (a)    The Company will irrevocably
have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 508 who will agree to comply with the provisions of this Section 302 applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders, (i) an amount in Dollars, (ii) Government Obligations that through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of and interest, if any, on such Subordinated Notes, money or (iii) a combination thereof, in any
case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants selected by the Company expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which will be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of and interest, if any, on, such Outstanding Subordinated Notes on the Stated
Maturity of such principal or installment of principal or interest or the applicable Redemption Date, as the case may be. 

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

(c)    No Event of Default or event which with notice or lapse of time or both would become an Event of Default with
respect to such Subordinated Notes will have occurred and be continuing on the date of such deposit, and, solely in the case of Legal Defeasance under Section 302(2), no Event of Default, or event which with notice or lapse of time or both
would become an Event of Default, under Section 401 will have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it
being understood that this condition to Legal Defeasance under Section 302(2) will not be deemed satisfied until the expiration of such period). 

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

(e)    In the case of Covenant Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel to the
effect that the Holders of such Outstanding Subordinated Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant Defeasance had not occurred. 
 (f)    The
Company will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Legal Defeasance or Covenant Defeasance, as the case may be, under this Indenture have been
satisfied and including a statement evidencing the satisfaction of the conditions set forth in (b) and (c) above. 

(g)    If the moneys or Government Obligations or combination thereof, as the case may be, deposited under
Section 302(4)(a) above are sufficient to pay the principal of, and interest, if any, on, such Subordinated Notes provided such Subordinated Notes are redeemed on a particular Redemption Date, the Company will have given the Trustee irrevocable
instructions to redeem such Subordinated Notes on such date and to provide notice of such redemption to Holders as provided in or under this Indenture. 

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

  
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 (5)    Subject to the provisions of the last paragraph of
Section 903, all money and Government Obligations deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 302(5), the “Trustee”) in accordance with Section 302(4)(a) in respect of
any Outstanding Subordinated Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company
or any Subsidiary or Affiliate of the Company acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal and interest but such money and Government Obligations need not be
segregated from other funds, except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or
other charge, imposed on or assessed against the Government Obligations deposited in accordance with this Section 302 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the Outstanding Subordinated Notes. 
 Section 303    Application of Trust Money.

 Subject to the provisions of the last paragraph of Section 903, all money and Government Obligations deposited with the Trustee in
accordance with Section 301 or Section 302 will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes subject to discharge under Section 301 or Legal Defeasance or Covenant
Defeasance under Section 302, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company, acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal and interest for whose payment such money has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other funds, except to the extent required
by law. 
 Section 304    Reinstatement. 

If the Trustee (or other qualifying trustee appointed in accordance with Section 302(4)(a)) or any Paying Agent is unable to apply any
moneys or Government Obligations deposited in accordance with Section 301(1) or Section 302(4)(a) to pay any principal of, or interest, if any, on, the Subordinated Notes by reason of any legal proceeding or any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Subordinated Notes will be revived and reinstated as though no such deposit had
occurred, until such time as the Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of, and interest, if any, on the Subordinated Notes as contemplated by
Section 301 or Section 302 as the case may be; provided, however, that if the Company makes any payment of the principal of, or interest if any on, the Subordinated Notes following the reinstatement of its obligations as aforesaid, the
Company will be subrogated to the rights of the Holders of such Subordinated Notes to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent. 

Section 305    Effect on Subordination Provisions. 

The provisions of Article XI are expressly made subject to the provisions for, and to the right of the Company to effect, the satisfaction and
discharge of all of the Subordinated Notes as set forth in and in accordance with Section 301 and the provisions for, and to the right of the Company to effect, Legal Defeasance and Covenant Defeasance of all of the Subordinated Notes as set
forth in and in accordance with Section 302. As a result, and anything herein to the contrary notwithstanding, if the Company complies with the provisions of Section 301 to effect the satisfaction and discharge of the Subordinated Notes or
complies with the provisions of Section 302 to effect the Legal Defeasance or Covenant Defeasance, upon the effectiveness of such satisfaction and discharge in accordance with Section 301 or of Legal Defeasance or Covenant Defeasance in
accordance with Section 302, in the case of satisfaction and discharge in accordance with Section 301, or, in the case of Legal Defeasance or Covenant Defeasance in accordance with Section 302, the Subordinated Notes as to which Legal
Defeasance or Covenant Defeasance, as the case may be, will have become effective will thereupon cease to be so subordinated in right of payment to the Senior Indebtedness and will no longer be subject to the provisions of Article XI and, without
limitation to the foregoing, all moneys and Government Obligations deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge. Legal Defeasance or Covenant Defeasance, as

  
 28 

 
the case may be, and all proceeds therefrom may be applied to pay the principal of, and interest, if any, on, such Subordinated Notes as and when the same will become due and payable
notwithstanding the provisions of Article XI without regard to whether any or all of the Senior Indebtedness then outstanding will have been paid or otherwise provided for. 

ARTICLE IV 
 REMEDIES

 Section 401    Events of Default; Acceleration. 

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

(1)    the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises
in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and
in effect for a period of 60 consecutive days; 
 (2)    the commencement by the Company of a voluntary case under any
applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or
proceeding under any such law; 
 (3)    the failure of the Company to pay any installment of interest on any of the
Subordinated Notes as and when the same will become due and payable, and the continuation of such failure for a period of 30 days; 

(4)    the failure of the Company to pay all or any part of the principal of any of the Subordinated Notes as and when the
same will become due and payable under this Indenture; 
 (5)    the failure of the Company to perform any other
covenant or agreement on the part of the Company contained in the Subordinated Notes or in this Indenture, and the continuation of such failure for a period of 60 days after the date on which notice specifying such failure, stating that such notice
is a “Notice of Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section 105, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at
least 25% in aggregate principal amount of the Subordinated Notes at the time Outstanding; or the default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate
principal amount outstanding of at least $25,000,000, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and
payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of
clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled. 

Upon becoming aware of any Event of Default, the Company will promptly deliver to the Trustee a written statement specifying the Event of
Default. 
 If an Event of Default described in Section 401(1) or Section 401(2) occurs, then the principal amount of all of the
Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder, and the
Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event
of Default other than an Event of Default described in 

  
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Section 401(1) or Section 401(2), neither the Trustee nor any Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest
on, the Subordinated Notes, immediately due and payable. 
 If any Event of Default occurs and is continuing, the Trustee may also pursue
any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes or this Indenture. 

Section 402    Failure to Make Payments. 

If an Event of Default described in Section 401(3) or Section 401(4) occurs, the Company will, upon demand of the Trustee, pay to the
Trustee, for the benefit of the Holders of such Subordinated Notes, the whole amount then due and payable with respect to such Subordinated Notes, with interest upon the overdue principal, and, to the extent permitted by applicable law, upon any
overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to such Subordinated Notes or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of
interest borne by such Subordinated Notes, and, in addition thereto, such further amount of money as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and all other amounts due to the Trustee under Section 507. 
 If the Company fails to pay the money it
is required to pay the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Company or any other obligor upon such Subordinated Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, wherever situated. 

The Trustee may proceed to protect and enforce its rights and the rights of the Holders of Subordinated Notes by such appropriate judicial
proceedings as the Trustee will deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted in this Indenture, or to
enforce any other proper remedy. 
 Upon the occurrence of a failure by the Company to make any required payment of principal or interest on
the Subordinated Notes, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or
interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or make any payments under any guarantee that ranks equal with or junior to the Subordinated
Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the
implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s
capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock
in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under
any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans. 

Section 403    Trustee May File Proofs of Claim. 

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

  
 30 

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

(2)    collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized
by each Holder to make such payments to the Trustee and, in the event that the Trustee will consent to the making of such payments directly to the Holders and to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements, and advances of the Trustee, its agents and counsel, and any other amounts due hereunder. 
 No provision of this Indenture
will be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment, or composition affecting the Subordinated Notes or the rights of any Holder or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf of the Holders for the election of a trustee in bankruptcy or similar official and may be a member of a
creditors, or other similar committee. 
 Section 404    Trustee May Enforce Claims Without Possession of
Subordinated Notes. 
 All rights of action and claims under this Indenture or the Subordinated Notes may be prosecuted and enforced by
the Trustee without the possession of any of the Subordinated Notes or the production of such Subordinated Notes in any related proceeding, and any such proceeding instituted by the Trustee will be brought in its own name as trustee of an express
trust, and any recovery of judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel, be for the ratable benefit of the Holders in respect of which
such judgment has been recovered. 
 Section 405    Application of Money Collected. 

