Document:

exv4w25

Exhibit (4) – 25

FIRST SUPPLEMENTAL INDENTURE

between

SUPERIOR BANCORP

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

Dated
as of December 11, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 
	Section 1.1 Definition of Terms

	 	 	2	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

	 
	 	 	 	 
	Section 2.1 Designation and Principal Amount

	 	 	3	 
	Section 2.2 No Maturity

	 	 	3	 
	Section 2.3 Form and Payment

	 	 	3	 
	Section 2.4 Global Debenture

	 	 	4	 
	Section 2.5 Interest

	 	 	5	 
	Section 2.6 Forms of Declaration and Guarantee Agreement

	 	 	6	 
	Section 2.7 Events of Default

	 	 	6	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	REDEMPTION OF THE DEBENTURES

	 
	 	 	 	 
	Section 3.1 Optional Redemption

	 	 	6	 
	Section 3.2 Redemption Procedures

	 	 	6	 
	Section 3.3 No Sinking Fund

	 	 	6	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	EXTENSION OF INTEREST PAYMENT PERIOD

	 
	Section 4.1 Extension of Interest Payment Period

	 	 	7	 
	Section 4.2 Notice of Extension

	 	 	7	 
	Section 4.3 Limitation of Transactions

	 	 	8	 

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE V

	 
	 	 	 	 
	EXPENSES

	Section 5.1 Payment of Expenses

	 	 	8	 
	Section 5.2 Payment Upon Resignation or Removal

	 	 	9	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	COVENANT TO LIST ON EXCHANGE

	 
	 	 	 	 
	Section 6.1 Listing on an Exchange

	 	 	9	 
	ARTICLE VII

	 
	 	 	 	 
	FORM OF DEBENTURE

	Section 7.1 Form of Debenture

	 	 	10	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	ORIGINAL ISSUE OF DEBENTURES

	 
	 	 	 	 
	Section 8.1 Original Issue of Debentures

	 	 	10	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 
	Section 9.1 Ratification of Indenture

	 	 	10	 
	Section 9.2 Trustee Not Responsible for Recitals

	 	 	10	 
	Section 9.3 Governing Law

	 	 	10	 
	Section 9.4 Separability

	 	 	11	 
	Section 9.5 Counterparts

	 	 	11	 

ii

 

     FIRST SUPPLEMENTAL INDENTURE, dated as of December 11, 2009 (the “First Supplemental
Indenture”), between SUPERIOR BANCORP, a Delaware corporation (hereinafter sometimes called the
“Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association,
as trustee (hereinafter sometimes called the “Trustee”) under the Indenture dated as of December
11, 2009 between the Company and the Trustee (the “Indenture”).

     WHEREAS, the Company executed and delivered the Indenture to the Trustee to provide for the
future issuance of the Company’s unsecured junior subordinated debentures to be issued from time
to time in one or more series as might be determined by the Company under the Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered as provided in the
Indenture;

     WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the
establishment of a new series of such securities to be known as its Fixed Rate Perpetual Junior
Subordinated Debentures, Series A (the “Debentures”), the form and substance of such Debentures
and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and
this First Supplemental Indenture;

     WHEREAS, the Company and Superior Capital Trust II, a Delaware statutory trust (the “Trust”),
propose to exchange for outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A,
$1,000 liquidation preference per share, of the Company (the “Series A Preferred Stock”)
$69,000,000 aggregate liquidation amount of the Trust’s Fixed Rate Capital Securities (the “Capital
Securities”), representing preferred undivided beneficial interests in the assets of the Trust, and
the Trust proposes to use the Series A Preferred Stock, together with the proceeds of the issuance
and sale by the Trust to the Company of $100,000 aggregate liquidation amount of its Fixed Rate
Common Securities (the “Common Securities”), to purchase $69,100,000 aggregate principal amount of
the Debentures; and

     WHEREAS, the Company has requested that the Trustee execute and deliver this First
Supplemental Indenture and all requirements necessary to make this First Supplemental Indenture a
valid instrument in accordance with its terms, and to make the Debentures, when executed by the
Company, and authenticated and delivered by the Trustee, the valid obligations of the Company,
have been performed, and the execution and delivery of this First Supplemental Indenture has been
duly authorized in all respects.

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     NOW THEREFORE, in consideration of the purchase and acceptance of the Debentures by the
Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and
substance of the Debentures and the terms, provisions and conditions thereof, the Company covenants
and agrees with the Trustee as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definition of Terms.

     Unless the context otherwise requires:

     (a) a term defined in the Indenture has the same meaning when used in this First Supplemental
Indenture;

     (b) a term defined anywhere in this First Supplemental Indenture has the same meaning
throughout;

     (c) the singular includes the plural and vice versa;

     (d) a reference to a Section or Article is to a Section or Article of this First Supplemental
Indenture;

     (e) headings are for convenience of reference only and do not affect interpretation;

     (f) the following terms have the meanings given to them in the Declaration: (i) Capital
Securities Certificate; (ii) Delaware Trustee; (iii) Distributions; (iv) Exchange Agreement; (v)
Guarantee; (vi) Property Trustee; and (vii) Trust Securities; and

     (g) the following terms have the meanings given to them in this Section 1.1(g):

     “Appropriate Federal Banking Agency” means the “appropriate Federal banking agency” with
respect to the Company as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C.
Section 1813(q)), or any successor provision.

     “Common Stock” means the common stock, par value $0.001 per share, of the Company.

     “Compound Interest” shall have the meaning set forth in Section 4.1.

     “Coupon Rate” shall have the meaning set forth in Section 2.5(a).

     “Creditor” shall have the meaning set forth in Section 5.1.

     “Declaration” means the Amended and Restated Declaration of Trust and Trust Agreement of
Superior Capital Trust II, a Delaware statutory trust, dated as of December 11, 2009.

     “ Deferred Interest” shall have the meaning set forth in Section 4.1.

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     “Dissolution Event” means the dissolution of the Trust and distribution of the Debentures
held by the Property Trustee pro rata to the holders of the Trust Securities in liquidation of
such holders’ interests in the Trust in accordance with the Declaration, such event to occur at
the option of the Company at any time upon the terms and conditions set forth in the Declaration.

     “Extended Interest Payment Period” shall have the meaning set forth in Section 4.1.

     “Global Debenture” shall have the meaning set forth in Section 2.4(a).

     “Holder” means any person in whose name at the time a Debenture is registered on the Security
Register.

     “Interest Payment Date” shall have the meaning set forth in Section 2.5(a).

     “Interest Period” means the period beginning on (and including) the date of issue and ending
on (but excluding) the first Interest Payment Date and each successive period beginning on (and
including) the Interest Payment Date and ending on (but excluding) the next succeeding Interest
Payment Date.

     “Non Book-Entry Capital Securities” shall have the meaning set forth in Section 2.4(a).

     “Redemption Price” shall have the meaning set forth in Section 3.1.

ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

     Section 2.1 Designation and Principal Amount.

     There is hereby authorized a series of Debt Securities designated as the “Fixed Rate Perpetual
Junior Subordinated Debentures, Series A”, in aggregate principal amount of $69,100,000.

