Document:

EX-10.1

 Exhibit 10.1 

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE SECURITIES PURCHASED HEREUNDER MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE
SECURITIES ACT AND OTHER APPLICABLE LAWS PURSUANT TO REGISTRATION OR EXEMPTION FROM REGISTRATION REQUIREMENTS THEREUNDER. 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (the “Agreement”) is entered into as of December 19, 2016, by and among Equity
Bancshares, Inc., a Kansas corporation (the “Company”), certain selling stockholders of the Company, severally and not jointly and severally, listed on Annex A hereto (collectively, the “Selling Stockholders”
and each, a “Selling Stockholder”), and the purchasers, severally and not jointly and severally, listed on signature pages hereto (collectively, the “Purchasers” and each, a “Purchaser”). 

BACKGROUND 
 The
Company and the Selling Stockholders, severally and not jointly and severally, desire to sell, and each Purchaser desires to purchase, shares of the Company’s Class A common stock, par value $0.01 per share (the
“Class A Common Stock”), on the terms and subject to the conditions contained herein. 
 The issuance
and sale of the shares of Class A Common Stock hereunder is being made in a private placement, without registration under the Securities Act or any other applicable securities Laws (as defined below), in reliance on one or more exemptions from
registration and other requirements thereunder. 
 Therefore, in consideration of the foregoing, and the representations, warranties,
covenants and conditions set forth below, the parties hereto, intending to be legally bound, hereby agree as follows: 

1.    Purchase and Sale of Class A Common Stock. 

1.1    Sale and Issuance of Class A Common Stock. 

(a)    Subject to the terms and conditions of this Agreement, each Purchaser agrees, severally and not
jointly and severally, to purchase at the Closing (as defined below) that number of shares of Class A Common Stock set forth on such Purchaser’s signature page hereto, and the Company and the Selling Stockholders, severally and not jointly
and severally, agree to sell and issue an aggregate of 1,090,000 shares of Class A Common Stock, which shall consist of (i) 770,000 shares of Class A Common Stock to be issued by the Company and (ii) 320,000 shares of the Company’s
Class B common stock, par value $0.01 per share (the “Class B Common Stock”), which shall convert into an equal number of shares of Class A Common Stock upon transfer to the Purchasers in

 
accordance with Section 1.1(d), set forth opposite such Selling Stockholders’ names on Annex A hereto, to the several Purchasers at the Closing, at a purchase price of $32.50
per share (the “Purchase Price”). The shares of Class A Common Stock (including the Class B Common Stock converted into Class A Common Stock) to be issued and sold by the Company and the Selling Stockholders to the
Purchasers pursuant to this Agreement are collectively referred to herein as the “Shares.” 

(b)    The aggregate Purchase Price to be received by the Company and each of the Selling Stockholders
shall be equal to the total number of Shares sold by such party multiplied by the Purchase Price. 

(c)    Notwithstanding the foregoing, nothing in this Agreement shall be construed to permit or require any
Purchaser to purchase a number of Shares that would cause the Purchaser, together with any other person whose Company securities would be aggregated with the Purchaser’s Company securities for purposes of any banking regulation or law (or for
purposes of any securities regulation or law or any NASDAQ rule), to (i) violate any banking regulation, (ii) file a prior notice under the Change in Bank Control Act (the “CIBC Act”), or otherwise seek prior approval of
any banking regulator, (iii) become, or be required to register as, a bank holding company or otherwise serve as a source of strength for the Company or any Subsidiary, or (iv) cause the Purchaser, together with any other person whose
Company securities would be aggregated with the Purchaser’s Company securities for purposes of any banking regulation or law (or for purposes of any securities regulation or law or any NASDAQ rule), to collectively be deemed to own, control or
have the power to vote securities which would represent more than 9.9% of any class of voting securities, or 25.0% of total equity, of the Company outstanding at such time, or 4.9% of any class of voting securities of the Company outstanding at such
time if such Purchaser was a bank holding company. Clauses (i) through (iv) are referred to as the “Ownership Limitations”. If, but for this sentence, the purchase of Shares at the Closing would otherwise cause any Purchaser to
exceed any Ownership Limitation, then the number of Shares to be purchased by such Purchaser hereunder at the Closing shall be automatically reduced by the minimum amount necessary to ensure that no Ownership Limitation is exceeded by such Purchaser
at Closing (in which case such Purchaser’s aggregate Purchase Price shall be proportionately reduced). 

(d)    With respect to any shares of the Company’s Class B Common Stock being offered and sold by
the Selling Stockholders pursuant to this Agreement, each of the Purchasers hereby elect to receive an equal number of shares of Class A Common Stock in accordance with the terms hereof and the Company agrees to cause such shares of
Class A Common Stock to be issued to the Purchasers pursuant hereto. 
 1.2    Closing. The consummation of
the purchase and sale of the Shares and other transactions contemplated hereby (the “Closing”) shall take place at the offices of Norton Rose Fulbright US LLP, 2200 Ross Avenue, Suite 3600, Dallas, Texas 75201, at 9:00 a.m. Dallas
time, as promptly as practicable (but no more than three business days) following the first date on which all conditions set forth in Section 6 and Section 7 hereof have been satisfied or waived
(other than those conditions that by their nature are to be satisfied by actions taken at the Closing), or at such other time and place as the Company, the Selling Stockholders and the Purchasers shall mutually agree (the date that the Closing
occurs, the “Closing Date”). At the 

  
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Closing, (i) the Company and the Selling Stockholders shall deliver, or cause to be delivered, to each Purchaser (or its designated custodian per its delivery instructions) one or more stock
certificates (or facsimiles or .pdf scanned copies of stock certificates with physical stock certificates to follow) registered in the name of the Purchaser, or in such nominee name(s) as designated by the Purchaser in writing, representing the
number of Shares set forth on the signature page hereto and bearing an appropriate legend referring to the fact that the Shares were sold in reliance upon exemptions from the registration requirements of the Securities Act and (ii) upon receipt
of the facsimiles or .pdf scanned copies of stock certificates, each Purchaser shall deliver, in immediately available funds, the full amount of the Purchase Price for the Shares being purchased hereunder by wire transfer to an account designated by
the Company at Equity Bank, which funds the Company will cause to be distributed promptly to the accounts specified in writing by the Selling Stockholders and the Company, respectively. For purposes of clarity, the Purchaser shall not be required to
wire its aggregate Purchase Price until it (or its designated custodian per its delivery instructions) confirms receipt of its Shares. The Company will promptly substitute one or more replacement certificates without the legend at such time as the
registration statement filed by the Company pursuant to the terms of the Registration Rights Agreement between the Company and each Purchaser, the form of which is attached hereto as Annex B (the “Registration Rights
Agreement”). The name(s) in which the stock certificates are to be registered are set forth on signature page hereto. 

2.    Representations, Warranties and Covenants of the Company. The Company represents and warrants to, and covenants with, each
Purchaser as of the date hereof that: 
 2.1    Organization, Good Standing and Qualification. Each of the
Company and Equity Bank is duly incorporated or organized (as applicable), validly existing, and in good standing under the Laws of the state of its Kansas; has all corporate power and authority to own its properties and conduct its business as
presently conducted; and is duly qualified to do business and in good standing in each state in the United States of America where its business requires such qualification, except where failure to qualify would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect. 
 2.2    Reporting Company; Form S-3. The Company is not an “ineligible issuer” (as defined in Rule 405 promulgated under the Securities Act) and is eligible to register the Shares for resale by the Purchaser on a registration
statement on Form S-3 under the Securities Act. The Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and has filed all
reports, schedules, forms, statements and other documents required thereby to be filed since December 1, 2015 (the “SEC Filings”) on a timely basis (other than certain filings required under Section 16 of the Exchange
Act). To the Company’s Knowledge, there exist no facts or circumstances (including without limitation any required approvals or waivers or any circumstances that may materially delay or prevent the obtaining of accountant’s consents) that
reasonably could be expected to prohibit or materially delay the preparation and filing of a registration statement on Form S-3 that will be filed pursuant to the Registration Rights Agreement for the resale
of the Shares by the Purchasers. 
 2.3    Authorization; Enforceability. The Company has all necessary power and
authority to execute, deliver, and perform under this Agreement and the Registration Rights Agreement. All corporate action by and on behalf of the Company necessary for the 

  
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authorization, execution, and delivery of this Agreement and the Registration Rights Agreement, the performance of all obligations of the Company hereunder and thereunder, and the authorization,
issuance, sale and delivery of the Shares to each Purchaser hereunder has been taken. This Agreement and the Registration Rights Agreement, when executed and delivered by the Company, assuming due authorization, execution, and delivery by each
Purchaser, constitutes and will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to: (i) Laws limiting the availability of specific performance,
injunctive relief, and other equitable remedies; (ii) bankruptcy, insolvency, reorganization, moratorium, or other similar Laws now or hereafter in effect generally relating to or affecting creditors’ rights generally; and
(iii) limitations on the enforceability of indemnification provisions contained in the Registration Rights Agreement (collectively, the “Enforceability Exceptions”). 

2.4    Financial Statements. 

(a)    The financial statements of the Company and its Subsidiaries on a consolidated basis included in the
reports and forms filed with or furnished to the Securities and Exchange Commission (the “SEC”) under Sections 12, 13, 14 or 15(d) of the Exchange Act (collectively, all such reports, the “SEC Reports”) (i) fairly
present in all material respects, in accordance with generally accepted accounting principles in the United States of America (“GAAP”), the financial condition and the results of operations of the Company and its Subsidiaries as of
the dates and for the periods indicated (subject, in the case of unaudited quarterly statements, to normal year-end adjustments) and (ii) complied in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing of the applicable SEC Report. 

(b)    Except for any liabilities arising in connection with the Company’s acquisition of Community
First Bancshares, Inc. pursuant to that certain Agreement and Plan of Reorganization, dated July 14, 2016, by and between the Company and Community First Bancshares, Inc., and the Company’s proposed acquisition of Prairie State Bancshares,
Inc. pursuant to that certain Agreement and Plan of Merger, dated October 20, 2016, by and among the Company, Prairie Merger Sub, Inc. and Prairie State Bancshares, Inc., the Company and its Subsidiaries do not have any liabilities or
obligations that would be required under GAAP, as in effect on the date of this Agreement, to be reflected on a consolidated balance sheet of the Company, other than liabilities or obligations (i) reflected on, reserved against, or disclosed in
the notes to the Company’s consolidated balance sheet included in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 (the “Balance Sheet
Date”); or (ii) that were incurred in the ordinary course of business since the Balance Sheet Date and would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

2.5    Indebtedness. Neither the Company nor any of its Subsidiaries is in default in the payment of any
Indebtedness or in default under any agreement relating to its Indebtedness or under any mortgage, deed of trust, security agreement, or lease to which it is a party, other than defaults that would not, individually or in the aggregate, reasonably
be expected to have a Company Material Adverse Effect. 

  
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 2.6    Litigation. Except for the lawsuit filed against Equity Bank by
CitiMortgage, Inc. on February 3, 2015 (which was previously disclosed in the SEC Reports), there is no action, suit, proceeding, or investigation pending or, to the Knowledge of the Company, overtly threatened against, nor any outstanding
judgment, order, or decree against, the Company or any of its Subsidiaries before or by any Governmental Authority or arbitral body which in the aggregate have, or if adversely determined, would reasonably be expected to have, a Company Material
Adverse Effect. 
 2.7    Title. Each of the Company and its Subsidiaries has good and marketable title to its
properties that are real property and good and valid title to all of its other properties (other than negligible assets that are immaterial to the operations of the Company or any of its Subsidiaries), free and clear of all Liens, except
(i) for Permitted Liens; and (ii) as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

2.8    Taxes. Each of the Company and its Subsidiaries has filed all material tax returns required to have been
filed and paid all material taxes shown thereon to be due, except for those for which extensions have been obtained and which are being contested in good faith by appropriate proceedings and in respect of which adequate reserves are maintained by
the Company and its Subsidiaries in accordance with GAAP. 
 2.9    Transfer Taxes. On the Closing Date, all
stock transfer or other similar taxes, if any, (other than income taxes) that are required to be paid in connection with the sale and transfer of the Shares to be sold to the Purchaser hereunder will have been, fully paid or provided for by the
Company (with respect to Shares sold by it) and by the Selling Stockholders (with respect to the Shares respectively sold by such Selling Stockholder) and all laws imposing such taxes will have been fully complied with. 

2.10    Governmental Consents. No consent, approval, order, or authorization of, or registration, qualification,
declaration, or filing with, any Governmental Authority on the part of the Company is required in connection with the offer, sale, or issuance of the Shares to each Purchaser hereunder or the consummation of the transactions contemplated hereby,
except for the following: (i) the compliance with other applicable state securities Laws, which compliance will have occurred within the appropriate time periods therefor; and (iii) the filing with the SEC of such reports under the
Exchange Act and/or the Securities Act as may be required in connection with this Agreement and the transactions contemplated by this Agreement. Assuming that the representations of each Purchaser set forth in Section 4
hereof are true and correct, the offer, sale, and issuance of the Shares in conformity with the terms of this Agreement are exempt from the registration requirements of Section 5 of the Securities Act. 

2.11    Permits and Licenses. The Company and each of its Subsidiaries possess all permits and licenses of
Governmental Authorities that are required to conduct its business, except for such permits or licenses the absence of which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

2.12    Valid Issuance of Class A Common Stock. The Shares being purchased by each Purchaser
hereunder have been duly authorized and, when issued, sold, and delivered in 

  
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accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid, and nonassessable, and will be free of restrictions on transfer
other than restrictions under applicable state and federal securities Laws. Except for the rights arising under that the Registration Rights Agreement contemplated by this Agreement and that certain Amended and Restated Registration Rights
Agreement, dated November 16, 2015, by and between the Company, Patriot Financial Partners, L.P., Patriot Financial Partners Parallel, L.P., Endicott Opportunity Partners III, L.P., Compass Island Investment Opportunities Fund A, L.P. and
Compass Island Investment Opportunities Fund C, L.P., no stockholder of the Company has any right (which has not been waived or has not expired by reason of lapse of time following notification of the Company’s intention to file a registration
statement pursuant to the Registration Rights Agreement) to require the Company to register the sale of any capital stock owned by such stockholder under such registration statement. No further approval or authority of the stockholders or the Board
of Directors of the Company will be required for the issuance and sale of the Shares to be sold by the Company as contemplated herein. 