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

FIRST: To the payment of all amounts due the Trustee, acting in any capacity hereunder, (including any predecessor trustee) under
Section 507; 
 SECOND: To the payment of amounts then due and unpaid to the holders of Senior Indebtedness, to the extent required
under the Subordination Provisions established with respect to the Subordinated Notes; 
 THIRD: To the payment of the amounts then due and
unpaid for principal of and any interest on the Subordinated Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable
on such Subordinated Notes for principal and interest, respectively; and 
 FOURTH: The balance, if any, to the Person or Persons entitled
thereto. 

  
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 Section 406    Limitation on Suits. 

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

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

(3)    such Holder or Holders have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee
against the costs, expenses, and liabilities to be incurred in compliance with such request; 
 (4)    the Trustee for
60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and 

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

Section 407    Unconditional Right of Holders to Payments. 

Notwithstanding any other provision in this Indenture, the Holder of any Subordinated Note will have the right, which is absolute and
unconditional, to receive payment of the principal of and (subject to Section 207 and Section 210) any interest on such Subordinated Note on the respective Stated Maturity or Maturities expressed in such Subordinated Note (or, in the case
of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such rights will not be impaired without the consent of such Holder. 

Section 408    Restoration of Rights and Remedies. 

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

Section 409    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in the last
paragraph of Section 209, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Indenture, or otherwise,
will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
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 Section 410    Delay or Omission Not Waiver. 

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

Section 411    Control by Holders. 

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

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

(2)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,
and 
 (3)    the Trustee will have the right to decline to follow any such direction if the Trustee in good faith will
determine that the proceeding so directed would involve the Trustee in personal liability. 

Section 412    Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the Outstanding Subordinated Notes may on behalf of the Holders of all
the Subordinated Notes waive any past default under this Indenture and its consequences, except a default in the payment of the principal of, or interest on, any Subordinated Note, or in respect of a covenant or provision of this Indenture which
under Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Subordinated Note. 
 Upon any such
waiver, such default will cease to exist, and any Event of Default arising from such default will be deemed to have been cured, for every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any
consequent right. 
 Section 413    Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Subordinated Notes by his acceptance of such Subordinated Notes will be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered, or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 413 will not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Subordinated Notes, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or
interest, if any, on any Subordinated Notes on or after the Stated Maturity or Maturities expressed in such Subordinated Notes (or, in the case of redemption, on or after the Redemption Date). 

ARTICLE V 
 THE
TRUSTEE 
 Section 501    Duties of Trustee. 

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

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

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

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

(3)    Whether or not therein expressly so provided, every provision hereof that in any way relates to the Trustee is
subject to paragraphs (1) and (2) of this Section 501 and to Section 502. 
 (4)    No provision hereof
will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to
the Trustee security and indemnity reasonably satisfactory to it against any loss, liability or expense. 
 (5)    The
Trustee will not be liable for interest on any money received by it. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. The Trustee shall hold money received by it uninvested in cash,
with no liability for interest. 
 Section 502    Certain Rights of Trustee. 

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

(1)    the Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties; 
 (2)    any request or direction of the Company mentioned herein will be
sufficiently evidenced by a Company Request or a Company Order (unless other evidence in respect thereof be herein specifically prescribed) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3)    whenever in the administration of this Indenture the Trustee will deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence will be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate or Opinion of
Counsel, or both, which will comply with Section 102; 
 (4)    before the Trustee acts or refrains from acting, it
may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may
consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care. 

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

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

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

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

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

(10)    the Trustee will not be required to take notice or be deemed to have notice of any default or Event of Default,
except failure by the Company to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer of the Trustee shall receive written notice of such default or Event of Default from the Company or from
the Holders of at least 25% in aggregate principal amount of the then Outstanding Subordinated Notes delivered to the Corporate Trust Office of the Trustee and in the absence of such notice so delivered the Trustee may conclusively assume no default
or Event of Default exists; 
 (11)    the Trustee shall have no duty to monitor or confirm compliance by the Company
with the terms of this Indenture or any Subordinated Note; 
 (12)    the rights, privileges, protections, immunities
and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed or
appointed to act hereunder; 
 (13)    the Trustee may request that the Company deliver a certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions under this Indenture; 

(14)    the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and
duties hereunder; 
 (15)    the Trustee shall not be liable or responsible for any calculation in connection with the
transactions contemplated hereunder nor for any information used in connection with such calculation; 
 (16)    in no
event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action; and 
 (17)    the Trustee shall be under no
responsibility to approve or evaluate any expert or other skilled person selected by the Company for any of the purposes expressed in this Indenture, including without limitation the Calculation Agent or any successor Calculation Agent. 

  
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 Section 503    Notice of Defaults. 

Within 90 days after a Responsible Officer of the Trustee is notified of the occurrence of any default hereunder with respect to the
Subordinated Notes, the Trustee will deliver to all Holders entitled to receive reports in accordance with Section 603(3), notice of such default hereunder known to the Trustee, unless such default will have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal of or interest, if any, on, any Subordinated Note, the Trustee will be protected in withholding such notice if and so long as the Board of Directors or a Responsible
Officer of the Trustee in good faith determines that the withholding of such notice is in the best interest of the Holders. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or
both would become, an Event of Default with respect to Subordinated Notes. 
 Section 504    Not Responsible for
Recitals or Issuance of Subordinated Notes. 
 The recitals contained herein and in the Subordinated Notes, except the Trustee’s
certificate of authentication, will be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Subordinated Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Subordinated Notes and perform its obligations hereunder and that the
statements made by it in any Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating
Agent will be accountable for the use or application by the Company of the Subordinated Notes or the proceeds thereof. The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the
Subordinated Notes, it will not be accountable for the Company’s use of the proceeds from the Subordinated Notes or any money paid to the Company or upon the Company’s direction under any provision hereof, it will not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Subordinated Notes or any other document in connection with the sale
of the Subordinated Notes or under this Indenture other than its certificate of authentication. 

Section 505    May Hold Subordinated Notes. 

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

Section 506    Held in Trust. 

Except as provided in Section 302(5), Section 303 and Section 903, money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law and will be held uninvested. The Trustee will be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 507    Compensation and Reimbursement. 

The Company agrees: 

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

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

  
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 (3)    to indemnify each of the Trustee acting in any capacity or any
predecessor Trustee and their agents for, and to hold them harmless against, any loss, liability or expense (including, without limitation, the reasonable fees and disbursements of the Trustee’s agents, legal counsel, accountants and experts)
and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), arising out of or in connection with the acceptance or administration of its duties hereunder, including the costs and expenses of enforcing
this Indenture against the Company (including this Section 507) and defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of
their powers or duties hereunder, or in connection with enforcing the provisions of this Section, except to the extent that any such loss, liability or expense was due to the Trustee’s gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final, non-appealable order. 
 The obligations of the Company
under this Section 507 will survive the satisfaction and discharge of this Indenture. 
 As security for the performance of the
obligations of the Company under this Section, the Trustee will have a lien prior to the Subordinated Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or interest
on, Subordinated Notes. Such lien will survive the satisfaction and discharge hereof and the resignation or removal of the Trustee. 
 Any
compensation or expense incurred by the Trustee after a default specified by Section 401 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this
Section 507 will include any predecessor Trustee, but the negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 507. The provisions of this Section 507 will, to the extent permitted
by law, survive any termination of this Indenture (including, without limitation, termination in accordance with any Bankruptcy Laws) and the resignation or removal of the Trustee. 

Section 508    Corporate Trustee Required; Eligibility. 

(1)    There will at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of
the United States, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and
surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority. The Trustee will also satisfy the requirements of
Section 310(a)(5) of the Trust Indenture Act. If at any time the Trustee will cease to be eligible in accordance with the provisions of this Section, it will resign immediately upon written request therefor by the Company or any Holder in the
manner and with the effect hereinafter specified in this Article, 
 (2)    The Trustee will comply with
Section 310(b) of the Trust Indenture Act; provided, however, that there will be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture or any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. 

Section 509    Resignation and Removal; Appointment of Successor. 

(1)    No resignation or removal of the Trustee and no appointment of a successor Trustee in accordance with this Article V
will become effective until the acceptance of appointment by the successor Trustee in accordance with Section 510. 