     Section 2.2 No Maturity.

     The Debentures shall be perpetual, but shall be redeemable as provided in Article III and
subject to acceleration as provided in Article V of the Indenture.

     Section 2.3 Form and Payment.

     Except as provided in Section 2.4, the Debentures shall be issued in fully registered
certificated form without interest coupons. Principal and interest on the Debentures issued in
certificated form will be payable, the transfer of such Debentures will be registrable and such
Debentures will be exchangeable for Debentures bearing identical terms and provisions at the office
or agency of the Trustee in Birmingham, Alabama; provided, however, that payment of interest may be
made at the option of the Company by check mailed to the Holder entitled thereto at such address as
shall appear in the Security Register or by wire transfer to an account appropriately designated by
the Holder entitled thereto. Notwithstanding the foregoing, so long as the Holder of any Debentures
is the Property Trustee, the payment of the principal of and

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interest (including Compound Interest and Additional Interest, if any) on such Debentures held by
the Property Trustee will be made at such place and to such account as may be designated by the
Property Trustee.

     Section 2.4 Global Debenture.

     (a) In connection with a Dissolution Event,

     (i) the Debentures in certificated form may be presented to the Trustee by the
Property Trustee in exchange for a global Debenture in an aggregate principal amount equal
to the aggregate principal amount of all outstanding Debentures (a “Global Debenture”), to
be registered in the name of the Depositary, or its nominee, and delivered by the Trustee
to the Depositary for crediting to the accounts of its participants pursuant to the
instructions of the Administrative Trustees. The Company upon any such presentation shall
execute a Global Debenture in such aggregate principal amount and deliver the same to the
Trustee for authentication and delivery in accordance with the Indenture and this First
Supplemental Indenture. Payments on the Debentures issued as a Global Debenture will be
made to the Depositary; and

     (ii) if any Capital Securities are held in non book-entry certificated form (“Non
Book-Entry Capital Securities”), the Debentures in certificated form may be presented to
the Trustee by the Property Trustee and any Capital Security Certificate which represents
Non Book-Entry Capital Securities will be deemed to represent beneficial interests in
Debentures presented to the Trustee by the Property Trustee having an aggregate principal
amount equal to the aggregate liquidation amount of the Non Book-Entry Capital Securities
until such Capital Security Certificates are presented to the Security registrar for
transfer or reissuance, at which time such Non Book-Entry Capital Security Certificates
will be canceled and a Debenture, registered in the name of the holder of the Capital
Security Certificate or the transferee of the holder of such Capital Security Certificate,
as the case may be, with an aggregate principal amount equal to the aggregate liquidation
amount of the Capital Security Certificate canceled, will be executed by the Company and
delivered to the Trustee for authentication and delivery in accordance with the Indenture
and this First Supplemental Indenture. Any Debentures exchanged for Capital Securities
represented by a Capital Securities Certificate bearing the legend set forth in Section 5.4
of the Declaration shall bear such legend and the last paragraph of such Section 5.4 shall
apply, mutatis mutandis, to such Debentures. On issue of such Debentures, Debentures with
an equivalent aggregate principal amount that were presented by the Property Trustee to the
Trustee will be deemed to have been canceled.

     (b) A Global Debenture may be transferred, in whole but not in part, only by the Depositary to
another nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a
nominee of such successor Depositary. The Depositary shall initially be The Depository Trust
Company, New York, New York.

     (c) Except as otherwise provided in or pursuant to this First Supplemental Indenture, a Global
Debenture shall be exchangeable for Debentures in definitive registered form only if

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(i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary
and a successor Depositary is not appointed by the Company within 90 days of the date the Company
is so informed in writing or becomes aware of such condition, (ii) the Depository ceases to be
registered as a “clearing agency” under the Securities Exchange Act of 1934, as amended, (iii) an
Event of Default, as defined in the Indenture, has occurred and is continuing with respect to the
Debentures, or (iv) the Company, in its sole discretion, determines that the Debentures shall no
longer be represented by such Global Debenture. Upon the occurrence of any of (i) through (iv)
above, the Company shall execute and, subject to Article II of the Indenture, the Trustee, upon
written notice from the Company, shall authenticate and deliver the Debentures in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Debenture in exchange for such Global Debenture. In the
event the Company determines that the Debentures shall no longer be represented by a Global
Debenture pursuant to clause (iv) above, the Company shall execute and, subject to Section 3.05 of
the Indenture, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination
by the Company, shall authenticate and deliver the Debentures in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal
amount of the Global Debenture in exchange for such Global Debenture. Upon the exchange of the
Global Debenture for such Debentures in definitive registered form without coupons, in authorized
denominations, the Global Debenture shall be canceled by the Trustee. Such Debentures in definitive
registered form issued in exchange for the Global Debenture shall be registered in such names and
in such authorized denominations as the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Debt
Securities to the Depositary for delivery to the Persons in whose names such Debt Securities are so
registered.

     Section 2.5 Interest.

     (a) Each Debenture will bear interest at a rate of (A) 5.00% per annum for the period from and
including December 11, 2009 to but excluding February 15, 2014, and (B) 9.00% per annum thereafter
(the “Coupon Rate”) until the principal thereof is paid or made available for payment, and to the
extent that payment of such interest is enforceable under applicable law, on any overdue
installment of interest at the applicable Coupon Rate, compounded quarterly, payable quarterly in
arrears on each February 15, May 15, August 15 and November 15 (each, an “Interest Payment Date”), commencing on February 15, 2010, to the Person in whose name such Debenture or any predecessor
Debenture is registered at the close of business on the relevant record date, which will be, as
long as the Capital Securities are in book-entry form (or, if no Capital Securities remain
outstanding, as long as the Debentures remain in book-entry form), one Business Day prior to the
relevant Interest Payment Date and, in the event the Capital Securities are not in book-entry form
(or, if no Capital Securities remain outstanding, in the event the Debentures are not in book-entry
form), the last day of the month next preceding each Interest Payment Date, except as otherwise
provided pursuant to the provisions of Article IV.

     (b) The amount of interest payable for any period less than a full quarterly interest period
shall be computed on the basis of a 360-day year of twelve 30-day months and the actual days
elapsed in a partial month in such period. The amount of interest payable for any full quarterly
interest period shall be computed by dividing the applicable rate per annum by four. In the event
that any date on which interest is payable on the Debentures is not a Business Day,

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then payment of interest payable on such date will be made on the next succeeding day which is a
Business Day (and without any interest or other payment in respect of any such delay).

     Section 2.6 Forms of Declaration and Guarantee Agreement.

     The Declaration shall be substantially in the form set forth in Exhibit B and the Guarantee
Agreement shall be substantially in the form set forth in Exhibit C.

     Section 2.7 Events of Default

     The Event of Default described in Section 5.1(d) of the Indenture shall not apply to the
Debentures.

ARTICLE III

REDEMPTION OF THE DEBENTURES

     Section 3.1 Optional Redemption.

     The Debentures are redeemable at the option of the Company at any time, subject to the
approval of the Appropriate Federal Banking Agency, at a redemption price (the “Redemption Price”)
equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon (including
Compound Interest, if any) to the date of redemption.