2.13    Capitalization. The authorized capital stock of the Company consists of (i) 45,000,000 shares of
Class A Common Stock, of which 10,016,350 were issued and outstanding as of December 15, 2016 (excluding (A)(i) 770,00 shares of Class A Common Stock to be issued pursuant to this Agreement, and (ii) 320,000 shares of Class A
Common Stock to be issued upon the sale pursuant to this Agreement by the Selling Stockholders of an equal number of shares of Class B Common Stock in accordance with Section 1.1(d) of this Agreement, and (B) up to 479,468 shares of
Class A Common stock to be issued pursuant to that certain Agreement and Plan of Merger, dated October 20, 2016, by and among the Company, Prairie Merger Sub, Inc., and Prairie State Bancshares, Inc. (the “Prairie
Transaction”)), (ii) 5,000,000 shares of Class B Common Stock, of which 893,005 were issued and outstanding as of December 15, 2016 (excluding the reduction in the number of shares of Class B Common Stock outstanding
following the sale and conversion of the 320,000 shares of Class B Common Stock to Class A Common Stock pursuant to this Agreement), and (ii) and 10,000,000 shares of preferred stock, none of which are issued and outstanding. As of
the close of business of December 9, 2016, the Company has (A) reserved an aggregate of 205,700 shares of Class A Common Stock for issuance pursuant to the Equity’s 2006 Non-Qualified Stock
Option Plan, and (B) reserved an aggregate of 900,000 shares of Class A Common Stock for issuance pursuant to the Equity’s 2013 Stock Incentive Plan. All issued and outstanding shares of Class A Common Stock and Class B
Common Stock have been duly authorized and validly issued and are fully paid and nonassessable. Other than as provided in this Agreement and the Registration Rights Agreement, there are no other outstanding rights, options, warrants, preemptive
rights, rights of first offer, or similar rights for the purchase or acquisition from the Company of any securities of the Company, nor are there any commitments from the Company to issue or execute any such rights, options, warrants, preemptive
rights, or rights of first offer. There are no outstanding rights or obligations of the Company to repurchase or redeem any of its securities. 

2.14    No Default of Violation. The Company is not in violation or default of any provision of its Second Amended
and Restated Articles of Incorporation (the “Charter”) or its Amended and Restated Bylaws (the “Bylaws”). The execution, delivery, and performance of this Agreement and the Registration Rights Agreement by the
Company and the issuance and sale of the Shares will not (i) result in any default or violation of the Charter or Bylaws; (ii) result in any default or violation of any agreement relating to the Indebtedness of the Company

  
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and its Subsidiaries or under any mortgage, deed of trust, security agreement, lease or other material agreement to which the Company or its Subsidiaries is a party or in any default or violation
of any judgment, order, or decree of any Governmental Authority; (iii) be in conflict with or constitute, with or without the passage of time or giving of notice, a default under any such provision, require any consent or waiver under any such
provision, or result in the creation of any Lien upon any of the properties or assets of the Company and its Subsidiaries pursuant to any such provision, or (iv) any statute or any authorization, judgment, decree, order, rule or regulation of
any court or any regulatory body, administrative agency or other Governmental Authority applicable to the Company or any Subsidiary or any of their respective properties and no consent, approval, authorization or other order of any court, regulatory
body, administrative agency or other Governmental Authority is required for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement, except for compliance with the blue sky laws and federal
securities laws applicable to the offering of the Shares, except in the case of (ii), (iii) and (iv) above, as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

2.15    Compliance with Laws. Neither the Company nor any of its Subsidiaries is in violation of any applicable
Laws, except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. To the Knowledge of the Company, neither the Company nor any of its Subsidiaries is being investigated with respect to, or
been overtly threatened to be charged with or given notice of any violation of, any applicable Law, except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

2.16    No Company Material Adverse Effect. Since September 30, 2016 and except as described in the SEC
Reports, no event or circumstance has occurred that, individually or in the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect. 

2.17    SEC Reports. 

(a)    Since November 10, 2015, the Company has timely filed all documents required to be filed with
the SEC pursuant to Sections 13(a), 14(a) or 15(d) of the Exchange Act, except where the failure to so file would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

(b)    The SEC Reports, when they became effective or were filed with the SEC, as the case may be, complied
as to form in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder, in each case as in effect at such time, and none of such documents contained an
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make such statements, in the light of the circumstances in which they were made, not misleading. 

(c)    The Company maintains a system of internal accounting controls sufficient to provide reasonable
assurances that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain accountability for assets; (iii) 

  
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access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. The Company maintains internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the
Exchange Act) designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The Company has disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company is otherwise in compliance in all material respects with all
applicable provisions of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated thereunder. 

2.18    Accountants. Crowe Chizek LLP which has expressed its opinion with respect to the consolidated financial
statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, are registered independent public accountants as required by the Securities Act and the rules and regulation promulgated under the Securities
Act and by the rules of the Public Accounting Oversight Board. 
 2.19    Contracts. The material contracts to
which the Company is a party have been duly and validly authorized, executed and delivered by the Company and constitute the legal, valid and binding agreements of the Company, enforceable by and against it in accordance with their respective terms,
except as such enforceability may be limited by Enforceability Exceptions. 
 2.20    Intellectual Property. The
Company and its Subsidiaries own, license or otherwise possesses all rights to use, all patents, patent rights, inventions, know-how (including trade secrets and other unpatented or unpatentable or
confidential information, systems, or procedures), trademarks, service marks, trade names, copyrights and other intellectual property rights (collectively, the “Intellectual Property”) material and necessary for the conduct of its
business as described in the SEC Reports, except where the failure to own, license or otherwise possess all rights to use Intellectual Property would not reasonably be expected to have a Material Adverse Effect. No claims have been asserted against
the Company or any Subsidiary by any person with respect to the use of any such Intellectual Property or challenging the validity of any such Intellectual Property, other than claims which would not reasonably be expected to have a Material Adverse
Effect. 
 2.21    Investment Company. The Company is not, and after application of the proceeds of the sale of
Shares, will not be, an “investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for an investment company, within the meaning of the Investment Company Act of 1940, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
 2.22    Offering Materials. Each of
the Company, its directors and officers has not distributed and will not distribute prior to the Closing Date any offering material in connection with the offering and sale of the Shares. With respect to the transactions contemplated by this
Agreement, the Company has not in the past nor will it hereafter take any action independent of 

  
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the Keefe, Bruyette and Woods, Inc. (the “Placement Agent”) to sell, offer for sale or solicit offers to buy any securities of the Company that could result in the initial sale
of the Shares pursuant to this Agreement not being exempt from the registration requirements of Section 5 of the Securities Act, other than general public disclosure that the Company has made in the past regarding the Company’s intentions
to engage in an equity capital-raising transaction. 
 2.23    Insurance. The Company maintains insurance
underwritten by insurers of recognized financial responsibility, of the types and in the amounts that the Company reasonably believes is adequate for its business, including, but not limited to, insurance covering all real and personal property
owned or leased by the Company against theft, damage, destruction, acts of vandalism and all other risks customarily insured against, with such deductibles as are customary for companies in the same or similar business, all of which insurance is in
full force and effect. 
 2.24    Bad Actor. None of the Company nor any predecessor entity, nor, to the
Company’s Knowledge, any affiliated issuer, director, general partner, managing member, executive officer, other officer of the Company participating in the offering of the Shares, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, a “Company
Covered Person” and, together, “Company Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event. The
Company has complied, to the extent applicable, with its disclosure obligations set forth in Rule 506(e) under the Securities Act, and the Company has furnished to the Placement Agent a copy of any disclosures provided thereunder. The Company will
notify the Placement Agent in writing, prior to the Closing Date, if any, of any Disqualification Event relating to any Company Covered Person not previously disclosed to the Placement Agent in accordance with this Section. 

2.25    Price of Common Stock. The Company has not taken, and will not take, directly or indirectly, any action
designed to cause or result in, or that has constituted or that might reasonably be expected to constitute, the stabilization or manipulation of the price of the shares of the Class A Common Stock to facilitate the sale or resale of the Shares.

 2.26    Non-Public Information. Other than the terms of the
transaction contemplated by this Agreement, the Company confirms that neither it nor any of its officers or directors nor any other person acting on its or their behalf has provided, and it has not authorized the Placement Agent to provide, the
Purchaser or its respective agents or counsel with any information that it believes constitutes or could reasonably be expected to constitute material, non-public information. On or before 9:00 a.m., New York
City time, on the third business day after the date hereof, the Company shall file a Current Report on Form 8-K disclosing all material, non-public information
previously disclosed to the Purchaser, including, without limitation, all material, non-public information included in the Disclosure Materials and the material terms of the transactions contemplated by this
Agreement, and attaching as an exhibit to such Form 8-K a form of this Agreement (including such exhibit, the “8-K Filing”). From and after the filing
of the 8-K Filing, the Purchaser shall not be in possession of any material, non-public information 

  
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received from the Company, any subsidiary or any of their respective officers, directors or employees or the Placement Agent. The Company shall not, and shall use its best efforts to cause each
of its officers, directors, employees and agents not to, provide the Purchaser with any material non-public information regarding the Company from and after the filing of the
8-K Filing without the express written consent of the Placement Agent. The Company understands and confirms that the Purchaser will rely on the representations and covenants set forth in this section in
effecting transactions in securities of the Company following the 8-K Filing. 

2.27    Related Party Transactions. No transaction has occurred between or among the Company, on the one hand, and
its affiliates, officers or directors on the other hand, that is required to have been described under applicable securities laws in its SEC Reports that is not so described in such filings. 

2.28    Off-Balance Sheet Arrangements. There is no transaction,
arrangement or other relationship between the Company and an unconsolidated or other off-balance sheet entity that is required to be disclosed by the Company in its SEC Reports that is not so disclosed or that
otherwise would be reasonably likely to have a Material Adverse Effect. There are no such transactions, arrangements or other relationships with the Company that may create contingencies or liabilities that are required to be disclosed by the
Company in its SEC Reports and are not otherwise disclosed by the Company in its SEC Reports. 
 2.29    Bank Holding
Company Act. The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). The Company’s banking subsidiary, Equity Bank, Inc. (“Equity
Bank”), holds the requisite authority from the Office of the State Bank Commissioner of Kansas (the “OSBC”) to do business as state chartered bank under the laws of Kansas. The Company and Equity Bank are in compliance in
all material respects with all laws and regulations administered by the OSBC, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), the Federal Deposit Insurance Corporation (the
“FDIC”) and any other federal and state authorities (together with the OSBC, the Federal Reserve Board and the FDIC, the “Bank Regulatory Authorities”) with jurisdiction over the Company and Equity Bank, except for
failures to be so in compliance that would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse Effect. 

2.30    Deposit Accounts. The deposit accounts of Equity Bank are insured up to the maximum amount provided by the
FDIC, Equity Bank has paid all premiums and assessments required by the FDIC and the regulations promulgated by the FDIC, and no proceedings for the modification, termination or revocation of any such insurance are pending or, to the Knowledge of
the Company, threatened. 
 2.31    No Restrictions on Subsidiaries. Equity Bank is not currently prohibited,
directly or indirectly, by any Bank Regulatory Authority (other than orders applicable to bank holding companies and their subsidiaries generally), or any agreement or other instrument to which it is a party or is subject, from paying any dividends
to the Company, from making any other distribution on its capital stock, from repaying to the Company any loans or advances to it from the Company or from transferring any of its properties or assets to the Company or any other Subsidiary of the
Company. 

  
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 2.32    Listing Compliance. The Company is in material compliance with
the requirements of the NASDAQ Global Select Market (the “NASDAQ”) for continued listing of the Class A Common Stock thereon. The Company has taken no action designed to, or likely to have the effect of, terminating the
registration of the Class A Common Stock under the Exchange Act or the listing of the Class A Common Stock on the NASDAQ, nor has the Company received any notification that the SEC or the NASDAQ is contemplating terminating such
registration or listing. The transactions contemplated by the Agreements will not contravene in any material respect the rules and regulations of the NASDAQ. The Company will comply with all requirements of the NASDAQ with respect to the issuance of
the Shares and shall cause the Shares to be listed on the NASDAQ in accordance with the terms of the Registration Rights Agreement. 

2.33    Foreign Corrupt Practices. Neither the Company, nor any Subsidiary, nor, to the Knowledge of the Company,
any director, officer, agent, employee or other Person acting on behalf of the Company or any Subsidiary has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 2.34    ERISA. The Company is in compliance in all material respects with all presently applicable provisions
of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (herein called “ERISA”); no “reportable event” (as defined in ERISA), other than those
events as to which the thirty-day notice period is waived, has occurred with respect to any “pension plan” (as defined in ERISA) for which the Company would have any material liability; the Company
has not incurred and does not reasonably expect to incur liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “pension plan”; or (ii) Sections 412 or 4971 of the Internal Revenue Code of
1986, as amended, including the regulations and published interpretations thereunder (the “Code”); and each “Pension Plan” for which the Company would have liability that is intended to be qualified under
Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would reasonably be expected to result in the loss of such qualification. 

2.35    Environmental Matters. There has been no material storage, disposal, generation, manufacture,
transportation, handling or treatment of toxic wastes, hazardous wastes or hazardous substances by the Company or to its Knowledge, any of its subsidiaries (or, to the Knowledge of the Company, any of their predecessors in interest) at, upon or from
any of the property now or previously owned or leased by the Company or any of its subsidiaries in material violation of any applicable law, ordinance, rule, regulation, order, judgment, decree or permit or that would require material remedial
action under any applicable law, ordinance, rule, regulation, order, judgment, decree or permit; there has been no material spill, discharge, leak, emission, injection, escape, dumping or release of any kind into such property or into the
environment surrounding such property of any toxic wastes, medical wastes, solid wastes, hazardous wastes or hazardous substances due to or caused by the Company or any of its 

  
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subsidiaries or with respect to which the Company or any of its subsidiaries have Knowledge; the terms “hazardous wastes”, “toxic wastes”, “hazardous substances”,
and “medical wastes” shall have the meanings specified in any applicable local, state, federal and foreign laws or regulations with respect to environmental protection. 