(2)    The Trustee may resign at any time with respect to the Subordinated Notes by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by Section 510 will not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the Company’s
expense, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

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

If at any time: 

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

(b)    the Trustee will cease to be eligible under Section 508 and will fail to resign after written request therefor
by the Company or any such Holder, or 
 (c)    the Trustee will become incapable of acting or will be adjudged a
bankrupt or insolvent or a receiver of the Trustee or of its property will be appointed or any public officer will take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

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

(4)    If the Trustee will resign, be removed or become incapable of acting, or if a vacancy will occur in the office of
Trustee for any cause, with respect to the Subordinated Notes, the Company, by or in accordance with a Board Resolution, will promptly appoint a successor Trustee or Trustees with respect to the Subordinated Notes and will comply with the applicable
requirements of Section 510. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Subordinated Notes shall have been appointed by Act of the Holders of a
majority in principal amount of the Outstanding Subordinated Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed will, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of Section 510, become the successor Trustee with respect to the Subordinated Notes and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Subordinated Notes will
have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 510, any Holder who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Subordinated Notes. 

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

Section 510    Acceptance of Appointment by Successor. 

(1)    Upon the appointment hereunder of any successor Trustee with respect to all Subordinated Notes, such successor
Trustee so appointed will execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee will become effective and such successor
Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee, such retiring Trustee, upon
payment of its charges, will execute and deliver an instrument 

  
 38 

 
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 903, will duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 507. 

(2)    Upon the appointment hereunder of any successor Trustee with respect to the Subordinated Notes, the Company, the
retiring Trustee and such successor Trustee will execute and deliver an indenture supplemental hereto wherein each successor Trustee will accept such appointment and which (i) will contain such provisions as will be necessary or desirable to
transfer and confirm to, and to vest in. such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes, (ii) if the retiring Trustee is not retiring with respect to all
Subordinated Notes, will contain such provisions as will be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes will continue to be vested in the
retiring Trustee, and (iii) will add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture will constitute such Trustees co-trustees of the same trust, that each such Trustee will be trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no Trustee will be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of
such supplemental indenture, the resignation or removal of the retiring Trustee will become effective to the extent provided therein, such retiring Trustee will have no further responsibility for the exercise of rights and powers or for the
performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Subordinated Notes other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance, will
become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes; but, on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to
the Subordinated Notes and subject to Section 903 will duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with
respect to the Subordinated Notes, subject to its claim, if any, provided for in Section 507. 
 (3)    Upon
request of any Person appointed hereunder as a successor Trustee, the Company will execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in
paragraph (1) or (2) of this Section, as the case may be. 
 (4)    No Person will accept its appointment hereunder
as a successor Trustee unless at the time of such acceptance such successor Person will be qualified and eligible under this Article. No resigning or removed Trustee shall have any liability or responsibility for the action or inaction of any
successor Trustee. 
 Section 511    Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee will be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, will be the successor of the Trustee hereunder (provided that such
corporation will otherwise be qualified and eligible under this Article), without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Subordinated Notes will have been authenticated but not
delivered by the Trustee then in office, any such successor to such authenticating Trustee may adopt such authentication and deliver the Subordinated Notes so authenticated with the same effect as if such successor Trustee had itself authenticated
such Subordinated Notes. In case any Subordinated Notes will not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Subordinated Notes in either its own name or that of its predecessor
Trustee. 
 Section 512    Appointment of Authenticating Agent. 

The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to the Subordinated Notes which will be
authorized to act on behalf of the Trustee to authenticate Subordinated Notes issued upon original issue, exchange, registration of transfer, partial redemption, partial repayment, or in accordance with Section 209, and Subordinated Notes so
authenticated will be entitled to the benefits of this Indenture and will 

  
 39 

 
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Subordinated Notes by the
Trustee or the Trustee’s certificate of authentication, such reference will be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent. 
 Each Authenticating Agent will be reasonably acceptable to the Company and, except as provided in or
under this Indenture, will at all times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as
an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority. If at
any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, it will resign immediately upon written request therefor by the Company or any Holder in the manner and with the effect specified in this
Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating
Agent, will be the successor of such Authenticating Agent hereunder, provided such corporation will be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The
Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time
such Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that will be acceptable to the Company and will deliver written notice of such
appointment by first-class mail, postage prepaid, to all Holders with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Subordinated Note Register. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent No successor Authenticating Agent will be appointed unless
eligible under the provisions of this Section 512. 
 The Company agrees to pay each Authenticating Agent from time to time reasonable
compensation for its services under this Section. If the Trustee makes such payments, it will be entitled to be reimbursed for such payments, subject to the provisions of Section 507. 

The provisions of Section 211, Section 504 and Section 505 will be applicable to each Authenticating Agent. 

If an Authenticating Agent is appointed under this Section, the Subordinated Notes may have endorsed thereon, in addition to or in lieu of the
Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 
 This is one
of the Subordinated Notes designated herein referred to in the within-mentioned Indenture. 
  

			
	                                    
                , as Trustee

 

			
	By	 	  

 
			
	Authenticating Agent

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 40 

 Section 512    Preferred Collection of Claims against
Company. 
 If and when the Trustee will be or become a creditor of the Company (or any other obligor upon the Subordinated Notes), the
Trustee will be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

ARTICLE VI 
 HOLDERS
LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 601    Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
the Holders. If the Trustee is not the Registrar, the Company will cause to be furnished to the Trustee at least semiannually on January 1 and July 1 a listing of the Holders dated within 10 days of the date on which the list is furnished
and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

Section 602    Preservation of Information; Communications to Holders. 

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

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

 Section 603    Reports by Trustee. 

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

(2)    The Trustee will transmit the reports required by Section 313(a) of the Trust Indenture Act at the times
specified therein. 
 (3)    Reports under this Section will be transmitted in the manner and to the Persons required by
Section 313(c) and Section 313(d) of the Trust Indenture Act. 

  
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 Section 604     Reports by Company. 

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

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

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

 (c)    transmit to the Holders within 30 days after the filing thereof with the Trustee, in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company in accordance with paragraphs (1) and (2) of this Section as may be required by
rules and regulations prescribed from time to time by the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such will not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates). 
 (2)    The Company intends to file the reports referred to in Section 604(1) with the Commission
in electronic form in accordance with Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor
electronic system approved by the Commission, will constitute delivery by the Company of such reports to the Trustee and Holders in compliance with the provision of Section 604(1) and Trust Indenture Act Section 314(a). Notwithstanding
anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery
of the reports, information and documents to the Trustee in accordance with this Section 604(2) will be solely for the purposes of compliance with Section 604(1) and with Trust Indenture Act Section 314(a). The Trustee’s receipt
of such reports, information and documents (whether or not filed in electronic form) is for informational purposes only and the Trustee’s receipt of such will not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee shall have no
liability or responsibility for the filing, content or timelines of any report hereunder aside from any report transmitted under Section 603 hereof. 

ARTICLE VII 

SUCCESSORS 

Section 701    Merger, Consolidation or Sale of All or Substantially All Assets. 

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

(1)    either the Company will be the continuing Person (in the case of a merger), or the successor Person (if other than
the Company) formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance all or substantially all the properties and assets of the Company will be a corporation
organized and existing under the laws of the United States, any state thereof or 

  
 42 

 
the District of Columbia and will expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by such successor corporation and
delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and interest on, all the Outstanding Subordinated Notes and the due and punctual performance and observance of every obligation in this
Indenture and the Outstanding Subordinated Notes on the part of the Company to be performed or observed; 

(2)    immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of the
Company or any Subsidiary as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event
of Default, will have occurred and be continuing; and 
 (3)    either the Company or the successor Person will have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture is required in connection with
such transaction, such supplemental indenture comply with this Article VII and that all conditions precedent herein provided for relating to such transaction have been complied with. 

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

Section 702    Successor Person Substituted for Company. 

Upon any consolidation by the Company with or merger of the Company into any other Person or any sale, assignment, transfer, lease or
conveyance of all or substantially all of the properties and assets of the Company to any Person in accordance with Section 701, the successor Person formed by such consolidation or into which the Company is merged or to which such sale,
assignment, transfer, lease or other conveyance is made will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the
Company herein; and thereafter, except in the case of a lease, the predecessor Person will be released from all obligations and covenants under this Indenture and the Subordinated Notes. 

ARTICLE VIII 

SUPPLEMENTAL INDENTURES 

Section 801    Supplemental Indentures without Consent of Holders. 