     Section 3.2 Redemption Procedures.

     Notice of any redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder of Debentures to be prepaid at its registered address. Unless the
Company defaults in payment of the Redemption Price, on and after the redemption date interest
shall cease to accrue on such Debentures called for redemption. If the Debentures are only
partially redeemed pursuant to Section 3.1, the Debentures will be redeemed pro rata or by lot or
by any other method utilized by the Trustee; provided that if at the time of redemption the
Debentures are registered as a Global Debenture, the Depositary shall determine, in accordance
with its procedures, the principal amount of such Debentures held by each Depositary participant
to be redeemed. The Redemption Price shall be paid prior to 12:00 noon, New York time, on the date
of such redemption or at such earlier time as the Company determines; provided that the Company
shall deposit with the Trustee an amount sufficient to pay the Redemption Price by 10:00 a.m., New
York time, on the date such Redemption Price is to be paid.

     Section 3.3 No Sinking Fund.

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

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ARTICLE IV

EXTENSION OF INTEREST PAYMENT PERIOD

     This Article IV and the provisions set forth in the form of Debenture, but not the provisions
of Section 3.13 of the Indenture, shall apply to the deferral of interest on the Debentures:

     Section 4.1 Extension of Interest Payment Period.

     Provided that no Event of Default has occurred and is continuing, the Company shall have the
right, at any time and from time to time during the term of the Debentures, to defer payments of
interest by extending the interest payment period of such Debentures for a period not exceeding 20
consecutive quarterly periods (the “Extended Interest Payment Period”), during which Extended
Interest Payment Period no interest shall be due and payable. To the extent permitted by applicable
law, interest, the payment of which has been deferred because of the extension of the interest
payment period pursuant to this Section 4.1, will bear interest thereon at the Coupon Rate
compounded quarterly for each quarter of the Extended Interest Payment Period (“Compound
Interest”). At the end of the Extended Interest Payment Period, the Company shall pay all interest
accrued and unpaid on the Debentures, including any Compound Interest (together, “Deferred
Interest”) that shall be payable to the Holders in whose names the Debentures are registered in the
Security Register on the record date for the first Interest Payment Date after the end of the
Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period,
the Company may further extend such period, provided that such period together with all such
previous or further extensions thereof shall not exceed 20 consecutive quarterly periods. Upon the
termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest
then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing
requirements. No interest shall be due and payable during an Extended Interest Payment Period,
except at the end thereof, but the Company may prepay at any time all or any portion of the
interest accrued during an Extended Interest Payment Period.

     Section 4.2 Notice of Extension.

     (a) If the Property Trustee is the only registered Holder at the time the Company selects an
Extended Interest Payment Period, the Company shall give written notice to the Property Trustee and
the Trustee of its selection of such Extended Interest Payment Period one Business Day before the
earlier of (i) the next succeeding date on which Distributions on the Trust Securities issued by
the Trust are payable, or (ii) if the Debentures are then listed on the Nasdaq National Market or
other national securities exchange, the date the Company is required to give notice of the record
date, or the date such Distributions are payable to such organization or to holders of the Capital
Securities issued by the Trust.

     (b) If the Property Trustee is not the only Holder at the time the Company selects an Extended
Interest Payment Period, the Company shall give the Holders of the Debentures notice of its
election of such Extended Interest Payment Period not later than the tenth Business Day prior to
the next succeeding Interest Payment Date; provided that if the Debentures are then

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listed on the Nasdaq National Market or other national securities exchange and the Company is
required to give notice of the record date or the Interest Payment Date to such organization or to
Holders of the Debentures prior to such date, the Company shall give notice of its election at
least one Business Day prior to the date it is required to give such notice of the record date.

     (c) The quarterly period in which any notice is given pursuant to paragraphs (a) or (b) of
this Section 4.2 shall be counted as one of the 20 quarterly periods permitted in the maximum
Extended Interest Payment Period permitted under Section 4.1.

     Section 4.3 Limitation of Transactions.

     If the Company shall exercise its right to defer payment of interest as provided in Section
4.1 and the Extended Interest Payment Period is continuing, the Company shall be subject to the
limitations set forth in Section 10.8 of the Indenture.

ARTICLE V

EXPENSES

     Section 5.1 Payment of Expenses.

     In connection with the offering, sale and issuance of the Debentures to the Property Trustee
and in connection with the sale of the Trust Securities by the Trust (including the exchange of
the Capital Securities for the Series A Preferred Stock), the Company, in its capacity as borrower
with respect to the Debentures, shall:

     (a) pay all costs and expenses relating to the offering, sale and issuance of the Trust
Securities and the Debentures, including any exchange fees payable pursuant to the Exchange
Agreement and compensation of the Trustee under the Indenture in accordance with the provisions of
Section 6.7 of the Indenture;

     (b) be responsible for and shall pay all debts and obligations (other than with respect to the
Trust Securities) and all costs and expenses of the Trust (including, but not limited to, costs and
expenses relating to the organization, maintenance and dissolution of the Trust, the fees and
expenses (including reasonable counsel fees and expenses) of the Property Trustee, the Delaware
Trustee and the Administrative Trustees (including any amounts payable under Article VIII of the
Declaration), the costs and expenses relating to the operation of the Trust, including without
limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services,
expenses for printing and engraving and computing or accounting equipment, paying agent(s),
exchange rate agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone and
other telecommunications expenses and costs and expenses incurred in connection with the
acquisition, financing and disposition of Trust assets and the enforcement by the Property Trustee
of the rights of the holders of the Capital Securities issued by the Trust);

     (c) be liable for any indemnification obligations arising with respect to the Declaration; and

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     (d) pay any and all taxes (other than United States withholding taxes attributable to the
Trust or its assets) and all liabilities, costs and expenses with respect to such taxes of the
Trust.

     The Company’s obligations under this Section 5.1 shall be for the benefit of, and shall be
enforceable by, any Person to whom such debts, obligations, costs, expenses and taxes are owed (a
“Creditor”) whether or not such Creditor has received notice hereof. Any such Creditor may enforce
the Company’s obligations under this Section 5.1 directly against the Company and the Company
irrevocably waives any right or remedy to require that any such Creditor take any action against
the Trust or any other Person before proceeding against the Company. The Company agrees to execute
such additional agreements as may be necessary or desirable in order to give full effect to the
provisions of this Section 5.1.

     The provisions of this Section shall survive the resignation or removal of the Trustee and
the satisfaction and discharge of this First Supplemental Indenture.

     Section 5.2 Payment Upon Resignation or Removal.

     Upon termination of this First Supplemental Indenture or the Indenture or the removal or
resignation of the Trustee, unless otherwise stated, the Company shall pay to the Trustee all
amounts accrued to the date of such termination, removal or resignation that are payable pursuant
to Section 6.7 of the Indenture. Upon termination of the Declaration or the removal or resignation
of the Delaware Trustee or the Property Trustee, as the case may be, pursuant to Section 8.10 of
the Declaration, the Company shall pay to the Delaware Trustee or the Property Trustee, as the
case may be, all amounts accrued to the date of such termination, removal or resignation.

