Document:

fpvd_ex103.htm

EXHIBIT 10.3
  
 ARTICLES OF AMENDMENT TO THE ARTICLCLES OF INCORPORATION OF 
FORCE PROTECTION VIDEO EQUIPMENT CORP.
   
 THE UNDERSIGNED, being the president and sole director of Force Protection Video Equipment Corp. pursuant to Section 607.0602 of the Florida Business Corporation Act does hereby amend its Articles of Incorporation effective October 22, 2020 as follows:
  
 ARTICLE IV
  
 DESIGNATION OF PREFERENCES, 
 RIGHTS AND LIMITATIONS
 OF
 SERIES B PREFERRED STOCK
  
 TERMS OF PREFERRED STOCK
  
 Section 1. Definitions. For the purposes hereof, the following terms shall have the following meanings:
  
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 of the Securities Act.
  
 “Alternate Consideration” shall have the meaning set forth in Section 7(e).
  
 “Bankruptcy Event” means any of the following events: (a) the Corporation or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Corporation or any Significant Subsidiary thereof, (b) there is commenced against the Corporation or any Significant Subsidiary thereof any such case or proceeding that is not dismissed within 60 days after commencement, (c) the Corporation or any Significant Subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Corporation or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Corporation or any Significant Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Corporation or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts, or (g) the Corporation or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.
  
 “Beneficial Ownership Limitation” shall have the meaning set forth in Section 6(e). 
   
 	 
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 “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
  
 “Buy-In” shall have the meaning set forth in Section 6(d)(iv).
  
 “Change of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d‐5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Corporation, by contract or otherwise) of in excess of 50% of the voting securities of the Corporation (other than by means of conversion of Preferred Stock), (b) the Corporation merges into or consolidates with any other Person, or any Person merges into or consolidates with the Corporation and, after giving effect to such transaction, the stockholders of the Corporation immediately prior to such transaction own less than 50% of the aggregate voting power of the Corporation or the successor entity of such transaction, (c) the Corporation sells or transfers all or substantially all of its assets to another Person and the stockholders of the Corporation immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a one year period of more than one‐half of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the Original Issue Date), or (e) the execution by the Corporation of an agreement to which the Corporation is a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above. Notwithstanding the foregoing, Share Exchange Transaction shall not be considered a Fundamental Transaction.
  
 “Commission” means the United States Securities and Exchange Commission.
  
 “Common Stock” means the Corporation’s common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.
  
 “Common Stock Equivalents” means any securities of the Corporation or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
  
 “Conversion Amount” means the sum of the Stated Value at issue.
  
 “Conversion Date” shall have the meaning set forth in Section 6(a).
  
 “Conversion Price” shall have the meaning set forth in Section 6(c). 
  
 “Conversion Shares” means, collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in accordance with the terms hereof.
   
 	 
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 “Dividend Rate” shall have the meaning set forth in Section 3(a).
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
  
 “Exempt Issuance” means the issuance of (a) after the Original Issue Date shares of Common Stock or options to employees, officers or directors of the Corporation pursuant to the Company’s existing stock option or restricted stock plans, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock, issued and outstanding on the date of this Agreement, or pursuant to other agreements of the Company existing prior to the date hereof, provided that such securities and/or agreements have not been amended (or adjusted) since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Corporation (but not securities issued primarily for the purpose of raising capital or to an entity whose primary business is investing in securities), (d) after the Original Issue Date securities to advisors or independent contractors for the Company for compensatory purposes, (e) securities pursuant to the Purchase Agreement, including the Preferred Stock and Conversion Shares and (f) securities issued pursuant to Section 4.18 of the securities purchase agreement dated June 25, 2020 and entered into between SRAX and certain purchasers, provided, however, that the number of Common Stock Equivalents issued or granted under clauses (a) and (d) shall be limited to fifteen percent (15%) of the Fully Diluted Securities calculated immediately subsequent to the Share Exchange Transaction.
  
 “Final Closing Date” means the earlier of: (i) the last Additional Closing Date as defined in the Transaction documents, or (ii) the six-month anniversary after the Initial Closing Date.
  
 “Fully Diluted Securities” shall mean immediately prior to an Optional Conversion or Forced Conversion, the number of issued and outstanding shares of capital stock of the Corporation on a fully as-converted and as-exercised basis, assuming the full exercise and conversion of all outstanding Common Stock Equivalents provided however that securities described in the definition of Exempt Issuance, subsections (a), (b), (d), (e) and (f) will be excluded from the calculation.
  
 “Fundamental Transaction” shall have the meaning set forth in Section 7(e).
  
 “GAAP” means United States generally accepted accounting principles.
  
 “Holder” shall have the meaning given such term in Section 2.
    
 “Junior Securities” means the Common Stock and all other Common Stock Equivalents of the Corporation other than those securities which are explicitly senior or pari passu to the Preferred Stock in dividend rights or liquidation preference.
  
 “Liquidation” shall have the meaning set forth in Section 5.
  
 “New Jersey Courts” shall have the meaning set forth in Section 9(d).
  
 “Notice of Conversion” shall have the meaning set forth in Section 6(a).
   
 	 
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 “Original Issue Date” means the date of the first issuance of any shares of the Preferred Stock regardless of the number of transfers of any particular shares of Preferred Stock and regardless of the number of certificates which may be issued to evidence such Preferred Stock.
  
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
  
 “Preferred Stock” shall have the meaning set forth in Section 2.
  
 “Purchase Agreement” means the Securities Purchase Agreement, dated on or about the Original Issue Date, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.
  
 “Qualified Financing” shall mean any equity financing pursuant to which, for the primary purpose of raising capital, the Corporation sells shares of its capital stock and or securities convertible into Common Stock, resulting in gross proceeds to the Corporation of not less than $5,000,000, and excluding the exchange or conversion of any outstanding securities or the cancellation of indebtedness in exchange for securities in the Qualified Financing.
  
 “Registration Rights Agreement” means the Registration Rights Agreement, dated on or about the Original Issue Date, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.
  
 “Securities” means the Preferred Stock and the Conversion Shares.
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
  
 “Share Delivery Date” shall have the meaning set forth in Section 6(d).
  
 “Share Exchange Transaction” means the transaction exchange of (i) the shares of BIG Token, Inc. held by SRAX, for (ii) 88.9% of the issued and outstanding shares of the Corporation as contemplated by that certain share exchange agreement by and between SRAX and the Corporation dated September 30, 2020.
  
 “SRAX” means SRAX, Inc. 
  
 “Stated Value” shall have the meaning set forth in Section 2, as the same may be increased pursuant to Section 3.
  
 “Subsidiary” means any subsidiary of the Corporation as set forth on Schedule 3.1(a) of the Purchase Agreement and shall, where applicable, also include any direct or indirect subsidiary of the Corporation formed or acquired after the date of the Purchase Agreement.
  
 “Successor Entity” shall have the meaning set forth in Section 7(e). 
  
 “Trading Day” means a day on which the principal Trading Market is open for business.
   
 	 
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 “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing), the Pink Sheets or any Inter-dealer Quotation System.
  
 “Transaction Documents” means this Certificate of Designation, the Purchase Agreement, the Registration Rights Agreement, the Transfer Agent Instruction Letter, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated pursuant to the Purchase Agreement.
  
 “Transfer Agent” means the current transfer agent of the Company, and any successor transfer agent of the Corporation.
  
 “Transfer Agent Instruction Letter” shall have the meaning ascribed to such term in the Purchase Agreement.
  
 “Triggering Event” means, wherever used herein any of the following events (whatever the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):
  
 i.the Corporation shall fail to deliver certificates representing Conversion Shares issuable upon a conversion hereunder that comply with the provisions hereof prior to the fifth Trading Day after such shares are required to be delivered hereunder, or the Corporation shall provide written notice to any Holder, including by way of public announcement, at any time, of its intention not to comply with requests for conversion of any shares of Preferred Stock in accordance with the terms hereof;
    
 ii. the Corporation shall fail for any reason to pay in full the amount of cash due pursuant to a Buy-In within three (3) calendar days after notice therefor is delivered hereunder;
  
 iii. following the effectiveness of the Charter Amendment, the Corporation shall fail to have available a sufficient number of authorized and unreserved shares of Common Stock to issue to such Holder upon a conversion hereunder;
  
 iv. unless specifically addressed elsewhere in this Certificate of Designation as a Triggering Event, the Corporation shall fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise commit any breach of the Transaction Documents which results in a Material Adverse Effect, and such failure or breach shall not, if subject to the possibility of a cure by the Corporation, have been cured within ten (10) Trading Days after the date on which written notice of such failure or breach shall have been delivered;
  
 v. the Corporation shall redeem more than a de minimis number of Junior Securities other than as to repurchases of Common Stock or Common Stock Equivalents from departing officers and directors, provided that, while any of the Preferred Stock remains outstanding, such repurchases shall not exceed an aggregate of $100,000 from all officers and directors;
   
 	 
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 vi. the Corporation shall be party to a Change of Control Transaction; 
  
 vii. there shall have occurred a Bankruptcy Event;
  
 viii. the Common Stock shall fail to be listed or quoted for trading on a Trading Market for more than five Trading Days, which need not be consecutive Trading Days or the transfer of shares of Common Stock through the Depository Trust Company System is no longer available or “chilled”;
  
 ix. the occurrence of an “Event” under the Registration Rights Agreement;
  
 x. any obligation or undertaking to be effected by the Corporation, its transfer agent, or any other agent or representative of the Corporation necessary for Holder to meet its compliance or clearing needs is not delivered within three (3) days of such request in writing; 
  
 xi. any monetary judgment, writ or similar final process shall be entered or filed against the Corporation, any subsidiary or any of their respective property or other assets for more than $250,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of forty-five (45) calendar days; or
  
 xii. the Share Exchange Transaction shall not have closed within 180 days of the Original Issue Date;
  
 provided, however that the events set forth in paragraphs (iv), (viii), or (ix) above shall not be considered to be Triggering Events if they occur during the 90-day period following the closing of the Share Exchange Transaction.
  