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

(1)    to evidence the succession of another Person to the Company, and the assumption by any such successor of the
covenants of the Company contained herein and in the Subordinated Notes; 
 (2)    to add to the covenants of the
Company for the benefit of the Holders (as will be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company with respect to the Subordinated Notes issued under this Indenture (as
will be specified in such supplemental indenture or indentures); 
 (3)    to permit or facilitate the issuance of
Subordinated Notes in uncertificated or global form, provided any such action will not adversely affect the interests of the Holders; 

  
 43 

 (4)    to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Subordinated Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, in accordance with the requirements of Section 510; 
 (5)    to cure any ambiguity or to correct or
supplement any provision herein that may be defective or that may be inconsistent with any other provision herein; 

(6)    to make any other provisions with respect to matters or questions arising under this Indenture that will not
adversely affect the interests of the Holders of then Outstanding Subordinated Notes; 
 (7)    to add any additional
Events of Default (as will be specified in such supplemental indenture); 
 (8)    to supplement any of the provisions
of this Indenture to such extent as will be necessary to permit or facilitate the Legal Defeasance, Covenant Defeasance and/or satisfaction and discharge of the Subordinated Notes in accordance with Article III, provided that any such action will
not adversely affect the interests of any Holder; 
 (9)    to provide for the issuance of Exchange Notes; 

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

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

Section 802    Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Subordinated Notes, by Act of said Holders
delivered to the Company and the Trustee, the Company (when authorized by or in accordance with a Board Resolution), and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of the Subordinated Notes or of modifying in any manner the rights of the Holders under this Indenture; provided, that no such supplemental indenture, without the
consent of the Holder of each Outstanding Subordinated Note affected thereby, will: 
 (1)    reduce the rate of or
change the time for payment of interest, including Defaulted Interest, on any Subordinated Notes; 
 (2)    reduce the
principal of or change the Stated Maturity of any Subordinated Notes, or change the date on which any Subordinated Notes may be subject to redemption or reduce the Redemption Price therefore; 

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

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

(5)    reduce the percentage in principal amount of the Outstanding Subordinated Notes, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in Section 412
or Section 906 of this Indenture; or 
 (6)    modify any of the provisions of this Section 802,
Section 412 or Section 906, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Subordinated Note affected
thereby. 

  
 44 

 It will not be necessary for any Act of Holders under this Section 802 to approve the
particular form of any proposed supplemental indenture, but it will be sufficient if such Act will approve the substance thereof. 

Section 803    Execution of Supplemental Indentures. 

As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article VIII or the
modifications thereby of the trust created by this Indenture, the Trustee will be entitled to receive, and (subject to Section 501) will be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel to the effect
that the execution of such supplemental indenture is authorized or permitted by this Indenture, that such supplemental indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the Company,
subject to customary exceptions, and that, to the extent applicable pursuant to Section 8.01, such supplemental indenture does not adversely affect the interests of the Holders. The Trustee may, but will not be obligated to, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 804    Effect of Supplemental Indentures. 

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

Section 805    Reference in Subordinated Notes to Supplemental Indentures. 

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

Section 806    Effect on Senior Indebtedness. 

No supplemental indenture will directly or indirectly modify or eliminate the Subordination Provisions or the definition of “Senior
Indebtedness” applicable with respect to the Subordinated Notes in any manner that might terminate or impair the subordination of such Subordinated Notes to such Senior Indebtedness without the prior written consent of each of the holders of
such Senior Indebtedness. 
 Section 807    Conformity with Trust Indenture Act. 

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

COVENANTS 

Section 901    Payment of Principal and Interest. 

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

  
 45 

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

Section 902    Maintenance of Office. 

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

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

The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 902. 
 Section 903    Money for Subordinated Notes Payments to Be Held in Trust. 

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

The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
will agree with the Trustee, subject to the provisions of this Section that such Paying Agent will: 
 (1)    hold all
sums held by it for the payment of the principal of, or interest on, the Subordinated Notes in trust for the benefit of the Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as provided in or under this
Indenture; 

  
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 (2)    give the Trustee notice of any default by the Company in the
making of any payment of principal, or interest on, the Subordinated Notes; and 
 (3)    at any time during the
continuance of any such default, upon the written request of the Trustee, pay to the Trustee all sums so held in trust by such Paying Agent. 

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

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, or
interest on, any Subordinated Note and remaining unclaimed for two years after such principal or interest will have become due and payable will be paid to the Company upon a Company Request, or (if then held by the Company) will be discharged from
such trust; and the Holder of such Subordinated Note will thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may, not later than 30 days after the Company’s request for such
repayment, at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment or to be delivered to such Holders of Subordinated Notes, or both, notice that such money remains unclaimed and that, after a
date specified therein, which will not be less than 30 days from the date of such publication or delivery nor will it be earlier than two years after such principal and or interest will have become due and payable, any unclaimed balance of such
money then remaining will be repaid to the Company. 
 Section 904    Corporate Existence. 

Subject to Article VII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect (i) the
corporate existence of the Company, (ii) the existence (corporate or other) of each Significant Subsidiary and (iii) the rights (charter and statutory), licenses and franchises of the Company and each of its Significant Subsidiaries;
provided, however, that the Company will not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any such right, license or franchise of the Company or any of its Significant Subsidiaries if the Board
of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any
material respect to the Holders. 
 Section 905    Maintenance of Properties. 

The Company will, and will cause each Significant Subsidiary to, cause all its properties used or useful in the conduct of its business to be
maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section will prevent the Company or any Significant Subsidiary from
discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary, as the case may be desirable in the conduct of
its business. 
 Section 906    Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 902 to
Section 905, inclusive, with respect to the Subordinated Notes if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Subordinated Notes, by Act of such Holders, either will waive such
compliance in such instance or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or condition 

  
 47 

 
except to the extent so expressly waived, and, until such waiver will become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or
condition will remain in full force and effect. 
 Section 907    Company Statement as to Compliance. 

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

Section 908    Tier 2 Capital. 

If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the
capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Company will immediately notify the Trustee and the Holders thereof, and thereafter the Company and the
Holders will work together in good faith, subject to the terms of this Indenture, to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to
qualify as Tier 2 Capital and the Company shall request, subject to the terms of this Indenture, that the Trustee execute and deliver all such agreements as may be reasonably necessary in order to effect any restructuring agreed to by the Company
and the Holders; provided, however, that nothing contained in this Section 908 shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section 1001(3) hereof. 

ARTICLE X 
 REDEMPTION
OF SECURITIES 
 Section 1001    Applicability of Article. 

(1)    Except as provided in this Section 1001, the Subordinated Notes are not subject to redemption at the option of
the Company. The Subordinated Notes are not subject to redemption at the option of the Holders. 
 (2)    Subject to the
receipt of any required regulatory approvals, with corresponding written notice to the Trustee, the Company may, at its option, on any Interest Payment Date on or after June 30, 2025, redeem all or a portion of the Subordinated Notes. 

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

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

Section 1002    Election to Redeem; Notice to Trustee. 

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

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

Section 1003    Selection by Trustee of Subordinated Notes to be Redeemed. 

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

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

Section 1004    Notice of Redemption. 

Notice of redemption will be given in the manner provided in Section 105, not less than 30 nor more than 60 days prior to the Redemption
Date to the Holders of Subordinated Notes to be redeemed. Failure to give notice by delivering in the manner herein provided to the Holder of any Subordinated Notes designated for redemption as a whole or in part, or any defect in the notice to any
such Holder, will not affect the validity of the proceedings for the redemption of any other Subordinated Notes or portions thereof. 
 Any
notice that is delivered to the Holder of any Subordinated Notes in the manner herein provided will be conclusively presumed to have been duly given, whether or not such Holder receives the notice. 

All notices of redemption will state: 

(1)    the Redemption Date, 

(2)    the Redemption Price, 

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

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

(5)    that, on the Redemption Date, the Redemption Price will become due and payable upon each such Subordinated Note or
portion thereof to be redeemed, together (if applicable) with accrued and unpaid interest and Additional Interest, if any, thereon (subject, if applicable, to the provisos to the first paragraph of Section 1006), and, if applicable, that
interest thereon will cease to accrue on and after said date, 

  
 49 

 (6)    the place or places where such Subordinated Notes are to be
surrendered for payment of the Redemption Price and any accrued interest pertaining thereto, and 
 (7)    the section
hereunder providing for such redemption. 
 The notice of redemption shall include the CUSIP number reference numbers of such Subordinated
Notes, if any (or any other numbers used by a Depositary to identify such Subordinated Notes). 
 Notice of redemption of Subordinated Notes
to be redeemed at the election of the Company will be given by the Company or, at the Company’s request delivered at least 10 days before the date such notice is to be given (unless a shorter period will be acceptable to the Trustee), by the
Trustee in the name and at the expense of the Company. 
 Section 1005    Deposit of Redemption Price. 