ARTICLE VI

COVENANT TO LIST ON EXCHANGE

     Section 6.1 Listing on an Exchange.

     If the Debentures are distributed to the holders of the Trust Securities issued by the Trust,
and the Capital Securities are then so listed, the Company will use its commercially reasonable
efforts to list such Debentures on the Nasdaq National Market or with another organization on
which the Capital Securities of the Trust are then listed.

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ARTICLE VII

FORM OF DEBENTURE

     Section 7.1 Form of Debenture.

     The Debentures, and the Trustee’s Certificate of Authentication to be endorsed thereon, are
to be substantially in the forms attached hereto as Exhibit A.

ARTICLE VIII

ORIGINAL ISSUE OF DEBENTURES

     Section 8.1 Original Issue of Debentures.

     Debentures in the aggregate principal amount of $69,100,000, may, upon execution of this First
Supplemental Indenture or upon any written order of the Company setting forth the amount therefor,
be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Debentures to or upon the written order of the Company,
signed by its Chairman of the Board, its President, any Senior Executive Vice President, any
Executive Vice President or any Senior Vice President and its Secretary or any Assistant Secretary,
without any further action by the Company.

ARTICLE IX

MISCELLANEOUS

     Section 9.1 Ratification of Indenture.

     The Indenture, as supplemented by this First Supplemental Indenture, is in all respects
ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the
Indenture in the manner and to the extent herein and therein provided.

     Section 9.2 Trustee Not Responsible for Recitals.

     The recitals herein contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no representation as to
the validity or sufficiency of this First Supplemental Indenture.

     Section 9.3 Governing Law.

     This First Supplemental Indenture and each Debenture shall be deemed to be a contract made
under the internal laws of the State of New York, and for all purposes shall be construed in
accordance with the laws of such State without regard to conflicts of laws principles.

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     Section 9.4 Separability.

     In case any one or more of the provisions contained in this First Supplemental Indenture or in
the Debentures shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this First
Supplemental Indenture or of the Debentures, but this First Supplemental Indenture and the
Debentures shall be construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

     Section 9.5 Counterparts.

     This First Supplemental Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together constitute but one and the same
instrument.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed by their respective officers thereunto duly authorized as of the day and year first
above written.

	 	 	 	 	 	 	 
	 	 	SUPERIOR BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James A. White
 

James A. White
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON 
TRUST COMPANY, N.A., as Trustee

 	 
	 	By:  	/s/ Charles S. Northen IV
 	 
	 	 	Name:  	Charles S. Northen IV 	 
	 	 	Title:  	Authorized Signatory 	 
	 

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EXHIBIT A

(FORM OF FACE OF DEBENTURE)

     The following legend applies if this Security is a Global Security: Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in such other name as
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such
other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

     This Security is not a deposit or other obligation of a depository institution and is not
insured by the Federal Deposit Insurance Corporation or any other governmental agency.

CUSIP NO.                                                    
                                                                            PRINCIPAL AMOUNT: $

REGISTERED NO.

SUPERIOR BANCORP

Fixed Rate Perpetual Junior Subordinated Debentures, Series A

     Superior Bancorp, a corporation duly organized and existing under the laws of the State of
Delaware (hereinafter called the “Company,” which term includes any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to pay to ,                 , or
registered assigns, interest on the principal sum of                Dollars
($                ) from December 11, 2009 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for quarterly (subject to deferral as set forth herein) on
February 15, May 15, August 15 and November 15 of each year commencing February 15, 2010, at a rate
of (A) 5.00% per annum for the period from and including December 11, 2009 to but excluding
February 15, 2014, and (B) 9.00%per annum thereafter (the “Coupon Rate”), together with Additional
Sums, if any, as provided in Section 10.7 of the Indenture, until the principal hereof is paid or
made available for payment; provided, however, that any overdue installment of interest (after
giving effect to any Extension Period permitted by this Security) shall bear Additional Interest at
the Coupon Rate (to the extent that the payment of such interest shall be legally enforceable),
compounded quarterly, from the date such installment was due until it is paid or made available for
payment. The amount of interest payable for any period less than a full quarterly interest period
shall be computed on the basis of a 360-day year of twelve 30-day months and the actual days
elapsed in a partial month in such period. The amount of interest payable for any full quarterly
interest period shall be computed by dividing the applicable rate per annum by four. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the last calendar day (whether or not a Business Day, as defined below) of
the month next preceding such Interest Payment Date. If an

A-1

 

Interest Payment Date is not a Business Day, interest on this Security shall be payable on the
next day that is a Business Day, with the same force and effect as if made on such Interest
Payment Date, and without any interest or other payment with respect to the delay. “Business Day”
as used hereinabove is a day other than a Saturday, a Sunday or any other day on which banking
institutions in Birmingham, Alabama or New York, New York are authorized or required by law,
regulation or executive order to remain closed or are customarily closed.

     Any interest not punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not more than 15 days and not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture.

     So long as no Event of Default has occurred and is continuing, the Company shall have the
right, at any time during the term of this Security, from time to time to defer the payment of
interest on this Security for up to 20 consecutive quarterly interest payment periods with respect
to each deferral period (each an “Extension Period”), during which Extension Period the Company
shall have the right to make a partial payment of interest on any Interest Payment Date, at the end
of which the Company shall pay all interest then accrued and unpaid including any Additional
Interest, as provided below; provided, however, that no Extension Period may end other than at the
end of a full quarterly interest period; and provided, further, however, that during any such
Extension Period, the Company shall not (i) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank
pari passu in all respects with or junior in interest to this Security (except for any partial
payments of interest with respect to and permitted under the Securities of this series), or (ii)
declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company’s capital stock (other than (a)
repurchases, redemptions or other acquisitions of shares of capital stock of the Company in
connection with any employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more employees, officers, directors, consultants or independent contractors,
in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with
the issuance of capital stock of the Company (or securities convertible into or exercisable for
such capital stock) as consideration in an acquisition transaction entered into prior to the
applicable Extension Period, (b) as a result of an exchange, redemption or conversion of any class
or series of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for
any other class or series of the Company’s capital stock or of any class or series of the Company’s
indebtedness for any class or series of the Company’s capital stock, (c) the purchase of fractional
interests in shares of the Company’s capital stock pursuant to the conversion or exchange
provisions of such capital stock or the security being converted or exchanged, (d) any declaration
of a dividend in connection with any Rights Plan, or the issuance of rights, stock or other
property under any Rights Plan, or the redemption or repurchase of rights pursuant thereto, (e)
payments by the Company under the Guarantee Agreement, or (f) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or the

A-2

 

 

stock issuable upon exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to such stock). Prior to the
termination of any such Extension Period, the Company may extend such Extension Period and further
defer the payment of interest, provided that no Extension Period shall exceed 20 consecutive
quarterly interest payment periods or end other than at the end of a full quarterly interest
period. Upon the termination of any such Extension Period and upon the payment of all accrued and
unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company may
elect to begin a new Extension Period, subject to the above conditions. No interest or Additional
Interest shall be due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during such Extension Period
shall bear Additional Interest (to the extent that the payment of such interest shall be legally
enforceable) at the Coupon Rate, compounded quarterly and calculated as set forth in the first
paragraph of this Security, from the dates on which amounts would otherwise have been due and
payable until paid or made available for payment. The Company shall give the Holder of this
Security and the Trustee notice of its election to begin any Extension Period at least one Business
Day prior to the next succeeding Interest Payment Date on which interest on this Security would be
payable but for such deferral or, so long as such Securities are held by or on behalf of Superior
Capital Trust II, at least one Business Day prior to the earlier of (i) the next succeeding date on
which Distributions on the Capital Securities of such Issuer Trust would be payable but for such
deferral, and (ii) the date on which the Property Trustee of such Issuer Trust is required to give
notice to holders of such Capital Securities of the record date or the date such Distributions are
payable.