2.36    Integration; Other Issuances of Shares. Neither the Company nor its subsidiaries or any affiliates,
nor any Person acting on its or their behalf, has issued any shares of Class A Common Stock or shares of any series of preferred stock or other securities or instruments convertible into, exchangeable for or otherwise entitling the holder
thereof to acquire shares of Class A Common Stock which would be integrated with the sale of the Shares to such Purchaser for purposes of the Securities Act (except as contemplated by this Agreement) or of any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company are listed or designated, nor will the Company or its subsidiaries or affiliates
take any action or steps that would require registration of the Shares offered hereby under the Securities Act (except as provided in the Registration Rights Agreement) or cause the offering of the Shares to be integrated with other securities
offerings. Assuming the accuracy of the representations and warranties of Purchasers, the offer and sale of the Shares by the Company to the Purchasers pursuant to this Agreement will be exempt from the registration requirements of the Securities
Act. 
 2.37    Rights Agreements. The Company has not adopted any stockholder rights plan or similar arrangement
relating to accumulations of beneficial ownership of Class A Common Stock or a change in control of the Company. 

2.38    OFAC. Neither the Company nor any subsidiary nor, to the Company’s Knowledge, any director, officer,
agent, employee, affiliate or person acting on behalf of the Company or any subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the
Company will not knowingly, directly or indirectly, use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, towards any sales or
operations in any country sanctioned by OFAC or for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

2.39    Money Laundering Laws. The operations of each of the Company and any subsidiary are and have been conducted
at all times in compliance with the money laundering statutes of applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable
Governmental Authority (collectively, the “Money Laundering Laws”) except for failures to be so in compliance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and to the
Company’s Knowledge, no action, suit or proceeding by or before any court or Governmental Authority or any arbitrator involving the Company and/or any subsidiary with respect to the Money Laundering Laws is pending or, to the Knowledge of the
Company, threatened. 

  
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 2.40    Compliance with Certain Banking Regulations. The Company has
no Knowledge of any facts and circumstances that would cause Equity Bank, in any material respect: (i) to be deemed not to be in satisfactory compliance with the Community Reinvestment Act and the regulations promulgated thereunder or to be
assigned a CRA rating by federal or state banking regulators of lower than “satisfactory”; (ii) to be deemed to be operating in violation, in any material respect, of the Bank Secrecy Act of 1970 (or otherwise known as the “Currency
and Foreign Transactions Reporting Act”), the USA Patriot Act (or otherwise known as “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001”), any order issued with
respect to anti-money laundering by OFAC or any other anti-money laundering statute, rule or regulation; or (iii) to be deemed not to be in satisfactory compliance, in any material respect, with all applicable privacy of customer information
requirements contained in any federal and state privacy laws and regulations as well as the provisions of all information security programs adopted by Equity Bank. 

2.41    Reports, Registrations and Statements. Since January 1, 2016, the Company and each subsidiary have
filed all material reports, registrations and statements, together with any required amendments thereto, that it was required to file with the Bank Regulatory Authorities and any other applicable federal or state securities or banking authorities.
All such reports and statements filed with any such regulatory body or authority are collectively referred to herein as the “Company Reports.” As of their respective dates, the Company Reports complied in all material respects with
all the rules and regulations promulgated by the Bank Regulatory Authorities and any other applicable foreign, federal or state securities or banking authorities, as the case may be. 

2.42    Shell Company Status. The Company is not, and has never been, an issuer identified in Rule 144(i)(1). 

2.43    No Brokers’ Fees. No broker, investment banker, financial advisor or other Person, other than the
Placement Agent, the fees of which will be paid by the Selling Stockholders and the Company as set forth on Schedule 3.7, is entitled to any broker’s, finder’s, financial advisor’s, or other similar fee or commission in
connection with the transactions contemplated by this Agreement. 
 2.44    Private Placement Documents. The
Company is entering into this Agreement and the Registration Rights Agreement with the each of the other Purchasers. No other Purchaser has been offered any rights under any “side letter” to this Agreement or the Registration Rights
Agreement, or under any other agreement in connection with the transactions contemplated hereby, which have not also been offered to the Purchaser. Neither this Agreement nor the Registration Rights Agreement entered into by the Company and any
other Purchaser for Shares contain any material terms, provisions, conditions or covenants that differ from those contained in this Agreement and the Registration Rights Agreement entered into by the Company and the Purchaser. 

  
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 3.    Representations, Warranties and Covenants of the Selling Stockholders. Each
Selling Stockholder, severally and not jointly, represents and warrants to, and covenants with, each Purchaser as of the date hereof that: 

3.1    Organization, Good Standing and Qualification. Such Selling Stockholder is duly incorporated or organized
(as applicable), validly existing, and in good standing under the Laws of laws of the jurisdiction of its incorporation or organization (as applicable); has all corporate power and authority to own its properties and conduct its business as
presently conducted. 
 3.2    Authorization; Enforceability. Such Selling Stockholder has all necessary power
and authority to execute, deliver, and perform under this Agreement. All corporate action by and on behalf of such Selling Stockholder necessary for the authorization, execution, and delivery of this Agreement, the performance of all obligations of
such Selling Stockholder hereunder, and the sale and delivery of the Shares hereunder has been taken. This Agreement, when executed and delivered by such Selling Stockholder, assuming due authorization, execution, and delivery by each Purchaser,
constitutes and will constitute valid and legally binding obligations of such Selling Stockholder, enforceable against it in accordance with their respective terms, subject to the applicable Enforceability Exceptions. 

3.3    Litigation. There is no action, suit, proceeding, or investigation pending or, to the Knowledge of such
Selling Stockholder, overtly threatened against, nor any outstanding judgment, order, or decree against, such Selling Stockholder or any of its Subsidiaries before or by any Governmental Authority or arbitral body which in the aggregate have, or if
adversely determined, would prevent or impair the consummation of the transactions contemplated by this Agreement. 

3.4    Title. Such Selling Stockholder has, and immediately prior to the Closing Date will have, good and valid
title to the Shares subject to sale by such Selling Stockholder pursuant to this Agreement on such date and the legal right and power to sell, transfer and deliver all of the Shares which may be sold by such Selling Stockholder pursuant to this
Agreement and to comply with its other obligations hereunder; 
 3.5    Governmental Consents. No consent,
approval, order, or authorization of, or registration, qualification, declaration, or filing with, any Governmental Authority on the part of such Selling Stockholder is required in connection with the offer or sale of the Shares to each Purchaser
hereunder or the consummation of the transactions contemplated hereby, except for the filing with the SEC of such reports under the Exchange Act as may be required in connection with this Agreement and the transactions contemplated by this
Agreement. Assuming that the representations of each Purchaser set forth in Section 4 hereof are true and correct, the offer and sale of the Shares in conformity with the terms of this Agreement by such Selling Stockholder
is exempt from the registration requirements of Section 5 of the Securities Act. 
 3.6    No Default of
Violation. The execution, delivery, and performance of this Agreement by such Selling Stockholder and the sale of the Shares will not (i) result in any default or violation of the certificate or articles of incorporation or bylaws (or other
organization documents) of such Selling Stockholder; (ii) result in any default or violation of any agreement relating to any mortgage, deed of trust, security agreement, lease or other material agreement to which such Selling Stockholder or
its Subsidiaries is a party or in any default or violation of any judgment, order, or decree of any Governmental Authority; or (iii) be in conflict with or constitute, with or without the passage of time or giving of notice, a default under any
such provision, require any consent or waiver under any such provision, or result in the creation of 

  
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any Lien upon any of the properties or assets of the such Selling Stockholding pursuant to any such provision, except where such conflict, breach, violation or default would not impair or delay,
in any material respect, the ability of the Selling Stockholder to perform its obligations under this Agreement. 

3.7    No Brokers’ Fees. No broker, investment banker, financial advisor or other Person, other than the
Placement Agent, the fees of which will be paid by the Selling Stockholders and the Company as set forth on Schedule 3.7, is entitled to any broker’s, finder’s, financial advisor’s, or other similar fee or commission in
connection with the transactions contemplated by this Agreement. 
 4.    Representations, Warranties and Covenants of the
Purchasers. Each Purchaser represents and warrants to, and covenants with, severally and not jointly and severally, the Company and each Selling Stockholders as of the date hereof that: 

4.1    Private Placement. 

(a)    The Shares to be acquired by such Purchaser hereunder will be acquired for such Purchaser’s own
account and not with a view to the resale or distribution of any part thereof. Such Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act. Such Purchaser is aware that
(i) the offer and sale of the Shares to it have not been, and, except as contemplated by the Registration Rights Agreement, will not be, registered under the Securities Act or any state securities Laws and are being offered and sold in reliance
upon exemptions from the registration requirements of the Securities Act; and (ii) the Shares purchased hereunder may not be transferred or resold except as permitted under the Securities Act and applicable state securities Laws pursuant to
registration or exemption from registration requirements thereunder. 
 (b)    Such Purchaser understands
that unless sold pursuant to a registration statement that has been declared effective under the Securities Act or in compliance with Rule 144 thereunder, the certificates evidencing the Shares will bear a legend or other restriction substantially
to the following effect (it being agreed that if the Shares are not certificated, other appropriate restrictions shall be implemented or notated to give effect to the following): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND WERE OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS PURSUANT TO REGISTRATION OR EXEMPTION FROM REGISTRATION REQUIREMENTS THEREUNDER, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL 

  
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REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

(c)    Such Purchaser (i) has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of its prospective investment in the Shares; and (ii) has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment. 

(d)    Such Purchaser (i) has conducted its own investigation of the Company and the Shares;
(ii) has had access to the Company’s public filings with the SEC and to such financial and other information as it deems necessary in connection with its decision to purchase the Shares; and (iii) has been offered the opportunity to
conduct such review and analysis of the business, assets, condition, operations, and prospects of the Company and its Subsidiaries and to ask questions of the Company and received answers thereto, each as it deems necessary in connection with its
decision to purchase the Shares. Each Purchaser further acknowledges that it has had the opportunity to consult with its own counsel, financial, tax, and other professional advisers as it believes is sufficient for purposes of its purchase of the
Shares. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 hereof or the right of each Purchaser to rely thereon. 

(e)    Such Purchaser understands that the Company and the Selling Stockholders will rely upon the truth
and accuracy of the foregoing representations, acknowledgements, and agreements. 
 (f)    Except for the
representations and warranties contained in Section 2 and Section 3 hereof, each Purchaser acknowledges that none of the Company, the Selling Stockholders or any Person on behalf of the Company or
the Selling Stockholders makes, and such Purchaser has not relied upon, any other express or implied representation or warranty with respect to the Company or any of its Subsidiaries, any Selling Stockholder or with respect to any other information
provided to such Purchaser in connection with the transactions contemplated by this Agreement. 
 4.2    Stop
Transfer. Such Purchaser understands that the certificates representing the Shares will be subject to a stop transfer order with the Company’s transfer agent that restricts the transfer of such shares except upon receipt by the transfer
agent of a written confirmation, in form and substance reasonably satisfactory to the Company, from the Purchaser to the effect that (A) the Shares have been sold in accordance with the registration statement to be filed pursuant to the
Registration Rights Agreement or otherwise in accordance with the Securities Act, including, without limitation, pursuant to Rule 144 thereunder, and (B) in the case of a transfer pursuant to the registration statement to be filed pursuant to
the Registration Rights Agreement, any prospectus delivery requirement effectively has been satisfied. At such time as the Shares are no longer required to bear a restrictive legend, the Company agrees that it will, no later than five business days
after delivery by the Purchaser to the Company or its transfer agent of a certificate (in the case of a transfer, in the proper form for transfer) representing Shares issued with the foregoing restrictive legend, deliver or cause to be delivered to
the Purchaser a certificate representing such Shares that is free from all restrictive and other legends. 

  
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 4.3    Organization and Good Standing. Such Purchaser is duly
incorporated or organized (as applicable), validly existing, and in good standing under the Laws of the state of its incorporation or organization (as applicable). 

4.4    Authorization; Enforceability. Such Purchaser has all necessary power and authority to execute, deliver, and
perform under this Agreement and the Registration Rights Agreement. All action by and on behalf of such Purchaser necessary for the authorization, execution, and delivery of this Agreement and the Registration Rights Agreement and the performance of
all obligations of such Purchaser hereunder and thereunder has been taken. This Agreement and the Registration Rights Agreement, when executed and delivered by such Purchaser, assuming due authorization, execution and delivery by the Company,
constitutes and will constitute a valid and legally binding obligation of such Purchaser, enforceable against such Purchaser in accordance with their respective terms, subject to the Enforceability Exceptions. 

4.5    No Default or Violation. The execution, delivery, and performance of this Agreement and the Registration
Rights Agreement by such Purchaser and the purchase and receipt of the Shares by such Purchaser will not (i) result in any default or violation of the organizational documents of such Purchaser; (ii) require the consent, approval,
authorization or other order of, or notice to, registration, declaration or filing with, exemption or review by, or expiration or termination of any statutory waiting period of, any court, regulatory body, administrative agency or other Governmental
Authority is required on the part of the Purchaser for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement, including without limitation under the BHC Act, the CIBC Act or any rules or
regulations promulgated thereunder (or any successor provisions) other than any passivity or anti-association commitments that are required by the Federal Reserve and which have been delivered to the Federal Reserve, (iii) result in any default
or violation of any agreement relating to the Indebtedness of such Purchaser or under any mortgage, deed of trust, security agreement, lease or other material agreement to which such Purchaser is a party or in any default or violation of any
judgment, order, or decree of any Governmental Authority; or (iv) be in conflict with or constitute, with or without the passage of time or giving of notice, a default under any such provision, require any consent or waiver under any such
provision, or result in the creation of any Lien upon any of the properties or assets of such Purchaser pursuant to any such provision, except in the case of (iii) and (iv) above, as would not, individually or in the aggregate, reasonably be
expected to prevent or materially impair or materially delay the ability of such Purchaser to consummate the transactions contemplated by this Agreement. 