 Section 2. Designation, Amount and Stated Value. The series of preferred stock shall be designated as Series B 5% Convertible Preferred Stock (the “Preferred Stock”) and the number of shares so designated shall be 34,729 (which shall not be subject to increase without the written consent of all of the holders of the Preferred Stock (each, a “Holder” and collectively, the “Holders”)). Each share of Preferred Stock shall have a par value of $0.0001 per share and a stated value equal to $100, subject to increase set forth in Section 3 below (the “Stated Value”).
  
 Section 3. Dividends.
  
 a) Payment. Holders shall be entitled to receive, and the Corporation shall pay, cumulative dividends at the rate per share (as a percentage of the Stated Value per share) of 5% per annum (the “Dividend Rate”) in accordance with the terms of this Certificate of Designation. Dividends shall first be paid on the first anniversary of the Original Issue Date, and shall thereafter be paid on at the end of each subsequent calendar quarter (each such date, a “Dividend Payment Date”) (if any Dividend Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day). Dividends shall be payable in duly authorized, validly issued, fully paid and non-assessable shares of Preferred Stock calculated by multiplying (x) the number of outstanding shares of Preferred Stock held by a Holder by (y) 0.05. If a Triggering Event occurs, the Dividend Rate shall automatically increase to 15% per annum. 
   
 	 
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 b) Dividend Calculations. Dividends on the Preferred Stock shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall accrue quarterly commencing on the Original Issue Date, and shall be deemed to accrue from such date whether or not earned or declared and whether or not there are profits, surplus or other funds of the Corporation legally available for the payment of dividends, provided however, that if the Preferred Stock is converted prior to the initial Dividend Payment Date, the Holder agrees to waive any dividends that may have accrued during the first year. Dividends shall cease to accrue with respect to any Preferred Stock converted, provided that, the Corporation actually delivers the Conversion Shares within the time period required by Section 6(d)(i) herein. 
  
 c) Other Securities. So long as any Preferred Stock shall remain outstanding, neither the Corporation nor any Subsidiary thereof shall redeem, purchase or otherwise acquire directly or indirectly any Junior Securities. So long as any Preferred Stock shall remain outstanding, neither the Corporation nor any Subsidiary thereof shall directly or indirectly pay or declare any dividend or make any distribution upon (other than a dividend or distribution described in Section 6 or dividends due and paid in the ordinary course on preferred stock of the Corporation at such times when the Corporation is in compliance with its payment and other obligations hereunder), nor shall any distribution be made in respect of, any Junior Securities as long as any dividends due on the Preferred Stock remain unpaid, nor shall any monies be set aside for or applied to the purchase or redemption (through a sinking fund or otherwise) of any Junior Securities or shares pari passu with the Preferred Stock.
  
 Section 4. Voting Rights. Holders of Preferred Stock shall have no voting rights, except as required by law and as expressly provided in this Certificate of Designation. To the extent that under applicable law the vote of the holders of the Preferred Stock, voting separately as a class or series as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of the holders of all of the shares of the Preferred Stock, voting together in the aggregate and not in separate series unless required under applicable law, represented at a duly held meeting at which a quorum is presented or by written consent of the holders of at least a majority of the outstanding shares of Preferred Stock (except as otherwise may be required under applicable law), voting together in the aggregate and not in separate series unless required under applicable law, shall constitute the approval of such action by both the class or the series, as applicable. Subject to Section 6(e), to the extent that under applicable law holders of the Preferred Stock are entitled to vote on a matter with holders of shares of Common Stock, voting together as one class, each share of Preferred Stock shall entitle the holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible (subject to the ownership limitations specified in Section 6(e) hereof) using the record date for determining the stockholders of the Company eligible to vote on such matters as the date as of which the Conversion Price is calculated. Holders of the Preferred Stock shall be entitled to written notice of all stockholder meetings or written consents (and copies of proxy materials and other information sent to stockholders) with respect to which they would be entitled by vote, which notice would be provided pursuant to the Company’s bylaws and applicable law).
  
 Section 5. Liquidation. Upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”), the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Corporation an amount equal to their pro-rata basis of Common Stock on an as converted to Common Stock basis, including any accrued but unpaid dividends. The Corporation shall mail written notice of any such Liquidation, not less than 45 days prior to the payment date stated therein, to each Holder.
   
 	 
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 Section 6. Conversion.
  
 a) Conversions at Option of Holder. Each share of Preferred Stock shall be convertible, at any time and from time to time from and after the Original Issue Date at the option of the Holder thereof (“Optional Conversion”), into that number of shares of Common Stock (subject to the limitations set forth in Section 6(e)) determined by dividing the Stated Value of such share of Preferred Stock plus accrued and unpaid dividends thereon, if any, by the Conversion Price. Holders shall effect conversions by providing the Corporation with the form of conversion notice attached hereto as Annex A (a “Notice of Conversion”). Each Notice of Conversion shall specify the number of shares of Preferred Stock to be converted, the number of shares of Preferred Stock owned prior to the conversion at issue, the number of shares of Preferred Stock owned subsequent to the conversion at issue and the date on which such conversion is to be effected, which date may not be prior to the date the applicable Holder delivers by facsimile such Notice of Conversion to the Corporation (such date, the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion to the Corporation is deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required. The calculations and entries set forth in the Notice of Conversion shall control in the absence of manifest or mathematical error. To effect conversions of shares of Preferred Stock, a Holder shall not be required to surrender the certificate(s) representing the shares of Preferred Stock to the Corporation unless all of the shares of Preferred Stock represented thereby are so converted, in which case such Holder shall deliver the certificate representing such shares of Preferred Stock promptly following the Conversion Date at issue. Shares of Preferred Stock converted into Common Stock or redeemed in accordance with the terms hereof shall be canceled and shall not be reissued.
    
 b) Automatic Conversion. Upon the occurrence of a Qualified Financing, any outstanding shares of Preferred Stock will automatically convert into shares of Common Stock (“Forced Conversion”) (but subject to the limitations set forth in Section 6(e) and only to the extent consistent with such limitations) by dividing the Stated Value of such share of Preferred Stock plus accrued and unpaid dividends thereon by the applicable Conversion Price as contained in Section 6(c)(ii) below
  
 c) Conversion Price. The conversion price (the “Conversion Price”) for the Preferred Stock (i) prior to a Qualified Financing shall equal the quotient resulting from dividing (x) $15,000,000 by (y) the number of Fully Diluted Securities determined as of the time of conversion (“FDS Conversion Price”), and (ii) upon and following a Qualified Financing shall be equal the lesser of (a) eighty percent (80%) of the lowest per share purchase price of Common Stock in a Qualified Financing (“QF Conversion Price”) and (b) the FDS Conversion Price determined immediately prior to the completion of a Qualified Financing.
  
 d) Mechanics of Conversion
  
 i. Delivery of Certificate Upon Conversion. Not later than three (3) Trading Days after each Conversion Date (the “Share Delivery Date”), the Corporation shall deliver, or cause to be delivered, to the converting Holder a certificate or certificates representing the number of Conversion Shares being acquired upon the conversion of the Preferred Stock. The Corporation shall use its best efforts to deliver any certificate or certificates required to be delivered by the Corporation under this Section 6 electronically through the Depository Trust Company or another established clearing corporation performing similar functions to the extent practicable. 
   
 	 
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 ii. Failure to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Corporation at any time on or before its receipt of such certificate or certificates, to rescind such Conversion, in which event the Corporation shall promptly return to the Holder any original Preferred Stock certificate delivered to the Corporation and the Holder shall promptly return to the Corporation the Common Stock certificates issued to such Holder pursuant to the rescinded Conversion Notice.
  
 iii. Obligation Absolute; Partial Liquidated Damages. The Corporation’s obligation to issue and deliver the Conversion Shares upon conversion of Preferred Stock in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by such Holder or any other Person of any obligation to the Corporation or any violation or alleged violation of law by such Holder or any other person, and irrespective of any other circumstance which might otherwise limit such obligation of the Corporation to such Holder in connection with the issuance of such Conversion Shares; provided, however, that such delivery shall not operate as a waiver by the Corporation of any such action that the Corporation may have against such Holder. In the event a Holder shall elect to convert any or all of the Stated Value of its Preferred Stock, the Corporation may not refuse conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and/or enjoining conversion of all or part of the Preferred Stock of such Holder shall have been sought and obtained, and the Corporation posts a surety bond for the benefit of such Holder in the amount of 150% of the Stated Value of Preferred Stock which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the absence of such injunction, the Corporation shall issue Conversion Shares. If the Corporation fails to deliver to a Holder such certificate or certificates pursuant to Section 6(d)(i) on the Share Delivery Date applicable to such conversion, the Corporation shall pay to such Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Stated Value of Preferred Stock being converted, $10 per Trading Day (increasing to $20 per Trading Day after the fifth Trading Day) after the Share Delivery Date until such certificates are delivered or Holder rescinds such conversion. 
   