     Payment of interest, including Additional Interest, on this Security will be made in
immediately available funds at the office or agency of the Company maintained for that purpose in
the City of Birmingham, Alabama, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, payment of interest may be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or, upon
written request of a Holder of $1,000,000 or more in aggregate principal amount of Securities of
this series not less than 15 calendar days prior to the applicable Interest Payment Date, by wire
transfer to such account as may have been designated by such Person. Payment of principal of and
interest, including Additional Interest, on this Security upon its redemption will be made against
presentation of this Security at the office or agency of the Company maintained for that purpose
in the City of Birmingham, Alabama.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature or its duly authorized agent under the Indenture
referred to on the reverse hereof by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

A-3

 

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

DATED:

	 	 	 	 	 	 	 
	 	 	SUPERIOR BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

[SEAL]

	 	 	 	 	 
	Attest:
	 	 	 	 
	 

	 	 

Secretary
	 	 

A-4

 

 

TRUSTEE’S CERTIFICATE

OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

     Dated:                     

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST	 	 
	 	 	COMPANY, N.A., as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 	 	 
	 

	 	OR	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	  ,	 	 
	 	 	as Authenticating Agent for the Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

[Reverse of Debenture]

SUPERIOR BANCORP

FIXED RATE JUNIOR SUBORDINATED DEBENTURES, SERIES A

     This Security is one of a duly authorized issue of junior subordinated securities of the
Company (herein called the “Securities”), issued and to be issued in one or more series under an
indenture dated as of December 11, 2009, as amended or supplemented from time to time (herein
called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A.
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, limited in aggregate principal amount to $69,100,000. All terms used in this Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

     The Securities are redeemable at the option of the Company at any time, subject to the
approval of the Appropriate Federal Banking Agency, at a redemption price (the “Redemption Price
”) equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon
(including Compound Interest, if any) to the date of redemption.

A-5

 

 

     The Securities of this series are not subject to repayment at the option of the Holder
hereof. The Securities of this series will not be entitled to any sinking fund.

     The indebtedness evidenced by the Securities of this series is, to the extent and in the
manner set forth in the Indenture, subordinate and subject in right of payment to the prior
payment in full of the principal of and premium, if any, and interest on all Senior Debt of the
Company, and each Holder of the Securities of this series, by accepting the same, agrees to and
shall be bound by the provisions of the Indenture with respect hereto. The Securities of this
series shall rank on a parity with all Trust Related Securities, including, without limitation,
the Guarantee Agreement related to the Fixed Rate Capital Securities of Superior Capital Trust II.

     If an Event of Default, as defined in the Indenture, with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of all series to be affected, acting together. The Indenture also contains
provisions permitting the Holders of a majority in principal amount of the Securities of all series
at the time Outstanding affected by certain provisions of the Indenture, acting together, on behalf
of the Holders of all Securities of such series, to waive compliance by the Company with those
provisions of the Indenture. Certain past defaults under the Indenture and their consequences may
be waived under the Indenture by the Holders of a majority in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series. All
of the rights of the Holders set forth in this paragraph are subject to the rights of the holders
of Capital Securities as set forth in the Indenture. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

     The provisions contained in Sections 4.1 and 4.3 and Article XVII of the Indenture for
defeasance of the entire indebtedness on this Security and certain restrictive covenants and
certain Events of Default do not apply to this Security.

     Upon due presentment for registration of transfer of this Security at the office or agency of
the Company in the City of Birmingham, Alabama, a new Security or Securities of this series in
authorized denominations of $1,000 or integral multiples thereof for an equal aggregate principal
amount will be issued to the transferee in exchange herefor, as provided in the Indenture and
subject to the limitations provided therein and to the limitations described below, without charge
except for any tax or other governmental charge imposed in connection therewith.

     If this Security is a Global Security, this Security is exchangeable for definitive
Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to
be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a
successor

A-6

 

 

depositary is not appointed within 90 days, (y) the Company in its sole discretion determines that
this Security shall no longer be represented by Global Securities, or (z) an Event of Default with
respect to the Securities represented hereby has occurred and is continuing. If this Security is
exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive
Securities in registered form, bearing interest, including Additional Interest, at the same rate,
having the same date of issuance, redemption provisions and other terms and of authorized
denominations aggregating a like amount.

     If this Security is a Global Security, this Security may not be transferred except as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this global Security will not be entitled to receive physical delivery of
Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

     Subject to the rights of holders of Senior Debt of the Company set forth in this Security and
the Indenture referred to above, no reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest, including any Additional
Interest, on this Security at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to
the contrary.

     No recourse shall be had for the payment of the principal of or the interest, including
Additional Interest, on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against
any incorporator, stockholder, officer or director, as such, past, present or future, of the
Company or any successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by
the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived
and released.

A-7

 

 

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

TEN COM — as tenants in common

TEN ENT — as tenants by the entireties

JT TEN — as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT —

	 	 	 	 	 	Custodian	 	 	 	 
	 

	 	 

(Cust)
	 	 
	 	 	 	 

(Minor)
	 	 

	 	 	 	 	 
	Under Uniform Gifts to Minors Act	 	 
	 
	 	 	 	 
	(State)

	 	 	 	 

     Additional abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

Please Insert Social Security or Other

Identifying Number of Assignee

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	(Please print or type name and address including postal zip code of Assignee)	 

the within Security of Superior Bancorp and does hereby irrevocably constitute and appoint
               attorney to transfer the said Security on the books of the Company, with full power of
substitution in the premises.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.

