Document:

EX-10.5

 Exhibit 10.5 

AMERICAN NATIONAL BANK & TRUST 

LOAN AGREEMENT 
 This loan
Agreement (this “Agreement”) is made and entered into to be effective as of March 10, 2021, by and between AMERICAN NATIONAL BANK & TRUST (“Lender”) and THIRD COAST BANCSHARES, INC., a Texas
corporation (“Borrower”). 
 Borrower has applied to Lender for a loan (“Loan”) in an amount of up to
$30,875,000.00, as a revolving line of credit, to consolidate the existing loan balance with lender of $20,875,000 and new funds of $10,000,000 to provide funds for capital injections into Bank to support future growth and/or holding company
expenditures, and to be secured by the stock of Bank, together with other collateral as herein described. To evidence the Loan, Borrower has, of even date herewith, executed and delivered, or caused to be delivered, to Lender a Promissory Note
(“Note”) in the original maximum stated principal amount of the Loan, and various other Loan Documents (as defined below), including a Pledge Agreement (“Pledge Agreement”) executed by Borrower covering the property
therein described. In connection with the Loan, and in consideration of lender’s commitment to fund proceeds of the Loan, the parties hereby agree as follows: 

1.     Definitions. Defined terms used in this Loan Agreement (“Agreement”) shall have the meanings
ascribed to them in Exhibit A attached hereto. 
 2.    Repayment of loan. Borrower shall repay the Loan,
plus accrued interest thereon, as provided in the Note. All payments of principal, interest and other amounts to be paid under this Agreement, the Note, and the other Loan Documents shall be made to Lender at its office at 1500 W. 7th Street, Fort Worth, Texas 76102 (or such other location as Lender advises Borrower in writing), in lawful currency of the United States of America and in immediately available funds. Whenever any
payment hereunder or under the Note shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business Day and interest shall continue to accrue during such extension. Borrower may prepay the Note
in whole or part at any time without premium or penalty, but with accrued interest to the date of prepayment on the amount so prepaid, provided that partial prepayments shall be applied to the principal of the Loan in the inverse order of the
required principal payments set forth in the Note and below. Lender shall have no obligation or commitment to renew the Loan. Lender will, however, consider renewing the Loan if (a) the financial condition of Borrower and Bank is satisfactory
to Lender, in its sole discretion, (b) no Event of Default, and no event that with the giving of notice or lapse of time or both would constitute an Event of Default, shall have occurred and be continuing, and (c) Borrower shall have made
payments of all principal and accrued interest owing during the term of the Loan in accordance with the Note. 
 3. Collateral. To
secure full and complete payment and performance of the Obligations, Borrower shall execute and deliver or cause to be executed and delivered the documents described below covering the collateral described in this Section (which, together with any
other property and collateral which may now or hereafter secure the Obligations or any part thereof, is sometimes herein called the “Collateral”): 

(a)    Borrower shall grant to Lender a first priority security interest in one hundred percent (100%) of
the capital stock of the Bank, including common and preferred stock, now owned or hereafter acquired by Borrower, and all products and proceeds thereof, pursuant to the Pledge Agreement (the “Pledged Stock”). Lender shall retain
possession of the certificate or certificates representing the Pledged Stock, together with stock powers duly executed in blank by Borrower. 

(b)     Borrower shall execute and cause to be executed such further documents and instruments, including,
without limitation, Uniform Commercial Code financing statements, as Lender, in 

  

			
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its reasonable discretion, deems necessary or desirable to evidence and perfect its liens and security interests in the Collateral. 

4.    Distributions. If Borrower shall be entitled to receive or shall receive any stock certificate (including,
without limitation, any certificate representing a stock dividend or distribution in connection with any reclassification, increase, or reduction of capital, or issued in connection with any reorganization), option or rights, whether as an addition
to, in substitution of, or in exchange for any shares of any Pledged Stock, Borrower agrees to accept the same as Lender’s agent and to hold the same in trust on behalf of and for the benefit of Lender and to deliver the same forthwith to
Lender in the exact form received, with the endorsement of Borrower where necessary and/or appropriate undated stock powers duly executed in blank, to be held by Lender, subject to the terms of the Pledge Agreement, as additional Collateral. 

5.    Setoff. Lender shall have the right to set off and apply against the Obligations in such manner as Lender may
determine, without notice to Borrower, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from Lender to Borrower whether or not the Obligations are then due. As further
security for the Obligations, Borrower hereby grants to Lender a security interest in all money, instruments, and other property of Borrower now or hereafter held by Lender, including, without limitation, property held in safekeeping. In addition to
Lender’s right of setoff and as further security for the Obligations, Borrower hereby grants to Lender a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of Borrower now or
hereafter on deposit with or held by Lender and all other sums at any time credited by or owing from Lender to Borrower. The rights and remedies of Lender hereunder are in addition to other rights and remedies (including, without limitation, other
rights of setoff) which Lender may have. 
 6.A.     Conditions Precedent. The obligation of Lender to make the
Loan is subject to the condition precedent that Lender shall have received all of the following, each dated (unless otherwise indicated) the date hereof, in form and substance satisfactory to Lender, unless otherwise waived by Lender in writing:

 (a)     Articles of Incorporation of Borrower. True, correct, current, and complete Articles of
Incorporation (or Certificate of Formation, as applicable) of the Borrower, certified as true and correct by an officer of Borrower. 

(b)     Bylaws. True, correct, current, and complete Bylaws of the Borrower, certified as true and
correct by an officer of Borrower. 
 (c)     Certificate of Officer and Incumbency. Resolutions
of the Board of Directors of Borrower certified by an officer, which resolutions authorize the execution, delivery and performance of this Agreement, the Note, and the other Loan Documents, together with a certificate of incumbency certifying the
names of the officers of Borrower authorized to sign this Agreement, the Note, and the other Loan Documents, together with specimen signatures of such officers. 

(d)     Governmental Certificates. A (i) certificate of the appropriate government official of
the state of incorporation of Borrower as to the existence of Borrower, dated within ten (10) days prior to the date hereof, and (ii) copy of the good standing certificate of Borrower (or, if in Texas, the Franchise Tax Account Status page
from the website of the Texas Comptroller of Public Accounts), showing an active right to transact business, reflecting a print date within ten (10) days prior to the date hereof. 

(e)     Note. The Note executed by Borrower. 

(f)      Pledge Agreement. The Pledge Agreement executed by Borrower. 

(g)     Pledged Stock. The original certificates representing the Pledged Stock, accompanied by
stock powers duly executed in blank by Borrower (or an agreement from Borrower to timely provide same, in a form acceptable to Lender). 

  

			
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 (h)     Articles of Association and Bylaws. True,
correct, current, and complete articles of association and bylaws of Bank. 
 (i)     Federal Reserve
Approval. A copy of the written authorization of the Board of Governors of the Federal Reserve System granting approval for the formation of Borrower as a bank holding company and authorizing Borrower’s ownership of the Bank. 

(j)    Opinion of Counsel. If requested by Lender, a favorable opinion of legal counsel to Borrower
as to such matters as Lender may reasonably request. 
 (k)    Additional Information. Such
additional documents, instruments, and information as Lender or its legal counsel may request. 
 6.B.     Conditions
Precedent to All Advances. To the extent the Loan includes advances which may be made after the Closing Date, the obligation of the Lender to thereafter make any advance under the Loan is subject to the following additional conditions precedent:

 (a)     Advance Request Form. Lender shall have received an advance request form in a form
satisfactory to Lender, dated the date of such advance, executed by an authorized officer of the Borrower; 

(b)     No Default. No Event of Default, and no event which with the giving of notice or lapse of
time or both would be an Event of Default, shall have occurred and be continuing, or would result from such advance; 

(c)     Representations and Warranties. All of the representations and warranties contained in the
Loan Documents shall be true and correct on and as of the date of such advance with the same force and effect as if such representations and warranties had been made on and as of such date; 

(d)     No Material Adverse Change. No material adverse change in the business, condition (financial
or otherwise), operations, performance, properties or prospects of the Borrower or any of its Subsidiaries shall have occurred since December 31, 2020; 

(e)     Additional Documentation. Lender shall have received such additional approvals or documents
as the Lender or its legal counsel may reasonably request; and 
 (f)     Terms. Lender shall have
reviewed and approved the terms and conditions of the use of proceeds of the advance to be made, including loan review of Bank and any target(s) to be acquired. 

7.     Representations and Warranties. To induce Lender to enter into this Agreement, Borrower represents and
warrants to Lender that: 
 (a)    Borrower (i) is a corporation duly organized, validly existing,
and in good standing under the laws of Texas; (ii) has all requisite corporate power to own assets and carry on its business as now being or as proposed to be conducted; and (iii) is qualified to do business in all jurisdictions in which
the nature of its business makes such qualification necessary and where failure to so qualify would have a material adverse effect on its business, financial condition, or operations. Borrower has the corporate power and authority to execute,
deliver, and perform its obligations under this Agreement and the other Loan Documents to which it is or may become a party. The Bank is a state savings bank duly organized, validly existing, and in good standing under the applicable laws of the
United States and the State of Texas. 
 (b)    The borrowing hereunder and the execution, delivery and
performance by Borrower of this Agreement, the Note and the other Loan Documents have been duly authorized by all necessary action of Borrower and are not in contravention of any law, rule or regulation or of the terms of any agreement or instrument
to which Borrower is a party or by which it may be bound or of Borrower’s articles of incorporation or bylaws. 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 3

 (c)    This Agreement, the Note and the other Loan
Documents to which Borrower is a party, when delivered, shall constitute the legal, valid, and binding obligation of Borrower, as the case may be, enforceable against Borrower, as the case may be, in accordance with their respective terms, except as
limited by bankruptcy, insolvency, or other laws of general application relating to the enforcement of creditors’ rights. 