4.6    Financial Capability. Such Purchaser currently has, or at Closing will have, available funds necessary to
purchase the Shares at Closing on the terms and conditions contemplated by this Agreement. 
 4.7    Residency.
Such Purchaser’s principal executive offices are in the jurisdiction set forth immediately below such Purchaser’s name on the signature pages hereto. 

4.8    Public Sale or Distribution. Such Purchaser hereby covenants with the Company not to make any sale of the
Shares under the registration statement to be filed pursuant to the Registration Rights Agreement without complying with the provisions of this Agreement and without effectively causing the prospectus delivery requirement under the Securities Act to
be 

  
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satisfied (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule, if applicable). Such Purchaser acknowledges that there may occasionally be times
when the Company must suspend the use of the prospectus (the “Prospectus”) forming a part of the registration statement to be filed pursuant to the Registration Rights Agreement (a “Suspension”) until such time as
an amendment to such registration statement has been filed by the Company and declared effective by the Commission, or until such time as the Company has filed an appropriate report with the Commission pursuant to the Exchange Act. Without the
Company’s prior written consent, which consent shall not unreasonably be withheld or delayed, such Purchaser shall not use any written materials to offer the Shares for resale other than the Prospectus, including any “free writing
prospectus” as defined in Rule 405 under the Securities Act. Such Purchaser covenants that it will not sell any Shares pursuant to said Prospectus during the period commencing at the time when Company gives such Purchaser written notice of the
suspension of the use of said Prospectus and ending at the time when the Company gives such Purchaser written notice that such Purchaser may thereafter effect sales pursuant to said Prospectus. Such Purchaser further covenants that it will not,
directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Shares, nor will such Purchaser engage in any short sale that results in a
disposition of any of the Shares by such Purchaser, except in compliance with the Securities Act and the rules and regulations promulgated thereunder and any applicable state securities laws. Such Purchaser agrees that it will not effect any
disposition of the Shares or its right to purchase the Shares that would constitute a sale within the meaning of the Securities Act or pursuant to any applicable state securities laws, except as contemplated in the registration statement to be filed
pursuant to the Registration Rights Agreement or as otherwise permitted by law. 
 4.9    Short Sales. Since the
time such Purchaser was first contacted by the Placement Agent, such Purchaser has not taken, and prior to the public announcement of the transaction after the Closing such Purchaser shall not take, any action that has caused or will cause such
Purchaser to have, directly or indirectly, sold or agreed to sell any shares of Class A Common Stock, effected any short sale, whether or not against the box, established any “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange Act with respect to the Class A Common Stock, granted any other right (including, without limitation, any put or call option)) with respect to the Class A Common Stock or with
respect to any security that includes, relates to or derived any significant part of its value from the Class A Common Stock. 

4.10    No Group. Other than affiliates of such Purchaser who are Other Purchasers, such Purchaser is not under
common control with or acting in concert with any other person and is not part of a “group” within the meaning of Section 13(d)(3) of the Exchange Act and Rule 13d-5(b)(1) thereunder. 

4.11    Ownership. Assuming the accuracy of the representations and warranties of the Company and the performance
of the covenants and agreements of the Company contained herein, the purchase of Shares hereunder shall not cause such Purchaser, to its Knowledge, together with any other person whose beneficial ownership of Company securities would be aggregated
with such Purchaser’s beneficial ownership of Company securities for purposes of any bank regulation or law, to collectively be deemed to own, control or have the power to vote securities which (assuming, for this purpose only, full conversion
and/or exercise of such securities by such Purchaser) would exceed any of the Ownership Limitations. 

  
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 4.12    Bank Holding Company Act. Such Purchaser is not a depository
institution, and is not, and is not required to register as, a bank holding company under the Bank Holding Company Act. 

4.13    Not Deposits and Uninsured. Such Purchaser understands that the Shares are not savings or deposit accounts
or other obligations of Equity Bank or any other Company Subsidiary, and the Shares are not insured by the FDIC or any other Governmental Authority. 

4.14    OFAC and Anti-Money Laundering. Such Purchaser understands, acknowledges, represents and agrees that
(i) such Purchaser is not the target of any sanction, regulation, or law promulgated by the OFAC, the Financial Crimes Enforcement Network or any other U.S. Governmental Authority (“U.S. Sanctions Laws”); (ii) such Purchaser is
not owned by, controlled by, under common control with, or acting on behalf of any person that is the target of U.S. Sanctions Laws; (iii) such Purchaser is not a “foreign shell bank” and is not acting on behalf of a “foreign
shell bank” under applicable anti-money laundering laws and regulations; (iv) such Purchaser’s entry into this Agreement or consummation of the transactions contemplated hereby will not contravene U.S. Sanctions Laws or applicable
anti-money laundering laws or regulations; (v) such Purchaser will promptly provide to any regulatory or law enforcement authority such information or documentation as may be required to comply with U.S. Sanctions Laws or applicable anti-money
laundering laws or regulations; and (vi) the Company may provide to any regulatory or law enforcement authority information or documentation regarding, or provided by, such Purchaser for the purposes of complying with U.S. Sanctions Laws or
applicable anti-money laundering laws or regulations. 
 5.    Covenants. The Company and each Purchaser hereby covenant and
agree, for the benefit of each other, as follows: 
 5.1    Negative Covenants Prior to Closing. From the date of
this Agreement through the Closing, the Company shall not: 
 (a)    declare, or make payment in respect
of, any dividend or other distribution upon any shares of capital stock of the Company; 
 (b)    redeem,
repurchase or acquire any capital stock of the Company or any of its Subsidiaries; 
 (c)    amend the
Company’s Charter or Bylaws; or 
 (d)    authorize, issue, or reclassify any capital stock, or debt
securities convertible into capital stock, of the Company (other than the authorization and issuance of the Shares, in accordance with this Agreement and pursuant to the Prairie Transaction). 

5.2    State Securities Laws. The Company and the Selling Stockholders shall use all commercially reasonable
efforts to (i) obtain all necessary permits and qualifications, if any, or secure an exemption therefrom, required by any state in the United States of America prior to the offer and sale of the Shares; and (ii) cause such authorization,
approval, permit or qualification to be effective as of the Closing. 

  
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 5.3    Securities Law Disclosure; Publicity. No public release or
announcement concerning this Agreement or the transactions contemplated hereby shall be issued by the Company, any Selling Stockholder or any Purchaser without the prior consent of the Company and the Selling Stockholders (in the case of a release
or announcement by a Purchaser), such Purchasers and the Selling Stockholders (in the case of a release or announcement by the Company), or such Purchasers and the Company (in the case of a release or announcement by the Selling Stockholders) (which
consents shall not be unreasonably withheld, conditioned, or delayed), except for any such release or announcement as may be required by Law or the applicable rules or regulations of any securities exchange or securities market including, without
limitation, the filing with the SEC of one or more registration statements in accordance with the requirements of the Registration Rights Agreement, any filings required by any applicable state securities laws, the filing of a Notice of Exempt
Offering of Securities on Form D with the Commission under Regulation D of the Securities Act, the filing of any requisite notices and/or application(s) to the NASDAQ, if applicable, for the issuance, sale, and listing or quotation of the
Class A Common Stock for trading or quotation, as the case may be, thereon in the time and manner required thereby, the filings required in accordance with Section 2.26 of this Agreement, in which case the Company, the
Selling Stockholders or the Purchasers, as the case may be, shall allow the Purchasers, the Selling Stockholders or the Company, as applicable, to the extent reasonably practicable under the circumstances, reasonable time to comment on such release
or announcement in advance of such issuance. 
 5.4    No Change of Control. The Company shall use reasonable
best efforts to obtain all necessary irrevocable waivers, adopt any required amendments and make all appropriate determinations so that the issuance of the Shares to the Purchasers will not trigger a “change of control” or other similar
provision in any of the agreements to which the Company or any of its Subsidiaries is a party, including without limitation any employment, “change in control,” severance or other agreements and any benefit plan, which results in payments
to the counterparty or the acceleration of vesting of benefits. 
 5.5    Further Assurances. Each party agrees
to take, or cause to be taken, all reasonable actions, and to do, or cause to be done, all things reasonably necessary, proper, or advisable to obtain satisfaction of the conditions precedent to the other parties to the consummation of the
transactions contemplated by this Agreement. 
 6.    Conditions to Each Purchaser’s Obligations at Closing. The several
obligations of each Purchaser to purchase the Shares from the Company and the Selling Stockholders and to consummate the transactions contemplated by this Agreement are subject to the fulfillment on or before the Closing of each of the following
conditions: 
 6.1    Representations and Warranties. The representations and warranties of the Company contained
in Section 2 and such Selling Stockholder contained in Section 3 hereof shall be true and correct on and as of the Closing Date as if such representations and warranties were made as of such date,
except for such representations and warranties made as of a specific date, which shall be true and correct only as of such date, and in each case, except where the 

  
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failure of such representations and warranties to be so true and correct (without giving effect to any qualification and limitation as to “materiality” or “material adverse
effect” set forth therein) would not, individually or in the aggregate, reasonably be expected: (i) with respect to the Company’s representations and warranties to have a Company Material Adverse Effect, or (ii) with respect to
such Selling Stockholder’s representations and warranties contained in Section 3, to prevent or materially impair or materially delay the ability of such Selling Stockholder to consummate the transactions contemplated
by this Agreement. 
 6.2    Performance. The Company and the Selling Stockholders shall have performed and
complied in all material respects with all agreements, obligations, and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

6.3    Compliance Certificate. 

(a)    The Chief Executive Officer or Chief Financial Officer of the Company shall deliver to such
Purchaser at the Closing a certificate stating that the conditions specified in Section 6.1 and Section 6.2 hereof have been fulfilled (with respect to the respective representations, warranties,
agreement and conditions of the Company). 
 (b)    Each Selling Stockholder shall deliver to such
Purchaser at the Closing a certificate stating that the conditions specified in Section 6.1 and Section 6.2 hereof have been fulfilled (with respect to the respective representations, warranties,
agreement and conditions of such Selling Stockholder). 
 6.4    NASDAQ Compliance. The Class A Common Stock
(i) shall be designated for listing and quotation on NASDAQ and (ii) shall not have been suspended, as of the Closing Date, by the Commission or NASDAQ from trading on NASDAQ nor shall suspension by the Commission or NASDAQ have been
threatened, as of the Closing Date, either (A) in writing by the Commission or NASDAQ or (B) by falling below the minimum listing maintenance requirements of NASDAQ. 

6.5    Legal Opinion. Counsel to the Company shall have delivered legal opinions to Purchaser and the Placement
Agent in a form reasonably satisfactory to counsel to the Purchaser and the Placement Agent. 
 6.6    Registration
Rights Agreement. The Company and each Purchaser shall have entered into the Registration Rights Agreement. 

6.7    No Legal Restraint. No Law, judgment, injunction, order, ruling, or decree shall have been enacted,
promulgated, entered, or enforced by Governmental Authority which would prohibit the consummation of the transactions contemplated by this Agreement, and there shall be no legal proceeding or action pending or threatened by any Governmental
Authority that seeks to enact, issue, promulgate, enforce, or enter into any such Law, judgment, injunction, order, ruling, or decree or that seeks to enjoin or prohibit the consummation of the transactions contemplated hereby. 

6.8    Delivery of Certificates; Stock Powers. Each Selling Stockholder shall have delivered or caused to be
delivered to the transfer agent for the Company, with respect to all 

  
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Shares to be sold by such Selling Stockholder hereunder, certificate(s) representing the Shares to be sold by such Selling Stockholder, duly endorsed (or accompanied by duly executed stock power,
or powers, in blank) for transfer to the Purchasers and any other documents reasonably necessary to consummate the transactions contemplated by this Agreement. 

6.9    Minimum Offering Amount. At the Closing, the number of shares of the Class A Common Stock to be
sold under this Agreement shall result in aggregate gross proceeds to the Company and the Selling Stockholders of at least $25,000,000. Purchasers shall have submitted subscriptions for at least such amount and the proceeds due to the Company
under such subscriptions shall have been previously received by the Company. 
 6.10    No Burdensome Condition.
Since the date hereof, there shall not be any action taken, or any law, rule or regulation enacted, entered, enforced or deemed applicable to the Company or its Subsidiaries, the Purchaser (or its affiliates) or the transactions contemplated by this
Agreement, by any Bank Regulatory Authorities which imposes any restriction or condition on the Company or its Subsidiaries or the Purchaser or any of its affiliates (other than such restrictions as are described in any passivity or anti-association
commitments, as may be amended from time to time, entered into by the Purchaser) which is materially and unreasonably burdensome on the Company’s business following the Closing or on the Purchaser (or any of its affiliates) or would reduce the
economic benefits of the transactions contemplated by this Agreement to the Purchaser to such a degree that the Purchaser would not have entered into this Agreement had such condition or restriction been known to it on the date hereof (any such
condition or restriction, a “Burdensome Condition”), and, for the avoidance of doubt, (i) any requirements to disclose the identities of limited partners, shareholders or non-managing
members of the Purchaser or its affiliates or its investment advisers, other than those that are purchasing Common Stock directly, shall be deemed a Burdensome Condition unless otherwise determined by the Purchaser in its sole discretion and
(ii) a reduction in the market price of the Class A Common Stock shall not constitute a Burdensome Condition. 