A-8exv4w26

Exhibit
(4) - 26

GUARANTEE AGREEMENT

by and between

SUPERIOR BANCORP,

as Guarantor

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Guarantee Trustee

relating to

SUPERIOR CAPITAL TRUST II

Dated as of December 11, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 
	Section 1.1 Definitions

	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	TRUST INDENTURE ACT

	 
	 	 	 	 
	Section 2.1 Trust Indenture Act; Application

	 	 	4	 
	Section 2.2 List of Holders

	 	 	4	 
	Section 2.3 Reports by the Guarantee Trustee

	 	 	4	 
	Section 2.4 Periodic Reports to the Guarantee Trustee

	 	 	4	 
	Section 2.5 Evidence of Compliance with Conditions Precedent

	 	 	5	 
	Section 2.6 Events of Default; Waiver

	 	 	5	 
	Section 2.7 Event of Default; Notice

	 	 	5	 
	Section 2.8 Conflicting Interests

	 	 	5	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

	 
	 	 	 	 
	Section 3.1 Powers and Duties of the Guarantee Trustee

	 	 	5	 
	Section 3.2 Certain Rights of Guarantee Trustee

	 	 	6	 
	Section 3.3 Compensation; Indemnity; Fees

	 	 	8	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	GUARANTEE TRUSTEE

	 
	 	 	 	 
	Section 4.1 Guarantee Trustee; Eligibility

	 	 	8	 
	Section 4.2 Appointment, Removal and Resignation of the
Guarantee Trustee

	 	 	9	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	GUARANTEE

	 
	 	 	 	 
	Section 5.1 Guarantee

	 	 	9	 
	Section 5.2 Waiver of Notice and Demand

	 	 	9	 
	Section 5.3 Obligations Not Affected

	 	 	10	 
	Section 5.4 Rights of Holders

	 	 	10	 
	Section 5.5 Guarantee of Payment

	 	 	10	 
	Section 5.6 Subrogation

	 	 	10	 
	Section 5.7 Independent Obligations

	 	 	11	 

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	COVENANTS AND SUBORDINATION
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Subordination

	 	 	11	 
	Section 6.2 Pari Passu Guarantees

	 	 	11	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	TERMINATION
	 	 	 	 
	 
	 	 	 	 
	Section 7.1 Termination

	 	 	11	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 8.1 Successors and Assigns

	 	 	12	 
	Section 8.2 Amendments

	 	 	12	 
	Section 8.3 Notices

	 	 	12	 
	Section 8.4 Benefit

	 	 	13	 
	Section 8.5 Governing Law

	 	 	13	 
	Section 8.6 Counterparts

	 	 	13	 
	Section 8.7 Incorporation by Reference

	 	 	13	 
	Section 8.8 Waiver of Jury Trial

	 	 	13	 
	Section 8.9 Force Majeure

	 	 	13	 

ii

 

 

     GUARANTEE AGREEMENT, dated as of December 11, 2009, between SUPERIOR BANCORP, a
Delaware corporation (the “Guarantor”), having its principal office at 17 North Twentieth Street,
Birmingham, Alabama 35203, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking
association, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined
herein) from time to time of the Capital Securities (as defined herein) of SUPERIOR CAPITAL TRUST
II, a Delaware statutory trust (the “Issuer Trust”).

RECITALS

     WHEREAS, pursuant to an Amended and Restated Declaration of Trust and Trust Agreement, of even
date herewith (the “Trust Agreement”), among Superior Bancorp, as Depositor, the Property Trustee,
the Delaware Trustee, and the Administrative Trustees (each as named therein) and the holders from
time to time of undivided beneficial interests in the assets of the Issuer Trust, the Issuer Trust
is issuing $69,000,000.00 aggregate Liquidation Amount (as defined in the Trust Agreement) of its
Fixed Rate Trust Preferred Securities (liquidation amount $1,000 per capital security) (the
“Capital Securities”), representing preferred undivided beneficial interests in the assets of the
Issuer Trust and having the terms set forth in the Trust Agreement; and

     WHEREAS, the Capital Securities will be issued by the Issuer Trust, and the proceeds thereof,
together with the proceeds from the issuance of the Issuer Trust’s Common Securities (as defined
herein), will be used to purchase the Debentures of the Guarantor, which Debentures will be
deposited with The Bank of New York Mellon Trust Company, N.A., as Property Trustee under the
Trust Agreement, as trust assets; and

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

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

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions

     For all purposes of this Guarantee Agreement, except as otherwise expressly provided or
unless the context otherwise requires:

     (a) The terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;

     (b) All other terms used herein that are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein;

     (c) The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”;

     (d) All accounting terms used but not defined herein have the meanings assigned to them in
accordance with United States generally accepted accounting principles;

     (e) Unless the context otherwise requires, any reference to an “Article” or a “Section” refers
to an Article or a Section, as the case may be, of this Guarantee Agreement; and

1

 

     (f) The words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other
subdivision.

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

     “Board of Directors” means the board of directors of the Guarantor or any committee of the
board of directors of the Guarantor, comprised of one or more members of the board of directors of
the Guarantor or officers of the Guarantor, or both.

     “Capital Securities” has the meaning specified in the recitals to this Guarantee Agreement.

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

     “Debentures” shall have the meaning specified in the Trust Agreement.

     “Distributions” shall have the meaning specified in
the Trust Agreement.

     “Event of Default” means (i) a default by the Guarantor in any of its payment obligations
under this Guarantee Agreement or (ii) a default by the Guarantor in any other obligation
hereunder that remains unremedied for 30 days.

     “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or supplemented
from time to time.

     “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Capital Securities, to the extent not paid or made by or on behalf of the Issuer
Trust: (i) any accumulated and unpaid Distributions required to be paid on the Capital Securities,
to the extent the Issuer Trust shall have funds on hand available therefor at such time; (ii) the
Redemption Price with respect to any Capital Securities called for redemption by the Issuer Trust,
to the extent the Issuer Trust shall have funds on hand available therefor at such time; and (iii)
upon a voluntary or involuntary dissolution, winding-up or liquidation of the Issuer Trust, unless
Debentures are distributed to the Holders, the lesser of (a) the Liquidation Distribution with
respect to the Capital Securities, to the extent that the Issuer Trust shall have funds on hand
available therefor at such time, and (b) the amount of assets of the Issuer Trust remaining
available for distribution to Holders on liquidation of the Issuer.

     “Guarantee Trustee” means The Bank of New York Mellon Trust Company, N.A., solely in its
capacity as Guarantee Trustee and not in its individual capacity, until a Successor Guarantee
Trustee has been appointed and has accepted such appointment pursuant to the terms of this
Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee.

     “Guarantor” has the meaning specified in the first paragraph of this Guarantee Agreement.

     “Holder” means any Holder (as defined in the Trust Agreement) of any Capital Securities;
provided, however, that in determining whether the holders of the requisite percentage of Capital
Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include
the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee.

     “Indenture” means the Junior Subordinated Indenture, dated as of December 11, 2009, between
Superior Bancorp and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented
by the First Supplemental Indenture, dated as of December 11, 2009, between Superior Bancorp and
The Bank of New York Mellon Trust Company, N.A., as the same may be modified, amended or
supplemented from time to time.

2

 

     “Issuer Trust” has the meaning specified in the first paragraph of this
Guarantee Agreement.

     “Liquidation Distribution” shall have the meaning
specified in the Trust Agreement.

     “List of Holders” has the meaning specified
in Section 2.2(a).

     “Majority in Liquidation Amount of the Capital Securities” means, except as provided by the
Trust Indenture Act, Capital Securities representing more than 50% of the aggregate Liquidation
Amount (as defined in the Trust Agreement) of all Capital Securities then Outstanding (as defined
in the Trust Agreement).

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
Chairman or a Vice Chairman of the Board of Directors of such Person or the President or a Vice
President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee Agreement shall include:

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

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

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

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

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

     “Redemption Price” shall have the meaning set forth in the Trust Agreement.