(d)     Each financial statement of Borrower and Bank herewith or heretofore delivered to Lender was
prepared in conformity with GAAP and truly disclosed Borrower’s and Bank’s financial condition (including all of Borrower’s and Bank’s contingent liabilities) as of the date thereof and the results of its operations for the
period covered thereby, and there has been no material adverse change in Borrower’s or Bank’s financial condition and operations subsequent to the date of the most recent financial statement of Borrower and Bank delivered to Lender. 

(e)     No litigation or governmental proceeding is pending, or, to the knowledge of Borrower, threatened
against or affecting Borrower or Bank, which may result in any material adverse change in Borrower’s or Bank’s business, properties or operations. 

(f)     Borrower has no Debt except Debt to Lender and as described on Schedule 1 hereto, if any.
None of Borrower’s or Bank’s assets are subject to any Lien except Liens to Lender and as disclosed on Schedule 2 hereto, if any. Borrower owns, and with respect to Collateral acquired after the date hereof, Borrower will own,
legally and beneficially, the Collateral free of any lien or claim or any right or option on the part of any third party to purchase or otherwise acquire the Collateral or any part thereof, except for the security interest granted to Lender pursuant
to the Security Agreement. The Collateral is not subject to any restriction on transfer or assignment except for compliance with applicable federal and state securities laws and regulations promulgated thereunder. Borrower has the unrestricted right
to pledge the Collateral as contemplated by the Loan Documents. All of the Collateral has been duly and validly issued and is fully paid and nonassessable. The Pledged Stock constitutes one hundred percent (100%) of the issued and outstanding
shares of common capital stock of Bank. There are no existing subscriptions, options, warrants, calls, or rights (including preemptive rights) to acquire, and no existing Debt, securities, or other instruments convertible into or exchangeable
for, capital stock of the Bank. 
 (g)    No certificate or statement herewith or heretofore delivered by
Borrower to Lender in connection herewith, or in connection with any transaction contemplated hereby, contains any untrue statement of a material fact or fails to state any material fact necessary to keep the statements contained therein from being
misleading. 
 (h)     No authorization, approval, or consent of, and no filing or registration with, any
court, governmental authority, or third party is or will be necessary for the execution, delivery, or performance by Borrower of this Agreement and the other Loan Documents to which Borrower is or may become a party or the validity or enforceability
thereof. 
 (i)     Neither Borrower nor any Subsidiary is in violation in any material respect of any
law, rule, regulation, order, or decree of any court, governmental authority, or arbitrator or any agreement to which such Person is a party. 

(j)    Borrower has no Subsidiaries other than Bank. 

(k)    Immediately after the consummation of the transactions to occur on the date hereof and immediately
following the making of each advance hereunder, if any, made on the date hereof and after giving effect to the application of the proceeds of such advances, (i) the fair value of the assets of the Borrower and its Subsidiaries on a consolidated
basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis; ( ii) the present fair saleable value of the assets and properties of the
Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis on their debts and other liabilities,

  

			
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subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be able to pay their
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to
conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the date hereof. 

(I)     The Borrower does not intend to, or to permit any of its Subsidiaries to, and does not believe that
it or any of the Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be
payable on or in respect of its Debt or the Debt of any such Subsidiary. 
 8.     Affirmative Covenants.
Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding or Lender has any commitment hereunder, Borrower will observe and perform the following positive covenants, unless Lender shall otherwise consent in
writing: 
 (a)    Borrower will keep and cause Bank to keep adequate books and records, in accordance
with GAAP, of all of its transactions so that at any time, and from time to time, its true and complete financial condition may be readily determined, and, at Lender’s request, make such books and records available for Lender’s inspection
and permit Lender to make and take away copies thereof. 
 (b)     Within forty-five (45) days after
the end of each calendar quarter, commencing with the calendar quarter ending March 31, 2021, Borrower will promptly furnish to Lender a certificate of the Chief Executive Officer or Chief Financial Officer of Borrower stating that to the best of
such officer’s knowledge, no Event of Default has occurred and is continuing,( or if an Event of Default has occurred and is continuing, a statement as to the nature thereof and the action which is proposed to be taken with respect thereto),
and showing in reasonable detail the calculations demonstrating compliance with Sections 8 and 9 hereof. 

(c)    As soon as available, and in any event within forty-five (45) days after the end of each
calendar quarter, commencing with the calendar quarter ending March 31, 2021, Borrower will furnish to Lender a watch list or other reports identifying the Classified Assets and Criticized Assets of Bank. 

(d)     By no later than February 1st of each and
every year during the term of the Loan, Borrower shall and shall cause Bank to create and deliver to Lender a comprehensive and detailed fiscal budget for the forthcoming year, such budget to include projected cash flow information and a pro forma
balance sheet. 
 (e)    As soon as available, Borrower will furnish to Lender one copy of each financial
statement, report, notice, or proxy statement sent by Borrower or Bank to its stockholders generally and one copy of each regular, periodic or special report, registration statement, or prospectus filed by Borrower with any securities exchange or
the Securities and Exchange Commission or any successor entity, and any material order issued by any court, governmental authority, or arbitrator in any proceeding to which Borrower or Bank is a party. 

(f)     Borrower will promptly inform Lender of any litigation against Borrower or Bank or affecting any of
Borrower’s or Bank’s property, if such litigation or potential litigation might, in the event of an unfavorable outcome, have a material adverse effect on Borrower’s or Bank’s financial condition or might cause an Event of
Default. 
 (g)     Borrower will promptly furnish to Lender, at Lender’s request and within
Lender’s sole discretion, such additional financial or other information concerning the assets, liabilities, operations and transactions of Borrower and/or Bank as Lender may from time to time request. 

  

			
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 (h)     Borrower will promptly pay when due any and all
taxes, assessments and governmental charges upon Borrower or Bank or against any of Borrower’s or Bank’s property, unless the same is being contested in good faith by appropriate proceedings and reserves deemed adequate by Lender have been
established therefor. 
 (i)    Borrower will promptly pay all lawful claims, whether for labor,
materials or otherwise, which could, if unpaid, become a lien or charge on any property or assets of Borrower or Bank, unless and to the extent only that the same are being contested in good faith by appropriate proceedings and reserves deemed
adequate by Lender have been established therefor. 
 (j)     Borrower will maintain its and Bank’s
existence and promptly comply and cause Bank to promptly comply with all laws, statutes, ordinances, governmental regulations, agreements, contracts, and instruments applicable to or binding upon it or to any of its property, business, operations
and transactions. 
 (k)     Borrower will maintain, and cause Bank to maintain, with financially sound
and reputable insurance companies or associations, insurance of the kinds, covering the risks and in the relative proportionate amounts, usually carried by companies engaged in businesses similar to that of Borrower and Bank (such insurance to be in
any event in such amounts and covering such risks as shall be satisfactory to Lender), and, at Lender’s request, deliver to Lender evidence of the maintenance of such insurance. 

(l)    Borrower will preserve and maintain all licenses, privileges, franchises, certificates and the like
necessary for the operation of its business. 
 (m)     Borrower will cause Bank to maintain federal
deposit insurance and to be a member of the Federal Deposit Insurance Corporation. 
 (n)     Borrower
will promptly furnish to Lender written notice of (i) the issuance of any notice of charges, cease and desist order (temporary or otherwise) or order to take affirmative action by any governmental or regulatory authority against Borrower or
Bank or any director, officer, employee, agent, or other person participating in the conduct of the affairs of Borrower or Bank, (ii) the service of any notice of intention to remove from office or notice of intention to suspend from office by
any governmental or regulatory authority upon any director or officer of Borrower or Bank, (iii) the issuance of a notice of termination of the status of Bank as an insured bank under the Federal Deposit Insurance Corporation Act, as amended,
or (iv) the commencement of any action, issuance of any order, or the occurrence of any other event between any governmental or regulatory authority the result of which would prohibit, limit or otherwise in any manner restrict the payment of
dividends or flow of monies or benefits from Bank. 
 (o)     Borrower shall deliver to Lender, as soon
as received by Borrower, yearly reviews of the loan portfolio of Bank, which shall be performed by an independent third party acceptable to Lender. 

(p)     Borrower shall deliver, or cause to be delivered, to Lender, as soon as possible upon receipt, but
in any event within one hundred twenty (120) days of year end, annual audited financial statements of Borrower and Bank, commencing with the year ending December, 2020. 

9.     Negative Covenants. Borrower covenants and agrees that, as long as the Obligations or any part thereof are
outstanding or Lender has any commitment hereunder, Borrower will perform and observe the following negative covenants, unless Lender shall otherwise consent in writing: 

(a)     Provided that the result of any such action would not, on a proforma basis (as reasonably
determined by Lender following receipt of information supplied by Borrower as requested by Lender), cause a violation of any of the covenants herein, Borrower will not reorganize, merge, consolidate with, or permit Bank to reorganize, merge, or
consolidate with, or acquire all or substantially 

  

			
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all of the assets of, any other company, firm or association, or make any other substantial change in its capitalization or character of its business. 

(b)    Borrower will not and will not permit    Bank to sell, lease, pledge,
hypothecate, or otherwise dispose of or transfer any rights in any of its assets used or useful in its business, except in the regular course of business for reasonably equivalent cash consideration. 