On or prior to 11:00 a.m., Eastern time, on any Redemption Date, the Company will deposit, with respect to the Subordinated Notes called for
redemption in accordance with Section 1004, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 903) an amount sufficient to pay the Redemption
Price of, and (except if the Redemption Date will be an Interest Payment Date) any accrued interest on, all such Subordinated Notes or portions thereof which are to be redeemed on that date. 

Section 1006    Subordinated Notes Payable on Redemption Date. 

Notice of redemption having been given as provided above, the Subordinated Notes so to be redeemed will, on the Redemption Date, become due and
payable at the Redemption Price therein specified, together with accrued and unpaid interest and Additional Interest, if any, thereon and from and after such date (unless the Company will default in the payment of the Redemption Price and accrued
interest, if any) such Subordinated Notes will cease to bear interest. Upon surrender of any such Subordinated Note for redemption in accordance with said notice, such Subordinated Note will be paid by the Company at the Redemption Price, together
with any accrued and unpaid interest and Additional Interest, if any, thereon to but excluding the Redemption Date; provided, however, that installments of interest on Subordinated Notes whose Stated Maturity is on or prior to the Redemption Date
will be payable to the Holders of such Subordinated Notes registered as such on the Regular Record Dates therefor according to their terms and the provisions of Section 210. 

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

Section 1007    Subordinated Notes Redeemed in Part. 

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

  
 50 

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

ARTICLE XI 

SUBORDINATION OF SECURITIES 

Section 1101    Agreement to Subordinate. 

The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Subordinated Notes by the Holder’s
acceptance thereof, likewise covenants and agrees, that the payment of the principal of and interest on each and all of the Subordinated Notes is and will be expressly subordinated in right of payment to the prior payment in full of all Senior
Indebtedness. 
 Section 1102    Distribution of Assets. 

(1)    Upon any distribution of assets of the Company upon any termination, winding up, liquidation or reorganization of
the Company, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of
a court of competent jurisdiction to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness and the holders thereof with respect to the Subordinated Notes and the Holders thereof by a lawful plan of
reorganization under applicable bankruptcy law): 
 (a)    holders of all Senior Indebtedness will first be entitled to
receive payment in full in accordance with the terms of such Senior Indebtedness of the principal thereof, premium, if any, and the interest due thereon (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy
or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in effect) before the Holders of the Subordinated Notes are entitled to receive any payment upon the principal of or interest on
indebtedness evidenced by the Subordinated Notes; 
 (b)    any payment or distribution of assets of the Company of any
kind or character, whether in cash, property or securities, to which the Holders would be entitled except for the provisions of this Article XI, including any such payment or distribution that may be payable or deliverable by reason of the payment
of any other indebtedness of the Company being subordinated to the payment of the Subordinated Notes, will be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver
or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness
may have been issued, in accordance with the priorities then existing among holders of Senior Indebtedness for payment of the aggregate amounts remaining unpaid on account of the principal, premium, if any, and interest (including interest accruing
subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in effect) on the Senior Indebtedness held or represented by each, to
the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; it being understood that if the Holders fail to file
a proper claim in the form required by any proceeding referred to in this Section 1102(1)(b) prior to 30 days before the expiration of the time to file such claim or claims, then the holders of Senior Indebtedness are hereby authorized to file
an appropriate claim or claims for and on behalf of the Holders, in the form required in any such proceeding; and 

  
 51 

 (c)    in the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company
being subordinate to the payment of the Subordinated Notes will be received by the Trustee or the Holders before all Senior Indebtedness is paid in full, such payment or distribution will be paid over to the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee, agent or other Person making payment of assets of the Company for all Senior Indebtedness remaining unpaid until all such Senior Indebtedness will have been paid in full, after giving effect to any
concurrent payment or distribution to the holders of such Senior Indebtedness, 
 (2)    Subject to the payment in full
of all Senior Indebtedness, the Holders will be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the
principal of and interest on the Subordinated Notes will be paid in full and no such payments or distributions to holders of such Senior Indebtedness to which the Holders would be entitled except for the provisions hereof of cash, property or
securities otherwise distributable to the holders of Senior Indebtedness will, as between the Company, its creditors, other than the holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account of the
Senior Indebtedness. It is understood that the provisions of this Article XI are intended solely for the purpose of defining the relative rights of the Holders of the Subordinated Notes, on the one hand, and the holders of Senior Indebtedness, on
the other hand. Nothing contained in this Article XI or elsewhere in this Indenture or any supplemental indenture issued in accordance with Article VIII of this Indenture or in the Subordinated Notes is intended to or will impair, as between the
Company, its creditors, other than the holders of Senior Indebtedness, and the Holders, the obligation of the Company, which is unconditional and absolute, to pay to the Holders the principal of and interest on the Subordinated Notes as and when the
same will become due and payable in accordance with their terms or to affect the relative rights of the Holders and creditors of the Company, other than the holders of the Senior Indebtedness, nor, except as otherwise expressly provided in this
Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes and pursue remedies upon such an acceleration, will anything herein or in the
Subordinated Notes prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon any Event of Default under the Indenture occurring, subject to the rights, if any, under this Article XI of the holders of
Senior Indebtedness, in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article XI, the Trustee and the Holders will
be entitled to rely upon any order or decree of a court of competent jurisdiction in which such termination, winding up, liquidation or reorganization proceeding is pending or upon a certificate of the liquidating trustee or agent or other Person
making any distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount hereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XI. In the absence of any such liquidating trustee, agent or other person, the Trustee will be entitled to rely upon a
written notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative).
If the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person, as a holder of Senior Indebtedness, to participate in any payment or distribution in accordance with this Article XI, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or
distribution, and as to other facts pertinent to the rights of such Person under this Article XI, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person
to receive such payment. 
 With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of
its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness will be read into this Indenture against the Trustee. The Trustee, however,
will not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of this Indenture, or any other supplemental indenture entered into in accordance with Article VIII of this Indenture, and will not be
liable to any such holders if it will in good faith pay over or distribute to or on behalf of the Holders or the Company moneys or assets to which any holders of Senior Indebtedness will be entitled by virtue of this Article XI or otherwise. 

  
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 Section 1103    Default With Respect to Senior Indebtedness.

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

Section 1104    No Impairment. 

Nothing contained in this Indenture, any other supplemental indenture entered into in accordance with Article VIII of this Indenture, or in any
of the Subordinated Notes will: (i) impair, as between the Company and the Holders, the obligations of the Company, to make, or prevent the Company from making, at any time except as provided in Section 1102 and Section 1103, payments
of principal of, or interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter in effect)
on, the Subordinated Notes, as and when the same will become due and payable in accordance with the terms of the Subordinated Notes; (ii) affect the relative rights of the Holders and creditors of the Company other than the holders of the
Senior Indebtedness; (iii) except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes and
pursue remedies upon such an acceleration, prevent the Holder of any Subordinated Notes or the Trustee from exercising all remedies otherwise permitted by applicable law upon default thereunder, subject to the rights, if any, under this Article XI
of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent of any moneys deposited with it
hereunder to the payment of or on account of the principal of, or interest on, the Subordinated Notes or prevent the receipt by the Trustee or any Paying Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or
such Paying Agent did not have written notice of any event prohibiting the making of such deposit by the Company. 

Section 1105    Effectuation of Subordination Provisions. 

Each Holder by his acceptance of any Notes authorizes and expressly directs the Trustee on such Holder’s behalf to take such action as may
be necessary or appropriate to effectuate the Subordination Provisions, and appoints the Trustee such Holder’s attorney-in-fact for such purposes, including, in the
event of any termination, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors by the Company, a
marshalling of the assets and liabilities of the Company or otherwise) tending toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid balance of the Subordinated Notes in the form required in those
proceedings. 
 Section 1106    Notice to Trustee. 