     “Responsible Officer” means, with respect to the Guarantee Trustee, any Senior Vice
President, any Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer or
any other officer of the Corporate Trust Department of the Guarantee Trustee and also means, with
respect to a particular matter, any other officer to whom such matter is referred because of that
officer’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Guarantee Agreement.

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

     “Trust Agreement” means the Amended and Restated Declaration of Trust and Trust Agreement of
the Issuer Trust referred to in the recitals to this Guarantee Agreement, as modified, amended or
supplemented from time to time.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Guarantee Agreement was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

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     “Vice
President,” when used with respect to the Guarantor, means any duly appointed vice
president, whether or not designated by a number or a word or words added before or after the
title “vice president.”

ARTICLE II 

TRUST INDENTURE ACT

     Section 2.1 Trust Indenture Act; Application.

     (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that
are required to be part of this Guarantee Agreement and shall, to the extent applicable, be
governed by such provisions.

     (b) Except as otherwise expressly provided herein, if and to the extent that any provision of
this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

     (c) The application of the Trust Indenture Act to this Guarantee Agreement shall not affect
the nature of the Capital Securities as equity securities representing undivided beneficial
interests in the assets of the Issuer Trust.

     Section 2.2 List of Holders.

     (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a)
semiannually, on or before January 31 and July 31 of each year, a list, in such form as the
Guarantee Trustee may reasonably require, of the names and addresses of the Holders (a “List of
Holders”) as of a date not more than 15 days prior to the delivery thereof, and (b) at such other
times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the
Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the
time such list is furnished, in each case to the extent such information is in the possession or
control of the Guarantor and has not otherwise been received by the Guarantee Trustee in its
capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

     (b) The
Guarantee Trustee shall comply with the requirements of
Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act.

     Section 2.3 Reports by the Guarantee Trustee.

     Not later than [February 28] of each year, commencing in 2010, the Guarantee Trustee
shall provide to the Holders such reports as are required by Section 313 of the Trust Indenture
Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. If
this Guarantee Agreement shall have been qualified under the Trust Indenture Act, the Guarantee
Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture Act.

     Section 2.4 Periodic Reports to the Guarantee Trustee.

     The Guarantor shall provide to the Guarantee Trustee and the Holders such documents,
reports and information, if any, as required by Section 314 of the Trust Indenture Act and the
compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the
manner and at the times required by Section 314 of the Trust Indenture Act, provided that such
documents, reports and information shall be required to be provided to the Securities and Exchange
Commission only if this Guarantee Agreement shall have been qualified under the Trust Indenture
Act. In such event, delivery of such reports, information and documents to the Guarantee Trustee
shall be for informational purposes only and the Guarantee Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Guarantee Trustee shall be entitled to rely exclusively on Officers’
Certificates).

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     Section 2.5 Evidence of Compliance with Conditions Precedent.

     The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with
such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer of the Guarantor pursuant to
Section 314(c)(1) may be given in
the form of an Officers’ Certificate.

     Section 2.6 Events of Default; Waiver.

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

     Section 2.7 Event of Default; Notice.

     (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of
Default known to the Guarantee Trustee, transmit by mail, first class postage prepaid, to the
Holders, notice of any such Event of Default known to the Guarantee Trustee, unless such Event of
Default has been cured before the giving of such notice, provided that, except in the case of a
default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the Holders.

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

     Section 2.8 Conflicting Interests.

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

ARTICLE III

POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     Section 3.1 Powers and Duties of the Guarantee Trustee.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of
the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person
except to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Guarantee Trustee hereunder. The right, title and interest of the Guarantee
Trustee, as such, hereunder shall automatically vest in any Successor Guarantee Trustee, upon
acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Guarantee Trustee.

     (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce
this Guarantee Agreement for the benefit of the Holders.

     (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Guarantee Agreement (including pursuant to Section 2.1), and no
implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an
Event of Default has occurred (that has not been cured or

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waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and
powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its
exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs.

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

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

     (A) the duties and obligations of the Guarantee Trustee shall be determined
solely by the express provisions of this Guarantee Agreement (including pursuant to
Section 2.1), and the Guarantee Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Guarantee Agreement (including pursuant to Section 2.1); and

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

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

     (iii) the Guarantee Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a Majority in Liquidation Amount of the Capital Securities relating to the
time, method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee
under this Guarantee Agreement; and

     (iv)
subject to Section 3.1(b), no provision of this Guarantee Agreement shall require
the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights
or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms of
this Guarantee Agreement or adequate indemnity against such risk or liability is not
reasonably assured to it.

     Section 3.2 Certain Rights of Guarantee
Trustee.

     (a) Subject to the provisions of
Section 3.1:

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

     (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement
shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed
herein.

     (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee
Trustee shall deem it desirable that a matter be proved or established before taking,
suffering or omitting to take

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any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically
prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an
Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be
promptly delivered by the Guarantor.

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

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

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

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

     (viii) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall
deem it desirable to receive instructions with respect to enforcing any remedy or right or taking
any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders,
(B) may refrain from enforcing such remedy or right or taking such other action until such
instructions are received, and (C) shall be protected in acting in accordance with such
instructions.

     (ix) The Guarantee Trustee shall not be liable for any action taken, suffered, or omitted to
be taken by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Agreement.

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

     (xi) The Guarantee Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Guarantee Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received by the Guarantee
Trustee at the Corporate Trust Office of the Guarantee Trustee, and such notice references the
Capital Securities and this Guarantee Agreement.

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     (xii) The rights, privileges, protections, immunities and benefits given to the
Guarantee Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Guarantee Trustee and each agent and other Person
employed to act hereunder.

     (xiii) The Guarantee Trustee may request that the Guarantor deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to
take specified actions pursuant to this Guarantee Agreement.

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

     Section 3.3 Compensation;
Indemnity; Fees.

     The Guarantor agrees:

     (a) to pay to the Guarantee Trustee from time to time such compensation for all services
rendered by it hereunder as may be agreed in writing by the Guarantor and the Guarantee Trustee
from time to time (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

     (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon
request for all reasonable expenses, disbursements and advances incurred or made by the Guarantee
Trustee in accordance with any provision of this Guarantee Agreement (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

     (c) to indemnify the Guarantee Trustee, any Affiliate of the Guarantee Trustee and any
officer, director, shareholder, employee, representative or agent of the Guarantee Trustee (each,
an “Indemnified Person”) for, and to hold each Indemnified Person harmless against, any loss,
liability or expense incurred without negligence or willful misconduct on the part of the
Indemnified Person, arising out of or in connection with the acceptance or administration of this
Guarantee Agreement, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder.

     The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as
a result of any amount due to it under this Guarantee Agreement.

     The provisions of this Section 3.3 shall survive the termination of this Guarantee Agreement
or the resignation or removal of the Guarantee Trustee.

ARTICLE IV

GUARANTEE TRUSTEE

     Section 4.1 Guarantee Trustee; Eligibility.

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

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

     (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and has a combined capital and surplus of at least $50,000,000, and shall be a corporation
meeting the requirements

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of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of its supervising or
examining authority, then, for the purposes of this Section 4.1 and to the extent permitted
by the Trust Indenture Act, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published.