(c)    Borrower will not permit the Classified Assets of Bank to at any time exceed fifty percent (50%) of
the Tier 1 Capital plus allowance for loan and lease losses of Bank. (8.0%). 
 (d)     Borrower will not
permit Bank’s Leverage Ratio to at any time be less than eight percent 
 (e)    Borrower will not
permit Bank’s Tier 1 Risk-Based Capital Ratio to at any time be less than nine and one-half percent (9.5%); 

(f)     Borrower will not permit Bank’s Total Risk-Based Capital Ratio to at any time be less than ten
and one-half percent (10.5%). 
 (g)    Borrower will not permit
Bank’s Return on Average Assets to be less than one-half percent ((10.5%)) for any fiscal quarter, annualized on a
year-to-date basis. 

(h)    Borrower will not permit Bank’s Tangible Equity Capital to be less than $125,000,000.00.. 

(i)    Borrower will not permit Bank to enter into any speculative activities or securities hedging 

(j)     Borrower will not allow Bank’s Texas Ratio to be more than fifty percent (50%). 

(k)    Borrower will not permit Bank to enter into any speculative activities or securities hedging, nor
permit Bank to sell, pledge, or otherwise hypothecate any of its assets that are outside of the normal operations of Bank. 

(l)    Borrower will not prepay, or permit Bank to prepay, any Debt except the Obligations. 

(m)     Borrower will not make, and will not permit Bank to make, any change in accounting treatment or
reporting practices, except as required by GAAP. 
 (n)    Borrower will not make, and will not permit
any Subsidiary other than Bank to make, any advance, loan, extension of credit, or capital contribution to or investment in, or purchase, or permit any Subsidiary other than Bank to purchase, any stock, bonds, notes, debentures, or other securities
of any Person, except: 
 (i)    readily marketable direct obligations of the United States of America;

 (ii)    fully insured certificates of deposit with maturities of one year or less from the date of
acquisition of any commercial bank operating in the United States; and 
 (iii)    commercial paper of a
domestic issuer if at the time of purchase such paper is rated in one of the two highest rating categories of Standard and Poor’s Corporation or Moody’s Investors Service. 

(o)    Borrower will not incur, create, assume, or permit to exist any Lien upon any of its property,
assets or revenues, whether now owned or hereafter acquired, except Liens in favor of Lender (provided, however, that the foregoing shall not apply to Liens for taxes which are not delinquent or which are being contested in good faith [with bond or
other security reasonably acceptable to Lender if Lender so requires], mechanic’s and materialmen’s Liens with respect to obligations which are not 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 7

 
overdue or which are being contested in good faith, and Liens resulting from deposits to secure the payments of workers’ compensation or other social security or to secure the performance of
bids or contracts in the ordinary course of business). 
 (p)     Borrower will not make any change in
its organizational documents or its fiscal year, nor permit Bank to do so, without the prior written consent of lender. 

(q)     The total aggregate Debt of Borrower shall not exceed fifty percent (50%) of the Total Equity
Capital of Borrower without Lender’s consent. Further, the Bank shall not incur any Debt outside the course of normal historical business operations. 

(r)     Borrower shall not allow its Debt Service Coverage Ratio to be less than 1.5 x measured
quarterly (but on an annualized basis) upon receipt of and based upon financial information delivered in accordance with Section 8. 

10.     Event of Default. Each of the following shall be deemed an “Event of Default”: 

(a)    Borrower shall fail to pay or perform, when due, the Obligations or any part thereof and such
payment remains outstanding more than five (5) days from the date of when due. 
 (b)     A cease
and desist order shall be issued or shall be drafted or recommended against the Bank by any regulatory authority. 

(c)     Any representation or warranty made or deemed made by the Borrower, Bank, or any Obligated Party in
any loan Document or in any certificate, report, notice, or financial statement furnished at any time in connection with this Agreement shall be false, misleading, or erroneous in any material respect when made or deemed to have been made. 

(d)     Borrower, Bank, or any Obligated Party shall fail to perform, observe, or comply with any non-monetary covenant, agreement or term contained in this Agreement or any other loan Document and such failure remains outstanding more than thirty {30) days after receipt of written notice from Lender of such
failure. 
 (e)    Borrower, Bank, or any Obligated Party shall commence a voluntary proceeding seeking
liquidation, reorganization, or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship, or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian, conservator, or other similar official of it or a substantial part of its property or shall consent to any such relief or to the appointment of or taking possession by any such official in such a proceeding commenced against
it or shall make a general assignment for the benefit of creditors or shall generally fail to pay its debts as they become due or shall take any corporate action to authorize any of the foregoing or shall be subject to any proceeding to accomplish a
comparable arrangement. 
 (f)     An involuntary proceeding shall be commenced against the Borrower,
Bank, or any Obligated Party seeking liquidation, reorganization, or other relief with respect to it or its debts under any bankruptcy, insolvency, receivership, conservatorship, or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian, conservator, or other similar official for it or a substantial part of its property, and such involuntary proceeding shall remain undismissed and unstayed for a period of sixty
(60) days. 
 (g)    Borrower, Bank, or any Obligated Party shall fail to discharge within a period
of thirty (30) days after the commencement thereof any attachment, sequestration, or similar proceeding involving an amount in excess of Twenty-Five Thousand Dollars ($25,000.00) against any of its assets or properties, unless such proceeding
is being contested diligently and in good faith and adequate reserves have been established. 

  

			
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 (h)     Borrower, Bank, or any Obligated Party shall
fail to satisfy and discharge promptly any judgment against it for the payment of money in an amount in excess of Twenty-Five Thousand Dollars ($25,000.00) unless such judgment is being contested diligently and in good faith and adequate reserves
have been established. 
 (i)    Borrower, Bank, or any Obligated Party shall fail to pay when due any
principal of or interest on any Debt (other than the Obligations), or the maturity of any such Debt shall have been accelerated, or any such Debt shall have been required to be prepaid prior to the stated maturity thereof, or any event shall have
occurred and be continuing that, with the giving of notice or lapse of time or both, would permit any holder or holders of such Debt or any Person acting on behalf of such holder or holders to accelerate the maturity thereof or require any such
prepayment. 
 (j)     This Agreement or any other Loan Document shall cease to be in full force and
effect or shall be declared null and void or the validity or enforceability thereof shall be contested or challenged by Borrower or any of Borrower’s shareholders, or Borrower shall deny that it has any further liability or obligation under any
of the Loan Documents. 
 (k)     Borrower shall fail, at any time, to own and have pledged to Lender at
least 100% of the issued and outstanding shares of capital stock of Bank, or such security interest in favor of Lender shall at any time fail to be a first priority perfected lien and security interest. 

(l)     A material adverse change in the business, condition (financial or otherwise), operations,
performance, payments or prospects of the Borrower or any of its Subsidiaries or affiliates shall have occurred since the Closing Date. 

11.     Rights of Lender. Upon the occurrence of an Event of Default, Lender may without notice terminate its
commitment to lend hereunder and declare the Obligations or any part thereof to be immediately due and payable, and the same shall thereupon become immediately due and payable, without demand, presentment, notice of dishonor, notice of acceleration,
notice of intent to accelerate, notice of intent to demand, or protest, all of which are hereby expressly waived; provided, however, that upon the occurrence of an Event of Default under Section 10(e) or Section 10(f), the commitment
of Lender to lend hereunder shall automatically terminate, and the Obligations shall become immediately due and payable without notice, demand, presentment, notice of dishonor, notice of acceleration, notice of intent to accelerate, notice of intent
to demand, or protest, all of which are hereby expressly waived. Upon the occurrence of any Event of Default, Lender may exercise all rights and remedies available to it in law or in equity, under the Loan Documents or otherwise. 

12.    Maximum Interest Rate. No provision of this Agreement or of the Note shall require the payment or the
collection of interest in excess of the maximum permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in the Note or otherwise in connection with this loan
transaction, the provisions of this Section shall govern and prevail and neither Borrower nor the sureties, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for use,
forbearance, or detention of sums loaned pursuant hereto. In the event Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the maximum amount permitted by applicable law shall be applied as a
payment and reduction of the principal of the indebtedness evidenced by the Note; and, if the principal of the Note has been paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or
payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (i) characterize any non principal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the
effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the indebtedness evidenced by the Note so that interest for the entire term
does not exceed the Maximum Rate. 
 13.     Applicable Law. This Agreement and all other documents and
instruments executed pursuant hereto or in connection herewith and the transactions contemplated hereby are made and performable in Wichita 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 9

 
County, Texas and shall be governed by and construed in accordance with the laws of the State of Texas and the applicable laws of the United States of America. 