The Company will give prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from making any
payment to or by the Trustee in respect of the Subordinated Notes in accordance with the provisions of this Article XI. The Trustee will not be charged with the knowledge of the existence of any default or event of default with respect to any Senior
Indebtedness or of any other facts that would prohibit the making of any payment to or by the Trustee or any Paying Agent unless and until a Responsible Officer of the Trustee has received a written notice specifying such default, event of default
or other facts signed by an Authorized Officer, or by a holder of Senior Indebtedness or a trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee will, subject to Article V of this Indenture, be entitled to assume
that no such facts exist; provided that, if the Trustee will not have received the notice provided for in this Section 1106 at least two Business Days prior to the date upon which, by the terms of the Indenture, any monies will become payable
for any purpose (including, without limitation, the payment of the principal of or interest on any Subordinated Note), then, notwithstanding anything herein to the contrary, the Trustee will have full power and authority to receive any

  
 53 

 
monies from the Company and to apply the same to the purpose for which they were received, and will not be affected by any notice to the contrary that may be received by it on or after such prior
date except for an acceleration of the Subordinated Notes prior to such application. The foregoing will not apply if the Paying Agent is the Company. The Trustee will be entitled to rely on the delivery to it of a written notice by a Person
representing himself or itself to be a holder of any Senior Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of
any such holder. 
 In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness to participate in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article XI and, if such evidence is not
furnished to the Trustee, the Trustee may defer any payment to such Person pending such evidence being furnished to the Trustee or a judicial determination that such Person has the right to receive such payment. 

Section 1107    Trustee Knowledge of Senior Indebtedness. 

Notwithstanding the provisions of this Article XI or any other provisions of this Indenture or any other supplemental indenture issued in
accordance with Article VIII of this Indenture, neither the Trustee nor any Paying Agent will be charged with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment of moneys to or by the
Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent has received written notice thereof from the Company or from the holder of any Senior Indebtedness or from the representative of any such
holder. 
 Section 1108    Senior Indebtedness to Trustee. 

The Trustee will be entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it in
its individual capacity to the same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any other supplemental indenture issued in accordance with Article VIII of this Indenture will be construed to deprive the
Trustee of any of its rights as such holder. 
 Section 1109    Subordination Not Applicable to Trustee
Compensation. 
 Nothing contained in this Article XI will apply to the claims of, or payments to, the Trustee under Section 507 of
this Indenture. 
 The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions set forth herein. 

[Signature Page Follows] 

  
 54 

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

			
	COUNTY BANCORP, INC.
		
	By:	 	 /s/ Timothy J. Schneider

	Name:	 	Timothy J. Schneider
	Title:	 	President
	
	U.S. BANK NATIONAL ASSOCIATION,
	As Trustee
		
	By:	 	 /s/ Gene E. Ploeger

	Name:	 	Gene E. Ploeger
	Title:	 	Vice President

 [Signature Page to Indenture] 

 EXHIBIT A-1 

FORM OF DEFINITIVE SUBORDINATED NOTE 

COUNTY BANCORP, INC. 

7.00% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE 2030

 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT’) OR UNDER ANY
APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE
EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO COUNTY BANCORP, INC. (THE “COMPANY”), IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT. 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED
BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN). 

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

 ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH
HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES. 

			
	No. 2030-[●]	  	ACCREDITED INVESTOR CUSIP: 221907 AE8 / US221907AE83
		  	QIB CUSIP: 221907 AD0 / US221907AD01
		  	REGISTERED CUSIP: 221907 AF5 / US221907AF58

 COUNTY BANCORP, INC. 

7.00% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE 2030 

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

1.    Indenture; Holders. This note is one of a duly authorized issue of notes of County Bancorp, Inc., a Wisconsin
corporation (the “Company”), designated as the “7.00% Fixed-to-Floating Rate Subordinated Notes due 2030” (the “Subordinated
Notes”) in an aggregate principal amount of $17,400,000 and initially issued on June 30, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of June 30, 2020, as the same may be amended or
supplemented from time to time (“Indenture”), between the Company and U.S. Bank National Association, as Trustee. All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the
Indenture. The terms of this Subordinated Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated
Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the
express provisions of the Indenture, the provisions of the Indenture will govern and be controlling. 

2.    Payment. 

(a)    The Company, for value received, promises to pay to
                                        ,
or registered assigns (the “Holder”), the principal sum of                      Dollars (U.S.)
($                    ), plus accrued but unpaid interest on June 30, 2030 (“Stated Maturity”) and to pay interest
thereon (i) from and including the original issue date of the Subordinated Notes, or from the most recent date to which interest has been paid or duly provided for, to but excluding June 30, 2025, at the rate of 7.00% per annum, computed
on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on June 30 and December 30 of each year (each, a
“Fixed Interest Payment Date”), beginning December 30, 2020, and (ii) from and including June 30, 2025 to, but excluding the Stated Maturity or early redemption date (as contemplated by Section 5 herein) (the
“Floating Rate Period”), at the rate per annum, reset quarterly, equal to the then-current Three-Month Term SOFR plus a spread of 687.5 basis points for each Floating Rate Interest Period, or such other rate as determined pursuant
to the Indenture and as set forth below, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on March 30, June 30, September 30, and
December 30 of each year (each, a “Floating Interest Payment Date”). Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then
Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero. An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as
applicable. A “Floating Rate Interest Period” means, the period from, and including, each Floating Interest Payment Date to, but excluding, the next succeeding Floating Interest Payment Date, except for the initial Floating Rate
Interest Period, which will be the period from, and including, June 30, 2025 to, but excluding, the next succeeding Floating Interest Payment Date. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. 

 (b)    Effect of Benchmark Transition Event. 

 

	 	  (i)	 If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the
Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time. 

  

	 	 (ii)	 Notwithstanding anything set forth in Section 2(a) above, if the Calculation Agent determines on or prior
to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions set forth in this Section 2(b) will thereafter apply to all
determinations of the interest rate on the Subordinated Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate on the Subordinated Notes for each interest
period during the Floating Rate Period will be an annual rate equal to the Benchmark Replacement plus 687.5 basis points. 

  

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

(c)    For purposes hereof: 
  

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

  

	 	 (ii)	 “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current
Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if: (i) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, or (ii) the then-current Benchmark is
Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be
determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: (i) the sum of (a) Compounded SOFR and
(b) the Benchmark Replacement Adjustment; (ii) the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

	 	
(iii) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; (iv) the sum of: (a) the alternate rate that has been selected by the Calculation
Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. Dollar-denominated floating rate
securities at such time, and (b) the Benchmark Replacement Adjustment. If the Benchmark Replacement, as determined pursuant to clause (i), (ii), (iii) or (iv) above would be less than zero, the Benchmark Replacement will be deemed to be
zero. 

  

	 	(iii)	 “Benchmark Replacement Adjustment” means the first alternative set forth in the order below
that can be determined by the Calculation Agent as of the Benchmark Replacement Date: (i) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been
selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
and (ii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such
spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar-denominated floating rate securities at such time. 

 

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

  

	 	  (v)	 “Benchmark Replacement Date” means the earliest to occur of the following events with respect
to the then-current Benchmark: (i) in the case of clause (i) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination; (ii) in the case of clause (ii) or (iii) of
the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or
indefinitely ceases to provide the Benchmark; or (iii) in the case of clause (iv) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the
avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to
the Reference Time for such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded
SOFR, references to the Benchmark would include SOFR). 

	 	  (vi)	 “Benchmark Transition Event” means the occurrence of one or more of the following events with
respect to the then-current Benchmark: (i) if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the
development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Calculation Agent determines that the use of a
forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; (ii) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has
ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; (iii) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution
authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or
will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or (iv) a public statement or
publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. For the avoidance of doubt, for purposes of this definition, references to the Benchmark also
include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR). 

  

	 	 (vii)	 “Calculation Agent” means the agent appointed by the Company prior to the commencement of the
Floating Rate Period (which may include the Company or any of its affiliates) to act in accordance with Section 213 of the Indenture. 

  

	 	(viii)	 “Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding
Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance with: (i) the rate, or methodology for this rate, and conventions for this rate selected or recommended
by the Relevant Governmental Body for determining Compounded SOFR; provided that: (ii) if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (i) above, then the
rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. Dollar-denominated floating rate securities at such time.
For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable). 

  

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

	 	     (x)	 “FRBNY” means the Federal Reserve Bank of New York. 

 

	 	    (xi)	 “FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any
successor source. 

  

	 	   (xii)	 “interest period” means the period from and including the immediately preceding Interest
Payment Date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the original issue date of the Subordinated Notes to, but excluding, the applicable Interest
Payment Date or the Maturity Date or date of earlier redemption, if applicable. 

  

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

  

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

  

	 	   (xv)	 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or
supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

  

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

 

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

 

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

  

	 	  (xix)	 “Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto. 

  

	 	   (xx)	 “SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator
of the Benchmark (or a successor administrator), on the FRBNY’s Website. 