 	 
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 iv. Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available to the Holder, if the Corporation fails for any reason to deliver to a Holder the applicable certificate or certificates by the Share Delivery Date pursuant to Section 6(d)(i), and if after such Share Delivery Date such Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Conversion Shares which such Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a “Buy-In”), then the Corporation shall (A) pay in cash to such Holder (in addition to any other remedies available to or elected by such Holder) the amount, if any, by which (x) such Holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that such Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of such Holder, either reissue (if surrendered) the shares of Preferred Stock equal to the number of shares of Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver to such Holder the number of shares of Common Stock that would have been issued if the Corporation had timely complied with its delivery requirements under Section 6(d)(i). For example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of shares of Preferred Stock with respect to which the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Corporation shall be required to pay such Holder $1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to such Holder in respect of the Buy-In and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Corporation’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the shares of Preferred Stock as required pursuant to the terms hereof.
  
 v. Reservation of Shares Issuable Upon Conversion. The Corporation covenants that it will at all times after the effectiveness of the Charter Amendment keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Preferred Stock and payment of dividends on the Preferred Stock, each as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Preferred Stock), not less than such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 7) upon the conversion of the then outstanding shares of Preferred Stock and payment of dividends hereunder. The Corporation covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.
  
 vi. Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of the Preferred Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Corporation shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price or round up to the next whole share.
  
 vii. Transfer Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Preferred Stock shall be made without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates, provided that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holders of such shares of Preferred Stock and the Corporation shall not be required to issue or deliver such certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer Agent fees required for same-day processing of any Notice of Conversion.
   
 	 
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 e) Beneficial Ownership Limitation. The Corporation shall not effect any conversion of the Preferred Stock, and a Holder shall not have the right to convert any portion of the Preferred Stock, to the extent that, after giving effect to the conversion set forth on the applicable Notice of Conversion, such Holder (together with such Holder’s Affiliates, and any Persons acting as a group together with such Holder or any of such Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of the Preferred Stock with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted Stated Value of Preferred Stock beneficially owned by such Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by such Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 6(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 6(e) applies, the determination of whether the Preferred Stock is convertible (in relation to other securities owned by such Holder together with any Affiliates) and of how many shares of Preferred Stock are convertible shall be in the sole discretion of such Holder, and the submission of a Notice of Conversion shall be deemed to be such Holder’s determination of whether the shares of Preferred Stock may be converted (in relation to other securities owned by such Holder together with any Affiliates) and how many shares of the Preferred Stock are convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed to represent to the Corporation each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Corporation shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 6(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Corporation’s most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by the Corporation or (iii) a more recent written notice by the Corporation or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Corporation shall within two Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Corporation, including the Preferred Stock, by such Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder. A Holder, upon not less than 61 days’ prior notice to the Corporation, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 6(e) applicable to its Preferred Stock provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this Preferred Stock held by the Holder and the provisions of this Section 6(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Corporation and shall only apply to such Holder and no other Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of Preferred Stock.
  
 	 
	11
	

	 

 
    
 Section 7. Certain Adjustments and Other Matters.
  
 a) Stock Dividends and Stock Splits. If the Corporation, at any time while this Preferred Stock is outstanding after the completion of a Qualified Financing: (i) pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Corporation upon conversion of, or payment of a dividend on, this Preferred Stock), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Corporation, then the Conversion Price then in effect shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 7(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.
    
 b) [Intentionally Omitted].
  
 c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 7(a) above, if at any time the Corporation grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder of Preferred Stock at such time will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of such Holder’s Preferred Stock (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
   
 d) Pro Rata Distributions. During such time as this Preferred Stock is outstanding, if the Corporation declares or makes any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Preferred Stock, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete Conversion of this Preferred Stock (without regard to any limitations on Conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
    
 	 
	12
	

	 

 
    
 e) Fundamental Transaction. If, at any time while this Preferred Stock is outstanding, (i) the Corporation, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Corporation with or into another Person, (ii) the Corporation, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Corporation, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Corporation, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) and the Corporation is not the surviving entity (each a “Fundamental Transaction”), then, upon any subsequent conversion of this Preferred Stock, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 6(e) on the conversion of this Preferred Stock), the number of shares of Common Stock of the successor or acquiring corporation or of the Corporation, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Preferred Stock is convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 6(e) on the conversion of this Preferred Stock). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Preferred Stock following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall file a new Certificate of Designation with the same terms and conditions and issue to the Holders new preferred stock consistent with the foregoing provisions and evidencing the Holders’ right to convert such preferred stock into Alternate Consideration. The Corporation shall cause any successor entity in a Fundamental Transaction in which the Corporation is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Corporation under this Certificate of Designation and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions of this Section 7(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Preferred Stock, deliver to the Holder in exchange for this Preferred Stock a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Preferred Stock which is convertible for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this Preferred Stock (without regard to any limitations on the conversion of this Preferred Stock) prior to such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this Preferred Stock immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designation and the other Transaction Documents referring to the “Corporation” shall refer instead to the Successor Entity), and may exercise every right and power of the Corporation and shall assume all of the obligations of the Corporation under this Certificate of Designation and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Corporation herein. Notwithstanding the foregoing, the Share Exchange Transaction shall not be considered a Fundamental Transaction.
   
 	 
	13
	

	 

 
  
 f) Calculations. All calculations under this Section 7 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 7, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding.
  
 g) [Intentionally Omitted]. 
  
 h) Notice to the Holders.
  
 i.Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 7, the Corporation shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 
    
 ii. Notice to Allow Conversion by Holder. If (A) the Corporation shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Corporation shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Corporation shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Corporation shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Corporation is a party, any sale or transfer of all or substantially all of the assets of the Corporation, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property or (E) the Corporation shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, then, in each case, the Corporation shall cause to be filed at each office or agency maintained for the purpose of conversion of this Preferred Stock, and shall cause to be delivered to each Holder at its last address as it shall appear upon the stock books of the Corporation, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Corporation or any of the Subsidiaries, the Corporation shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to convert the Conversion Amount of this Preferred Stock (or any part hereof) during the 20-day period commencing on the date of such notice through the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 
   
 	 
	14
	

	 

 
  
 Section 8. Redemption. 
  
 a) [Intentionally Omitted]. 
  
 b) Holder Redemption. At any time after the occurrence of a Triggering Event which Triggering Event shall be continuing, the Holder shall have the right to redeem any or all of the Preferred Stock then outstanding (the “Holder Optional Redemption Amount”) on the Holder Optional Redemption Date (as defined below) (a “Holder Optional Redemption”). The Preferred Stock subject to redemption pursuant to this Section 8 shall be redeemed by the Company in cash at a price (the “Holder Optional Redemption Price”) equal to 125% of the Stated Value plus any accrued by unpaid dividends thereon. The Holder may exercise its right to require redemption under this Section 8 by delivering a written notice thereof to the Company (the “Holder Optional Redemption Notice” and the date the Company received such notice is referred to as the “Holder Optional Redemption Notice Date”). The Holder may deliver more than one Holder Optional Redemption Notice hereunder and such Holder Optional Redemption Notice shall be revocable. The Holder Optional Redemption Notice shall (x) state the date on which the Holder Optional Redemption shall occur (the “Holder Optional Redemption Date”) which date shall not be less than two (2) Trading Days nor more than five (5) Trading Days following the Holder Optional Redemption Notice Date and (y) state the aggregate amount of the Preferred Stock which is being redeemed in such Holder Optional Redemption from such Holder pursuant to this Section 8 on the Holder Optional Redemption Date. Notwithstanding anything herein to the contrary, at any time prior to the date the Holder Optional Redemption Price is paid, in full, the Holder Optional Redemption Amount may be converted, in whole or in part, by any Holder into shares of Common Stock pursuant to Section 6. All Preferred Stock converted by a Holder after the Holder Optional Redemption Notice Date shall reduce the Holder Optional Redemption Amount of the Preferred Stock of such Holder required to be redeemed on the Holder Optional Redemption Date. If the Corporation fails to deliver the Holder Optional Redemption Price by the Holder Optional Redemption Date, the Corporation shall pay to such Holder, in cash, as liquidated damages and not as a penalty, $20 for every $1,000 in Stated Value of the outstanding Preferred Stock per Trading Day for each Trading Day after the Holder Optional Redemption Date until the Holder Optional Redemption Price is paid in full. 
   
 	 
	15
	

	 

 
  
 Section 9. Miscellaneous. 
  
 a) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service, addressed to the Corporation, at the address set forth in the Purchase Agreement, or such other facsimile number or address as the Corporation may specify for such purposes by notice to the Holders delivered in accordance with this Section 9. Any and all notices or other communications or deliveries to be provided by the Corporation hereunder shall be in writing and delivered personally, by facsimile or email, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email or address of such Holder appearing on the books of the Corporation, or if no such facsimile number or address appears on the books of the Corporation, at the principal place of business of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.
    
 b) Absolute Obligation. Except as expressly provided herein, no provision of this Certificate of Designation shall alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay liquidated damages, accrued dividends and accrued interest, as applicable, on the shares of Preferred Stock at the time, place, and rate, and in the coin or currency, herein prescribed. 
  
 c) Lost or Mutilated Preferred Stock Certificate. If a Holder’s Preferred Stock certificate shall be mutilated, lost, stolen or destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new certificate for the shares of Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such certificate, and of the ownership hereof reasonably satisfactory to the Corporation.
  