14.     Severability. The unenforceability of any provision of this Agreement shall not affect the enforceability
or validity of any other provision hereof. 
 15.     Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. Delivery of an executed
counterpart by fax or pdf shall be effective as delivery of an original signature. 
 16.     Miscellaneous. No
modification, consent, amendment or waiver of any provision of this Agreement, nor consent to any departure by Borrower therefrom, shall be effective unless the same shall be in writing and signed by an officer of Lender, and then shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on Borrower in any case shall, of itself, entitle Borrower to any other or further notice or demand in similar or other circumstances. No delay or omission by
Lender in exercising any power or right hereunder shall impair any such right or power or be construed as a waiver thereof or any acquiescence therein, nor shall any single or partial exercise of any such power preclude other or further exercise
thereof, or the exercise of any other right or power hereunder. All rights and remedies of Lender hereunder are cumulative of each other and of every other right or remedy which Lender may otherwise have at law or in equity or under any other
contract or document, and the exercise of one or more rights or remedies shall not prejudice or impair the concurrent or subsequent exercise of other rights or remedies. All accounting terms not specifically defined herein shall be construed in
accordance with GAAP on the basis used by Borrower in prior years. This Agreement is binding upon Borrower, its successors and assigns, and inures to the benefit of Lender, its successors and assigns; provided, however, that Borrower may not assign
its rights or obligations hereunder without Lender’s prior written consent. 
 17.     Expenses of Lender.
Borrower agrees to pay on demand all reasonable costs and expenses incurred by Lender in connection with the preparation, negotiation, execution and administration of this Agreement and the other Loan Documents and the transactions contemplated
hereby. Borrower agrees to pay on demand all reasonable costs and expenses incurred by Lender in connection with any and all amendments, modifications, supplements to, and ongoing administration of this Agreement and the other Loan Documents,
including without limitation the reasonable costs and fees of Lender’s legal counsel, and all costs and expenses incurred by Lender in connection with the enforcement or preservation of any rights under this Agreement or any other Loan
Document, including without limitation the reasonable costs and fees of Lender’s legal counsel. 
 18.
    Omitted. 
 19.     INDEMNIFICATION. EXCEPT FOR LENDER’S GROSS NEGLIGENCE OR
WILFUL MISCONDUCT, BORROWER HEREBY INDEMNIFIES LENDER AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS, AND AGENTS FROM, AND HOLDS EACH OF THEM HARMLESS AGAINST, ANY AND ALL LOSSES, LIABILITIES, CLAIMS,
DAMAGES, PENALTIES, JUDGMENTS, COSTS, AND EXPENSES (INCLUDING ATTORNEYS’ FEES) TO WHICH ANY OF THEM MAY BECOME SUBJECT WHICH DIRECTLY OR INDIRECTLY ARISE FROM OR RELATE TO (i) THE NEGOTIATION, EXECUTION, DELIVERY, PERFORMANCE,
ADMINISTRATION, OR ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS, (ii) ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS, (iii) ANY BREACH BY BORROWER OF ANY REPRESENTATION, WARRANTY, COVENANT, OR OTHER AGREEMENT CONTAINED IN ANY OF THE
LOAN DOCUMENTS, OR (iv) ANY INVESTIGATION, LITIGATION, OR OTHER PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY THREATENED INVESTIGATION, LITIGATION, OR OTHER PROCEEDING RELATING TO ANY OF THE FOREGOING. Without limiting any provision of this
agreement or of any other loan document, it is the express intention of the parties hereto that each person to be indemnified under this Section shall be indemnified from and held harmless against any and all losses, liabilities, claims, damages,
penalties, judgments, costs, and expenses (including attorney’s fees) arising out of or resulting from the sole or contributory negligence of the person to be indemnified. 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 10

 20.    Limitation of Liability. Neither Lender nor any affiliate,
officer, director, employee, attorney, or agent of Lender shall have any liability with respect to, and Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential
damages suffered or incurred by Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents.
Borrower hereby waives, releases, and agrees not to sue Lender or any of Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way
related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. 
  

21.    No Duty. All attorneys, accountants, appraisers, and other professional Persons and consultants retained by
Lender shall have the right to act exclusively in the interest of Lender and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature whatsoever to Borrower or any of Borrower’s
shareholders or any other Person. 
 22.    Lender Not Fiduciary. The relationship between Borrower and Lender is
solely that of debtor and creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of the Loan Documents shall be construed so as to deem the relationship between Borrower and Lender to be
other than that of debtor and creditor. 
 23.     Equitable Relief. Borrower recognizes that in the event
Borrower fails to pay, perform, observe, or discharge any or all of the Obligations, any remedy at law may prove to be inadequate relief to Lender. Borrower therefore agrees that Lender, if Lender so requests, shall be entitled to temporary and
permanent injunctive relief in any such case without the necessity of proving actual damages. 
 24.    
Participations. Lender shall have the right at any time and from time to time to grant participations in the Note and any other Loan Documents. Each participant shall be entitled to receive all information received by Lender regarding the
creditworthiness of Borrower, including without limitation, information required to be disclosed to a participant pursuant to Banking Circular 181 (Rev., August 2, 1984), issued by the Comptroller of the Currency (whether the participant is subject
to the circular or not). 
 25.    Notices. All notices and other communications provided for in this Agreement
and the other Loan Documents to which Borrower is a party shall be given or made by telex, telegraph, telecopy, cable, or in writing and telexed, telecopied, telegraphed, cabled, mailed by certified mail return receipt requested, or delivered to the
intended recipient at the “Address for Notices” specified below its name on the signature pages hereof; or, as to any party at such other address as shall be designated by such party in a notice to the other party given in accordance with
this Section. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when transmitted by telex or telecopy, subject to telephone confirmation of receipt, or delivered to the telegraph or cable
office, subject to telephone confirmation of receipt, or when personally delivered or, in the case of a mailed notice, when duly deposited in the mails, in each case given or addressed as aforesaid. 

26.    Defined Terms. Defined terms (i.e., terms delineated with capital letters) not otherwise defined
herein or in Exhibit A shall be given the meanings commonly ascribed to them by the FFIEC, FDIC, state banking authorities, or other authority, as reasonably determined by Lender. 

27.    Omitted. 

28.     Entire Agreement. THIS AGREEMENT, THE NOTE, AND THE OTHER LOAN DOCUMENTS REFERRED TO HEREIN EMBODY THE
FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. The provisions of this Agreement and the other Loan Documents to which Borrower is a party
may be amended or waived only by an instrument in writing signed 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 11

 
by the parties hereto. The terms of this Agreement shall control to the extent of any direct conflict with the terms of the other Loan Documents; however, the parties acknowledge and agree that
the other Loan Documents contain terms supplemental to the terms of this Agreement. 
 29.    WAIVER OF JURY
TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF
OR RELATING TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY OR THE ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF. 

30.    Confidentiality. Except as provided in Section 24, above, Lender agrees that it will not
disclose without the prior written consent of the Borrower (other than to its employees, auditors, accountants, or counsel or any of its affiliates, who shall agree to maintain the confidential nature of such information) any information with
respect to the Borrower or its Subsidiaries which is furnished to it pursuant to this Agreement or any other Loan Document and which (i) the Borrower in good faith considers to be confidential, and (ii) is clearly marked as confidential,
provided that Lender may disclose any such information (a) to any party to this Agreement; (b) to any Person if reasonably necessary to the administration of the Loan Documents; (c) as has been publicly disclosed; (d) as may be
required or appropriate in any report, statement, or testimony submitted to or required by any municipal, state, or federal regulatory body having or claiming to have jurisdiction over the Lender or any of its affiliates or submitted to or required
by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, or similar organizations (whether in the United States of America or elsewhere) or their successors;
(e) pursuant to any summons, subpoena, or other legal process, or in connection with any litigation;(f) in order to comply with any law, order, regulation, ruling, or other governmental requirement; (g) to any actual or proposed assignee,
participant, or other transferee in connection with any other transfer of the Note, any advance under the loan, or any interest therein, provided that such assignee, participant or other transferee agrees to preserve the confidentiality of such
information; or (h) in connection with the exercise of any right or remedy by Lender. 
 31.     USA Patriot Act
Notice. Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title Ill of Pub.L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender to identify
Borrower in accordance with the Act. 
 [SIGNATURE PAGE FOLLOWS] 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 12

 
			
	BORROWER:
	
	THIRD COAST BANCSHARES, INC.
		
	By:	 	/s/ John McWhorter
		 	John McWhorter, Executive Vice President

  

			
	Address for Notices:
	20202 Highway 59 North, Suite 190
	Humble, Texas 77338
	ATTN:    John McWhorter

 LENDER: 
 AMERICAN
NATIONAL BANK & TRUST 

			
		
	By:	 	/s/ Craig Berry
		 	Craig Berry, Executive Vice President

 Address for Notices: 
 1500
W. 7th Street 
 Fort Worth, Texas 76102 

ATTN:     Craig Berry 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Page 13

 EXHIBIT A 

DEFINITIONS 
 The
following definitions are used in the Loan Agreement (“Agreement”) to which this Exhibit A is attached, and any references below to sections shall mean sections of the Agreement. 

“Average Assets” means a year-to-date
average of the average assets reported in the Report of Condition Schedule RC-K. Thus, for the first quarter of the year the average assets from Call Schedule RC-K
quarter will appear, while at the end- of- year, assets for all four quarters would be averaged. 
 “Bank” means
Third Coast Bank, SSB, Humble, Texas, a Texas state-chartered bank. 
 “Book Value” means, at any time for any share
of common stock of Bank, Bank’s Equity Capital divided by the total number of shares of common stock of Bank outstanding at such time. 

“Business Day’’ means any day on which commercial banks are not authorized or required to close in Wichita Falls,
Wichita County, Texas. 
 “Cash Flow” means Net Income of the Borrower. 

“Classified Assets” means, at any particular time, all assets of Bank classified as “Loss,”
“Doubtful,” or “Substandard” or in any equivalent category by Bank or any governmental or regulatory authority. 

“Closing Date” means the effective date shown at the beginning of the Agreement. 

“Collateral” has the meaning specified in Section 3. 

“Criticized Assets” means, at any particular time, all assets of the Bank classified as “Loss,”
“Doubtful,” “Substandard,” or “other Assets Especially Mentioned,” or in any equivalent category by the Bank or any governmental or regulatory authority. 