7.    Conditions of the Company’s and Selling Stockholder’s Obligations at Closing. The obligations of the Company and
the Selling Stockholders to sell the Shares to the several Purchasers and to consummate the transactions contemplated by this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions: 

7.1    Representations and Warranties. The representations and warranties of such Purchaser contained in
Section 4 hereof shall be true and correct on and as of the Closing Date as if such representations and warranties were made as of such date, except for such representations and warranties made as of a specific date, which
shall be true and correct only as of such date, and in each case, except where the failure of such representations and warranties to be so true and correct (without giving effect to any qualification and limitation as to “materiality” or
“material adverse effect” set forth therein) would not, individually or in the aggregate, reasonably be expected to prevent or materially impair or materially delay the ability of such Purchaser to consummate the transactions contemplated
by this Agreement. 
 7.2    Performance. Such Purchaser shall have performed and complied in all material
respects with all agreements, obligations, and conditions contained in this Agreement that are required to be performed or complied with by them on or before the Closing. 

  
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 7.3    Registration Rights Agreement. The Company and each Purchaser
shall have entered into the Registration Rights Agreement. 
 7.4    No Legal Restraint. No Law, judgment,
injunction, order, ruling, or decree shall have been enacted, promulgated, entered, or enforced by any Governmental Authority which would prohibit the consummation of the transactions contemplated by this Agreement, and there shall be no legal
proceeding or action pending or threatened by any Governmental Authority that seeks to enact, issue, promulgate, enforce, or enter into any such Law, judgment, injunction, order, ruling, or decree or that seeks to enjoin or prohibit the consummation
of the transactions contemplated hereby. 
 7.5    Ownership Limitation. The purchase of Shares by the Purchaser
shall not cause Purchaser to exceed any Ownership Limitation. 
 7.6    Minimum Offering Amount. At the
Closing, the number of shares of the Class A Common Stock to be sold under this Agreement shall result in aggregate gross proceeds to the Company and the Selling Stockholders of at least $25,000,000. Purchasers shall have submitted
subscriptions for at least such amount and the proceeds due to the Company under such subscriptions shall have been previously received by the Company. 

8.    Indemnification. 

8.1    Survival of Agreements; Non-Survival of Company Representations and
Warranties. Notwithstanding any investigation made by any party to this Agreement or by the Placement Agent, all covenants and agreements made by the Company, Selling Stockholders and the Purchaser herein and in the certificates for the Shares
delivered pursuant hereto shall survive the execution of this Agreement, the delivery to the Purchaser of the Shares being purchased and the payment therefor. Each Purchaser and Selling Stockholder shall be responsible only for its own
representations and warranties, agreements and covenants hereunder. The representations and warranties made by the Company, Selling Stockholders and the Purchaser herein survive for a period of one year following the later of (i) the execution
of this Agreement, or (ii) the delivery to the Purchaser of the Shares being purchased and the payment therefor. 

8.2    Indemnification by the Company. The Company agrees to indemnify the Purchasers and its current and former
officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees (collectively, “Purchaser Related Parties”) and the Selling Stockholders and its current and former officers, directors,
partners, members, managers, shareholders, accountants, attorneys, agents and employees (collectively, “Selling Stockholder Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings
(including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or
nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses (collectively, “Losses”) incurred in connection with investigating, defending or preparing to
defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of the Company contained
herein, provided 

  
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that such claim for indemnification relating to a breach of the representations or warranties is made prior to the expiration of such representations or warranties. Notwithstanding anything
herein to the contrary, (i) the Company shall not be liable for the acts, omission or breaches of any Selling Stockholder under or with respect to this Agreement or the transactions contemplated hereby, and (ii) the Company’s
aggregate liability for Losses under this Section 8.2 shall not exceed the aggregate Purchase Price received by it for the Shares sold under this Agreement. 

8.3    Indemnification by the Selling Stockholders. Each of the Selling Stockholders, severally and not jointly and
severally, agree to indemnify the Purchaser Related Parties and the Company and each of their current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees (collectively,
“Company Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith,
and promptly upon demand, pay or reimburse each of them for all Losses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result
of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of such Selling Stockholder contained herein, provided that such claim for indemnification relating to a breach of the representations or
warranties is made prior to the expiration of such representations or warranties. Notwithstanding anything herein to the contrary, (i) no Selling Stockholder shall be liable for the acts, omission or breaches of any other Selling Stockholder or
the Company under or with respect to this Agreement or the transactions contemplated hereby, and (ii) each Selling Stockholder’s aggregate liability for Losses under this Section 8.3 shall not exceed the aggregate
Purchase Price received by it for the Shares sold under this Agreement. 
 8.4    Indemnification by the
Purchasers. Each Purchaser, severally and not jointly and severally, agrees to indemnify the Company Related Parties and the Selling Stockholder Related Parties from, and hold each of them harmless against, any and all actions, suits,
proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all Losses incurred in connection with investigating,
defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of
such Purchaser contained herein, provided that such claim for indemnification relating to a breach of the representations and warranties is made prior to the expiration of such representations and warranties. Notwithstanding anything herein to the
contrary, (i) no Purchaser shall be liable for the acts, omission or breaches of any other Purchaser under or with respect to this Agreement or the transactions contemplated hereby, and (ii) each Purchaser’s aggregate liability for
Losses under this Section 8.4 shall not exceed the aggregate Purchase Price payable by such Purchaser for it Shares under this Agreement. 

8.5    Indemnification Procedure. Promptly after any Company Related Party, Selling Stockholder Related Party or
Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third Person, which the Indemnified Party believes
in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor or indemnitors hereunder (the “Indemnifying Party”) written notice of such claim or the

  
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commencement of such action, suit or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party
hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and
settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to
defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the
settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s
possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted
liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such
asserted liability; provided, however, that the Indemnified Party shall be entitled (a) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (b) if (i) the Indemnifying
Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (ii) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified
Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be
deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the
expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any
indemnified claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance
by, the Indemnified Party. 
 8.6    Termination of Conditions and Obligations. The restrictions imposed by
Section 4.8 upon the transferability of the Shares shall cease and terminate as to any particular number of the Shares upon the earlier of (i) the passage of one year from the effective date of the Registration
Statement covering such Shares, (ii) at such time as an opinion of counsel satisfactory in form and substance to the Company shall have been rendered to the effect that such conditions are not necessary in order to comply with the Securities
Act, and (iii) at such time as the Shares become eligible for resale by the Purchaser without any volume limitations or other restrictions pursuant to Rule 144(b)(1)(i) under the Securities Act or any other rule of similar effect. 

  
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 9.    Termination. 

9.1    Termination of Agreement Prior to Closing. This Agreement may be terminated at any time prior to the
Closing: 
 (a)    with respect to any Purchaser or any Selling Stockholder, by the mutual written
consent of such Purchaser, the Selling Stockholder and the Company; 
 (b)    by any Purchaser (with
respect to the obligations of such Purchaser), any Selling Stockholder (with respect to the obligations of such Selling Stockholder), or the Company, upon written notice to the other parties, if the Closing shall not have occurred on or prior to the
date that is ten (10) calendar days following the date of this Agreement; provided, however, that the right to terminate this Agreement under this Section 9.1(b) shall not be available to any party whose breach of any
provision of this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date or the failure of a condition in Section 6 or
Section 7 hereof to be satisfied at such time; 
 (c)    by any Purchaser (with
respect to the obligations of such Purchaser), any Selling Stockholder (with respect to the obligations of such Selling Stockholder), or the Company, upon written notice to the other parties, in the event that a Governmental Authority has issued an
order, decree, or ruling or taken any other action permanently restraining, enjoining, or otherwise prohibiting the consummation of the transactions contemplated by this Agreement and such order, decree, ruling, or other action has become final and
nonappealable; provided, however, that the right to terminate this Agreement under this Section 9.1(c) shall not be available to any party whose breach of any provision of this Agreement shall have been the cause of,
or shall have resulted in, such order, decree, ruling, or other action; 
 (d)    by any Purchaser (with
respect to the obligations of such Purchaser), upon written notice to the Selling Stockholders and the Company, if (i) there has been a breach of any representation, warranty, covenant, or agreement made by the Selling Stockholders or the
Company in this Agreement, such that the conditions to Closing set forth in Section 6.1 and Section 6.2 hereof, as applicable, would not be satisfied; and (ii) such breach is not cured (if
curable) within ten days after delivery of such notice; provided that this Section 9.1(d) shall only apply if such Purchaser is not in material breach of any of its obligations under this Agreement; or 

(e)    by the Company or any Selling Stockholder (with respect to the obligations of the Company or such
Selling Stockholder, as applicable), upon written notice to any Purchaser, if (i) there has been a breach of any representation, warranty, covenant, or agreement made by such Purchaser in this Agreement, such that the conditions to Closing set
forth in Section 7.1 and Section 7.2 hereof, as applicable, would not be satisfied and (ii) such breach is not cured (if curable) within ten days after delivery of such notice; provided
that this Section 9.1(e) shall only apply if the Company or such Selling Stockholder, as applicable, is not in material breach of any of its obligations under this Agreement. 

9.2    Effect of Termination Prior to Closing. In the event of termination of this Agreement as provided in
Section 9.1 hereof, this Agreement shall become void and have no effect without any liability or obligation on the part of any party hereto as to which such 

  
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termination has been duly effected (other than the provisions of Section 8 and Section 10 hereof and this
Section 9.2); provided, however, that nothing herein shall relieve any party from any liability for any breach by such party of its representations, warranties, covenants, or agreements set forth in this
Agreement prior to such termination. 
 10.    Miscellaneous. 

10.1    Successors and Assigns. The parties’ rights under this Agreement may not be assigned by any party
hereto without the prior written consent of the other parties hereto. The parties’ duties under this Agreement may not be delegated by any party hereto without the prior written consent of the other parties hereto. The provisions of this
Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties hereto. 

10.2    Notices. Any notice or request required or permitted to be delivered under this Agreement shall be given in
writing and shall be deemed effectively given (a) if given by personal delivery, upon actual delivery; (b) if given by facsimile, upon receipt of confirmation of a completed transmittal; (c) if given by mail, upon the earlier of
(i) actual receipt of such notice by the intended recipient; or (ii) three business days after such notice is deposited in first class mail, postage prepaid; (d) if given by an internationally recognized overnight courier, one
business day after delivery to such courier for overnight delivery; and (e) if given by electronic mail, upon delivery provided that the sending party has not received an automated message indicating that the email delivery failed. All notices
to the Company and the Selling Stockholders shall be addressed to the address below and all notices to any Purchaser shall be addressed to the address listed on such Purchaser’s signature page hereto, or at such other address as the parties
hereto may designate by ten days’ advance written notice to the other parties: 
 If the Company: 

Equity Bancshares, Inc. 
 7701
East Kellogg Drive, Suite 300 
 Wichita, Kansas 67207 

Attention: Brad S. Elliott 

Facsimile: (316) 681-0839 

Email: belliott@equitybank.com 

With a copy to (which shall not constitute notice to the Company): 

Norton Rose Fulbright US LLP 

2200 Ross Avenue, Suite 3600 

Dallas, Texas 75201 
 Attention:
Michael G. Keeley, Esq. 
 Facsimile: (214) 855-8200 

Email: mike.keeley@nortonrosefulbright.com 

  
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 If to Selling Stockholders: 

[See signature pages hereto] 

If to a Purchaser: 

[See signature pages hereto] 

10.3    Governing Law. This Agreement shall be governed in all respects by the Laws of the State of Kansas without
regard to choice of Law or principles that could require the application of the Laws of any other jurisdiction. 

10.4    Submission to Jurisdiction; Venue; Waiver of Trial by Jury. Each party agrees that it will bring any action
or proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in any federal or state court of competent jurisdiction located in the State of Kansas (the “Chosen
Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any
objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process
upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 10.2. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (IV) EACH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH IN THIS SECTION 10.4. 

10.5    Equitable Relief. The parties hereto agree that irreparable damage would occur in the event that any
provision of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement
and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction, this being in addition to any other remedy to which they are entitled at Law or in equity. Additionally, each party hereto irrevocably waives any
defense based on adequacy of any other remedy, whether at Law or in equity, that might be asserted as a bar to the remedy of specific performance of any of the terms or provisions hereof or injunctive relief in any action brought therefor. 

  
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 10.6    Severability. If any provision of this Agreement or the
application of any such provision to any person or circumstance shall be declared by any court of competent jurisdiction to be invalid, illegal, void, or unenforceable in any respect, all other provisions of this Agreement, or the application of
such provision to persons or circumstances other than those as to which it has been held invalid, illegal, void, or unenforceable, shall nevertheless remain in full force and effect and will in no way be affected, impaired, or invalidated thereby.
Upon such determination that any provision, or the application of any such provision, is invalid, illegal, void, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties hereto as closely as possible to the fullest extent permitted by Law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the greatest extent possible. 

10.7    Entire Agreement. This Agreement, including the Annexes hereto, constitute the entire agreement between the
parties hereto with respect to the subject matter hereof and supersede all prior written, and prior and contemporaneous oral, agreements and understandings between the parties with respect to the subject matter hereof. 

10.8    No Third Party Beneficiaries. Nothing in this Agreement (implied or otherwise) is intended to confer upon
any person other than the parties hereto, or their respective successors and permitted assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement. 

10.9    Headings; Interpretation. All headings and subheadings used in this Agreement are used for convenience only
and are not to be considered in construing or interpreting this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by the phrase “without limitation.” The meanings given
to terms defined herein will be equally applicable to both the singular and plural forms of such terms. Unless expressly provided to the contrary, the word “or” is not exclusive and “hereunder,” “hereof,”
“herein” and words of similar import are references to this Agreement as a whole and not any particular section or other provision of this Agreement. Whenever the context may require, any pronoun includes the corresponding masculine,
feminine, and neuter forms. All references to “dollars” or “$” will be deemed references to the lawful money of the United States of America. Further, the parties hereto have participated jointly in the negotiation and drafting
of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any
party hereto by virtue of the authorship of any provisions of this Agreement. All annexes attached hereto are hereby incorporated herein by reference and made a part hereof. 

10.10    Expenses. Whether or not the Closing shall occur, all fees, costs, and expenses incurred in connection
with this Agreement and the transactions contemplated hereby, including accounting and legal fees, shall be paid by the party incurring such expenses. 