  

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

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

  

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

  

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

  

	 	  (xxv)	 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment. 

 (d)    Any payment of principal of or interest on this Subordinated Note
that would otherwise become due and payable on a day which is not a Business Day will become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest
(unless, with respect to a Floating Interest Payment Date, such day falls in the next calendar month, in which case the Floating Interest Payment Date will instead be the immediately preceding day that is a Business Day, and interest will accrue to
the Floating Interest Payment Date as so adjusted), and no interest will accrue in respect of such payment for the period after such day. 

(e)    The Company will pay interest on this Subordinated Note to the Person who is the registered Holder at the close of
business on the fifteenth calendar day prior to the applicable Interest Payment Date, except as provided in Section 210 of the Indenture with respect to Defaulted Interest. This Subordinated Note will be payable as to principal and interest at
the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to an account appropriately
designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of this
Subordinated Note in the case of a payment of interest at Maturity). 
 3.    Paying Agent and Registrar. U.S.
Bank National Association, the Trustee (“Trustee”) under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at West Side Flats, 60 Livingston Avenue, Saint Paul, Minnesota 55107.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

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

(a)    The Company may, at its option, on any Interest Payment Date on or after June 30, 2025, redeem this
Subordinated Note, in whole or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem all, but not a portion of the Subordinated Notes, at any time upon the
occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption of this Subordinated Note shall be subject to the prior approval of the Federal Reserve Board (or its designee) or any successor agency, or any bank
regulatory agency, to the extent such approval shall then be required by law, regulation or policy. This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted under
this Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption Date. 

(b)    If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall
be issued representing the unredeemed portion without charge to the Holders thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holders. For purposes of clarity, upon a partial redemption, a like percentage of the
principal amount of every Subordinated Note held by every Holder shall be redeemed. 
 (c)    Effectiveness of
Redemption. If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all
Subordinated Notes so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate
(unless the Company shall default in the payment of the redemption price), except only the right of the Holders thereof to receive the amount payable on such redemption, without interest. 

6.    Events of Default; Acceleration. An “Event of Default” means any one of the events described in
Section 401 of the Indenture. If an Event of Default described in Section 401(1) or Section 401(2) of the Indenture occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if
any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives demand, presentment for payment, notice of nonpayment,
notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in
Section 401(1) or Section 401(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the

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

7.    Failure to Make Payments. If the Company fails to make any payment of interest on this Subordinated Note when
such interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon
demand of the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note, with interest upon the overdue principal, any premium and, to the extent permitted by applicable
law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates are so provided, at the rate or respective rates, as the case may
be, of interest borne by this Subordinated Note. 
 Upon an Event of Default, the Company may not declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends or distributions in shares of,
or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of
stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of
Company’s capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions of such
capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under any benefit plans for Company’s directors, officers or
employees or any of Company’s dividend reinvestment plans. 
 8.    Denominations, Transfer, Exchange. The
Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered and this Subordinated
Note may be exchanged as provided in the Indenture. The Registrar may require the Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law
or permitted by the Indenture. 
 9.    Charges and Transfer Taxes. No service charge will be made for any
registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require
payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange. 

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

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

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

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

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

15.    Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the
Trustee or an Authenticating Agent. 
 16.    Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
Additional abbreviations may also be used though not in the above list. 
 17.    Available Information. The
Company will furnish to the Holder upon written request and without charge a copy of the Indenture. Requests by Holders to the Company may be made to: County Bancorp, Inc., 2400 S. 44th Street, Manitowoc, Wisconsin 54220, Attention: Glen L.
Stiteley, Chief Financial Officer and Treasurer. 
 18.    Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY LAWS OR PRINCIPLES OF CONFLICT OF LAWS THAT WOULD APPLY THE LAWS
OF A DIFFERENT JURISDICTION. 
 [Signature Page Follows] 

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

											
		 		 		 		 	COUNTY BANCORP, INC.
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Timothy J. Schneider
		 		 		 		 		 	President
						
	ATTEST:	 		 		 		 		 	
					
	  
	 		 		 		 	
	Glen L. Stiteley	 		 		 		 	
	Chief Financial Officer and Treasurer	 		 		 		 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Dated:	 	  

 ASSIGNMENT FORM 

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

 
  
  

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

 
  

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

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

							
	Date:	 	  
	 	Your signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Subordinated Note)
				
		 		 	Tax Identification No:	 	  

  

			
	 Signature Guarantee:
	 	  

 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15). 

The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not]
an Affiliate of the Company. 
 In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is
one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated
Note is being: 
 CHECK ONE BOX BELOW: 
  

					
	 ☐
	 	(1)	  	acquired for the undersigned’s own account, without transfer;
			
	 ☐
	 	(2)	  	transferred to the Company;
			
	☐	 	(3)	  	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
			
	☐	 	(4)	  	transferred under an effective registration statement under the Securities Act;
			
	☐	 	(5)	  	transferred in accordance with and in compliance with Regulation S under the Securities Act;
			
	☐	 	(6)	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities
Act), that has furnished a signed letter containing certain representations and agreements; or

					
			
	☐	 	(7)	  	transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.

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

			
	Signature:	 	  

  

			
	 Signature Guarantee:
	 	  

 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15). 

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

The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which
it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Date:	 	  
	 		 	Signature:	 	  

 EXHIBIT A-2 

FORM OF GLOBAL SUBORDINATED NOTE 

COUNTY BANCORP, INC. 

7.00% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE 2030

 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT’) OR UNDER ANY
APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE
EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO COUNTY BANCORP, INC. (THE “COMPANY”), IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT. 

THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
CEDE & CO AS NOMINEE OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE. 
 UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE IDENTIFIED HEREIN. 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED
BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, 

 
WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN). 

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

			
	 No. 2030-[●]
	  	ACCREDITED INVESTOR CUSIP: 221907 AE8 / US221907AE83
		  	QIB CUSIP: 221907 AD0 / US221907AD01
		  	REGISTERED CUSIP: 221907 AF5 / US221907AF58

 COUNTY BANCORP, INC. 

7.00% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE 2030

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

 1.    Indenture; Holders. This note is one of a duly authorized issue of notes of County Bancorp, Inc., a
Wisconsin corporation (the “Company”), designated as the “7.00% Fixed-to-Floating Rate Subordinated Notes due 2030” (the “Subordinated
Notes”) in an aggregate principal amount of $17,400,000 and initially issued on June 30, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of June 30, 2020, as the same may be amended or
supplemented from time to time (“Indenture”), between the Company and U.S. Bank National Association, as Trustee. All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the
Indenture. The terms of this Subordinated Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated
Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the
express provisions of the Indenture, the provisions of the Indenture will govern and be controlling. 

2.    Payment. 

(a)    The Company, for value received, promises to pay to Cede & Co., or registered assigns (the
“Holder”), as nominee of The Depository Trust Company, the principal sum of                      Dollars (U.S.)
($                    ), plus accrued but unpaid interest on June 30, 2030 (“Stated Maturity”) and to pay interest
thereon (i) from and including the original issue date of the Subordinated Notes, or from the most recent date to which interest has been paid or duly provided for, to but excluding June 30, 2025, at the rate of 7.00% per annum, computed
on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on June 30 and December 30 of each year (each, a
“Fixed Interest Payment Date”), beginning December 30, 2020, and (ii) from and including June 30, 2025 to, but excluding the Stated Maturity or early redemption date (as contemplated by Section 5 herein) (the
“Floating Rate Period”), at the rate per annum, reset quarterly, equal to the then-current Three-Month Term SOFR plus a spread of 687.5 basis points for each Floating Rate Interest Period, or such other rate as determined pursuant
to the Indenture and as set forth below, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on March 30, June 30, September 30 and
December 30 of each year (each, a “Floating Interest Payment Date”). Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such
Benchmark) shall be deemed to be zero. An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable. A “Floating Rate Interest Period” means, the period from,
and including, each Floating Interest Payment Date to, but excluding, the next succeeding Floating Interest Payment Date, except for the initial Floating Rate Interest Period, which will be the period from, and including, June 30, 2025 to, but
excluding, the next succeeding Floating Interest Payment Date. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with
0.000005% rounded up to 0.00001%. 

  
 1 

 (b)    Effect of Benchmark Transition Event. 

 

	 	  (i)	 If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the
Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time. 