 	 
	16
	

	 

 
  
 d) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the in Bergen, Essex and Hudson Counties, State of New Jersey (the “New Jersey Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New Jersey Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New Jersey Courts, or such New Jersey Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Certificate of Designation and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Certificate of Designation or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Certificate of Designation, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.
  
 e) Waiver. Any waiver by the Corporation or a Holder of a breach of any provision of this Certificate of Designation shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Certificate of Designation or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.
  
 f) Severability. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. 
      
 g) Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.
  
 h) Headings. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions hereof.
  
 i) Status of Converted or Redeemed Preferred Stock. Shares of Preferred Stock may only be issued pursuant to the Purchase Agreement. If any shares of Preferred Stock shall be converted, redeemed or reacquired by the Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock and shall no longer be designated as Series B 5% Convertible Preferred Stock.
   
 *********************
  
 	 
	17
	

	 

 
  
 RESOLVED, FURTHER, that the chairman, chief executive officer, chief financial officer, president or any vice-president, and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file a Designation of Preferences, Rights and Limitations of Series B Preferred Stock in accordance with the foregoing resolution and the provisions of Delaware law.
  
 I hereby certify that the foregoing was adopted by a majority vote of the Directors of the Company on October 22, 2020 and that shareholder action was not required.
  
 IN WITNESS WHEREOF, the undersigned has executed this Certificate this 22nd day of October, 2020.
     
 	 	FORCE PROTECTION VIDEO EQUIPMENT CORP.	
	 	 	 	 
		Signed:	/s/Paul Feldman	
	  
	 Name:
	Paul Feldman	 
	 	Title:	Chief Executive Officer	 

 
   
 	 
	
	

	 

 
     
 ANNEX A
  
 NOTICE OF CONVERSION
  
 (To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)
  
 The undersigned hereby elects to convert the number of shares of Series B 5% Convertible Preferred Stock indicated below into shares of common stock, par value $0.0001 per share (the “Common Stock”), of Force Protection Video Equipment Corp., a Florida corporation (the “Corporation”), according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Purchase Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.
   
 Conversion calculations:
  
 	  
	 Date to Effect Conversion: _____________________________________________

	  
	  

	  
	 Number of shares of Preferred Stock owned prior to Conversion: _______________

	  
	  

	  
	 Number of shares of Preferred Stock to be Converted: ________________________

	  
	  

	  
	 Stated Value of shares of Preferred Stock to be Converted: ____________________

	  
	  

	  
	 Number of shares of Common Stock to be Issued: ___________________________

	  
	  

	  
	 Applicable Conversion Price:____________________________________________

	  
	  

	  
	 Number of shares of Preferred Stock subsequent to Conversion: ________________

	  
	  

	  
	 Address for Delivery: ______________________

	  
	 or

	  
	 DWAC Instructions:

	  
	 Broker no: _________

	  
	 Account no: ___________

 
    
 	  
	[HOLDER]	  

	  
	  
	  
	  

	  
	 By:
		  

	  
	 Name:
		  

	  
	 Title:Exhibit 4.2

 

 

 

AMERIS BANCORP

 

 

 

THIRD SUPPLEMENTAL INDENTURE

 

 

 

Dated as of September 28, 2020

 

to

 

the Indenture

 

Dated as of March 13, 2017

 

 

 

3.875% Fixed-to-Floating Rate 

Subordinated Notes due 2030

 

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

as
Trustee

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	Article 1
SCOPE OF THIRD SUPPLEMENTAL INDENTURE 	1
	Section 1.01	 	Scope.	1
	 	 	 	 
	Article 2 DEFINITIONS 	1
	Section 2.01	 	Definitions and Other Provisions of General Application.	1
	Section 2.02	 	Execution and Authentication.	7
	 	 	 	 
	Article 3 FORM AND TERMS OF THE NOTES 	7
	Section 3.01	 	Form and
    Dating.	7
	Section 3.02	 	Terms of the Notes.	7
	 	 	 	 
	Article 4 ADDITIONAL PROVISIONS 	11
	Section 4.01	 	Additional Provisions.	11
	 	 	 	 
	Article 5 MISCELLANEOUS 	12
	Section 5.01	 	Trust Indenture Act.	12
	Section 5.02	 	Communications by Holders with Other Holders.	12
	Section 5.03	 	Governing Law.	12
	Section 5.04	 	Duplicate Originals.	12
	Section 5.05	 	Severability.	12
	Section 5.06	 	Ratification.	12
	Section 5.07	 	Effectiveness.	12
	Section 5.08	 	Successors.	12
	Section 5.09	 	Indenture and Notes Solely Corporate Obligations.	12
	Section 5.10	 	Trustee’s
    Disclaimer.	12
	Section 5.11	 	U.S.A. PATRIOT Act.	13
	Section 5.12	 	Separability Clause; Entire Agreement.	13

 

    i

     

    

 

THIRD SUPPLEMENTAL INDENTURE

 

THIS THIRD SUPPLEMENTAL
INDENTURE (“Third Supplemental Indenture”), dated as of September 28, 2020 is between Ameris Bancorp, a
Georgia corporation (the “Company”), and Wilmington Trust, National Association, a national banking association
organized under the laws of the United States, not in its individual capacity but solely as trustee (“Trustee”).

 

RECITALS

 

WHEREAS, the
Company and the Trustee have executed and delivered a Subordinated Debt Indenture, dated as of March 13, 2017 (the “Base
Indenture” and as hereby supplemented and amended, the “Indenture”), to provide for the issuance from
time to time by the Company of its unsecured subordinated indebtedness to be issued in one or more series as provided in the Indenture;

 

WHEREAS, the
issuance and sale of One Hundred Ten Million Dollars ($110,000,000) aggregate principal amount of a new series of Securities of
the Company designated as its 3.875% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”) have been
authorized by resolutions adopted by the Board of Directors of the Company and the Executive and Pricing Committees of the Board
of Directors of the Company;

 

WHEREAS, the
Company desires to issue and sell One Hundred Ten Million Dollars ($110,000,000) aggregate principal amount of the Notes as of
the date hereof;

 

WHEREAS, Section 2.1
of the Base Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Base Indenture
to establish a series of Securities thereunder and the form and terms, provisions and conditions of Securities of such series of
Securities as permitted by Section 2.2 of the Base Indenture and the Company desires to establish the terms of the Notes;

 

WHEREAS, the
Company acknowledges that all things necessary to make this Third Supplemental Indenture a legal, binding and enforceable instrument,
and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the legal, binding and enforceable
obligations of the Company, in each case, in accordance with its terms and the terms of the Base Indenture have been done;

 

WHEREAS, the
Company has complied with all conditions precedent provided for in the Base Indenture relating to this Third Supplemental Indenture;
and

 

WHEREAS, the
Company has requested that the Trustee execute and deliver this Third Supplemental Indenture.

 

NOW, THEREFORE,
for and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the
Trustee covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows:

 

Article 1

SCOPE OF THIRD SUPPLEMENTAL INDENTURE

 

Section 1.01        Scope.

 

This Third Supplemental
Indenture constitutes a supplement to the Base Indenture and an integral part of the Indenture and shall be read together with
the Base Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Third
Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the
foregoing, this Third Supplemental Indenture shall only apply to the Notes.

 

Article 2

DEFINITIONS

 

Section 2.01        Definitions
and Other Provisions of General Application. For all purposes of this Third Supplemental Indenture unless otherwise specified
herein:

 

(a)         all
terms used in this Third Supplemental Indenture which are not otherwise defined herein shall have the meanings they are given in
the Base Indenture; provided that if the definition of a capitalized term defined in this Third Supplemental Indenture conflicts
with the definition of that capitalized term in the Base Indenture, then the definition of that capitalized term in this Third
Supplemental Indenture shall control for purposes of this Third Supplemental Indenture and the Notes;

 

    1

     

    

 

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

 

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

 

(d)         unless
otherwise specified or unless the context requires otherwise, all references in this Third Supplemental Indenture to Sections refer
to the corresponding Sections of this Third Supplemental Indenture;

 

(e)         the
provisions of general application stated in Sections 10.1 through 10.17 of the Base Indenture shall apply to this Third Supplemental
Indenture, except that the words “herein,” “hereof,” “hereto” and “hereunder” and
other words of similar import refer to this Third Supplemental Indenture as a whole and not to the Base Indenture or any particular
Article, Section or other subdivision of the Base Indenture or this Third Supplemental Indenture;

 

(f)          Section 1.1
of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following additional defined
terms in their appropriate alphabetical positions:

 

“Administrative
or Judicial Action” has the meaning provided in the definition of “Tax Event.”

 

“Ameris Bank”
means Ameris Bank, or any successor thereof.

 

“Benchmark”
means, initially, Three-Month Term SOFR; provided that if the Company or its designee determines on or prior to the Reference Time
for any Floating Rate Interest Period that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement for such Floating Rate Interest Period and any subsequent Floating Rate Interest Periods.

 

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

 

		(1)	Compounded SOFR;

 

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

 

		(3)	the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment;

 

		(4)	the sum of (a) the alternate rate that has been selected by the Company or the Company’s
designee as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to
any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities
at such time, and (b) the Benchmark Replacement Adjustment.

 

“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that the Company or its designee determines
is available (with notice to the Calculation Agent) as of the Benchmark Replacement Date:

 

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

 

		(2)	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then
the ISDA Fallback Adjustment;

 

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

 

    2

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including, without limitation, changes to the definition of “Floating Rate Interest Period”, timing and frequency
of determining rates with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or
tenors, and other administrative matters) that the Company or the Company’s designee decides may be appropriate to reflect
the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company or the
Company’s designee decides that adoption of any portion of such market practice is not administratively feasible or if the
Company or the Company’s designee determines that no market practice for use of the Benchmark Replacement exists, in such
other manner as the Company or the Company’s designee determines is reasonably necessary).