10.11    Independent Nature of Purchasers’ Obligations and Rights. The obligations of the Purchaser under this
Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under the Agreements. The decision of each Purchaser to
purchase the Shares pursuant to the Agreements has been made by such Purchaser independently 

  
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of any other Purchaser. Nothing contained in the Agreements, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Agreements. Each Purchaser acknowledges
that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the Shares or enforcing
its rights under this Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be
joined as an additional party in any proceeding for such purpose. 
 10.12    Amendments and Waivers. No term of
this Agreement may be amended or modified without the prior written consent of each party hereto. No provision of this Agreement may be waived except in a writing executed and delivered by the party against whom such waiver is sought to be enforced.

 10.13    Certain Definitions. The following terms shall have the respective meanings for all purposes of the
Agreement: 
 (a)    “Affiliate” of any Person shall mean any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such Person. For purposes of this definition, “control” when used with respect to any Person has the meaning specified in Rule 12b-2 promulgated under the Exchange Act; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

(b)    “Company Material Adverse Effect” shall mean any change, development, occurrence,
or event that would reasonably be expected to be materially adverse to (i) the business, properties, assets, liabilities, consolidated results of operations, or financial condition of the Company and its Subsidiaries, taken as a whole; or
(ii) the ability of the Company to consummate the transactions contemplated hereby; provided that any such change, development, occurrence, or event resulting or arising from or relating to any of the following matters shall not be
considered when determining whether a Company Material Adverse Effect has occurred or would reasonably be expected to occur: (1) any change, development, occurrence, or event affecting the businesses or industries in which the Company and its
Subsidiaries operate; (2) any conditions affecting the United States of America’s general economy or the general economy in any geographic area in which the Company or its Subsidiaries operate or developments or changes therein or the
financial and securities markets and credit markets in the United States of America or elsewhere in the world; (3) political conditions, including acts of war (whether or not declared), armed hostilities, and terrorism, or developments or
changes therein; (4) any conditions resulting from natural disasters; (5) changes in any Laws or GAAP; (6) any action taken or omitted to be taken by or at the written request or with the written consent of any Purchaser; (7) any
announcement or pendency of this Agreement or the transactions contemplated hereby; (8) changes in the market price or trading volume of Class A Common Stock or any other equity, equity-related, or debt securities of the Company or its
Affiliates (it being understood that the underlying circumstances, events, 

  
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or reasons giving rise to any such change can be taken into account in determining whether a Company Material Adverse Effect has occurred or would reasonably be expected to occur); (9) any
failure by the Company or its Subsidiaries to meet any internal or public projections, forecasts, estimates, or guidance for any period (it being understood that the underlying circumstances, events, or reasons giving rise to any such failure can be
taken into account in determining whether a Company Material Adverse Effect has occurred or would reasonably be expected to occur); or (10) any legal claims or other proceedings made by any of the Company’s stockholders (on their own
behalf or on behalf of the Company) arising out of or related to this Agreement; provided, however, that the changes, developments, occurrences, or events set forth in clauses (1), (2), (3), (4), and (5) above may be taken into
account in determining whether there has been or is a Material Adverse Effect if and only to the extent such changes, developments, occurrences, or events have a disproportionate impact on the Company and its Subsidiaries, taken as a whole, relative
to banks and bank holding companies in the United States of America. 
 (c)    “Governmental
Authority” shall mean any foreign governmental authority, the United States of America, any state of the United States of America, and any political subdivision of any of the foregoing, and any agency, instrumentality, department,
commission, board, bureau, central bank, authority, court, or other tribunal, having jurisdiction over any Purchaser, the Company, any of the Company’s Subsidiaries, or their respective properties. 

(d)    “Indebtedness” shall mean, as to any Person, without duplication: (i) all
indebtedness (including principal, interest, fees, and charges) of such Person for borrowed money or for the deferred purchase price of property or services; (ii) any other indebtedness which is evidenced by a promissory note, bond, debenture,
or similar instrument; and (iii) any obligation under or in respect of outstanding letters of credit, acceptances, and similar obligations created for the account of such Person. 

(e)    “Knowledge” of (i) the Company shall mean the actual knowledge of any of the
following individuals: Brad S. Elliott, Chairman and Chief Executive Officer of the Company, and Gregory H. Kossover, Executive Vice President and Chief Financial Officer of the Company, (ii) any Selling Stockholder shall mean the actual
knowledge of such Selling Stockholder’s Chief Executive Officer and Chief Financial Officer or similarly situated manager, member or general partner, and (iii) any Purchaser shall mean the actual knowledge of such Purchaser’s Chief
Executive Officer and Chief Financial Officer or similarly situated manager, member or general partner, without any obligation to investigate on the part of such Person. 

(f)    “Laws” means any applicable laws, statutes, ordinances, rules, regulations or
decrees of any jurisdiction or any award, decision, injunction, judgment, decree, settlement, order, process, ruling, subpoena or verdict (whether temporary, preliminary or permanent) entered, issued, made or rendered by any court, administrative
agency, arbitrator, Governmental Authority or other tribunal of competent jurisdiction. 

(g)    “Lien” shall mean any mortgage, pledge, charge, encumbrance, security interest,
collateral assignment, or other lien or restriction. 

  
 - 31 - 

 (h)    “Permitted Liens” shall mean
(i) Liens for taxes, assessments, or levies not yet due (subject to applicable grace periods) or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the
Company in accordance with GAAP; (ii) carriers,’ warehousemen’s, mechanics,’ landlords,’ vendors,’ materialmen’s, repairmen’s, sureties,’ or other like Liens arising in the ordinary course of business and
securing amounts not yet due or which are being contested in good faith by appropriate proceedings if, in the case of such contested Liens, adequate reserves with respect thereto are maintained on the books of the Company in accordance with GAAP;
(iii) easements, rights-of-way, covenants, reservations, exceptions, encroachments, zoning, and similar restrictions and encumbrances or title defects incurred in
the ordinary course of business which, in the aggregate, are not substantial in amount, and which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect; (iv) bankers’ Liens, rights of
set-off or similar rights and remedies arising by operation of Law; (v) rights of lessees and sublessees in assets leased by the Company or any Subsidiary not prohibited elsewhere herein;
(vi) pledges and Liens securing liabilities for public or statutory obligations or any discount with, borrowing from or other obligations to Federal Home Loan Bank or any inter-bank credit facilities; and (vii) mortgages and other security
interests granted by the Company or its Subsidiaries pursuant to that certain Loan and Security Agreement, dated January 28, 2016, between Equity Bancshares, Inc. and ServisFirst Bank, as amended from time to time. 

(i)    “Person” shall mean any individual, corporation, trust, unincorporated
organization, Governmental Authority, or any other form of entity. 
 (j)    “Securities
Act” shall mean the Securities Act of 1933, as amended. 
 (k)    “Subsidiary”
of any Person shall mean any corporation, partnership, joint venture, limited liability company, trust, or estate of which (or in which) more than fifty percent of (i) the issued and outstanding capital stock having ordinary voting power to
elect a majority of the board of directors of such corporation (regardless of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency); (ii) the
interest in the capital or profits of such partnership, joint venture, or limited liability company; or (iii) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such
Person and one or more of its other Subsidiaries, or by one or more of such Person’s other Subsidiaries. 

10.14    Counterparts. This Agreement may be executed in any number of counterparts and signatures may be delivered
by facsimile or in electronic format (e.g., “PDF”), each of which may be executed by less than all parties hereto, each of which shall be enforceable against the parties hereto actually executing such counterparts, and all of which
together shall constitute one instrument. 
 [Signature Pages Follow] 

  
 - 32 - 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound by the terms hereof, have
caused this Agreement to be executed as of the date first written above by their officers or other representatives thereunto duly authorized. 
  

							
	COMPANY:	 		 	EQUITY BANCSHARES, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	Brad S. Elliott
		 		 	Title:	 	Chairman and Chief Executive Officer

  
 [Signature Page to
Securities Purchase Agreement] 

							
	SELLING STOCKHOLDERS	 		 	PATRIOT FINANCIAL PARTNERS, L.P.
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	PATRIOT FINANCIAL PARTNERS PARALLEL, L.P.
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	Address for Notice for Patriot Financial Partners, L.P. and Patriot Financial Partners Parallel, L.P.:
			
		 		 	Patriot Financial Partners LP.
		 		 	Cira Center
		 		 	2929 Arch St, 27th Fl
		 		 	Philadelphia, PA. 19104-2868
		 		 	Attention: Michael B. High
		 		 	Facsimile: (215) 399-4672
		 		 	Email: mhigh@patriotfp.com
			
		 		 	With a copy to (which shall not constitute notice):
			
		 		 	Silver, Freedman, Taff & Tiernan LLP
		 		 	3299 K Street, NW, Suite 100
		 		 	Washington, DC 20007
		 		 	Attention: Kenneth B. Tabach, Esq.
		 		 	Facsimile: (202) 337-5502
		 		 	Email: ktabach@sfttlaw.com

  
 [Signature Page to
Securities Purchase Agreement] 

							
	SELLING STOCKHOLDERS	 		 	ENDICOTT OPPORTUNITY PARTNERS III, L.P.
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	Address for Notice:
			
		 		 	 Endicott Opportunity Partners III, L.P.

c/o The Endicott Group

		 		 	570 Lexington Avenue, 37th Floor
		 		 	New York, New York 10022
		 		 	Attention: Bradley E. Maneely
		 		 	Facsimile: (212) 355-5530
		 		 	Email: brad@theendicottgroup.com
			
		 		 	With a copy to (which shall not constitute notice):
			
		 		 	Schulte Roth & Zabel LLP
		 		 	919 Third Avenue
		 		 	New York, New York 10022
		 		 	Attention: Eleazer Klein, Esq.
		 		 	Facsimile: (212) 593-5955
		 		 	Email: eleazer.klein@srz.com

  
 [Signature Page to
Securities Purchase Agreement] 

							
	PURCHASER:	 		 	  

		 		 	(Name of Purchaser)
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	Number of Shares of Class A Common Stock

							
		 		 	to be Purchased:	 	  

			
		 		 	Address for Notice:
			
		 		 	  

		 		 	  

		 		 	  

		 		 	  

  
 [Signature Page to
Securities Purchase Agreement] 

 ANNEX A 

Selling Stockholders and Number of Shares 
  

					
	 Selling Stockholder
	  	Number of Shares
of Sold	 
	 Patriot Financial Partners, L.P.
	  	 	153,251	(1) 
	 Patriot Financial Partners Parallel, L.P.
	  	 	26,474	(2) 
	 Endicott Opportunity Partners III, L.P.
	  	 	140,275	(3) 
		  	  
	  
	 
	 Total
	  	 	320,000	(4) 
		  	  
	  
	 

  

	(1)	Consists of 153,251 shares of Class A Common Stock issuable upon the automatic conversion of an equal number of shares of the Company’s Class B Common Stock as a result of the sale of the
Shares by the Selling Stockholder to the Purchasers hereunder. 

	(2)	Consists of 26,474 shares of Class A Common Stock issuable upon the automatic conversion of an equal number of shares of the Company’s Class B Common Stock as a result of the sale of the Shares by
the Selling Stockholder to the Purchasers hereunder. 

	(3)	Consists of 140,275 shares of Class A Common Stock issuable upon the automatic conversion of an equal number of shares of the Company’s Class B Common Stock as a result of the sale of the Shares by
the Selling Stockholder to the Purchasers hereunder. 

	(4)	Consists of 320,000 shares of Class A Common Stock issuable upon the automatic conversion of an equal number of shares of the Company’s Class B Common Stock as a result of the sale of the Shares by
the Selling Stockholders to the Purchasers hereunder. 

  
 [Annex A to Securities
Purchase Agreement] 

 ANNEX B 

Form of Registration Rights Agreement 

[Attached as Exhibit 10.2 to Form 8-K] 

  
 [Annex B to Securities
Purchase Agreement] 

 SCHEDULE 3.7 

Allocation of Broker’s Fee for Selling Stockholders 

The total amount payable to Keefe, Bruyette and Woods, Inc. with respect to Shares sold by the Company and Selling Stockholders is $1,771,250. 

Amount to be paid by the Company: $1,251,250 
 Amount to be paid
by Patriot Financial Partners, L.P.: $249,033 
 Amount to be paid by Patriot Financial Partners Parallel, L.P.: $43,020 

Amount to be paid by Endicott Opportunity Partners III, L.P.: $227,946EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 EQUITY
BANCSHARES, INC., 
 and 

EACH OF THE INVESTORS LISTED ON THE SIGNATURE PAGES HERETO 

Dated as of December 19, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 RESALE SHELF REGISTRATION
	  	 	1	  
			
	 Section 1.1
	 	 Resale Shelf Registration Statement
	  	 	1	  
	 Section 1.2
	 	 Effectiveness Period
	  	 	1	  
	 Section 1.3
	 	 Subsequent Shelf Registration Statement
	  	 	1	  
	 Section 1.4
	 	 Supplements and Amendments
	  	 	2	  
	 Section 1.5
	 	 Underwritten Offering
	  	 	2	  
	 Section 1.6
	 	 Take-Down Notice
	  	 	3	  
			
	 ARTICLE II
	 	 ADDITIONAL PROVISIONS REGARDING REGISTRATION RIGHTS
	  	 	3	  
			
	 Section 2.1
	 	 Registration Procedures
	  	 	3	  
	 Section 2.2
	 	 Suspension
	  	 	6	  
	 Section 2.3
	 	 Expenses of Registration
	  	 	6	  
	 Section 2.4
	 	 Information by Purchasers
	  	 	6	  
	 Section 2.5
	 	 Rule 144 Reporting
	  	 	7	  
			
	 ARTICLE III
	 	 INDEMNIFICATION
	  	 	8	  
			
	 Section 3.1
	 	 Indemnification by Company
	  	 	8	  
	 Section 3.2
	 	 Indemnification by Purchasers
	  	 	8	  
	 Section 3.3
	 	 Notification
	  	 	9	  
	 Section 3.4
	 	 Contribution
	  	 	10	  
			
	 ARTICLE IV
	 	 MISCELLANEOUS
	  	 	10	  
			
	 Section 4.1
	 	 Termination of Registration Rights
	  	 	10	  
	 Section 4.2
	 	 Successors and Assigns
	  	 	10	  
	 Section 4.3
	 	 Notices
	  	 	10	  
	 Section 4.4
	 	 Governing Law
	  	 	11	  
	 Section 4.5
	 	 Submission to Jurisdiction; Venue; Waiver of Trial by Jury
	  	 	11	  
	 Section 4.6
	 	 Equitable Relief
	  	 	11	  
	 Section 4.7
	 	 Severability
	  	 	12	  
	 Section 4.8
	 	 Entire Agreement
	  	 	12	  
	 Section 4.9
	 	 No Third Party Beneficiaries
	  	 	12	  
	 Section 4.10
	 	 Headings; Interpretation
	  	 	12	  
	 Section 4.11
	 	 Expenses
	  	 	12	  
	 Section 4.12
	 	 Amendments and Waivers
	  	 	12	  
	 Section 4.13
	 	 Counterparts
	  	 	13	  

  
 -i- 

 EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of December 19, 2016, by and among EQUITY
BANCSHARES, INC., a Kansas corporation (the “Company”), and each of the investors listed on the signature pages hereto (collectively, together with their respective successors and assigns, the “Purchasers” and each,
a “Purchaser”). Capitalized terms used but not defined elsewhere herein are defined in Exhibit A. 
 WHEREAS, the
Company and the Purchasers are parties to that certain Securities Purchase Agreement, dated as of December 19, 2016 (the “Securities Purchase Agreement”), pursuant to which the Company and the selling stockholders named therein
(the “Selling Stockholders”) are selling to the Purchasers, and the Purchasers are purchasing from the Company and the Selling Stockholders, an aggregate of 1,090,000 shares of the Class A common stock, par value $0.01 per
share (“Common Stock”), of the Company in reliance on one or more exemptions from registration under the Securities Act and other requirements thereunder. 