“Debt” means as to any Person at any time (without duplication): (i) all obligations of such Person for borrowed
money, (ii) all obligations of such Person evidenced by bonds, notes, debentures, or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable of
such Person arising in the ordinary course of business which are not past due by more than ninety (90) days unless such trade accounts payable are being contested in good faith by appropriate proceedings, (iv) all obligations of such Person
under any lease which, in conformity with GAAP, is required to be capitalized for balance sheet purposes, (v) all obligations of such Person under guaranties, endorsements (other than for collection or deposit in the ordinary course of
business), assumptions or other contingent obligations, in respect of, or to purchase or otherwise acquire, any obligation or indebtedness of any other Person, or any other obligation, contingent or otherwise, of such Person directly or indirectly
protecting the holder of any obligation or indebtedness of any other Person against loss (whether by partnership arrangements, agreements to keep well, to purchase assets, goods, securities, or services, to take or pay or otherwise), (vi) all
obligations secured by a Lien existing on property owned by such Person, whether or not the obligations secured thereby have been assumed by such Person or are non recourse to the credit of such Person, (vii) all reimbursement obligations of
such Person (whether contingent or otherwise) in respect of letters of credit, bankers’ acceptances, surety or other bonds and similar instruments, (viii) all liabilities of such Person in respect of unfunded vested benefits under any
employee benefit plan of Borrower or any Subsidiary and (ix) all obligations under interest rate swap and similar hedging agreements. 

“Debt Service Coverage Ratio” means, at any particular time, the ratio of Borrower’s Cash Flow divided by Total
Debt Service. 
 “Equity Capital” means, at any particular time, the total equity capital of the Bank determined in
accordance with the Instructions (the “Call Report Instructions”) to the Reports of Condition and Income (“Call Reports”) as most recently promulgated by the Federal Financial Institutions Examination Council. 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Exhibit A-1

 “Event of Default” has the meaning specified in
Section 10. 
 “GAAP” means generally accepted accounting principles, applied on a consistent basis, as
set forth in Opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants and/or in statements of the Financial Accounting Standards Board and/or their respective successors and which are applicable in the
circumstances as of the date in question. Accounting principles are applied on a “consistent basis” when the accounting principles observed in a current period are comparable in all material respects to those accounting principles applied
in a preceding period. 
 “Lien” means any lien, mortgage, security interest, tax lien, financing statement, pledge,
charge, hypothecation, assignment, preference, priority, or other encumbrance of any kind or nature whatsoever (including, without limitation, any conditional sale or title retention agreement), whether arising by contract, operation of law, or
otherwise. 
 “Loan Documents” means this Agreement and all promissory notes, security agreements, pledge
agreements, guaranties, and other instruments, documents, and agreements now or hereafter executed and delivered pursuant to or in connection with this Agreement and any future renewals, extensions, and amendments hereto or thereto. 

“Maximum Rate” means the maximum rate of nonusurious interest permitted from day to day by applicable law, including
as to Chapter 303, Texas Finance Code, as amended from time to time (and as the same may be incorporated by reference in other Texas statutes), but otherwise without limitation, that rate based upon the “weekly rate ceiling” and calculated
after taking into account any and all relevant fees, payments, and other charges in respect of the Loan Documents which are deemed to be interest under applicable law. 

“Net Income” means net income (loss) attributable to bank, in accordance with the Call Report Instructions. 

“Non-Performing Assets” means loans on nonaccrual, loans on which the interest
rate has been reduced as troubled debt restructurings, loans which have been past due for ninety (90) days or more, and other real estate and other assets which are owned due to foreclosure or as a result of the exercise of legal remedies where
such real estate or other assets were mortgaged or taken as security for loans. 
 “Obligated Party” means Borrower
or any other Person who is or becomes party to any agreement that guarantees or secures payment and performance of the Obligations or any part thereof. 

“Obligations” means all obligations, indebtedness, and liabilities of Borrower to Lender, now existing or hereafter
arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, including, without limitation, the obligations, indebtedness, and liabilities of Borrower under this Agreement, the Note, and the other Loan
Documents, and all interest accruing thereon and all attorneys’ fees and other expenses incurred in the enforcement or collection thereof. 

“Person” means any individual, corporation, business trust, association, company, partnership, joint venture, or other
entity. 
 “Pledge Agreement” means the Pledge Agreement(s) of Borrower in favor of
Lender of even date herewith, as the same may be amended, supplemented, or modified. 
 “Pledged Stock” has the
meaning specified in Section 3(a). 
 “Return on Average Assets” means, for the applicable reporting
period, the ratio, expressed as a percentage, of Bank’s Net Income year-to-date annualized to Bank’s Average Assets determined at the end of the applicable
period being analyzed. 
 “Subsidiary” means any corporation or bank of which more than fifty percent (50%) of the
issued and outstanding securities having ordinary voting power for the election of a majority of directors is owned or controlled, directly or indirectly, by Borrower, by Borrower and one or more other Subsidiaries, or by one or more other
Subsidiaries. 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Exhibit A-2

 “Tangible Equity Capital” means Equity Capital less Goodwill and
Other Intangible Assets of the Bank determined in accordance with the Call Report Instructions. 
 ‘‘Texas
Ratio” means, at any particular time, the ratio of Bank’s Non-Performing Assets to Tangible Equity Capital (plus loan loss reserve if not included therein). 

“Tier 1 Capital” means, at any particular time, the Tier 1 Capital of the Bank determined in accordance with the Call
Report Instructions. 
 “Tier 1 Leverage Ratio” means, at any particular time, the Tier 1 Leverage Ratio of the Bank
determined in accordance with the Call Report Instructions. 
 “Tier 1 Risk-Based Capital Ratio” means, at any
particular time, the Tier 1 Risk-Based Capital Ratio of the Bank determined in accordance with the Call Report Instructions. 

“Total Assets” means, at any particular time, all amounts which, in conformity with GAAP, would be included as assets
on a balance sheet of Bank determined in accordance with the Call Report Instructions. 
 “Total Debt Service”
means, the outstanding balance of the loan, plus interest at the Rate provided in the Note amortized over a one hundred twenty (120) month period. 

“Total Risk-Based Capital Ratio” means, at any particular time, the Total Risk-Based Capital Ratio of the Bank
determined in accordance with the Call Report Instructions. 

  

			
	LOAN AGREEMENT — THIRD COAST BANCSHARES, INC.	  	Exhibit A-3EX-10.6

 Exhibit 10.6 

SUBORDINATED NOTE PURCHASE AGREEMENT 

$11.0 Million Subordinated Promissory Notes 

This Subordinated Note Purchase Agreement (this “Agreement’), dated as of July 29, 2020, is entered into by and
among Third Coast Bancshares, Inc., a Texas corporation (the “Company”), and Carl A. and Lois E. Davis (the “Purchasers”). 

WHEREAS, subject to the terms and conditions set forth herein, the Company wishes to issue and sell to the Purchaser, and the Purchaser
wishes to purchase from the Company, one or more subordinated promissory notes in exchange for the consideration (the “Consideration”) set forth opposite the Purchaser’s name on the signature page hereto. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions.
Capitalized terms not otherwise defined in this Agreement will have the meanings set forth in this Section 1. 
 1.1
“Affiliate” means, (i) with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or
under common control with said Person and their respective Affiliates, and (ii) with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, ten percent (10%) or more of any class of voting or
equity interest of the Company or any Subsidiary of the Company or any Person of which the Company and its Subsidiaries beneficially own or sold, in the aggregate, directly or indirectly, ten percent (10%) or more of any class of voting or equity
interests. 
 1.2 “Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banks in the
State of Texas are generally authorized or required by law or executive order to be closed. 
 1.3 “Commission” means the
Securities and Exchange Commission. 
 1.4 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.5 “Maturity Date” means, with respect to each Note issued under this Agreement, the date set forth in
Section 2.2 of this Agreement. 
 1.6 “Noteholder” means the registered holder of the Note from time to time.

 1.7 “Notes” means the one or more subordinated promissory notes issued to the Purchaser pursuant to
Section 2, the form of which is attached hereto as Exhibit A. 
 1.8 “Person” means an individual, a
corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof or any other entity or organization. 

  
 1 

 1.9 “Record Noteholder” means the Noteholder holding the Note at the close
of business on the Business Day preceding the applicable interest payment date. 
 1.10 “Requisite Noteholders” means the
holders of a majority-in-interest of the aggregate principal amount of the Notes. 

1.11 “Subsidiary” means any corporation or entity which would be a “significant subsidiary” (as defined in Article
1, Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act) of the Company. 

1.12 “Securities Act” means the Securities Act of 1933, as amended. 

2. Purchase and Sale of Notes. 

2.1 Notes and Consideration. In exchange for the Consideration paid by the Purchaser, the Company will sell and issue to the Purchaser
one or more Notes. Each Note will have a principal balance equal to that portion of the Consideration paid by the Purchaser for such Note, as set forth opposite the Purchaser’s name on the signature page hereto. 

2.2 Maturity. Unless sooner paid in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued
interest shall become fully due and payable on July 29, 2022. 
 2.3 Interest Rate. The Notes shall bear interest at a rate
equal to six percent (6.00%) per annum, payable on a quarterly basis. 
 2.4 Interest Payment Dates. The Company will pay to each
Record Noteholder interest on the principal amount of the Notes quarterly in arrears on October 29, January 29, April 29 and July 29, of each year, beginning on October 29, 2020. 

3. Closing. 
 3.1
Closing. The closing of the sale of the Notes in return for the Consideration paid by the Purchaser (the “Closing”) will take place remotely via the exchange of documents and signatures on the date of this Agreement, or at
such other time and place as the Company may determine in its sole discretion. At the Closing, the Purchaser will deliver the Consideration to the Company and the Company will deliver to the Purchaser one or more executed Notes in return for the
respective Consideration provided to the Company. 
 4. Subordination. 