 

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

 

		(1)	in the case of clause (1) of the definition of “Benchmark Transition Event,” the
relevant Reference Time in respect of any determination;

 

		(2)	in the case of clause (2) or (3) of the definition of “Benchmark Transition Event,”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on
which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

		(3)	in the case of clause (4) of the definition of “Benchmark Transition Event,” the
date of the public statement or publication of information referenced therein.

 

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

 

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

 

		(1)	if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected
or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking
term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is
not complete or (c) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR
is not administratively feasible;

 

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

 

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

 

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

 

“Calculation
Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include
the Company or any of its Affiliates) to act in accordance with Section 3.02(e)(iv).

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate (which will be compounded in arrears with a look back and/or suspension period as a mechanism
to determine the interest amount payable prior to the end of each Floating Rate Interest Period) being established by the Company
or its designee in accordance with:

 

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

 

		(2)	if, and to the extent that, the Company or the Company’s designee determines that Compounded
SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions
for this rate that have been selected by the Company or the Company’s designee giving due consideration to any industry-accepted
market practice for U.S. dollar-denominated floating rate securities at such time.

 

    3

     

    

 

For the avoidance of
doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread of 375.3 basis points
per annum.

 

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

 

“DTC”
means The Depository Trust Company.

 

“Federal Reserve”
has the meaning provided in the definition of “Tier 2 Capital Event.”

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Fixed Rate
Interest Payment Date” has the meaning provided in Section 3.02(e)(i).

 

“Fixed Rate
Period” has the meaning provided in Section 3.02(e)(i).

 

“Fixed Rate
Regular Record Date” has the meaning provided in Section 3.02(e)(i).

 

“Floating
Rate Interest Period” means the period from and including the immediately preceding Floating Period Interest Payment
Date in respect of which interest has been paid or duly provided for, to, but excluding, the applicable Floating Period Interest
Payment Date or Maturity Date or Redemption Date, if applicable (except that the first Floating Rate Interest Period will commence
on October 1, 2025).

 

“Floating
Rate Interest Payment Date” has the meaning provided in Section 3.02(e)(ii).

 

“Floating
Rate Period” has the meaning provided in Section 3.02(e)(ii).

 

“Floating
Rate Regular Record Date” has the meaning provided in Section 3.02(e)(ii).

 

“Independent
Bank Regulatory Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced
in matters of federal bank holding company and banking regulatory law, including the laws, rules and guidelines of the Federal
Reserve relating to regulatory capital, and shall include any Person who, under the standards of professional conduct then prevailing
and applicable to such counsel, would not have a conflict of interest in representing the Company or the Trustee in connection
with providing the legal opinion contemplated by the definition of the term “Tier 2 Capital Event.”

 

“Independent
Tax Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters of
federal income taxation law, including the deductibility of interest payments made with respect to corporate debt instruments,
and shall include any Person who, under the standards of professional conduct then prevailing and applicable to such counsel, would
not have a conflict of interest in representing the Company or the Trustee in connection with providing the legal opinion contemplated
by the definition of the term “Tax Event.”

 

“Interest
Payment Date” has the meaning provided in Section 3.02(e)(ii).

 

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

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time.

 

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

 

    4

     

    

 

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

 

“Issue Date”
means September 28, 2020.

 

“Material
Subsidiary” means Ameris Bank or any successor thereof or any of the Company’s subsidiaries that is a depository
institution and that has consolidated assets equal to 80% or more of the Company’s consolidated assets.

 

“Maturity
Date” has the meaning provided in Section 3.02(d).

 

“Redemption
Date” has the meaning provided in Section 3.02(e)(i).

 

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

 

“Relevant
Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR”
means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark
(or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“SOFR Determination
Date” means the date upon which the Three-Month Term SOFR is determined by the Calculation Agent pursuant to the Three-Month
Term SOFR Conventions for each applicable Floating Rate Interest Period commencing on the First Floating Rate Interest Payment
Date.

 

“Tax Event”
means the receipt by the Company of an opinion of Independent Tax Counsel to the effect that as a result of (a) an amendment
to or change (including any announced prospective amendment or change) in any law, treaty, statute or code, or any regulation thereunder,
of the United States or any of its political subdivisions or taxing authorities; (b) a judicial decision, administrative action,
official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or
announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative
or Judicial Action”); or (c) an amendment to or change in any official position with respect to, or any interpretation
of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally
accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement,
decision or challenge is announced on or after the original issue date of the Notes, there is more than an insubstantial risk that
interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion of Independent Tax Counsel,
will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.

 

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

 

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

 

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

 

“Three-Month
Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or
operational matter (including, without limitation, with respect to the manner and timing of the publication of Three-Month Term
SOFR, or changes to the definition of “Floating Rate Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors, and
other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark
in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market
practice is not administratively feasible or if the Company determines that no market practice for the use of Three-Month Term
SOFR exists, in such other manner as the Company determines is reasonably necessary).

 

    5

     

    

 

“Tier 2 Capital
Event” means receipt by the Company of an opinion of Independent Bank Regulatory Counsel to the effect that, as a result
of (a) any amendment to, or change in, the laws, rules, regulations, policies or guidelines of the United States (including,
for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal
bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the
original issue date of the Notes, (b) any proposed change in those laws, rules, regulations, policies or guidelines that is
announced or becomes effective after the original issue date of the Notes, or (c) any official administrative decision or
judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules, regulations,
policies or guidelines or policies with respect thereto that is announced after the original issue date of the Notes, the Notes
do not constitute, or within 90 days of the date of such opinion will not constitute Tier 2 capital for purposes of the capital
adequacy rules or regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve”)
(or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency)
as then in effect and applicable, for so long as any Notes are outstanding.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

(g)         Section 1.1
of the Base Indenture is amended and supplemented, solely with respect to the Notes, by replacing the corresponding defined term
in the Base Indenture with the following defined terms:

 

“Officer”
means the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Legal Officer, any Vice President (including
any corporate executive vice president), the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the
Company.

 

“Officers’
Certificate” means a certificate signed by (i) any two of the Chief Executive Officer, the Chief Financial Officer
, the Chief Legal Officer and any Vice President (including any corporate executive vice president) or (ii) any one of the
foregoing and the Treasurer, an Assistant Treasurer, the Secretary, or an Assistant Secretary, in each case, of the Company, and
delivered to the Trustee.

 

“Senior Indebtedness”
means, without duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing
of any petition in bankruptcy or for reorganization relating to the Company, whether or not a claim for post-filing interest is
allowed in such proceeding), fees, charges, expenses, reimbursement and indemnification obligations, and all other amounts payable
under or in respect of the following indebtedness of the Company, whether any such indebtedness exists as of the date of the Indenture
or is created, incurred or assumed after such date: (i) all obligations for borrowed money; (ii) all obligations evidenced
by debentures, notes, debt securities or other similar instruments; (iii) all obligations in respect of letters of credit,
security purchase facilities or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto);
(iv) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in
the ordinary course of business; (v) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security
interest existing on property owned by the Company; (vi) obligations associated with derivative products including, but not
limited to, interest rate and currency future or exchange contracts, foreign exchange contracts, swap agreements (including interest
rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, options, interest rate future
or option contracts, commodity contracts, and similar arrangements; (vii) purchase money and similar obligations; (viii) obligations
to general creditors of the Company; (ix) a deferred obligation of, or any such obligation, directly or indirectly guaranteed
by, the Company which obligation is incurred in connection with the acquisition of any business, properties or assets not evidenced
by a note or similar instrument given in connection therewith; (x) interest or obligations in respect of any of the foregoing
accruing after the commencement of insolvency or bankruptcy proceedings; (xi) all obligations of the type referred to in the
foregoing subclauses above of other persons or entities for the payment of which the Company is responsible or liable as obligor,
guarantor or otherwise, whether or not classified as a liability on a balance sheet prepared in accordance with GAAP; and (xii) any
renewals, amendments, deferrals, supplements, extensions, refundings or replacements of any of the foregoing. Senior Indebtedness
excludes: (v) any such indebtedness, obligation or liability referred to above as to which, in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is provided that such indebtedness, obligation or liability
is not superior in right of payment to the Notes, or ranks pari passu with the Notes; (w) any such indebtedness, obligation
or liability which is subordinated to indebtedness of the Company to substantially the same extent as, or to a greater extent than,
the Notes are subordinated; (x) any indebtedness to a subsidiary of the Company; (y) any trade account payables in the
ordinary course of business; and (z) the Notes. Notwithstanding the foregoing, and for the avoidance of doubt, if the Federal
Reserve (or other applicable regulatory agency or authority with jurisdiction over bank holding companies or financial holding
companies) promulgates any rule or issues any interpretation that defines general creditor(s), the main purpose of which is
to establish criteria for determining whether the subordinated debt of a financial or bank holding company is to be included in
its capital, then the term “general creditors” as used in this definition of  “Senior Indebtedness”
will have the meaning as described in that rule or interpretation. As used above, the term “purchase money” obligations
means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether or not secured by a lien or other
security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation for the
payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is limited to the property
purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services, whether by purchase,
merger, consolidation or otherwise, but does not include any trade accounts payable.