WHEREAS, as a condition to the obligations of the Company and the Purchasers under the Securities Purchase Agreement, the Company and the
Purchasers are entering into this Agreement for the purpose of granting certain registration and other rights to the Purchasers: 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 Resale Shelf
Registration 
 Section 1.1    Resale Shelf Registration Statement. Subject to the other applicable
provisions of this Agreement, the Company shall use its commercially reasonable efforts to prepare and file within 30 days after the date hereof a registration statement covering the sale or distribution from time to time by the Purchasers, on a
delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, then such registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Purchasers in accordance with any
reasonable method of distribution elected by the Purchasers) (the “Resale Shelf Registration Statement”) and shall use its commercially reasonable efforts to cause such Resale Shelf Registration Statement to be declared effective by
the SEC as promptly as is reasonably practicable after the filing thereof 
 Section 1.2    Effectiveness
Period. Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable
until such time as there are no longer any Registrable Securities (the “Effectiveness Period”). 

Section 1.3    Subsequent Shelf Registration Statement. If any Shelf Registration Statement ceases to be
effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf Registration Statement to again
become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its commercially reasonable efforts to as promptly as is reasonably
practicable amend such Shelf Registration Statement in a manner reasonably expected to 

  
 1 

 
result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional registration statement (a “Subsequent Shelf Registration
Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Purchasers thereof of all securities that are Registrable Securities as of
the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as
promptly as is reasonably practicable after the filing thereof, and (b) keep such Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent Shelf Registration
Statement shall be a registration statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form
and shall provide for the registration of such Registrable Securities for resale by the Purchasers in accordance with any reasonable method of distribution elected by the Purchasers. 

Section 1.4    Supplements and Amendments. The Company shall supplement and amend any Shelf Registration
Statement if required by the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement. 

Section 1.5    Underwritten Offering 

(a)    Subject to any applicable restrictions on transfer in the Securities Purchase Agreement or
otherwise, the Purchasers may, after the Resale Shelf Registration Statement becomes effective, deliver a written notice to the Company (the “Underwritten Offering Notice”) specifying that the sale of some or all of the Registrable
Securities subject to the Shelf Registration Statement, is intended to be conducted through an underwritten offering (the “Underwritten Offering”); provided, however, that the Purchasers may not, without the
Company’s prior written consent, (i) launch an Underwritten Offering the anticipated gross proceeds of which shall be less than $5,000,000 (unless the Purchasers are proposing to sell all of their remaining Registrable Securities),
(ii) launch more than two (2) Underwritten Offerings at the request of the Purchasers within any three-hundred sixty-five (365) day-period or (iii) launch an Underwritten Offering during
any of the Company’s regular quarterly blackout periods applicable to directors and officers under the Company’s policies in existence from time to time. 

(b)    In the event of an Underwritten Offering, the Company shall select the managing underwriter(s) to
administer the Underwritten Offering; provided that the choice of such managing underwriter(s) shall be subject to the consent of the Purchaser, which is not to be unreasonably withheld. The Company and the Purchasers participating in an
Underwritten Offering will enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such offering. 

(c)    If the managing underwriter or underwriters advise the Company and the Purchasers in writing that in
its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities which can be sold in such offering in light of market
conditions or is such so as to adversely affect the success of such offering, the Company will include in such Underwritten Offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which
securities will be so included in the following order of priority: (i) first, the Registrable Securities of the Purchasers and to the holders of any of shares of Common Stock registered on the applicable Shelf Registration Statement
(“Other Stockholders”) that have requested to participate in such Underwritten Offering, allocated pro rata among such 

  
 2 

 
Purchasers and Other Stockholders on the basis of the percentage of the Registrable Securities requested to be included in such offering by such Purchasers and Other Stockholders, and
(ii) second, any other securities of the Company that have been requested to be so included. 

Section 1.6    Take-Down Notice. Subject to the other applicable provisions of this Agreement, at any time
that any Shelf Registration Statement is effective, if the Purchasers deliver a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its Registrable Securities
included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend, subject to the other applicable
provisions of this Agreement or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. 

ARTICLE II 
 Additional
Provisions Regarding Registration Rights 
 Section 2.1    Registration Procedures. Subject to the other
applicable provisions of this Agreement, in the case of each registration of Registrable Securities effected by the Company pursuant to Article I, the Company will: 

(a)    prepare and promptly file with the SEC a registration statement with respect to such securities and
use commercially reasonable efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement; 

(b)    prepare and file with the SEC such amendments (including post-effective amendments) and supplements
to such registration statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective for the period specified in paragraph (a) above and comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement in accordance with the Purchasers’ indented method of distribution set forth in such registration statement for such
period; 
 (c)    furnish to the Purchasers’ legal counsel copies of the registration statement and
the prospectus included therein (including each preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement; 

(d)    if requested by the managing underwriter or underwriters, if any, or the Purchasers, promptly
include in any prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Purchasers may reasonably request in order to permit the intended method of distribution of such securities
and make all required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after the Company has received such request; provided, however, that the Company shall not be required to take
any actions under this Section 2.1(d) that are not, in the opinion of counsel for the Company, in compliance with applicable law; 

(e)    in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish
to the Purchasers and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the Purchasers or such underwriters may reasonably request in
order to facilitate the public offering or other disposition of such securities; 

  
 3 

 (f)    as promptly as reasonably practicable notify the
Purchasers at any time when a prospectus relating thereto is required to be delivered under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances
then existing, and, subject to Section 2.2, at the request of the Purchasers, prepare as promptly as is reasonably practicable and furnish to the Purchasers a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing; 

(g)    use commercially reasonable efforts to register and qualify (or exempt from such registration or
qualification) the securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be reasonably requested in writing by the Purchasers;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdictions where it would not otherwise be required to qualify but for this
subsection or (ii) take any action that would subject it to general service of process in any such jurisdictions; 

(h)    in the event that the Registrable Securities are being offered in an underwritten public offering,
enter into an underwriting agreement in accordance with the applicable provisions of this Agreement; 

(i)    in connection with an Underwritten Offering, the Company shall cause its officers to use their
commercially reasonable efforts to support the marketing of the Registrable Securities covered by such offering (including participation in “road shows” or other similar marketing efforts); 

(j)    use commercially reasonable efforts to furnish, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion dated such date of the legal counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, (ii) a “negative assurances letter”, dated such date of the legal counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, and (iii) a letter dated such date from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 

(k)    use commercially reasonable efforts to list the Registrable Securities covered by such registration
statement with any securities exchange on which the Common Stock is then listed; 
 (l)    provide a
transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

  
 4 

 (m)    in connection with a customary due diligence review,
make available for inspection by the Purchasers, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Purchasers or underwriter (collectively, the “Offering
Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and
employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such
Registration Statement; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless (i) disclosure of such
information is required by court or administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor, (ii) disclosure of such
information, in the opinion of the counsel of the Offering Persons, is required by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such
information is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement or
(iv) such information (A) was known to such Offering Persons (prior to its disclosure by the Company) from a source other than the Company when such source was not bound by any contractual, legal or fiduciary obligation of confidentiality
to the Company with respect to such information, (B) becomes available to the Offering Persons from a source other than the Company when such source is not bound by any contractual, legal or fiduciary obligation of confidentiality to the
Company with respect to such information or (C) was developed independently by the Offering Persons or their respective representatives without the use of, or reliance on, information provided by the Company. In the case of a proposed
disclosure pursuant to (i) or (ii) above, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure (except in the case of (ii) above when a proposed disclosure was or is to
be made in connection with a registration statement or prospectus under this Agreement and except in the case of clause (i) above when a proposed disclosure is in connection with a routine audit or examination by, or a blanket document request
from, a regulatory or self-regulatory authority, bank examiner or auditor); 
 (n)    cooperate with the
Purchasers and each underwriter or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; and 

(o)    as promptly as is reasonably practicable notify the Purchasers (i) when the prospectus or any
prospectus supplement or post-effective amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other federal or state
governmental authority for amendments or supplements to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending
the effectiveness of such registration statement or the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement
contemplated by Section 2.1(f) above relating to any applicable offering cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose. 

  
 5 

 The Purchasers agree that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 2.1(f), 2.1(o)(ii) or 2.1(o)(iii), the Purchasers shall discontinue, and shall cause each Purchaser to discontinue, disposition of any Registrable Securities covered by such
registration statement or the related prospectus until receipt of the copies of the supplemented or amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished as
soon as reasonably practicable, or until the Purchasers are advised in writing by the Company that the use of the applicable prospectus may be resumed, and have received copies of any amended or supplemented prospectus or any additional or
supplemental filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company, the
Purchasers shall use commercially reasonable efforts to return, and cause the Purchasers to return, to the Company all copies then in their possession, of the prospectus covering such Registrable Securities at the time of receipt of such request. As
soon as practicable after the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify the Purchasers thereof. In the event the Company invokes an Interruption Period hereunder and in the reasonable
discretion of the Company the need for the Company to continue the Interruption Period ceases for any reason, the Company shall, as soon as reasonably practicable, provide written notice to the Purchasers that such Interruption Period is no longer
applicable. 
 Section 2.2    Suspension. (a) The Company shall be entitled, on one (1) occasion
in any one-hundred eighty (180) day period, for a period of time not to exceed ninety (90) days in the aggregate in any twelve (12) month period, to (x) defer any registration of
Registrable Securities and shall have the right not to file and not to cause the effectiveness of any registration covering any Registrable Securities, (y) suspend the use of any prospectus and registration statement covering any Registrable
Securities and (z) require the Purchasers to suspend any offerings or sales of Registrable Securities pursuant to a registration statement, if the Company delivers to the Purchasers a certificate signed by an executive officer certifying that
such registration and offering would (i) require the Company to make an Adverse Disclosure or (ii) materially interfere with any bona fide material financing, acquisition, disposition, corporate event or other similar
transaction involving the Company or any of its subsidiaries then under consideration. Such certificate shall contain a statement of the reasons for such suspension and an approximation of the anticipated length of such suspension. The Purchasers
shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 2.1(m). If the Company defers any registration of Registrable Securities in response to a Underwritten Offering Notice
or requires the Purchasers or the Purchasers to suspend any Underwritten Offering, the Purchasers shall be entitled to withdraw such Underwritten Offering Notice and if they do so, such request shall not be treated for any purpose as the delivery of
an Underwritten Offering Notice pursuant to Section 1.5. 
 Section 2.3    Expenses of Registration.
All Registration Expenses incurred in connection with any registration pursuant to Article I shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Purchasers shall be borne by the
Purchasers included in such registration. 
 Section 2.4    Information by Purchasers. The Purchaser of
Registrable Securities included in any registration shall, and the Purchasers shall cause such Purchaser to, furnish to the Company such information regarding such Purchaser and their Affiliates, the Registrable Securities held by them and the
distribution proposed by such Purchaser and their Affiliates as the Company or its representatives may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is
understood and agreed that the obligations of the Company under Article I are conditioned on the timely provisions of the foregoing information by 

  
 6 

 
such Purchaser and, without limitation of the foregoing, will be conditioned on compliance by such Purchaser with the following: 

(a)    such Purchaser will, and will cause their respective Affiliates to, cooperate with the Company in
connection with the preparation of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement effective, such Purchaser will and will cause their respective Affiliates to,
provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and such other information as may
be required by applicable law to enable the Company to prepare or amend such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable Securities owned by such Purchaser and
to maintain the currency and effectiveness thereof; 
 (b)    during such time as such Purchaser and
their respective Affiliates may be engaged in a distribution of the Registrable Securities, such Purchaser will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including Regulation M promulgated under
the Exchange Act, and, to the extent required by such laws, will, and will cause their Affiliates to, among other things (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such
laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the applicable registration statement and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or
through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Purchaser or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and
documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree; 

(c)    such Purchaser shall, and they shall cause their respective Affiliates to, (i) permit the
Company and its representatives to examine such documents and records and will supply in a timely manner any information as they may be reasonably requested to provide in connection with the offering or other distribution of Registrable Securities
by such Purchaser and (ii) execute, deliver and perform under any agreements and instruments reasonably requested by the Company or its representatives to effectuate such registered offering, including opinions of counsel and questionnaires;
and 
 (d)    on receipt of any notice from the Company of the occurrence of any of the events specified
in Section 2.1(f) or clauses (ii) or (iii) of Section 2.1(o), or that otherwise requires the suspension by such Purchaser and their respective Affiliates of the offering, sale or distribution of any of the
Registrable Securities owned by such Purchaser, such Purchasers shall, and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable Securities owned by such Purchaser until the offering. sale and
distribution of the Registrable Securities owned by such Purchaser may recommence in accordance with the terms hereof and applicable law. 