4.1 The indebtedness of the Company evidenced by the Notes shall be subordinate and junior in right of payment to the prior payment in full of
all existing claims of creditors and depositors of the Company, whether now outstanding or subsequently created, assumed or incurred (collectively, “Senior Indebtedness”), which shall consist of principal of (and premium, if any)
and interest, if any, on: (a) all indebtedness of the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other written instruments, and including, but not limited to, deposits of the Company, and all
obligations to the Company’s general and secured creditors; (b) any deferred obligations of the Company for the payment of the purchase price of property or assets 

  
 2 

 
acquired other than in the ordinary course of business; (c) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security
purchase facilities and similar credit transactions; (d) any capital lease obligations of the Company; (e) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts,
currency swap agreements, currency future or option contacts, commodity contracts and other similar arrangements; (f) all obligations of the type referred to in clauses (a) through (e) of other persons for the payment of which the Company
is responsible or liable as obligor, guarantor or otherwise; and (g) all obligations of the types referred to in clauses (a) through (f) of other persons secured by a lien on any property or asset of the Company; except “Senior
Indebtedness” does not include (i) the Notes, (ii) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Notes, (iii) any indebtedness between the Company and any of its
Subsidiaries or Affiliates, or (iv) the Junior Indebtedness (as defined below). The Notes are not secured by any assets of the Company and not covered by a guarantee of the Company or of an Affiliate of the Company. 

4.2 In the event of liquidation of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with such
interest as may be provided by law before any payment shall be made on account of principal of or interest on the Notes. Additionally, in the event of any insolvency, dissolution, assignment for the benefit of creditors, reorganization,
restructuring of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full
before any payment shall be made on account of the principal of or interest on the Notes. In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the Noteholders, together with the
holders of any obligations of the Company ranking on a parity with the Notes, shall be entitled to be paid from the remaining assets of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment or other
distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any present or future obligations of the Company ranking junior to the Notes (collectively, “Junior Indebtedness”). 

4.3 If there shall have occurred and be continuing (a) a default in any payment with respect to any Senior Indebtedness or (b) an
event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments
shall be made by the Company with respect to the Notes. 
 4.4 Nothing herein shall impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on each of the Notes in accordance with its terms. Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the
Notes or which may be junior or senior in rank to the Notes. 
 5. Representations and Warranties of the Company. In
connection with the transactions contemplated by this Agreement, the Company hereby represents and warrants to the Purchaser as follows: 

5.1 Due Organization: Qualification and Good Standing. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Texas and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the
failure to so qualify or to be in good standing would have a material adverse effect on the Company. 

  
 3 

 5.2 Authorization and Enforceability. All corporate action has been taken on the part
of the Company and its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and the Notes. Except as may be limited by applicable bankruptcy, insolvency, reorganization or similar laws
relating to or affecting the enforcement of creditors’ rights, the Company has taken all corporate action required to make all of the obligations of the Company reflected in the provisions of this Agreement and the Notes valid and enforceable
in accordance with their terms. 
 6. Representations and Warranties of the Purchaser. In connection with the transactions
contemplated by this Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 6.1 Authorization. The
Purchaser has full power and authority (and, if the Purchaser is an individual, the capacity) to enter into this Agreement and to perform all obligations required to be performed by it hereunder. This Agreement, when executed and delivered by the
Purchaser, will constitute the Purchaser’s valid and legally binding obligation, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
any other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

6.2 Purchase Entirely for Own Account. The Purchaser acknowledges that this Agreement is made with the Purchaser in reliance upon the
Purchaser’s representation to the Company, which the Purchaser confirms by executing this Agreement, that the Notes will be acquired for investment for the Purchaser’s own account, not as a nominee or agent (unless otherwise specified on
the Purchaser’s signature page hereto), and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By
executing this Agreement, the Purchaser further represents that the Purchaser does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to the Notes. If other than an individual, the Purchaser also represents it has not been organized solely for the purpose of acquiring the Notes. 

6.3 Disclosure of information: Non-Reliance. The Purchaser acknowledges that it has received
all the information it considers necessary or appropriate to enable it to make an informed decision concerning an investment in the Notes. The Purchaser further represents that it has had an opportunity to ask questions and receive answers from the
Company regarding the terms and conditions of the offering of the Notes. The Purchaser confmns that the Company has not given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax,
financial, accounting or otherwise) of an investment in the Notes. In deciding to purchase the Notes, the Purchaser is not relying on the advice or recommendations of the Company and the Purchaser has made its own independent decision that the
investment in the Notes is suitable and appropriate for the Purchaser. The Purchaser understands that no federal or state agency has passed upon the merits or risks of an investment in the Notes or made any finding or determination concerning the
fairness or advisability of this investment. 
 6.4 Investment Experience. The Purchaser is an investor in securities of companies
and acknowledges that it is able to fend for itself, can bear the economic risk of its investment and has 

  
 4 

 
such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment in the Notes. 

6.5 Accredited Investor. The Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act. The Purchaser agrees to furnish any additional information requested by the Company to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Notes. 

6.6 Restricted Securities. The Purchaser understands that the Notes have not been, and will not be, registered under the Securities Act
or any state securities laws, by reason of specific exemptions under the provisions thereof which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed
herein. The Purchaser understands that the Notes are “restricted securities” under U.S. federal and applicable state securities laws and that, pursuant to these laws, the Purchaser may not sell, pledge or otherwise transfer the Notes
unless they are registered with the Commission and registered or qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to
register or qualify the Notes under the Securities Act or the Exchange Act or under any state securities laws. The Purchaser understands that the Company has not made and is not making any representation, warrant or covenant, express or implied, as
to the availability of any exemption from registration under the Securities Act or any applicable state securities law, for the resale, pledge or other transfer of the Notes. The Purchaser further acknowledges that, if an exemption from registration
or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Notes, and on requirements relating to the Company which are outside of the
Purchaser’s control, and which the Company is under no obligation, and may not be able, to satisfy. 
 6.7 No Public Market. The
Purchaser understands that no public market now exists for the Notes and that the Company has made no assurances that a public market will ever exist for the Notes. 

6.8 No General Solicitation. The Purchaser, and its officers, directors, employees, agents, stockholders or partners have not either
directly or indirectly, including through a broker or finder solicited offers for or offered or sold the Notes by means of any form of general solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities
Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. The Purchaser acknowledges that neither the Company nor any other person offered to sell the Notes to it by means of any form of
general solicitation or advertising within the meaning of Rule 502 of Regulation D under the Securities Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. 

6.9 Residence. If the Purchaser is an individual, the Purchaser resides in the state or province identified in the address shown on the
Purchaser’s signature page hereto. If the Purchaser is a partnership, corporation, limited liability company or other entity, the Purchaser’s principal place of business is located in the state or province identified in the address shown
on the Purchaser’s signature page hereto. 
 6.10 Not an Insured Deposit. The Purchaser understands that the indebtedness
provided by the Notes is not a deposit, savings account or other obligation of any bank or savings 

  
 5 

 
association and is not insured by the Federal Deposit Insurance Corporation or any governmental agency or fund. 

6.11 Foreign Investors. If a Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue
Code of 1986, as amended), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Notes or any use of this Agreement, including
(a) the legal requirements within its jurisdiction for the purchase of the Notes; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or other consents that may need to be obtained; and (d) the
income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Notes. Each the Purchaser’s subscription and payment for and continued beneficial ownership of the Notes will not
violate any applicable securities or other laws of the Purchaser’s jurisdiction. Each the Purchaser acknowledges that the Company has taken no action in foreign jurisdictions with respect to the Notes. 

7. Miscellaneous. 
 7.1
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement will inure to the benefit of, and be binding upon, the respective successors and assigns of the parties; provided, however, that the
Company may not assign, other than by operation of law, its obligations under this Agreement without the written consent of the Requisite Noteholders. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns, and nothing herein, express or implied, is intended to or will confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

7.2 Governing Law. This Agreement and the Notes will be governed by and construed in accordance with the internal laws of the State of
Texas without giving effect to any choice or conflict of law provision or rule (whether of the State of Texas or any other jurisdiction) that would apply the law of a different jurisdiction. 

7.3 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will be deemed to be one and the same agreement. Counterparts may be delivered via facsimile, email (including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method, and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

7.4 Titles and Subtitles. The titles and subtitles used in this Agreement are included for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 7.5 Notices. All notices and other communications given or made pursuant
hereto will be in writing and will be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by email or confirmed facsimile; (c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent to the
respective parties at the addresses shown on the 

  
 6 

 
signature pages hereto (or to such email address, facsimile number or other address as subsequently modified by written notice given in accordance with this Section 7.5). 

7.6 No Finder’s Fee. Each party represents that it neither is nor will be obligated to pay any finder’s fee, broker’s
fee or commission in connection with the transactions contemplated by this Agreement. The Purchaser agrees to indemnify and to hold the Company harmless from any liability for any commission or compensation in the nature of a finder’s or
broker’s fee arising out of the transactions contemplated by this Agreement (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is
responsible. The Company agrees to indemnify and hold the Purchaser harmless from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of the transactions contemplated by this Agreement
(and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. 