 

    6

     

    

 

Section 2.02        Execution
and Authentication

 

(a)         Notwithstanding
anything in the Base Indenture to the contrary, for purposes of the Securities and this Indenture, the first paragraph of Section 2.3
of the Base Indenture shall be replaced with the following:

 

“The Securities
shall be executed in the name and on behalf of the Company by the manual, electronic signature or facsimile signature by two Officers
of the Company.

 

Unless otherwise provided
herein or in any other Securities, the words “execute”, “execution”, “signed”, and “signature”
and words of similar import used in or related to any document to be signed in connection with this Indenture, any other Securities
or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed
to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable,
to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act of 2000 (15 U.S.C. §§ 7001-7006), the New York State Electronic Signatures and Records Act of 1999 (N.Y.
State Tech. §§ 301-309), and any other similar state laws based on the Uniform Electronic Transactions Act, provided
that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.”

 

Article 3

FORM AND TERMS OF THE NOTES

 

Section 3.01        Form and
Dating.

 

(a)         The
Notes shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of the
Company by its Chief Executive Officer, its Chief Financial Officer, its Chief Legal Officer or one of its Vice Presidents (including
any corporate executive vice presidents). The Notes may have a legend or legends or endorsements as may be required to comply with
any law or with any rules of any securities exchange or usage. The Notes shall be dated the date of their authentication.

 

(b)         The
terms contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Third
Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Third Supplemental Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

Section 3.02        Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

(a)         Title.
The Notes shall constitute a series of Securities having the title “3.875% Fixed-to-Floating Rate Subordinated Notes due
2030” and the CUSIP number 03076K AC2.

 

(b)         Principal
Amount. The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture, as amended
hereby, shall be One Hundred Ten Million Dollars ($110,000,000) on the Issue Date. Provided that no Event of Default has occurred
and is continuing with respect to the Notes, the Company may, from time to time, without notice to or the consent of the holders
of the Notes, create and issue further notes ranking equally with the Notes and with identical terms in all respects (or in all
respects except for the issue date, the offering price, the payment of interest accruing prior to the issue date of such further
notes or except for the first payment of interest following the issue date of such further notes) in order that such further notes
may be consolidated and form a single series with the Notes and have the same terms as to status, redemption or otherwise as the
Notes; provided however, that a separate CUSIP number will be issued for any such additional notes unless such additional notes
are fungible with the Notes for U.S. federal income tax purposes, subject to the procedures of the DTC.

 

    7

     

    

 

(c)         Person
to Whom Interest Is Payable. Interest payable, and punctually paid or duly provided for, on any Interest Payment Date will
be paid to the person in whose name the Notes are registered for such interest at the close of business on the 15th day immediately
preceding the applicable Interest Payment Date, whether or not such day is a Business Day. Any such interest which is payable,
but not so punctually paid or duly provided for on any Interest Payment Date, shall cease to be payable to the Holder on such relevant
record date by virtue of having been a Holder on such date, and such defaulted interest may be paid by the Company to the person
in whose name the Notes are registered at the close of business on a special record date for the payment of such defaulted interest
to be fixed by the Company, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such
special record date that complies with Section 2.13 of the Base Indenture, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may
be required by such exchange and in compliance with the Base Indenture. However, interest that is paid on the Maturity Date will
be paid to the person to whom the principal will be payable.

 

(d)         Maturity
Date. The entire outstanding Principal of the Notes shall be payable on October 1, 2030 (the “Maturity Date”).

 

(e)         Interest.

 

 (i)          The Notes will bear interest at a fixed rate of 3.875% per annum from and including September 28, 2020 to, but excluding, October 1, 2025 (the “Fixed Rate Period”) or earlier Redemption Date. Interest accrued on the Notes during the Fixed Rate Period will be payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2021 (each such date a “Fixed Rate Interest Payment Date”) through but excluding October 1, 2025 or earlier date of redemption (the “Redemption Date”). The interest payable during the Fixed Rate Period will be paid to each holder in whose name a Note is registered at the close of business on the 15th day (whether or not a Business Day) immediately preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”).

 

 (ii)         The Notes will bear a floating interest rate from and including October 1, 2025 to the Maturity Date or earlier Redemption Date (the “Floating Rate Period”). The floating interest rate per year for any Floating Rate Period shall be equal to the Benchmark plus 375.3 basis points for each quarterly Floating Rate Interest Period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes will be payable quarterly in arrears on January 1, April 1, July 1, and October 1 of each year commencing on January 1, 2026 through the Maturity Date or earlier Redemption Date (each such date, a “Floating Rate Interest Payment Date”, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The interest payable during the Floating Rate Period will be paid to each holder in whose name a Note is registered at the close of business on the 15th day (whether or not a Business Day) immediately preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”). Notwithstanding the foregoing, if the Benchmark is less than zero, then the Benchmark shall be deemed to be zero. The Calculation Agent will provide the Company and the Trustee with the interest rate in effect on the Notes promptly after the SOFR Determination Date (or such other date of determination for the applicable Benchmark).

 

 (iii)        The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, October 1, 2025, and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year on the basis of the actual number of days elapsed. In the event that any scheduled Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the Maturity Date will be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. Dollar amounts resulting from interest calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

 

 (iv)        The Company agrees that from the commencement of the Floating Rate Period for so long as any of the Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period. The calculation of the interest rate for each applicable Floating Interest Rate Period by the Calculation Agent will (in the absence of manifest error) be conclusive and binding upon the beneficial owners and Holders of the Notes, the Company (if the Company is not also the Calculation Agent) and the Trustee. The Calculation Agent’s determination of any interest rate, and its calculation of interest payments, for any Floating Rate Interest Period, will be maintained on file at the Calculation Agent’s principal offices, will be made available to any Holder of the Notes upon request and will be provided to the Trustee. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Indenture. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. By its acquisition of the Notes, each Holder (including, for the avoidance of doubt, each beneficial owner) acknowledges, accepts, consents to and agrees to be bound by the Company’s and the Calculation Agent’s determination of the interest rate for each Floating Rate Interest Period, including the Company’s and its determination of any Benchmark Replacement Conforming Changes, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, and Benchmark Transition Event, including as may occur without any prior notice from the Company or the Calculation Agent and without the need for the Company or it to obtain any further consent from any Holder.

 

    8

     

    

 

 (v)         Effect of Benchmark Transition Event.

 

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

 

2)            Notwithstanding
anything set forth in Section 3.02(e)(ii) above, if the Company or its designee determines on or prior to the relevant
SOFR Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to Three-Month Term SOFR, then the provisions set forth in this Section 3.02(e)(v) will thereafter apply to all determinations
of the Benchmark used to calculate the interest rate on the Notes for each Floating Rate Interest Period. After a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each Floating Rate
Interest Period on the Notes will be an annual rate equal to the Benchmark Replacement plus 375.3 basis points.

 

3)            The
Company and the Company’s designee are expressly authorized to make certain determinations, decisions and elections under
the terms of the Notes, including with respect to the use of any Benchmark Replacement for the Floating Rate Period and under this
Section 3.02(e)(v). Any determination, decision or election that may be made by the Company or the Company’s designee
under the terms of the Notes, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or selection (A) will be conclusive
and binding on the holders of the Notes, the Calculation Agent and the Trustee absent manifest error, (B) if made by the Company
or the Company’s designee, will be made in the Company’s sole discretion, and (C)  notwithstanding anything to
the contrary in the Indenture, shall become effective without consent from the Holders of the Notes or the Trustee.

 

 (vi)        For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent.

 

 (vii)       The Company (or its designee) shall notify the Trustee and Calculation Agent in writing (i) upon the occurrence of the Benchmark Transition Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the Notes after a Benchmark Transition Event.

 

    9

     

    

 

 (viii)      The Trustee (including in its capacity as Paying Agent), shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through (D) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company or its designee, as applicable, and (ii) liability for any failure or delay in performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company’s or its designee’s failure to select a Benchmark Replacement or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company, its designee or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes.

 

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

 

(f)          Place
of Payment of Principal and Interest. So long as the Notes shall be issued in global form, the Company shall make, or cause
the Paying Agent to make, all payments of principal and interest on the Notes by wire transfer in immediately available funds to
DTC or its nominee, in accordance with applicable procedures of DTC. If the Notes are not in global form, the Company, may, at
its option, make, or cause the Paying Agent to make, payments of principal and interest on the Notes by check mailed to the address
of the person specified for payment in accordance with Section 3.02(e)(i) and (e)(ii) above. A global security with
respect to the Notes shall be exchangeable for physical securities of such series only if:

 

		•	DTC is at any time unwilling or unable or ineligible to continue as a depository or ceases to be
a clearing agency registered under the Exchange Act and a successor depository is not appointed by the Company within 90 days of
the date the Company is so notified in writing;

 

		•	The Company executes and delivers to the Trustee a Company Order to the effect that such global
securities shall be so exchangeable (and the Trustee consents thereto); or

 

		•	An Event of Default has occurred and is continuing with respect to the global securities and a
Holder requests such exchange.

 

(g)         Redemption.
The Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company prior to the Maturity
Date beginning with the Interest Payment Date on October 1, 2025, but not prior thereto (except upon the occurrence of certain
events specified below), and on any Interest Payment Date thereafter subject to obtaining the prior approval of the Federal Reserve
to the extent such approval is then required under the rules of the Federal Reserve. The Notes may not otherwise be redeemed
prior to the Maturity Date, except that the Company may, at its option, redeem the Notes before the Maturity Date in whole, but
not in part, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under
the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required
to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any
such redemption will be at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and
unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article III of the Base Indenture
shall apply to any redemption of the Notes pursuant to this Section 3.02(g). Any partial redemption will be made in accordance
with DTC’s applicable procedures among all of the Holders of the Notes. If any Note is to be redeemed in part only, the notice
of redemption relating to such Note shall state that it is a partial redemption and the portion of the principal amount thereof
to be redeemed, and a replacement Note in principal amount equal to the unredeemed portion thereof will be issued in the name of
the Holder thereof upon cancellation of the original Note. The Notes are not subject to redemption or prepayment at the option
of the Holders.