Section 2.5    Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Purchasers,
the Company agrees that, for so long as a Purchaser owns Registrable Securities, the Company will use its commercially reasonable efforts to: 

(a)    make and keep public information available, as those terms are understood and defined in Rule 144,
at all times after the date of this Agreement; and 

  
 7 

 (b)    so long as a Purchaser owns any Restricted Securities,
furnish to the Purchaser upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act. 

ARTICLE III 

Indemnification 

Section 3.1    Indemnification by Company. To the extent permitted by applicable law, the Company will, with
respect to any Registrable Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify and
hold harmless each Purchaser, each Purchaser’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Purchaser within the meaning of
Section 15 of the Securities Act and such Purchaser’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each underwriter thereof, if any, and each Person
who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses, claims, losses, damages, costs (including costs
of preparation and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and
other liabilities, joint or several, (or actions in respect thereof) (collectively, “Losses”) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related to such registration
statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they
were made, not misleading, or any violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting the preceding portions of
this Section 3.1), the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any
other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this
Section 3.1, settling any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such
settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Purchaser in any such case for any such Losses or action to the extent that
it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration
statement or prospectus) which occurs in reliance upon and in conformity with written information regarding such Purchaser furnished to the Company by such Purchaser or its authorized representatives expressly for use in connection with such
registration by or on behalf of any Purchaser. 
 Section 3.2    Indemnification by Purchasers. To the
extent permitted by applicable law, each Purchaser will, if Registrable Securities held by such Purchaser are included in the securities as to which registration or qualification or compliance under applicable “blue sky” laws is being
effected, indemnify, severally and not jointly with any other Purchasers, the Company, each of its representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act (collectively,
the “Purchaser Indemnified Parties”), against all Losses (or actions in respect thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus, preliminary prospectus, offering circular, 

  
 8 

 
“issuer free writing prospectus” or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse each of the Purchaser Indemnified Parties
for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented
out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 3.2, settling any such
Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus,
offering circular, “issuer free writing prospectus” or other document in reliance upon and in conformity with written information regarding such Purchaser furnished to the Company by such Purchaser or its authorized representatives and
stated to be specifically for use therein; provided, however, that in no event shall any indemnity under this Section 3.2 payable by any Purchaser exceed an amount equal to the net proceeds received by
such Purchaser in respect of the Registrable Securities sold pursuant to the registration statement. The indemnity agreement contained in this Section 3.2 shall not apply to amounts paid in settlement of any loss, claim, damage,
liability or action if such settlement is effected without the prior written consent of the applicable Purchaser (which consent shall not be unreasonably withheld or delayed). 

Section 3.3    Notification. If any Person shall be entitled to indemnification under this Article
III (each, an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of
any proceeding as to which indemnity is sought. The Indemnifying Party shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as reasonably practicable after the receipt of written notice from such
Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying
Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this
paragraph) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party
shall have the right to employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period
of time to assume such defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying Party of its
obligations under this Article III only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any
such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity agreements contained in this Article III shall not
apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The
indemnification set forth in this Article III shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the
defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict
of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim. 

  
 9 

 Section 3.4    Contribution. If the indemnification provided for
in this Article III is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations
contained in this Article III, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as any other
relevant equitable considerations. The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company and the Purchasers agree that it would not be just and equitable if contribution pursuant to
this Section 3.4 was determined solely upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of
this Section 3.4. Notwithstanding the foregoing, the amount each Purchaser or any Purchaser will be obligated to contribute pursuant to this Section 3.4 will be limited to an amount equal to the net proceeds received by
such Purchaser in respect of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE IV

 Miscellaneous 

Section 4.1    Termination of Registration Rights. This Agreement to register securities under Article
I for sale under the Securities Act shall terminate on the earliest to occur of (i) with respect to any particular Purchaser, upon the date upon which such Purchaser no longer holds any Registrable Securities, and (ii) the third
anniversary of the effective date of the Registration Statement filed pursuant to Section 1.1. Notwithstanding any termination of this Agreement pursuant to this Section 4.1, the parties’
rights and obligations under Article III hereof shall continue in full force and effect in accordance with their respective terms. 

Section 4.2    Successors and Assigns. The parties’ rights under this Agreement may not be assigned by
any party hereto without the prior written consent of the other parties hereto. The parties’ duties under this Agreement may not be delegated by any party hereto without the prior written consent of the other parties hereto. The provisions of
this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties hereto 

Section 4.3    Notices. Any notice or request required or permitted to be delivered under this Agreement shall
be given in writing and shall be deemed effectively given (a) if given by personal delivery, upon actual delivery; (b) if given by facsimile, upon receipt of confirmation of a completed transmittal; (c) if given by mail, upon the
earlier of (i) actual receipt of such notice by the intended recipient; or (ii) three business days after such notice is deposited in first class mail, postage prepaid; and (d) if by an internationally recognized overnight courier,
one business day after delivery to such courier for overnight delivery. All notices to the Company shall be addressed to the address below and all notices to any Purchaser shall be addressed to the address listed on such Purchaser’s signature
page hereto, or at such other address as the parties hereto may designate by ten days’ advance written notice to the other parties: 

If the Company: 
 Equity
Bancshares, Inc. 
 7701 East Kellogg Drive, Suite 300 

Wichita, Kansas 67207 
 Attention:
Brad S. Elliott 
 Facsimile: (316) 681-0839 

  
 10 

 With a copy to (which shall not constitute notice to the Company): 

Norton Rose Fulbright US LLP 

2200 Ross Avenue, Suite 3600 

Dallas, Texas 75201 
 Attention:
Michael G. Keeley, Esq. 
 Facsimile: (214) 855-8200 

If to a Purchaser: 
 [See
signature pages hereto] 
 Section 4.4    Governing Law. This Agreement shall be governed in all respects by
the Laws of the State of Kansas without regard to choice of Law or principles that could require the application of the Laws of any other jurisdiction 

Section 4.5    Submission to Jurisdiction; Venue; Waiver of Trial by Jury. Each party agrees that it will
bring any action or proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in any federal or state court of competent jurisdiction located in the State of Kansas (the
“Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts,
(ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees
that service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 4.3. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY; AND
(IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH IN THIS SECTION 4.5. 

Section 4.6    Equitable Relief. The parties hereto agree that irreparable damage would occur in the event
that any provision of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an 

  
 11 

 
injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction, this being in addition to any
other remedy to which they are entitled at Law or in equity. Additionally, each party hereto irrevocably waives any defense based on adequacy of any other remedy, whether at Law or in equity, that might be asserted as a bar to the remedy of specific
performance of any of the terms or provisions hereof or injunctive relief in any action brought therefor. 

Section 4.7    Severability. If any provision of this Agreement or the application of any such provision to
any person or circumstance shall be declared by any court of competent jurisdiction to be invalid, illegal, void, or unenforceable in any respect, all other provisions of this Agreement, or the application of such provision to persons or
circumstances other than those as to which it has been held invalid, illegal, void, or unenforceable, shall nevertheless remain in full force and effect and will in no way be affected, impaired, or invalidated thereby. Upon such determination that
any provision, or the application of any such provision, is invalid, illegal, void, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as
possible to the fullest extent permitted by Law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the greatest extent possible. 

Section 4.8    Entire Agreement. This Agreement and the Securities Purchase Agreement constitute the entire
agreement between the parties hereto with respect to the subject matter hereof and supersede all prior written, and prior and contemporaneous oral, agreements and understandings between the parties with respect to the subject matter hereof. 

Section 4.9    No Third Party Beneficiaries. Nothing in this Agreement (implied or otherwise) is intended to
confer upon any person other than the parties hereto, or their respective successors and permitted assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement. 

Section 4.10    Headings; Interpretation. All headings and subheadings used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by the phrase “without limitation.”
The meanings given to terms defined herein will be equally applicable to both the singular and plural forms of such terms. Unless expressly provided to the contrary, the word “or” is not exclusive and “hereunder,”
“hereof,” “herein” and words of similar import are references to this Agreement as a whole and not any particular section or other provision of this Agreement. Whenever the context may require, any pronoun includes the
corresponding masculine, feminine, and neuter forms. All references to “dollars” or “$” will be deemed references to the lawful money of the United States of America. Further, the parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. All annexes attached hereto are hereby incorporated herein by reference and made a part hereof. 

Section 4.11    Expenses. Except as set forth in Section 2.3, all fees, costs, and
expenses incurred in connection with this Agreement and the transactions contemplated hereby, including accounting and legal fees, shall be paid by the party incurring such expenses. 

Section 4.12    Amendments and Waivers. No term of this Agreement may be amended or modified without the prior
written consent of each party hereto. No provision of this Agreement may be waived except in a writing executed and delivered by the party against whom such waiver is sought to be enforced. 

  
 12 

 Section 4.13    Counterparts. This Agreement may be executed in
any number of counterparts and signatures may be delivered by facsimile or in electronic format (e.g., “PDF”), each of which may be executed by less than all parties hereto, each of which shall be enforceable against the parties hereto
actually executing such counterparts, and all of which together shall constitute one instrument. 
 [Signature page follows] 

  
 13 

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

			
	COMPANY:
	
	EQUITY BANCSHARES, INC.
		
	By:	 	  

	Name:	 	Brad S. Elliott
	Title:	 	Chairman and Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	PURCHASER:
	
	  

	(Name of Purchaser)
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Address for Notice:
	
	  

	  

	  

	  

  
 [Signature Page to
Registration Rights Agreement] 

 EXHIBIT A 

DEFINED TERMS 
 1.
The following capitalized terms have the meanings indicated: 
 “Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company (after consultation with legal counsel): (i) would be required to be made in any registration statement filed with the SEC by the Company
so that such registration statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has a bona
fide business purpose for not disclosing publicly. 
 “Affiliates” of any Person shall mean any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such Person. For purposes of this definition, “control” when used with respect to any Person has the meaning specified in Rule 12b-2 promulgated under the Exchange Act; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York are
authorized or required by law to be closed. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder. 
 “FINRA” means the
Financial Industry Regulatory Authority, Inc. 
 “Law” means any applicable federal, state, local, foreign, or other law,
statute, regulation, rule, ordinance, code, convention, directive, order, judgment, or other legal requirement of any foreign governmental authority, the United States of America, any state of the United States of America, and any political
subdivision of any of the foregoing, and any agency, instrumentality, department, commission, board, bureau, central bank, authority, court, or other tribunal, having jurisdiction over any Purchaser, the Company, any of the Company’s
subsidiaries, or their respective properties. 
 “Person” shall mean any individual, corporation, trust, unincorporated
organization, Governmental Authority, or any other form of entity. 
 “register”, “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement or the
automatic effectiveness of such registration statement, as applicable. 
 “Registration Expenses” means all expenses
incurred by the Company in complying with Article I, including all registration, qualification, listing and filing fees, printing expenses, escrow fees, and fees and disbursements of counsel for the Company, blue sky fees and expenses;
provided, however, that Registration Expenses shall not be deemed to include any Selling Expenses. 

“Registrable Securities” means, as of any date of determination, any shares of the Common Stock acquired by the Purchasers,
whether from the Company or the Selling Stockholders, pursuant to the Securities Purchase Agreement, and any other securities issued or issuable with respect to any such shares of Common Stock by way of share split, share dividend, distribution,
recapitalization, merger, exchange, 

  
 A-1 

 
replacement or similar event or otherwise. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities upon the earliest to occur of the
date: (i) such securities are sold or otherwise transferred pursuant to an effective registration statement under the Securities Act, (ii) such securities shall have ceased to be outstanding, (iii) such securities have been
transferred in a transaction in which the Purchaser’s rights under this Agreement are not assigned to the transferee of the securities, and (iv) the date on which such securities become eligible for sale under Rule 144 (or any successor
rule then in effect) promulgated under the Securities Act, without restriction thereunder and restrictive legends have been removed from all certificates representing the applicable Registrable Securities. 

“Restricted Securities” means any Common Stock required to bear the legend set forth in Section 4.1(b) of the Securities
Purchase Agreement. 
 “Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision. 

“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the
securities registered by the Purchasers, and the fees and expenses of any counsel to the Purchasers (other than such fees and expenses expressly included in Registration Expenses). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Shelf Registration Statement” means the Resale Shelf Registration
Statement or a Subsequent Shelf Registration Statement, as applicable. 
 2. The following terms are defined in the Sections of the
Agreement indicated: 
 INDEX OF TERMS 
  

			
	 Term
	  	 Section

	 Agreement
	  	Preamble
	 Chosen Courts
	  	Section 4.5
	 Common Stock
	  	Recitals
	 Company
	  	Preamble
	 Company Indemnified Parties
	  	Section 3.1
	 Effectiveness Period
	  	Section 1.2
	 Purchaser Indemnified Parties
	  	Section 3.2
	 Indemnified Party
	  	Section 3.3
	 Indemnifying Party
	  	Section 3.3
	 Interruption Period
	  	Section 2.1(o)
	 Losses
	  	Section 3.1
	 Offering Persons
	  	Section 2.1(m)
	 Other Stockholders
	  	Section 1.5(c)
	 Purchasers
	  	Preamble
	 Resale Shelf Registration Statement
	  	Section 1.1
	 Securities Purchase Agreement
	  	Recitals
	 Selling Stockholders
	  	Recitals
	 Shelf Offering
	  	Section 1.6
	 Subsequent Shelf Registration Statement
	  	Section 1.3
	 Take-Down Notice
	  	Section 1.6
	 Underwritten Offering
	  	Section 1.5(a)
	 Underwritten Offering Notice
	  	Section 1.5(a)

  
 A-2

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