7. 7 Expenses. Each party will pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and
performance of this Agreement. 
 7.8 Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret
the terms of this Agreement, the prevailing party will be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

7.9 Entire Agreement; Amendments and Waivers. This Agreement, the Notes and the other documents delivered pursuant hereto constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. The Company’s agreements with any other purchaser of Notes constitute separate agreements, and the sale of the Notes to any
other purchaser of Notes are separate sales. Notwithstanding the foregoing, any term of this Agreement or the Notes may be amended and the observance of any term of this Agreement or the Notes may be waived (either generally or in a particular
instance and either retroactively or prospectively) with the written consent of the Company and the Requisite Noteholders. Any waiver or amendment effected in accordance with this Section 7.9 will be binding upon each party to this
Agreement and each holder of a Note purchased under this Agreement then outstanding and each future holder of all such Notes. 
 7.10
Effect of Amendment or Waiver. The Purchaser acknowledges and agrees that by the operation of Section 7.9 hereof, the Requisite Noteholders will have the right and power to diminish or eliminate all rights of the Purchaser under
this Agreement and each Note issued to the Purchaser. 
 7.11 Severability. If one or more provisions of this Agreement are held to
be unenforceable under applicable law, such provisions will be excluded from this Agreement and the balance of the Agreement will be interpreted as if such provisions were so excluded and this Agreement will be enforceable in accordance with its
terms. 
 7.12 Limitations on Disposition. Without in any way limiting the representations and warranties set forth in this
Agreement, the Purchaser agrees not to make any disposition of all or any portion of the Notes unless and until the transferee has agreed in writing for the benefit of the Company to make the representations and warranties set out in
Section 7 of this Agreement and: 

  
 7 

 (a) there is then in effect a registration statement under the Securities
Act covering such proposed disposition, and such disposition is made in connection with such registration statement; or 

(b) the Purchaser has (A) notified the Company of the proposed disposition; (B) furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition; and (C) if requested by the Company, furnished the Company with an opinion of counsel reasonably satisfactory to the Company that such disposition will not require
registration under the Securities Act. 
 The Purchaser agrees that it will not make any disposition of any of the Notes to
the Company’s competitors, as determined in good faith by the Company. 
 (c) Legends. The Purchaser understands
and acknowledges that the Notes may bear the following legend(s): 
 THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE (THIS
“NOTE”) IS NOT A DEPOSIT, SAVINGS ACCOUNT OR OTHER OBLIGATION OF ANY BANK OR SAVINGS ASSOCIATION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND. SECURITIES ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF VALUE. 
 THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO THE CLAIMS OF
CREDITORS (OTHER THAN CREDITORS OF EXISTING SUBORDINATED DEBT) OF AND DEPOSITORS OF THIRD COAST BANCSHARES, INC. (THE “COMPANY’’), INCLUDING OBLIGATIONS OF THE COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS
INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES. IN THE EVENT OF LIQUIDATION OF THE COMPANY ALL DEPOSITORS AND OTHER CREDITORS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS
MAY BE PROVIDED BYLAW BEFORE ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING TO SUCH DEPOSITORS AND CREDITORS, THE HOLDER OF THIS NOTE SHALL BE ENTITLED TO BE PAID FROM THE
REMAINING ASSETS OF THE COMPANY THE UNPAID PRINCIPAL AMOUNT OF THIS NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE ON ACCOUNT OF ANY SHARES OF CAPITAL
STOCK OF THE COMPANY. 
 THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $500,000 AND MULTIPLES OF $100,000
IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF 

  
 8 

 THIS NOTE IN A DENOMINATION OF LESS THAN $250,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL
EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
INTEREST WHATSOEVER IN THIS NOTE. 
 THIS NOTE MAY BE SOLD ONLY IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS NOTE IS ISSUED
SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SUBORDINATED NOTE PURCHASE AGREEMENT DATED JULY 29, 2020 BETWEEN THE COMPANY AND THE PURCHASER REFERRED TO THEREIN (THE ‘‘PURCHASE AGREEMENT”), A COPY OF WHICH IS
ON FILE WITH THE COMPANY. THE NOTE REPRESENTED BY THIS INSTRUMENT MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE PURCHASE AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH THE PURCHASE AGREEMENT WILL BE VOID. 

7.13 Exculpation. The Purchaser acknowledges that it is not relying upon any person, firm, corporation or stockholder, other than the
Company and its officers and directors in their capacities as such, in making its investment or decision to invest in the Company. The Purchaser agrees that no other purchaser of the Notes, nor the controlling persons, officers, directors, partners,
agents, stockholders or employees of any other purchaser of the Notes, will be liable for any action heretofore or hereafter taken or not taken by any of them in connection with the purchase and sale of the Notes. 

7.14 Further Assurances. From time to time, the parties will execute and deliver such additional documents and will provide such
additional information as may reasonably be required to carry out the terms of this Agreement and the Notes and any agreements executed in connection herewith or therewith. 

7.15 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
OUT OF THIS AGREEMENT, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION

  
 9 

 
7.15 HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH
PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WANES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

[Signature Pages Follow] 

  
 10 

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

			
	THIRD COAST BANCHARES, INC.
		
	By:	 	 /s/ John McWhorter

	Name:	 	John McWhorter
	Title:	 	Chief Financial Officer
		
	Address:	 	
	20202 HWY 59 North, Suite 190
	Humble, Texas 77338
	Email Address: 

 [Signature Page to Subordinated Note Purchase Agreement] 

 
			
	PURCHASER
	
	 /s/ Carl A. Davis

Name: Carl A. Davis

	
	 /s/ Lois E. Davis

Name: Lois E. Davis

	
	 Address:

	     

	     

	
	 Consideration and Principal

	 Balance of Subordinated

	 Promissory Note:
	 	                            $11,000,000.00

 [Signature Page to Subordinated Note Purchase Agreement] 

 EXHIBIT A 

Form of Subordinated Promissory Note 

  
 Exhibit A 

 THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE (THIS “NOTE”) IS NOT A DEPOSIT, SAVINGS
ACCOUNT OR OTHER OBLIGATION OF ANY BANK OR SAVINGS ASSOCIATION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND. SECURITIES ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF VALUE. 

THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO THE CLAIMS OF CREDITORS (OTHER THAN CREDITORS OF EXISTING
SUBORDINATED DEBT) OF AND DEPOSITORS OF THIRD COAST BANCSHARES, INC. (THE “COMPANY”), INCLUDING OBLIGATIONS OF THE COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY
THE COMPANY OR ANY OF ITS SUBSIDIARIES. IN THE EVENT OF LIQUIDATION OF THE COMPANY ALL DEPOSITORS AND OTHER CREDITORS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE ANY PAYMENT SHALL BE MADE
ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING TO SUCH DEPOSITORS AND CREDITORS, THE HOLDER OF THIS NOTE SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE COMPANY THE UNPAID PRINCIPAL AMOUNT
OF THIS NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE ON ACCOUNT OF ANY SHARES OF CAPITAL STOCK OF THE COMPANY. 

THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $500,000 AND MULTIPLES OF $100,000 IN EXCESS THEREOF. ANY ATTEMPTED
TRANSFER OF THIS NOTE IN A DENOMINATION OF LESS THAN $250,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF PAYMENTS ON THIS NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS NOTE. 
 THIS NOTE MAY
BE SOLD ONLY IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE 

 
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS NOTE IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SUBORDINATED NOTE PURCHASE AGREEMENT DATED JULY 29, 2020 BETWEEN THE COMPANY AND THE PURCHASER REFERRED TO
THEREIN (THE “PURCHASE AGREEMENT”), A COPY OF WHICH IS ON FILE WITH THE COMPANY. THE NOTE REPRESENTED BY THIS INSTRUMENT MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE PURCHASE AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE
WITH THE PURCHASE AGREEMENT WILL BE VOID. 

  
 2 

 THIRD COAST BANCSHARES, INC. 

SUBORDINATED PROMISSORY NOTE 

$11,000,000.00 
 July 29, 2020 

Registered: Carl A. and Lois E. Davis 
 FOR
VALUE RECEIVED, Third Coast Bancshares, Inc., a Texas corporation (the “Company”), promises to pay to the order of Carl A. and Lois E. Davis, or his assigns (the “Holder”), the principal sum of $11,000,000.00
with interest on the outstanding principal amount accruing quarterly at the rate of 6.00% per annum. Interest shall commence with the date hereof and shall continue on the outstanding principal until paid in accordance with the provisions hereof. In
the event that any interest is paid on this Subordinated Promissory Note (this “Note”) which is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the
then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note. 
 1. Note Purchase
Agreement. This Note is issued pursuant to the terms of that certain Subordinated Note Purchase Agreement, dated as of July 29, 2020, as the same may be amended from time to time (the “Purchase Agreement”), by and among
the Company and the Holder. This Note is one of a series of Notes having like tenor and effect (except for variations necessary to express the name of the Holder, the principal amount of each of the Notes and the date on which each Note is issued)
issued or to be issued by the Company in accordance with the terms of the Purchase Agreement. The Notes shall rank equally without preference or priority of any kind over one another, and all payments on account of principal and interest with
respect to any of the Notes shall be applied ratably and proportionately on the outstanding Notes on the basis of the principal amount of the outstanding indebtedness represented thereby. 

2. Payments. 
 (a)
Maturity. Unless sooner paid in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued interest shall become fully due and payable on July 29, 2022 (the “Stated Maturity Date”). 

(b) Principal and Interest. The Company will pay interest on the principal amount of this Note quarterly in arrears on October 29,
January 29, April 29 and July 29 of each year, beginning on October 29, 2020 (each, an “Interest Payment Date”), to the record Holders at the close of business on the Business Day preceding the applicable
Interest Payment Date. The term “Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banks in the State of Texas are generally authorized or required by law or executive order to be closed.

 (c) Form of Payment. All payments of interest and principal shall be in lawful money of the United States of America to the
Holder, at the address specified in the Purchase Agreement, or at such other address as may be specified from time to time by the Holder in a 

  
 3 

 
written notice delivered to the Company. All payments shall be applied first to accrued interest, and thereafter to principal. 