 

(h)         Sinking
Fund. There shall be no sinking fund for the Notes.

 

(i)          Conversion
and Exchange. The Notes are not convertible into, or exchangeable for, equity securities, other securities or assets of the
Company or its subsidiaries.

 

    10

     

    

 

 

(j)            Denomination.
The Notes and any beneficial interest in the Notes shall be in minimum denominations of $1,000 and integral multiples of $1,000
in excess thereof.

 

(k)           Currency
of the Notes. The Notes shall be denominated, and payment of principal and interest of the Notes shall be payable in, the currency
of the United States of America.

 

(l)            Registered
Form. The Notes shall be issuable as global Registered Securities, and DTC (or any successor thereto or successor depositary
appointed by the Company within 90 days of the termination of services of DTC) shall be the depositary for the Notes. Sections
2.11 and 2.14 of the Base Indenture shall apply to the Notes.

 

(m)          Events
of Default. The Events of Default provided for in Section 6.1 of the Base Indenture shall apply to the Notes, provided
that:

 

		(i)	         the text of clause (c) of Section 6.1 of the Base Indenture is deleted and replaced, reading in its entirety as follows:

 

(c) in the event of an appointment of a Custodian
for the Company’s Material Subsidiary.

 

(n)          Acceleration
of Maturity. Section 6.2 of the Base Indenture shall apply to the Notes, except that the first paragraph thereof shall
be substituted with the following:

 

“If an Event
of Default under clause (c), (e) or (f) of Section 6.1 occurs and is continuing, then the principal amount of all
the Notes, together with premium, if any, and accrued and unpaid interest, if any, thereon, shall automatically, and without any
declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. The Maturity of the Notes
shall not otherwise be accelerated as a result of an Event of Default.”

 

(o)          Ranking.
The Notes shall rank junior to and shall be subordinated to all Senior Indebtedness of the Company, whether existing as of the
date of this Third Supplemental Indenture, or hereafter issued or incurred. Subject to the terms of the Base Indenture, if the
Trustee or any holder of any of the Notes receives any payment or distribution of the Company’s assets in contravention of
the subordination provisions applicable to the Notes before all Senior Indebtedness is paid in full in cash, property or securities,
including by way of set-off or any such payment or distribution that may be payable or deliverable by reason of the payment of
any other indebtedness of the Company being subordinated to the payment of the Notes, then such payment or distribution will be
held in trust for the benefit of holders of Senior Indebtedness or their representatives to the extent necessary to make payment
in full in cash or payment satisfactory to the holders of Senior Indebtedness of all unpaid Senior Indebtedness.

 

(p)          No
Collateral. The Notes shall not be entitled to the benefit of any security interest in, or collateralization by, any rights,
property or interest of the Company.

 

(q)          Satisfaction
and Discharge; Defeasance. Article VIII of the Base Indenture shall apply to the Notes.

 

(r)           No
Additional Amounts. In the event that any payment on the Notes is subject to withholding of any U.S. federal income tax or
other tax or assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with respect
to such tax or assessment.

 

(s)          Additional
Terms. Other terms applicable to the Notes are as otherwise provided for in the Base Indenture, as supplemented by this Third
Supplemental Indenture.

 

Article 4

ADDITIONAL PROVISIONS

 

Section 4.01      Additional
Provisions.

 

(a)          Section 9.1
of the Base Indenture shall apply to the Notes, provided that, with respect to the Notes, the following text shall be deemed to
be inserted at the end of such Section:

 

“Not in limitation
of the foregoing, without the consent of any Holder of Notes, the Company and the Trustee may amend or supplement the Indenture
or the Notes (i) to conform the terms of the Indenture and the Notes to the description of the Notes in the prospectus supplement
dated September 23, 2020 relating to the offering of the Notes; or (ii) to implement any Three-Month Term SOFR Conventions
or any benchmark transition provisions after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
(or in anticipation thereof).”

 

    11

     

    

 

Article 5

MISCELLANEOUS

 

Section 5.01      Trust
Indenture Act. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are
required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of
this Third Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is
required under such act to be a part of and govern this Third Supplemental Indenture, the latter provision shall control.

 

Section 5.02      Communications
by Holders with Other Holders. Holders of Notes may communicate pursuant to Trust Indenture Act
Section 312(b) with other Holders of Notes with respect to their rights under this Indenture or the Notes. The
Company, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c).

 

Section 5.03      Governing
Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE
STATE OF NEW YORK. BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS
INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

The parties hereby
(i) irrevocably submit to the non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan,
the city of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive
any objection that such courts are an inconvenient forum or do not have jurisdiction over any party.

 

Section 5.04      Duplicate
Originals. The parties may execute any number of counterparts of this Third Supplemental Indenture. Each executed copy
shall be an original, but all of them together represent the same agreement. The exchange of copies of this Third
Supplemental Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or
 “.tif”) transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to
the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or electronic format (e.g., “.pdf” or “.tif”) shall be deemed
to be their original signatures for all purposes.

 

Section 5.05      Severability.
In case any provision in this Third Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 5.06      Ratification.
The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and
confirmed. The Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same
instrument. All provisions included in this Third Supplemental Indenture supersede any conflicting provisions included in the
Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by
this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as
supplemented by this Third Supplemental Indenture.

 

Section 5.07      Effectiveness.
The provisions of this Third Supplemental Indenture shall become effective as of the date hereof.

 

Section 5.08      Successors.
All agreements of the Company in this Third Supplemental Indenture shall bind its successors. All agreements of the Trustee
in this Third Supplemental Indenture shall bind its successors.

 

Section 5.09      Indenture
and Notes Solely Corporate Obligations. No recourse will be available for the payment of principal of, or interest on,
any Note, for any claim based thereon, or otherwise in respect thereof, against any of the Trustee, any shareholder,
employee, officer or director, as such, past, present or future, of the Company or of any successor entity; it being
expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Third Supplemental Indenture and the issue of the Notes.

 

Section 5.10      Trustee’s
Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no
responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Third Supplemental Indenture, the Notes, or for or in respect of the recitals contained
herein, all of which recitals are made solely by the Company.

 

    12

     

    

 

Section 5.11      U.S.A.
PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Third Supplemental Indenture agree that they will
provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the
U.S.A. PATRIOT Act.

 

Section 5.12      Separability
Clause; Entire Agreement. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This
Third Supplemental Indenture, the Base Indenture, any other applicable supplemental indenture and the exhibits hereto and to the
Base Indenture set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior
written agreements and understandings, oral or written.

 

    13

     

    

 

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

 

 

	 	 	AMERIS BANCORP
	 	 	 
		 	By:	/s/
H. Palmer Proctor, Jr.
		 	Name: 	H. Palmer Proctor, Jr. 
		 	Title: 	Chief Executive Officer 
	 	 	 
	 	 	 
	 	 	 
		 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION, 
		 	as Trustee 
	 	 	 
	 	 	 
		 	By:	/s/
Michael Wass
		 	Name:	 Michael Wass 
		 	Title:	 Vice President 

 

[Signature
Page to Third Supplemental Indenture]

 

    	 		 

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

See attached.

 

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

 

GLOBAL NOTE

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY,
WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

    A-1

     

    

 

AMERIS BANCORP

 

3.875% Fixed-to-Floating Rate Subordinated
Notes due 2030

 

	No.	 	     CUSIP:
    03076K AC2
	 	 	ISIN: US03076KAC27
	$	 	 

 

Ameris Bancorp, a Georgia
corporation (hereinafter called the “Company,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal
sum of $110,000,000 (or such other amount as set forth in the Schedule of Increases or Decreases in Global Note attached hereto)
on October 1, 2030 (such date is hereinafter referred to as the “Stated Maturity Date”), unless redeemed
prior to such date, and to pay interest thereon (i) from, and including, September 28, 2020, to, but excluding, October 1,
2025, unless redeemed prior to such date, at a rate of 3.875% per annum, semi-annually in arrears on April 1 and October 1
of each year, commencing April 1, 2021 (each such date, a “Fixed Rate Interest Payment Date,” with the
period from, and including, September 28, 2020 to, but excluding, October 1, 2025 being the “Fixed Rate Period”)
and (ii) from, and including, October 1, 2025 to, but excluding, the Stated Maturity Date, unless redeemed subsequent
to October 1, 2025 but prior to the Stated Maturity Date, at a rate equal to the Benchmark plus 375.3 basis points, or such
other rate as determined pursuant to the Third Supplemental Indenture, payable quarterly in arrears on January 1, April 1,
July 1 and October 1 of each year through the Stated Maturity Date or earlier Redemption Date (each, a “Floating
Rate Interest Payment Date,” and together with the Fixed Rate Interest Payment Dates, the “Interest Payment
Dates,” with the period from, and including, October 1, 2025 to, but excluding, the Stated Maturity Date being the
 “Floating Rate Period”). Interest payable on any Interest Payment Date will be paid to the person in whose name
the Note is registered for such interest at the close of business on the 15th day immediately preceding the applicable Interest
Payment Date, whether or not such day is a Business Day. The amount of interest payable on any Fixed Rate Interest Payment Date
during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but excluding
October 1, 2025, and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period
will be computed on the basis of a 360-day year and the number of days actually elapsed. In the event that any scheduled Interest
Payment Date for this Note falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment
Date will be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made
on the date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled
Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that
is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest
Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such
Business Day will include interest accrued to but excluding such Business Day. All percentages used in or resulting from any calculation
of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005%
rounded up to 0.00001%.