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

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

     Section 4.2 Appointment, Removal and Resignation of the Guarantee Trustee.

     (a) Subject to Section 4.2(c), the Guarantee Trustee may be appointed or removed at any
time (i) by the Guarantor with or without cause at any time when an Event of Default has not
occurred and is continuing, or (ii) by the action of the Holders of a Majority in Liquidation
Amount of the Capital Securities delivered to the Guarantee Trustee and the Guarantor (x) for cause
or (y) if a Debenture Event of Default (as defined in the Trust Agreement) shall have occurred and
be continuing at any time.

     (b) Subject to Section 4.2(c), the Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by giving written notice thereof to the Holders and the Guarantor.

     (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee
Trustee shall have been appointed and shall have accepted such appointment. No removal or
resignation of a Guarantee Trustee shall be effective until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and, in the case of any resignation, the resigning
Guarantee Trustee.

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

ARTICLE V

GUARANTEE

     Section 5.1 Guarantee.

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

     Section 5.2 Waiver of Notice and Demand.

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

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     Section 5.3 Obligations Not Affected.

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

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

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

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

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

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

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

     (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor (other than payment of the underlying obligation), it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and
unconditional under any and all circumstances.

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

     Section 5.4 Rights of Holders.

     The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be
deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee
Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the
Holders of a Majority in Liquidation Amount of the Capital Securities have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Guarantee
Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the
Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal
proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement
without first instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust or
any other Person.

     Section 5.5 Guarantee of Payment.

     This Guarantee Agreement creates a guarantee of payment and not of collection. This
Guarantee Agreement will not be discharged except by payment of the Guarantee Payments in full
(without duplication of amounts theretofore paid by the Issuer Trust) or upon the distribution of
Debentures to Holders as provided in the Trust Agreement.

     Section 5.6 Subrogation.

     The Guarantor shall be subrogated to all rights (if any) of the Holders against the
Issuer Trust in respect of any amounts paid to the Holders by the Guarantor under this Guarantee
Agreement; provided, however, that the

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

     Section 5.7 Independent Obligations.

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

ARTICLE VI

COVENANTS AND SUBORDINATION

     Section 6.1 Subordination.

     The obligations of the Guarantor under this Guarantee Agreement will constitute
unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to
all Senior Debt (as defined in the Indenture) of the Guarantor to the extent and in the manner set
forth in the Indenture with respect to the Debentures, and the provisions of Article Eighteen of
the Indenture will apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The
obligations of the Guarantor hereunder do not constitute Senior Debt (as defined in the Indenture)
of the Guarantor.

     Section 6.2 Pari Passu Guarantees.

     The
obligations of the Guarantor under this Guarantee Agreement shall
rank pari passu
with the obligations of the Guarantor under (i) any similar guarantee agreements issued by the
Guarantor on behalf of the holders of preferred or capital securities issued by any statutory
trust, (ii) the Indenture and the Debt Securities (as defined therein) issued thereunder; (iii)
any expense agreements entered into by the Guarantor in connection with the offering of preferred
or capital securities by any statutory trust, and (iv) any other security, guarantee or other
agreement or obligation that is expressly stated to rank pari passu with the obligations of the
Guarantor under this Guarantee Agreement or with any obligation that ranks pari passu with the
obligations of the Guarantor under this Guarantee Agreement.

ARTICLE VII

TERMINATION

     Section 7.1 Termination.

     This Guarantee Agreement shall terminate and be of no further force and effect upon (i)
full payment of the Redemption Price of all Capital Securities, (ii) the distribution of
Debentures to the Holders in exchange for all of the Capital Securities or (iii) full payment of
the amounts payable in accordance with Article IX of the Trust Agreement upon liquidation of the
Issuer Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be
effective or will be reinstated, as the case may be, if at any time any Holder is required to
repay any sums paid with respect to Capital Securities or this Guarantee Agreement.

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ARTICLE VIII

MISCELLANEOUS

     Section 8.1 Successors and Assigns.

     All guarantees and agreements contained in this Guarantee Agreement shall bind the
successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to
the benefit of the Holders of the Capital Securities then outstanding. Except in connection with a
consolidation, merger or sale involving the Guarantor that is permitted under Article Eight of the
Indenture and pursuant to which the successor or assignee agrees in writing to perform the
Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder, and
any purported assignment other than in accordance with this provision shall be void.

     Section 8.2 Amendments.

     Except with respect to any changes that do not adversely affect the rights of the Holders
in any material respect (in which case no consent of the Holders will be required), this Guarantee
Agreement may only be amended with the prior approval of the Holders of not less than a Majority in
Liquidation Amount of the Capital Securities. The provisions of Article VI of the Trust Agreement
concerning meetings of the Holders shall apply to the giving of such approval.

     Section 8.3 Notices.

     Any notice, request or other communication required or permitted to be given hereunder
shall be in writing, duly signed by the party giving such notice, and delivered, telecopied or
mailed by first class mail as follows:

     (a) if given to the Guarantor, to the address or telecopy number set forth below or such other
address or telecopy number as the Guarantor may give notice to the Guarantee Trustee and the
Holders:

Superior Bancorp

17 North Twentieth Street

Birmingham, Alabama 35203

Attention: James A. White

Telecopy: (205) 488-3335

     (b) if given to the Guarantee Trustee, to the address or telecopy number set forth below or
such other address or telecopy number as the Guarantee Trustee may give notice to the Guarantor and
Holders:

The Bank of New York Mellon Trust Company, N.A.

505 North Twentieth Street, Suite 950

Birmingham, Alabama 35203

Attention: Corporate Trust Administration

Telecopy: (205) 328-7169

with a copy to:

Superior Capital Trust II

c/o Superior Bancorp

17 North Twentieth Street

Birmingham, Alabama 35203

Attention: James A. White

Telecopy: (205) 488-3335

     (c) if given to any Holder, at the address set forth on the books and records of the Issuer
Trust.

12

 

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

     Section 8.4 Benefit.

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

     Section 8.5 Governing Law.

     THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

     Section 8.6 Counterparts.

     This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and
the same instrument.

     Section 8.7 Incorporation by Reference.

     In connection with its appointment and acting hereunder, the Guarantee Trustee is
entitled to all rights, privileges, protections, benefits, immunities and indemnities provided to
it as Property Trustee under the Trust Agreement.

     Section 8.8 Waiver of Jury Trial.

     EACH OF THE GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE AGREEMENT, THE CAPITAL SECURITIES OR THE
TRANSACTION CONTEMPLATED HEREBY.

     Section 8.9 Force Majeure.

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

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     IN WITNESS WHEREOF, the parties hereto have executed this Guarantee Agreement as of the day
and year first above written.

	 	 	 	 	 	 	 
	 	 	SUPERIOR BANCORP,	 	 
	 	 	as Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James A. White
 

	 	 
	 

	 	Name:
	 	James A. White	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST	 	 
	 	 	COMPANY, N.A., as Guarantee Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles S. Northen IV
 

	 	 
	 

	 	 	 	Authorized Signature	 	 

14

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