(d) Redemption. 
 (i)
The principal or interest under this Note may be redeemed by the Company without a prepayment fee or premium, in whole at any time, or in part from time to time. 

(ii) Any such redemption or prepayment shall occur on an Interest Payment Date at a price equal to 100% of the outstanding principal amount
of the Note to be redeemed, plus accrued but unpaid interest thereon to but excluding the redemption date. 
 (iii) Any such redemption or
prepayment shall be subject to receipt of any and all required federal and state regulatory approvals. 
 (iv) Notices of redemption will be
mailed by first class mail, postage prepaid, or emailed (with delivery receipt requested) at least twenty (20) days but not more than sixty (60) days before the redemption date, which notice may be conditional, to each holder of the Notes
at such holder’s registered mailing address or email address. The principal amount of this Note to be paid shall mature and become due and payable (unless any condition specified in the applicable notice of redemption has occurred) on the date
fixed for such payment, together with accrued but unpaid interest on such principal amount accrued to such date. 
 (v) Subject to any
required federal and state regulatory approvals and the provisions of this Note, the Company shall have the right to purchase any of the Notes at any time in the open market, private transactions or otherwise. If the Company purchases any Notes, it
may, in its discretion, hold, resell or cancel any of the purchased Notes. 
 3. Subordination. 

(a) The indebtedness of the Company evidenced by the Notes, including the principal and interest on this Note, shall be subordinate and junior
in right of payment to the prior payment in full of all existing claims of creditors and depositors of the Company, whether now outstanding or subsequently created, assumed or incurred (collectively, “Senior Indebtedness”), which
shall consist of principal of (and premium, if any) and interest, if any, on: (a) all indebtedness of the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other written instruments, and including,
but not limited to, deposits of the Company, and all obligations to the Company’s general and secured creditors; (b) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired other than in
the ordinary course of business; (c) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar credit transactions; (d) any capital
lease obligations of the Company; (e) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contacts, commodity
contracts and other similar arrangements; (f) all obligations of the type referred to in clauses (a) through (e) of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and
(g) all obligations of the types referred to in clauses (a) through (f) of other persons secured by a lien on any property or asset of the Company; except  

  
 4 

 
“Senior Indebtedness” does not include (i) the Notes, (ii) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Notes,
(iii) any indebtedness between the Company and any of its subsidiaries or Affiliates (as the term “Affiliate” is defined in the Purchase Agreement) , or (iv) the Junior Indebtedness (as defined below). This Note is not
secured by any assets of the Company and not covered by a guarantee of the Company or of an Affiliate of the Company. 
 (b) In the event of
liquidation of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with such interest as may be provided by law before any payment shall be made on account of principal of or interest on the Notes,
including this Note. Additionally, in the event of any insolvency, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding
up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the Notes, including this Note. In
the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the Noteholders, together with the holders of any obligations of the Company ranking on a parity with the Notes, shall be entitled to
be paid from the remaining assets of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any
present or future obligations of the Company ranking junior to the Notes (collectively, “Junior Indebtedness”). 
 (c) If
there shall have occurred and be continuing (a) a default in any payment with respect to any Senior Indebtedness or (b) an event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated,
unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments shall be made by the Company with respect to the Notes. 

(d) Nothing herein shall impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on
this Note in accordance with its terms. Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Notes or which may be junior or senior in rank to the Notes. 

4. Events of Default. 

(a) Definition. For purposes of this Note, an “Event of Default” shall be deemed to have occurred if: 

(i) Failure to Pay. Any indebtedness under this Note is not paid when and as the same shall become due and payable, whether at
maturity, by acceleration, or otherwise; 
 (ii) Breaches of Covenants. A material default shall occur in the observance or
performance of any covenant, obligation or agreement of the Company under this Note or the Purchase Agreement, and such default shall continue for thirty (30) Business Days after the Company’s receipt of written notice from the Holder to
the Company of such default; 

  
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 (iii) Breaches of Representations. Any material representation, warranty or
certification made by the Company herein or in the Purchase Agreement or in any certificate, report, document, agreement or instrument delivered pursuant to any provision hereof or thereof shall prove to have been false or materially incorrect on
the date or dates as of which made; or 
 (iv) Bankruptcy or Insolvency Proceedings. The Company shall (A) apply for or consent
to the appointment of a receiver, trustee, custodian or liquidator for itself or any part of its property, (B) become subject to the appointment of a receiver, trustee, custodian or liquidator for itself or any part of its property,
(C) make a general assignment for the benefit of creditors, (D) institute any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law
affecting the rights of creditors generally, or file a petition or answer seeking reorganization or an arrangement with creditors to take advantage of any insolvency law, or file an answer admitting the material allegations of a bankruptcy,
reorganization or insolvency petition filed against it, or (E) become subject to any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law
affecting the rights of creditors generally which is not discharged or dismissed within sixty (60) days, or have an order for relief entered against it in any proceeding under the United States Bankruptcy Code. 

(b) Consequences of Events of Default. 

(i) If an Event of Default (other than an Event of Default described in Subsection 4(a)(iv)) occurs, all indebtedness under this Note
shall become immediately due and payable upon written notice by the Holders of a majority of the aggregate principal amount of (x) the Notes then outstanding together with (y) all Notes of even date herewith issued by the Company (the
“Requisite Holders”). Upon the occurrence of any Event of Default described in Subsection 4(a)(iv), immediately and without notice, all outstanding obligations payable by the Company under the Notes shall automatically become
immediately due and payable. The Company agrees to pay the Holder all reasonable out-of-pocket costs and expenses incurred by the Holder in any effort to collect
indebtedness under this Note, including reasonable attorney fees. 
 (ii) The Holder shall also have any other rights which the Holder may
have been afforded under any contract or agreement at any time and any other rights which the Holder may have pursuant to applicable law. 

5. Miscellaneous. 
 (a)
Registration of Transfer. Security Register. Except as otherwise provided herein, this Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, by the
Holder in person, or by his attorney duly authorized in writing, at 20202 HWY 59 North, Suite 190, Humble, Texas 77338. The Company shall maintain a register providing for the registration of the Notes and any exchange or transfer thereof (the
“Security Register”). Upon surrender or presentation of this Note for exchange or registration of transfer, the Company shall execute and deliver in exchange therefor a Note (or Notes) of like aggregate principal amount, each in a
minimum denomination of $250,000 or any amount in excess thereof which is an integral multiple of $50,000 (and, in the absence of 

  
 6 

 
an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name or names requested by the
Holder. Any Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed, duly executed by the Holder or his attorney duly authorized in writing, with such tax identification number or other information for each
person in whose name a Note is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Note (or Notes) as the Company may reasonably request to comply with applicable law. No exchange or registration
of transfer of this Note shall be made on or after the fifteenth day immediately preceding the Stated Maturity Date. This Note is subject to the restrictions on transfer of the Purchase Agreement between the Company and the Holder, a copy of which
is on file with the Company. 
 (b) Charges and Transfer Taxes. No service charge (other than any cost of delivery) shall be imposed
for any exchange or registration of transfer of this Note, but the Company may require the payment of a sum sufficient to cover any stamp or other tax or governmental fee or charge that may be imposed in connection therewith (or presentation of
evidence that such tax, charge or fee has been paid). 
 (c) Lost, Stolen, Destroyed or Mutilated Notes. In case any Note shall be
mutilated, lost, stolen or destroyed, the Company shall, upon receipt of an affidavit and indemnity reasonably satisfactory to the Company, issue a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for
and upon surrender and cancellation of any mutilated Note, or in lieu of any Note lost, stolen or destroyed, upon receipt of evidence satisfactory to the Company of the loss, theft or destruction of such Note. 

(d) Governing Law. This Note will be governed by and construed in accordance with the internal laws of the State of Texas without
giving effect to any choice or conflict of law provision or rule (whether of the State of Texas or any other jurisdiction) that would apply the law of a different jurisdiction. 

(e) Amendment. Any term of this Note and all Notes issued pursuant to the Purchase Agreement may be amended and the observance of any
term of this Note and all Notes issued pursuant to the Purchase Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Requisite Holders;
provided, however, that any amendment to this Note that would reduce the repayment amount of this Note shall require the written consent of the Company and the Holder. Any amendment or waiver effected in accordance with this paragraph
shall be binding upon the Company, the Holder and the holders of all Notes issued pursuant to the Purchase Agreement as well as all Notes of even date herewith issued by, the Company. 

(f) Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this
Note shall be made in accordance with the Purchase Agreement. 
 (g) Severability. If one or more provisions of this Note are held to
be unenforceable under applicable law. such provision shall be excluded from this Note and the 

  
 7 

 
balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

(h) No Voting or Dividend Rights. Nothing contained in this Note shall be construed as conferring upon the Holder hereof the right to
vote or to consent to receive notice as a member of the Company or any other matters or any rights whatsoever as a member of the Company. 

(i) Counterparts. This Note may be executed via facsimile, email (including PDF or any electronic signature complying with the U.S.
federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method. Photocopies and any versions of this Note so executed shall be duly and validly delivered and be valid and effective for all purposes. 

[Remainder of this page intentionally left blank] 

  
 8 

 IN WITNESS WHEREOF, the Company has caused this Note to be
issued as of the date first above written. 
  

			
	THIRD COAST BANCSHARES, INC.
		
	By:	 	  

	Name:	 	John McWhorter
	Title:	 	Chief Financial Officer

 [Signature Page to Subordinated Promissory Note]

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