 

Payment of the principal
of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, which shall initially
be the Corporate Trust Office of the Trustee, in such currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

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

 

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

 

[Remainder of this page intentionally
left blank. Signature page follows.]

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be signed manually, electronically or by facsimile by its duly authorized officer.

 

	 	 	AMERIS BANCORP
	 	 	 
	 	 	 
	 	 	By:	 
		 	Name:	H. Palmer Proctor, Jr.
		 	Title:	Chief Executive Officer
	 	 	 
	 	 	By:	 
		 	Name:	Nicole S. Stokes
		 	Title:	Chief Financial Officer

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,

 as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 		 

     

    

 

REVERSE OF NOTE

 

AMERIS BANCORP

 

3.875% Fixed-to-Floating Rate Subordinated
Notes due 2030

 

This Note is one of
a duly authorized issue of Securities of the Company of a series designated as the “3.875% Fixed-to-Floating Rate Subordinated
Notes due 2030” (herein called the “Notes”) initially issued in an aggregate principal amount of $110,000,000
on September 28, 2020. Such series of Securities has been established pursuant to, and is one of an indefinite number of series
of subordinated debt securities of the Company issued or issuable under and pursuant to the Subordinated Debt Indenture, dated
as of March 13, 2017 (the “Base Indenture”), between the Company and Wilmington Trust, National Association,
as Trustee (herein called the “Trustee,” which term includes any successor trustee), as supplemented and amended
by the Third Supplemental Indenture between the Company and the Trustee, dated as of September 28, 2020 (the “Third
Supplemental Indenture,” and the Base Indenture as supplemented and amended by the Third Supplemental Indenture, the
 “Indenture”), to which Indenture and any other indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
persons in whose names Notes are registered from time to time and of the terms upon which the Notes are, and are to be, authenticated
and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and those set forth
in this Note. To the extent that the terms, conditions and provisions of this Note modify, supplement or are inconsistent with
those of the Indenture, then the terms, conditions and other provisions of this Note shall govern to the extent that such terms,
conditions and other provisions of this Note are not inconsistent with the terms, conditions and provisions made part of the Indenture
by reference to the Trust Indenture Act.

 

All capitalized terms
used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture.
To the extent that any capitalized term used in this Note and defined herein is also defined in the Indenture but conflicts with
the definition provided in the Indenture, the definition of the capitalized term in this Note shall control.

 

The indebtedness of
the Company evidenced by the Notes, including the principal thereof, premium, if any, and interest thereon, is, to the extent and
in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior
Indebtedness, whether outstanding at the date hereof or hereafter incurred, and on the terms and subject to the terms and conditions
set forth in the Indenture, and shall rank pari passu in right of payment with all other Securities and with all other unsecured
subordinated indebtedness of the Company and not by its terms subordinate and subject in right of payment to the prior payment
in full of debentures, notes, bonds or other evidences of indebtedness of types that include the Notes. Each Holder of this Note,
by the acceptance hereof, agrees to and shall be bound by such provisions of the Indenture and authorizes and directs the Trustee
on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided.

 

The Notes are intended
to be treated as Tier 2 Capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes of
capital adequacy rules or regulations of the Federal Reserve System (or any successor regulatory authority with jurisdiction
over bank holding companies) as applicable to the Company and as the same may be amended or supplemented from time to time. If
an Event of Default with respect to Notes shall occur and be continuing, the principal and interest owed on the Notes shall only
become due and payable in accordance with the terms and conditions set forth in Article VI of the Base Indenture and Section 3.02(m) and
(n) of the Third Supplemental Indenture. Accordingly, the Holder of this Note has no right to accelerate the maturity of
this Note in the event that the Company fails to pay interest on any of the Notes, or fails to perform any other obligations under
the Notes or in the Indenture that are applicable to the Notes.

 

The Company may, at
its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest (the “Redemption Price”) to but excluding, the date of redemption
(the “Redemption Date”), on any Interest Payment Date on or after October 1, 2025. The Company may also,
at its option, redeem the Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of
a Tier 2 Capital Event, a Tax Event or if the Company is required to register as an investment company pursuant to the Investment
Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to the Redemption Price to, but excluding,
the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior to the Stated Maturity Date shall be
made without the prior approval of the Federal Reserve if such prior approval is or will be required at the scheduled Redemption
Date. The provisions of Article III of the Base Indenture and Section 3.02(g) of the Third Supplemental Indenture
shall apply to the redemption of any Notes by the Company.

 

    	 		 

     

    

 

The Notes are not entitled
to the benefit of any sinking fund. The Notes are not convertible into or exchangeable for any other securities or property of
the Company or any Subsidiary of the Company.

 

In the event that any
payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change
in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of at least
a majority in principal amount of the outstanding Notes. In certain circumstances, the Indenture permits the amendment of the Notes
or the Indenture without the consent of any Holders. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Notes at the time outstanding, on behalf of the Holders of all Notes, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Register described
in Section 2.7 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of
the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Registrar duly executed by the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable
only in registered form without coupons in minimum denominations of $1,000 and any integral multiples of $1,000 in excess thereof.

 

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

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest (if any) on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

 

This Security is
a global note, represented by one or more permanent global certificates registered in the name of the nominee of The Depository
Trust Company (each a “Global Note” and collectively, the “Global Notes”). Accordingly, unless and until
it is exchanged for individual certificates, this Note may not be transferred except as a whole by The Depository Trust Company
(the “Depositary”) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary or any nominee
to a successor Depositary or any nominee of such successor. Ownership of beneficial interests in this Security will be shown on,
and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary or its nominee
(with respect to interest of persons that have accounts with the Depositary (“Participants”)) and the records of Participants
(with respect to interests of persons other than Participants). Beneficial interests in Notes owned by persons that hold through
Participants will be evidenced only by, and transfers of such beneficial interests with such Participants will be effected only
through, records maintained by such Participants. Except as provided below, owners of beneficial interests in this Note will not
be entitled to have any individual certificates and will not be considered the owners or Holders thereof under the Indenture.

 

Except in the limited
circumstances set forth in the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be
entitled to receive Notes in the form of Individual Securities and will not be considered Holders of Notes. None of the Company,
the Trustee, the Registrar, the Paying Agent or any of their respective agents will be liable for any delay by the Depositary,
its nominee or any direct or indirect Participant in identifying the beneficial owners of the related Notes. The Company, the Trustee,
the Registrar, the Paying Agent and each of their respective agents may conclusively rely on, and will be protected in relying
on, instructions from the Depositary or its nominee for all purposes, including with respect to the registration and delivery,
and the respective principal amounts, of the Notes to be issued.

 

Except as provided
in Section 2.14 of the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery
of Notes in the form of Individual Securities, and no Global Note will be exchangeable except for another Global Note of like denomination
and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest
in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of the
Participant through which such person owns its interest, to exercise any rights of a Holder under the Notes.

 

    	 		 

     

    

 

The laws of some
jurisdictions may require that certain purchasers of securities take physical delivery of those securities in definitive form.
Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those persons may be limited. In addition,
because the Depositary can act only on behalf of its Participants, who in turn act on behalf of persons who hold interests through
Participants, the ability of a person having an interest in Notes represented by a Global Note to pledge or transfer such interest
to persons or entities that do not participate in the Depositary’s system, or otherwise to take actions in respect of such
interest, may be affected by the lack of a physical definitive security in respect of such interest. None of the Company, the Trustee,
the Paying Agent and the Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating
to the Notes.

 

The Trustee will act
as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at Wilmington
Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Ameris Bancorp Administrator. The
Company may at any time rescind the designation of a Paying Agent, appoint a successor Paying Agent, or approve a change in the
office through which any Paying Agent acts.

 

Notices to the Holders
of registered Notes in the form of Individual Securities will be given to such Holders at their respective addresses in the Register,
or in the case of Global Notes, electronic delivery in accordance with DTC’s applicable procedures. The Indenture contains
provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture
or for any remedy under the Indenture.

 

Customary abbreviations
may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP number for the Series of
Securities of which the Notes are a part to be printed on the Notes as a convenience to the Holders of the Notes. No representation
is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification
numbers printed hereon.

 

THIS NOTE IS GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

 

    	 		 

     

    

 

ASSIGNMENT FORM

 

To assign the within Security, fill in the form below:

 

I or we assign and transfer the within Security to:

 

(Insert assignee’s legal name)

 

(Insert assignee’s social security
or tax I.D. number)

 

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

 

and irrevocably appoint the Trustee as agent to transfer this
Security on the books of Ameris Bancorp. The agent may substitute another to act for it.

 

Your Signature:

 

(Sign exactly as your name appears on
the other side of this Security)

 

	Your Name:
	 
	Date:
	 
	Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    	 		 

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN
GLOBAL NOTE

 

The initial principal amount of this Global
Note is $110,000,000. The following increases or decreases in the principal amount of this Global Note have been made:

 

	Date	 	Amount of
 decrease in
 principal
 amount of this
 Global Note	 	Amount of
 increase in
 principal
 amount of this
 Global Note	 	Principal
 amount of this
 Global Note
 following such
 decrease or
 increase	 	Signature of
 authorized
 signatory of
 Trustee

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