  

	 	 (ii)	 Notwithstanding anything set forth in Section 2(a) above, if the Calculation Agent determines on or prior
to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions set forth in this Section 2(b) will thereafter apply to all
determinations of the interest rate on the Subordinated Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate on the Subordinated Notes for each interest
period during the Floating Rate Period will be an annual rate equal to the Benchmark Replacement plus 687.5 basis points. 

  

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

(c)    For purposes hereof: 
  

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

  

	 	 (ii)	 “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current
Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if: (i) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, or (ii) the then-current Benchmark is
Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be
determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: (i) the sum of (a) Compounded SOFR and
(b) the Benchmark Replacement Adjustment; (ii) the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

  
 2 

	 	
(iii) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; (iv) the sum of: (a) the alternate rate that has been selected by the Calculation
Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. Dollar-denominated floating rate
securities at such time, and (b) the Benchmark Replacement Adjustment. If the Benchmark Replacement, as determined pursuant to clause (i), (ii), (iii) or (iv) above would be less than zero, the Benchmark Replacement will be deemed to be
zero. 

  

	 	(iii)	 “Benchmark Replacement Adjustment” means the first alternative set forth in the order below
that can be determined by the Calculation Agent as of the Benchmark Replacement Date: (i) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been
selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
and (ii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such
spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar-denominated floating rate securities at such time. 

 

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

  

	 	  (v)	 “Benchmark Replacement Date” means the earliest to occur of the following events with respect
to the then-current Benchmark: (i) in the case of clause (i) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination; (ii) in the case of clause (ii) or (iii) of
the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or
indefinitely ceases to provide the Benchmark; or (iii) in the case of clause (iv) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the
avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to
the Reference Time for such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded
SOFR, references to the Benchmark would include SOFR). 

  
 3 

	 	  (vi)	 “Benchmark Transition Event” means the occurrence of one or more of the following events with
respect to the then-current Benchmark: (i) if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the
development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Calculation Agent determines that the use of a
forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; (ii) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has
ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; (iii) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution
authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or
will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or (iv) a public statement or
publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. For the avoidance of doubt, for purposes of this definition, references to the Benchmark also
include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR). 

  

	 	 (vii)	 “Calculation Agent” means the agent appointed by the Company prior to the commencement of the
Floating Rate Period (which may include the Company or any of its affiliates) to act in accordance with Section 213 of the Indenture. 

  

	 	(viii)	 “Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding
Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance with: (i) the rate, or methodology for this rate, and conventions for this rate selected or recommended
by the Relevant Governmental Body for determining Compounded SOFR; provided that: (ii) if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (i) above, then the
rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. Dollar-denominated floating rate securities at such time.
For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable). 

  

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

  
 4 

	 	     (x)	 “FRBNY” means the Federal Reserve Bank of New York. 

 

	 	    (xi)	 “FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any
successor source. 

  

	 	   (xii)	 “interest period” means the period from and including the immediately preceding Interest
Payment Date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the original issue date of the Subordinated Notes to, but excluding, the applicable Interest
Payment Date or the Maturity Date or date of earlier redemption, if applicable. 

  

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

  

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

  

	 	   (xv)	 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or
supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

  

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

 

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

 

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

  

	 	  (xix)	 “Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto. 

  

	 	   (xx)	 “SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator
of the Benchmark (or a successor administrator), on the FRBNY’s Website. 

  

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

  
 5 

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

  

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

  

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

  

	 	  (xxv)	 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment. 

 (d)    Any payment of principal of or interest on this Subordinated Note
that would otherwise become due and payable on a day which is not a Business Day will become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest
(unless, with respect to a Floating Interest Payment Date, such day falls in the next calendar month, in which case the Floating Interest Payment Date will instead be the immediately preceding day that is a Business Day, and interest will accrue to
the Floating Interest Payment Date as so adjusted), and no interest will accrue in respect of such payment for the period after such day. 

(e)    The Company will pay interest on this Subordinated Note to the Person who is the registered Holder at the close of
business on the fifteenth calendar day prior to the applicable Interest Payment Date, except as provided in Section 210 of the Indenture with respect to Defaulted Interest. This Subordinated Note will be payable as to principal and interest at
the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to an account appropriately
designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of this
Subordinated Note in the case of a payment of interest at Maturity). 
 3.    Paying Agent and Registrar. U.S.
Bank National Association, the Trustee (“Trustee”) under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at West Side Flats, 60 Livingston Avenue, Saint Paul, Minnesota 55107.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

  
 6 

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

(a)    The Company may, at its option, on any Interest Payment Date on or after June 30, 2025, redeem this
Subordinated Note, in whole or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem all, but not a portion of the Subordinated Notes, at any time upon the
occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption of this Subordinated Note shall be subject to the prior approval of the Federal Reserve Board (or its designee) or any successor agency, or any bank
regulatory agency, to the extent such approval shall then be required by law, regulation or policy. This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted under
this Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption Date. 

(b)    If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall
be issued representing the unredeemed portion without charge to the Holders thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holders. For purposes of clarity, upon a partial redemption, a like percentage of the
principal amount of every Subordinated Note held by every Holder shall be redeemed. 
 (c)    Effectiveness of
Redemption. If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all
Subordinated Notes so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate
(unless the Company shall default in the payment of the redemption price), except only the right of the Holders thereof to receive the amount payable on such redemption, without interest. 

6.    Events of Default; Acceleration. An “Event of Default” means any one of the events described
in Section 401 of the Indenture. If an Event of Default described in Section 401(1) or Section 401(2) of the Indenture occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if
any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives demand, presentment for payment, notice of nonpayment,
notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in
Section 401(1) or Section 401(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the

  
 7 

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

7.    Failure to Make Payments. If the Company fails to make any payment of interest on this Subordinated Note when
such interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon
demand of the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note, with interest upon the overdue principal, any premium and, to the extent permitted by applicable
law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates are so provided, at the rate or respective rates, as the case may
be, of interest borne by this Subordinated Note. 
 Upon an Event of Default, the Company may not declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends or distributions in shares of,
or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of
stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of
Company’s capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions of such
capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under any benefit plans for Company’s directors, officers or
employees or any of Company’s dividend reinvestment plans. 
 8.    Denominations, Transfer, Exchange. The
Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered and this Subordinated
Note may be exchanged as provided in the Indenture. The Registrar may require the Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law
or permitted by the Indenture. 
 9.    Charges and Transfer Taxes. No service charge will be made for any
registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require
payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange. 

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

  
 8 

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

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

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

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

15.    Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the
Trustee or an Authenticating Agent. 
 16.    Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
Additional abbreviations may also be used though not in the above list. 
 17.    Available Information. The
Company will furnish to the Holder upon written request and without charge a copy of the Indenture. Requests by Holders to the Company may be made to: County Bancorp, Inc., 2400 S. 44th Street,
Manitowoc, Wisconsin 54220, Attention: Glen L. Stiteley, Chief Financial Officer and Treasurer. 
 18.    Governing
Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY LAWS OR PRINCIPLES
OF CONFLICT OF LAWS THAT WOULD APPLY THE LAWS OF A DIFFERENT JURISDICTION. 
 [Signature Page Follows] 

  
 9 

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

											
		 		 		 		 	COUNTY BANCORP, INC.
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Timothy J. Schneider
		 		 		 		 		 	President
						
	ATTEST:	 		 		 		 		 	
					
	  
	 		 		 		 	
	Glen L. Stiteley	 		 		 		 	
	Chief Financial Officer and Treasurer	 		 		 		 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Dated:	 	  

 ASSIGNMENT FORM 

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

 
  
  

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

 
  

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

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

							
	Date:	 	  
	 	Your signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Subordinated Note)
				
		 		 	Tax Identification No:	 	  

  

			
	 Signature Guarantee:
	 	  

 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15). 

The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not]
an Affiliate of the Company. 
 In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is
one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated
Note is being: 
 CHECK ONE BOX BELOW: 
  

					
	☐	 	(1)	  	acquired for the undersigned’s own account, without transfer;
			
	☐	 	(2)	  	transferred to the Company;
			
	☐	 	(3)	  	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
			
	☐	 	(4)	  	transferred under an effective registration statement under the Securities Act;
			
	☐	 	(5)	  	transferred in accordance with and in compliance with Regulation S under the Securities Act;
			
	☐	 	(6)	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities
Act), that has furnished a signed letter containing certain representations and agreements; or

					
			
	☐	 	(7)	  	transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.

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

			
	Signature:	 	  

  

			
	 Signature Guarantee:
	 	  

 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15). 

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

The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which
it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Date:	 	  
	 		 	Signature:

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